Kercheville Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	8,000	$3,181	0.8%	$229.35	0.0%	COM	595112103
SNPS	SYNOPSYS INC	4,981	$2,538	0.7%	$444.23	0.0%	COM	871607107
XBI	SPDR SERIES TRUST	17,720	$2,331	0.6%	$131.57	—	STATE STREET SPD	78464A870
CAVA	CAVA GROUP INC	27,600	$1,824	0.5%	$55.77	0.0%	COM	148929102
SLB	SLB LIMITED	34,000	$1,677	0.4%	$36.06	0.0%	COM STK	806857108
EPD	ENTERPRISE PRODS PARTNERS L	40,700	$1,351	0.4%	$33.19	—	COM	293792107
PYLD	PIMCO ETF TR	46,560	$1,249	0.3%	$26.82	—	MULTISECTOR BD	72201R585
VIK	VIKING HOLDINGS LTD	11,000	$767	0.2%	$63.81	0.0%	ORD SHS	G93A5A101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,050	$671	0.2%	$327.37	—	SPONSORED ADS	874039100
FTAI	FTAI AVIATION LTD	2,200	$646	0.2%	$170.24	0.0%	SHS	G3730V105
C	CITIGROUP INC	4,245	$491	0.1%	$103.64	0.0%	COM NEW	172967424
WES	WESTERN MIDSTREAM PARTNERS L	11,400	$465	0.1%	$40.83	—	COM UNIT LP INT	958669103
APH	AMPHENOL CORP NEW	3,000	$458	0.1%	$133.54	0.0%	CL A	032095101
MRK	MERCK & CO INC	3,800	$415	0.1%	$93.24	0.0%	COM	58933Y105
NVO	NOVO-NORDISK A S	6,300	$392	0.1%	$62.23	—	ADR	670100205
SHAK	SHAKE SHACK INC	4,000	$370	0.1%	$88.17	0.0%	CL A	819047101
GE	GE AEROSPACE	1,050	$310	0.1%	$300.80	0.0%	COM NEW	369604301
INTC	INTEL CORP	5,331	$290	0.1%	$37.76	0.0%	COM	458140100
MUX	MCEWEN INC.	10,000	$261	0.1%	$18.60	0.0%	COM NEW	58039P305
DJAN	FIRST TR EXCHNG TRADED FD VI	5,700	$248	0.1%	$43.56	—	FT VEST US	33740F631
BKR	BAKER HUGHES COMPANY	4,500	$245	0.1%	$47.34	0.0%	CL A	05722G100
KTOS	KRATOS DEFENSE & SEC SOLUTIO	2,000	$228	0.1%	$81.87	0.0%	COM NEW	50077B207
CGSD	CAPITAL GRP FIXED INCM ETF T	8,720	$227	0.1%	$26.04	—	SHORT DURATION	14020Y409
EWY	ISHARES INC	1,950	$226	0.1%	$115.99	—	MSCI STH KOR ETF	464286772
BMY	BRISTOL-MYERS SQUIBB CO	4,037	$222	0.1%	$47.53	0.0%	COM	110122108
IREN	IREN LIMITED	4,200	$219	0.1%	$51.59	0.0%	ORDINARY SHARES	Q4982L109
FCX	FREEPORT-MCMORAN INC	3,530	$208	0.1%	$43.31	0.0%	CL B	35671D857

Increased Positions (36)

BE BLOOM ENERGY CORP 1.8%

Value ($000) $7,022 (+174.9%) Shares 48,215 (+59.7%) Est. Cost $68.35 Unrealized +53.7%

NFLX NETFLIX INC 2.0%

Value ($000) $7,610 (-36.1%) Shares 91,098 (+816.5%) Est. Cost $100.63 Unrealized +7.1%

LUV SOUTHWEST AIRLS CO 1.4%

Value ($000) $5,497 (+181.6%) Shares 129,524 (+111.7%) Est. Cost $34.52 Unrealized +0.8%

IBRX IMMUNITYBIO INC 1.1%

Value ($000) $4,288 (+235.8%) Shares 584,174 (+12.5%) Est. Cost $2.56 Unrealized -11.5%

LLY ELI LILLY & CO 1.1%

Value ($000) $4,106 (+182.6%) Shares 3,776 (+98.3%) Est. Cost $794.50 Unrealized +20.3%

BABA ALIBABA GROUP HLDG LTD 1.0%

Value ($000) $3,810 (+191.4%) Shares 21,506 (+194.0%) Est. Cost $164.35 Unrealized —

AMD ADVANCED MICRO DEVICES INC 1.4%

Value ($000) $5,267 (+83.8%) Shares 20,760 (+17.2%) Est. Cost $139.43 Unrealized +61.1%

