Hedges Asset Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BCS	BARCLAYS PLC	120,500	$3,067	2.2%	$25.45	—	ADR	06738E204
SH	PROSHARES TR	69,000	$2,486	1.8%	$36.03	—	SHORT S&P 500 NE	74349Y753
IMAX	IMAX CORP	56,500	$2,088	1.5%	$34.87	0.0%	COM	45245E109
UL	UNILEVER PLC	23,103	$1,511	1.1%	$65.40	—	SPON ADR NEW	904767803
TGT	TARGET CORP	10,550	$1,031	0.7%	$91.63	0.0%	COM	87612E106
Q	QNITY ELECTRONICS INC	5,050	$412	0.3%	$84.91	0.0%	COMMON STOCK	74743L100
EW	EDWARDS LIFESCIENCES CORP	3,900	$332	0.2%	$82.07	0.0%	COM	28176E108
AA	ALCOA CORP	5,000	$266	0.2%	$40.88	0.0%	COM	013872106
MBLY	MOBILEYE GLOBAL INC	22,000	$230	0.2%	$12.49	0.0%	COMMON CLASS A	60741F104
ALB	ALBEMARLE CORP	1,500	$212	0.1%	$113.25	0.0%	COM	012653101
SGMO	SANGAMO THERAPEUTICS INC	125,000	$53	0.0%	$0.53	0.0%	COM	800677106

Increased Positions (17)

GBCI GLACIER BANCORP INC NEW 9.2%

Value ($000) $13,005 (-7.9%) Shares 295,223 (+1.7%) Est. Cost $48.88 Unrealized -10.9%

HON HONEYWELL INTL INC 1.2%

Value ($000) $1,746 (+157.2%) Shares 8,950 (+177.5%) Est. Cost $199.38 Unrealized -2.2%

PENN PENN ENTERTAINMENT INC 1.9%

Value ($000) $2,687 (-20.8%) Shares 182,150 (+3.4%) Est. Cost $51.08 Unrealized -69.5%

WY WEYERHAEUSER CO MTN BE 0.9%

Value ($000) $1,315 (+43.3%) Shares 55,500 (+50.0%) Est. Cost $26.14 Unrealized -12.0%

CRSP CRISPR THERAPEUTICS AG 0.8%

Value ($000) $1,194 (-18.1%) Shares 22,775 (+1.2%) Est. Cost $59.17 Unrealized +1.2%

BA BOEING CO 3.9%

Value ($000) $5,558 (+4.5%) Shares 25,600 (+3.9%) Est. Cost $181.92 Unrealized +13.0%

MSOS ADVISORSHARES TR 0.4%

Value ($000) $604 (+61.7%) Shares 128,000 (+64.1%) Est. Cost $5.46 Unrealized —

VTRS VIATRIS INC 0.7%

Value ($000) $1,052 (+27.3%) Shares 84,500 (+1.2%) Est. Cost $10.56 Unrealized +1.5%

INSP INSPIRE MED SYS INC 0.3%

Value ($000) $360 (+38.5%) Shares 3,900 (+11.4%) Est. Cost $100.68 Unrealized -5.0%

COP CONOCOPHILLIPS 0.2%

Value ($000) $318 (+40.2%) Shares 3,400 (+41.7%) Est. Cost $74.11 Unrealized +21.5%

CPB THE CAMPBELLS COMPANY 0.3%

Value ($000) $390 (+30.1%) Shares 14,000 (+47.4%) Est. Cost $31.32 Unrealized -4.0%

DIS DISNEY WALT CO 0.5%

Value ($000) $768 (+10.9%) Shares 6,750 (+11.6%) Est. Cost $93.97 Unrealized +16.6%

CNH CNH INDL N V 0.8%

Value ($000) $1,116 (-6.1%) Shares 121,000 (+10.5%) Est. Cost $11.16 Unrealized -10.5%

DOW DOW INC 1.4%

Value ($000) $1,922 (+3.6%) Shares 82,200 (+1.6%) Est. Cost $34.66 Unrealized -34.3%

