MCMORGAN & CO LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JPST	J P MORGAN EXCHANGE TRADED	999,267 (+18.3%)	$50,553 (+17.9%)	8.4%	$50.55	—	ULTRA SHRT INC	46641Q837
FLOT	ISHARES TR	665,056 (+18.7%)	$33,825 (+18.2%)	5.6%	$50.93	—	FLTG RATE NT ETF	46429B655
VEA	VANGUARD TAX-MANAGED FDS	755,421 (+1.7%)	$47,191 (+6.0%)	7.8%	$50.23	—	VAN FTSE DEV MKT	921943858
BND	VANGUARD BD INDEX FDS	1,966,377 (+2.1%)	$145,650 (+1.7%)	24.1%	$82.43	—	TOTAL BND MRKT	921937835
IUSB	ISHARES TR	1,615,139 (+1.1%)	$75,169 (+0.7%)	12.5%	$49.12	—	CORE TOTAL USD	46434V613
BINC	BLACKROCK ETF TRUST II	338,659 (+3.4%)	$17,871 (+2.5%)	3.0%	$52.40	—	FLEXIBLE INCOME	092528603
STIP	ISHARES TR	125,458 (+3.3%)	$12,846 (+2.3%)	2.1%	$103.41	—	0-5 YR TIPS ETF	46429B747
SPTL	SPDR SER TR	1,461,101 (+2.5%)	$38,675 (+0.7%)	6.4%	$29.83	—	PORTFOLIO LN TSR	78464A664
BAI	BLACKROCK ETF TRUST	327,075 (+4.7%)	$10,892 (+2.1%)	1.8%	$34.12	—	ISHARES A I INNO	09290C780
XLK	SELECT SECTOR SPDR TR	1,575 (+25.7%)	$227 (-35.8%)	0.0%	$160.65	—	TECHNOLOGY	81369Y803
SHLD	GLOBAL X FDS	71,810 (+5.6%)	$4,653 (-2.6%)	0.8%	$69.95	—	DEFENSE TECH ETF	37960A529

Exited Positions (15)

— INFORMATICA INC 0.6%

Value ($000) $3,718 Shares 149,684 Est. Cost $21.35 Unrealized —

IMXI INTERNATIONAL MNY EXPRESS IN 0.4%

Value ($000) $2,297 Shares 164,443 Est. Cost $20.79 Unrealized -27.7%

— VERINT SYS INC 0.3%

Value ($000) $1,783 Shares 88,043 Est. Cost $32.69 Unrealized —

CSCO CISCO SYS INC 0.2%

Value ($000) $1,500 Shares 21,921 Est. Cost $48.12 Unrealized +53.3%

MSFT MICROSOFT CORP 0.2%

Value ($000) $1,205 Shares 2,327 Est. Cost $297.81 Unrealized +68.1%

ORCL ORACLE CORP 0.2%

Value ($000) $1,044 Shares 3,713 Est. Cost $82.18 Unrealized +189.7%

V VISA INC 0.2%

Value ($000) $1,037 Shares 3,038 Est. Cost $215.06 Unrealized +58.3%

JNJ JOHNSON & JOHNSON 0.2%

Value ($000) $1,028 Shares 5,542 Est. Cost $149.00 Unrealized +32.2%

SSTK SHUTTERSTOCK INC 0.1%

Value ($000) $887 Shares 42,565 Est. Cost $62.86 Unrealized -66.0%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $772 Shares 4,760 Est. Cost $96.88 Unrealized +58.5%

