KEYBANK NATIONAL ASSOCIATION/OH

Key Holdings

The top holdings are dominated by a mix of major index ETFs and mega-cap technology stocks, reflecting a focus on liquidity and market stability.

• Top Position: The largest holding is IVV (iShares Core S&P 500 ETF) at $2.09 billion, representing 7.33% of the portfolio. This indicates a strong reliance on the broader U.S. equity market for baseline returns.
• Major Active Position: The second-largest holding is KEL (Kellanova) at $1.62 billion (5.68%). This is a notable outlier among the top holdings, which are typically diversified ETFs or tech giants. A position of this magnitude in a single consumer defensive stock suggests a specific strategic view or potential client mandate related to the recently spun-off entity (or its acquisition context, depending on the specific timing of the Mars/Kellanova deal dynamics in late 2025).
• Technology Titans: The "Magnificent Seven" are well represented, with Microsoft ($1.36B), Apple ($1.24B), and NVIDIA ($1.01B) rounding out the top five. Combined, these tech giants account for a significant portion of the portfolio's beta.
• ETF Concentration: Beyond IVV, other top-tier holdings include IEFA (iShares Core MSCI EAFE) and RSP (Invesco S&P 500 Equal Weight), reinforcing a strategy of capturing both international and equal-weighted domestic equity exposure.