Richard C. Young & CO., LTD. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	Oracle Corp	107,667 (+1.3%)	$20,985 (-29.8%)	1.9%	$81.18	+193.2%	COM	68389X105
LLY	Eli Lilly & Co	19,276 (+6.0%)	$20,715 (+49.3%)	1.9%	$754.32	+26.7%	COM	532457108
KR	Kroger Co	262,756 (+71.6%)	$16,417 (+59.1%)	1.5%	$43.30	+50.6%	COM	501044101
STRL	Sterling Infrastructure Inc	49,677 (+58.7%)	$15,213 (+43.1%)	1.4%	$306.31	+12.5%	COM	859241101
WMT	Wal-Mart Stores Inc	218,332 (+11.5%)	$24,324 (+20.5%)	2.2%	$54.59	+96.4%	COM	931142103
CMI	Cummins Inc	38,851 (+2.0%)	$19,832 (+23.3%)	1.8%	$208.09	+124.1%	COM	231021106
VRT	Vertiv Holdings Co	99,250 (+12.9%)	$16,079 (+21.3%)	1.4%	$137.92	+25.9%	Com CL A	92537N108
AAPL	Apple Inc	86,231 (+6.1%)	$23,443 (+13.3%)	2.1%	$190.36	+41.0%	COM	037833100
AMZN	Amazon Com Inc	99,802 (+4.8%)	$23,036 (+10.1%)	2.1%	$173.32	+32.0%	COM	023135106
META	Meta Platforms Inc	30,932 (+1.4%)	$20,418 (-8.9%)	1.8%	$608.52	+9.7%	CL A	30303M102
DELL	Dell Technologies Inc	156,290 (+2.3%)	$19,674 (-9.2%)	1.8%	$112.67	+24.9%	CL C	24703L202
ADI	Analog Devices Inc	34,575 (+13.3%)	$9,377 (+25.1%)	0.8%	$103.83	+141.4%	COM	032654105
JNJ	Johnson & Johnson	76,093 (+1.6%)	$15,747 (+13.4%)	1.4%	$90.20	+118.4%	COM	478160104
MO	Altria Group Inc	295,349 (+3.4%)	$17,030 (-9.8%)	1.5%	$46.40	+27.9%	COM	02209S103
PNC	PNC Finl Svcs Group Inc	89,058 (+5.4%)	$18,589 (+9.5%)	1.7%	$106.77	+80.6%	COM	693475105
SO	Southern Co	226,568 (+1.2%)	$19,757 (-6.9%)	1.8%	$47.59	+91.0%	COM	842587107
ABBV	Abbvie Inc	33,393 (+26.4%)	$7,401 (+21.0%)	0.7%	$178.81	+27.3%	COM	00287Y109
VTI	Vanguard Index FDS	5,407 (+209.9%)	$1,813 (+216.5%)	0.2%	$294.77	—	TOTAL STK MKT	922908769
COST	Costco WHSL Corp New	13,738 (+19.7%)	$11,847 (+11.5%)	1.1%	$947.71	-4.4%	COM	22160K105
NVDA	Nvidia Corporation	192,306 (+2.9%)	$35,865 (+2.9%)	3.2%	$114.26	+62.9%	COM	67066G104
NEE	Nextera Energy Inc	107,077 (+4.8%)	$8,596 (+11.5%)	0.8%	$73.77	+11.8%	COM	65339F101
KO	Coca Cola Co	174,445 (+2.1%)	$12,195 (+7.6%)	1.1%	$60.15	+15.4%	COM	191216100
MSFT	Microsoft Corp	41,379 (+3.9%)	$20,012 (-3.0%)	1.8%	$398.08	+25.7%	COM	594918104
DKS	Dicks Sporting Goods Inc	33,467 (+4.4%)	$6,626 (-7.0%)	0.6%	$204.36	+6.2%	COM	253393102
MCD	McDonalds Corp	45,124 (+2.3%)	$13,791 (+2.9%)	1.2%	$188.97	+61.5%	COM	580135101
MU	Micron Technology Inc	2,073 (+66.8%)	$592 (+184.4%)	0.1%	$168.47	+36.1%	COM	595112103
TSM	Taiwan Semiconductor Mfg Ltd	2,956 (+47.7%)	$898 (+60.8%)	0.1%	$287.19	—	Sponsored ADS	874039100
NOC	Northrop Grumman Corp	15,554 (+3.5%)	$8,869 (-3.2%)	0.8%	$494.63	+17.0%	COM	666807102
AMLP	ALPS ETF TR	260,713 (+5325.9%)	$6 (-97.5%)	0.0%	$0.90	—	Alerian MLP	00162Q452
KMI	Kinder Morgan Inc Del	744,611 (+2.1%)	$20,469 (-0.9%)	1.8%	$13.64	+97.3%	COM	49456B101
AMD	Advanced Micro Devices Inc	1,982 (+3.4%)	$424 (+36.9%)	0.0%	$163.45	+37.4%	COM	007903107
DUK	Duke Energy Corp New	46,039 (+7.8%)	$5,396 (+2.1%)	0.5%	$105.52	+15.2%	COM NEW	26441C204
CVX	Chevron Corp New	105,843 (+2.5%)	$16,132 (+0.6%)	1.4%	$85.85	+76.4%	COM	166764100
RTX	RTX Corporation	1,779 (+17.0%)	$326 (+28.2%)	0.0%	$131.80	+31.5%	COM	75513E101
TSLA	Tesla Inc	1,275 (+8.5%)	$573 (+9.7%)	0.1%	$314.20	+41.1%	COM	88160R101
VEU	Vanguard INTL Equity Index F	12,730 (+1.6%)	$936 (+4.7%)	0.1%	$50.70	—	ALLWRLD EX US	922042775