DOG PROSHARES TR 0.6%

Value ($000) $880 (+4.8%) Shares 37,450 (+8.6%) Est. Cost $24.27 Unrealized —

LAC LITHIUM AMERS CORP NEW 0.2%

Value ($000) $305 (+6.9%) Shares 70,000 (+40.0%) Est. Cost $4.89 Unrealized +18.0%

FMC FMC CORP 1.0%

Value ($000) $1,388 (-0.0%) Shares 100,100 (+142.4%) Est. Cost $30.46 Unrealized -37.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GBCI	GLACIER BANCORP INC NEW	295,223 (+1.7%)	$13,005 (-7.9%)	9.2%	$48.88	-10.9%	COM	37637Q105
HON	HONEYWELL INTL INC	8,950 (+177.5%)	$1,746 (+157.2%)	1.2%	$199.38	-2.2%	COM	438516106
PENN	PENN ENTERTAINMENT INC	182,150 (+3.4%)	$2,687 (-20.8%)	1.9%	$51.08	-69.5%	COM	707569109
WY	WEYERHAEUSER CO MTN BE	55,500 (+50.0%)	$1,315 (+43.3%)	0.9%	$26.14	-12.0%	COM NEW	962166104
CRSP	CRISPR THERAPEUTICS AG	22,775 (+1.2%)	$1,194 (-18.1%)	0.8%	$59.17	+1.2%	NAMEN AKT	H17182108
BA	BOEING CO	25,600 (+3.9%)	$5,558 (+4.5%)	3.9%	$181.92	+13.0%	COM	097023105
MSOS	ADVISORSHARES TR	128,000 (+64.1%)	$604 (+61.7%)	0.4%	$5.46	—	PURE US CANNABIS	00768Y453
VTRS	VIATRIS INC	84,500 (+1.2%)	$1,052 (+27.3%)	0.7%	$10.56	+1.5%	COM	92556V106
INSP	INSPIRE MED SYS INC	3,900 (+11.4%)	$360 (+38.5%)	0.3%	$100.68	-5.0%	COM	457730109
COP	CONOCOPHILLIPS	3,400 (+41.7%)	$318 (+40.2%)	0.2%	$74.11	+21.5%	COM	20825C104
CPB	THE CAMPBELLS COMPANY	14,000 (+47.4%)	$390 (+30.1%)	0.3%	$31.32	-4.0%	COM	134429109
DIS	DISNEY WALT CO	6,750 (+11.6%)	$768 (+10.9%)	0.5%	$93.97	+16.6%	COM	254687106
CNH	CNH INDL N V	121,000 (+10.5%)	$1,116 (-6.1%)	0.8%	$11.16	-10.5%	SHS	N20944109
DOW	DOW INC	82,200 (+1.6%)	$1,922 (+3.6%)	1.4%	$34.66	-34.3%	COM	260557103
DOG	PROSHARES TR	37,450 (+8.6%)	$880 (+4.8%)	0.6%	$24.27	—	PSHS SHORT DOW30	74347B235
LAC	LITHIUM AMERS CORP NEW	70,000 (+40.0%)	$305 (+6.9%)	0.2%	$4.89	+18.0%	COM SHS	53681J103
FMC	FMC CORP	100,100 (+142.4%)	$1,388 (-0.0%)	1.0%	$30.46	-37.8%	COM NEW	302491303

Exited Positions (5)

— UNILEVER PLC 1.1%

Value ($000) $1,541 Shares 26,000 Est. Cost $52.75 Unrealized —

DD DUPONT DE NEMOURS INC 0.6%

Value ($000) $810 Shares 10,400 Est. Cost $29.15 Unrealized +28.3%

CRWV COREWEAVE INC 0.2%

Value ($000) $315 Shares 2,300 Est. Cost $92.20 Unrealized +10.0%

GEV GE VERNOVA INC 0.2%

Value ($000) $307 Shares 500 Est. Cost $158.10 Unrealized +285.2%

BABA ALIBABA GROUP HLDG LTD 0.1%

Value ($000) $210 Shares 1,175 Est. Cost $178.73 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	UNILEVER PLC	26,000	$1,541	1.1%	$52.75	—	—	904767704
DD	DUPONT DE NEMOURS INC	10,400	$810	0.6%	$29.15	+28.3%	—	26614N102
CRWV	COREWEAVE INC	2,300	$315	0.2%	$92.20	+10.0%	—	21873S108
GEV	GE VERNOVA INC	500	$307	0.2%	$158.10	+285.2%	—	36828A101
BABA	ALIBABA GROUP HLDG LTD	1,175	$210	0.1%	$178.73	—	—	01609W102