CCJ CAMECO CORP 1.6%

Value ($000) $6,098 (+62.5%) Shares 50,037 (+11.8%) Est. Cost $51.81 Unrealized +73.6%

GEV GE VERNOVA INC 1.4%

Value ($000) $5,232 (+73.5%) Shares 7,907 (+61.2%) Est. Cost $572.10 Unrealized +6.5%

AMZN AMAZON COM INC 5.9%

Value ($000) $22,474 (+8.9%) Shares 95,901 (+2.1%) Est. Cost $106.99 Unrealized +113.8%

BIDU BAIDU INC 0.8%

Value ($000) $2,970 (+124.3%) Shares 18,275 (+81.8%) Est. Cost $145.61 Unrealized —

XOM EXXON MOBIL CORP 2.2%

Value ($000) $8,242 (+23.7%) Shares 61,674 (+4.3%) Est. Cost $49.95 Unrealized +131.2%

UEC URANIUM ENERGY CORP 0.6%

Value ($000) $2,401 (+161.2%) Shares 120,900 (+75.5%) Est. Cost $11.35 Unrealized +15.7%

WMT WALMART INC 1.9%

Value ($000) $7,215 (+25.0%) Shares 61,230 (+9.4%) Est. Cost $70.89 Unrealized +51.2%

META META PLATFORMS INC 3.5%

Value ($000) $13,281 (-9.0%) Shares 20,507 (+3.2%) Est. Cost $362.43 Unrealized +84.1%

TSLA TESLA INC 2.2%

Value ($000) $8,252 (+17.8%) Shares 18,365 (+16.6%) Est. Cost $306.16 Unrealized +44.8%

GLD SPDR GOLD TR 0.9%

Value ($000) $3,487 (+43.1%) Shares 7,719 (+12.6%) Est. Cost $221.91 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.5%

Value ($000) $2,065 (+88.5%) Shares 40,745 (+141.8%) Est. Cost $56.06 Unrealized —

AVAV AEROVIRONMENT INC 0.3%

Value ($000) $1,209 (+136.4%) Shares 3,875 (+138.5%) Est. Cost $271.41 Unrealized +15.8%

AGI ALAMOS GOLD INC NEW 0.9%

Value ($000) $3,596 (+23.9%) Shares 85,301 (+2.5%) Est. Cost $14.54 Unrealized +139.7%

USAR USA RARE EARTH INC 0.2%

Value ($000) $845 (+391.5%) Shares 37,200 (+272.0%) Est. Cost $17.77 Unrealized +7.2%

CELH CELSIUS HLDGS INC 3.5%

Value ($000) $13,478 (+5.2%) Shares 243,993 (+9.5%) Est. Cost $38.83 Unrealized +29.7%

PLTR PALANTIR TECHNOLOGIES INC 1.5%

Value ($000) $5,639 (+10.1%) Shares 33,990 (+21.1%) Est. Cost $109.33 Unrealized +65.6%

NVDA NVIDIA CORPORATION 5.6%

Value ($000) $21,446 (+1.4%) Shares 116,025 (+2.4%) Est. Cost $125.28 Unrealized +48.6%

LVS LAS VEGAS SANDS CORP 0.4%

Value ($000) $1,402 (+17.7%) Shares 23,383 (+5.7%) Est. Cost $52.76 Unrealized +16.0%

UPS UNITED PARCEL SERVICE INC 0.2%

Value ($000) $595 (+55.0%) Shares 5,440 (+18.5%) Est. Cost $108.57 Unrealized -14.6%

— NUVEEN AMT FREE MUN CR INC F 0.1%

Value ($000) $462 (+82.8%) Shares 36,586 (+78.0%) Est. Cost $14.41 Unrealized —

— REAVES UTIL INCOME FD 0.5%

Value ($000) $1,818 (+6.8%) Shares 47,990 (+11.7%) Est. Cost $33.80 Unrealized —

— TORTOISE ENERGY INFRA CORP 0.3%

Value ($000) $972 (+12.6%) Shares 21,343 (+6.6%) Est. Cost $42.78 Unrealized —

— NUVEEN AMT FREE QLTY MUN INC 0.4%

Value ($000) $1,639 (+5.6%) Shares 141,416 (+3.8%) Est. Cost $12.08 Unrealized —

JPM JPMORGAN CHASE & CO. 0.5%

Value ($000) $1,881 (+3.4%) Shares 6,195 (+7.5%) Est. Cost $240.18 Unrealized +28.9%

AVGO BROADCOM INC 0.2%

Value ($000) $713 (+7.9%) Shares 2,190 (+9.3%) Est. Cost $206.97 Unrealized +72.5%

