Sheridan Capital Management, LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYLD	PIMCO ETF TR	1,170,467 (+8.0%)	$31,228 (+7.4%)	15.8%	$26.77	—	MULTISECTOR BD	72201R585
MGV	VANGUARD WORLD FD	144,775 (+4.3%)	$20,437 (+6.9%)	10.4%	$112.48	—	MEGA CAP VAL ETF	921910840
IWF	ISHARES TR	69,519 (+2.9%)	$32,904 (+3.9%)	16.7%	$309.50	—	RUS 1000 GRW ETF	464287614
IWV	ISHARES TR	20,789 (+3.1%)	$8,042 (+5.3%)	4.1%	$283.51	—	RUSSELL 3000 ETF	464287689
AGG	ISHARES TR	225,580 (+2.1%)	$22,531 (+1.7%)	11.4%	$99.44	—	CORE US AGGBD ET	464287226
SGOV	ISHARES TR	38,330 (+11.2%)	$3,848 (+10.9%)	2.0%	$100.59	—	0-3 MNTH TREASRY	46436E718
VGT	VANGUARD WORLD FD	7,896 (+5.2%)	$5,952 (+6.2%)	3.0%	$499.10	—	INF TECH ETF	92204A702
BOND	PIMCO ETF TR	124,351 (+3.1%)	$11,575 (+2.8%)	5.9%	$92.47	—	ACTIVE BD ETF	72201R775
XCEM	COLUMBIA ETF TR II	43,948 (+7.2%)	$1,686 (+13.2%)	0.9%	$36.47	—	EM CORE EX ETF	19762B202
MGK	VANGUARD WORLD FD	8,175 (+3.0%)	$3,375 (+5.6%)	1.7%	$272.53	—	MEGA GRWTH IND	921910816
IVV	ISHARES TR	2,697 (+8.0%)	$1,847 (+10.5%)	0.9%	$626.55	—	CORE S&P500 ETF	464287200
VTEI	VANGUARD MUN BD FDS	10,025 (+16.2%)	$1,011 (+16.8%)	0.5%	$99.61	—	INTERMEDIATE TRM	922907738
GOOGL	ALPHABET INC	1,885 (+1.9%)	$590 (+31.2%)	0.3%	$147.26	+93.9%	CAP STK CL A	02079K305
THRO	BLACKROCK ETF TRUST	65,887 (+3.9%)	$2,541 (+5.8%)	1.3%	$37.89	—	ISHARES US THEMA	09290C806
AAPL	APPLE INC	6,068 (+1.1%)	$1,650 (+8.0%)	0.8%	$187.24	+43.3%	COM	037833100
USMV	ISHARES TR	26,437 (+4.0%)	$2,489 (+2.9%)	1.3%	$78.84	—	MSCI USA MIN VOL	46429B697
VTIP	VANGUARD MALVERN FDS	37,153 (+3.7%)	$1,838 (+1.3%)	0.9%	$50.59	—	STRM INFPROIDX	922020805
NVDA	NVIDIA CORPORATION	1,579 (+5.3%)	$294 (+5.3%)	0.1%	$174.89	+6.4%	COM	67066G104

Exited Positions (1)

BINC BLACKROCK ETF TRUST II 0.1%

Value ($000) $203 Shares 3,816 Est. Cost $53.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BINC	BLACKROCK ETF TRUST II	3,816	$203	0.1%	$53.24	—	—	092528603

Decreased Positions (6)