PEP PEPSICO INC 0.1%

Value ($000) $653 Shares 4,648 Est. Cost $137.51 Unrealized +6.1%

DPZ DOMINOS PIZZA INC 0.1%

Value ($000) $608 Shares 1,409 Est. Cost $477.45 Unrealized -13.0%

TMO THERMO FISHER SCIENTIFIC INC C 0.1%

Value ($000) $423 Shares 873 Est. Cost $551.83 Unrealized +2.4%

ZBH ZIMMER BIOMET HOLDINGS INC 0.1%

Value ($000) $359 Shares 3,648 Est. Cost $132.36 Unrealized -28.5%

HEFA ISHARES TR 0.0%

Value ($000) $271 Shares 6,850 Est. Cost $36.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INFORMATICA INC	149,684	$3,718	0.6%	$21.35	—	—	45674M101
IMXI	INTERNATIONAL MNY EXPRESS IN	164,443	$2,297	0.4%	$20.79	-27.7%	—	46005L101
—	VERINT SYS INC	88,043	$1,783	0.3%	$32.69	—	—	92343X100
CSCO	CISCO SYS INC	21,921	$1,500	0.2%	$48.12	+53.3%	—	17275R102
MSFT	MICROSOFT CORP	2,327	$1,205	0.2%	$297.81	+68.1%	—	594918104
ORCL	ORACLE CORP	3,713	$1,044	0.2%	$82.18	+189.7%	—	68389X105
V	VISA INC	3,038	$1,037	0.2%	$215.06	+58.3%	—	92826C839
JNJ	JOHNSON & JOHNSON	5,542	$1,028	0.2%	$149.00	+32.2%	—	478160104
SSTK	SHUTTERSTOCK INC	42,565	$887	0.1%	$62.86	-66.0%	—	825690100
PM	PHILIP MORRIS INTL INC	4,760	$772	0.1%	$96.88	+58.5%	—	718172109
PEP	PEPSICO INC	4,648	$653	0.1%	$137.51	+6.1%	—	713448108
DPZ	DOMINOS PIZZA INC	1,409	$608	0.1%	$477.45	-13.0%	—	25754A201
TMO	THERMO FISHER SCIENTIFIC INC C	873	$423	0.1%	$551.83	+2.4%	—	883556102
ZBH	ZIMMER BIOMET HOLDINGS INC	3,648	$359	0.1%	$132.36	-28.5%	—	98956P102
HEFA	ISHARES TR	6,850	$271	0.0%	$36.19	—	—	46434V803

Decreased Positions (28)

IIIV I3 VERTICALS INC 0.1%

Value ($000) $413 (-88.3%) Shares 16,381 (-85.0%) Est. Cost $22.65 Unrealized +24.3%

NSSC NAPCO SEC TECHNOLOGIES INC 0.1%

Value ($000) $473 (-86.6%) Shares 11,351 (-86.2%) Est. Cost $25.27 Unrealized +66.1%

EXLS EXLSERVICE HOLDINGS INC 0.1%

Value ($000) $479 (-86.4%) Shares 11,278 (-85.9%) Est. Cost $29.28 Unrealized +39.6%

YOU CLEAR SECURE INC 0.1%

Value ($000) $538 (-84.6%) Shares 15,330 (-85.3%) Est. Cost $28.40 Unrealized +19.6%

SN SHARKNINJA INC 0.1%

Value ($000) $556 (-84.1%) Shares 4,966 (-85.3%) Est. Cost $55.20 Unrealized +78.6%

BLKB BLACKBAUD INC 0.1%

Value ($000) $436 (-86.5%) Shares 6,892 (-86.3%) Est. Cost $65.89 Unrealized -6.1%

CCC CCC INTELLIGENT SOLUTIONS HL 0.1%

Value ($000) $359 (-88.1%) Shares 45,126 (-86.3%) Est. Cost $9.98 Unrealized -18.5%

BL BLACKLINE INC 0.1%

Value ($000) $497 (-84.0%) Shares 8,985 (-84.7%) Est. Cost $53.26 Unrealized +3.4%

THRY THRYV HLDGS INC 0.0%

Value ($000) $162 (-92.9%) Shares 26,836 (-85.8%) Est. Cost $12.90 Unrealized -38.6%

CROX CROCS INC 0.1%

Value ($000) $356 (-85.0%) Shares 4,161 (-85.3%) Est. Cost $95.56 Unrealized -12.5%

SPSC SPS COMM INC 0.0%

Value ($000) $273 (-87.7%) Shares 3,068 (-85.7%) Est. Cost $128.71 Unrealized -28.0%

PBH PRESTIGE CONSMR HEALTHCARE I 0.1%

Value ($000) $319 (-86.0%) Shares 5,163 (-85.8%) Est. Cost $68.46 Unrealized -10.6%

OSW ONESPAWORLD HOLDINGS LIMITED 0.1%

Value ($000) $313 (-86.0%) Shares 15,105 (-85.8%) Est. Cost $15.64 Unrealized +33.7%

WSC WILLSCOT MOBIL MINI HLDNG CO 0.0%

Value ($000) $278 (-87.3%) Shares 14,780 (-85.8%) Est. Cost $36.04 Unrealized -44.0%