— INVESCO QUALITY MUN INCOME T 0.0%

Value ($000) $160 (+47.2%) Shares 16,000 (+45.5%) Est. Cost $10.29 Unrealized —

— NUVEEN QUALITY MUNCP INCOME 0.3%

Value ($000) $1,109 (+4.7%) Shares 92,706 (+2.3%) Est. Cost $12.83 Unrealized —

— TEMPLETON EMERGING MKTS INCO 0.1%

Value ($000) $420 (+11.5%) Shares 63,172 (+4.0%) Est. Cost $5.35 Unrealized —

RCL ROYAL CARIBBEAN GROUP 0.1%

Value ($000) $218 (-7.0%) Shares 765 (+5.4%) Est. Cost $244.72 Unrealized +15.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BE	BLOOM ENERGY CORP	48,215 (+59.7%)	$7,022 (+174.9%)	1.8%	$68.35	+53.7%	COM CL A	093712107
NFLX	NETFLIX INC	91,098 (+816.5%)	$7,610 (-36.1%)	2.0%	$100.63	+7.1%	COM	64110L106
LUV	SOUTHWEST AIRLS CO	129,524 (+111.7%)	$5,497 (+181.6%)	1.4%	$34.52	+0.8%	COM	844741108
IBRX	IMMUNITYBIO INC	584,174 (+12.5%)	$4,288 (+235.8%)	1.1%	$2.56	-11.5%	COM	45256X103
LLY	ELI LILLY & CO	3,776 (+98.3%)	$4,106 (+182.6%)	1.1%	$794.50	+20.3%	COM	532457108
BABA	ALIBABA GROUP HLDG LTD	21,506 (+194.0%)	$3,810 (+191.4%)	1.0%	$164.35	—	SPONSORED ADS	01609W102
AMD	ADVANCED MICRO DEVICES INC	20,760 (+17.2%)	$5,267 (+83.8%)	1.4%	$139.43	+61.1%	COM	007903107
CCJ	CAMECO CORP	50,037 (+11.8%)	$6,098 (+62.5%)	1.6%	$51.81	+73.6%	COM	13321L108
GEV	GE VERNOVA INC	7,907 (+61.2%)	$5,232 (+73.5%)	1.4%	$572.10	+6.5%	COM	36828A101
AMZN	AMAZON COM INC	95,901 (+2.1%)	$22,474 (+8.9%)	5.9%	$106.99	+113.8%	COM	023135106
BIDU	BAIDU INC	18,275 (+81.8%)	$2,970 (+124.3%)	0.8%	$145.61	—	SPON ADR REP A	056752108
XOM	EXXON MOBIL CORP	61,674 (+4.3%)	$8,242 (+23.7%)	2.2%	$49.95	+131.2%	COM	30231G102
UEC	URANIUM ENERGY CORP	120,900 (+75.5%)	$2,401 (+161.2%)	0.6%	$11.35	+15.7%	COM	916896103
WMT	WALMART INC	61,230 (+9.4%)	$7,215 (+25.0%)	1.9%	$70.89	+51.2%	COM	931142103
META	META PLATFORMS INC	20,507 (+3.2%)	$13,281 (-9.0%)	3.5%	$362.43	+84.1%	CL A	30303M102
TSLA	TESLA INC	18,365 (+16.6%)	$8,252 (+17.8%)	2.2%	$306.16	+44.8%	COM	88160R101
GLD	SPDR GOLD TR	7,719 (+12.6%)	$3,487 (+43.1%)	0.9%	$221.91	—	GOLD SHS	78463V107
IBIT	ISHARES BITCOIN TRUST ETF	40,745 (+141.8%)	$2,065 (+88.5%)	0.5%	$56.06	—	SHS BEN INT	46438F101
AVAV	AEROVIRONMENT INC	3,875 (+138.5%)	$1,209 (+136.4%)	0.3%	$271.41	+15.8%	COM	008073108
AGI	ALAMOS GOLD INC NEW	85,301 (+2.5%)	$3,596 (+23.9%)	0.9%	$14.54	+139.7%	COM CL A	011532108
USAR	USA RARE EARTH INC	37,200 (+272.0%)	$845 (+391.5%)	0.2%	$17.77	+7.2%	COM	91733P107
CELH	CELSIUS HLDGS INC	243,993 (+9.5%)	$13,478 (+5.2%)	3.5%	$38.83	+29.7%	COM NEW	15118V207
PLTR	PALANTIR TECHNOLOGIES INC	33,990 (+21.1%)	$5,639 (+10.1%)	1.5%	$109.33	+65.6%	CL A	69608A108
NVDA	NVIDIA CORPORATION	116,025 (+2.4%)	$21,446 (+1.4%)	5.6%	$125.28	+48.6%	COM	67066G104
LVS	LAS VEGAS SANDS CORP	23,383 (+5.7%)	$1,402 (+17.7%)	0.4%	$52.76	+16.0%	COM	517834107
UPS	UNITED PARCEL SERVICE INC	5,440 (+18.5%)	$595 (+55.0%)	0.2%	$108.57	-14.6%	CL B	911312106
—	NUVEEN AMT FREE MUN CR INC F	36,586 (+78.0%)	$462 (+82.8%)	0.1%	$14.41	—	COM	67071L106
—	REAVES UTIL INCOME FD	47,990 (+11.7%)	$1,818 (+6.8%)	0.5%	$33.80	—	COM SH BEN INT	756158101
—	TORTOISE ENERGY INFRA CORP	21,343 (+6.6%)	$972 (+12.6%)	0.3%	$42.78	—	COM	89147L886
—	NUVEEN AMT FREE QLTY MUN INC	141,416 (+3.8%)	$1,639 (+5.6%)	0.4%	$12.08	—	COM	670657105
JPM	JPMORGAN CHASE & CO.	6,195 (+7.5%)	$1,881 (+3.4%)	0.5%	$240.18	+28.9%	COM	46625H100
AVGO	BROADCOM INC	2,190 (+9.3%)	$713 (+7.9%)	0.2%	$206.97	+72.5%	COM	11135F101
—	INVESCO QUALITY MUN INCOME T	16,000 (+45.5%)	$160 (+47.2%)	0.0%	$10.29	—	COM	46133G107
—	NUVEEN QUALITY MUNCP INCOME	92,706 (+2.3%)	$1,109 (+4.7%)	0.3%	$12.83	—	COM	67066V101
—	TEMPLETON EMERGING MKTS INCO	63,172 (+4.0%)	$420 (+11.5%)	0.1%	$5.35	—	COM	880192109
RCL	ROYAL CARIBBEAN GROUP	765 (+5.4%)	$218 (-7.0%)	0.1%	$244.72	+15.1%	COM	V7780T103

