investment manager summary...jun 24, 2020 · senior trader gyula toth, cfa 18 years senior...

8

Item No. 8: Annual Presentation by Macquarie Investment Management (MIM) – Extended Global Credit Manager (June 24, 2020, Regular Retirement Board Meeting)

____________________________________________________________________________

INVESTMENT MANAGER SUMMARY

MANAGEMENT Firm Name Macquarie Investment Management Manager Tenure with Fund 4.75 years Investment Strategy/Vehicle Extended Global Credit Contract Expiration 01/31/2021

ASSETS Total Firm AUM (as of 03/31/2020) $225.2 Billion Total Firm Assets in Strategy (as of 03/31/2020) $54.2 Billion Total Assets Managed for the Plan (as of 04/30/2020)

RP - $683.4 Million HP - $114.7 Million

PERFORMANCE

as of 04/30/2020 1-Year 2-Year 3-Year Inception* MIM Global Extended Credit (gross) 2.63% 4.15% 3.48% 4.39% MIM Global Extended Credit (est. net) 2.46% 3.98% 3.30% 4.21% BC Global Credit / BC High-Yield 1.31% 3.57% 3.12% 4.58% Difference (net) 1.15% 0.41% 0.18% -0.37% *Performance inception date of 09/01/15

FEES Current Fee 0.17% Flat Rate

WATCH STATUS Placed on organizational watch on November 9, 2016.

PREVIOUSLY DISCLOSED LITIGATION

Not Applicable

For Institutional Investors and Investment Professionals Only.

Global Credit LA Water – 2020 annual

June 24, 2020

Global Credit

Presentation to:

Los Angeles Department of Water & Power

Macquarie Investment Management

Global Credit LA Water – 2020 annual | For Institutional

Investors and Investment Professionals Only.

Important notice and disclaimer

This information is confidential and intended for the audiences as indicated. It is not to

be distributed to or disclosed to retail investors. The views expressed in this document

represent those of the relevant investment team and are subject to change. No

information set out in this document constitutes advice, an advertisement, an invitation,

a confirmation, an offer or a solicitation, to buy or sell any security or other financial

product or to engage in any investment activity, or an offer of any banking or financial

service. Some products and/or services mentioned in this document may not be suitable

for you and may not be available in all jurisdictions.

Investing involves risk including the possible loss of principal. The investment

capabilities described herein involve risks due, among other things, to the nature of the

underlying investments. All examples herein are for illustrative purposes only and there

can be no assurance that any particular investment objective will be realised or any

investment strategy seeking to achieve such objective will be successful. Past

performance is not a reliable indication of future performance.

Before acting on any information, you should consider the appropriateness of it having

regard to your particular objectives, financial situation and needs and seek advice.

Other than Macquarie Bank Limited (MBL), none of the entities noted in this document

are authorised deposit-taking institutions for the purposes of the Banking Act 1959

(Commonwealth of Australia). The obligations of these entities do not represent

deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide

assurance in respect of the obligations of these entities, unless noted otherwise.

Please see the end of this document for further important information.

Contents



01 Organization and team overview

02 Relationship and portfolio summary

03 Appendix

04 Holdings



Organization and team overview

01



Diversified global business with 50 years of unbroken profitability

Asset management is a significant

contributor to firm resultsSplit based on FY19 net profit contribution, calculated as management accounting profit before

unallocated corporate costs, profit share and income tax. As of March 31, 2020.

Macquarie Group

Macquarie Asset Management

40%

Commodities and Global Markets

32%

Macquarie Capital14%

Banking and Financial Services

14%

Macquarie Investment ManagementEquities / Fixed income / Listed alternatives

Macquarie Infrastructure and Real AssetsDirect investments in infrastructure / Energy /

Real estate / Agriculture

$225.2B

$136.9B

Asset information as of March 31, 2020.

Assets under management (AUM) is calculated as the proportional ownership interest in the underlying

assets of funds and mandated assets that Macquarie actively manages or advises for the purpose of

wealth creation, adjusted to exclude cross-holdings in funds and reflect Macquarie's proportional

ownership interest of the fund manager. AUM excludes uninvested equity in MIRA.

All dollar figures are in US dollars, unless denoted otherwise.



Fixed Income overview

A global full-service provider of investment solutions and a trusted partner

MFI at a glance Our offering

Data as of 31 March 2020. $128 billion is a subset of the total $146 billion and excludes specific fixed income client assets with

our regional asset management centres in Europe and Asia. *Prior to the unprecedented and broad-based volatility during

March 2020, which affected all markets, MFI’s strategies have demonstrated strong performance, with 92% of our strategies

outperforming their relevant benchmarks over 3 years and 85% over 5 years. Past performance is not a reliable indicator of

future performance.

⚫ A history built in our two home markets:

the US and Australia

⚫ $US128 billion of assets under management for

150 clients in 13 countries

⚫ Four investment hubs with over 110 investment

professionals

⚫ Deep and experienced team with easy client access

to key investment personnel

⚫ A proposition based on customized solutions that

address client needs

⚫ Over 70% of our strategies outperforming their

relevant benchmarks over 3 years and close to 80%

over 5 years*

LONDON SYDNEYPHILADELPHIA NEW YORK



A broad offering of investment solutions

Markets and Quantitative ResearchInvestment Solutions and Strategy

Single-

sector

strategies

Multi-sector

strategies

Specialised

solutions

Emerging

Markets Debt

Absolute

Return

Buy and

Maintain

Un-

constrained

Pension

solutions

(LDI/CDI)

Corporate

Bonds

Multi-Asset

Credit

Secured

Finance

High

Yield

US Core

Private

Placements

Bank

Loans

Global Bonds

Currency

Municipal

Bonds

Insurance

Solutions

Australian

Fixed Income

Multi

Asset

Securitised

Credit

Transition

Management

US CorePlus

US Strategic

Income

Emerging

Markets Debt

Cash



A global platformDedicated investment teams

Based in the US Based in Europe Based in Australia

Michael Wildstein, CFA19 years

Team Head

Kashif Ishaq18 years

Head of Credit Trading & PM

Scott Schroeder18 years

Senior Trader

Wayne Anglace, CFA22 years

Senior Portfolio Manager

Bill Stitzer23 years

Senior Portfolio Analyst

Molly Belcher6 yearsTrader

Mathew Butler, CFA14 years


Clarke Gilbert13 years

Assoc. Portfolio Manager

Rich Filip23 yearsTrader

US Credit – Investment Grade and Buy and Maintain US Core/Core Plus Portfolio Management Global Credit

David Hanna25 years


Andrew Vonthethoff, CFA13 years


Eagle Chang7 years


Greg Gizzi36 years

Team Head

Denise Franchetti, CFA32 years

Co-Head of Research

Colleen Spagnuolo, CFA18 years

Senior Analyst

David Kiefer, CFA12 yearsAnalyst

Steve Czepiel38 years

Head of Portfolio Management

Kevin Schildt, CFA40 years

Co-Head of Research

Kevin Bock19 years

Senior Analyst

William Roach11 years

Senior Trader

Jake van Roden16 years

Portfolio Manager

Cliff Fisher37 years

Senior Analyst

Ryan Ciavarelli, CFA16 years

Senior Analyst

Charles Vicente17 years

Senior Portfolio Analyst / Trader

Municipal Bonds

Roger Early, CFA44 years

CIO US Fixed Income

Brian McDonnell*, CFA31 years

Head of US Core

Structured ProductsAlex Wei24 years

Senior Analyst

Nael Wahaidi22 years

Senior Trader and Analyst

Steve Juszczyszyn29 years


Ricardo Porras34 years

Senior Trader and Analyst

Global Rates and Currency

Eric Frei23 years


Lloyd Alty25 years


Rachael Boyte, CFA7 years

Portfolio Manager

Anthony Cameron, CFA7 years


Tom Keegan, CFA12 years

Portfolio Manager

Matthew Mulcahy23 years

Head of Rates

David Ashton, CFA20 years


Shaughn Wilkie27 years


Brian Scotto25 years


Luke Goldsmith, CFA15 years

Portfolio Manager

Global Head and CIO | Brett Lewthwaite

Emerging Markets Debt

Alex Kozhemiakin, CFA23 years

Team Head

Mansur Rasul18 years


Javier De la Vega, CFA5 years

Sovereign Analyst

Sean Simmons, CFA20 years

Senior Trader

Gyula Toth, CFA18 years


Cathy Elmore30 years

Senior Sovereign Analyst

Valeria Cisnero, CFA15 years

Senior Credit Analyst

Yixi Yang4 years

Assoc. Credit Analyst

Money Market and Cash

Kathleen Burst33 years


Renaye Skidmore23 years


Gary Ding, CFA11 years

Portfolio Manager

Trevor Draper, CFA10 years

Portfolio Manager

Manroop Singh4 years


David Hillmeyer^, CFA27 years

Co-Head Core Plus/US multisector

Daniela Mardarovici, CFA20 years

Co-Head Core Plus/US multisector

*Also member of Structured Products team ^Also member of Global Credit team ^^Also member of the US Credit team

Peter Seelig^^, CFA17 years

Portfolio Manager

Investment Solutions and Strategy

Alex Clamen16 years

Team Head

Sarah Scanlon, CFA13 years

Senior Investment Specialist

Paul Matlack, CFA35 years

Senior Client PM

Zoe Bradley23 years


US Credit – High Yield/Bank Loans

Adam Brown, CFA22 years


John McCarthy, CFA33 years


Ed Lawless12 yearsTrader

Frank Strenger25 years

Senior Trader

Derivatives

Philip Obazee34 years

Head of Derivatives

Grace Tang1 year

Assoc. Portfolio Specialist

Edward Leung, CFA13 years


Emma FitzGerald8 years

Portfolio Specialist

Lachlan Smith2 year

Assoc. Portfolio Specialist

Jeffrey Morrow, CFA13 years

Derivatives Trader

Dante Gizzi, CFA4 years

Assoc. Derivatives Trader

Bruno Rovai12 years

Sovereign Analyst

Beth Wallace, CFA19 years




Members of dedicated investment teams

Structured Products

Associate Analyst

A global platformwith a philosophical focus on research

Frank LaTorraca19 years

Alex Alston, CFA24 years

Co-Heads of

Private Placements

Nicole Tullo24 years

Philip Lee, CFA16 years

Karl Spaeth, CFA20 years

Jamie Chiarieri20 years

Brendan Dillon20 years

Lindwood Wilmer16 years

Craig Dembek,

CFA

Head of Credit

Research

26 years

Banking,

Financial services,

REITs

James Nieuwland,

CFA7 years

Insurance, Lodging/

Leisure, Restaurants,

Business services

Georgina Blakeley3 years

Gaming

Jason Argyris,

CFA13 years

Technology,

Healthcare

Andrew Bostick,

CFA8 years

Industrials,

Aerospace/Defence,

Transportation,

Equipment/ Auto,

Rentals

Bryant Bankhead17 years

Food/Beverage/

Tobacco,

Health insurers,

Pharmaceuticals

Sajod Moradi,

CFA15 years

Telecom, Retail

Sam McGarity,

CFA 12 years

Cable/Satellite,

Publishing, Theatres,

Diversified media,

Broadcasting

Cristina Shen,

CFA6 years

Consumer products,

Homebuilders,

Building materials,

Supermarket/

Drugstores

Guido DeAscanis,

CFA20 years

Energy /E&P,

Pipelines, Refineries,

Oilfield services

Andrew Hill, CFA11 years

Utilities, Chemicals

Jack Kenefic, CFA17 years

Autos/Auto parts,

Metals and mining,

Steel,

Paper/Packaging

Adrian David,

CFA20 years

Global infrastructure,

Australian non-

financial

corporates

Adam Daman,

CFA15 years

Australasian

financials,

Structured products

Public | Investment Grade and High YieldPrivate

Robert Perry15 years

European industrials

Joseph Zalewski, 23 years Distressed Debt Workout Specialist

Sam Dushkin, 3 years

Terrance O’Brian25 years

William Keelan32 years

Karin Kelly24 years

Carlo Prestileo23 years

Edward Komla-

Adzimahe22 years

Gang Ni22 years

Laura Disantis21 years

Keith Kwis10 years

Dean Stewart26 years

Team Head

Graham McDevitt36 years

Global Strategist

Markets and Quantitative

Patrick Er26 years

Kevin Ng14 years

Damien Wee10 year

Liyang He3 years

Anthony Tsingos2 year

Based in the US

Based in Europe

Based in Australia

Ricardo Porras34 years

Nael Wahaidi22 years

Alex Wei24 years

Cathy Elmore30 years

Javier De la Vega5 years

Valeria Cisnero15 years

Yixi Yang4 years

Emerging Markets Debt Municipals

Denise Franchetti32 years

Kevin Schildt40 years

Cliff Fisher37 years

Colleen Spagnuolo18 years

Kevin Bock19 years

Ryan Ciavarelli16 years

David Kiefer12 years

Bruno Rovai12 years



Team experience (years)

Managing relevant solutions for our clients

A large and experienced team

Data as at 31 March 2020. *Other includes Currency assets (which are based on the size of the underlying portfolio being

hedged) and derivatives

0 yrs 10 yrs 20 yrs

Portfolio managers 36

Fundamental analysts 40

Traders 15

Markets and quantitative research 15

Portfolio specialists 7

Average experienceAverage experience with MIM

Total number

Municipals9.0

Private placement

14.4

Corporate bonds29.5

High yield / Bank loans

1.9US Core

fixed income16.3

US Diversified

fixed income14.6

Global fixed income

13.3

Australia 28.9

Money Market

0.2Investment

grade -Intermediate

20.0

Investment grade - Long

duration19.6

Private placements

14.4

High yield3.3

Emerging markets

1.5

Non-U.S.9.8

Cash/Short-term16.3

Municipal11.1

Government6.9

ABS3.1

CMBS1.9

MBS8.4

Non-Corporate

Other0.6

Other*11.3

Asset breakdown by security ($US billion)Asset breakdown by capability ($US billion)



In-depth research and strong conviction

A disciplined global approach

⚫ Permanent communications between our 4

investment hubs

⚫ MFI has a Strategic Forum that focusses on the

medium term view and risks for each asset class

— An open forum to debate and ensure market

views are robust and thorough

— Supported by in-depth analysis and research

⚫ Our weekly global investment strategy meetings

constantly test the Strategic Forum’s outcomes

⚫ Other regular formal and informal team meetings

A disciplined and global approach to managing portfolios



Water and Power Employees’ Retirement Plan

Craig Dembek

Head of Credit Research

17 Credit Analysts

Credit Research

Skip Corkran

Kelly Vaughan

Matt Bolger

Institutional Relationship

Management

Lead Portfolio Manager | David Hillmeyer

Alex Kozhemiakin and Mansur Rasul

Portfolio Managers

David Hillmeyer

Portfolio Manager

John McCarthy and Adam Brown

Portfolio Managers

Emerging Market / InternationalHigh YieldInvestment Grade



Relationship and portfolio summary

02



Relationship summary

Overview

Relationship inception August 21, 2015

Investment style Global Credit Fixed Income

BenchmarkBloomberg Barclays Global Credit 66.7%

Bloomberg Barclays Global High Yield 33.3%

FinancialsEmployees’

Retirement Plan

Retiree Health

Benefits Fund

Initial investment $525.5M $87.3M

Net contributions / withdrawals $35.1M $6.6M

Current portfolio value $685.4M $115.1M

Total portfolio gains (since inception) $124.8M $21.2M



Water & Power Employees’ Retirement Plan | as of April 30, 2020

Performance summary

Water & Power Employees’ Retirement

Plan (WPERP) (gross of fees)Bloomberg Barclays Global Credit 66.7% /


Water & Power Employees’ Retirement

Plan (WPERP) (net of fees)

4.48

-3.37

2.77

3.61

4.454.46

-3.42

2.59

3.44

4.274.09

-4.47

1.31

3.11

4.57

April YTD One year Three years Since inception (8/31/2015)*

Pe

rce

nt

* Performance is calculated as of the first full month following inception.



Retiree Health Benefits Fund | as of April 30, 2020

Performance summary

Retiree Health Benefits Fund (RHBF)

(gross of fees)Bloomberg Barclays Global Credit 66.7% /


Retiree Health Benefits Fund (RHBF)

(net of fees)

4.49

-3.52

2.76

3.63

4.484.48

-3.58

2.59

3.45

4.304.09

-4.47

1.31

3.11

4.57

April YTD One year Three years Since inception (8/31/2015)*

Pe

rce

nt

* Performance is calculated as of the first full month following inception.



Macro environment

⚫ The sudden global economic impact of COVID was met with unprecedented monetary and fiscal policy

responses

⚫ The mix and content of policy will lead to different outcomes

⚫ This crisis affects the largest sector in western economies: Services

⚫ Technology and the internet now make available real time views of activity via high frequency data indicators

⚫ Potential for greater substitution across industries as society behavior’s change

⚫ Massive global policy response will help further mitigate the fundamental impact of the shut down – will it be

enough?

Current environment and outlook



Market environment

⚫ Over $12 trillion of negative yielding debt globally

⚫ Likelihood of materially higher interest rates in developed world remains low

⚫ Investors found confidence in central bank bond buying programs

⚫ Low yields, coupled with monetary policy responses, resulted in record investment grade issuance in the US

⚫ Implementation of Federal Reserve FX swap lines (amongst other factors) contributes to relatively unattractive

opportunity for US investors to invest offshore

Current environment and outlook



Water & Power Employees’ Retirement Plan | as of 4/30/20

⚫ Sector allocation to Developed High Yield

⚫ Sector allocation to Emerging Market High Yield

⚫ Security selection within Developed High Yield

⚫ Yield curve management

Detractors from performance:

⚫ Sub sector and security selection within Developed High Grade

⚫ Security selection within high grade Emerging Markets

⚫ Security selection within Energy sector

⚫ Sector allocation to Supranationals

Contributors to performance:

One-year performance attribution

Attribution is a representation based on holdings and may differ from actual performance. Past performance does not

guarantee future results.