— JAMF HLDG CORP 0.1%

Value ($000) $461 (-80.4%) Shares 35,463 (-83.9%) Est. Cost $9.69 Unrealized —

VVV VALVOLINE INC 0.0%

Value ($000) $219 (-89.0%) Shares 7,531 (-86.4%) Est. Cost $38.17 Unrealized -15.9%

GNTX GENTEX CORP 0.0%

Value ($000) $241 (-87.5%) Shares 10,345 (-84.8%) Est. Cost $32.37 Unrealized -25.5%

WH WYNDHAM HOTELS & RESORTS INC 0.0%

Value ($000) $260 (-86.3%) Shares 3,435 (-85.5%) Est. Cost $72.79 Unrealized +3.6%

FC FRANKLIN COVEY CO 0.0%

Value ($000) $186 (-89.0%) Shares 11,064 (-87.3%) Est. Cost $38.91 Unrealized -57.0%

PLOW DOUGLAS DYNAMICS INC 0.0%

Value ($000) $273 (-84.5%) Shares 8,367 (-85.2%) Est. Cost $36.60 Unrealized -13.6%

BV BRIGHTVIEW HLDGS INC 0.0%

Value ($000) $221 (-86.5%) Shares 17,410 (-85.7%) Est. Cost $13.40 Unrealized -5.3%

GOOG ALPHABET INC 0.0%

Value ($000) $275 (-83.4%) Shares 877 (-87.1%) Est. Cost $111.79 Unrealized +156.1%

— HILLENBRAND INC 0.0%

Value ($000) $272 (-82.4%) Shares 8,575 (-85.0%) Est. Cost $43.72 Unrealized —

EWCZ EUROPEAN WAX CTR INC 0.0%

Value ($000) $131 (-86.4%) Shares 36,344 (-84.9%) Est. Cost $14.18 Unrealized -73.6%

GLDM WORLD GOLD TR 3.3%

Value ($000) $20,061 (-1.7%) Shares 234,992 (-11.9%) Est. Cost $61.89 Unrealized —

IVE ISHARES TR 2.8%

Value ($000) $16,849 (+1.5%) Shares 79,448 (-1.1%) Est. Cost $190.58 Unrealized —

OEF ISHARES TR 1.9%

Value ($000) $11,428 (+0.5%) Shares 33,320 (-2.4%) Est. Cost $245.34 Unrealized —