Exited Positions (16)

HESM HESS MIDSTREAM LP 1.4%

Value ($000) $5,366 Shares 155,304 Est. Cost $16.25 Unrealized +100.7%

SHLD GLOBAL X FDS 0.2%

Value ($000) $899 Shares 12,800 Est. Cost $66.57 Unrealized —

LYFT LYFT INC 0.2%

Value ($000) $836 Shares 38,000 Est. Cost $16.73 Unrealized +24.2%

CCL CARNIVAL CORP 0.2%

Value ($000) $752 Shares 26,000 Est. Cost $22.58 Unrealized +23.5%

GENI GENIUS SPORTS LIMITED 0.2%

Value ($000) $750 Shares 60,550 Est. Cost $11.96 Unrealized -8.8%

EEM ISHARES TR 0.1%

Value ($000) $481 Shares 9,000 Est. Cost $53.40 Unrealized —

— FS CREDIT OPPORTUNITIES CORP 0.1%

Value ($000) $330 Shares 47,698 Est. Cost $4.75 Unrealized —

SNOW SNOWFLAKE INC 0.1%

Value ($000) $321 Shares 1,425 Est. Cost $214.74 Unrealized +13.7%

BTCO INVESCO GALAXY BITCOIN ETF 0.1%

Value ($000) $296 Shares 2,600 Est. Cost $108.78 Unrealized —

HOOD ROBINHOOD MKTS INC 0.1%

Value ($000) $251 Shares 1,756 Est. Cost $109.05 Unrealized +19.3%

BAC BANK AMERICA CORP 0.1%

Value ($000) $223 Shares 4,321 Est. Cost $41.45 Unrealized +27.1%

MP MP MATERIALS CORP 0.1%

Value ($000) $221 Shares 3,300 Est. Cost $62.91 Unrealized +0.8%

AMX AMERICA MOVIL SAB DE CV 0.1%

Value ($000) $210 Shares 10,000 Est. Cost $21.00 Unrealized —

MSTR MICROSTRATEGY INC 0.1%

Value ($000) $201 Shares 625 Est. Cost $364.26 Unrealized -36.8%

EQX EQUINOX GOLD CORP 0.0%

Value ($000) $112 Shares 10,000 Est. Cost $7.95 Unrealized +58.7%

ARMN ARIS MNG CORP 0.0%

Value ($000) $98 Shares 10,000 Est. Cost $5.93 Unrealized +107.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HESM	HESS MIDSTREAM LP	155,304	$5,366	1.4%	$16.25	+100.7%	—	428103105
SHLD	GLOBAL X FDS	12,800	$899	0.2%	$66.57	—	—	37960A529
LYFT	LYFT INC	38,000	$836	0.2%	$16.73	+24.2%	—	55087P104
CCL	CARNIVAL CORP	26,000	$752	0.2%	$22.58	+23.5%	—	143658300
GENI	GENIUS SPORTS LIMITED	60,550	$750	0.2%	$11.96	-8.8%	—	G3934V109
EEM	ISHARES TR	9,000	$481	0.1%	$53.40	—	—	464287234
—	FS CREDIT OPPORTUNITIES CORP	47,698	$330	0.1%	$4.75	—	—	30290Y101
SNOW	SNOWFLAKE INC	1,425	$321	0.1%	$214.74	+13.7%	—	833445109
BTCO	INVESCO GALAXY BITCOIN ETF	2,600	$296	0.1%	$108.78	—	—	46091J101
HOOD	ROBINHOOD MKTS INC	1,756	$251	0.1%	$109.05	+19.3%	—	770700102
BAC	BANK AMERICA CORP	4,321	$223	0.1%	$41.45	+27.1%	—	060505104
MP	MP MATERIALS CORP	3,300	$221	0.1%	$62.91	+0.8%	—	553368101
AMX	AMERICA MOVIL SAB DE CV	10,000	$210	0.1%	$21.00	—	—	02390A101
MSTR	MICROSTRATEGY INC	625	$201	0.1%	$364.26	-36.8%	—	594972408
EQX	EQUINOX GOLD CORP	10,000	$112	0.0%	$7.95	+58.7%	—	29446Y502
ARMN	ARIS MNG CORP	10,000	$98	0.0%	$5.93	+107.3%	—	04040Y109

Decreased Positions (31)

AEM AGNICO EAGLE MINES LTD 5.9%

Value ($000) $22,615 (+23.6%) Shares 105,830 (-2.5%) Est. Cost $45.68 Unrealized +267.5%

BX BLACKSTONE INC 1.4%

Value ($000) $5,244 (-43.8%) Shares 33,851 (-38.0%) Est. Cost $82.49 Unrealized +83.6%

MSFT MICROSOFT CORP 2.0%

Value ($000) $7,767 (-31.6%) Shares 17,216 (-21.5%) Est. Cost $276.35 Unrealized +81.1%

GDX VANECK ETF TRUST 4.0%

Value ($000) $15,326 (+19.8%) Shares 145,722 (-12.9%) Est. Cost $34.25 Unrealized —

GDXJ VANECK ETF TRUST 3.4%

Value ($000) $13,057 (+23.8%) Shares 91,891 (-13.8%) Est. Cost $48.53 Unrealized —

GOOGL ALPHABET INC 2.7%

Value ($000) $10,378 (+30.9%) Shares 31,398 (-3.8%) Est. Cost $95.02 Unrealized +200.6%

SLV ISHARES SILVER TR 1.3%

Value ($000) $5,010 (+94.8%) Shares 57,500 (-5.3%) Est. Cost $32.91 Unrealized —

XLU SELECT SECTOR SPDR TR 0.1%

Value ($000) $555 (-74.3%) Shares 13,001 (-47.6%) Est. Cost $72.06 Unrealized —

SOFI SOFI TECHNOLOGIES INC 1.4%

Value ($000) $5,478 (-21.1%) Shares 209,965 (-20.1%) Est. Cost $17.21 Unrealized +61.9%

ET ENERGY TRANSFER L P 0.3%

Value ($000) $1,167 (-44.0%) Shares 64,417 (-47.0%) Est. Cost $14.50 Unrealized —

UBER UBER TECHNOLOGIES INC 0.9%

Value ($000) $3,285 (-21.6%) Shares 39,785 (-6.9%) Est. Cost $41.36 Unrealized +117.7%

IE IVANHOE ELECTRIC INC 0.6%

Value ($000) $2,190 (+41.9%) Shares 114,600 (-6.8%) Est. Cost $8.21 Unrealized +74.3%

DELL DELL TECHNOLOGIES INC 0.3%

Value ($000) $1,014 (-38.6%) Shares 8,652 (-25.7%) Est. Cost $113.89 Unrealized +23.6%

MPLX MPLX LP 1.9%

Value ($000) $7,298 (+8.4%) Shares 131,336 (-2.6%) Est. Cost $26.34 Unrealized —

UPST UPSTART HLDGS INC 0.1%

Value ($000) $231 (-69.6%) Shares 5,000 (-66.7%) Est. Cost $134.25 Unrealized -65.7%

T AT&T INC 0.1%

Value ($000) $340 (-55.9%) Shares 14,414 (-47.2%) Est. Cost $25.06 Unrealized +0.9%