Exited Positions (4)

TGT Target Corp 0.5%

Value ($000) $5,424 Shares 60,472 Est. Cost $147.70 Unrealized -38.0%

WTRG Essential Utils Inc 0.0%

Value ($000) $246 Shares 6,153 Est. Cost $38.12 Unrealized +3.2%

KMB Kimberly-Clark Corp 0.0%

Value ($000) $208 Shares 1,672 Est. Cost $134.05 Unrealized -19.1%

LMT Lockheed Martin Corp 0.0%

Value ($000) $206 Shares 412 Est. Cost $448.15 Unrealized +6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TGT	Target Corp	60,472	$5,424	0.5%	$147.70	-38.0%	—	87612E106
WTRG	Essential Utils Inc	6,153	$246	0.0%	$38.12	+3.2%	—	29670G102
KMB	Kimberly-Clark Corp	1,672	$208	0.0%	$134.05	-19.1%	—	494368103
LMT	Lockheed Martin Corp	412	$206	0.0%	$448.15	+6.3%	—	539830109

Decreased Positions (23)

PFE Pfizer Inc 0.4%

Value ($000) $4,907 (-56.9%) Shares 197,058 (-55.9%) Est. Cost $26.12 Unrealized -4.2%

CAT Caterpillar Inc Del 2.6%

Value ($000) $29,106 (+17.7%) Shares 50,807 (-1.9%) Est. Cost $130.65 Unrealized +325.2%

ADP Automatic Data Processing In 1.5%

Value ($000) $16,489 (-17.3%) Shares 64,103 (-5.7%) Est. Cost $133.24 Unrealized +98.8%

VZ Verizon Communications Inc 1.2%

Value ($000) $12,903 (-20.0%) Shares 316,786 (-13.6%) Est. Cost $32.48 Unrealized +24.6%

PG Procter & Gamble Co 1.5%

Value ($000) $16,603 (-8.3%) Shares 115,856 (-1.7%) Est. Cost $67.73 Unrealized +117.3%

TXN Texas Instrs Inc 1.2%

Value ($000) $13,591 (-9.0%) Shares 78,338 (-3.6%) Est. Cost $78.48 Unrealized +117.5%

SIVR Aberdeen STD Silver ETF TR 0.4%

Value ($000) $3,970 (+48.5%) Shares 58,691 (-2.4%) Est. Cost $15.23 Unrealized —

NSC Norfolk Southern Corp 1.6%

Value ($000) $17,707 (-5.8%) Shares 61,328 (-2.0%) Est. Cost $58.26 Unrealized +395.4%

AVGO Broadcom Inc 4.1%

Value ($000) $45,408 (+2.2%) Shares 131,200 (-2.6%) Est. Cost $154.34 Unrealized +131.3%

PSX Phillips 66 1.1%

Value ($000) $12,086 (-7.0%) Shares 93,657 (-2.0%) Est. Cost $68.81 Unrealized +94.7%

ALL Allstate Corp 0.8%

Value ($000) $8,666 (-7.8%) Shares 41,632 (-5.0%) Est. Cost $191.58 Unrealized +6.5%

