ADVENTIST HEALTH SYSTEM SUNBELT HEALTHCARE CORP

The most striking single change is the 61.8% reduction in the iShares Core S&P 500 ETF (IVV), which fell from $915M (27.2% of assets) to $333M (11.7%). That $582M exit is the largest absolute value change in the filing. Equally notable are the complete liquidations: Apple Inc., which had been a $105M position at quarter-end in December, and Tesla Inc., holding $103M, both disappeared entirely. The S&P 500 SPDR (SPYM) — a separate large-cap ETF vehicle worth $169M at the prior report date — was also fully sold off.

What replaced these equity exposures tells the actual story. Vanguard's Ultra-Short Bond ETF (VUSB) became a brand-new $438M position, landing immediately as the second-largest holding at 15.3%. The JPMorgan Ultra-Short Income ETF (JPST) was aggressively increased — shares rose 216% quarter-over-quarter, adding roughly $97M in value — while the iShares 0-5 Year TIPS ETF (STIP) nearly doubled its position, adding $87M. These moves concentrate the fixed-income sleeve in ultra-short duration vehicles, a structure that maximizes current yield while minimizing interest-rate sensitivity.