Decreased Positions (26)

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $288 (-80.7%) Shares 10,000 (-86.9%) Est. Cost $12.58 Unrealized +85.8%

PAAS PAN AMERN SILVER CORP 1.6%

Value ($000) $2,309 (+24.3%) Shares 44,572 (-7.1%) Est. Cost $32.15 Unrealized +30.2%

LYFT LYFT INC 1.2%

Value ($000) $1,697 (-19.3%) Shares 87,600 (-8.3%) Est. Cost $24.49 Unrealized -15.1%

UBER UBER TECHNOLOGIES INC 0.6%

Value ($000) $797 (-33.1%) Shares 9,750 (-19.8%) Est. Cost $37.92 Unrealized +137.5%

PPLT ABRDN PLATINUM ETF TRUST 1.2%

Value ($000) $1,762 (+28.4%) Shares 9,450 (-1.6%) Est. Cost $83.05 Unrealized —

NVST ENVISTA HOLDINGS CORPORATION 0.3%

Value ($000) $452 (-45.7%) Shares 20,800 (-49.0%) Est. Cost $18.59 Unrealized +10.4%

NGD NEW GOLD INC CDA 1.6%

Value ($000) $2,243 (+16.8%) Shares 257,500 (-3.7%) Est. Cost $1.42 Unrealized +431.4%

B BARRICK MNG CORP 1.6%

Value ($000) $2,299 (+15.0%) Shares 52,800 (-13.4%) Est. Cost $19.38 Unrealized +93.1%

FIGS FIGS INC 0.5%

Value ($000) $721 (+67.2%) Shares 63,500 (-1.6%) Est. Cost $5.48 Unrealized +71.1%

BKD BROOKDALE SR LIVING INC 1.0%

Value ($000) $1,478 (+22.9%) Shares 137,000 (-3.5%) Est. Cost $6.21 Unrealized +58.4%

KHC KRAFT HEINZ CO 0.8%

Value ($000) $1,113 (-19.2%) Shares 45,900 (-13.3%) Est. Cost $30.85 Unrealized -20.2%

GE GE AEROSPACE 4.7%

Value ($000) $6,684 (-3.2%) Shares 21,700 (-5.4%) Est. Cost $61.27 Unrealized +390.9%

PSLV SPROTT ASSET MANAGEMENT LP 0.2%

Value ($000) $284 (-42.6%) Shares 12,000 (-61.9%) Est. Cost $8.02 Unrealized —

WYNN WYNN RESORTS LTD 1.6%

Value ($000) $2,288 (-8.1%) Shares 19,015 (-2.1%) Est. Cost $80.87 Unrealized +52.8%

PSQ PROSHARES TR 1.5%

Value ($000) $2,063 (-7.6%) Shares 68,300 (-5.0%) Est. Cost $39.52 Unrealized —

UPS UNITED PARCEL SERVICE INC 0.7%

Value ($000) $992 (+16.4%) Shares 10,000 (-2.0%) Est. Cost $164.63 Unrealized -43.7%

ARCO ARCOS DORADOS HOLDINGS INC 1.5%

Value ($000) $2,113 (+4.7%) Shares 287,900 (-3.7%) Est. Cost $5.60 Unrealized +27.5%

PSKY PARAMOUNT SKYDANCE CORP 0.1%

Value ($000) $162 (-34.5%) Shares 12,113 (-7.5%) Est. Cost $14.51 Unrealized +7.3%

BMY BRISTOL-MYERS SQUIBB CO 0.6%

Value ($000) $905 (+8.0%) Shares 16,775 (-9.7%) Est. Cost $46.32 Unrealized +2.6%

