SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PHO	INVESCO EXCHANGE TRADED FD T	198,306	$39,473	27.4%	$199.05	—	WATER RES ETF	46137V142
META	META PLATFORMS INC	8,235	$5,108	3.6%	$667.32	0.0%	CL A	30303M102
CCJ	CAMECO CORP	21,578	$2,513	1.7%	$89.94	0.0%	COM	13321L108
BG	BUNGE GLOBAL SA	2,600	$280	0.2%	$91.86	0.0%	COM SHS	H11356104
AGG	ISHARES TR	2,536	$254	0.2%	$100.05	—	CORE US AGGBD ET	464287226
BX	BLACKSTONE INC	1,300	$213	0.1%	$151.46	0.0%	COM	09260D107
IVV	ISHARES TR	294	$204	0.1%	$694.66	—	CORE S&P500 ETF	464287200

Increased Positions (5)

CAT CATERPILLAR INC 4.1%

Value ($000) $5,913 (+154.0%) Shares 9,140 (+124.3%) Est. Cost $488.56 Unrealized +13.7%

GS GOLDMAN SACHS GROUP INC 3.4%

Value ($000) $4,824 (+56.4%) Shares 5,014 (+28.9%) Est. Cost $752.44 Unrealized +8.1%

EMR EMERSON ELEC CO 2.6%

Value ($000) $3,702 (+13.0%) Shares 24,767 (+1.2%) Est. Cost $135.44 Unrealized -2.3%

SHY ISHARES TR 0.6%

Value ($000) $929 (+25.3%) Shares 11,221 (+25.1%) Est. Cost $82.71 Unrealized —

MCD MCDONALDS CORP 0.2%

Value ($000) $233 (+2.1%) Shares 758 (+1.9%) Est. Cost $303.57 Unrealized +0.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAT	CATERPILLAR INC	9,140 (+124.3%)	$5,913 (+154.0%)	4.1%	$488.56	+13.7%	COM	149123101
GS	GOLDMAN SACHS GROUP INC	5,014 (+28.9%)	$4,824 (+56.4%)	3.4%	$752.44	+8.1%	COM	38141G104
EMR	EMERSON ELEC CO	24,767 (+1.2%)	$3,702 (+13.0%)	2.6%	$135.44	-2.3%	COM	291011104
SHY	ISHARES TR	11,221 (+25.1%)	$929 (+25.3%)	0.6%	$82.71	—	1 3 YR TREAS BD	464287457
MCD	MCDONALDS CORP	758 (+1.9%)	$233 (+2.1%)	0.2%	$303.57	+0.5%	COM	580135101

Exited Positions (5)

CASH PATHWARD FINANCIAL INC 7.0%

Value ($000) $10,062 Shares 15,726 Est. Cost $76.40 Unrealized -6.2%

AXON AXON ENTERPRISE INC 1.3%

Value ($000) $1,810 Shares 2,829 Est. Cost $632.42 Unrealized -1.9%

XLI SELECT SECTOR SPDR TR 0.7%

Value ($000) $968 Shares 6,296 Est. Cost $131.76 Unrealized —

— ETF OPPORTUNITIES TRUST 0.3%

Value ($000) $411 Shares 157,204 Est. Cost $6.13 Unrealized —

SHEL SHELL PLC 0.2%

Value ($000) $269 Shares 3,600 Est. Cost $71.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CASH	PATHWARD FINANCIAL INC	15,726	$10,062	7.0%	$76.40	-6.2%	—	59100U108
AXON	AXON ENTERPRISE INC	2,829	$1,810	1.3%	$632.42	-1.9%	—	05464C101
XLI	SELECT SECTOR SPDR TR	6,296	$968	0.7%	$131.76	—	—	81369Y704
—	ETF OPPORTUNITIES TRUST	157,204	$411	0.3%	$6.13	—	—	26923N462
SHEL	SHELL PLC	3,600	$269	0.2%	$71.86	—	—	780259305

Decreased Positions (17)

IWM ISHARES TR 4.4%

Value ($000) $6,354 (-50.0%) Shares 23,910 (-53.9%) Est. Cost $245.14 Unrealized —

CRWD CROWDSTRIKE HLDGS INC 3.0%

Value ($000) $4,263 (-58.0%) Shares 9,393 (-50.8%) Est. Cost $389.75 Unrealized +30.7%

TSLA TESLA INC 6.4%

Value ($000) $9,144 (-34.2%) Shares 20,900 (-30.0%) Est. Cost $321.38 Unrealized +37.9%