VOO VANGUARD INDEX FDS 0.6%

Value ($000) $3,522 (+0.4%) Shares 5,615 (-1.9%) Est. Cost $389.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IIIV	I3 VERTICALS INC	16,381 (-85.0%)	$413 (-88.3%)	0.1%	$22.65	+24.3%	COM CL A	46571Y107
NSSC	NAPCO SEC TECHNOLOGIES INC	11,351 (-86.2%)	$473 (-86.6%)	0.1%	$25.27	+66.1%	COM	630402105
EXLS	EXLSERVICE HOLDINGS INC	11,278 (-85.9%)	$479 (-86.4%)	0.1%	$29.28	+39.6%	COM	302081104
YOU	CLEAR SECURE INC	15,330 (-85.3%)	$538 (-84.6%)	0.1%	$28.40	+19.6%	COM CL A	18467V109
SN	SHARKNINJA INC	4,966 (-85.3%)	$556 (-84.1%)	0.1%	$55.20	+78.6%	COM SHS	G8068L108
BLKB	BLACKBAUD INC	6,892 (-86.3%)	$436 (-86.5%)	0.1%	$65.89	-6.1%	COM	09227Q100
CCC	CCC INTELLIGENT SOLUTIONS HL	45,126 (-86.3%)	$359 (-88.1%)	0.1%	$9.98	-18.5%	COM	12510Q100
BL	BLACKLINE INC	8,985 (-84.7%)	$497 (-84.0%)	0.1%	$53.26	+3.4%	COM	09239B109
THRY	THRYV HLDGS INC	26,836 (-85.8%)	$162 (-92.9%)	0.0%	$12.90	-38.6%	COM NEW	886029206
CROX	CROCS INC	4,161 (-85.3%)	$356 (-85.0%)	0.1%	$95.56	-12.5%	COM	227046109
SPSC	SPS COMM INC	3,068 (-85.7%)	$273 (-87.7%)	0.0%	$128.71	-28.0%	COM	78463M107
PBH	PRESTIGE CONSMR HEALTHCARE I	5,163 (-85.8%)	$319 (-86.0%)	0.1%	$68.46	-10.6%	COM	74112D101
OSW	ONESPAWORLD HOLDINGS LIMITED	15,105 (-85.8%)	$313 (-86.0%)	0.1%	$15.64	+33.7%	COM	P73684113
WSC	WILLSCOT MOBIL MINI HLDNG CO	14,780 (-85.8%)	$278 (-87.3%)	0.0%	$36.04	-44.0%	COM CL A	971378104
—	JAMF HLDG CORP	35,463 (-83.9%)	$461 (-80.4%)	0.1%	$9.69	—	COM	47074L105
VVV	VALVOLINE INC	7,531 (-86.4%)	$219 (-89.0%)	0.0%	$38.17	-15.9%	COM	92047W101
GNTX	GENTEX CORP	10,345 (-84.8%)	$241 (-87.5%)	0.0%	$32.37	-25.5%	COM	371901109
WH	WYNDHAM HOTELS & RESORTS INC	3,435 (-85.5%)	$260 (-86.3%)	0.0%	$72.79	+3.6%	COM	98311A105
FC	FRANKLIN COVEY CO	11,064 (-87.3%)	$186 (-89.0%)	0.0%	$38.91	-57.0%	COM	353469109
PLOW	DOUGLAS DYNAMICS INC	8,367 (-85.2%)	$273 (-84.5%)	0.0%	$36.60	-13.6%	COM	25960R105
BV	BRIGHTVIEW HLDGS INC	17,410 (-85.7%)	$221 (-86.5%)	0.0%	$13.40	-5.3%	COM	10948C107
GOOG	ALPHABET INC	877 (-87.1%)	$275 (-83.4%)	0.0%	$111.79	+156.1%	CAP STK CL C	02079K107
—	HILLENBRAND INC	8,575 (-85.0%)	$272 (-82.4%)	0.0%	$43.72	—	COM	431571108
EWCZ	EUROPEAN WAX CTR INC	36,344 (-84.9%)	$131 (-86.4%)	0.0%	$14.18	-73.6%	CLASS A COM	29882P106
GLDM	WORLD GOLD TR	234,992 (-11.9%)	$20,061 (-1.7%)	3.3%	$61.89	—	SPDR GLD MINIS	98149E303
IVE	ISHARES TR	79,448 (-1.1%)	$16,849 (+1.5%)	2.8%	$190.58	—	S&P 500 VAL ETF	464287408
OEF	ISHARES TR	33,320 (-2.4%)	$11,428 (+0.5%)	1.9%	$245.34	—	S&P 100 ETF	464287101
VOO	VANGUARD INDEX FDS	5,615 (-1.9%)	$3,522 (+0.4%)	0.6%	$389.87	—	S&P 500 ETF SHS	922908363

Unchanged Positions (5)

DYNF BLACKROCK ETF TRUST 6.3%

Value ($000) $38,192 Shares 628,061 Est. Cost $46.94 Unrealized —

QUAL ISHARES TR 3.9%

Value ($000) $23,789 Shares 119,770 Est. Cost $147.14 Unrealized —

IVW ISHARES TR 4.0%

Value ($000) $23,949 Shares 194,294 Est. Cost $76.87 Unrealized —

THRO BLACKROCK ETF TRUST 2.9%

Value ($000) $17,281 Shares 448,153 Est. Cost $31.69 Unrealized —

USMV ISHARES TR 0.4%

Value ($000) $2,649 Shares 28,130 Est. Cost $93.66 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DYNF	BLACKROCK ETF TRUST	628,061	$38,192	6.3%	$46.94	—	US EQT FACTOR	09290C103
QUAL	ISHARES TR	119,770	$23,789	3.9%	$147.14	—	MSCI USA QLT FCT	46432F339
IVW	ISHARES TR	194,294	$23,949	4.0%	$76.87	—	S&P 500 GRWT ETF	464287309
THRO	BLACKROCK ETF TRUST	448,153	$17,281	2.9%	$31.69	—	ISHARES US THEMA	09290C806
USMV	ISHARES TR	28,130	$2,649	0.4%	$93.66	—	MSCI USA MIN VOL	46429B697