CCJ CAMECO CORP 0.3%

Value ($000) $430 (+6.8%) Shares 4,700 (-2.1%) Est. Cost $53.26 Unrealized +68.9%

WFC WELLS FARGO CO NEW 1.1%

Value ($000) $1,491 (+1.7%) Shares 16,000 (-8.6%) Est. Cost $44.13 Unrealized +96.3%

IFF INTERNATIONAL FLAVORS&FRAGRA 0.8%

Value ($000) $1,072 (-2.2%) Shares 15,900 (-10.7%) Est. Cost $73.93 Unrealized -12.9%

IBM INTERNATIONAL BUSINESS MACHS 1.0%

Value ($000) $1,363 (+0.6%) Shares 4,600 (-4.2%) Est. Cost $109.92 Unrealized +171.8%

GT GOODYEAR TIRE & RUBR CO 0.6%

Value ($000) $841 (-0.5%) Shares 96,000 (-15.0%) Est. Cost $10.91 Unrealized -27.8%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.2%

Value ($000) $279 (+0.4%) Shares 3,400 (-8.1%) Est. Cost $71.08 Unrealized +9.6%

WAB WABTEC 0.2%

Value ($000) $331 (+0.0%) Shares 1,550 (-6.1%) Est. Cost $89.57 Unrealized +129.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	10,000 (-86.9%)	$288 (-80.7%)	0.2%	$12.58	+85.8%	COM SER A	934423104
PAAS	PAN AMERN SILVER CORP	44,572 (-7.1%)	$2,309 (+24.3%)	1.6%	$32.15	+30.2%	COM	697900108
LYFT	LYFT INC	87,600 (-8.3%)	$1,697 (-19.3%)	1.2%	$24.49	-15.1%	CL A COM	55087P104
UBER	UBER TECHNOLOGIES INC	9,750 (-19.8%)	$797 (-33.1%)	0.6%	$37.92	+137.5%	COM	90353T100
PPLT	ABRDN PLATINUM ETF TRUST	9,450 (-1.6%)	$1,762 (+28.4%)	1.2%	$83.05	—	PHYSCL PLATM SHS	003260106
NVST	ENVISTA HOLDINGS CORPORATION	20,800 (-49.0%)	$452 (-45.7%)	0.3%	$18.59	+10.4%	COM	29415F104
NGD	NEW GOLD INC CDA	257,500 (-3.7%)	$2,243 (+16.8%)	1.6%	$1.42	+431.4%	COM	644535106
B	BARRICK MNG CORP	52,800 (-13.4%)	$2,299 (+15.0%)	1.6%	$19.38	+93.1%	COM SHS	06849F108
FIGS	FIGS INC	63,500 (-1.6%)	$721 (+67.2%)	0.5%	$5.48	+71.1%	CL A	30260D103
BKD	BROOKDALE SR LIVING INC	137,000 (-3.5%)	$1,478 (+22.9%)	1.0%	$6.21	+58.4%	COM	112463104
KHC	KRAFT HEINZ CO	45,900 (-13.3%)	$1,113 (-19.2%)	0.8%	$30.85	-20.2%	COM	500754106
GE	GE AEROSPACE	21,700 (-5.4%)	$6,684 (-3.2%)	4.7%	$61.27	+390.9%	COM NEW	369604301
PSLV	SPROTT ASSET MANAGEMENT LP	12,000 (-61.9%)	$284 (-42.6%)	0.2%	$8.02	—	PHYSICAL SILVER	85207K107
WYNN	WYNN RESORTS LTD	19,015 (-2.1%)	$2,288 (-8.1%)	1.6%	$80.87	+52.8%	COM	983134107
PSQ	PROSHARES TR	68,300 (-5.0%)	$2,063 (-7.6%)	1.5%	$39.52	—	SHORT QQQ	74349Y837
UPS	UNITED PARCEL SERVICE INC	10,000 (-2.0%)	$992 (+16.4%)	0.7%	$164.63	-43.7%	CL B	911312106
ARCO	ARCOS DORADOS HOLDINGS INC	287,900 (-3.7%)	$2,113 (+4.7%)	1.5%	$5.60	+27.5%	SHS CLASS -A -	G0457F107
PSKY	PARAMOUNT SKYDANCE CORP	12,113 (-7.5%)	$162 (-34.5%)	0.1%	$14.51	+7.3%	COM CL B	69932A204
BMY	BRISTOL-MYERS SQUIBB CO	16,775 (-9.7%)	$905 (+8.0%)	0.6%	$46.32	+2.6%	COM	110122108
CCJ	CAMECO CORP	4,700 (-2.1%)	$430 (+6.8%)	0.3%	$53.26	+68.9%	COM	13321L108
WFC	WELLS FARGO CO NEW	16,000 (-8.6%)	$1,491 (+1.7%)	1.1%	$44.13	+96.3%	COM	949746101
IFF	INTERNATIONAL FLAVORS&FRAGRA	15,900 (-10.7%)	$1,072 (-2.2%)	0.8%	$73.93	-12.9%	COM	459506101
IBM	INTERNATIONAL BUSINESS MACHS	4,600 (-4.2%)	$1,363 (+0.6%)	1.0%	$109.92	+171.8%	COM	459200101
GT	GOODYEAR TIRE & RUBR CO	96,000 (-15.0%)	$841 (-0.5%)	0.6%	$10.91	-27.8%	COM	382550101
GEHC	GE HEALTHCARE TECHNOLOGIES I	3,400 (-8.1%)	$279 (+0.4%)	0.2%	$71.08	+9.6%	COMMON STOCK	36266G107
WAB	WABTEC	1,550 (-6.1%)	$331 (+0.0%)	0.2%	$89.57	+129.2%	COM	929740108

