STERLING INVESTMENT MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VBIL	VANGUARD 0-3 MONTH TREASURY BILL ETF	39,433	$2,974	1.7%	$75.43	—	ETF	922040845
BNDX	VANGUARD TOTAL INTERNATIONAL BOND ETF	44,979	$2,173	1.2%	$48.32	—	ETF	92203J407
KMB	KIMBERLY-CLARK CORP COM	17,424	$1,758	1.0%	$108.41	0.0%	Stock	494368103
SAP	SAP SE SPON ADR	6,224	$1,512	0.9%	$242.91	—	ADR	803054204
SCHD	SCHWAB US DIVIDEND EQUITY ETF	33,578	$921	0.5%	$27.43	—	ETF	808524797
PFE	PFIZER INC COM	35,431	$882	0.5%	$25.03	0.0%	Stock	717081103
BLV	VANGUARD LONG-TERM BOND ETF	10,434	$725	0.4%	$69.52	—	ETF	921937793
META	META PLATFORMS INC CL A	344	$227	0.1%	$667.32	0.0%	Stock	30303M102

Increased Positions (16)

GE GE AEROSPACE COM NEW 4.5%

Value ($000) $7,987 (+45.4%) Shares 25,928 (+42.0%) Est. Cost $220.41 Unrealized +36.5%

MSFT MICROSOFT CORP COM 4.0%

Value ($000) $7,011 (+49.2%) Shares 14,497 (+59.8%) Est. Cost $237.13 Unrealized +111.1%

GOOG ALPHABET INC CAP STK CL C 4.3%

Value ($000) $7,533 (+36.7%) Shares 24,007 (+6.1%) Est. Cost $147.23 Unrealized +94.5%

V VISA INC COM CL A 3.5%

Value ($000) $6,254 (+47.6%) Shares 17,832 (+43.7%) Est. Cost $274.48 Unrealized +24.0%

PEP PEPSICO INC COM 2.7%

Value ($000) $4,837 (+63.4%) Shares 33,705 (+59.9%) Est. Cost $142.48 Unrealized +2.4%

MCO MOODYS CORP COM 3.1%

Value ($000) $5,552 (+27.7%) Shares 10,869 (+19.1%) Est. Cost $412.76 Unrealized +18.1%

SPGI S&P GLOBAL INC COM 3.9%

Value ($000) $6,883 (+20.4%) Shares 13,171 (+12.1%) Est. Cost $450.02 Unrealized +9.8%

SCHZ SCHWAB US AGGREGATE BOND ETF 1.1%

Value ($000) $2,010 (+34.5%) Shares 86,013 (+35.0%) Est. Cost $30.82 Unrealized —

AAPL APPLE INC COM 1.5%

Value ($000) $2,578 (+10.8%) Shares 9,481 (+3.8%) Est. Cost $110.20 Unrealized +143.5%

