# EDGAR Filing Document

**Accession Number:** 0001358828
**File Stem:** 0001358828-26-000001
**Filing Date:** 2026-2
**Character Count:** 18988
**Document Hash:** 55224658c9bd624afb8a617dd93bd9b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001358828-26-000001.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001358828-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Financial Sense Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001358828

**ORGANIZATION NAME:**
- **EIN:** 330086182
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11894
- **FILM NUMBER:** 26633659

**BUSINESS ADDRESS:**
- **STREET 1:** 10920 VIA FRONTERA
- **STREET 2:** SUITE 500
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92127
- **BUSINESS PHONE:** 858-487-3939

**MAIL ADDRESS:**
- **STREET 1:** 10920 VIA FRONTERA
- **STREET 2:** SUITE 500
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FINANCIAL SENSE ADVISORS, INC
- **DATE OF NAME CHANGE:** 20171027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Puplava Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20070206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Puplava Financial Services
- **DATE OF NAME CHANGE:** 20060410

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Financial Sense Advisors Inc.<br>**Address:** 10920 VIA FRONTERA<br>SUITE 500<br>SAN DIEGO, CA 92127

**Form 13F File Number:** 028-11894

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** James J. Puplava<br>**Title:** President<br>**Phone:** 858-487-3939

**Signature, Place, and Date of Signing:**

/s/ James J. Puplava  San Diego, CA  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 151