Unchanged Positions (54)

LUV SOUTHWEST AIRLS CO 2.6%

Value ($000) $3,724 Shares 90,100 Est. Cost $31.37 Unrealized +10.9%

NTNX NUTANIX INC 0.7%

Value ($000) $987 Shares 19,100 Est. Cost $34.30 Unrealized +78.1%

GDX VANECK ETF TRUST 2.4%

Value ($000) $3,422 Shares 39,900 Est. Cost $32.40 Unrealized —

FDX FEDEX CORP 1.2%

Value ($000) $1,661 Shares 5,750 Est. Cost $219.91 Unrealized +18.9%

SQM SOCIEDAD QUIMICA Y MINERA DE 0.6%

Value ($000) $805 Shares 11,700 Est. Cost $47.99 Unrealized —

MRK MERCK & CO INC 1.0%

Value ($000) $1,463 Shares 13,900 Est. Cost $75.13 Unrealized +24.1%

NEM NEWMONT CORP 1.3%

Value ($000) $1,882 Shares 18,850 Est. Cost $45.20 Unrealized +99.6%

SLV ISHARES SILVER TR 0.6%

Value ($000) $805 Shares 12,500 Est. Cost $21.52 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 1.5%

Value ($000) $2,146 Shares 65,000 Est. Cost $14.36 Unrealized —

LIND LINDBLAD EXPEDITIONS HLDGS I 1.4%

Value ($000) $2,017 Shares 139,900 Est. Cost $10.79 Unrealized +16.9%

ELAN ELANCO ANIMAL HEALTH INC 1.2%

Value ($000) $1,720 Shares 76,000 Est. Cost $15.36 Unrealized +41.7%

INTC INTEL CORP 1.4%

Value ($000) $1,934 Shares 52,400 Est. Cost $36.91 Unrealized +2.3%

VZ VERIZON COMMUNICATIONS INC 1.6%

Value ($000) $2,234 Shares 54,850 Est. Cost $39.03 Unrealized +3.7%

SHAK SHAKE SHACK INC 0.7%

Value ($000) $1,059 Shares 13,050 Est. Cost $72.27 Unrealized +22.0%

GLPI GAMING & LEISURE PPTYS INC 2.5%

Value ($000) $3,497 Shares 78,260 Est. Cost $48.66 Unrealized —

CNK CINEMARK HLDGS INC 0.5%

Value ($000) $755 Shares 32,500 Est. Cost $17.65 Unrealized +48.7%

SLB SLB LIMITED 0.9%

Value ($000) $1,332 Shares 34,700 Est. Cost $31.63 Unrealized +14.0%

SHEL SHELL PLC 2.9%

Value ($000) $4,122 Shares 56,100 Est. Cost $55.35 Unrealized —

F FORD MTR CO 0.9%

Value ($000) $1,229 Shares 93,700 Est. Cost $11.24 Unrealized +14.2%

HP HELMERICH & PAYNE INC 0.3%

Value ($000) $467 Shares 16,300 Est. Cost $18.33 Unrealized +44.9%

KWEB KRANESHARES TRUST 0.3%

Value ($000) $402 Shares 11,800 Est. Cost $27.70 Unrealized —

TSN TYSON FOODS INC 0.9%

Value ($000) $1,216 Shares 20,750 Est. Cost $55.65 Unrealized -1.9%

VGK VANGUARD INTL EQUITY INDEX F 1.2%

Value ($000) $1,756 Shares 21,000 Est. Cost $67.22 Unrealized —

BROS DUTCH BROS INC 0.4%