Water & Power Employees’ Retirement Plan | one-year performance attribution

as of April 30, 2020

Water & Power Employees’ Retirement Plan66.7%Global Credit / 33.33

Global HY HedgedAttribution

Absolute

Return %

Average

Allocation %BP Impact

Absolute

Return %Allocation % Sector Credit

BP Diff

Total

Total 2.77 100 276.7 1.31 100 110 36 146

Government 7.54 3 24.9 18 0 18

Treasuries (Non-TIPS) 7.54 3 24.9

Credit (HG) 6.61 56 355.4 7.11 57 -3 -23 -26

Developed 7.19 49 333.4 7.53 50 -5 -14 -19

Emerging Market 2.77 8 22.1 4.15 7 2 -9 -7

Credit (HY) -5.19 37 -152.7 -6.09 43 58 59 117

Developed -1.88 25 -19.3 -3.81 29 21 57 78

Emerging Market -10.55 12 -133.4 -10.71 15 37 2 39

MUNI 10.64 0 2.3 2 2

Cash/Short term/Other 0.00 3 7.9 -4 -4

Futures/Options/Swaps 38.9 39 39

Performance attribution: summary





Ratings ProfileCurrency Portfolio Market Value %

Total 100.0

CAD 0.0

EUR 4.3

GBP 0.7

USD 94.9

Portfolio characteristics


Market Value %Duration

ContributionNominal Yield Option Adjusted Spread

Security Description Portfolio Benchmark Active

Notional

Market

Value %

Portfolio Active Portfolio Active Portfolio Active

Total 100.0 100.0 0.0 103.9 5.92 -0.01 4.08 -0.76 352 -82

Treasuries 2.7 0.0 2.7 2.7 0.04 0.04 0.20 0.59 -1 -38

Government Related 6.6 7.9 -1.3 6.6 0.22 -0.23 0.77 0.29 46 -8

Emerging Markets 19.4 20.8 -1.3 19.4 1.12 -0.03 7.05 -0.51 633 -64

Public Corporates 62.2 70.7 -8.5 62.2 3.87 -0.37 3.61 -0.74 309 -92

Bank Loans 6.6 - 6.6 6.6 0.05 0.05 5.70 5.70 508 508

US Municipals 0.3 0.6 -0.3 0.3 0.02 -0.05 2.76 -0.44 229 4

Cash Securities 2.2 - 2.2 2.2 0.00 0.00 0.16 0.16 0 0

Currency Exposure

-10%

0%

10%

20%

30%

40%

AAA AA A BBB BB B CCC CC C D NotRated

Portfolio Active




Emerging markets country risk

10 Largest Country Underweights by Duration x Spread

Market Value % DxS Tsy Contribution

Description Portfolio Benchmark Active Portfolio Benchmark Active

China 0.8 3.1 -2.2 0.05 0.55 -0.50

Argentina 0.5 0.5 0.0 0.33 0.53 -0.20

Oman - 0.4 -0.4 - 0.18 -0.18

Mexico 1.4 1.7 -0.3 0.69 0.86 -0.17

Israel 0.2 0.5 -0.4 0.02 0.13 -0.11

United Arab

Emirates0.3 0.5 -0.3 0.03 0.12 -0.08

Indonesia 0.3 0.6 -0.2 0.08 0.16 -0.08

Bahrain 0.1 0.3 -0.2 0.04 0.11 -0.07

Jamaica - 0.1 -0.1 - 0.06 -0.06

Costa Rica - 0.1 -0.1 - 0.06 -0.06

10 Largest Country Overweights by Duration x Spread



Paraguay 0.7 0.1 0.6 0.26 0.05 0.21

Colombia 1.1 0.3 0.8 0.26 0.10 0.17

India 0.5 0.4 0.1 0.26 0.12 0.14

El Salvador 0.2 0.1 0.1 0.16 0.06 0.10

Ukraine 0.6 0.4 0.3 0.26 0.16 0.10

Kazakhstan 0.3 0.1 0.2 0.12 0.03 0.09

Russian

Federation1.1 0.7 0.4 0.18 0.10 0.08

Togo 0.2 0.0 0.2 0.08 0.01 0.08

Chile 0.6 0.3 0.3 0.16 0.09 0.08

Senegal 0.1 0.1 0.1 0.11 0.03 0.08




Developed high yield

Emerging markets Bank loans

Developed investment grade

Benchmark relative risk measures

Active notional market value % represented on left-handed axis on all graphs

-2.00

0.00

2.00

4.00

0.0%

2.0%

4.0%

6.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020

Active Notional Market Value % Active Spread Duration Contribution

Active DxS Tsy

-5.00

0.00

5.00

10.00

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020


Active DxS Tsy

-5.00

0.00

5.00

10.00

-2.0%

-1.0%

0.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020


Active DxS Tsy

0.00

2.00

4.00

6.00

8.00

10.00

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020

Active Notional Market Value % Spread Duration Yield to Maturity




Portfolio duration by currency

Active duration by bucket (USD) Active duration by bucket (EUR)

Active duration by currency

Duration summary

-0.20

-0.10

0.00

0.10

0.20

0.30

Total AUD CAD EUR GBP JPY USD

0

1

2

3

4

5

6

7

Total CAD EUR GBP USD

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30-0.20

-0.10

0.00

0.10

0.20

0.30

Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30 >= 30



Appendix

03



Retiree Health Benefits Fund | as of 4/30/20

⚫ Sector allocation to Developed High Yield

⚫ Sector allocation to Emerging Market High Yield

⚫ Security selection within Developed High Yield

⚫ Yield curve management

Detractors from performance:

⚫ Sub sector and security selection within Developed High Grade

⚫ Security selection within high grade Emerging Markets

⚫ Security selection within Energy sector

⚫ Sector allocation to Supranationals

Contributors to performance:

One-year performance attribution





Retiree Health Benefits Fund | One-year performance attribution as of

April 30, 2020

Retiree Health Benefits Fund66.7%Global Credit / 33.33

Global HY HedgedAttribution

Absolute

Return %

Average

Allocation %BP Impact

Absolute

Return%Allocation % Sector Credit

BP Diff

Total

Total 2.76 100 276.2 1.31 100 90 55 145

Government 7.10 2 17.8 12 12

Treasuries (Non-TIPS) 7.10 2 17.8

Credit (HG) 6.75 56 360.5 7.11 57 -6 -15 -21

Developed 7.22 48 328.0 7.53 50 -10 -13 -23

Emerging Market 3.86 8 32.5 4.15 7 4 -2 2

Credit (HY) -5.11 39 -156.6 -6.09 43 37 70 107

Developed -1.77 26 -15.4 -3.81 29 16 60 76

Emerging Market -10.05 13 -141.2 -10.71 15 21 10 31

MUNI 1.33 0 0.3 0

Cash/Short term/Other 0.00 3 4.2 -3 -3

Futures/Options/Swaps 50.2 50 50

Performance attribution: summary



Ratings profileCurrency Portfolio Market Value %

Total 100.0

CAD 0.0

EUR 4.5

GBP 0.7

USD 94.8

Portfolio characteristics


Market Value %Duration

ContributionNominal Yield Option Adjusted Spread

Security Description Portfolio Benchmark Active

Notional

Market

Value %

Portfolio Active Portfolio Active Portfolio Active

Total 100.0 100.0 0.0 104.9 5.98 0.05 4.23 -0.62 366 -68

Treasuries 2.7 0.0 2.7 2.7 0.04 0.04 0.20 0.59 -1 -38

Government Related 6.6 7.9 -1.3 6.6 0.22 -0.23 0.77 0.29 46 -8

Emerging Markets 21.4 20.8 0.6 21.4 1.26 0.10 7.03 -0.53 631 -67

Public Corporates 62.0 70.7 -8.6 62.0 3.78 -0.46 3.63 -0.71 311 -90

Bank Loans 6.7 - 6.7 6.7 0.05 0.05 5.77 5.77 514 514

US Municipals 0.3 0.6 -0.3 0.3 0.02 -0.05 2.76 -0.44 229 4

Cash Securities 0.4 - 0.4 0.4 0.00 0.00 -0.69 -0.69 0 0

-10%

0%

10%

20%

30%

40%

AAA AA A BBB BB B CCC CC C D NotRated

Portfolio Active

Currency exposure




Emerging markets country risk

10 Largest Country Overweights by Duration x Spread



Colombia 1.1 0.3 0.8 0.33 0.10 0.23

Paraguay 0.7 0.1 0.6 0.28 0.05 0.23

India 0.5 0.4 0.1 0.28 0.12 0.16

Ukraine 0.8 0.4 0.4 0.31 0.16 0.15

Kazakhstan 0.3 0.1 0.3 0.17 0.03 0.14

El Salvador 0.2 0.1 0.1 0.19 0.06 0.13

Chile 0.8 0.3 0.5 0.19 0.09 0.10

Togo 0.2 0.0 0.2 0.10 0.01 0.09

Russian

Federation1.0 0.7 0.2 0.19 0.10 0.09

Senegal 0.1 0.1 0.1 0.12 0.03 0.08

10 Largest Country Underweights by Duration x Spread



China 1.2 3.1 -1.9 0.07 0.55 -0.48

Argentina 0.4 0.5 -0.1 0.32 0.53 -0.21

Oman - 0.4 -0.4 - 0.18 -0.18

Mexico 1.5 1.7 -0.3 0.71 0.86 -0.15

Israel 0.2 0.5 -0.3 0.02 0.13 -0.12

United Arab

Emirates0.4 0.5 -0.2 0.04 0.12 -0.08

Indonesia 0.4 0.6 -0.2 0.10 0.16 -0.06

Bahrain 0.2 0.3 -0.1 0.05 0.11 -0.06

Jamaica - 0.1 -0.1 - 0.06 -0.06

Costa Rica - 0.1 -0.1 - 0.06 -0.06




Developed high yield

Emerging markets Bank loans

Developed investment grade

Benchmark relative risk measures

-2.00

0.00

2.00

4.00

-2.0%

0.0%

2.0%

4.0%

6.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020


Active DxS Tsy

-5.00

0.00

5.00

10.00

-15.0%

-10.0%

-5.0%

0.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020


Active DxS Tsy

-5.00

0.00

5.00

10.00

-1.0%

0.0%

1.0%

2.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020


Active DxS Tsy

0.00

2.00

4.00

6.00

8.00

10.00

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

03-Jan-2020 03-Feb-2020 03-Mar-2020 03-Apr-2020

Active Notional Market Value % Spread Duration

Yield to Maturity

Active notional market value % represented on left-handed axis




Portfolio duration by currency

Active duration by bucket (USD) Active duration by bucket (EUR)

Active duration by currency

Duration summary

-0.30

-0.20

-0.10

0.00

0.10

0.20

0.30

Total AUD CAD EUR GBP JPY USD

0

1

2

3

4

5

6

7

Total CAD EUR GBP USD

-0.4

-0.2

0

0.2

0.4

0.6

0.8

Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30

-0.3

-0.2

-0.1

0

0.1

0.2

0.3

Total < 3 3 - 5 5 - 7 7 - 10 10 - 15 15 - 20 20 - 30



Holdings

04



HoldingsWater & Power Employees’ Retirement Plan | April 30, 2020

Underlying Description CUSIPMarket

Value (m)

Yield to

Worst

Market

Value %

Total 685,361 4.08 100.0%

Treasuries 18,262 0.20 2.7%

United States 18,262 0.20 2.7%

Treasury Bonds 18,262 0.20 2.7%

TREASURY NOTE 1.625 31-DEC-2021 912828YZ7 18,257 0.20 2.7%

TREASURY NOTE 1.75 30-JUN-2024 9128286Z8 5 0.32 0.0%

Government Related 45,021 0.77 6.6%

Local Authority 9,324 1.08 1.4%

BRITISH COLUMBIA (PROVINCE OF) 1.75 27-SEP-2024 (SENIOR UNSECURED) 110709AD4 3,548 0.95 0.5%

ONTARIO (PROVINCE OF) 2.0 02-OCT-2029 (SENIOR UNSECURED) 68323AFG4 4,548 1.31 0.7%

TOKYO METROPOLITAN GOVERNMENT 2.0 17-MAY-2021 144a (SENIOR) 59173LAA8 1,228 0.63 0.2%

Owned No Guarantee ex-US 11,630 0.77 1.7%

BANK NEDERLANDSE GEMEENTEN 2.375 16-MAR-2026 144a (SENIOR) 62944BBG8 1,584 0.81 0.2%

CPPIB CAPITAL INC 3.125 25-SEP-2023 144a (SENIOR) 22411VAG3 3,836 0.59 0.6%

JAPAN FIN ORG MUNICIPAL# 144A 2.125 25-OCT-2023 144a (SENIOR) 471068AJ5 1,569 0.83 0.2%

JAPAN FINANCE ORGANIZATION FOR MUN 3.0 12-MAR-2024 144a (SENIOR) 471068AP1 4,640 0.88 0.7%

Supranational/Foreign Agency 24,067 0.64 3.5%

Supranational 6,055 0.36 0.9%

EUROPEAN INVESTMENT BANK 1.375 15-SEP-2021 (SENIOR) 298785HF6 4,571 0.35 0.7%

EUROPEAN INVESTMENT BANK 1.625 15-JUN-2021 (SENIOR) 298785HC3 1,484 0.38 0.2%

Agency 18,011 0.74 2.6%

Government Guaranteed 5,185 0.85 0.8%

DEVELOPMENT BANK OF JAPAN INC GOVTGUAR 1.625 01-SEP-2021 144a (SENIOR) 25159MAR8 1,528 0.64 0.2%

JAPAN BANK FOR INTERNATIONAL COOPE 3.375 31-OCT-2023 (SENIOR) 471048BU1 1,888 0.83 0.3%

JAPAN BANK FOR INTERNATIONAL COOPE GOVTGUAR 2.875 21-JUL-2027 471048BM9 1,769 1.06 0.3%

Government Sponsored 12,827 0.69 1.9%

OMERS FINANCE TRUST 2.5 02-MAY-2024 144a (SENIOR UNSECURED) 682142AA2 3,377 0.89 0.5%

ONTARIO TEACHERS FINANCE TRUST 2.125 19-SEP-2022 144a (SENIOR) 68329AAA6 3,322 0.74 0.5%

ONTARIO TEACHERS FINANCE TRUST 2.75 16-APR-2021 144a (SENIOR) 68329AAB4 6,127 0.55 0.9%

Emerging Markets 133,061 7.05 19.4%

Latin America 54,955 8.00 8.0%

Argentina 3,159 22.15 0.5%

AEROPUERTOS ARGENTINA 2000 SA 6.875 01-FEB-2027 144a (SECURED) 00786PAC8 511 25.96 0.1%

ARGENTINA REPUBLIC OF GOVERNMENT 6.875 11-JAN-2048 (SENIOR) 040114HR4 299 29.08 0.0%

ARGENTINA REPUBLIC OF GOVERNMENT 7.125 06-JUL-2036 (SENIOR) 040114HG8 403 30.02 0.1%

TECPETROL SA 4.875 12-DEC-2022 144a (SENIOR) 87876TAE4 1,031 14.85 0.2%

YPF SA 6.95 21-JUL-2027 144a (SENIOR) 984245AQ3 568 22.72 0.1%

YPF SA 8.5 27-JUN-2029 144a (SENIOR UNSECURED) 984245AS9 348 22.20 0.1%

Brazil 13,993 6.27 2.0%

AEGEA FIN SARL 5.75 10-OCT-2024 144a (SENIOR) 00775CAA4 986 6.20 0.1%

BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.625 13-JAN-2028 (SENIOR) 105756BZ2 1,031 4.03 0.2%

BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.75 14-JAN-2050 (SENIOR UNSECURED) 105756CB4 660 5.40 0.1%

CSN RESOURCES SA 7.625 13-FEB-2023 144a (SENIOR) 12644VAB4 774 17.43 0.1%

ITAU UNIBANCO HOLDING SA 3.25 24-JAN-2025 144a (SENIOR UNSECURED) 46556JAB5 1,778 3.86 0.3%

JBS INVESTMENTS II GMBH 5.75 15-JAN-2028 144a (SENIOR) 46650CAB5 1,415 6.08 0.2%

JBS USA LLC 5.75 15-JUN-2025 144a (SENIOR) 466112AR0 239 5.13 0.0%

JBS USA LUX SA 6.5 15-APR-2029 144a (SENIOR) 46590XAA4 911 5.50 0.1%

JBS USA LUX SA/JBS USA FINANCE INC 6.75 15-FEB-2028 144a (SENIOR) 472141AA8 1,273 4.85 0.2%

KLABIN AUSTRIA GMBH 7.0 03-APR-2049 144a (SENIOR) 49836AAB0 985 7.21 0.1%

PETROBRAS GLOBAL FINANCE BV 5.093 15-JAN-2030 144a (SENIOR UNSECURED) 71647NBF5 2,055 6.28 0.3%

REDE DOR FINANCE SARL 4.5 22-JAN-2030 144a (SENIOR UNSECURED) 75735GAA6 1,885 6.60 0.3%


Value (m)