**Form 13F Information Table Value Total:** $547361022

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 687540 | 3009 | SH |  | SOLE |  | 0 | 0 | 3009 |
| AEROVIRONMENT INC | COM | 008073108 |  | 677292 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6063600 | 35767 | SH |  | SOLE |  | 0 | 0 | 35767 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 13978150 | 235362 | SH |  | SOLE |  | 0 | 0 | 235362 |
| ALCOA CORP | COM | 013872106 |  | 8496751 | 159894 | SH |  | SOLE |  | 0 | 0 | 159894 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2532317 | 17276 | SH |  | SOLE |  | 0 | 0 | 17276 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 3323717 | 70687 | SH |  | SOLE |  | 0 | 0 | 70687 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 5242033 | 90913 | SH |  | SOLE |  | 0 | 0 | 90913 |
| AMAZON COM INC | COM | 023135106 |  | 284832 | 1234 | SH |  | SOLE |  | 0 | 0 | 1234 |
| AMGEN INC | COM | 031162100 |  | 3420423 | 10450 | SH |  | SOLE |  | 0 | 0 | 10450 |
| AMPHASTAR PHARMACEUTICALS IN | NOTE 2.000% 3/1 | 03209RAB9 |  | 218078 | 235000 | SH |  | SOLE |  | 0 | 0 | 235000 |
| APPLE INC | COM | 037833100 |  | 2478117 | 9115 | SH |  | SOLE |  | 0 | 0 | 9115 |
| AT INC | COM | 00206R102 |  | 688613 | 27722 | SH |  | SOLE |  | 0 | 0 | 27722 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 579480 | 12725 | SH |  | SOLE |  | 0 | 0 | 12725 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 5937264 | 136332 | SH |  | SOLE |  | 0 | 0 | 136332 |
| BEST BUY INC | COM | 086516101 |  | 4353262 | 65042 | SH |  | SOLE |  | 0 | 0 | 65042 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 362220 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| BLACKROCK ETF TRUST | DISCIPLINED VOLA | 09290C715 |  | 489565 | 19736 | SH |  | SOLE |  | 0 | 0 | 19736 |
| BLACKROCK ETF TRUST | DYNAMIC EQTY ACT | 09290C723 |  | 783531 | 30595 | SH |  | SOLE |  | 0 | 0 | 30595 |
| BLOCK INC | NOTE 5/0 | 852234AJ2 |  | 10969953 | 11179000 | SH |  | SOLE |  | 0 | 0 | 11179000 |
| BLOCK INC | CL A | 852234103 |  | 247473 | 3802 | SH |  | SOLE |  | 0 | 0 | 3802 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 10294498 | 149066 | SH |  | SOLE |  | 0 | 0 | 149066 |
| BP PLC | SPONSORED ADR | 055622104 |  | 20067403 | 577812 | SH |  | SOLE |  | 0 | 0 | 577812 |
| BROADCOM INC | COM | 11135F101 |  | 953506 | 2755 | SH |  | SOLE |  | 0 | 0 | 2755 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 2677806 | 15493 | SH |  | SOLE |  | 0 | 0 | 15493 |
| CAMECO CORP | COM | 13321L108 |  | 1345818 | 14710 | SH |  | SOLE |  | 0 | 0 | 14710 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 2132750 | 10971 | SH |  | SOLE |  | 0 | 0 | 10971 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3279536 | 21518 | SH |  | SOLE |  | 0 | 0 | 21518 |
| COEUR MNG INC | COM NEW | 192108504 |  | 1115267 | 62550 | SH |  | SOLE |  | 0 | 0 | 62550 |
| COEUR MNG INC | COM NEW | 192108504 |  | 3209400 | 180000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1482176 | 15834 | SH |  | SOLE |  | 0 | 0 | 15834 |
| COUPANG INC | CL A | 22266T109 |  | 328586 | 13929 | SH |  | SOLE |  | 0 | 0 | 13929 |
| DANAHER CORPORATION | COM | 235851102 |  | 417380 | 1823 | SH |  | SOLE |  | 0 | 0 | 1823 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 503520 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| DENISON MINES CORP | COM | 248356107 |  | 49971 | 18786 | SH |  | SOLE |  | 0 | 0 | 18786 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 2820510 | 77000 | SH |  | SOLE |  | 0 | 0 | 77000 |
| DIANA SHIPPING INC | COM | Y2066G104 |  | 168000 | 100000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 795703 | 13581 | SH |  | SOLE |  | 0 | 0 | 13581 |
| DOW INC | COM | 260557103 |  | 315630 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| ELI LILLY  CO | COM | 532457108 |  | 1732385 | 1612 | SH |  | SOLE |  | 0 | 0 | 1612 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 376000 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| EQT CORP | COM | 26884L109 |  | 1130817 | 21097 | SH |  | SOLE |  | 0 | 0 | 21097 |
| EXCHANGE TRADED CONCEPTS TRU | RANGE NUCLEAR RE | 301505475 |  | 764872 | 12045 | SH |  | SOLE |  | 0 | 0 | 12045 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 5393184 | 44816 | SH |  | SOLE |  | 0 | 0 | 44816 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 11376752 | 485978 | SH |  | SOLE |  | 0 | 0 | 485978 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 21718242 | 427609 | SH |  | SOLE |  | 0 | 0 | 427609 |
| GE VERNOVA INC | COM | 36828A101 |  | 2173264 | 3325 | SH |  | SOLE |  | 0 | 0 | 3325 |
| GLOBAL X FDS | DEFENSE TECH ETF | 37960A529 |  | 2139791 | 33027 | SH |  | SOLE |  | 0 | 0 | 33027 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 471116 | 6562 | SH |  | SOLE |  | 0 | 0 | 6562 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 |  | 4688312 | 56134 | SH |  | SOLE |  | 0 | 0 | 56134 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 420378 | 9838 | SH |  | SOLE |  | 0 | 0 | 9838 |