COST COSTCO WHSL CORP NEW 3.1%

Value ($000) $11,909 (+2.7%) Shares 12,200 (-2.6%) Est. Cost $365.51 Unrealized +147.8%

CRWD CROWDSTRIKE HLDGS INC 0.1%

Value ($000) $254 (-50.6%) Shares 560 (-46.7%) Est. Cost $399.08 Unrealized +27.6%

SBUX STARBUCKS CORP 0.8%

Value ($000) $3,217 (-6.2%) Shares 33,572 (-17.1%) Est. Cost $86.04 Unrealized -2.3%

ISRG INTUITIVE SURGICAL INC 0.1%

Value ($000) $260 (-43.5%) Shares 495 (-51.9%) Est. Cost $437.98 Unrealized +21.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.6%

Value ($000) $2,358 (-5.5%) Shares 4,866 (-1.9%) Est. Cost $316.56 Unrealized +57.2%

HD HOME DEPOT INC 0.3%

Value ($000) $1,210 (-9.0%) Shares 3,175 (-3.2%) Est. Cost $248.48 Unrealized +46.7%

SHOP SHOPIFY INC 0.3%

Value ($000) $1,013 (-9.8%) Shares 7,360 (-2.6%) Est. Cost $59.73 Unrealized +168.8%

— DOUBLELINE OPPORTUNISTIC CR 0.0%

Value ($000) $191 (-13.1%) Shares 12,607 (-10.5%) Est. Cost $19.76 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.1%

Value ($000) $207 (-11.5%) Shares 5,241 (-1.5%) Est. Cost $39.58 Unrealized +2.3%

— INVESCO CALIF VALUE MUN INCO 0.0%

Value ($000) $144 (-15.2%) Shares 13,000 (-18.8%) Est. Cost $13.24 Unrealized —

BA BOEING CO 0.4%

Value ($000) $1,528 (-0.9%) Shares 6,079 (-14.9%) Est. Cost $188.88 Unrealized +8.9%

MCD MCDONALDS CORP 0.4%

Value ($000) $1,566 (-0.7%) Shares 5,118 (-1.3%) Est. Cost $228.03 Unrealized +33.8%

CVX CHEVRON CORP NEW 0.4%

Value ($000) $1,473 (-0.7%) Shares 8,838 (-7.5%) Est. Cost $152.28 Unrealized -0.6%

KGC KINROSS GOLD CORP 0.1%

Value ($000) $491 (+0.5%) Shares 13,400 (-31.8%) Est. Cost $19.24 Unrealized +35.1%

