Sterling Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ALTRIA GROUP	COM	02209S103	4,602	122,954	SH		SOLE		0	0	122,954
AMERICAN INTERNATIONAL GROUP	COM NEW	26874784	733	14,659	SH		SOLE		0	0	14,659
ANHEUSER BUSCH CO INC	SPONSORED ADR	03524A108	3,036	28,831	SH		SOLE		0	0	28,831
AON CORPORATION	SHS CL A	G0408V102	2,398	28,450	SH		SOLE		0	0	28,450
APPLE COMPUTER INC	COM	37833100	7,018	13,075	SH		SOLE		0	0	13,075
BANK OF AMERICA	COM	60505104	2,894	168,280	SH		SOLE		0	0	168,280
BERKSHIRE HATHAWAY INC DEL	CL A	84670108	4,309	23	SH		SOLE		0	0	23
BERKSHIRE HATHAWAY INC DEL	CL B NEW	84670702	8,781	70,264	SH		SOLE		0	0	70,264
BP PLC	SPONSORED ADR	55622104	231	4,794	SH		SOLE		0	0	4,794
CVS CAREMARK CORPORATION	COM	126650100	2,343	31,300	SH		SOLE		0	0	31,300
CATERPILLAR INC DEL	COM	149123101	934	9,400	SH		SOLE		0	0	9,400
CHESAPEAKE ENERGY CORP	COM	165167107	11,603	452,904	SH		SOLE		0	0	452,904
CHINA MOBILE LIMITED	SPONSORED ADR	16941M109	1,446	31,722	SH		SOLE		0	0	31,722
CISCO SYS INC	COM	17275R102	2,859	127,556	SH		SOLE		0	0	127,556
CITIGROUP INC	COM NEW	172967424	2,653	55,743	SH		SOLE		0	0	55,743
COMCAST CORP CLASS A	CL A	20030N101	4,159	83,104	SH		SOLE		0	0	83,104
DANAHER CORP DEL	COM	235851102	556	7,415	SH		SOLE		0	0	7,415
ENBRIDGE ENERGY MANAGEMENT L	SHS UNITS LLI	29250X103	849	30,647	SH		SOLE		0	0	30,647
ENBRIDGE ENERGY PARTNERS L P	COM	29250R106	1,182	43,124	SH		SOLE		0	0	43,124
ENSCO PLC	SHS CLASS A	G3157S106	2,801	53,060	SH		SOLE		0	0	53,060
EXXON MOBIL CORP	COM	30231G102	389	3,986	SH		SOLE		0	0	3,986
EZ CORP INC	CL A NON VTG	302301106	1,341	124,300	SH		SOLE		0	0	124,300
FOOT LOCKER INC	COM	344849104	809	17,215	SH		SOLE		0	0	17,215
FREEPORT MCMORAN COPPER & GOLD INC	COM	35671D857	2,428	73,432	SH		SOLE		0	0	73,432
GOLDMAN SACHS GROUP INC	COM	38141G104	2,949	17,998	SH		SOLE		0	0	17,998
GOOGLE INC	CL A	38259P508	3,136	2,814	SH		SOLE		0	0	2,814
HILLENBRAND INC	COM	431571108	421	13,031	SH		SOLE		0	0	13,031
HILL ROM HLDGS INC	COM	431475102	694	18,000	SH		SOLE		0	0	18,000
ICONIX BRAND GROUP INC	COM	451055107	1,601	40,780	SH		SOLE		0	0	40,780
INTERDIGITAL INC	COM	45867G101	1,503	45,380	SH		SOLE		0	0	45,380
INTERNATIONAL BUSINESS MACHS	COM	459200101	766	3,982	SH		SOLE		0	0	3,982
IRIDIUM COMMUNICATIONS INC.	COM	46269C102	1,069	142,404	SH		SOLE	��	0	0	142,404
ISHARES DOW JONES US TECHNOLOGY	US TECH ETF	464287721	363	3,990	SH		SOLE		0	0	3,990
KINDER MORGAN ENERGY PARTNER	UT LTD PARTNER	494550106	1,175	15,895	SH		SOLE		0	0	15,895
KINDER MORGAN MANAGEMENT LLC	SHS	49455U100	897	12,517	SH		SOLE		0	0	12,517
LINN CO LLC	COMSHS LTD INT	535782106	823	30,415	SH		SOLE		0	0	30,415
LINN ENERGY LLC	UNIT LTD LIAB	536020100	1,205	42,547	SH		SOLE		0	0	42,547
MERCK & CO INC	COM	58933Y105	210	3,697	SH		SOLE		0	0	3,697
MICROSOFT CORP	COM	594918104	7,230	176,377	SH		SOLE		0	0	176,377
OCCIDENTAL PETE CORP DEL	COM	674599105	6,602	69,283	SH		SOLE		0	0	69,283
PFIZER INC	COM	717081103	3,344	104,122	SH		SOLE		0	0	104,122
PHILIP MORRIS INTL INC	COM	718172109	4,235	51,726	SH		SOLE		0	0	51,726
PLUM CREEK TIMBER CO INC	COM	729251108	1,973	46,929	SH		SOLE		0	0	46,929
POTLATCH HOLDINGS, INC.	COM	737630103	234	6,050	SH		SOLE		0	0	6,050
POWERSHARES	EMER MK 50 ADR	09348R300	449	12,351	SH		SOLE		0	0	12,351
PROCTER & GAMBLE CO	COM	742718109	285	3,530	SH		SOLE		0	0	3,530
QUALCOMM INC	COM	747525103	3,678	46,639	SH		SOLE		0	0	46,639
RAYONIER INC	COM	754907103	353	7,695	SH		SOLE		0	0	7,695
RYANAIR HLDGS PLC	SPONSORED ADR	783513104	2,331	39,637	SH		SOLE		0	0	39,637
SEARS HLDGS CORP	COM	812350106	2,089	43,743	SH		SOLE		0	0	43,743
SPDR GOLD TRUST	GOLD SHS	78463V107	3,128	25,304	SH		SOLE		0	0	25,304
SPIDER TRUST	TR UNIT	78462F103	3,736	19,976	SH		SOLE		0	0	19,976
TIVO INC	COM	888706108	745	56,310	SH		SOLE		0	0	56,310
UNITEDHEALTH GROUP INC	COM	91324P102	1,731	21,117	SH		SOLE		0	0	21,117
VERIZON COMMUNICATIONS	COM	92343V104	1,181	24,819	SH		SOLE		0	0	24,819
WAL MART STORES INC	COM	931142103	3,136	41,034	SH		SOLE		0	0	41,034
WELLPOINT INC	COM	94973V107	2,505	25,160	SH		SOLE		0	0	25,160