Biltmore Wealth Management, LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLY	SELECT SECTOR SPDR TR	198,789 (+93.8%)	$23,737 (-3.4%)	9.0%	$119.53	—	STATE STREET CON	81369Y407
XLU	SELECT SECTOR SPDR TR	310,412 (+97.3%)	$13,251 (-3.4%)	5.0%	$50.90	—	STATE STREET UTI	81369Y886
XLP	SELECT SECTOR SPDR TR	190,974 (+3.1%)	$14,835 (+2.2%)	5.6%	$62.89	—	STATE STREET CON	81369Y308
SMMU	PIMCO ETF TR	404,093 (+1.4%)	$20,378 (+1.2%)	7.7%	$49.64	—	SHTRM MUN BD ACT	72201R874
XLB	SELECT SECTOR SPDR TR	249,609 (+101.5%)	$11,320 (+2.0%)	4.3%	$52.23	—	STATE STREET MAT	81369Y100
VGSH	VANGUARD SCOTTSDALE FDS	137,020 (+2.7%)	$8,047 (+2.5%)	3.0%	$57.85	—	SHORT TERM TREAS	92206C102
XLK	SELECT SECTOR SPDR TR	218,373 (+94.7%)	$31,439 (-0.6%)	11.9%	$111.39	—	STATE STREET TEC	81369Y803
NFLX	NETFLIX INC	3,733 (+845.1%)	$350 (-26.1%)	0.1%	$100.45	+7.3%	COM	64110L106
USRT	ISHARES TR	214,513 (+2.5%)	$12,219 (-0.6%)	4.6%	$52.98	—	CRE U S REIT ETF	464288521
PSA	PUBLIC STORAGE OPER CO	2,130 (+1.1%)	$553 (-9.2%)	0.2%	$261.72	+6.0%	COM	74460D109
XLE	SELECT SECTOR SPDR TR	204,465 (+101.0%)	$9,142 (+0.6%)	3.5%	$44.36	—	STATE STREET ENE	81369Y506
UBER	UBER TECHNOLOGIES INC	3,639 (+2.9%)	$297 (-14.2%)	0.1%	$71.14	+26.6%	COM	90353T100
IEF	ISHARES TR	18,989 (+1.9%)	$1,826 (+1.6%)	0.7%	$112.77	—	7-10 YR TRSY BD	464287440
BILZ	PIMCO ETF TR	6,057 (+1.1%)	$610 (+0.7%)	0.2%	$100.31	—	ULTRA SHORT GOVT	72201R577
SPG	SIMON PPTY GROUP INC NEW	1,153 (+1.2%)	$213 (-0.2%)	0.1%	$169.19	+6.4%	COM	828806109

Decreased Positions (17)

MU MICRON TECHNOLOGY INC 0.6%

Value ($000) $1,537 (+66.1%) Shares 5,386 (-2.6%) Est. Cost $53.81 Unrealized +326.2%

GLD SPDR GOLD TR 3.9%

Value ($000) $10,312 (+5.3%) Shares 26,020 (-5.5%) Est. Cost $148.72 Unrealized —

XLI SELECT SECTOR SPDR TR 13.1%

Value ($000) $34,749 (-1.0%) Shares 224,016 (-1.6%) Est. Cost $79.20 Unrealized —

FCX FREEPORT-MCMORAN INC 0.1%

Value ($000) $222 (-60.4%) Shares 4,374 (-69.5%) Est. Cost $30.35 Unrealized +42.7%

XLC SELECT SECTOR SPDR TR 3.9%

Value ($000) $10,221 (-3.1%) Shares 86,823 (-2.6%) Est. Cost $53.94 Unrealized —

GOOGL ALPHABET INC 0.3%

Value ($000) $674 (+27.0%) Shares 2,152 (-1.4%) Est. Cost $101.64 Unrealized +181.0%

TMO THERMO FISHER SCIENTIFIC INC 0.3%

Value ($000) $882 (+18.2%) Shares 1,522 (-1.1%) Est. Cost $360.39 Unrealized +56.8%

LLY ELI LILLY & CO 0.1%

Value ($000) $342 (+35.9%) Shares 319 (-3.3%) Est. Cost $795.99 Unrealized +20.0%

COST COSTCO WHSL CORP NEW 0.4%

Value ($000) $932 (-7.9%) Shares 1,081 (-1.2%) Est. Cost $356.95 Unrealized +153.7%

AAPL APPLE INC 0.7%

Value ($000) $1,765 (+4.5%) Shares 6,493 (-2.2%) Est. Cost $123.91 Unrealized +116.6%

SHY ISHARES TR 0.2%

Value ($000) $564 (-10.2%) Shares 6,806 (-10.0%) Est. Cost $84.04 Unrealized —

MUNI PIMCO ETF TR 0.4%

Value ($000) $1,112 (-5.2%) Shares 21,215 (-5.5%) Est. Cost $54.73 Unrealized —

ABT ABBOTT LABS 0.1%

Value ($000) $208 (-21.1%) Shares 1,661 (-15.6%) Est. Cost $96.07 Unrealized +32.5%