Value ($000) $526 Shares 8,600 Est. Cost $33.99 Unrealized +67.2%

L LOEWS CORP 0.9%

Value ($000) $1,337 Shares 12,700 Est. Cost $55.90 Unrealized +84.7%

WMB WILLIAMS COS INC 0.8%

Value ($000) $1,106 Shares 18,400 Est. Cost $22.75 Unrealized +164.0%

EUFN ISHARES TR 0.5%

Value ($000) $779 Shares 21,000 Est. Cost $19.82 Unrealized —

ABNB AIRBNB INC 0.3%

Value ($000) $455 Shares 3,350 Est. Cost $129.46 Unrealized -3.8%

DAL DELTA AIR LINES INC DEL 0.2%

Value ($000) $257 Shares 3,700 Est. Cost $56.83 Unrealized +9.9%

BAC BANK AMERICA CORP 0.6%

Value ($000) $820 Shares 14,900 Est. Cost $38.71 Unrealized +36.1%

ROG ROGERS CORP 0.2%

Value ($000) $348 Shares 3,800 Est. Cost $105.86 Unrealized -18.9%

SCHW SCHWAB CHARLES CORP 0.7%

Value ($000) $939 Shares 9,400 Est. Cost $73.93 Unrealized +28.1%

MGM MGM RESORTS INTERNATIONAL 0.5%

Value ($000) $682 Shares 18,700 Est. Cost $44.88 Unrealized -24.4%

SGOL ETFS GOLD TR 0.2%

Value ($000) $329 Shares 8,000 Est. Cost $17.60 Unrealized —

FXI ISHARES TR 0.3%

Value ($000) $437 Shares 11,400 Est. Cost $24.07 Unrealized —

CVX CHEVRON CORP NEW 1.2%

Value ($000) $1,692 Shares 11,100 Est. Cost $99.29 Unrealized +52.5%

BP BP PLC 1.8%

Value ($000) $2,607 Shares 75,067 Est. Cost $27.22 Unrealized —

NTR NUTRIEN LTD 0.5%

Value ($000) $642 Shares 10,400 Est. Cost $45.96 Unrealized +28.1%

ERIC TELEFONAKTIEBOLAGET LM ERICS 0.1%

Value ($000) $174 Shares 18,000 Est. Cost $10.49 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.3%

Value ($000) $470 Shares 4,000 Est. Cost $52.89 Unrealized +102.5%

IEV ISHARES TR 0.3%

Value ($000) $446 Shares 6,500 Est. Cost $54.46 Unrealized —

FNV FRANCO NEV CORP 0.2%

Value ($000) $249 Shares 1,200 Est. Cost $180.19 Unrealized +12.5%

MMM 3M CO 0.4%

Value ($000) $608 Shares 3,800 Est. Cost $97.17 Unrealized +67.9%

HMC HONDA MOTOR LTD 0.3%

Value ($000) $466 Shares 15,800 Est. Cost $28.07 Unrealized —

GVA GRANITE CONSTR INC 0.2%

Value ($000) $288 Shares 2,500 Est. Cost $70.28 Unrealized +52.9%

KMI KINDER MORGAN INC DEL 0.2%

Value ($000) $344 Shares 12,500 Est. Cost $13.20 Unrealized +103.9%

VEA VANGUARD TAX-MANAGED FDS 0.2%

Value ($000) $250 Shares 4,000 Est. Cost $50.83 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $338 Shares 4,600 Est. Cost $61.30 Unrealized —

