Stillwater Capital Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLE	SELECT SECTOR SPDR TR	92,638 (+22.0%)	$4,142 (-38.9%)	0.4%	$71.44	—	STATE STREET ENE	81369Y506
XLC	SELECT SECTOR SPDR TR	159,032 (+15.7%)	$18,721 (+15.0%)	2.0%	$77.49	—	STATE STREET COM	81369Y852
VYM	VANGUARD WHITEHALL FDS	72,391 (+17.2%)	$10,390 (+19.3%)	1.1%	$99.67	—	HIGH DIV YLD	921946406
IWF	ISHARES TR	43,121 (+6.9%)	$20,409 (+8.0%)	2.2%	$189.14	—	RUS 1000 GRW ETF	464287614
AMZN	AMAZON COM INC	108,213 (+1.2%)	$24,978 (+6.4%)	2.7%	$180.19	+27.0%	COM	023135106
VEA	VANGUARD TAX-MANAGED FDS	137,009 (+11.2%)	$8,559 (+15.9%)	0.9%	$47.25	—	VAN FTSE DEV MKT	921943858
VOE	VANGUARD INDEX FDS	21,570 (+17.5%)	$3,826 (+19.4%)	0.4%	$144.65	—	MCAP VL IDXVIP	922908512
SLYG	SPDR SERIES TRUST	37,893 (+16.7%)	$3,569 (+16.6%)	0.4%	$75.18	—	STATE STREET SPD	78464A201
XLK	SELECT SECTOR SPDR TR	322,831 (+97.8%)	$46,478 (+1.0%)	5.0%	$130.49	—	STATE STREET TEC	81369Y803
IJS	ISHARES TR	21,442 (+17.3%)	$2,438 (+20.6%)	0.3%	$102.01	—	SP SMCP600VL ETF	464287879
IWM	ISHARES TR	5,303 (+25.9%)	$1,305 (+28.1%)	0.1%	$226.84	—	RUSSELL 2000 ETF	464287655
COR	CENCORA INC	1,709 (+38.3%)	$577 (+49.4%)	0.1%	$260.36	+30.8%	COM	03073E105
XLY	SELECT SECTOR SPDR TR	120,419 (+98.1%)	$14,379 (-1.3%)	1.5%	$129.88	—	STATE STREET CON	81369Y407
XLU	SELECT SECTOR SPDR TR	79,006 (+98.2%)	$3,373 (-3.0%)	0.4%	$58.62	—	STATE STREET UTI	81369Y886
IYJ	ISHARES TR	12,047 (+1.9%)	$1,785 (+3.5%)	0.2%	$108.67	—	US INDUSTRIALS	464287754
IJR	ISHARES TR	2,898 (+10.8%)	$348 (+12.1%)	0.0%	$117.08	—	CORE S&P SCP ETF	464287804
SPY	SPDR S&P 500 ETF TR	579 (+7.6%)	$395 (+10.2%)	0.0%	$583.37	—	TR UNIT	78462F103
UNH	UNITEDHEALTH GROUP INC	931 (+12.2%)	$307 (+7.2%)	0.0%	$246.17	+37.0%	COM	91324P102
XLB	SELECT SECTOR SPDR TR	25,876 (+99.2%)	$1,173 (+0.8%)	0.1%	$54.74	—	STATE STREET MAT	81369Y100

Exited Positions (3)

LNWO LIGHT & WONDER INC 0.1%

Value ($000) $669 Shares 7,965 Est. Cost $50.26 Unrealized +75.4%

OKE ONEOK INC NEW 0.0%

Value ($000) $229 Shares 3,141 Est. Cost $81.49 Unrealized -13.5%

OPK OPKO HEALTH INC 0.0%

Value ($000) $18 Shares 11,380 Est. Cost $1.30 Unrealized +7.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNWO	LIGHT & WONDER INC	7,965	$669	0.1%	$50.26	+75.4%	—	80874P109
OKE	ONEOK INC NEW	3,141	$229	0.0%	$81.49	-13.5%	—	682680103
OPK	OPKO HEALTH INC	11,380	$18	0.0%	$1.30	+7.3%	—	68375N103

Decreased Positions (11)

AVGO BROADCOM INC 7.8%

Value ($000) $72,741 (+2.8%) Shares 210,173 (-2.0%) Est. Cost $144.27 Unrealized +147.4%

XLV SELECT SECTOR SPDR TR 1.3%

Value ($000) $12,413 (+10.0%) Shares 80,191 (-1.1%) Est. Cost $109.26 Unrealized —

