MCMORGAN & CO LLC

2. Key Holdings

The portfolio is dominated by a small group of large-cap ETFs that provide broad exposure to fixed income and equity markets.

• Top Holdings:
  • IUSB (iShares Core Total USD Bond Market ETF): This is the largest position at $74.61 million (21.64%). It provides diversified exposure to the U.S. investment-grade bond market.
  • JPST (JPMorgan Ultra-Short Income ETF): Valued at $42.87 million (12.43%), this position suggests a strong emphasis on liquidity and capital preservation within the fixed income allocation.
  • SPDR SER TR (S&P 500): A $38.41 million (11.14%) position providing core U.S. equity exposure.
  • DYNF (BlackRock Dynamic Fund): At $37.25 million (10.81%), this represents a significant allocation to a dynamic strategy, likely seeking to manage volatility or capitalize on market trends.
  • FLOT (iShares Floating Rate Bond ETF): The $28.62 million (8.30%) allocation complements the JPST position, further focusing on income strategies that are less sensitive to interest rate hikes.