ITW Illinois Tool WKS Inc 0.6%

Value ($000) $6,804 (-9.5%) Shares 27,624 (-4.2%) Est. Cost $127.70 Unrealized +93.9%

UNP Union Pac Corp 0.4%

Value ($000) $4,622 (+14.6%) Shares 19,981 (-4.5%) Est. Cost $162.63 Unrealized +39.8%

APD Air Products & Chems Inc 0.3%

Value ($000) $3,540 (-13.9%) Shares 14,331 (-4.9%) Est. Cost $159.24 Unrealized +58.0%

GD General Dynamics Corp 1.1%

Value ($000) $12,288 (-3.3%) Shares 36,498 (-2.0%) Est. Cost $215.63 Unrealized +58.1%

V Visa Inc 2.6%

Value ($000) $29,488 (+0.9%) Shares 84,081 (-1.8%) Est. Cost $101.26 Unrealized +236.2%

CL Colgate Palmolive Co 0.1%

Value ($000) $1,290 (-8.1%) Shares 16,319 (-7.0%) Est. Cost $65.96 Unrealized +18.7%

GOOG Alphabet Inc 0.0%

Value ($000) $357 (+15.8%) Shares 1,138 (-10.2%) Est. Cost $164.85 Unrealized +73.7%

FHLC Fidelity Covington Trust 0.0%

Value ($000) $359 (-9.8%) Shares 4,835 (-18.8%) Est. Cost $65.58 Unrealized —

INTC Intel Corp 0.0%

Value ($000) $348 (+8.7%) Shares 9,428 (-1.2%) Est. Cost $47.61 Unrealized -20.7%

FTS Fortis Inc 0.6%

Value ($000) $6,972 (-0.3%) Shares 134,237 (-2.6%) Est. Cost $28.24 Unrealized +80.0%

SNY Sanofi 0.1%

Value ($000) $1,346 (+1.4%) Shares 27,782 (-1.2%) Est. Cost $44.43 Unrealized —

VIG Vanguard Group 0.1%

Value ($000) $1,573 (-0.0%) Shares 7,158 (-1.9%) Est. Cost $170.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PFE	Pfizer Inc	197,058 (-55.9%)	$4,907 (-56.9%)	0.4%	$26.12	-4.2%	COM	717081103
CAT	Caterpillar Inc Del	50,807 (-1.9%)	$29,106 (+17.7%)	2.6%	$130.65	+325.2%	COM	149123101
ADP	Automatic Data Processing In	64,103 (-5.7%)	$16,489 (-17.3%)	1.5%	$133.24	+98.8%	COM	053015103
VZ	Verizon Communications Inc	316,786 (-13.6%)	$12,903 (-20.0%)	1.2%	$32.48	+24.6%	COM	92343V104
PG	Procter & Gamble Co	115,856 (-1.7%)	$16,603 (-8.3%)	1.5%	$67.73	+117.3%	COM	742718109
TXN	Texas Instrs Inc	78,338 (-3.6%)	$13,591 (-9.0%)	1.2%	$78.48	+117.5%	COM	882508104
SIVR	Aberdeen STD Silver ETF TR	58,691 (-2.4%)	$3,970 (+48.5%)	0.4%	$15.23	—	PHYSCL SILVR SHS	003264108
NSC	Norfolk Southern Corp	61,328 (-2.0%)	$17,707 (-5.8%)	1.6%	$58.26	+395.4%	COM	655844108
AVGO	Broadcom Inc	131,200 (-2.6%)	$45,408 (+2.2%)	4.1%	$154.34	+131.3%	COM	11135F101
PSX	Phillips 66	93,657 (-2.0%)	$12,086 (-7.0%)	1.1%	$68.81	+94.7%	COM	718546104
ALL	Allstate Corp	41,632 (-5.0%)	$8,666 (-7.8%)	0.8%	$191.58	+6.5%	COM	020002101
ITW	Illinois Tool WKS Inc	27,624 (-4.2%)	$6,804 (-9.5%)	0.6%	$127.70	+93.9%	COM	452308109
UNP	Union Pac Corp	19,981 (-4.5%)	$4,622 (+14.6%)	0.4%	$162.63	+39.8%	COM	907818108
APD	Air Products & Chems Inc	14,331 (-4.9%)	$3,540 (-13.9%)	0.3%	$159.24	+58.0%	COM	009158106
GD	General Dynamics Corp	36,498 (-2.0%)	$12,288 (-3.3%)	1.1%	$215.63	+58.1%	COM	369550108
V	Visa Inc	84,081 (-1.8%)	$29,488 (+0.9%)	2.6%	$101.26	+236.2%	Com CL A	92826C839
CL	Colgate Palmolive Co	16,319 (-7.0%)	$1,290 (-8.1%)	0.1%	$65.96	+18.7%	COM	194162103
GOOG	Alphabet Inc	1,138 (-10.2%)	$357 (+15.8%)	0.0%	$164.85	+73.7%	CAP STK CL C	02079K107
FHLC	Fidelity Covington Trust	4,835 (-18.8%)	$359 (-9.8%)	0.0%	$65.58	—	MSCI HLTH CARE I	316092600
INTC	Intel Corp	9,428 (-1.2%)	$348 (+8.7%)	0.0%	$47.61	-20.7%	COM	458140100
FTS	Fortis Inc	134,237 (-2.6%)	$6,972 (-0.3%)	0.6%	$28.24	+80.0%	COM	349553107
SNY	Sanofi	27,782 (-1.2%)	$1,346 (+1.4%)	0.1%	$44.43	—	Sponsored ADR	80105N105
VIG	Vanguard Group	7,158 (-1.9%)	$1,573 (-0.0%)	0.1%	$170.68	—	DIV APP ETF	921908844