NVDA NVIDIA CORPORATION 6.7%

Value ($000) $62,754 (-1.2%) Shares 336,484 (-1.2%) Est. Cost $92.19 Unrealized +101.9%

IYW ISHARES TR 2.3%

Value ($000) $21,393 (-1.5%) Shares 107,134 (-3.4%) Est. Cost $93.18 Unrealized —

VO VANGUARD INDEX FDS 0.1%

Value ($000) $1,128 (-14.0%) Shares 3,888 (-13.0%) Est. Cost $263.83 Unrealized —

VB VANGUARD INDEX FDS 0.1%

Value ($000) $1,096 (-10.8%) Shares 4,250 (-12.1%) Est. Cost $235.85 Unrealized —

XLF SELECT SECTOR SPDR TR 2.0%

Value ($000) $18,505 (+0.6%) Shares 337,874 (-1.0%) Est. Cost $36.52 Unrealized —

META META PLATFORMS INC 0.0%

Value ($000) $450 (-17.7%) Shares 681 (-8.5%) Est. Cost $512.12 Unrealized +30.3%

LRCX LAM RESEARCH CORP 0.0%

Value ($000) $401 (-14.3%) Shares 2,345 (-33.0%) Est. Cost $74.98 Unrealized +107.2%

EEM ISHARES TR 0.0%

Value ($000) $257 (-8.6%) Shares 4,695 (-10.8%) Est. Cost $45.86 Unrealized —

IWD ISHARES TR 0.4%

Value ($000) $4,075 (+0.3%) Shares 19,373 (-2.9%) Est. Cost $141.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	210,173 (-2.0%)	$72,741 (+2.8%)	7.8%	$144.27	+147.4%	COM	11135F101
XLV	SELECT SECTOR SPDR TR	80,191 (-1.1%)	$12,413 (+10.0%)	1.3%	$109.26	—	STATE STREET HEA	81369Y209
NVDA	NVIDIA CORPORATION	336,484 (-1.2%)	$62,754 (-1.2%)	6.7%	$92.19	+101.9%	COM	67066G104
IYW	ISHARES TR	107,134 (-3.4%)	$21,393 (-1.5%)	2.3%	$93.18	—	U.S. TECH ETF	464287721
VO	VANGUARD INDEX FDS	3,888 (-13.0%)	$1,128 (-14.0%)	0.1%	$263.83	—	MID CAP ETF	922908629
VB	VANGUARD INDEX FDS	4,250 (-12.1%)	$1,096 (-10.8%)	0.1%	$235.85	—	SMALL CP ETF	922908751
XLF	SELECT SECTOR SPDR TR	337,874 (-1.0%)	$18,505 (+0.6%)	2.0%	$36.52	—	STATE STREET FIN	81369Y605
META	META PLATFORMS INC	681 (-8.5%)	$450 (-17.7%)	0.0%	$512.12	+30.3%	CL A	30303M102
LRCX	LAM RESEARCH CORP	2,345 (-33.0%)	$401 (-14.3%)	0.0%	$74.98	+107.2%	COM NEW	512807306
EEM	ISHARES TR	4,695 (-10.8%)	$257 (-8.6%)	0.0%	$45.86	—	MSCI EMG MKT ETF	464287234
IWD	ISHARES TR	19,373 (-2.9%)	$4,075 (+0.3%)	0.4%	$141.22	—	RUS 1000 VAL ETF	464287598

Unchanged Positions (38)