VEA VANGUARD FTSE DEVELOPED MARKETS ETF 0.8%

Value ($000) $1,484 (+9.4%) Shares 23,753 (+4.9%) Est. Cost $49.69 Unrealized —

BSV VANGUARD SHORT-TERM BOND ETF 2.5%

Value ($000) $4,401 (+2.0%) Shares 55,849 (+2.2%) Est. Cost $77.36 Unrealized —

XLK STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF 0.5%

Value ($000) $919 (-7.5%) Shares 6,386 (+81.1%) Est. Cost $127.08 Unrealized —

IJR ISHARES CORE S&P SMALL CAP ETF 0.2%

Value ($000) $384 (+14.3%) Shares 3,193 (+13.0%) Est. Cost $115.79 Unrealized —

VWO VANGUARD FTSE EMERGING MARKETS ETF 1.0%

Value ($000) $1,770 (+0.8%) Shares 32,915 (+1.6%) Est. Cost $43.48 Unrealized —

XLY STATE STREET CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF 0.2%

Value ($000) $287 (+4.7%) Shares 2,407 (+110.0%) Est. Cost $112.46 Unrealized —

CVX CHEVRON CORP NEW COM 0.5%

Value ($000) $889 (-0.7%) Shares 5,833 (+1.1%) Est. Cost $152.27 Unrealized -0.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE COM NEW	25,928 (+42.0%)	$7,987 (+45.4%)	4.5%	$220.41	+36.5%	Stock	369604301
MSFT	MICROSOFT CORP COM	14,497 (+59.8%)	$7,011 (+49.2%)	4.0%	$237.13	+111.1%	Stock	594918104
GOOG	ALPHABET INC CAP STK CL C	24,007 (+6.1%)	$7,533 (+36.7%)	4.3%	$147.23	+94.5%	Stock	02079K107
V	VISA INC COM CL A	17,832 (+43.7%)	$6,254 (+47.6%)	3.5%	$274.48	+24.0%	Stock	92826C839
PEP	PEPSICO INC COM	33,705 (+59.9%)	$4,837 (+63.4%)	2.7%	$142.48	+2.4%	Stock	713448108
MCO	MOODYS CORP COM	10,869 (+19.1%)	$5,552 (+27.7%)	3.1%	$412.76	+18.1%	Stock	615369105
SPGI	S&P GLOBAL INC COM	13,171 (+12.1%)	$6,883 (+20.4%)	3.9%	$450.02	+9.8%	Stock	78409V104
SCHZ	SCHWAB US AGGREGATE BOND ETF	86,013 (+35.0%)	$2,010 (+34.5%)	1.1%	$30.82	—	ETF	808524839
AAPL	APPLE INC COM	9,481 (+3.8%)	$2,578 (+10.8%)	1.5%	$110.20	+143.5%	Stock	037833100
VEA	VANGUARD FTSE DEVELOPED MARKETS ETF	23,753 (+4.9%)	$1,484 (+9.4%)	0.8%	$49.69	—	ETF	921943858
BSV	VANGUARD SHORT-TERM BOND ETF	55,849 (+2.2%)	$4,401 (+2.0%)	2.5%	$77.36	—	ETF	921937827
XLK	STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	6,386 (+81.1%)	$919 (-7.5%)	0.5%	$127.08	—	ETF	81369Y803
IJR	ISHARES CORE S&P SMALL CAP ETF	3,193 (+13.0%)	$384 (+14.3%)	0.2%	$115.79	—	ETF	464287804
VWO	VANGUARD FTSE EMERGING MARKETS ETF	32,915 (+1.6%)	$1,770 (+0.8%)	1.0%	$43.48	—	ETF	922042858
XLY	STATE STREET CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF	2,407 (+110.0%)	$287 (+4.7%)	0.2%	$112.46	—	ETF	81369Y407
CVX	CHEVRON CORP NEW COM	5,833 (+1.1%)	$889 (-0.7%)	0.5%	$152.27	-0.6%	Stock	166764100

Exited Positions (5)

BIL SPDR BLOOMBERG 1-3 MONTH T-BILL ETF 3.9%

Value ($000) $6,806 Shares 74,183 Est. Cost $91.51 Unrealized —

SH PROSHARES SHORT S&P500 2.1%

Value ($000) $3,703 Shares 100,192 Est. Cost $39.68 Unrealized —

PSQ PROSHARES SHORT QQQ 1.4%

Value ($000) $2,393 Shares 77,088 Est. Cost $33.66 Unrealized —

OXY OCCIDENTAL PETE CORP COM 1.0%

Value ($000) $1,783 Shares 37,736 Est. Cost $57.88 Unrealized -28.2%

TELFY TELEFONICA S A SPONSORED ADR 0.5%

Value ($000) $846 Shares 166,606 Est. Cost $5.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIL	SPDR BLOOMBERG 1-3 MONTH T-BILL ETF	74,183	$6,806	3.9%	$91.51	—	—	78468R663
SH	PROSHARES SHORT S&P500	100,192	$3,703	2.1%	$39.68	—	—	74349Y753
PSQ	PROSHARES SHORT QQQ	77,088	$2,393	1.4%	$33.66	—	—	74349Y837
OXY	OCCIDENTAL PETE CORP COM	37,736	$1,783	1.0%	$57.88	-28.2%	—	674599105
TELFY	TELEFONICA S A SPONSORED ADR	166,606	$846	0.5%	$5.08	—	—	879382208

Decreased Positions (22)

GLD SPDR GOLD SHARES 7.7%

Value ($000) $13,540 (+8.4%) Shares 34,164 (-2.7%) Est. Cost $151.62 Unrealized —

UNH UNITEDHEALTH GROUP INC COM 0.4%

Value ($000) $663 (-55.2%) Shares 2,008 (-53.1%) Est. Cost $335.68 Unrealized +0.5%

NVO NOVO-NORDISK A S ADR 0.3%

Value ($000) $462 (-58.2%) Shares 9,089 (-54.4%) Est. Cost $64.88 Unrealized —

CNI CANADIAN NATL RY CO COM 1.8%

Value ($000) $3,130 (-12.3%) Shares 31,660 (-16.3%) Est. Cost $107.70 Unrealized -10.7%

TMO THERMO FISHER SCIENTIFIC INC COM 1.1%

Value ($000) $1,960 (+17.3%) Shares 3,383 (-1.8%) Est. Cost $518.46 Unrealized +9.0%

