Cerity Partners OCIO LLC

The portfolio's structure is a core-and-sleeve ETF model with five anchor positions accounting for 56.9% of AUM. Vanguard S&P 500 (VOO, $273.6M, 16.4%, 457,873 shares, -29.8% shares, -$135.4M from Q4's $409.0M) -- US large-cap blend -- is the portfolio's US equity core and its largest single position. The -29.8% share reduction is the most significant US-equity rotation in the filing, reflecting the manager's view that US large-cap equities were extended at Q1 2026 valuations or that capital should be rotated into other asset classes. Select Sector SPDR Technology (XLK, $224.8M, 13.5%, 1.69M shares, essentially flat, -$14.7M mark-to-market) -- S&P 500 technology sector overlay -- is the portfolio's technology-and-growth wedge and was held steady at a very large weight; XLK provides concentrated mega-cap tech exposure at the sector level. iShares 7-10 Year Treasury (IEF, $180.3M, 10.8%, -8.3% shares, -$17.9M) -- intermediate-duration US Treasuries -- is the portfolio's fixed-income core and was reduced. SPDR International Treasury (BWX, $155.6M, 9.3%, -4.6% shares, -$11.9M) -- ex-US sovereign bonds -- was reduced slightly. Schwab TIPS (SCHP, $150.3M, 9.0%, +27.6% shares, +$33.0M from $117.3M) -- US Treasury inflation-protected securities -- was the portfolio's largest absolute increase and signals the manager's growing conviction in inflation hedges; the +27.6% add makes SCHP the inflation-protection anchor.

The fixed-income sleeve was the portfolio's most active area in Q1. The manager sharply increased short-duration and inflation-linked instruments while reducing intermediate-and-long-duration positions. iShares Short Treasury (SHY, $20.2M, 1.2%, +223.7% shares, +$13.9M from $6.3M) -- very-short-duration US Treasuries -- nearly quadrupled, making it the largest percentage increase in the portfolio. First Trust Emerging Markets Local Bond (EMLP, $80.1M, 4.8%, +227.6% shares, +$58.9M from $21.2M) -- emerging-markets local-currency sovereign bonds -- also nearly tripled, representing a major new-conviction add to the EM fixed-income sleeve. SPDR Gold (GLD, $117.2M, 7.0%, +12.6% shares, +$21.3M) -- gold -- was the second-largest absolute increase and reflects a commodity-and-inflation-hedge overlay. The NuShares EM and DM ESG tilts (NUEM, $8.8M, +85%; NUDM, $5.6M, +87%) and iShares PABU ($9.0M, NEW) -- Paris-aligned climate bonds -- represent a new ESG-and-climate-aligned fixed-income sleeve. iShares IGOV ($3.9M, +30%) -- international-government bonds -- was increased. On the decreased side, Vanguard Total World (VT, $116.2M, 7.0%, -47.4% shares, -$109.1M from $225.3M) -- global equity -- was nearly halved, representing a substantial reduction in the ex-US equity sleeve. Vanguard VEA ($8.6M, -52.8%), iShares AGG ($12.0M, -25.9%), iShares TLH ($55.9M, -22.6%), and GOVT ($12.0M, -0.2%) -- all intermediate-or-long-duration fixed-income -- were reduced. The pattern is unambiguous: the manager rotated from intermediate-and-long-duration fixed income and broad global equity INTO short-duration bonds, TIPS, gold, and EM local-currency sovereigns -- a classic defensive-and-inflation-hedging rotation typically made by OCIO managers anticipating rate uncertainty or seeking to reduce portfolio duration.