AMLP ALPS ETF TR 0.1%

Value ($000) $385 (-0.7%) Shares 7,820 (-5.2%) Est. Cost $42.44 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO EAGLE MINES LTD	105,830 (-2.5%)	$22,615 (+23.6%)	5.9%	$45.68	+267.5%	COM	008474108
BX	BLACKSTONE INC	33,851 (-38.0%)	$5,244 (-43.8%)	1.4%	$82.49	+83.6%	COM	09260D107
MSFT	MICROSOFT CORP	17,216 (-21.5%)	$7,767 (-31.6%)	2.0%	$276.35	+81.1%	COM	594918104
GDX	VANECK ETF TRUST	145,722 (-12.9%)	$15,326 (+19.8%)	4.0%	$34.25	—	GOLD MINERS ETF	92189F106
GDXJ	VANECK ETF TRUST	91,891 (-13.8%)	$13,057 (+23.8%)	3.4%	$48.53	—	JUNIOR GOLD MINE	92189F791
GOOGL	ALPHABET INC	31,398 (-3.8%)	$10,378 (+30.9%)	2.7%	$95.02	+200.6%	CAP STK CL A	02079K305
SLV	ISHARES SILVER TR	57,500 (-5.3%)	$5,010 (+94.8%)	1.3%	$32.91	—	ISHARES	46428Q109
XLU	SELECT SECTOR SPDR TR	13,001 (-47.6%)	$555 (-74.3%)	0.1%	$72.06	—	STATE STREET UTI	81369Y886
SOFI	SOFI TECHNOLOGIES INC	209,965 (-20.1%)	$5,478 (-21.1%)	1.4%	$17.21	+61.9%	COM	83406F102
ET	ENERGY TRANSFER L P	64,417 (-47.0%)	$1,167 (-44.0%)	0.3%	$14.50	—	COM UT LTD PTN	29273V100
UBER	UBER TECHNOLOGIES INC	39,785 (-6.9%)	$3,285 (-21.6%)	0.9%	$41.36	+117.7%	COM	90353T100
IE	IVANHOE ELECTRIC INC	114,600 (-6.8%)	$2,190 (+41.9%)	0.6%	$8.21	+74.3%	COM	46578C108
DELL	DELL TECHNOLOGIES INC	8,652 (-25.7%)	$1,014 (-38.6%)	0.3%	$113.89	+23.6%	CL C	24703L202
MPLX	MPLX LP	131,336 (-2.6%)	$7,298 (+8.4%)	1.9%	$26.34	—	COM UNIT REP LTD	55336V100
UPST	UPSTART HLDGS INC	5,000 (-66.7%)	$231 (-69.6%)	0.1%	$134.25	-65.7%	COM	91680M107
T	AT&T INC	14,414 (-47.2%)	$340 (-55.9%)	0.1%	$25.06	+0.9%	COM	00206R102
COST	COSTCO WHSL CORP NEW	12,200 (-2.6%)	$11,909 (+2.7%)	3.1%	$365.51	+147.8%	COM	22160K105
CRWD	CROWDSTRIKE HLDGS INC	560 (-46.7%)	$254 (-50.6%)	0.1%	$399.08	+27.6%	CL A	22788C105
SBUX	STARBUCKS CORP	33,572 (-17.1%)	$3,217 (-6.2%)	0.8%	$86.04	-2.3%	COM	855244109
ISRG	INTUITIVE SURGICAL INC	495 (-51.9%)	$260 (-43.5%)	0.1%	$437.98	+21.6%	COM NEW	46120E602
BRK/B	BERKSHIRE HATHAWAY INC DEL	4,866 (-1.9%)	$2,358 (-5.5%)	0.6%	$316.56	+57.2%	CL B NEW	084670702
HD	HOME DEPOT INC	3,175 (-3.2%)	$1,210 (-9.0%)	0.3%	$248.48	+46.7%	COM	437076102