AVB AVALONBAY CMNTYS INC COM 0.5%

Value ($000) $874 (-24.0%) Shares 4,823 (-19.0%) Est. Cost $161.81 Unrealized +11.1%

CCJ CAMECO CORP COM 1.8%

Value ($000) $3,161 (+7.5%) Shares 34,553 (-1.5%) Est. Cost $16.74 Unrealized +437.2%

GS GOLDMAN SACHS GROUP INC COM 1.5%

Value ($000) $2,671 (+9.0%) Shares 3,039 (-1.2%) Est. Cost $233.02 Unrealized +249.0%

JNJ JOHNSON & JOHNSON COM 1.3%

Value ($000) $2,346 (+10.1%) Shares 11,334 (-1.3%) Est. Cost $132.86 Unrealized +48.3%

WMT WALMART INC COM 2.0%

Value ($000) $3,477 (+6.5%) Shares 31,207 (-1.5%) Est. Cost $48.32 Unrealized +121.8%

RIO RIO TINTO PLC SPONSORED ADR 0.7%

Value ($000) $1,306 (+18.7%) Shares 16,324 (-2.1%) Est. Cost $66.01 Unrealized —

JOE ST JOE CO COM 0.7%

Value ($000) $1,236 (+18.6%) Shares 20,819 (-1.2%) Est. Cost $46.79 Unrealized +19.7%

CP CANADIAN PACIFIC KANSAS CITY COM 2.1%

Value ($000) $3,756 (-3.5%) Shares 51,018 (-2.4%) Est. Cost $75.55 Unrealized -2.6%

WFC WELLS FARGO & CO COM 0.8%

Value ($000) $1,405 (+9.9%) Shares 15,071 (-1.1%) Est. Cost $23.98 Unrealized +261.3%