LLY ELI LILLY & CO 4.0%

Value ($000) $36,932 Shares 34,366 Est. Cost $747.20 Unrealized +27.9%

GOOGL ALPHABET INC 5.2%

Value ($000) $48,520 Shares 155,015 Est. Cost $107.44 Unrealized +165.8%

MRK MERCK & CO INC 2.1%

Value ($000) $19,211 Shares 182,508 Est. Cost $50.95 Unrealized +83.0%

AAPL APPLE INC 7.1%

Value ($000) $65,783 Shares 241,973 Est. Cost $84.15 Unrealized +218.9%

CAT CATERPILLAR INC 2.6%

Value ($000) $23,803 Shares 41,550 Est. Cost $232.77 Unrealized +138.7%

MSFT MICROSOFT CORP 5.8%

Value ($000) $53,782 Shares 111,207 Est. Cost $54.65 Unrealized +816.0%

MAR MARRIOTT INTL INC NEW 2.5%

Value ($000) $23,457 Shares 75,610 Est. Cost $113.00 Unrealized +152.5%

TMUS T-MOBILE US INC 2.0%

Value ($000) $18,970 Shares 93,431 Est. Cost $133.84 Unrealized +57.9%

HD HOME DEPOT INC 1.9%

Value ($000) $17,360 Shares 50,450 Est. Cost $105.83 Unrealized +244.5%

RTX RTX CORPORATION 3.5%

Value ($000) $32,382 Shares 176,565 Est. Cost $55.09 Unrealized +214.6%

WMT WALMART INC 2.9%

Value ($000) $27,125 Shares 243,472 Est. Cost $46.47 Unrealized +130.7%

CEG CONSTELLATION ENERGY CORP 3.1%

Value ($000) $29,191 Shares 82,631 Est. Cost $197.79 Unrealized +83.6%

MDLZ MONDELEZ INTL INC 1.1%

Value ($000) $10,682 Shares 198,443 Est. Cost $39.74 Unrealized +43.6%

BLK BLACKROCK INC 2.2%

Value ($000) $20,141 Shares 18,817 Est. Cost $991.05 Unrealized +9.9%

XOM EXXON MOBIL CORP 1.9%

Value ($000) $17,868 Shares 148,478 Est. Cost $97.80 Unrealized +18.1%

V VISA INC 2.3%

Value ($000) $21,318 Shares 60,784 Est. Cost $139.04 Unrealized +144.8%

JPM JPMORGAN CHASE & CO. 3.8%

Value ($000) $35,128 Shares 109,019 Est. Cost $93.07 Unrealized +232.6%

IYH ISHARES TR 0.6%

Value ($000) $5,301 Shares 81,431 Est. Cost $76.86 Unrealized —

ABBV ABBVIE INC 2.2%

Value ($000) $20,707 Shares 90,626 Est. Cost $135.80 Unrealized +67.6%

GOOG ALPHABET INC 0.1%

Value ($000) $892 Shares 2,843 Est. Cost $168.24 Unrealized +70.2%

XLP SELECT SECTOR SPDR TR 0.8%

Value ($000) $7,832 Shares 100,828 Est. Cost $67.70 Unrealized —

IYF ISHARES TR 0.8%

Value ($000) $7,699 Shares 59,714 Est. Cost $86.41 Unrealized —

SHW SHERWIN WILLIAMS CO 0.1%

Value ($000) $1,125 Shares 3,471 Est. Cost $344.92 Unrealized -3.1%

XLRE SELECT SECTOR SPDR TR 0.1%

Value ($000) $1,282 Shares 31,780 Est. Cost $37.82 Unrealized —

IYC ISHARES TR 0.3%

Value ($000) $2,715 Shares 26,330 Est. Cost $86.40 Unrealized —

XLI SELECT SECTOR SPDR TR 1.3%

Value ($000) $12,011 Shares 77,430 Est. Cost $94.74 Unrealized —

T AT&T INC 0.0%

Value ($000) $204 Shares 8,217 Est. Cost $26.96 Unrealized -6.2%

ELV ELEVANCE HEALTH INC FORMERLY 0.0%

Value ($000) $332 Shares 946 Est. Cost $308.14 Unrealized +9.3%

WDAY WORKDAY INC 0.0%

Value ($000) $213 Shares 993 Est. Cost $236.18 Unrealized -3.8%

IYK ISHARES TR 0.1%

Value ($000) $958 Shares 14,316 Est. Cost $86.99 Unrealized —

FULT FULTON FINL CORP PA 0.0%

Value ($000) $416 Shares 21,517 Est. Cost $18.64 Unrealized -2.2%

VTI VANGUARD INDEX FDS 0.1%

Value ($000) $591 Shares 1,763 Est. Cost $328.17 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.0%