Unchanged Positions (28)

SLV iShares Silver Trust 3.5%

Value ($000) $39,224 Shares 608,872 Est. Cost $15.15 Unrealized —

GOOGL Alphabet Inc 3.7%

Value ($000) $41,531 Shares 132,687 Est. Cost $147.04 Unrealized +94.2%

— World Gold TR 5.0%

Value ($000) $55,640 Shares 651,748 Est. Cost $16.26 Unrealized —

GLD SPDR Gold Trust 4.3%

Value ($000) $48,271 Shares 121,801 Est. Cost $120.14 Unrealized —

T AT&T Inc 1.9%

Value ($000) $20,768 Shares 836,068 Est. Cost $15.42 Unrealized +64.0%

HD Home Depot Inc 0.7%

Value ($000) $8,300 Shares 24,122 Est. Cost $210.39 Unrealized +73.3%

XOM Exxon Mobil Corp 1.9%

Value ($000) $21,667 Shares 180,045 Est. Cost $70.36 Unrealized +64.1%

IBM International Business Machs 1.9%

Value ($000) $21,555 Shares 72,770 Est. Cost $115.61 Unrealized +158.4%

WMB Williams Cos Inc 1.7%

Value ($000) $18,749 Shares 311,918 Est. Cost $26.79 Unrealized +124.2%

LOW Lowes Cos Inc 1.6%

Value ($000) $17,408 Shares 72,186 Est. Cost $82.44 Unrealized +190.9%

LHX L3 Harris Technologies Inc 1.8%

Value ($000) $20,243 Shares 68,954 Est. Cost $180.66 Unrealized +59.7%

VLO Valero Energy Corp 1.2%

Value ($000) $13,132 Shares 80,671 Est. Cost $54.32 Unrealized +210.8%

JPM JPMorgan Chase & Co 2.0%

Value ($000) $22,670 Shares 70,357 Est. Cost $189.45 Unrealized +63.4%

EMR Emerson Elec Co 1.4%

Value ($000) $16,165 Shares 121,799 Est. Cost $70.54 Unrealized +87.7%

ROK Rockwell Automation Inc 0.2%

Value ($000) $2,395 Shares 6,157 Est. Cost $175.54 Unrealized +113.8%

QCOM Qualcomm Inc 0.6%

Value ($000) $7,028 Shares 41,088 Est. Cost $171.81 Unrealized -0.6%

WEC WEC Energy Group Inc 0.1%

Value ($000) $1,518 Shares 14,397 Est. Cost $51.85 Unrealized +112.7%

FUTY Fidelity Covington Trust 0.4%

Value ($000) $4,043 Shares 73,223 Est. Cost $40.86 Unrealized —

CEF Sprott Asset Management LP 0.0%

Value ($000) $487 Shares 10,635 Est. Cost $20.63 Unrealized —

NEM Newmont Corp 0.0%

Value ($000) $313 Shares 3,157 Est. Cost $69.39 Unrealized +30.0%

BX Blackstone Inc 0.0%

Value ($000) $433 Shares 2,812 Est. Cost $117.83 Unrealized +28.5%

VYM Vanguard Whitehall FDS INC 0.4%

Value ($000) $4,126 Shares 28,749 Est. Cost $76.36 Unrealized —

BLK Blackrock Inc 0.0%

Value ($000) $412 Shares 385 Est. Cost $991.05 Unrealized +9.9%

MMM 3M Co 0.0%

Value ($000) $532 Shares 3,320 Est. Cost $128.38 Unrealized +27.1%

PEP Pepsico Inc 0.0%