DFE WISDOMTREE TR 0.3%

Value ($000) $359 Shares 5,000 Est. Cost $72.15 Unrealized —

EEM ISHARES TR 0.2%

Value ($000) $257 Shares 4,700 Est. Cost $43.70 Unrealized —

MDT MEDTRONIC PLC 0.3%

Value ($000) $375 Shares 3,900 Est. Cost $92.89 Unrealized +4.6%

RSP INVESCO EXCHANGE TRADED FD T 0.2%

Value ($000) $287 Shares 1,500 Est. Cost $162.86 Unrealized —

CTVA CORTEVA INC 0.2%

Value ($000) $235 Shares 3,500 Est. Cost $43.81 Unrealized +47.3%

MCD MCDONALDS CORP 0.2%

Value ($000) $306 Shares 1,000 Est. Cost $238.81 Unrealized +27.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LUV	SOUTHWEST AIRLS CO	90,100	$3,724	2.6%	$31.37	+10.9%	COM	844741108
NTNX	NUTANIX INC	19,100	$987	0.7%	$34.30	+78.1%	CL A	67059N108
GDX	VANECK ETF TRUST	39,900	$3,422	2.4%	$32.40	—	GOLD MINERS ETF	92189F106
FDX	FEDEX CORP	5,750	$1,661	1.2%	$219.91	+18.9%	COM	31428X106
SQM	SOCIEDAD QUIMICA Y MINERA DE	11,700	$805	0.6%	$47.99	—	SPON ADR SER B	833635105
MRK	MERCK & CO INC	13,900	$1,463	1.0%	$75.13	+24.1%	COM	58933Y105
NEM	NEWMONT CORP	18,850	$1,882	1.3%	$45.20	+99.6%	COM	651639106
SLV	ISHARES SILVER TR	12,500	$805	0.6%	$21.52	—	ISHARES	46428Q109
PHYS	SPROTT ASSET MANAGEMENT LP	65,000	$2,146	1.5%	$14.36	—	PHYSICAL GOLD TR	85207H104
LIND	LINDBLAD EXPEDITIONS HLDGS I	139,900	$2,017	1.4%	$10.79	+16.9%	COM	535219109
ELAN	ELANCO ANIMAL HEALTH INC	76,000	$1,720	1.2%	$15.36	+41.7%	COM	28414H103
INTC	INTEL CORP	52,400	$1,934	1.4%	$36.91	+2.3%	COM	458140100
VZ	VERIZON COMMUNICATIONS INC	54,850	$2,234	1.6%	$39.03	+3.7%	COM	92343V104
SHAK	SHAKE SHACK INC	13,050	$1,059	0.7%	$72.27	+22.0%	CL A	819047101
GLPI	GAMING & LEISURE PPTYS INC	78,260	$3,497	2.5%	$48.66	—	COM	36467J108
CNK	CINEMARK HLDGS INC	32,500	$755	0.5%	$17.65	+48.7%	COM	17243V102
SLB	SLB LIMITED	34,700	$1,332	0.9%	$31.63	+14.0%	COM STK	806857108
SHEL	SHELL PLC	56,100	$4,122	2.9%	$55.35	—	SPON ADS	780259305
F	FORD MTR CO	93,700	$1,229	0.9%	$11.24	+14.2%	COM	345370860
HP	HELMERICH & PAYNE INC	16,300	$467	0.3%	$18.33	+44.9%	COM	423452101
KWEB	KRANESHARES TRUST	11,800	$402	0.3%	$27.70	—	CSI CHI INTERNET	500767306
TSN	TYSON FOODS INC	20,750	$1,216	0.9%	$55.65	-1.9%	CL A	902494103