XLV STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF 0.1%

Value ($000) $214 (-31.7%) Shares 1,382 (-38.6%) Est. Cost $95.69 Unrealized —

BIV VANGUARD INTERMEDIATE-TERM BOND ETF 1.7%

Value ($000) $2,930 (-2.6%) Shares 37,618 (-2.4%) Est. Cost $74.84 Unrealized —

XLI STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF 0.1%

Value ($000) $209 (-20.0%) Shares 1,348 (-20.4%) Est. Cost $76.35 Unrealized —

INDA ISHARES MSCI INDIA ETF 0.7%

Value ($000) $1,253 (+2.4%) Shares 23,177 (-1.4%) Est. Cost $34.55 Unrealized —

XLC STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF 0.1%

Value ($000) $263 (-6.4%) Shares 2,236 (-5.9%) Est. Cost $49.25 Unrealized —

XLF STATE STREET FINANCIAL SELECT SECTOR SPDR ETF 0.2%

Value ($000) $372 (-2.5%) Shares 6,790 (-4.1%) Est. Cost $25.90 Unrealized —

SCHE SCHWAB EMERGING MARKETS EQUITY ETF 0.2%

Value ($000) $291 (-2.9%) Shares 8,879 (-1.0%) Est. Cost $24.87 Unrealized —

SCHF SCHWAB INTERNATIONAL EQUITY ETF 0.4%

Value ($000) $626 (-0.0%) Shares 26,031 (-3.2%) Est. Cost $24.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD SHARES	34,164 (-2.7%)	$13,540 (+8.4%)	7.7%	$151.62	—	ETF	78463V107
UNH	UNITEDHEALTH GROUP INC COM	2,008 (-53.1%)	$663 (-55.2%)	0.4%	$335.68	+0.5%	Stock	91324P102
NVO	NOVO-NORDISK A S ADR	9,089 (-54.4%)	$462 (-58.2%)	0.3%	$64.88	—	ADR	670100205
CNI	CANADIAN NATL RY CO COM	31,660 (-16.3%)	$3,130 (-12.3%)	1.8%	$107.70	-10.7%	Stock	136375102
TMO	THERMO FISHER SCIENTIFIC INC COM	3,383 (-1.8%)	$1,960 (+17.3%)	1.1%	$518.46	+9.0%	Stock	883556102
AVB	AVALONBAY CMNTYS INC COM	4,823 (-19.0%)	$874 (-24.0%)	0.5%	$161.81	+11.1%	REIT	053484101
CCJ	CAMECO CORP COM	34,553 (-1.5%)	$3,161 (+7.5%)	1.8%	$16.74	+437.2%	Stock	13321L108
GS	GOLDMAN SACHS GROUP INC COM	3,039 (-1.2%)	$2,671 (+9.0%)	1.5%	$233.02	+249.0%	Stock	38141G104
JNJ	JOHNSON & JOHNSON COM	11,334 (-1.3%)	$2,346 (+10.1%)	1.3%	$132.86	+48.3%	Stock	478160104
WMT	WALMART INC COM	31,207 (-1.5%)	$3,477 (+6.5%)	2.0%	$48.32	+121.8%	Stock	931142103
RIO	RIO TINTO PLC SPONSORED ADR	16,324 (-2.1%)	$1,306 (+18.7%)	0.7%	$66.01	—	ADR	767204100
JOE	ST JOE CO COM	20,819 (-1.2%)	$1,236 (+18.6%)	0.7%	$46.79	+19.7%	Stock	790148100
CP	CANADIAN PACIFIC KANSAS CITY COM	51,018 (-2.4%)	$3,756 (-3.5%)	2.1%	$75.55	-2.6%	Stock	13646K108
WFC	WELLS FARGO & CO COM	15,071 (-1.1%)	$1,405 (+9.9%)	0.8%	$23.98	+261.3%	Stock	949746101
XLV	STATE STREET HEALTH CARE SELECT SECTOR SPDR ETF	1,382 (-38.6%)	$214 (-31.7%)	0.1%	$95.69	—	ETF	81369Y209
BIV	VANGUARD INTERMEDIATE-TERM BOND ETF	37,618 (-2.4%)	$2,930 (-2.6%)	1.7%	$74.84	—	ETF	921937819
XLI	STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF	1,348 (-20.4%)	$209 (-20.0%)	0.1%	$76.35	—	ETF	81369Y704
INDA	ISHARES MSCI INDIA ETF	23,177 (-1.4%)	$1,253 (+2.4%)	0.7%	$34.55	—	ETF	46429B598
XLC	STATE STREET COMMUNICATION SERVICES SELECT SECTOR SPDR ETF	2,236 (-5.9%)	$263 (-6.4%)	0.1%	$49.25	—	ETF	81369Y852
XLF	STATE STREET FINANCIAL SELECT SECTOR SPDR ETF	6,790 (-4.1%)	$372 (-2.5%)	0.2%	$25.90	—	ETF	81369Y605
SCHE	SCHWAB EMERGING MARKETS EQUITY ETF	8,879 (-1.0%)	$291 (-2.9%)	0.2%	$24.87	—	ETF	808524706
SCHF	SCHWAB INTERNATIONAL EQUITY ETF	26,031 (-3.2%)	$626 (-0.0%)	0.4%	$24.34	—	ETF	808524805

Unchanged Positions (23)