Value ($000) $398 Shares 2,775 Est. Cost $149.23 Unrealized -2.2%

VDC Vanguard World FDS 0.1%

Value ($000) $731 Shares 3,462 Est. Cost $190.72 Unrealized —

BRK/A Berkshire Hathaway Inc Del 0.3%

Value ($000) $3,774 Shares 5 Est. Cost $692527.00 Unrealized +7.8%

BRK/B Berkshire Hathaway Inc Del 0.0%

Value ($000) $481 Shares 956 Est. Cost $350.99 Unrealized +41.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	iShares Silver Trust	608,872	$39,224	3.5%	$15.15	—	iShares	46428Q109
GOOGL	Alphabet Inc	132,687	$41,531	3.7%	$147.04	+94.2%	CAP STK CL A	02079K305
—	World Gold TR	651,748	$55,640	5.0%	$16.26	—	SPRD GLD Minis	98149E204
GLD	SPDR Gold Trust	121,801	$48,271	4.3%	$120.14	—	Gold SHS	78463V107
T	AT&T Inc	836,068	$20,768	1.9%	$15.42	+64.0%	COM	00206R102
HD	Home Depot Inc	24,122	$8,300	0.7%	$210.39	+73.3%	COM	437076102
XOM	Exxon Mobil Corp	180,045	$21,667	1.9%	$70.36	+64.1%	COM	30231G102
IBM	International Business Machs	72,770	$21,555	1.9%	$115.61	+158.4%	COM	459200101
WMB	Williams Cos Inc	311,918	$18,749	1.7%	$26.79	+124.2%	COM	969457100
LOW	Lowes Cos Inc	72,186	$17,408	1.6%	$82.44	+190.9%	COM	548661107
LHX	L3 Harris Technologies Inc	68,954	$20,243	1.8%	$180.66	+59.7%	COM	502431109
VLO	Valero Energy Corp	80,671	$13,132	1.2%	$54.32	+210.8%	COM	91913Y100
JPM	JPMorgan Chase & Co	70,357	$22,670	2.0%	$189.45	+63.4%	COM	46625H100
EMR	Emerson Elec Co	121,799	$16,165	1.4%	$70.54	+87.7%	COM	291011104
ROK	Rockwell Automation Inc	6,157	$2,395	0.2%	$175.54	+113.8%	COM	773903109
QCOM	Qualcomm Inc	41,088	$7,028	0.6%	$171.81	-0.6%	COM	747525103
WEC	WEC Energy Group Inc	14,397	$1,518	0.1%	$51.85	+112.7%	COM	92939U106
FUTY	Fidelity Covington Trust	73,223	$4,043	0.4%	$40.86	—	MSCI UTILS INDEX	316092865
CEF	Sprott Asset Management LP	10,635	$487	0.0%	$20.63	—	Physical Gold AN	85208R101
NEM	Newmont Corp	3,157	$313	0.0%	$69.39	+30.0%	COM	651639106
BX	Blackstone Inc	2,812	$433	0.0%	$117.83	+28.5%	COM	09260D107
VYM	Vanguard Whitehall FDS INC	28,749	$4,126	0.4%	$76.36	—	HIGH DIV YLD	921946406
BLK	Blackrock Inc	385	$412	0.0%	$991.05	+9.9%	COM	09290D101
MMM	3M Co	3,320	$532	0.0%	$128.38	+27.1%	COM	88579Y101
PEP	Pepsico Inc	2,775	$398	0.0%	$149.23	-2.2%	COM	713448108
VDC	Vanguard World FDS	3,462	$731	0.1%	$190.72	—	Consum STP ETF	92204A207
BRK/A	Berkshire Hathaway Inc Del	5	$3,774	0.3%	$692527.00	+7.8%	CL A	084670108
BRK/B	Berkshire Hathaway Inc Del	956	$481	0.0%	$350.99	+41.8%	CL B New	084670702