Yield to

Worst

Market

Value %

Chile 4,376 7.45 0.6%

BANCO DEL ESTADO DE CHILE 2.704 09-JAN-2025 144a (SENIOR UNSECURED) 05965MAG8 1,445 2.73 0.2%

INVERSIONES CMPC SA 3.85 13-JAN-2030 144a (SENIOR UNSECURED) 46128MAN1 647 4.24 0.1%

LATAM FINANCE LTD 6.875 11-APR-2024 144a (SENIOR) 51818KAB6 169 35.10 0.0%

LATAM FINANCE LTD 7.0 01-MAR-2026 144a (SENIOR) 51818KAC4 384 27.51 0.1%

SOCIEDAD QUIMICA Y MINERA DE CHILE 3.625 03-APR-2023 144a (SENIOR) 833636AE3 817 3.87 0.1%

VTR FINANCE BV 6.875 15-JAN-2024 144a (SECURED) 918370AB3 913 6.84 0.1%

Colombia 7,624 5.05 1.1%

BANCOLOMBIA SA 3.0 29-JAN-2025 (SENIOR UNSECURED) 05968LAM4 1,072 4.69 0.2%

BANCOLOMBIA SA T2 4.625 18-DEC-2029 (JUNIOR SUB) 05968LAL6 943 5.83 0.1%

COLOMBIA (REPUBLIC OF) 4.5 15-MAR-2029 (SENIOR) 195325DP7 1,138 4.29 0.2%

ECOPETROL SA 5.875 18-SEP-2023 (SENIOR) 279158AC3 2,065 4.71 0.3%

EMPRESAS PUBLICAS DE MEDELLIN ESP 4.25 18-JUL-2029 144a (SENIOR) 29246BAE8 1,181 4.96 0.2%

MILLICOM INTERNATIONAL CELLULAR S. 6.625 15-OCT-2026 144a (SENIOR) 600814AP2 1,225 6.15 0.2%

Dominican Republic 2,046 7.19 0.3%

DOMINICAN REPUBLIC (GOVERNMENT) 5.5 27-JAN-2025 144a (SENIOR) 25714PCV8 1,167 6.95 0.2%

DOMINICAN REPUBLIC (GOVERNMENT) 6.0 19-JUL-2028 144a (SENIOR) 25714PDZ8 879 7.51 0.1%

Ecuador 832 43.53 0.1%

ECUADOR (REPUBLIC OF) 7.95 20-JUN-2024 144a (SENIOR) BRSNQM086 407 46.60 0.1%

ECUADOR REPUBLIC OF (GOVERNMENT) 10.75 31-JAN-2029 144a (SENIOR UNSECURED) 27927WAL6 425 40.60 0.1%

El Salvador 1,341 9.44 0.2%

EL SALVADOR REPUBLIC OF (GOVERNMEN 7.1246 20-JAN-2050 144a (SENIOR UNSECURED) 283875BZ4 1,341 9.44 0.2%

Guatemala 1,339 4.64 0.2%

GUATEMALA (REPUBLIC OF) 4.875 13-FEB-2028 144a (SENIOR) 401494AF6 1,339 4.64 0.2%

Mexico 9,576 9.32 1.4%

AEROVIAS DE MEXICO SA DE CV 7.0 05-FEB-2025 144a (SENIOR UNSECURED) 008065AD6 578 33.84 0.1%

BANCO MERCANTIL DE NORTE AT1-P 6.75 31-DEC-2049 144a (JUNIOR SUB) 05971PAA6 824 13.04 0.1%

BANCO SANTANDER MEXICO SA INSTITUC 5.375 17-APR-2025 144a (SENIOR UNSECURED) 05969BAD5 948 4.72 0.1%

BBVA BANCOMER SA (TEXAS BRANCH) T2 6.75 30-SEP-2022 144a (SUB) 05533UAC2 1,026 4.89 0.1%

CEMEX SAB DE CV 5.45 19-NOV-2029 144a (SECURED) 151290BV4 989 8.06 0.1%

GRUPO CEMENTOS DE CHIHUAHUA SAB DE 5.25 23-JUN-2024 144a (SENIOR) 40053DAB9 903 7.16 0.1%

INFRAESTRUCTURA ENERGETICA NOVA SA 4.875 14-JAN-2048 144a (SENIOR) 456829AB6 1,098 6.07 0.2%

MINERA MEXICO SA DE CV 4.5 26-JAN-2050 144a (SENIOR UNSECURED) 60284MAB8 925 5.39 0.1%

PETROLEOS MEXICANOS 6.5 13-MAR-2027 (SENIOR) 71654QCG5 1,097 10.30 0.2%

PETROLEOS MEXICANOS 6.5 23-JAN-2029 (SENIOR) 71654QCP5 681 10.32 0.1%

PETROLEOS MEXICANOS 6.75 21-SEP-2047 (SENIOR) 71654QCC4 507 9.93 0.1%

Paraguay 4,841 5.36 0.7%

BIOCEANICO SOVEREIGN CTF LTD 05-JUN-2034 144a (SECURED) 09076AAA5 527 5.94 0.1%

PARAGUAY REPUBLIC OF (GOVERNMENT) 4.95 28-APR-2031 144a (SENIOR UNSECURED) 699149AJ9 1,452 4.48 0.2%

PARAGUAY REPUBLIC OF (GOVERNMENT) 5.4 30-MAR-2050 144a (SENIOR) 699149AH3 948 5.10 0.1%

RUTAS 2 AND 7 FINANCE LIMITED 30-SEP-2036 144a (1ST LIEN) 78319MAA1 720 5.58 0.1%

TELEFONICA CELULAR DEL PARAGUAY SA 5.875 15-APR-2027 144a (SENIOR) 87936VAB3 1,194 6.23 0.2%

Puerto Rico 1,476 7.15 0.2%

POPULAR INC 6.125 14-SEP-2023 (SENIOR) 733174AK2 1,476 7.15 0.2%

Peru 4,351 3.47 0.6%

BANCO DE CREDITO DEL PERU 2.7 11-JAN-2025 144a (SENIOR UNSECURED) 05971U2A4 621 3.20 0.1%

CERRO DEL AGUILA SA 4.125 16-AUG-2027 144a (SENIOR) 156830AA9 1,705 4.40 0.2%

LIMA METRO LINE 2 FINANCE II LTD 4.35 05-APR-2036 144a (SENIOR UNSECURED) 532522AB5 702 4.08 0.1%

PERU (REPUBLIC OF) 2.392 23-JAN-2026 (SENIOR UNSECURED) 715638DE9 1,323 2.07 0.2%





Value (m)

Yield to

Worst

Market

Value %

Central/Eastern Europe, Middle East and Africa 53,906 6.57 7.9%

Middle East and Africa 27,435 6.46 4.0%

Angola 502 24.25 0.1%

ANGOLA (REPUBLIC OF) 8.25 09-MAY-2028 144a (SENIOR) 035198AB6 502 24.25 0.1%

Bahrain 939 8.06 0.1%

OIL AND GAS HOLDING CO BSC CLOSED 7.625 07-NOV-2024 144a (SENIOR) 67778M2C3 939 8.06 0.1%

Cote DIvoire 933 7.86 0.1%

COTE D IVOIRE (REPUBLIC OF) 6.125 15-JUN-2033 144a (SENIOR) 221625AN6 933 7.86 0.1%

Egypt 2,514 8.12 0.4%

EGYPT (ARAB REPUBLIC OF) 5.577 21-FEB-2023 144a (SENIOR) 03846JW30 975 6.60 0.1%

EGYPT (ARAB REPUBLIC OF) 7.6003 01-MAR-2029 144a (SENIOR) 03846JW71 719 8.37 0.1%


Gabon 871 11.62 0.1%

GABON REPUBLIC OF (GOVERNMENT) 6.625 06-FEB-2031 144a (SENIOR UNSECURED) 362420AD3 871 11.62 0.1%

Ghana 1,125 12.75 0.2%

GHANA (REPUBLIC OF) 7.875 26-MAR-2027 144a (SENIOR) 37443GAA9 1,125 12.75 0.2%

Israel 1,056 2.98 0.2%

ISRAEL ELECTRIC CORP LTD 4.25 14-AUG-2028 Dual 144a|Reg-S (SECURED) 465077AL9 406 3.41 0.1%

ISRAEL ELECTRIC CORP LTD 5.0 12-NOV-2024 Dual 144a|Reg-S (SECURED) 465077AK1 650 2.70 0.1%

Lebanon 235 0.0%

LEBANON (REPUBLIC OF) 6.25 27-MAY-2022 (SENIOR) BRT1VBBF3 235 0.0%

Kenya 946 9.31 0.1%

KENYA (REPUBLIC OF) 8.0 22-MAY-2032 144a (SENIOR UNSECURED) 491798AK0 946 9.31 0.1%

Kuwait 1,517 2.83 0.2%

EQUATE PETROCHEMICAL BV 3.0 03-MAR-2022 144a (SENIOR) 29441WAB1 1,517 2.83 0.2%

Morocco 1,194 3.60 0.2%

OCP SA 4.5 22-OCT-2025 144a (SENIOR) 67091TAC9 1,194 3.60 0.2%

Nigeria 1,015 11.24 0.1%

NIGERIA (FEDERAL REPUBLIC OF) 6.5 28-NOV-2027 144a (SENIOR) 65412JAC7 1,015 11.24 0.1%

Qatar 2,097 1.80 0.3%

QATAR (STATE OF) 3.4 16-APR-2025 144a (SENIOR UNSECURED) 74727PBC4 1,120 2.00 0.2%

QATAR STATE OF (GOVERNMENT) 4.5 20-JAN-2022 144a (SENIOR) 74727PAP6 977 1.58 0.1%

Saudi Arabia 3,964 4.31 0.6%

ARABIAN CENTRES SUKUK LIMITED 5.375 26-NOV-2024 144a (Sukuk) 03847PAA3 831 8.75 0.1%

SAUDI ARABIA (KINGDOM OF) 4.375 16-APR-2029 144a (SENIOR) 80413TAK5 1,784 2.89 0.3%

SAUDI ARABIAN OIL CO 2.875 16-APR-2024 144a (SENIOR) 80414L2C8 569 2.71 0.1%

SAUDI ARABIAN OIL CO 4.25 16-APR-2039 144a (SENIOR) 80414L2E4 780 4.01 0.1%

South Africa 3,532 7.27 0.5%

GOLD FIELDS OROGEN HOLDINGS (BVI) 6.125 15-MAY-2029 144a (SENIOR) 38060AAC8 1,083 5.27 0.2%

SASOL FINANCING USA LLC 6.5 27-SEP-2028 (SENIOR) 80386WAB1 566 13.35 0.1%

SOUTH AFRICA (REPUBLIC OF) 4.875 14-APR-2026 (SENIOR) 836205AT1 926 6.23 0.1%

SOUTH AFRICA (REPUBLIC OF) 5.875 22-JUN-2030 (SENIOR) 836205AY0 957 6.95 0.1%

Senegal 943 8.27 0.1%

SENEGAL (REPUBLIC OF) 6.75 13-MAR-2048 144a (SENIOR) 81720TAD7 943 8.27 0.1%

United Arab Emirates 2,020 2.32 0.3%

ABU DHABI (EMIRATE OF) 2.5 11-OCT-2022 144a (SENIOR) 29135LAC4 1,008 1.56 0.1%

ABU DHABI CRUDE OIL PIPELINE LLC 3.65 02-NOV-2029 144a (SECURED) 00401MAA4 1,012 3.07 0.1%

Zambia 456 10.48 0.1%

FIRST QUANTUM MINERALS LTD 7.5 01-APR-2025 144a (SENIOR) 335934AL9 456 10.48 0.1%

Other 1,575 6.05 0.2%

BANQUE OUEST AFRICAINE DE DEVELOPP 4.7 22-OCT-2031 144a (SENIOR) 06675QAC7 459 5.84 0.1%

BANQUE OUEST AFRICAINE DE DEVELOPP 5.0 27-JUL-2027 144a (SENIOR) 06675QAB9 1,116 6.14 0.2%


Value (m)

Yield to

Worst

Market

Value %

Central/Eastern Europe 26,471 6.67 3.9%

Belarus 867 7.60 0.1%

BELARUS (REPUBLIC OF) 6.2 28-FEB-2030 144a (SENIOR) 07737JAC7 867 7.60 0.1%

Kazakhstan 1,775 5.60 0.3%

KAZTRANSGAZ AO 4.375 26-SEP-2027 144a (SENIOR) 48668NAA9 909 5.16 0.1%

NK KAZMUNAYGAZ AO 6.375 24-OCT-2048 144a (SENIOR) 48667QAS4 866 6.06 0.1%

Lithuania 611 25.68 0.1%

ASG FINANCE DESIGNATED 7.875 03-DEC-2024 144a (SENIOR UNSECURED) 00217AAA4 611 25.68 0.1%

Russian Federation 7,380 3.24 1.1%

GAZ CAPITAL SA LPN 4.95 19-JUL-2022 144a (SENIOR) 368266AR3 1,364 2.90 0.2%

GAZ FINANCE PLC LPN 3.25 25-FEB-2030 144a (SENIOR UNSECURED) BIE1S49M7 1,151 3.93 0.2%

PHOSAGRO BOND FUNDING DAC LPN 3.95 03-NOV-2021 144a (SENIOR) 71922LAA7 947 2.97 0.1%

RUSSIAN FEDERATION 4.75 27-MAY-2026 144a (SENIOR UNSECURED) BRT1ZV2X6 1,358 2.75 0.2%

RUSSIAN FEDERATION 5.25 23-JUN-2047 144a (SENIOR) BIE1NFM42 1,259 3.82 0.2%

VEON HOLDINGS BV 4.0 09-APR-2025 144a (SENIOR UNSECURED) 92334VAA3 1,301 3.14 0.2%

Ukraine 4,357 9.51 0.6%

KERNEL HOLDING SA 6.5 17-OCT-2024 144a (SENIOR UNSECURED) 49229QAB0 923 10.64 0.1%

MHP SA 7.75 10-MAY-2024 144a (SENIOR) 55302TAD7 935 8.35 0.1%

UKRAINE (GOVERNMENT OF) 7.75 01-SEP-2026 144a (SENIOR) 903724AT9 1,674 9.28 0.2%

UKRAINE REPUBLIC OF (GOVERNMENT) 9.75 01-NOV-2028 144a (SENIOR) 903724BV3 825 10.05 0.1%

Turkey 10,179 7.17 1.5%

AKBANK TAS T2 7.2 16-MAR-2027 144a (SUB) 00972BAB5 843 7.56 0.1%

PETKIM PETROKIMYA HOLDING AS 5.875 26-JAN-2023 144a (SENIOR) 71638YAA4 927 7.92 0.1%

TURK TELEKOMUNIKASYON AS 6.875 28-FEB-2025 144a (SENIOR) 90011QAC4 1,043 6.86 0.2%

TURKCELL ILETISIM HIZMETLERI AS 5.8 11-APR-2028 144a (SENIOR) 900111AB1 1,111 6.75 0.2%

TURKEY (REPUBLIC OF) 5.75 11-MAY-2047 (SENIOR) 900123CM0 1,712 7.88 0.2%

TURKEY (REPUBLIC OF) 6.125 24-OCT-2028 (SENIOR) 900123CQ1 960 7.53 0.1%

TURKEY (REPUBLIC OF) 7.25 23-DEC-2023 (SENIOR) 900123CR9 1,147 6.72 0.2%

TURKEY (REPUBLIC OF) 7.625 26-APR-2029 (SENIOR) 900123CT5 990 7.79 0.1%

TURKIYE GARANTI BANKASI AS 5.25 13-SEP-2022 144a (SENIOR) 900148AD9 1,446 5.83 0.2%

Romania 1,302 4.74 0.2%

ROMANIA (REPUBLIC OF) 6.125 22-JAN-2044 144a (SENIOR) 77586RAC4 1,302 4.74 0.2%

Asia 24,200 5.98 3.5%

Azerbaijan 1,186 5.91 0.2%

SOUTHERN GAS CORRIDOR CJSC 6.875 24-MAR-2026 144a (SENIOR) 84302LAA0 1,186 5.91 0.2%

China 5,724 2.64 0.8%

BAIDU INC 3.875 29-SEP-2023 (SENIOR) 056752AK4 849 2.47 0.1%

BANK OF CHINA LTD 5.0 13-NOV-2024 144a (SUB) 061202AA5 1,009 2.84 0.1%

JD.COM INC 3.125 29-APR-2021 (SENIOR) 47215PAB2 1,037 2.41 0.2%

SINOPEC GROUP OVERSEAS DEVELOPMENT 2.5 08-AUG-2024 144a (SENIOR UNSECURED) 82939GAF5 1,200 2.10 0.2%

SYNGENTA FINANCE NV 3.933 23-APR-2021 144a (SENIOR) 87164KAE4 400 5.25 0.1%

SYNGENTA FINANCE NV 4.441 24-APR-2023 144a (SENIOR) 87164KAH7 261 4.38 0.0%

TENCENT HOLDINGS LTD 3.28 11-APR-2024 144a (SENIOR) 88032WAL0 968 1.93 0.1%

India 3,388 14.00 0.5%

FUTURE RETAIL LTD 5.6 22-JAN-2025 144a (SECURED) 36118EAA0 416 42.34 0.1%

GREENKO SOLAR MAURITIUS LTD 5.95 29-JUL-2026 144a (SECURED) 39530VAB4 1,428 8.45 0.2%

ICICI BANK LTD (DUBAI BRANCH) 4.0 18-MAR-2026 144a (SENIOR) 45112EAG4 1,158 4.79 0.2%

VEDANTA RESOURCES FINANCE II PLC 9.25 23-APR-2026 144a (SENIOR) 92243XAA9 386 31.60 0.1%

Indonesia 2,396 4.15 0.3%

PERTAMINA PERSERO PT 3.65 30-JUL-2029 144a (SENIOR UNSECURED) 69370PAD3 847 4.18 0.1%

PERUSAHAAN LISTRIK NEGARA (PERSERO 4.125 15-MAY-2027 144a (SENIOR) 71568PAC3 1,548 4.13 0.2%





Value (m)