SHOP	SHOPIFY INC	7,360 (-2.6%)	$1,013 (-9.8%)	0.3%	$59.73	+168.8%	CL A SUB VTG SHS	82509L107
—	DOUBLELINE OPPORTUNISTIC CR	12,607 (-10.5%)	$191 (-13.1%)	0.0%	$19.76	—	COM	258623107
VZ	VERIZON COMMUNICATIONS INC	5,241 (-1.5%)	$207 (-11.5%)	0.1%	$39.58	+2.3%	COM	92343V104
—	INVESCO CALIF VALUE MUN INCO	13,000 (-18.8%)	$144 (-15.2%)	0.0%	$13.24	—	COM	46132H106
BA	BOEING CO	6,079 (-14.9%)	$1,528 (-0.9%)	0.4%	$188.88	+8.9%	COM	097023105
MCD	MCDONALDS CORP	5,118 (-1.3%)	$1,566 (-0.7%)	0.4%	$228.03	+33.8%	COM	580135101
CVX	CHEVRON CORP NEW	8,838 (-7.5%)	$1,473 (-0.7%)	0.4%	$152.28	-0.6%	COM	166764100
KGC	KINROSS GOLD CORP	13,400 (-31.8%)	$491 (+0.5%)	0.1%	$19.24	+35.1%	COM	496902404
AMLP	ALPS ETF TR	7,820 (-5.2%)	$385 (-0.7%)	0.1%	$42.44	—	ALERIAN MLP	00162Q452

Unchanged Positions (23)

GOOG ALPHABET INC 5.1%

Value ($000) $19,312 Shares 58,374 Est. Cost $99.92 Unrealized +186.6%

SUN SUNOCO LP/SUNOCO FIN CORP 2.3%

Value ($000) $8,784 Shares 154,083 Est. Cost $56.54 Unrealized —

AAPL APPLE INC 4.6%

Value ($000) $17,520 Shares 70,547 Est. Cost $144.28 Unrealized +86.0%

CAT CATERPILLAR INC 0.5%

Value ($000) $1,864 Shares 2,875 Est. Cost $187.31 Unrealized +196.6%

DE DEERE & CO 0.3%

Value ($000) $1,066 Shares 2,040 Est. Cost $288.47 Unrealized +62.1%

STLD STEEL DYNAMICS INC 0.1%

Value ($000) $462 Shares 2,582 Est. Cost $71.84 Unrealized +120.5%

AKAM AKAMAI TECHNOLOGIES INC 0.1%

Value ($000) $451 Shares 4,650 Est. Cost $96.44 Unrealized -14.7%

CSCO CISCO SYS INC 0.3%

Value ($000) $1,019 Shares 13,715 Est. Cost $52.19 Unrealized +41.4%

GRMN GARMIN LTD 0.1%

Value ($000) $412 Shares 2,000 Est. Cost $92.05 Unrealized +135.4%

GS GOLDMAN SACHS GROUP INC 0.1%

Value ($000) $453 Shares 475 Est. Cost $456.78 Unrealized +78.1%

FNV FRANCO NEV CORP 0.1%

Value ($000) $486 Shares 1,881 Est. Cost $128.09 Unrealized +58.3%

TT TRANE TECHNOLOGIES PLC 0.1%

Value ($000) $451 Shares 1,156 Est. Cost $131.07 Unrealized +215.6%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $726 Shares 1 Est. Cost $330761.80 Unrealized +125.7%