TLH ISHARES TR 3.1%

Value ($000) $6,107 (-2.4%) Shares 60,071 (-1.1%) Est. Cost $104.02 Unrealized —

ILCV ISHARES TR 2.6%

Value ($000) $5,083 (+2.4%) Shares 53,871 (-2.3%) Est. Cost $70.84 Unrealized —

META META PLATFORMS INC 0.2%

Value ($000) $330 (-13.6%) Shares 500 (-3.8%) Est. Cost $647.54 Unrealized +3.1%

DYNF BLACKROCK ETF TRUST 2.6%

Value ($000) $5,207 (-0.9%) Shares 85,629 (-3.5%) Est. Cost $59.20 Unrealized —

MGC VANGUARD WORLD FD 0.9%

Value ($000) $1,778 (-2.4%) Shares 7,077 (-5.2%) Est. Cost $244.09 Unrealized —

IEFA ISHARES TR 4.0%

Value ($000) $7,820 (-0.4%) Shares 87,414 (-2.8%) Est. Cost $87.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TLH	ISHARES TR	60,071 (-1.1%)	$6,107 (-2.4%)	3.1%	$104.02	—	10-20 YR TRS ETF	464288653
ILCV	ISHARES TR	53,871 (-2.3%)	$5,083 (+2.4%)	2.6%	$70.84	—	MORNINGSTAR VALU	464288109
META	META PLATFORMS INC	500 (-3.8%)	$330 (-13.6%)	0.2%	$647.54	+3.1%	CL A	30303M102
DYNF	BLACKROCK ETF TRUST	85,629 (-3.5%)	$5,207 (-0.9%)	2.6%	$59.20	—	ISHARES US EQUIT	09290C103
MGC	VANGUARD WORLD FD	7,077 (-5.2%)	$1,778 (-2.4%)	0.9%	$244.09	—	MEGA CAP INDEX	921910873
IEFA	ISHARES TR	87,414 (-2.8%)	$7,820 (-0.4%)	4.0%	$87.31	—	CORE MSCI EAFE	46432F842

Unchanged Positions (10)

IAU ISHARES GOLD TR 0.9%

Value ($000) $1,837 Shares 22,633 Est. Cost $72.77 Unrealized —

QUAL ISHARES TR 3.0%

Value ($000) $5,878 Shares 29,592 Est. Cost $176.96 Unrealized —

URTH ISHARES INC 1.3%

Value ($000) $2,529 Shares 13,615 Est. Cost $133.02 Unrealized —

IUSB ISHARES TR 1.7%

Value ($000) $3,364 Shares 72,277 Est. Cost $46.09 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.4%

Value ($000) $750 Shares 12,008 Est. Cost $57.65 Unrealized —

WSM WILLIAMS SONOMA INC 0.1%

Value ($000) $252 Shares 1,410 Est. Cost $140.63 Unrealized +33.1%

QQQ INVESCO QQQ TR 0.7%

Value ($000) $1,311 Shares 2,133 Est. Cost $414.00 Unrealized —

OEF ISHARES TR 0.1%

Value ($000) $263 Shares 767 Est. Cost $248.78 Unrealized —

EMGF ISHARES INC 0.1%

Value ($000) $239 Shares 4,129 Est. Cost $42.86 Unrealized —

VTEB VANGUARD MUN BD FDS 0.2%

Value ($000) $430 Shares 8,550 Est. Cost $49.38 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	22,633	$1,837	0.9%	$72.77	—	ISHARES NEW	464285204
QUAL	ISHARES TR	29,592	$5,878	3.0%	$176.96	—	MSCI USA QLT FCT	46432F339
URTH	ISHARES INC	13,615	$2,529	1.3%	$133.02	—	MSCI WORLD ETF	464286392
IUSB	ISHARES TR	72,277	$3,364	1.7%	$46.09	—	CORE UNIVRSL USD	46434V613
VEA	VANGUARD TAX-MANAGED FDS	12,008	$750	0.4%	$57.65	—	VAN FTSE DEV MKT	921943858
WSM	WILLIAMS SONOMA INC	1,410	$252	0.1%	$140.63	+33.1%	COM	969904101
QQQ	INVESCO QQQ TR	2,133	$1,311	0.7%	$414.00	—	UNIT SER 1	46090E103
OEF	ISHARES TR	767	$263	0.1%	$248.78	—	S&P 100 ETF	464287101
EMGF	ISHARES INC	4,129	$239	0.1%	$42.86	—	EMNG MKTS EQT	46434G889
VTEB	VANGUARD MUN BD FDS	8,550	$430	0.2%	$49.38	—	TAX EXEMPT BD	922907746