Yield to

Worst

Market

Value %

Malaysia 1,422 4.96 0.2%

PETRONAS CAPITAL LTD 3.5 21-APR-2030 144a (SENIOR UNSECURED) 716743AP4 525 2.92 0.1%

RESORTS WORLD LAS VEGAS LLC 4.625 16-APR-2029 144a (SENIOR) 76120HAA5 898 6.15 0.1%

Macau 1,014 6.08 0.1%

WYNN MACAU LTD 5.5 01-OCT-2027 144a (SENIOR) 98313RAD8 1,014 6.08 0.1%

Mongolia 1,715 10.77 0.3%

DEVELOPMENT BANK OF MONGOLIA 7.25 23-OCT-2023 144a (UNSECURED) 25161AAA7 848 11.82 0.1%

MONGOLIA (GOVERNMENT OF) 5.625 01-MAY-2023 144a (SENIOR) 60937LAB1 868 9.74 0.1%

Philippines 1,426 2.20 0.2%

PHILIPPINES (REPUBLIC OF) 2.457 05-MAY-2030 (SENIOR UNSECURED) 718286CJ4 1,426 2.20 0.2%

Singapore 1,329 2.41 0.2%

DBS GROUP HOLDINGS LTD LT2 4.52 11-DEC-2028 144a (SUB) 24023MAA2 1,329 2.41 0.2%

South Korea 1,012 1.63 0.1%

KOOKMIN BANK 2.875 25-MAR-2023 144a (SENIOR) 50050GAK4 1,012 1.63 0.1%

Sri Lanka 626 16.54 0.1%

SRI LANKA (DEMOCRATIC SOCIALIST RE 6.75 18-APR-2028 144a (SENIOR) 85227SAW6 626 16.54 0.1%

Thailand 914 4.29 0.1%

BANGKOK BANK PUBLIC CO LTD (HONG K T2 3.733 25-SEP-2034 144a (SUB) 059895AT9 914 4.29 0.1%

Uzbekistan 1,043 5.13 0.2%

UZBEKISTAN (REPUBLIC OF) 5.375 20-FEB-2029 144a (SENIOR UNSECURED) 91822Q2A4 1,043 5.13 0.2%

Vietnam 1,005 6.00 0.1%

MONG DUONG FIN HLDGS BV 5.125 07-MAY-2029 144a (1ST LIEN) 60935DAA3 1,005 6.00 0.1%

Public Corporates 426,286 3.61 62.2%

Investment Grade 324,013 2.67 47.3%

Industrial 181,677 2.67 26.5%

Basic Industry 10,916 2.69 1.6%

Chemicals 4,177 2.02 0.6%

AIR PRODUCTS AND CHEMICALS INC 1.5 15-OCT-2025 (SENIOR UNSECURED) 009158BB1 126 1.33 0.0%

AIR PRODUCTS AND CHEMICALS INC 1.85 15-MAY-2027 (SENIOR UNSECURED) 009158AY2 162 1.65 0.0%

AIR PRODUCTS AND CHEMICALS INC 2.05 15-MAY-2030 (SENIOR UNSECURED) 009158BC9 270 -5.00 0.0%

AIR PRODUCTS AND CHEMICALS INC 2.8 15-MAY-2050 (SENIOR UNSECURED) 009158BA3 219 2.71 0.0%

CHEVRON PHILLIPS CHEMICAL COMPANY 5.125 01-APR-2025 144a (SENIOR UNSECURED) 166754AW1 1,137 3.11 0.2%

DOW CHEMICAL COMPANY (THE) 3.5 01-OCT-2024 (SENIOR) 260543CJ0 1,884 2.25 0.3%

LYB INTERNATIONAL FINANCE III LLC 2.875 01-MAY-2025 (SENIOR UNSECURED) 50249AAB9 380 2.63 0.1%

Metals and Mining 4,992 3.45 0.7%

BHP BILLITON FINANCE (USA) LTD HYBRID 6.25 19-OCT-2075 144a (CAPSEC (BTP)) 055451AW8 2,630 3.70 0.4%

NEWMONT CORPORATION 2.25 01-OCT-2030 (SENIOR UNSECURED) 651639AY2 378 2.34 0.1%

NEWMONT GOLDCORP CORP 2.8 01-OCT-2029 (SENIOR UNSECURED) 651639AX4 988 2.41 0.1%

STEEL DYNAMICS INC 5.0 15-DEC-2026 (SENIOR) 858119BF6 609 4.31 0.1%

STEEL DYNAMICS INC 5.5 01-OCT-2024 (SENIOR) 858119BD1 387 4.21 0.1%

Paper 1,746 2.09 0.3%

GEORGIA-PACIFIC LLC 1.75 30-SEP-2025 144a (SENIOR UNSECURED) 37331NAJ0 486 1.70 0.1%

GEORGIA-PACIFIC LLC 2.1 30-APR-2027 144a (SENIOR UNSECURED) 37331NAL5 385 2.10 0.1%

GEORGIA-PACIFIC LLC 2.3 30-APR-2030 144a (SENIOR UNSECURED) 37331NAK7 875 2.30 0.1%

Capital Goods 24,132 2.18 3.5%

Aerospace and Defense 7,615 1.64 1.1%

GENERAL DYNAMICS CORPORATION 3.0 11-MAY-2021 (SENIOR) 369550BE7 290 1.00 0.0%

GENERAL DYNAMICS CORPORATION 3.375 15-MAY-2023 (SENIOR) 369550BD9 3,188 1.00 0.5%

L3HARRIS TECHNOLOGIES INC 2.9 15-DEC-2029 (SENIOR UNSECURED) 502431AF6 430 2.60 0.1%

L3HARRIS TECHNOLOGIES INC 3.85 15-JUN-2023 144a (SENIOR) 502431AB5 3,535 2.18 0.5%

UNITED TECHNOLOGIES CORPORATION 3.65 16-AUG-2023 (SENIOR) 913017DB2 172 1.10 0.0%

Building Materials 1,639 1.93 0.2%

HOLCIM FINANCE (LUXEMBOURG) SA 1.75 29-AUG-2029 Reg-S (SENIOR) BRTC88B62 1,639 1.93 0.2%


Value (m)

Yield to

Worst

Market

Value %

Construction Machinery 3,184 3.23 0.5%

ASHTEAD CAPITAL INC 5.25 01-AUG-2026 144a (SECURED) 045054AH6 1,120 5.12 0.2%

CATERPILLAR INC 2.6 09-APR-2030 (SENIOR UNSECURED) 149123CH2 1,386 1.91 0.2%

CATERPILLAR INC 3.25 09-APR-2050 (SENIOR UNSECURED) 149123CJ8 677 2.80 0.1%

Diversified Manufacturing 6,329 2.78 0.9%

GENERAL ELECTRIC CO 3.45 01-MAY-2027 (SENIOR UNSECURED) 369604BV4 413 3.15 0.1%

GENERAL ELECTRIC CO 3.625 01-MAY-2030 (SENIOR UNSECURED) 369604BW2 317 3.56 0.0%

GENERAL ELECTRIC CO 4.35 01-MAY-2050 (SENIOR UNSECURED) 369604BY8 574 4.31 0.1%

OTIS WORLDWIDE CORP 3.112 15-FEB-2040 144a (SENIOR UNSECURED) 68902VAA5 467 3.19 0.1%

OTIS WORLDWIDE CORPORATION 2.056 05-APR-2025 144a (SENIOR UNSECURED) 68902VAD9 470 1.66 0.1%

OTIS WORLDWIDE CORPORATION 2.565 15-FEB-2030 144a (SENIOR UNSECURED) 68902VAF4 1,752 2.47 0.3%

OTIS WORLDWIDE CORPORATION 3.362 15-FEB-2050 144a (SENIOR UNSECURED) 68902VAB3 293 3.24 0.0%

PARKER HANNIFIN CORPORATION 3.25 14-JUN-2029 (SENIOR UNSECURED) 701094AN4 793 2.50 0.1%

PARKER HANNIFIN CORPORATION 4.0 14-JUN-2049 (SENIOR UNSECURED) 701094AP9 390 3.37 0.1%

ROPER TECHNOLOGIES INC 2.35 15-SEP-2024 (SENIOR) 776743AH9 397 1.97 0.1%

ROPER TECHNOLOGIES INC 2.95 15-SEP-2029 (SENIOR UNSECURED) 776743AG1 463 2.37 0.1%

Environmental 5,365 1.67 0.8%

WASTE CONNECTIONS INC 2.6 01-FEB-2030 (SENIOR UNSECURED) 94106BAA9 1,598 2.35 0.2%

WASTE MANAGEMENT INC 2.95 15-JUN-2024 (SENIOR UNSECURED) 94106LBF5 2,825 1.24 0.4%

WASTE MANAGEMENT INC 3.45 15-JUN-2029 (SENIOR UNSECURED) 94106LBG3 940 1.79 0.1%

WASTE MANAGEMENT INC 4.15 15-JUL-2049 (SENIOR UNSECURED) 94106LBK4 3 2.77 0.0%

Communications 38,364 2.59 5.6%

Cable and Satellite 10,772 2.76 1.6%

CHARTER COMMUNICATIONS OPERATING L 2.8 01-APR-2031 (SECURED) 161175BU7 313 2.71 0.0%

CHARTER COMMUNICATIONS OPERATING L 3.7 01-APR-2051 (SECURED) 161175BV5 538 3.83 0.1%

CHARTER COMMUNICATIONS OPERATING L 4.8 01-MAR-2050 (SECURED) 161175BT0 1,393 4.02 0.2%

CHARTER COMMUNICATIONS OPERATING L 4.908 23-JUL-2025 (SECURED) 161175AY0 1,461 2.17 0.2%

COMCAST CORPORATION 3.2 15-JUL-2036 (SENIOR) 20030NBT7 487 2.55 0.1%

COMCAST CORPORATION 3.7 15-APR-2024 (SENIOR) 20030NCR0 2,928 1.19 0.4%

COMCAST CORPORATION 3.75 01-APR-2040 (SENIOR UNSECURED) 20030NDH1 833 2.73 0.1%

TIME WARNER CABLE INC 7.3 01-JUL-2038 (SENIOR) 88732JAN8 1,798 4.65 0.3%

TIME WARNER ENTERTAINMENT CMPNY LP 8.375 15-MAR-2023 (SENIOR) 88731EAF7 1,023 2.63 0.1%

Media and Entertainment 6,446 3.36 0.9%

DISCOVERY COMMUNICATIONS 4.125 15-MAY-2029 (SENIOR UNSECURED) 25470DBF5 2,089 3.39 0.3%

DISCOVERY COMMUNICATIONS LLC 5.2 20-SEP-2047 (SENIOR) 25470DAT6 822 4.34 0.1%

FOX CORP 4.709 25-JAN-2029 (SENIOR UNSECURED) 35137LAH8 1,057 2.57 0.2%

VIACOM INC (NEW) 4.375 15-MAR-2043 (SENIOR) 92553PAP7 1,022 4.60 0.1%

VIACOMCBS INC 4.95 15-JAN-2031 (SENIOR UNSECURED) 92556HAB3 449 4.18 0.1%

WALT DISNEY CO 1.75 30-AUG-2024 (SENIOR UNSECURED) 254687FK7 490 1.33 0.1%

WALT DISNEY CO 2.0 01-SEP-2029 (SENIOR UNSECURED) 254687FL5 516 2.01 0.1%

Wireless 9,306 2.51 1.4%

CROWN CASTLE INTERNATIONAL CORP 5.25 15-JAN-2023 (SENIOR) 228227BD5 3,619 1.65 0.5%

SPRINT SPECTRUM CO I/ II /III/ LLC ABS 4.738 20-SEP-2029 144a (SECURED) 85208NAD2 1,837 2.81 0.3%

T-MOBILE USA INC 3.5 15-APR-2025 144a (SECURED) 87264ABA2 491 2.31 0.1%

T-MOBILE USA INC 3.875 15-APR-2030 144a (SECURED) 87264ABE4 1,184 2.71 0.2%

T-MOBILE USA INC 4.375 15-APR-2040 144a (SECURED) 87264AAW5 392 3.42 0.1%

T-MOBILE USA INC 4.5 15-APR-2050 144a (SECURED) 87264AAY1 563 3.56 0.1%

VODAFONE GROUP PLC 4.25 17-SEP-2050 (SENIOR UNSECURED) 92857WBU3 939 3.67 0.1%

VODAFONE GROUP PLC 4.875 19-JUN-2049 (SENIOR) 92857WBS8 280 3.75 0.0%





Value (m)

Yield to

Worst

Market

Value %

Wirelines 11,840 2.07 1.7%

AT&T INC 3.375 15-MAR-2034 (SENIOR) BRSNK5FA8 2,424 1.63 0.4%

AT&T INC 4.35 01-MAR-2029 (SENIOR) 00206RHJ4 193 2.70 0.0%

AT&T INC 4.5 09-MAR-2048 (SENIOR) 00206RDJ8 223 3.69 0.0%

AT&T INC 4.9 15-AUG-2037 (SENIOR) 00206RFW7 807 3.63 0.1%

DEUTSCHE TELEKOM AG 3.125 06-FEB-2034 Reg-S (SENIOR) BIE10FUK2 1,582 2.04 0.2%

DEUTSCHE TELEKOM INTERNATIONAL FIN 1.5 03-APR-2028 Reg-S (SENIOR) BRT0450B9 1,520 0.65 0.2%

VERIZON COMMUNICATIONS INC 3.15 22-MAR-2030 (SENIOR UNSECURED) 92343VFE9 278 1.90 0.0%

VERIZON COMMUNICATIONS INC 4.0 22-MAR-2050 (SENIOR UNSECURED) 92343VFD1 214 2.73 0.0%

VERIZON COMMUNICATIONS INC 4.5 10-AUG-2033 (SENIOR) 92343VEA8 4,598 2.38 0.7%

Consumer Cyclical 15,589 2.58 2.3%

Automotive 7,558 2.58 1.1%

GENERAL MOTORS FINANCIAL CO INC 4.35 09-APR-2025 (SENIOR) 37045XCK0 2,260 5.44 0.3%

TOYOTA MOTOR CREDIT CORP 2.8 13-JUL-2022 (SENIOR) 89236TCQ6 3,080 1.15 0.4%

VOLKSWAGEN LEASING GMBH 1.625 15-AUG-2025 Reg-S (SENIOR) BIE0MB5T8 2,218 1.64 0.3%

Retailers 7,518 2.63 1.1%

COSTCO WHOLESALE CORPORATION 1.6 20-APR-2030 (SENIOR UNSECURED) 22160KAP0 689 1.71 0.1%

COSTCO WHOLESALE CORPORATION 1.75 20-APR-2032 (SENIOR UNSECURED) 22160KAQ8 284 1.78 0.0%

DOLLAR TREE INC 3.7 15-MAY-2023 (SENIOR) 256746AF5 1,444 2.00 0.2%

HOME DEPOT INC 2.7 15-APR-2030 (SENIOR UNSECURED) 437076CB6 428 1.93 0.1%

HOME DEPOT INC 3.35 15-APR-2050 (SENIOR UNSECURED) 437076CD2 388 2.82 0.1%

LOWES COMPANIES INC 4.55 05-APR-2049 (SENIOR) 548661DS3 2,033 3.37 0.3%

LOWES COMPANIES INC 5.125 15-APR-2050 (SENIOR UNSECURED) 548661DW4 807 3.46 0.1%

TJX COMPANIES INC 3.875 15-APR-2030 (SENIOR UNSECURED) 872540AT6 555 2.51 0.1%

TJX COMPANIES INC 4.5 15-APR-2050 (SENIOR UNSECURED) 872540AU3 327 3.28 0.0%

VF CORPORATION 2.4 23-APR-2025 (SENIOR UNSECURED) 918204BA5 564 2.06 0.1%

Consumer Cyclical Services 512 1.98 0.1%

MASTERCARD INC 3.3 26-MAR-2027 (SENIOR UNSECURED) 57636QAR5 285 1.49 0.0%

MASTERCARD INC 3.85 26-MAR-2050 (SENIOR UNSECURED) 57636QAQ7 227 2.60 0.0%

Consumer Non-Cyclical 37,532 1.74 5.5%

Food and Beverage 5,863 1.84 0.9%

ANHEUSER BUSCH INBEV NV 1.15 22-JAN-2027 Reg-S (SENIOR) BRTER53E5 1,463 0.78 0.2%

ANHEUSER-BUSCH COMPANIES LLC 3.65 01-FEB-2026 (SENIOR UNSECURED) 03522AAG5 870 1.89 0.1%

ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15 23-JAN-2025 (SENIOR) 03523TBX5 817 1.56 0.1%

BUNGE LIMITED FINANCE CORPORATION 4.35 15-MAR-2024 (SENIOR) 120568BA7 593 3.12 0.1%

COCA-COLA CO 1.45 01-JUN-2027 (SENIOR UNSECURED) 191216CU2 225 1.48 0.0%

COCA-COLA CO 2.5 01-JUN-2040 (SENIOR UNSECURED) 191216CW8 259 2.52 0.0%

MARS INCORPORATED 3.95 01-APR-2049 144a (SENIOR) 571676AF2 1,085 2.78 0.2%

MONDELEZ INTERNATIONAL INC 1.5 04-MAY-2025 (SENIOR UNSECURED) 609207AU9 552 1.61 0.1%

Healthcare 18,902 1.58 2.8%

ABBOTT IRELAND FINANCING DAC 1.5 27-SEP-2026 Reg-S (SENIOR) BIE0PA237 3,055 0.45 0.4%

ALCON FINANCE CORP 2.75 23-SEP-2026 144a (SENIOR UNSECURED) 01400EAA1 210 1.98 0.0%

BECTON DICKINSON AND COMPANY 1.401 24-MAY-2023 (SENIOR) 075887CH0 2,903 1.18 0.4%

CIGNA CORP 2.10888 15-JUL-2023 (SENIOR) 125523AC4 3,213 2.50 0.5%

CIGNA CORP 2.4 15-MAR-2030 (SENIOR UNSECURED) 125523CL2 370 2.29 0.1%

CIGNA CORP 3.2 15-MAR-2040 (SENIOR UNSECURED) 125523CJ7 362 2.99 0.1%

CIGNA CORP 4.125 15-NOV-2025 (SENIOR UNSECURED) 125523AG5 1,861 1.72 0.3%

CVS HEALTH CORP 3.7 09-MAR-2023 (SENIOR) 126650CV0 5,973 1.43 0.9%

CVS HEALTH CORP 3.75 01-APR-2030 (SENIOR UNSECURED) 126650DJ6 446 2.44 0.1%

CVS HEALTH CORP 4.78 25-MAR-2038 (SENIOR) 126650CY4 510 3.39 0.1%


Value (m)