Value ($000) $231 Shares 780 Est. Cost $253.82 Unrealized +17.7%

TSLA TESLA INC 0.1%

Value ($000) $735 Shares 1,634 Est. Cost $229.64 Unrealized +93.0%

VUG VANGUARD INDEX FDS 0.0%

Value ($000) $295 Shares 605 Est. Cost $383.93 Unrealized —

GD GENERAL DYNAMICS CORP 0.0%

Value ($000) $352 Shares 1,046 Est. Cost $257.44 Unrealized +32.4%

DVY ISHARES TR 0.0%

Value ($000) $285 Shares 2,021 Est. Cost $135.01 Unrealized —

IWR ISHARES TR 0.1%

Value ($000) $1,073 Shares 11,149 Est. Cost $88.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	34,366	$36,932	4.0%	$747.20	+27.9%	COM	532457108
GOOGL	ALPHABET INC	155,015	$48,520	5.2%	$107.44	+165.8%	CAP STK CL A	02079K305
MRK	MERCK & CO INC	182,508	$19,211	2.1%	$50.95	+83.0%	COM	58933Y105
AAPL	APPLE INC	241,973	$65,783	7.1%	$84.15	+218.9%	COM	037833100
CAT	CATERPILLAR INC	41,550	$23,803	2.6%	$232.77	+138.7%	COM	149123101
MSFT	MICROSOFT CORP	111,207	$53,782	5.8%	$54.65	+816.0%	COM	594918104
MAR	MARRIOTT INTL INC NEW	75,610	$23,457	2.5%	$113.00	+152.5%	CL A	571903202
TMUS	T-MOBILE US INC	93,431	$18,970	2.0%	$133.84	+57.9%	COM	872590104
HD	HOME DEPOT INC	50,450	$17,360	1.9%	$105.83	+244.5%	COM	437076102
RTX	RTX CORPORATION	176,565	$32,382	3.5%	$55.09	+214.6%	COM	75513E101
WMT	WALMART INC	243,472	$27,125	2.9%	$46.47	+130.7%	COM	931142103
CEG	CONSTELLATION ENERGY CORP	82,631	$29,191	3.1%	$197.79	+83.6%	COM	21037T109
MDLZ	MONDELEZ INTL INC	198,443	$10,682	1.1%	$39.74	+43.6%	CL A	609207105
BLK	BLACKROCK INC	18,817	$20,141	2.2%	$991.05	+9.9%	COM	09290D101
XOM	EXXON MOBIL CORP	148,478	$17,868	1.9%	$97.80	+18.1%	COM	30231G102
V	VISA INC	60,784	$21,318	2.3%	$139.04	+144.8%	COM CL A	92826C839
JPM	JPMORGAN CHASE & CO.	109,019	$35,128	3.8%	$93.07	+232.6%	COM	46625H100
IYH	ISHARES TR	81,431	$5,301	0.6%	$76.86	—	US HLTHCARE ETF	464287762
ABBV	ABBVIE INC	90,626	$20,707	2.2%	$135.80	+67.6%	COM	00287Y109
GOOG	ALPHABET INC	2,843	$892	0.1%	$168.24	+70.2%	CAP STK CL C	02079K107
XLP	SELECT SECTOR SPDR TR	100,828	$7,832	0.8%	$67.70	—	STATE STREET CON	81369Y308
IYF	ISHARES TR	59,714	$7,699	0.8%	$86.41	—	U.S. FINLS ETF	464287788
SHW	SHERWIN WILLIAMS CO	3,471	$1,125	0.1%	$344.92	-3.1%	COM	824348106
XLRE	SELECT SECTOR SPDR TR	31,780	$1,282	0.1%	$37.82	—	STATE STREET REA	81369Y860
IYC	ISHARES TR	26,330	$2,715	0.3%	$86.40	—	US CONSUM DISCRE	464287580
XLI	SELECT SECTOR SPDR TR	77,430	$12,011	1.3%	$94.74	—	STATE STREET IND	81369Y704
T	AT&T INC	8,217	$204	0.0%	$26.96	-6.2%	COM	00206R102
ELV	ELEVANCE HEALTH INC FORMERLY	946	$332	0.0%	$308.14	+9.3%	COM	036752103
WDAY	WORKDAY INC	993	$213	0.0%	$236.18	-3.8%	CL A	98138H101
IYK	ISHARES TR	14,316	$958	0.1%	$86.99	—	US CONSM STAPLES	464287812
FULT	FULTON FINL CORP PA	21,517	$416	0.0%	$18.64	-2.2%	COM	360271100
VTI	VANGUARD INDEX FDS	1,763	$591	0.1%	$328.17	—	TOTAL STK MKT	922908769
IBM	INTERNATIONAL BUSINESS MACHS	780	$231	0.0%	$253.82	+17.7%	COM	459200101
TSLA	TESLA INC	1,634	$735	0.1%	$229.64	+93.0%	COM	88160R101
VUG	VANGUARD INDEX FDS	605	$295	0.0%	$383.93	—	GROWTH ETF	922908736
GD	GENERAL DYNAMICS CORP	1,046	$352	0.0%	$257.44	+32.4%	COM	369550108
DVY	ISHARES TR	2,021	$285	0.0%	$135.01	—	SELECT DIVID ETF	464287168
IWR	ISHARES TR	11,149	$1,073	0.1%	$88.65	—	RUS MID CAP ETF	464287499