DDOG DATADOG INC 0.3%

Value ($000) $816 (-5.6%) Shares 5,997 (-1.1%) Est. Cost $136.99 Unrealized +15.4%

META META PLATFORMS INC 0.1%

Value ($000) $308 (-12.3%) Shares 467 (-2.5%) Est. Cost $490.81 Unrealized +36.0%

AMZN AMAZON COM INC 0.4%

Value ($000) $1,133 (+3.8%) Shares 4,907 (-1.2%) Est. Cost $124.60 Unrealized +83.6%

IBM INTERNATIONAL BUSINESS MACHS 0.1%

Value ($000) $365 (+3.6%) Shares 1,233 (-1.3%) Est. Cost $168.59 Unrealized +77.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	5,386 (-2.6%)	$1,537 (+66.1%)	0.6%	$53.81	+326.2%	COM	595112103
GLD	SPDR GOLD TR	26,020 (-5.5%)	$10,312 (+5.3%)	3.9%	$148.72	—	GOLD SHS	78463V107
XLI	SELECT SECTOR SPDR TR	224,016 (-1.6%)	$34,749 (-1.0%)	13.1%	$79.20	—	STATE STREET IND	81369Y704
FCX	FREEPORT-MCMORAN INC	4,374 (-69.5%)	$222 (-60.4%)	0.1%	$30.35	+42.7%	CL B	35671D857
XLC	SELECT SECTOR SPDR TR	86,823 (-2.6%)	$10,221 (-3.1%)	3.9%	$53.94	—	STATE STREET COM	81369Y852
GOOGL	ALPHABET INC	2,152 (-1.4%)	$674 (+27.0%)	0.3%	$101.64	+181.0%	CAP STK CL A	02079K305
TMO	THERMO FISHER SCIENTIFIC INC	1,522 (-1.1%)	$882 (+18.2%)	0.3%	$360.39	+56.8%	COM	883556102
LLY	ELI LILLY & CO	319 (-3.3%)	$342 (+35.9%)	0.1%	$795.99	+20.0%	COM	532457108
COST	COSTCO WHSL CORP NEW	1,081 (-1.2%)	$932 (-7.9%)	0.4%	$356.95	+153.7%	COM	22160K105
AAPL	APPLE INC	6,493 (-2.2%)	$1,765 (+4.5%)	0.7%	$123.91	+116.6%	COM	037833100
SHY	ISHARES TR	6,806 (-10.0%)	$564 (-10.2%)	0.2%	$84.04	—	1 3 YR TREAS BD	464287457
MUNI	PIMCO ETF TR	21,215 (-5.5%)	$1,112 (-5.2%)	0.4%	$54.73	—	INTER MUN BD ACT	72201R866
ABT	ABBOTT LABS	1,661 (-15.6%)	$208 (-21.1%)	0.1%	$96.07	+32.5%	COM	002824100
DDOG	DATADOG INC	5,997 (-1.1%)	$816 (-5.6%)	0.3%	$136.99	+15.4%	CL A COM	23804L103
META	META PLATFORMS INC	467 (-2.5%)	$308 (-12.3%)	0.1%	$490.81	+36.0%	CL A	30303M102
AMZN	AMAZON COM INC	4,907 (-1.2%)	$1,133 (+3.8%)	0.4%	$124.60	+83.6%	COM	023135106
IBM	INTERNATIONAL BUSINESS MACHS	1,233 (-1.3%)	$365 (+3.6%)	0.1%	$168.59	+77.2%	COM	459200101

Unchanged Positions (26)

XLV SELECT SECTOR SPDR TR 10.3%

Value ($000) $27,331 Shares 176,560 Est. Cost $104.30 Unrealized —

GOOG ALPHABET INC 0.4%

Value ($000) $1,108 Shares 3,531 Est. Cost $134.41 Unrealized +113.0%

ETN EATON CORP PLC 0.4%

Value ($000) $1,131 Shares 3,551 Est. Cost $118.94 Unrealized +198.0%

RL RALPH LAUREN CORP 0.3%

Value ($000) $828 Shares 2,342 Est. Cost $168.53 Unrealized +101.8%

HCA HCA HEALTHCARE INC 0.4%

Value ($000) $1,129 Shares 2,418 Est. Cost $142.11 Unrealized +226.3%

AME AMETEK INC 0.4%

Value ($000) $981 Shares 4,776 Est. Cost $85.11 Unrealized +128.4%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $762 Shares 3,683 Est. Cost $141.38 Unrealized +39.4%

PG PROCTER AND GAMBLE CO 0.4%

Value ($000) $931 Shares 6,499 Est. Cost $144.10 Unrealized +2.1%

XYL XYLEM INC 0.3%

Value ($000) $723 Shares 5,312 Est. Cost $123.19 Unrealized +16.5%

T AT&T INC 0.1%

Value ($000) $274 Shares 11,017 Est. Cost $13.90 Unrealized +81.9%

VLO VALERO ENERGY CORP 0.2%

Value ($000) $632 Shares 3,884 Est. Cost $147.81 Unrealized +14.2%

MSFT MICROSOFT CORP 0.1%

Value ($000) $391 Shares 807 Est. Cost $249.46 Unrealized +100.7%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $428 Shares 3,556 Est. Cost $43.31 Unrealized +166.6%

