ARVEST INVESTMENTS, INC.

Key Holdings and Their Significance

Top 10 holdings represent 40.8% of the portfolio, indicating a meaningful (but not extreme) concentration in a relatively small number of ETF exposures. The largest single holding is VEA (Vanguard FTSE Developed Markets ETF) at $53.82M (7.56%), followed by RSP (Invesco S&P 500 Equal Weight) at $50.29M (7.07%) and multiple Goldman Sachs ETFs combining for another material share (e.g., $32.29M and $19.07M entries). Core U.S. equity exposure appears split between cap-weight (IVV $24.48M, 3.44%) and equal-weight (RSP), while international equity exposure is significant via VEA ($53.82M), VWO ($20.17M) and EFA ($9.84M) — together these four equal at least ~$84M (≈11.8% of the portfolio).

Fixed-income ETFs are also prominent across maturities and product types: MBB (agency MBS) $21.51M (3.02%), IEF (7–10y Treasuries) $15.29M (2.15%), IEI (3–7y) $10.61M (1.49%), TLH (10–20y) $9.62M (1.35%), VCIT (corporate 5–10y) $5.85M (0.82%), SHY/VGSH (short-term Treasury) together ~$10.0M. These positions show explicit exposure to duration, credit and MBS sectors rather than a single bond sleeve.