| GLOBAL X FDS | DAX GERMANY ETF | 37954Y491 |  | 1751257 | 38387 | SH |  | SOLE |  | 0 | 0 | 38387 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 263700 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| HECLA MNG CO | COM | 422704106 |  | 287893 | 15002 | SH |  | SOLE |  | 0 | 0 | 15002 |
| HECLA MNG CO | COM | 422704106 |  | 479750 | 25000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 2770450 | 80303 | SH |  | SOLE |  | 0 | 0 | 80303 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 18518413 | 277679 | SH |  | SOLE |  | 0 | 0 | 277679 |
| HONEYWELL INTL INC | COM | 438516106 |  | 894341 | 4584 | SH |  | SOLE |  | 0 | 0 | 4584 |
| INTEL CORP | COM | 458140100 |  | 1531756 | 41511 | SH |  | SOLE |  | 0 | 0 | 41511 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1000950 | 3379 | SH |  | SOLE |  | 0 | 0 | 3379 |
| INVESCO ACTIVELY MANAGED EXC | ULTRA SHRT DUR | 46090A887 |  | 412754 | 8214 | SH |  | SOLE |  | 0 | 0 | 8214 |
| INVESCO LTD | SHS | G491BT108 |  | 4154269 | 158137 | SH |  | SOLE |  | 0 | 0 | 158137 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1008083 | 1641 | SH |  | SOLE |  | 0 | 0 | 1641 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 24944789 | 502413 | SH |  | SOLE |  | 0 | 0 | 502413 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 5367610 | 66128 | SH |  | SOLE |  | 0 | 0 | 66128 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 1331497 | 20669 | SH |  | SOLE |  | 0 | 0 | 20669 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 11727663 | 273563 | SH |  | SOLE |  | 0 | 0 | 273563 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 254887 | 2507 | SH |  | SOLE |  | 0 | 0 | 2507 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 242348 | 2709 | SH |  | SOLE |  | 0 | 0 | 2709 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 230402 | 3246 | SH |  | SOLE |  | 0 | 0 | 3246 |
| ISHARES TR | CORE S ETF | 464287200 |  | 280141 | 409 | SH |  | SOLE |  | 0 | 0 | 409 |
| ISHARES TR | CORE UNIVRSL USD | 46434V613 |  | 203148 | 4365 | SH |  | SOLE |  | 0 | 0 | 4365 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 378445 | 3789 | SH |  | SOLE |  | 0 | 0 | 3789 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 220229 | 3084 | SH |  | SOLE |  | 0 | 0 | 3084 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 31411779 | 617613 | SH |  | SOLE |  | 0 | 0 | 617613 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 1463007 | 13277 | SH |  | SOLE |  | 0 | 0 | 13277 |
| ISHARES TR | MBS ETF | 464288588 |  | 216055 | 2269 | SH |  | SOLE |  | 0 | 0 | 2269 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 793823 | 8431 | SH |  | SOLE |  | 0 | 0 | 8431 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 730919 | 6824 | SH |  | SOLE |  | 0 | 0 | 6824 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 2107601 | 4453 | SH |  | SOLE |  | 0 | 0 | 4453 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 384541 | 1190 | SH |  | SOLE |  | 0 | 0 | 1190 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 604746 | 4416 | SH |  | SOLE |  | 0 | 0 | 4416 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 208754 | 1480 | SH |  | SOLE |  | 0 | 0 | 1480 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 348370 | 5994 | SH |  | SOLE |  | 0 | 0 | 5994 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 462656 | 13588 | SH |  | SOLE |  | 0 | 0 | 13588 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 585115 | 7708 | SH |  | SOLE |  | 0 | 0 | 7708 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 303900 | 1211 | SH |  | SOLE |  | 0 | 0 | 1211 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 829624 | 8637 | SH |  | SOLE |  | 0 | 0 | 8637 |
| MERCK  CO INC | COM | 58933Y105 |  | 6502542 | 61776 | SH |  | SOLE |  | 0 | 0 | 61776 |
| MICROSOFT CORP | COM | 594918104 |  | 4850230 | 10029 | SH |  | SOLE |  | 0 | 0 | 10029 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 271500 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| NEW GOLD INC CDA | COM | 644535106 |  | 108875 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| NEWMONT CORP | COM | 651639106 |  | 12258180 | 122766 | SH |  | SOLE |  | 0 | 0 | 122766 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 4765823 | 59365 | SH |  | SOLE |  | 0 | 0 | 59365 |
| NEXTERA ENERGY INC | UNIT 11/01/2027 | 65339F119 |  | 21019050 | 431160 | SH |  | SOLE |  | 0 | 0 | 431160 |
| NIKE INC | CL B | 654106103 |  | 6008045 | 94303 | SH |  | SOLE |  | 0 | 0 | 94303 |
| NIOCORP DEVS LTD | COM NEW | 654484609 |  | 106000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 987423 | 3420 | SH |  | SOLE |  | 0 | 0 | 3420 |
| NUTRIEN LTD | COM | 67077M108 |  | 7830529 | 126872 | SH |  | SOLE |  | 0 | 0 | 126872 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1218799 | 6535 | SH |  | SOLE |  | 0 | 0 | 6535 |