NVDA NVIDIA CORPORATION 8.3%

Value ($000) $11,989 (-26.4%) Shares 64,378 (-20.4%) Est. Cost $130.50 Unrealized +42.6%

AMZN AMAZON COM INC 4.1%

Value ($000) $5,896 (-42.2%) Shares 24,656 (-39.8%) Est. Cost $208.34 Unrealized +9.8%

AAPL APPLE INC 2.8%

Value ($000) $4,079 (-47.2%) Shares 15,962 (-44.2%) Est. Cost $228.28 Unrealized +17.6%

GOOGL ALPHABET INC 3.4%

Value ($000) $4,837 (-42.8%) Shares 14,659 (-50.9%) Est. Cost $180.69 Unrealized +58.1%

PLTR PALANTIR TECHNOLOGIES INC 6.9%

Value ($000) $9,935 (-25.9%) Shares 58,112 (-18.3%) Est. Cost $80.42 Unrealized +125.1%

MSTR STRATEGY INC 0.4%

Value ($000) $582 (-84.9%) Shares 3,349 (-78.1%) Est. Cost $322.09 Unrealized -28.5%

MSFT MICROSOFT CORP 2.4%

Value ($000) $3,463 (-43.8%) Shares 7,530 (-37.9%) Est. Cost $412.85 Unrealized +21.2%

QQQ INVESCO QQQ TR 0.3%

Value ($000) $467 (-85.1%) Shares 751 (-85.0%) Est. Cost $504.35 Unrealized —

PWR QUANTA SVCS INC 1.6%

Value ($000) $2,268 (-32.5%) Shares 4,860 (-33.8%) Est. Cost $388.50 Unrealized +13.1%

JPM JPMORGAN CHASE & CO. 1.2%

Value ($000) $1,677 (-37.2%) Shares 5,366 (-37.3%) Est. Cost $237.20 Unrealized +30.5%

GEV GE VERNOVA INC 2.1%

Value ($000) $3,018 (+10.0%) Shares 4,428 (-8.8%) Est. Cost $605.52 Unrealized +0.6%

TLT ISHARES TR 0.5%

Value ($000) $753 (-4.1%) Shares 8,575 (-2.8%) Est. Cost $89.18 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.2%

Value ($000) $1,658 (-0.6%) Shares 3,361 (-1.2%) Est. Cost $481.56 Unrealized +3.3%

TDG TRANSDIGM GROUP INC 0.2%

Value ($000) $220 (+3.6%) Shares 152 (-9.5%) Est. Cost $1229.53 Unrealized +6.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	23,910 (-53.9%)	$6,354 (-50.0%)	4.4%	$245.14	—	RUSSELL 2000 ETF	464287655
CRWD	CROWDSTRIKE HLDGS INC	9,393 (-50.8%)	$4,263 (-58.0%)	3.0%	$389.75	+30.7%	CL A	22788C105
TSLA	TESLA INC	20,900 (-30.0%)	$9,144 (-34.2%)	6.4%	$321.38	+37.9%	COM	88160R101
NVDA	NVIDIA CORPORATION	64,378 (-20.4%)	$11,989 (-26.4%)	8.3%	$130.50	+42.6%	COM	67066G104
AMZN	AMAZON COM INC	24,656 (-39.8%)	$5,896 (-42.2%)	4.1%	$208.34	+9.8%	COM	023135106
AAPL	APPLE INC	15,962 (-44.2%)	$4,079 (-47.2%)	2.8%	$228.28	+17.6%	COM	037833100
GOOGL	ALPHABET INC	14,659 (-50.9%)	$4,837 (-42.8%)	3.4%	$180.69	+58.1%	CAP STK CL A	02079K305
PLTR	PALANTIR TECHNOLOGIES INC	58,112 (-18.3%)	$9,935 (-25.9%)	6.9%	$80.42	+125.1%	CL A	69608A108
MSTR	STRATEGY INC	3,349 (-78.1%)	$582 (-84.9%)	0.4%	$322.09	-28.5%	CL A NEW	594972408
MSFT	MICROSOFT CORP	7,530 (-37.9%)	$3,463 (-43.8%)	2.4%	$412.85	+21.2%	COM	594918104
QQQ	INVESCO QQQ TR	751 (-85.0%)	$467 (-85.1%)	0.3%	$504.35	—	UNIT SER 1	46090E103
PWR	QUANTA SVCS INC	4,860 (-33.8%)	$2,268 (-32.5%)	1.6%	$388.50	+13.1%	COM	74762E102
JPM	JPMORGAN CHASE & CO.	5,366 (-37.3%)	$1,677 (-37.2%)	1.2%	$237.20	+30.5%	COM	46625H100
GEV	GE VERNOVA INC	4,428 (-8.8%)	$3,018 (+10.0%)	2.1%	$605.52	+0.6%	COM	36828A101
TLT	ISHARES TR	8,575 (-2.8%)	$753 (-4.1%)	0.5%	$89.18	—	20 YR TR BD ETF	464287432
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,361 (-1.2%)	$1,658 (-0.6%)	1.2%	$481.56	+3.3%	CL B NEW	084670702
TDG	TRANSDIGM GROUP INC	152 (-9.5%)	$220 (+3.6%)	0.2%	$1229.53	+6.6%	COM	893641100