VGK	VANGUARD INTL EQUITY INDEX F	21,000	$1,756	1.2%	$67.22	—	FTSE EUROPE ETF	922042874
BROS	DUTCH BROS INC	8,600	$526	0.4%	$33.99	+67.2%	CL A	26701L100
L	LOEWS CORP	12,700	$1,337	0.9%	$55.90	+84.7%	COM	540424108
WMB	WILLIAMS COS INC	18,400	$1,106	0.8%	$22.75	+164.0%	COM	969457100
EUFN	ISHARES TR	21,000	$779	0.5%	$19.82	—	MSCI EURO FL ETF	464289180
ABNB	AIRBNB INC	3,350	$455	0.3%	$129.46	-3.8%	COM CL A	009066101
DAL	DELTA AIR LINES INC DEL	3,700	$257	0.2%	$56.83	+9.9%	COM NEW	247361702
BAC	BANK AMERICA CORP	14,900	$820	0.6%	$38.71	+36.1%	COM	060505104
ROG	ROGERS CORP	3,800	$348	0.2%	$105.86	-18.9%	COM	775133101
SCHW	SCHWAB CHARLES CORP	9,400	$939	0.7%	$73.93	+28.1%	COM	808513105
MGM	MGM RESORTS INTERNATIONAL	18,700	$682	0.5%	$44.88	-24.4%	COM	552953101
SGOL	ETFS GOLD TR	8,000	$329	0.2%	$17.60	—	PHYSCL GOLD SHS	00326A104
FXI	ISHARES TR	11,400	$437	0.3%	$24.07	—	CHINA LG-CAP ETF	464287184
CVX	CHEVRON CORP NEW	11,100	$1,692	1.2%	$99.29	+52.5%	COM	166764100
BP	BP PLC	75,067	$2,607	1.8%	$27.22	—	SPONSORED ADR	055622104
NTR	NUTRIEN LTD	10,400	$642	0.5%	$45.96	+28.1%	COM	67077M108
ERIC	TELEFONAKTIEBOLAGET LM ERICS	18,000	$174	0.1%	$10.49	—	ADR B SEK 10	294821608
WPM	WHEATON PRECIOUS METALS CORP	4,000	$470	0.3%	$52.89	+102.5%	COM	962879102
IEV	ISHARES TR	6,500	$446	0.3%	$54.46	—	EUROPE ETF	464287861
FNV	FRANCO NEV CORP	1,200	$249	0.2%	$180.19	+12.5%	COM	351858105
MMM	3M CO	3,800	$608	0.4%	$97.17	+67.9%	COM	88579Y101
HMC	HONDA MOTOR LTD	15,800	$466	0.3%	$28.07	—	ADR ECH CNV IN 3	438128308
GVA	GRANITE CONSTR INC	2,500	$288	0.2%	$70.28	+52.9%	COM	387328107
KMI	KINDER MORGAN INC DEL	12,500	$344	0.2%	$13.20	+103.9%	COM	49456B101
VEA	VANGUARD TAX-MANAGED FDS	4,000	$250	0.2%	$50.83	—	VAN FTSE DEV MKT	921943858
VEU	VANGUARD INTL EQUITY INDEX F	4,600	$338	0.2%	$61.30	—	ALLWRLD EX US	922042775
DFE	WISDOMTREE TR	5,000	$359	0.3%	$72.15	—	EUROPE SMCP DV	97717W869
EEM	ISHARES TR	4,700	$257	0.2%	$43.70	—	MSCI EMG MKT ETF	464287234
MDT	MEDTRONIC PLC	3,900	$375	0.3%	$92.89	+4.6%	SHS	G5960L103
RSP	INVESCO EXCHANGE TRADED FD T	1,500	$287	0.2%	$162.86	—	S&P500 EQL WGT	46137V357
CTVA	CORTEVA INC	3,500	$235	0.2%	$43.81	+47.3%	COM	22052L104
MCD	MCDONALDS CORP	1,000	$306	0.2%	$238.81	+27.8%	COM	580135101