Yield to

Worst

Market

Value %

Pharmaceuticals 11,420 1.78 1.7%

ABBVIE INC 1.375 17-MAY-2024 (SENIOR) 00287YBA6 1,575 0.40 0.2%

ABBVIE INC 2.6 21-NOV-2024 144a (SENIOR UNSECURED) 00287YBQ1 586 1.57 0.1%

ABBVIE INC 2.95 21-NOV-2026 144a (SENIOR UNSECURED) 00287YBU2 585 1.94 0.1%

ABBVIE INC 4.05 21-NOV-2039 144a (SENIOR UNSECURED) 00287YBR9 883 3.29 0.1%

AMGEN INC 2.2 21-FEB-2027 (SENIOR UNSECURED) 031162CT5 305 1.72 0.0%

AMGEN INC 2.45 21-FEB-2030 (SENIOR UNSECURED) 031162CU2 915 2.05 0.1%

BIOGEN INC 2.25 01-MAY-2030 (SENIOR UNSECURED) 09062XAH6 957 2.29 0.1%

BIOGEN INC 3.15 01-MAY-2050 (SENIOR UNSECURED) 09062XAG8 875 3.30 0.1%

BRISTOL-MYERS SQUIBB CO 2.9 26-JUL-2024 144a (SENIOR) 110122BZ0 909 1.21 0.1%

ELI LILLY AND COMPANY 3.375 15-MAR-2029 (SENIOR) 532457BV9 3,831 1.62 0.6%

Supermarkets 377 2.15 0.1%

KROGER CO 2.2 01-MAY-2030 (SENIOR UNSECURED) 501044DP3 377 2.15 0.1%

Tobacco 970 3.57 0.1%

IMPERIAL BRANDS FINANCE PLC 3.5 26-JUL-2026 144a (SENIOR UNSECURED) 45262BAB9 970 3.57 0.1%

Energy 21,486 4.96 3.1%

Independent 5,526 7.23 0.8%

MARATHON OIL CORP 2.8 01-NOV-2022 (SENIOR) 565849AK2 1,572 5.31 0.2%

MARATHON OIL CORP 4.4 15-JUL-2027 (SENIOR) 565849AP1 864 8.62 0.1%

NEWFIELD EXPLORATION COMPANY 5.375 01-JAN-2026 (SENIOR) 651290AR9 514 13.28 0.1%

NOBLE ENERGY INC 3.25 15-OCT-2029 (SENIOR UNSECURED) 655044AQ8 379 7.17 0.1%

NOBLE ENERGY INC 3.9 15-NOV-2024 (SENIOR) 655044AH8 1,712 6.54 0.2%

NOBLE ENERGY INC 4.2 15-OCT-2049 (SENIOR UNSECURED) 655044AR6 257 6.66 0.0%

NOBLE ENERGY INC 4.95 15-AUG-2047 (SENIOR) 655044AN5 205 7.47 0.0%

NOBLE ENERGY INC 5.05 15-NOV-2044 (SENIOR) 655044AJ4 23 7.43 0.0%

Integrated 2,948 1.67 0.4%

BP CAPITAL MARKETS PLC 1.077 26-JUN-2025 Reg-S (SENIOR) BRTB456R4 1,429 1.21 0.2%

EXXON MOBIL CORP 2.019 16-AUG-2024 (SENIOR UNSECURED) 30231GBC5 579 1.28 0.1%

EXXON MOBIL CORP 2.275 16-AUG-2026 (SENIOR) 30231GBD3 250 1.63 0.0%

EXXON MOBIL CORP 3.095 16-AUG-2049 (SENIOR UNSECURED) 30231GAZ5 690 2.97 0.1%

Oil Field Services 1,244 4.49 0.2%

SCHLUMBERGER HOLDINGS CORP 4.3 01-MAY-2029 144a (SENIOR) 806851AH4 1,244 4.49 0.2%

Midstream 11,767 4.76 1.7%

CHENIERE CORPUS CHRISTI HOLDINGS L 7.0 30-JUN-2024 (SECURED) 16412XAD7 1,487 4.89 0.2%

ENBRIDGE ENERGY PARTNERS LP 5.5 15-SEP-2040 (SENIOR) 29250RAT3 227 5.09 0.0%

ENERGY TRANSFER OPERATING LP 5.25 15-APR-2029 (SENIOR) 29278NAG8 1,258 4.96 0.2%

ENERGY TRANSFER OPERATING LP 6.25 15-APR-2049 (SENIOR) 29279FAA7 560 6.26 0.1%

ENTERPRISE PRODUCTS OPERATING LLC 4.2 31-JAN-2050 (SENIOR UNSECURED) 29379VBW2 444 4.21 0.1%

MPLX LP 4.125 01-MAR-2027 (SENIOR) 55336VAK6 1,066 4.69 0.2%

MPLX LP 5.5 15-FEB-2049 (SENIOR) 55336VAT7 939 5.51 0.1%

ONEOK INC 7.5 01-SEP-2023 (SENIOR) 682680AR4 2,097 4.79 0.3%

SABINE PASS LIQUEFACTION LLC 5.75 15-MAY-2024 (SECURED) 785592AJ5 2,437 4.32 0.4%

TENNESSEE GAS PIPELINE COMPANY LLC 2.9 01-MAR-2030 144a (SENIOR UNSECURED) 880451AZ2 796 3.45 0.1%

TRANSCANADA TRUST 5.5 15-SEP-2079 (JUNIOR SUB) 89356BAE8 455 5.50 0.1%

Technology 20,963 1.98 3.1%

ANALOG DEVICES INC 2.95 12-JAN-2021 (SENIOR) 032654AR6 169 1.06 0.0%

APPLE INC 2.05 11-SEP-2026 (SENIOR UNSECURED) 037833DN7 670 1.17 0.1%

BROADCOM INC 4.7 15-APR-2025 144a (SENIOR UNSECURED) 11135FAF8 293 2.43 0.0%

BROADCOM INC 5.0 15-APR-2030 144a (SENIOR UNSECURED) 11135FAH4 472 3.51 0.1%

FIDELITY NATIONAL INFORMATION SERV 1.5 21-MAY-2027 (SENIOR) BIE17MTW6 2,988 0.96 0.4%

FISERV INC 3.5 01-JUL-2029 (SENIOR) 337738AU2 2,242 2.28 0.3%




Underlying Description CUSIPMarket Value

(m)

Yield to

Worst

Market

Value %

GLOBAL PAYMENTS INC 2.65 15-FEB-2025 (SENIOR UNSECURED) 37940XAA0 833 1.99 0.1%

GLOBAL PAYMENTS INC 3.2 15-AUG-2029 (SENIOR UNSECURED) 37940XAB8 1,028 2.80 0.2%

INTERNATIONAL BUSINESS MACHINES CO 1.95 15-MAY-2030 (SENIOR UNSECURED) 459200KJ9 573 1.99 0.1%

INTERNATIONAL BUSINESS MACHINES CO 3.0 15-MAY-2024 (SENIOR UNSECURED) 459200JY8 1,873 1.16 0.3%

LAM RESEARCH CORPORATION 1.9 15-JUN-2030 (SENIOR UNSECURED) 512807AV0 154 1.93 0.0%

LAM RESEARCH CORPORATION 2.875 15-JUN-2050 (SENIOR UNSECURED) 512807AW8 698 2.89 0.1%

MICROCHIP TECHNOLOGY INCORPORATED 3.922 01-JUN-2021 (1ST LIEN) 595017AN4 341 2.34 0.0%

MICROCHIP TECHNOLOGY INCORPORATED 4.333 01-JUN-2023 (SECURED) 595017AP9 2,270 3.01 0.3%

NVIDIA CORPORATION 2.85 01-APR-2030 (SENIOR UNSECURED) 67066GAF1 546 1.84 0.1%

NXP BV 3.4 01-MAY-2030 144a (SENIOR UNSECURED) 62954HAD0 187 3.29 0.0%

NXP BV 4.875 01-MAR-2024 144a (SENIOR) 62947QAZ1 3,081 2.44 0.4%

NXP BV/NXP FUNDING LLC 4.3 18-JUN-2029 144a (SENIOR UNSECURED) 62954HAB4 81 3.45 0.0%

NXP BV/NXP FUNDING LLC/NXP USA 2.7 01-MAY-2025 144a (SENIOR UNSECURED) 62954HAE8 96 2.41 0.0%

ORACLE CORPORATION 2.4 15-SEP-2023 (SENIOR) 68389XBL8 1,598 0.88 0.2%

ORACLE CORPORATION 2.95 01-APR-2030 (SENIOR UNSECURED) 68389XBV6 769 1.87 0.1%

Transportation 10,793 4.32 1.6%

Airlines 6,306 5.59 0.9%

DELTA AIR LINES INC 7.0 01-MAY-2025 144a (1ST LIEN) 247361ZX9 1,252 6.39 0.2%

UNITED AIRLINES 2014-2 CLASS A PAS EETC 3.75 03-SEP-2026 (SENIOR) 90932QAA4 1,121 6.78 0.2%

UNITED AIRLINES INC 2015-1-AA 3.45 01-JUN-2029 (SECURED) 90932LAA5 3,933 5.00 0.6%

Railroads 4,487 2.52 0.7%

UNION PACIFIC CORPORATION 2.4 05-FEB-2030 (SENIOR UNSECURED) 907818FH6 2,413 2.03 0.4%

UNION PACIFIC CORPORATION 3.25 05-FEB-2050 (SENIOR UNSECURED) 907818FK9 2,074 3.09 0.3%

Industrial Other 1,903 1.91 0.3%

CK HUTCHISON INTERNATIONAL (17) LT 2.875 05-APR-2022 144a (SENIOR) 12563UAA5 1,903 1.91 0.3%

Utility 45,514 2.48 6.6%

Electric 40,811 2.51 6.0%

AEP TEXAS INC 3.45 15-JAN-2050 (SENIOR UNSECURED) 00108WAK6 219 2.88 0.0%

AEP TEXAS INC 4.15 01-MAY-2049 (SENIOR) 00108WAJ9 2,136 3.17 0.3%

ATLANTIC CITY ELECTRIC CO MORT 4.0 15-OCT-2028 (SECURED) 048303CH2 205 2.16 0.0%

AVANGRID INC 3.15 01-DEC-2024 (SENIOR) 05351WAA1 1,000 1.68 0.1%

AVANGRID INC 3.2 15-APR-2025 (SENIOR UNSECURED) 05351WAC7 862 1.99 0.1%

BERKSHIRE HATHAWAY ENERGY CO 4.25 15-OCT-2050 144a (SENIOR UNSECURED) 084659AW1 546 2.85 0.1%

CENTERPOINT ENERGY INC 3.85 01-FEB-2024 (SENIOR) 15189TAU1 3,338 1.89 0.5%

CLEVELAND ELECTRIC ILLUMINATING CO 3.5 01-APR-2028 144a (SENIOR) 186108CK0 1,421 2.50 0.2%

CLP POWER HONG KONG FINANCING LTD 2.875 26-APR-2023 Reg-S (SENIOR) BRSG160T7 988 1.88 0.1%

CONSUMERS ENERGY COMPANY MORT 3.8 15-NOV-2028 (SECURED) 210518DC7 2,364 1.67 0.3%

DUKE ENERGY CORP PERP 4.875 31-DEC-2049 (CAPSEC (BTP)) 26441CBG9 862 4.06 0.1%

DUKE ENERGY INDIANA LLC 2.75 01-APR-2050 (SECURED) 26443TAC0 1,168 2.65 0.2%

DUKE ENERGY INDIANA LLC 3.25 01-OCT-2049 (SECURED) 26443TAB2 487 2.72 0.1%

ENEL SPA HYBRID 8.75 24-SEP-2073 144a (CAPSEC (BTP)) 29265WAA6 886 4.46 0.1%

ENTERGY LOUISIANA LLC MORT 4.0 15-MAR-2033 (SECURED) 29364WBA5 2,868 2.20 0.4%

ENTERGY LOUISIANA LLC MORT 4.95 15-JAN-2045 (SECURED) 29364WAV0 181 3.03 0.0%

ENTERGY TEXAS INC 3.55 30-SEP-2049 (First Mortgage) 29365TAJ3 440 2.83 0.1%

EVERGY KANSAS CENTRAL INC MORT 3.45 15-APR-2050 (SECURED) 30036FAA9 995 2.71 0.1%

EXELON CORPORATION 3.95 15-JUN-2025 (SENIOR) 30161NAN1 2,140 1.68 0.3%

FIRSTENERGY TRANSMISSION LLC 4.55 01-APR-2049 144a (SENIOR) 33767BAC3 1,195 3.51 0.2%

LOUISVILLE GAS AND ELECTRIC COMPAN 4.25 01-APR-2049 (SENIOR) 546676AY3 1,026 2.92 0.1%

MIDAMERICAN ENERGY COMPANY 3.15 15-APR-2050 (SENIOR) 595620AV7 562 2.50 0.1%

NATIONAL RURAL UTILITIES COOP FINA 5.25 20-APR-2046 (CAPSEC (BTP)) 637432NK7 447 4.40 0.1%

NATIONAL RURAL UTILITIES COOP FINA HYBRID 4.75 30-APR-2043 (CAPSEC (BTP)) 637432MT9 740 3.70 0.1%

NEVADA POWER COMPANY 3.125 01-AUG-2050 (SECURED) 641423CE6 410 2.77 0.1%

NEXTERA ENERGY CAPITAL HOLDINGS IN 3.15 01-APR-2024 (SENIOR) 65339KBG4 2,737 1.47 0.4%


Value (m)

Yield to

Worst

Market

Value %

NRG ENERGY INC 3.75 15-JUN-2024 144a (1ST LIEN) 629377CK6 488 3.11 0.1%

NRG ENERGY INC 4.45 15-JUN-2029 144a (1ST LIEN) 629377CL4 796 4.04 0.1%

OGLETHORPE POWER CORPORATION MORT 5.05 01-OCT-2048 (SECURED) 677050AN6 663 4.20 0.1%

PACIFICORP 2.7 15-SEP-2030 (SECURED) 695114CW6 169 1.75 0.0%

PACIFICORP 3.3 15-MAR-2051 (SECURED) 695114CX4 237 2.69 0.0%

PACIFICORP MORT 3.5 15-JUN-2029 (SECURED) 695114CU0 3,214 1.82 0.5%

SOUTHERN CALIFORNIA EDISON COMPANY 3.65 01-FEB-2050 (SECURED) 842400GT4 735 3.19 0.1%

SOUTHERN CALIFORNIA EDISON COMPANY 4.875 01-MAR-2049 (SECURED) 842400GR8 1,083 3.37 0.2%

SOUTHERN CALIFORNIA EDISON COMPANY MORT 4.0 01-APR-2047 (SECURED) 842400GG2 541 3.36 0.1%

TRANS-ALLEGHENY INTERSTATE LINE CO 3.85 01-JUN-2025 144a (SENIOR) 893045AE4 362 1.38 0.1%

VISTRA OPERATIONS COMPANY LLC 3.55 15-JUL-2024 144a (1ST LIEN) 92840VAD4 1,268 3.34 0.2%

XCEL ENERGY INC 2.6 01-DEC-2029 (SENIOR UNSECURED) 98389BAW0 248 2.06 0.0%

XCEL ENERGY INC 3.4 01-JUN-2030 (SENIOR UNSECURED) 98389BAY6 363 2.08 0.1%

XCEL ENERGY INC 3.5 01-DEC-2049 (SENIOR UNSECURED) 98389BAX8 419 2.98 0.1%

Natural Gas 1,976 2.29 0.3%

BROOKLYN UNION GAS CO 3.865 04-MAR-2029 144a (SENIOR) 114259AT1 1,557 2.29 0.2%

NISOURCE INC 3.6 01-MAY-2030 (SENIOR UNSECURED) 65473PAJ4 419 2.28 0.1%

Utility Other 2,728 2.17 0.4%

AMERICAN WATER CAPITAL CORP 3.45 01-JUN-2029 (SENIOR) 03040WAU9 1,975 1.96 0.3%

ESSENTIAL UTILITIES INC 2.704 15-APR-2030 (SENIOR UNSECURED) 29670GAD4 380 2.39 0.1%

ESSENTIAL UTILITIES INC 3.351 15-APR-2050 (SENIOR UNSECURED) 29670GAE2 372 3.10 0.1%

Financial Institutions 96,822 2.76 14.1%

Banking 70,215 2.29 10.2%

ALLY FINANCIAL INC 8.0 01-NOV-2031 (SENIOR) 36186CBY8 1,286 5.39 0.2%

BANK OF AMERICA CORP 2.496 13-FEB-2031 (SENIOR UNSECURED) 06051GHZ5 1,504 2.27 0.2%

BANK OF AMERICA CORP 2.592 29-APR-2031 (SENIOR UNSECURED) 06051GJB6 487 2.29 0.1%

BANK OF AMERICA CORP 2.625 19-OCT-2020 (SENIOR) 06051GFT1 1,955 1.15 0.3%

BANK OF AMERICA CORP 3.458 15-MAR-2025 (SENIOR) 06051GHR3 2,564 1.84 0.4%

BANK OF AMERICA CORP 4.083 20-MAR-2051 (SENIOR UNSECURED) 06051GJA8 635 3.04 0.1%

BANK OF MONTREAL 1.85 01-MAY-2025 (SENIOR UNSECURED) 06367WB85 1,370 1.77 0.2%

BB&T CORP 3.875 19-MAR-2029 (SUB) 05531GAB7 1,136 3.07 0.2%

BRANCH BANKING AND TRUST COMPANY 2.15 06-DEC-2024 (SENIOR UNSECURED) 07330NAT2 258 1.61 0.0%

BRANCH BANKING AND TRUST COMPANY 2.636 17-SEP-2029 (SUB) 07330MAC1 474 1.89 0.1%

CITIBANK NA 3.4 23-JUL-2021 (SENIOR) 17325FAQ1 2,188 1.19 0.3%

CITIGROUP INC 2.75 24-JAN-2024 (SENIOR) BIE0YPK26 2,614 1.92 0.4%

CITIGROUP INC 3.106 08-APR-2026 (SENIOR UNSECURED) 172967MQ1 4,929 2.21 0.7%

CITIZENS BANK NA 3.7 29-MAR-2023 (SENIOR) 17401QAQ4 573 1.93 0.1%

CITIZENS FINANCIAL GROUP INC 2.85 27-JUL-2026 (SENIOR UNSECURED) 174610AR6 2,346 2.78 0.3%

CITIZENS FINANCIAL GROUP INC T2 4.3 03-DEC-2025 (SUB) 174610AK1 1,437 2.82 0.2%

CREDIT AGRICOLE SA (NEW YORK BRANC 3.25 14-JAN-2030 144a (SUB) 225313AM7 2,918 3.08 0.4%

CREDIT SUISSE GROUP AG 2.593 11-SEP-2025 144a (SENIOR UNSECURED) 225401AM0 651 2.44 0.1%

CREDIT SUISSE GROUP AG 4.194 01-APR-2031 144a (SENIOR UNSECURED) 225401AP3 880 3.13 0.1%

FIFTH THIRD BANCORP 2.375 28-JAN-2025 (SENIOR UNSECURED) 316773CY4 481 1.99 0.1%

FIFTH THIRD BANCORP 3.65 25-JAN-2024 (SENIOR) 316773CX6 572 1.97 0.1%

FIFTH THIRD BANK T2 3.85 15-MAR-2026 (SUB) 31677AAB0 1,513 2.43 0.2%

GOLDMAN SACHS GROUP INC 6.0 15-JUN-2020 (SENIOR) 38141EA66 1,691 1.67 0.2%

GOLDMAN SACHS GROUP INC/THE 2.6 07-FEB-2030 (SENIOR UNSECURED) 38141GXG4 523 2.72 0.1%

GOLDMAN SACHS GROUP INC/THE 3.5 01-APR-2025 (SENIOR UNSECURED) 38141GXJ8 305 2.07 0.0%

HUNTINGTON NATIONAL BANK (THE) 3.125 01-APR-2022 (SENIOR) 44644AAH0 2,999 1.37 0.4%





Value (m)