| ORACLE CORP | COM | 68389X105 |  | 785878 | 4032 | SH |  | SOLE |  | 0 | 0 | 4032 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 1975524 | 146661 | SH |  | SOLE |  | 0 | 0 | 146661 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 6794494 | 38225 | SH |  | SOLE |  | 0 | 0 | 38225 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 21798334 | 420736 | SH |  | SOLE |  | 0 | 0 | 420736 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 424500 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| QUALCOMM INC | COM | 747525103 |  | 3359363 | 19640 | SH |  | SOLE |  | 0 | 0 | 19640 |
| RTX CORPORATION | COM | 75513E101 |  | 3137394 | 17107 | SH |  | SOLE |  | 0 | 0 | 17107 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 226953 | 40383 | SH |  | SOLE |  | 0 | 0 | 40383 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 764907 | 23449 | SH |  | SOLE |  | 0 | 0 | 23449 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 3452450 | 77219 | SH |  | SOLE |  | 0 | 0 | 77219 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 295923 | 5403 | SH |  | SOLE |  | 0 | 0 | 5403 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 1559252 | 10052 | SH |  | SOLE |  | 0 | 0 | 10052 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 2900041 | 20143 | SH |  | SOLE |  | 0 | 0 | 20143 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 462775 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| SLB LIMITED | COM STK | 806857108 |  | 7676000 | 200000 | SH | Call | SOLE |  | 0 | 0 | 0 |
| SLB LIMITED | COM STK | 806857108 |  | 2023586 | 52725 | SH |  | SOLE |  | 0 | 0 | 52725 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 1376000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 1082338 | 7544 | SH |  | SOLE |  | 0 | 0 | 7544 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 903984 | 2281 | SH |  | SOLE |  | 0 | 0 | 2281 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 706620 | 1036 | SH |  | SOLE |  | 0 | 0 | 1036 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A805 |  | 3046856 | 36932 | SH |  | SOLE |  | 0 | 0 | 36932 |
| SPINNAKER ETF SERIES | SELECT STOXX EUR | 84858T772 |  | 1005277 | 23861 | SH |  | SOLE |  | 0 | 0 | 23861 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 515806 | 15621 | SH |  | SOLE |  | 0 | 0 | 15621 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 2778710 | 117493 | SH |  | SOLE |  | 0 | 0 | 117493 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD AN | 85208R101 |  | 945129 | 20636 | SH |  | SOLE |  | 0 | 0 | 20636 |
| SSGA ACTIVE TR | STATE STREET FIX | 78470P507 |  | 235004 | 9070 | SH |  | SOLE |  | 0 | 0 | 9070 |
| TARGET CORP | COM | 87612E106 |  | 3084854 | 31559 | SH |  | SOLE |  | 0 | 0 | 31559 |
| TESLA INC | COM | 88160R101 |  | 27862025 | 61954 | SH |  | SOLE |  | 0 | 0 | 61954 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 23456906 | 751583 | SH |  | SOLE |  | 0 | 0 | 751583 |
| THEMES ETF TR | CHINA GENERATIVE | 882927296 |  | 244512 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| THEMES ETF TR | TRANSATLANTIC DE | 882927767 |  | 201014 | 5256 | SH |  | SOLE |  | 0 | 0 | 5256 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 870889 | 210869 | SH |  | SOLE |  | 0 | 0 | 210869 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE CR | 89834G752 |  | 637298 | 21494 | SH |  | SOLE |  | 0 | 0 | 21494 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE EQ | 89834G737 |  | 667517 | 18798 | SH |  | SOLE |  | 0 | 0 | 18798 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE MN | 89834G745 |  | 283116 | 11284 | SH |  | SOLE |  | 0 | 0 | 11284 |
| TRUST FOR PROFESSIONAL MANAG | ACTIVEPASSIVE US | 89834G729 |  | 1568418 | 37639 | SH |  | SOLE |  | 0 | 0 | 37639 |
| TRX GOLD CORPORATION | COM | 87283P109 |  | 30382 | 32991 | SH |  | SOLE |  | 0 | 0 | 32991 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 595140 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 868570 | 2631 | SH |  | SOLE |  | 0 | 0 | 2631 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 5174422 | 397116 | SH |  | SOLE |  | 0 | 0 | 397116 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 325580 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| VANECK ETF TRUST | STEEL ETF | 92189F205 |  | 424300 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 38018415 | 60623 | SH |  | SOLE |  | 0 | 0 | 60623 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 465355 | 1388 | SH |  | SOLE |  | 0 | 0 | 1388 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 202104 | 2679 | SH |  | SOLE |  | 0 | 0 | 2679 |
| VIASAT INC | COM | 92552V100 |  | 451771 | 13110 | SH |  | SOLE |  | 0 | 0 | 13110 |
| VISTRA CORP | COM | 92840M102 |  | 482426 | 2990 | SH |  | SOLE |  | 0 | 0 | 2990 |
| WALMART INC | COM | 931142103 |  | 421773 | 3786 | SH |  | SOLE |  | 0 | 0 | 3786 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 6617481 | 56309 | SH |  | SOLE |  | 0 | 0 | 56309 |
| WHIRLPOOL CORP | COM | 963320106 |  | 2911932 | 40365 | SH |  | SOLE |  | 0 | 0 | 40365 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 472279 | 9385 | SH |  | SOLE |  | 0 | 0 | 9385 |

---