VMBS VANGUARD MORTGAGE-BACKED SECURITIES ETF 8.7%

Value ($000) $15,342 Shares 325,874 Est. Cost $46.36 Unrealized —

DHR DANAHER CORPORATION COM 0.5%

Value ($000) $929 Shares 4,056 Est. Cost $167.37 Unrealized +31.2%

FER FERROVIAL SE ORD SHS 0.7%

Value ($000) $1,274 Shares 19,718 Est. Cost $42.80 Unrealized +48.8%

VICI VICI PPTYS INC COM 0.4%

Value ($000) $742 Shares 26,403 Est. Cost $32.06 Unrealized -8.6%

MO ALTRIA GROUP INC COM 0.4%

Value ($000) $784 Shares 13,605 Est. Cost $61.42 Unrealized -3.3%

RSG REPUBLIC SVCS INC COM 0.7%

Value ($000) $1,321 Shares 6,233 Est. Cost $102.72 Unrealized +108.9%

KOF COCA-COLA FEMSA SAB DE CV SPONS ADS REP 0.5%

Value ($000) $962 Shares 10,155 Est. Cost $83.10 Unrealized —

PSA PUBLIC STORAGE OPER CO COM 0.4%

Value ($000) $784 Shares 3,023 Est. Cost $281.51 Unrealized -1.5%

VZ VERIZON COMMUNICATIONS INC COM 0.5%

Value ($000) $824 Shares 20,224 Est. Cost $42.49 Unrealized -4.7%

TFC TRUIST FINL CORP COM 0.6%

Value ($000) $988 Shares 20,078 Est. Cost $44.34 Unrealized +3.3%

ABBV ABBVIE INC COM 1.3%

Value ($000) $2,249 Shares 9,844 Est. Cost $83.91 Unrealized +171.2%

BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW 8.5%

Value ($000) $15,035 Shares 29,912 Est. Cost $249.62 Unrealized +99.3%

AMLP ALERIAN MLP ETF 2.7%

Value ($000) $4,736 Shares 100,723 Est. Cost $46.13 Unrealized —

QCOM QUALCOMM INC COM 0.7%

Value ($000) $1,151 Shares 6,728 Est. Cost $72.04 Unrealized +137.1%

PG PROCTER & GAMBLE CO COM 0.2%

Value ($000) $277 Shares 1,935 Est. Cost $61.02 Unrealized +141.2%

VTI VANGUARD TOTAL STOCK MARKET ETF 0.3%

Value ($000) $603 Shares 1,800 Est. Cost $179.59 Unrealized —

WM WASTE MGMT INC DEL COM 0.8%

Value ($000) $1,422 Shares 6,474 Est. Cost $126.69 Unrealized +67.8%

JPM JPMORGAN CHASE & CO. COM 0.3%

Value ($000) $450 Shares 1,398 Est. Cost $146.29 Unrealized +111.6%

BA BOEING CO COM 1.3%

Value ($000) $2,327 Shares 10,719 Est. Cost $184.46 Unrealized +11.5%

FDL FIRST TRUST MORNINGSTAR DIVIDEND LEADERS INDEX FUND 0.1%

Value ($000) $257 Shares 5,800 Est. Cost $35.88 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL CL A 3.0%

Value ($000) $5,284 Shares 7 Est. Cost $425964.22 Unrealized +75.2%

VYM VANGUARD HIGH DIVIDEND YIELD INDEX ETF 0.1%

Value ($000) $215 Shares 1,500 Est. Cost $140.97 Unrealized —

NVDA NVIDIA CORPORATION COM 0.2%

Value ($000) $279 Shares 1,497 Est. Cost $95.80 Unrealized +94.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VMBS	VANGUARD MORTGAGE-BACKED SECURITIES ETF	325,874	$15,342	8.7%	$46.36	—	ETF	92206C771
DHR	DANAHER CORPORATION COM	4,056	$929	0.5%	$167.37	+31.2%	Stock	235851102
FER	FERROVIAL SE ORD SHS	19,718	$1,274	0.7%	$42.80	+48.8%	Stock	N3168P101
VICI	VICI PPTYS INC COM	26,403	$742	0.4%	$32.06	-8.6%	REIT	925652109
MO	ALTRIA GROUP INC COM	13,605	$784	0.4%	$61.42	-3.3%	Stock	02209S103
RSG	REPUBLIC SVCS INC COM	6,233	$1,321	0.7%	$102.72	+108.9%	Stock	760759100
KOF	COCA-COLA FEMSA SAB DE CV SPONS ADS REP	10,155	$962	0.5%	$83.10	—	ADR	191241108
PSA	PUBLIC STORAGE OPER CO COM	3,023	$784	0.4%	$281.51	-1.5%	REIT	74460D109
VZ	VERIZON COMMUNICATIONS INC COM	20,224	$824	0.5%	$42.49	-4.7%	Stock	92343V104
TFC	TRUIST FINL CORP COM	20,078	$988	0.6%	$44.34	+3.3%	Stock	89832Q109
ABBV	ABBVIE INC COM	9,844	$2,249	1.3%	$83.91	+171.2%	Stock	00287Y109
BRK/B	BERKSHIRE HATHAWAY INC DEL CL B NEW	29,912	$15,035	8.5%	$249.62	+99.3%	Stock	084670702
AMLP	ALERIAN MLP ETF	100,723	$4,736	2.7%	$46.13	—	ETF	00162Q452
QCOM	QUALCOMM INC COM	6,728	$1,151	0.7%	$72.04	+137.1%	Stock	747525103
PG	PROCTER & GAMBLE CO COM	1,935	$277	0.2%	$61.02	+141.2%	Stock	742718109
VTI	VANGUARD TOTAL STOCK MARKET ETF	1,800	$603	0.3%	$179.59	—	ETF	922908769
WM	WASTE MGMT INC DEL COM	6,474	$1,422	0.8%	$126.69	+67.8%	Stock	94106L109
JPM	JPMORGAN CHASE & CO. COM	1,398	$450	0.3%	$146.29	+111.6%	Stock	46625H100
BA	BOEING CO COM	10,719	$2,327	1.3%	$184.46	+11.5%	Stock	097023105
FDL	FIRST TRUST MORNINGSTAR DIVIDEND LEADERS INDEX FUND	5,800	$257	0.1%	$35.88	—	ETF	336917109
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	7	$5,284	3.0%	$425964.22	+75.2%	Stock	084670108
VYM	VANGUARD HIGH DIVIDEND YIELD INDEX ETF	1,500	$215	0.1%	$140.97	—	ETF	921946406
NVDA	NVIDIA CORPORATION COM	1,497	$279	0.2%	$95.80	+94.3%	Stock	67066G104