PSX PHILLIPS 66 0.2%

Value ($000) $529 Shares 4,099 Est. Cost $137.03 Unrealized -2.2%

SO SOUTHERN CO 0.1%

Value ($000) $279 Shares 3,201 Est. Cost $54.72 Unrealized +66.1%

ECL ECOLAB INC 0.2%

Value ($000) $646 Shares 2,460 Est. Cost $242.84 Unrealized +9.4%

CSX CSX CORP 0.4%

Value ($000) $1,192 Shares 32,870 Est. Cost $30.54 Unrealized +16.9%

WY WEYERHAEUSER CO MTN BE 0.2%

Value ($000) $571 Shares 24,091 Est. Cost $27.54 Unrealized -16.5%

BIL SPDR SERIES TRUST 1.8%

Value ($000) $4,832 Shares 52,881 Est. Cost $91.77 Unrealized —

AFL AFLAC INC 0.2%

Value ($000) $646 Shares 5,856 Est. Cost $38.01 Unrealized +189.0%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $256 Shares 375 Est. Cost $560.54 Unrealized —

TSLA TESLA INC 0.5%

Value ($000) $1,210 Shares 2,690 Est. Cost $210.99 Unrealized +110.1%

EXC EXELON CORP 0.1%

Value ($000) $208 Shares 4,775 Est. Cost $40.50 Unrealized +12.2%

MDT MEDTRONIC PLC 0.2%

Value ($000) $609 Shares 6,337 Est. Cost $95.41 Unrealized +1.8%

NVDA NVIDIA CORPORATION 0.8%

Value ($000) $2,094 Shares 11,228 Est. Cost $92.02 Unrealized +102.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $377 Shares 751 Est. Cost $317.03 Unrealized +56.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLV	SELECT SECTOR SPDR TR	176,560	$27,331	10.3%	$104.30	—	STATE STREET HEA	81369Y209
GOOG	ALPHABET INC	3,531	$1,108	0.4%	$134.41	+113.0%	CAP STK CL C	02079K107
ETN	EATON CORP PLC	3,551	$1,131	0.4%	$118.94	+198.0%	SHS	G29183103
RL	RALPH LAUREN CORP	2,342	$828	0.3%	$168.53	+101.8%	CL A	751212101
HCA	HCA HEALTHCARE INC	2,418	$1,129	0.4%	$142.11	+226.3%	COM	40412C101
AME	AMETEK INC	4,776	$981	0.4%	$85.11	+128.4%	COM	031100100
JNJ	JOHNSON & JOHNSON	3,683	$762	0.3%	$141.38	+39.4%	COM	478160104
PG	PROCTER AND GAMBLE CO	6,499	$931	0.4%	$144.10	+2.1%	COM	742718109
XYL	XYLEM INC	5,312	$723	0.3%	$123.19	+16.5%	COM	98419M100
T	AT&T INC	11,017	$274	0.1%	$13.90	+81.9%	COM	00206R102
VLO	VALERO ENERGY CORP	3,884	$632	0.2%	$147.81	+14.2%	COM	91913Y100
MSFT	MICROSOFT CORP	807	$391	0.1%	$249.46	+100.7%	COM	594918104
XOM	EXXON MOBIL CORP	3,556	$428	0.2%	$43.31	+166.6%	COM	30231G102
PSX	PHILLIPS 66	4,099	$529	0.2%	$137.03	-2.2%	COM	718546104
SO	SOUTHERN CO	3,201	$279	0.1%	$54.72	+66.1%	COM	842587107
ECL	ECOLAB INC	2,460	$646	0.2%	$242.84	+9.4%	COM	278865100
CSX	CSX CORP	32,870	$1,192	0.4%	$30.54	+16.9%	COM	126408103
WY	WEYERHAEUSER CO MTN BE	24,091	$571	0.2%	$27.54	-16.5%	COM NEW	962166104
BIL	SPDR SERIES TRUST	52,881	$4,832	1.8%	$91.77	—	STATE STREET SPD	78468R663
AFL	AFLAC INC	5,856	$646	0.2%	$38.01	+189.0%	COM	001055102
SPY	SPDR S&P 500 ETF TR	375	$256	0.1%	$560.54	—	TR UNIT	78462F103
TSLA	TESLA INC	2,690	$1,210	0.5%	$210.99	+110.1%	COM	88160R101
EXC	EXELON CORP	4,775	$208	0.1%	$40.50	+12.2%	COM	30161N101
MDT	MEDTRONIC PLC	6,337	$609	0.2%	$95.41	+1.8%	SHS	G5960L103
NVDA	NVIDIA CORPORATION	11,228	$2,094	0.8%	$92.02	+102.3%	COM	67066G104
BRK/B	BERKSHIRE HATHAWAY INC DEL	751	$377	0.1%	$317.03	+56.9%	CL B NEW	084670702