Yield to

Worst

Market

Value %

JPMORGAN CHASE & CO 2.522 22-APR-2031 (SENIOR UNSECURED) 46647PBL9 640 2.19 0.1%

JPMORGAN CHASE & CO 3.109 22-APR-2041 (SENIOR UNSECURED) 46647PBM7 369 2.81 0.1%

JPMORGAN CHASE & CO 3.109 22-APR-2051 (SENIOR UNSECURED) 46647PBN5 550 2.83 0.1%

JPMORGAN CHASE & CO 3.702 06-MAY-2030 (SENIOR) 46647PBD7 920 2.36 0.1%

JPMORGAN CHASE & CO 4.023 05-DEC-2024 (SENIOR) 46647PAY2 1,257 1.64 0.2%

JPMORGAN CHASE & CO 5.0 31-DEC-2049 (JUNIOR SUB) 48128BAF8 580 4.20 0.1%

JPMORGAN CHASE & CO PERP 4.6 31-DEC-2049 (CAPSEC (BTP)) 48128BAG6 209 4.12 0.0%

KEYBANK NA T2 3.4 20-MAY-2026 (SUB) 49327V2A1 2,906 2.55 0.4%

KEYBANK NATIONAL ASSOCIATION 2.4 09-JUN-2022 (SENIOR) 49327M2S2 258 1.36 0.0%

MANUFACTURERS AND TRADERS TRUST CO 2.5 18-MAY-2022 (SENIOR) 55279HAL4 405 1.10 0.1%

MORGAN STANLEY 1.66763 08-MAY-2024 (SENIOR) 61744YAG3 931 2.10 0.1%

MORGAN STANLEY 2.188 28-APR-2026 (SENIOR UNSECURED) 6174468Q5 703 1.93 0.1%

MORGAN STANLEY 3.622 01-APR-2031 (SENIOR UNSECURED) 6174468P7 530 2.46 0.1%

MORGAN STANLEY 5.597 24-MAR-2051 (SENIOR UNSECURED) 6174468N2 768 3.33 0.1%

MORGAN STANLEY LT2 5.0 24-NOV-2025 (SUB) 6174467X1 1,539 2.47 0.2%

NORTHERN TRUST CORPORATION 1.95 01-MAY-2030 (SENIOR UNSECURED) 665859AV6 918 1.97 0.1%

PNC BANK NATIONAL ASSOCIATION LT2 2.7 01-NOV-2022 (SUB) 69349LAG3 712 1.28 0.1%

PNC BANK NATIONAL ASSOCIATION T2 4.05 26-JUL-2028 (SUB) 69349LAR9 744 2.37 0.1%

PNC FINANCIAL SERVICES GROUP INC ( 2.6 23-JUL-2026 (SENIOR UNSECURED) 693475AX3 2,325 1.81 0.3%

REGIONS FINANCIAL CORPORATION 2.75 14-AUG-2022 (SENIOR) 7591EPAM2 312 1.92 0.0%

REGIONS FINANCIAL CORPORATION 3.8 14-AUG-2023 (SENIOR) 7591EPAP5 565 1.95 0.1%

STATE STREET CORP 3.3 16-DEC-2024 (SENIOR) 857477AN3 2,039 1.23 0.3%

SUNTRUST BANK BN 2.45 01-AUG-2022 (SENIOR) 86787EAT4 488 1.40 0.1%

SUNTRUST BANK BN 3.0 02-FEB-2023 (SENIOR) 86787EAV9 383 1.43 0.1%

SUNTRUST BANKS INC 2.7 27-JAN-2022 (SENIOR) 867914BM4 1,081 1.31 0.2%

TRUIST BANK 2.25 11-MAR-2030 (SUB) 89788KAA4 517 2.56 0.1%

US BANCORP 3.0 30-JUL-2029 (SUB) 91159HHW3 1,271 2.37 0.2%

US BANCORP 3.95 17-NOV-2025 (SENIOR) 91159HHU7 183 1.09 0.0%

US BANCORP CAPITAL I T1-P 5.125 31-DEC-2049 (CAPSEC (BTP)) 902973AY2 1,928 5.13 0.3%

US BANCORP LT2 3.6 11-SEP-2024 (SUB) 91159HHK9 2,671 1.53 0.4%

US BANK NATIONAL ASSOCIATION 3.4 24-JUL-2023 (SENIOR) 90331HNV1 410 1.10 0.1%

WELLS FARGO & COMPANY 3.068 30-APR-2041 (SENIOR UNSECURED) 95000U2Q5 415 3.13 0.1%

WELLS FARGO CAPITAL X T1 5.95 01-DEC-2086 (CAPSEC (BTP)) 949746NL1 1,665 3.53 0.2%

ZIONS BANCORPORATION NATIONAL ASSO 3.35 04-MAR-2022 (SENIOR) 98971DAA8 736 3.22 0.1%

Brokerage/Asset Managers/Exchanges 6,152 2.91 0.9%

CHARLES SCHWAB CORPORATION (THE) 3.2 25-JAN-2028 (SENIOR) 808513AU9 215 2.21 0.0%

CHARLES SCHWAB CORPORATION (THE) 3.25 21-MAY-2021 (SENIOR) 808513AW5 222 1.16 0.0%

CHARLES SCHWAB CORPORATION (THE) 3.85 21-MAY-2025 (SENIOR) 808513AX3 1,350 1.17 0.2%

CHARLES SCHWAB CORPORATION (THE) PERP 5.375 31-DEC-2049 (CAPSEC (BTP)) 808513BD6 650 4.52 0.1%

JEFFERIES GROUP INC 6.5 20-JAN-2043 (SENIOR) 472319AM4 630 6.02 0.1%

JEFFERIES GROUP LLC 4.15 23-JAN-2030 (SENIOR) 47233JBH0 885 4.22 0.1%

TIAA ASSET MANAGEMENT FINANCE COMP 4.125 01-NOV-2024 144a (SENIOR) 87246YAC0 2,199 2.33 0.3%

Finance Companies 3,300 6.58 0.5%

AERCAP IRELAND CAPITAL LTD / AERCA 3.65 21-JUL-2027 (SENIOR) 00774MAB1 1,543 6.58 0.2%

AIR LEASE CORPORATION 3.0 01-FEB-2030 (SENIOR UNSECURED) 00914AAG7 789 5.69 0.1%

INTERNATIONAL LEASE FINANCE CORP 8.625 15-JAN-2022 (SENIOR) 459745GK5 967 7.31 0.1%


Value (m)

Yield to

Worst

Market

Value %

Insurance 10,689 4.91 1.6%

Life Insurance 5,104 8.57 0.7%

METLIFE INC 3.6 13-NOV-2025 (SENIOR) 59156RBQ0 1,116 1.62 0.2%

METLIFE INC T1-P 5.25 31-DEC-2049 (CAPSEC (BTP)) 59156RBP2 559 50.00 0.1%

PRUDENTIAL FINANCIAL INC HYBRID 5.375 15-MAY-2045 (CAPSEC (BTP)) 744320AV4 1,610 4.98 0.2%

PRUDENTIAL FINANCIAL INC PERP 3.7 13-MAR-2051 (CAPSEC (BTP)) 74432QCF0 973 3.36 0.1%

REINSURANCE GROUP OF AMERICA INCOR 3.9 15-MAY-2029 (SENIOR) 759351AN9 845 3.22 0.1%

Property and Casualty 5,585 1.56 0.8%

ALLSTATE CORPORATION (THE) 3.28 15-DEC-2026 (SENIOR) 020002BD2 1,921 1.76 0.3%

CHUBB INA HOLDINGS INC 0.875 15-JUN-2027 (SENIOR) 171239AC0 3,152 1.10 0.5%

XLIT LTD T2 5.5 31-MAR-2045 (CAPSEC (BTP)) 98420EAD7 512 3.69 0.1%

REITs 4,426 2.77 0.6%

Other REIT 4,426 2.77 0.6%

AMTT_13-2A 3.07 15-MAR-2048 144a 03027WAJ1 1,081 1.92 0.2%

CUBESMART LP 3.0 15-FEB-2030 (SENIOR UNSECURED) 22966RAF3 2,081 3.27 0.3%

DIGITAL REALTY TRUST LP 3.6 01-JUL-2029 (SENIOR UNSECURED) 25389JAU0 1,265 2.67 0.2%

Financial Other 2,039 0.94 0.3%

VONOVIA FINANCE BV 1.5 22-MAR-2026 Reg-S (SENIOR) BRTFYMNM7 2,039 0.94 0.3%

High Yield 102,273 6.58 14.9%

Industrial 82,053 6.97 12.0%


Chemicals 1,972 6.52 0.3%

METHANEX CORPORATION 5.25 15-DEC-2029 (SENIOR) 59151KAL2 354 7.55 0.1%

OLIN CORP 5.0 01-FEB-2030 (SENIOR) 680665AK2 1,122 6.73 0.2%

POLYONE CORPORATION 5.75 15-MAY-2025 144a (SENIOR UNSECURED) 73179PAM8 496 5.33 0.1%


FREEPORT-MCMORAN COPPER & GOLD INC 5.45 15-MAR-2043 (SENIOR) 35671DBC8 1,336 6.04 0.2%

HUDBAY MINERALS INC 7.625 15-JAN-2025 144a (SENIOR) 443628AG7 815 10.07 0.1%

IAMGOLD CORP 7.0 15-APR-2025 144a (SENIOR) 450913AE8 214 6.43 0.0%

JOSEPH T RYERSON & SON INC 11.0 15-MAY-2022 144a (SECURED) 48088LAA5 493 12.93 0.1%

NOVELIS CORP 5.875 30-SEP-2026 144a (SENIOR) 670001AC0 859 6.31 0.1%

TMS INTERNATIONAL CORP 7.25 15-AUG-2025 144a (SENIOR) 87261QAB9 561 13.99 0.1%



BOMBARDIER INC 7.5 15-MAR-2025 144a (SENIOR) 097751BM2 441 18.62 0.1%

BOMBARDIER INC 7.875 15-APR-2027 144a (SENIOR) 097751BT7 176 16.40 0.0%

TRANSDIGM INC 6.25 15-MAR-2026 144a (SECURED) 893647BE6 1,447 6.59 0.2%


BMC EAST LLC 5.5 01-OCT-2024 144a (SECURED) 055604AA0 736 6.63 0.1%

BOISE CASCADE CO 5.625 01-SEP-2024 144a (SENIOR) 09739DAC4 717 5.51 0.1%

NEW ENTERPRISE STONE & LIME CO INC 10.125 01-APR-2022 144a (SENIOR) 644274AE2 1,234 10.14 0.2%

STANDARD INDUSTRIES INC (DELAWARE) 6.0 15-OCT-2025 144a (SENIOR) 120111BN8 2,457 4.46 0.4%

Construction Machinery 3,362 5.17 0.5%

UNITED RENTALS (NORTH AMERICA) INC 5.25 15-JAN-2030 (SENIOR) 911365BL7 1,278 5.14 0.2%

UNITED RENTALS (NORTH AMERICA) INC 5.875 15-SEP-2026 (SENIOR) 911365BE3 1,215 5.00 0.2%

UNITED RENTALS (NORTH AMERICA) INC 6.5 15-DEC-2026 (SENIOR) 911365BK9 869 5.45 0.1%


ENPRO INDUSTRIES INC 5.75 15-OCT-2026 (SENIOR) 29355XAG2 1,245 6.09 0.2%

Packaging 3,255 6.48 0.5%

ARDAGH PACKAGING FINANCE PLC/ARDAG 6.0 15-FEB-2025 144a (SENIOR) 03969AAL4 1,193 5.72 0.2%

BERRY GLOBAL ESCROW CORPORATION 5.625 15-JUL-2027 144a (2ND LIEN) 085770AB1 1,504 4.60 0.2%

BWAY HOLDING CO 7.25 15-APR-2025 144a (SENIOR) 12429TAE4 558 13.19 0.1%

Environmental 1,243 6.45 0.2%

COVANTA HOLDING CORP 5.875 01-JUL-2025 (SENIOR) 22282EAG7 1,243 6.45 0.2%





Value (m)

Yield to

Worst

Market

Value %

Energy 12,223 11.69 1.8%

Independent 5,310 10.70 0.8%

CONTINENTAL RESOURCES INC 3.8 01-JUN-2024 (SENIOR) 212015AN1 1,096 8.93 0.2%

MURPHY OIL CORPORATION 5.75 15-AUG-2025 (SENIOR) 626717AJ1 421 14.11 0.1%

MURPHY OIL CORPORATION 5.875 01-DEC-2027 (SENIOR UNSECURED) 626717AM4 1,204 12.48 0.2%

OCCIDENTAL PETROLEUM CORPORATION 2.9 15-AUG-2024 (SENIOR UNSECURED) 674599CW3 532 9.74 0.1%

SOUTHWESTERN ENERGY COMPANY 7.75 01-OCT-2027 (SENIOR) 845467AN9 2,057 10.16 0.3%

Oil Field Services 981 31.77 0.1%

PRECISION DRILLING CORPORATION 7.125 15-JAN-2026 144a (SENIOR) 740212AL9 248 28.92 0.0%

PRECISION DRILLING CORPORATION 7.75 15-DEC-2023 (SENIOR) 740212AK1 307 36.33 0.0%

TRANSOCEAN INC 7.25 01-NOV-2025 144a (SENIOR) 893830BK4 425 30.14 0.1%

Midstream 5,932 9.26 0.9%

CHENIERE ENERGY PARTNERS LP 5.25 01-OCT-2025 (SENIOR) 16411QAB7 873 6.11 0.1%

CRESTWOOD MIDSTREAM PARTNERS LP 5.625 01-MAY-2027 144a (SENIOR) 226373AQ1 934 13.32 0.1%

ENERGY TRANSFER OPERATING LP PERP 7.125 15-DEC-2049 (CAPSEC (BTP)) 29278NAT0 842 8.43 0.1%

GENESIS ENERGY LP/ GENESIS ENERGY 6.5 01-OCT-2025 (SENIOR) 37185LAJ1 1,520 10.27 0.2%

TARGA RESOURCES PARTNERS LP 5.375 01-FEB-2027 (SENIOR) 87612BBE1 851 8.22 0.1%

TARGA RESOURCES PARTNERS LP 5.875 15-APR-2026 (SENIOR) 87612BBJ0 913 8.20 0.1%

Technology 6,350 5.78 0.9%

CDK GLOBAL INC 5.0 15-OCT-2024 (SENIOR) 12508EAD3 1,638 3.93 0.2%

COMMSCOPE TECHNOLOGIES LLC 5.0 15-MAR-2027 144a (SENIOR) 20338HAB9 992 7.63 0.1%

IRON MOUNTAIN US HOLDINGS INC 5.375 01-JUN-2026 144a (SENIOR) 46289RAA3 1,136 5.32 0.2%

SS&C TECHNOLOGIES INC 5.5 30-SEP-2027 144a (SENIOR) 78466CAC0 1,264 4.81 0.2%

VERSCEND ESCROW CORP 9.75 15-AUG-2026 144a (SENIOR) 92535WAA8 1,320 8.03 0.2%

Utility 5,766 4.65 0.8%

Electric 5,267 4.27 0.8%

CALPINE CORP 5.25 01-JUN-2026 144a (SECURED) 131347CK0 1,332 4.63 0.2%

VISTRA OPERATIONS COMPANY LLC 5.0 31-JUL-2027 144a (SENIOR UNSECURED) 92840VAF9 853 4.36 0.1%

VISTRA OPERATIONS COMPANY LLC 5.5 01-SEP-2026 144a (SENIOR) 92840VAA0 1,584 4.35 0.2%

VISTRA OPERATIONS COMPANY LLC 5.625 15-FEB-2027 144a (SENIOR) 92840VAB8 1,497 3.82 0.2%

Natural Gas 499 8.60 0.1%

NISOURCE INC PERP 5.65 31-DEC-2049 (SUB) 65473PAG0 499 8.60 0.1%


Banking 4,602 5.53 0.7%

CREDIT SUISSE GROUP AG AT1-P 6.25 31-DEC-2049 144a (CAPSEC (BTP)) 225436AA2 2,000 4.28 0.3%

MORGAN STANLEY AT1-P 5.55 31-DEC-2049 (CAPSEC (BTP)) 617474AA9 140 4.90 0.0%

ROYAL BANK OF SCOTLAND GROUP PLC AT1-P 8.625 31-DEC-2049 (CAPSEC (BTP)) 780097BB6 2,182 6.66 0.3%

UBS GROUP FUNDING SWITZERLAND AG AT1-P 6.875 31-DEC-2049 Reg-S (CAPSEC (BTP)) BRT0458G0 279 5.91 0.0%

Insurance 9,853 4.97 1.4%

Health Insurance 4,988 3.07 0.7%

CENTENE CORPORATION 3.375 15-FEB-2030 144a (SENIOR UNSECURED) 15135BAU5 3,378 3.20 0.5%

CENTENE CORPORATION 4.625 15-DEC-2029 144a (SENIOR UNSECURED) 15135BAS0 1,610 2.78 0.2%


ASSUREDPARTNERS INC 7.0 15-AUG-2025 144a (SENIOR) 04624VAA7 619 8.49 0.1%

GTCR (AP) FINANCE INC 8.0 15-MAY-2027 144a (SENIOR) 40060QAA3 19 9.13 0.0%

HUB INTERNATIONAL LTD 7.0 01-MAY-2026 144a (SENIOR) 44332PAD3 1,546 7.15 0.2%

USIS MERGER SUB INC 6.875 01-MAY-2025 144a (SENIOR) 91739VAA6 2,680 6.40 0.4%

Bank Loans 45,220 5.70 6.6%

IG Rated 1,374 2.55 0.2%


Brokerage/Asset Managers/Exchanges 1,374 2.55 0.2%

RPI 2019 INTERMEDIATE FINANCE TRUS TL-B 2.07963 07-FEB-2027 BIE1RJFP1 1,374 2.55 0.2%


Value (m)