Unchanged Positions (15)

UBER UBER TECHNOLOGIES INC 3.3%

Value ($000) $4,734 Shares 55,791 Est. Cost $75.03 Unrealized +20.0%

ADI ANALOG DEVICES INC 0.3%

Value ($000) $390 Shares 1,300 Est. Cost $206.04 Unrealized +21.6%

BK BANK NEW YORK MELLON CORP 0.4%

Value ($000) $596 Shares 4,915 Est. Cost $83.95 Unrealized +31.6%

WM WASTE MGMT INC DEL 0.3%

Value ($000) $376 Shares 1,700 Est. Cost $229.63 Unrealized -7.4%

DE DEERE & CO 0.2%

Value ($000) $257 Shares 500 Est. Cost $484.68 Unrealized -3.5%

PNW PINNACLE WEST CAP CORP 0.2%

Value ($000) $262 Shares 2,800 Est. Cost $89.32 Unrealized -0.1%

SO SOUTHERN CO 0.3%

Value ($000) $434 Shares 4,884 Est. Cost $84.51 Unrealized +7.5%

ITOT ISHARES TR 0.4%

Value ($000) $588 Shares 3,879 Est. Cost $128.62 Unrealized —

DUK DUKE ENERGY CORP NEW 0.3%

Value ($000) $361 Shares 3,031 Est. Cost $115.43 Unrealized +5.3%

ET ENERGY TRANSFER L P 0.2%

Value ($000) $269 Shares 15,500 Est. Cost $17.47 Unrealized —

HESM HESS MIDSTREAM LP 0.2%

Value ($000) $238 Shares 6,800 Est. Cost $35.52 Unrealized -8.2%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $306 Shares 443 Est. Cost $586.67 Unrealized —

RSG REPUBLIC SVCS INC 0.2%

Value ($000) $244 Shares 1,158 Est. Cost $245.13 Unrealized -12.5%

PG PROCTER AND GAMBLE CO 0.2%

Value ($000) $219 Shares 1,515 Est. Cost $165.73 Unrealized -11.2%

LNT ALLIANT ENERGY CORP 0.2%

Value ($000) $296 Shares 4,400 Est. Cost $60.10 Unrealized +11.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	55,791	$4,734	3.3%	$75.03	+20.0%	COM	90353T100
ADI	ANALOG DEVICES INC	1,300	$390	0.3%	$206.04	+21.6%	COM	032654105
BK	BANK NEW YORK MELLON CORP	4,915	$596	0.4%	$83.95	+31.6%	COM	064058100
WM	WASTE MGMT INC DEL	1,700	$376	0.3%	$229.63	-7.4%	COM	94106L109
DE	DEERE & CO	500	$257	0.2%	$484.68	-3.5%	COM	244199105
PNW	PINNACLE WEST CAP CORP	2,800	$262	0.2%	$89.32	-0.1%	COM	723484101
SO	SOUTHERN CO	4,884	$434	0.3%	$84.51	+7.5%	COM	842587107
ITOT	ISHARES TR	3,879	$588	0.4%	$128.62	—	CORE S&P TTL STK	464287150
DUK	DUKE ENERGY CORP NEW	3,031	$361	0.3%	$115.43	+5.3%	COM NEW	26441C204
ET	ENERGY TRANSFER L P	15,500	$269	0.2%	$17.47	—	COM UT LTD PTN	29273V100
HESM	HESS MIDSTREAM LP	6,800	$238	0.2%	$35.52	-8.2%	CL A SHS	428103105
SPY	SPDR S&P 500 ETF TR	443	$306	0.2%	$586.67	—	TR UNIT	78462F103
RSG	REPUBLIC SVCS INC	1,158	$244	0.2%	$245.13	-12.5%	COM	760759100
PG	PROCTER AND GAMBLE CO	1,515	$219	0.2%	$165.73	-11.2%	COM	742718109
LNT	ALLIANT ENERGY CORP	4,400	$296	0.2%	$60.10	+11.2%	COM	018802108