MO ALTRIA GROUP INC 0.1%

Value ($000) $269 Shares 4,408 Est. Cost $51.55 Unrealized +15.1%

ABBV ABBVIE INC 0.1%

Value ($000) $319 Shares 1,463 Est. Cost $178.79 Unrealized +27.3%

V VISA INC 0.1%

Value ($000) $339 Shares 1,040 Est. Cost $231.65 Unrealized +46.9%

ALG ALAMO GROUP INC 0.3%

Value ($000) $1,157 Shares 6,000 Est. Cost $142.10 Unrealized +22.3%

— PIMCO MUN INCOME FD II 0.1%

Value ($000) $199 Shares 26,422 Est. Cost $7.91 Unrealized —

— NUVEEN MUN HIGH INCOME OPPOR 0.0%

Value ($000) $182 Shares 17,563 Est. Cost $13.96 Unrealized —

— INVESCO PA VALUE MUN INC TR 0.0%

Value ($000) $116 Shares 11,000 Est. Cost $12.82 Unrealized —

— INVESCO TR INVT GRADE MUNS 0.1%

Value ($000) $226 Shares 22,112 Est. Cost $12.15 Unrealized —

— NUVEEN NEW YORK AMT QLT MUNI 0.0%

Value ($000) $125 Shares 12,259 Est. Cost $10.20 Unrealized —

— INVESCO MUN OPPORTUNITY TR 0.0%

Value ($000) $179 Shares 18,567 Est. Cost $11.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	58,374	$19,312	5.1%	$99.92	+186.6%	CAP STK CL C	02079K107
SUN	SUNOCO LP/SUNOCO FIN CORP	154,083	$8,784	2.3%	$56.54	—	COM UT REP LP	86765K109
AAPL	APPLE INC	70,547	$17,520	4.6%	$144.28	+86.0%	COM	037833100
CAT	CATERPILLAR INC	2,875	$1,864	0.5%	$187.31	+196.6%	COM	149123101
DE	DEERE & CO	2,040	$1,066	0.3%	$288.47	+62.1%	COM	244199105
STLD	STEEL DYNAMICS INC	2,582	$462	0.1%	$71.84	+120.5%	COM	858119100
AKAM	AKAMAI TECHNOLOGIES INC	4,650	$451	0.1%	$96.44	-14.7%	COM	00971T101
CSCO	CISCO SYS INC	13,715	$1,019	0.3%	$52.19	+41.4%	COM	17275R102
GRMN	GARMIN LTD	2,000	$412	0.1%	$92.05	+135.4%	SHS	H2906T109
GS	GOLDMAN SACHS GROUP INC	475	$453	0.1%	$456.78	+78.1%	COM	38141G104
FNV	FRANCO NEV CORP	1,881	$486	0.1%	$128.09	+58.3%	COM	351858105
TT	TRANE TECHNOLOGIES PLC	1,156	$451	0.1%	$131.07	+215.6%	SHS	G8994E103
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$726	0.2%	$330761.80	+125.7%	CL A	084670108
MO	ALTRIA GROUP INC	4,408	$269	0.1%	$51.55	+15.1%	COM	02209S103
ABBV	ABBVIE INC	1,463	$319	0.1%	$178.79	+27.3%	COM	00287Y109
V	VISA INC	1,040	$339	0.1%	$231.65	+46.9%	COM CL A	92826C839
ALG	ALAMO GROUP INC	6,000	$1,157	0.3%	$142.10	+22.3%	COM	011311107
—	PIMCO MUN INCOME FD II	26,422	$199	0.1%	$7.91	—	COM	72200W106
—	NUVEEN MUN HIGH INCOME OPPOR	17,563	$182	0.0%	$13.96	—	COM	670682103
—	INVESCO PA VALUE MUN INC TR	11,000	$116	0.0%	$12.82	—	COM	46132K109
—	INVESCO TR INVT GRADE MUNS	22,112	$226	0.1%	$12.15	—	COM	46131M106
—	NUVEEN NEW YORK AMT QLT MUNI	12,259	$125	0.0%	$10.20	—	COM	670656107
—	INVESCO MUN OPPORTUNITY TR	18,567	$179	0.0%	$11.95	—	COM	46132C107