Yield to

Worst

Market

Value %

HY Rated 43,845 5.80 6.4%

Industrial 35,397 5.18 5.2%



TRANSDIGM INC TL-F 2.57963 31-DEC-2025 BIE1R25F1 1,579 5.12 0.2%


QUIKRETE HOLDINGS INC TL-B 2.82963 29-JAN-2027 BIE1QSMT6 1,607 3.97 0.2%

Diversified Manufacturing 326 6.44 0.0%

HUSKY IMS (TITAN ACQUISITION LTD) TL-B 5.23438 28-MAR-2025 BRTFW0YQ6 326 6.44 0.0%

Packaging 1,871 4.26 0.3%

BERRY GLOBAL INC TL-U 01-JUL-2026 BIE1NY136 1,427 3.12 0.2%

BWAY HOLDING COMPANY TL-B 5.5895 03-APR-2024 BRT92S469 444 7.94 0.1%


Cable and Satellite 654 5.02 0.1%

RCN GRANDE COMMUNICATIONS TL 5.23438 01-FEB-2024 BRT72SAC3 654 5.02 0.1%

Media and Entertainment 3,083 3.31 0.4%

LAMAR MEDIA CORP TL-B 1.82963 30-JAN-2027 BIE1QT274 1,722 2.44 0.3%

NEXSTAR BROADCASTING INC TL-B 19-SEP-2026 BIE19VQF4 1,360 4.41 0.2%

Wirelines 2,259 3.95 0.3%

CENTURYLINK INC TL-B 2.57963 15-MAR-2027 BIE1QN053 1,634 3.46 0.2%

FRONTIER COMMUNICATIONS CORPORATIO TL-B1 5.99 15-JUN-2024 BRTAJJRQ9 625 5.22 0.1%


Gaming 1,689 4.38 0.2%

STARS GROUP HOLDINGS (AMAYA) TL 5.82988 10-JUL-2025 BRTJGZKC5 1,689 4.38 0.2%


Consumer Products 1,666 2.68 0.2%

REYNOLDS CONSUMER PRODUCTS LLC TL 04-FEB-2027 BIE1QUZW0 1,666 2.68 0.2%

Food and Beverage 244 34.62 0.0%

PABST BREWING CO(BLUE RIBBON LLC) TL 6.26563 15-NOV-2021 BRSQAA876 244 34.62 0.0%

Healthcare 4,722 6.15 0.7%

AIR MEDICAL GROUP HOLDINGS INC TL-B 5.432 28-APR-2022 BRTFHAZF4 464 8.75 0.1%

ATHENAHEALTH INC TL-B 6.68104982456013 11-FEB-2026 BRTQBPMR1 1,575 6.60 0.2%

EXAMWORKS GROUP INC TL-B 5.48438 27-JUL-2023 BRT8B6006 1,398 5.52 0.2%

KINDRED AT HOME TL 4.15363 02-JUL-2025 BIE1QN3B7 1,284 5.36 0.2%


ELANCO ANIMAL HEALTH INC TL-B 2.15363 04-FEB-2027 BIE1R6Z77 2,491 2.65 0.4%

Energy 1,026 8.19 0.1%


SUMMIT MIDSTREAM PARTNERS HOLDINGS TL-B 8.23438 13-MAY-2022 BRT96ZC52 85 50.00 0.0%

Midstream 941 4.41 0.1%

HERCULES MERGER SUB LLC TL 4.2005 16-OCT-2026 BIE1HL6J1 941 4.41 0.1%

Technology 8,360 6.89 1.2%

APPLIED SYSTEMS INC TL 9.32988 19-SEP-2025 BRTCJNPC9 1,965 8.93 0.3%

INFORMATICA CORP TL-B 4.70013 14-FEB-2025 BIE1RVVX9 1,010 5.26 0.1%

INFORMATICA LLC TL-B 3.57963 14-FEB-2027 BIE1RVSN5 635 4.22 0.1%

KRONOS INCORPORATED TL 10.50313 01-NOV-2024 BRT5S1CX0 1,304 10.48 0.2%

KRONOS INCORPORATED TL 5.25313 01-NOV-2023 BRTA784A6 1,641 5.12 0.2%

ULTIMATE SOFTWARE GROUP INC (THE) TL-B 6.07988 15-APR-2026 BRTSAM3J4 1,172 5.24 0.2%

VERSCEND HOLDING CORP TL-B 6.73438 27-AUG-2025 BRTKNA3H7 632 6.13 0.1%

Transportation 469 10.40 0.1%

Airlines 469 10.40 0.1%

AMERICAN AIRLINES INC TL-B 4.19513 14-DEC-2023 BRTDLDWF1 469 10.40 0.1%

Industrial Other 3,351 2.81 0.5%

INGERSOLL-RAND SERVICES CO TL-B 2.07963 28-FEB-2027 BIE1RJ8E4 2,246 2.94 0.3%

RPI INTERMEDIATE FINANCE TRUST TL-B 2.07963 07-FEB-2027 BIE1RJF22 1,106 2.55 0.2%





Value (m)

Yield to

Worst

Market

Value %

Utility 3,169 13.91 0.5%

Electric 1,312 19.79 0.2%

CALPINE CORPORATION TL-B5 15-JAN-2024 BIE1PH1F4 353 3.49 0.1%

PANDA LIBERTY LLC TL-B2 7.9505 21-AUG-2020 BIE1PSX57 670 29.40 0.1%

PANDA PATRIOT LLC TL-B2-DD 19-DEC-2020 BIE1SBJF5 289 17.41 0.0%

Natural Gas 384 17.05 0.1%

PANDA PATRIOT LLC TL-B1 7.2005 19-DEC-2020 BIE1QQL04 384 17.05 0.1%

Utility Other 1,473 7.85 0.2%

USIC HOLDINGS (US INFRASTRUCTURE) TL-B 5.23438 08-DEC-2023 BRTAY5C13 1,473 7.85 0.2%


Finance Companies 473 6.00 0.1%

RUSSELL INVESTMENT MANAGEMENT COMP TL-B 01-JUN-2023 BIE1SKRG4 473 6.00 0.1%

Insurance 4,807 5.05 0.7%


ACRISURE LLC TL-B 3.82963 31-JAN-2027 BIE1R24G0 3,366 5.12 0.5%

ASSUREDPARTNERS INC TL-B 11-FEB-2027 BIE1SGU95 644 4.95 0.1%

HUB INTERNATIONAL LTD TL-B 5.26666502525253 25-APR-2025 BRTGX52M6 797 4.85 0.1%

US Municipals 2,330 2.76 0.3%

Taxable 2,330 2.76 0.3%

Other 2,330 2.76 0.3%

MET GOVT NASHVILLE & DAVIDSON 4.053 01-JUL-2026 592041WJ2 2,330 2.76 0.3%

Derivatives 0 0.54 0.0%

Futures 0 0.54 0.0%

CAN 10YR BOND JUN 20 CN 19-JUN-2020 CNM020209 0 0.57 0.0%

EURO BUXL 30YR BOND JUN 20 UB 08-JUN-2020 UBM020205 0 0.22 0.0%

EURO-BOBL JUN 20 OE 08-JUN-2020 OEM020206 0 -0.01 0.0%

EURO-BUND JUN 20 RX 08-JUN-2020 RXM020201 0 0.45 0.0%

LONG GILT JUN 20 G 26-JUN-2020 GM0202007 0 0.09 0.0%

US 10YR NOTE JUN 20 TY 19-JUN-2020 TYM020207 0 0.06 0.0%

US 5YR NOTE JUN 20 FV 30-JUN-2020 FVM020208 0 0.26 0.0%

Other 0 0.00 0.0%

BPM02020C 4,564 0.01 0.7%

BPM02020T -4,564 0.01 -0.7%

ECM02020C 28,478 0.01 4.2%

ECM02020T -28,478 0.00 -4.2%

Cash Securities 15,182 0.16 2.2%

Cash & Cash Equivalents 15,182 0.16 2.2%

CAD 222 0.60 0.0%

FUTURES CAD MARGIN BALANCE 01-JAN-2050 MARGNCAD0 222 0.60 0.0%

EUR 3,204 -0.46 0.5%

EUR CASH(COMMITTED) EUR_CCASH 1,277 -0.46 0.2%

FUTURES EUR MARGIN BALANCE 01-JAN-2050 MARGNEUR3 1,927 -0.46 0.3%

GBP 655 0.20 0.1%

FUTURES GBP MARGIN BALANCE 01-JAN-2050 MARGNGBP3 517 0.20 0.1%

GBP CASH(COMMITTED) GBP_CCASH 138 0.20 0.0%

USD 11,101 0.33 1.6%

CASH COLLATERAL USD JPM IM FUT 31-DEC-2049 CSHJPIM07 3,280 0.33 0.5%

FUTURES USD MARGIN BALANCE 01-JAN-2050 MARGNUSD1 -2,666 0.33 -0.4%

USD CASH(COMMITTED) USD_CCASH 10,487 0.33 1.5%



HoldingsRetiree Health Benefits Fund | April 30, 2020


Value (m)

Yield to

Worst

Market

Value %

Total 115,054 4.22 100.0%

Treasuries 3,067 0.20 2.7%

United States 3,067 0.20 2.7%

Treasury Bonds 3,067 0.20 2.7%

TREASURY NOTE 1.625 31-DEC-2021 912828YZ7 3,067 0.20 2.7%

Government Related 7,544 0.77 6.6%

Local Authority 1,565 1.08 1.4%

BRITISH COLUMBIA (PROVINCE OF) 1.75 27-SEP-2024 (SENIOR UNSECURED) 110709AD4 596 0.95 0.5%

ONTARIO (PROVINCE OF) 2.0 02-OCT-2029 (SENIOR UNSECURED) 68323AFG4 765 1.31 0.7%

TOKYO METROPOLITAN GOVERNMENT 2.0 17-MAY-2021 144a (SENIOR) 59173LAA8 205 0.63 0.2%

Owned No Guarantee ex-US 1,948 0.77 1.7%

BANK NEDERLANDSE GEMEENTEN 2.375 16-MAR-2026 144a (SENIOR) 62944BBG8 262 0.81 0.2%

CPPIB CAPITAL INC 3.125 25-SEP-2023 144a (SENIOR) 22411VAG3 642 0.59 0.6%

JAPAN FIN ORG MUNICIPAL# 144A 2.125 25-OCT-2023 144a (SENIOR) 471068AJ5 263 0.83 0.2%

JAPAN FINANCE ORGANIZATION FOR MUN 3.0 12-MAR-2024 144a (SENIOR) 471068AP1 781 0.88 0.7%

Supranational/Foreign Agency 4,031 0.64 3.5%

Supranational 1,012 0.36 0.9%

EUROPEAN INVESTMENT BANK 1.375 15-SEP-2021 (SENIOR) 298785HF6 762 0.35 0.7%

EUROPEAN INVESTMENT BANK 1.625 15-JUN-2021 (SENIOR) 298785HC3 250 0.38 0.2%

Agency 3,019 0.74 2.6%

Government Guaranteed 868 0.85 0.8%

DEVELOPMENT BANK OF JAPAN INC GOVTGUAR 1.625 01-SEP-2021 144a (SENIOR) 25159MAR8 256 0.64 0.2%

JAPAN BANK FOR INTERNATIONAL COOPE 3.375 31-OCT-2023 (SENIOR) 471048BU1 318 0.83 0.3%

JAPAN BANK FOR INTERNATIONAL COOPE GOVTGUAR 2.875 21-JUL-2027 471048BM9 295 1.06 0.3%

Government Sponsored 2,151 0.69 1.9%

OMERS FINANCE TRUST 2.5 02-MAY-2024 144a (SENIOR UNSECURED) 682142AA2 565 0.89 0.5%

ONTARIO TEACHERS FINANCE TRUST 2.125 19-SEP-2022 144a (SENIOR) 68329AAA6 559 0.74 0.5%

ONTARIO TEACHERS FINANCE TRUST 2.75 16-APR-2021 144a (SENIOR) 68329AAB4 1,027 0.55 0.9%

Emerging Markets 24,598 7.03 21.4%

Latin America 9,767 8.05 8.5%

Argentina 517 21.96 0.4%

AEROPUERTOS ARGENTINA 2000 SA 6.875 01-FEB-2027 144a (SECURED) 00786PAC8 85 25.96 0.1%

ARGENTINA REPUBLIC OF GOVERNMENT 6.875 11-JAN-2048 (SENIOR) 040114HR4 50 29.08 0.0%

ARGENTINA REPUBLIC OF GOVERNMENT 7.125 06-JUL-2036 (SENIOR) 040114HG8 56 30.02 0.0%

TECPETROL SA 4.875 12-DEC-2022 144a (SENIOR) 87876TAE4 174 14.85 0.2%

YPF SA 6.95 21-JUL-2027 144a (SENIOR) 984245AQ3 94 22.72 0.1%

YPF SA 8.5 27-JUN-2029 144a (SENIOR UNSECURED) 984245AS9 58 22.20 0.1%

Brazil 2,427 6.41 2.1%

AEGEA FIN SARL 5.75 10-OCT-2024 144a (SENIOR) 00775CAA4 197 6.20 0.2%

BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.625 13-JAN-2028 (SENIOR) 105756BZ2 210 4.03 0.2%

BRAZIL FEDERATIVE REPUBLIC OF (GOV 4.75 14-JAN-2050 (SENIOR UNSECURED) 105756CB4 184 5.40 0.2%

CSN RESOURCES SA 7.625 13-FEB-2023 144a (SENIOR) 12644VAB4 161 17.43 0.1%

ITAU UNIBANCO HOLDING SA 3.25 24-JAN-2025 144a (SENIOR UNSECURED) 46556JAB5 236 3.86 0.2%

JBS INVESTMENTS II GMBH 5.75 15-JAN-2028 144a (SENIOR) 46650CAB5 239 6.08 0.2%

JBS USA LLC 5.75 15-JUN-2025 144a (SENIOR) 466112AR0 42 5.13 0.0%

JBS USA LUX SA 6.5 15-APR-2029 144a (SENIOR) 46590XAA4 159 5.50 0.1%

JBS USA LUX SA/JBS USA FINANCE INC 6.75 15-FEB-2028 144a (SENIOR) 472141AA8 208 4.85 0.2%

KLABIN AUSTRIA GMBH 7.0 03-APR-2049 144a (SENIOR) 49836AAB0 196 7.21 0.2%

PETROBRAS GLOBAL FINANCE BV 5.093 15-JAN-2030 144a (SENIOR UNSECURED) 71647NBF5 346 6.28 0.3%

REDE DOR FINANCE SARL 4.5 22-JAN-2030 144a (SENIOR UNSECURED) 75735GAA6 250 6.60 0.2%


Value (m)

Yield to

Worst

Market

Value %

Chile 927 6.50 0.8%

BANCO DEL ESTADO DE CHILE 2.704 09-JAN-2025 144a (SENIOR UNSECURED) 05965MAG8 242 2.73 0.2%

INVERSIONES CMPC SA 3.85 13-JAN-2030 144a (SENIOR UNSECURED) 46128MAN1 196 4.24 0.2%

LATAM FINANCE LTD 7.0 01-MAR-2026 144a (SENIOR) 51818KAC4 86 27.51 0.1%

SOCIEDAD QUIMICA Y MINERA DE CHILE 3.625 03-APR-2023 144a (SENIOR) 833636AE3 199 3.87 0.2%

VTR FINANCE BV 6.875 15-JAN-2024 144a (SECURED) 918370AB3 204 6.84 0.2%

Colombia 1,312 5.37 1.1%

BANCOLOMBIA SA 3.0 29-JAN-2025 (SENIOR UNSECURED) 05968LAM4 187 4.69 0.2%

BANCOLOMBIA SA T2 4.625 18-DEC-2029 (JUNIOR SUB) 05968LAL6 177 5.83 0.2%

COLOMBIA (REPUBLIC OF) 4.5 15-MAR-2029 (SENIOR) 195325DP7 204 4.29 0.2%

ECOPETROL SA 5.875 18-SEP-2023 (SENIOR) 279158AC3 104 4.71 0.1%

ECOPETROL SA 6.875 29-APR-2030 (SENIOR UNSECURED) 279158AN9 243 6.40 0.2%

EMPRESAS PUBLICAS DE MEDELLIN ESP 4.25 18-JUL-2029 144a (SENIOR) 29246BAE8 192 4.96 0.2%

MILLICOM INTERNATIONAL CELLULAR S. 6.625 15-OCT-2026 144a (SENIOR) 600814AP2 204 6.15 0.2%

Dominican Republic 344 7.19 0.3%

DOMINICAN REPUBLIC (GOVERNMENT) 5.5 27-JAN-2025 144a (SENIOR) 25714PCV8 196 6.95 0.2%

DOMINICAN REPUBLIC (GOVERNMENT) 6.0 19-JUL-2028 144a (SENIOR) 25714PDZ8 148 7.51 0.1%

Ecuador 197 42.70 0.2%

ECUADOR (REPUBLIC OF) 7.95 20-JUN-2024 144a (SENIOR) BRSNQM086 69 46.60 0.1%

ECUADOR REPUBLIC OF (GOVERNMENT) 10.75 31-JAN-2029 144a (SENIOR UNSECURED) 27927WAL6 128 40.60 0.1%

El Salvador 257 9.44 0.2%

EL SALVADOR REPUBLIC OF (GOVERNMEN 7.1246 20-JAN-2050 144a (SENIOR UNSECURED) 283875BZ4 257 9.44 0.2%

Guatemala 226 4.64 0.2%

None 226 4.64 0.2%

GUATEMALA (REPUBLIC OF) 4.875 13-FEB-2028 144a (SENIOR) 401494AF6 226 4.64 0.2%

Mexico 1,677 9.05 1.5%

AEROVIAS DE MEXICO SA DE CV 7.0 05-FEB-2025 144a (SENIOR UNSECURED) 008065AD6 80 33.84 0.1%

BANCO MERCANTIL DE NORTE AT1-P 6.75 31-DEC-2049 144a (JUNIOR SUB) 05971PAA6 161 13.04 0.1%

BANCO SANTANDER MEXICO SA INSTITUC 5.375 17-APR-2025 144a (SENIOR UNSECURED) 05969BAD5 155 4.72 0.1%

BBVA BANCOMER SA (TEXAS BRANCH) T2 6.75 30-SEP-2022 144a (SUB) 05533UAC2 170 4.89 0.1%

CEMEX SAB DE CV 5.45 19-NOV-2029 144a (SECURED) 151290BV4 171 8.06 0.1%

GRUPO CEMENTOS DE CHIHUAHUA SAB DE 5.25 23-JUN-2024 144a (SENIOR) 40053DAB9 190 7.16 0.2%

INFRAESTRUCTURA ENERGETICA NOVA SA 4.875 14-JAN-2048 144a (SENIOR) 456829AB6 184 6.07 0.2%

MINERA MEXICO SA DE CV 4.5 26-JAN-2050 144a (SENIOR UNSECURED) 60284MAB8 176 5.39 0.2%

PETROLEOS MEXICANOS 6.5 13-MAR-2027 (SENIOR) 71654QCG5 186 10.30 0.2%

PETROLEOS MEXICANOS 6.5 23-JAN-2029 (SENIOR) 71654QCP5 120 10.32 0.1%

PETROLEOS MEXICANOS 6.75 21-SEP-2047 (SENIOR) 71654QCC4 85 9.93 0.1%

Paraguay 834 5.38 0.7%

BIOCEANICO SOVEREIGN CTF LTD 05-JUN-2034 144a (SECURED) 09076AAA5 96 5.94 0.1%

PARAGUAY REPUBLIC OF (GOVERNMENT) 4.95 28-APR-2031 144a (SENIOR UNSECURED) 699149AJ9 207 4.48 0.2%

PARAGUAY REPUBLIC OF (GOVERNMENT) 5.4 30-MAR-2050 144a (SENIOR) 699149AH3 210 5.10 0.2%

RUTAS 2 AND 7 FINANCE LIMITED 30-SEP-2036 144a (1ST LIEN) 78319MAA1 124 5.58 0.1%

TELEFONICA CELULAR DEL PARAGUAY SA 5.875 15-APR-2027 144a (SENIOR) 87936VAB3 196 6.23 0.2%

Puerto Rico 249 7.15 0.2%

POPULAR INC 6.125 14-SEP-2023 (SENIOR) 733174AK2 249 7.15 0.2%

Peru 800 3.57 0.7%

BANCO DE CREDITO DEL PERU 2.7 11-JAN-2025 144a (SENIOR UNSECURED) 05971U2A4 104 3.20 0.1%

CERRO DEL AGUILA SA 4.125 16-AUG-2027 144a (SENIOR) 156830AA9 287 4.40 0.2%

LIMA METRO LINE 2 FINANCE II LTD 4.35 05-APR-2036 144a (SENIOR UNSECURED) 532522AB5 205 4.08 0.2%

PERU (REPUBLIC OF) 2.392 23-JAN-2026 (SENIOR UNSECURED) 715638DE9 203 2.07 0.2%





Value (m)

Yield to

Worst

Market

Value %

Central/Eastern Europe, Middle East and Africa 9,895 6.61 8.6%

Middle East and Africa 5,107 6.30 4.4%

Angola 95 24.25 0.1%

ANGOLA (REPUBLIC OF) 8.25 09-MAY-2028 144a (SENIOR) 035198AB6 95 24.25 0.1%

Bahrain 204 8.06 0.2%

OIL AND GAS HOLDING CO BSC CLOSED 7.625 07-NOV-2024 144a (SENIOR) 67778M2C3 204 8.06 0.2%

Cote DIvoire 178 7.86 0.2%

COTE D IVOIRE (REPUBLIC OF) 6.125 15-JUN-2033 144a (SENIOR) 221625AN6 178 7.86 0.2%

Egypt 462 7.61 0.4%

EGYPT (ARAB REPUBLIC OF) 5.577 21-FEB-2023 144a (SENIOR) 03846JW30 197 6.60 0.2%


Gabon 146 11.62 0.1%

GABON REPUBLIC OF (GOVERNMENT) 6.625 06-FEB-2031 144a (SENIOR UNSECURED) 362420AD3 146 11.62 0.1%

Ghana 188 12.75 0.2%

GHANA (REPUBLIC OF) 7.875 26-MAR-2027 144a (SENIOR) 37443GAA9 188 12.75 0.2%

Israel 224 2.70 0.2%

ISRAEL ELECTRIC CORP LTD 5.0 12-NOV-2024 Dual 144a|Reg-S (SECURED) 465077AK1 224 2.70 0.2%

Lebanon 40 0.0%

LEBANON (REPUBLIC OF) 6.25 27-MAY-2022 (SENIOR) BRT1VBBF3 40 0.0%

Kenya 189 9.31 0.2%

KENYA (REPUBLIC OF) 8.0 22-MAY-2032 144a (SENIOR UNSECURED) 491798AK0 189 9.31 0.2%

Kuwait 257 2.83 0.2%

EQUATE PETROCHEMICAL BV 3.0 03-MAR-2022 144a (SENIOR) 29441WAB1 257 2.83 0.2%

Morocco 208 3.60 0.2%

OCP SA 4.5 22-OCT-2025 144a (SENIOR) 67091TAC9 208 3.60 0.2%

Nigeria 170 11.24 0.1%

NIGERIA (FEDERAL REPUBLIC OF) 6.5 28-NOV-2027 144a (SENIOR) 65412JAC7 170 11.24 0.1%

Qatar 426 1.79 0.4%

QATAR (STATE OF) 3.4 16-APR-2025 144a (SENIOR UNSECURED) 74727PBC4 213 2.00 0.2%

QATAR STATE OF (GOVERNMENT) 4.5 20-JAN-2022 144a (SENIOR) 74727PAP6 212 1.58 0.2%

Saudi Arabia 709 4.73 0.6%

ARABIAN CENTRES SUKUK LIMITED 5.375 26-NOV-2024 144a (Sukuk) 03847PAA3 180 8.75 0.2%

SAUDI ARABIA (KINGDOM OF) 4.375 16-APR-2029 144a (SENIOR) 80413TAK5 302 2.89 0.3%

SAUDI ARABIAN OIL CO 4.25 16-APR-2039 144a (SENIOR) 80414L2E4 227 4.01 0.2%

South Africa 593 6.10 0.5%

GOLD FIELDS OROGEN HOLDINGS (BVI) 6.125 15-MAY-2029 144a (SENIOR) 38060AAC8 218 5.27 0.2%

SOUTH AFRICA (REPUBLIC OF) 4.875 14-APR-2026 (SENIOR) 836205AT1 187 6.23 0.2%

SOUTH AFRICA (REPUBLIC OF) 5.875 22-JUN-2030 (SENIOR) 836205AY0 189 6.95 0.2%

Senegal 169 8.27 0.1%

SENEGAL (REPUBLIC OF) 6.75 13-MAR-2048 144a (SENIOR) 81720TAD7 169 8.27 0.1%

United Arab Emirates 417 2.33 0.4%

ABU DHABI (EMIRATE OF) 2.5 11-OCT-2022 144a (SENIOR) 29135LAC4 205 1.56 0.2%

ABU DHABI CRUDE OIL PIPELINE LLC 3.65 02-NOV-2029 144a (SECURED) 00401MAA4 212 3.07 0.2%

Zambia 179 10.48 0.2%

FIRST QUANTUM MINERALS LTD 7.5 01-APR-2025 144a (SENIOR) 335934AL9 179 10.48 0.2%

Other 254 5.84 0.2%

BANQUE OUEST AFRICAINE DE DEVELOPP 4.7 22-OCT-2031 144a (SENIOR) 06675QAC7 254 5.84 0.2%

Central/Eastern Europe 4,788 6.93 4.2%

Belarus 183 7.60 0.2%

BELARUS (REPUBLIC OF) 6.2 28-FEB-2030 144a (SENIOR) 07737JAC7 183 7.60 0.2%

Kazakhstan 400 5.63 0.3%

None 400 5.63 0.3%

KAZTRANSGAZ AO 4.375 26-SEP-2027 144a (SENIOR) 48668NAA9 191 5.16 0.2%

NK KAZMUNAYGAZ AO 6.375 24-OCT-2048 144a (SENIOR) 48667QAS4 209 6.06 0.2%


Value (m)

Yield to

Worst

Market

Value %

Lithuania 113 25.68 0.1%

ASG FINANCE DESIGNATED 7.875 03-DEC-2024 144a (SENIOR UNSECURED) 00217AAA4 113 25.68 0.1%

Russian Federation 1,105 3.30 1.0%

GAZ CAPITAL SA LPN 4.95 19-JUL-2022 144a (SENIOR) 368266AR3 222 2.90 0.2%

GAZ FINANCE PLC LPN 3.25 25-FEB-2030 144a (SENIOR UNSECURED) BIE1S49M7 190 3.93 0.2%

RUSSIAN FEDERATION 4.75 27-MAY-2026 144a (SENIOR UNSECURED) BRT1ZV2X6 226 2.75 0.2%

RUSSIAN FEDERATION 5.25 23-JUN-2047 144a (SENIOR) BIE1NFM42 252 3.82 0.2%

VEON HOLDINGS BV 4.0 09-APR-2025 144a (SENIOR UNSECURED) 92334VAA3 214 3.14 0.2%

Ukraine 877 9.51 0.8%

KERNEL HOLDING SA 6.5 17-OCT-2024 144a (SENIOR UNSECURED) 49229QAB0 172 10.64 0.1%

MHP SA 7.75 10-MAY-2024 144a (SENIOR) 55302TAD7 203 8.35 0.2%

UKRAINE (GOVERNMENT OF) 7.75 01-SEP-2026 144a (SENIOR) 903724AT9 296 9.28 0.3%

UKRAINE REPUBLIC OF (GOVERNMENT) 9.75 01-NOV-2028 144a (SENIOR) 903724BV3 206 10.05 0.2%

Turkey 1,892 7.20 1.6%

AKBANK TAS T2 7.2 16-MAR-2027 144a (SUB) 00972BAB5 185 7.56 0.2%

PETKIM PETROKIMYA HOLDING AS 5.875 26-JAN-2023 144a (SENIOR) 71638YAA4 193 7.92 0.2%

TURK TELEKOMUNIKASYON AS 6.875 28-FEB-2025 144a (SENIOR) 90011QAC4 202 6.86 0.2%

TURKCELL ILETISIM HIZMETLERI AS 5.8 11-APR-2028 144a (SENIOR) 900111AB1 189 6.75 0.2%

TURKEY (REPUBLIC OF) 5.75 11-MAY-2047 (SENIOR) 900123CM0 289 7.88 0.3%

TURKEY (REPUBLIC OF) 6.125 24-OCT-2028 (SENIOR) 900123CQ1 183 7.53 0.2%

TURKEY (REPUBLIC OF) 7.25 23-DEC-2023 (SENIOR) 900123CR9 208 6.72 0.2%

TURKEY (REPUBLIC OF) 7.625 26-APR-2029 (SENIOR) 900123CT5 198 7.79 0.2%

TURKIYE GARANTI BANKASI AS 5.25 13-SEP-2022 144a (SENIOR) 900148AD9 244 5.83 0.2%

Romania 218 4.74 0.2%

ROMANIA (REPUBLIC OF) 6.125 22-JAN-2044 144a (SENIOR) 77586RAC4 218 4.74 0.2%

Asia 4,936 5.85 4.3%

Azerbaijan 211 5.91 0.2%

SOUTHERN GAS CORRIDOR CJSC 6.875 24-MAR-2026 144a (SENIOR) 84302LAA0 211 5.91 0.2%

China 1,326 2.84 1.2%

BAIDU INC 3.875 29-SEP-2023 (SENIOR) 056752AK4 210 2.47 0.2%

BANK OF CHINA LTD 5.0 13-NOV-2024 144a (SUB) 061202AA5 223 2.84 0.2%

JD.COM INC 3.125 29-APR-2021 (SENIOR) 47215PAB2 257 2.41 0.2%

SINOPEC GROUP OVERSEAS DEVELOPMENT 2.5 08-AUG-2024 144a (SENIOR UNSECURED) 82939GAF5 204 2.10 0.2%

SYNGENTA FINANCE NV 3.933 23-APR-2021 144a (SENIOR) 87164KAE4 222 5.25 0.2%

TENCENT HOLDINGS LTD 3.28 11-APR-2024 144a (SENIOR) 88032WAL0 210 1.93 0.2%

India 589 14.59 0.5%

FUTURE RETAIL LTD 5.6 22-JAN-2025 144a (SECURED) 36118EAA0 71 42.34 0.1%

GREENKO SOLAR MAURITIUS LTD 5.95 29-JUL-2026 144a (SECURED) 39530VAB4 242 8.45 0.2%

ICICI BANK LTD (DUBAI BRANCH) 4.0 18-MAR-2026 144a (SENIOR) 45112EAG4 193 4.79 0.2%

VEDANTA RESOURCES FINANCE II PLC 9.25 23-APR-2026 144a (SENIOR) 92243XAA9 83 31.60 0.1%

Indonesia 453 4.15 0.4%

PERTAMINA PERSERO PT 3.65 30-JUL-2029 144a (SENIOR UNSECURED) 69370PAD3 194 4.18 0.2%

PERUSAHAAN LISTRIK NEGARA (PERSERO 4.125 15-MAY-2027 144a (SENIOR) 71568PAC3 260 4.13 0.2%

Malaysia 389 4.41 0.3%

PETRONAS CAPITAL LTD 3.5 21-APR-2030 144a (SENIOR UNSECURED) 716743AP4 210 2.92 0.2%

RESORTS WORLD LAS VEGAS LLC 4.625 16-APR-2029 144a (SENIOR) 76120HAA5 180 6.15 0.2%

Macau 194 6.08 0.2%

WYNN MACAU LTD 5.5 01-OCT-2027 144a (SENIOR) 98313RAD8 194 6.08 0.2%

Mongolia 359 10.75 0.3%

DEVELOPMENT BANK OF MONGOLIA 7.25 23-OCT-2023 144a (UNSECURED) 25161AAA7 175 11.82 0.2%

MONGOLIA (GOVERNMENT OF) 5.625 01-MAY-2023 144a (SENIOR) 60937LAB1 185 9.74 0.2%

Philippines 235 2.20 0.2%

PHILIPPINES (REPUBLIC OF) 2.457 05-MAY-2030 (SENIOR UNSECURED) 718286CJ4 235 2.20 0.2%





Value (m)

Yield to

Worst

Market

Value %

Singapore 225 2.41 0.2%

DBS GROUP HOLDINGS LTD LT2 4.52 11-DEC-2028 144a (SUB) 24023MAA2 225 2.41 0.2%

South Korea 208 1.63 0.2%

KOOKMIN BANK 2.875 25-MAR-2023 144a (SENIOR) 50050GAK4 208 1.63 0.2%

Sri Lanka 115 16.54 0.1%

SRI LANKA (DEMOCRATIC SOCIALIST RE 6.75 18-APR-2028 144a (SENIOR) 85227SAW6 115 16.54 0.1%

Thailand 180 4.29 0.2%

BANGKOK BANK PUBLIC CO LTD (HONG K T2 3.733 25-SEP-2034 144a (SUB) 059895AT9 180 4.29 0.2%

Uzbekistan 205 5.13 0.2%

UZBEKISTAN (REPUBLIC OF) 5.375 20-FEB-2029 144a (SENIOR UNSECURED) 91822Q2A4 205 5.13 0.2%

Vietnam 245 6.00 0.2%

MONG DUONG FIN HLDGS BV 5.125 07-MAY-2029 144a (1ST LIEN) 60935DAA3 245 6.00 0.2%

Public Corporates 71,378 3.63 62.0%

Investment Grade 53,523 2.65 46.5%

Industrial 30,238 2.63 26.3%


Chemicals 695 2.02 0.6%

AIR PRODUCTS AND CHEMICALS INC 1.5 15-OCT-2025 (SENIOR UNSECURED) 009158BB1 20 1.33 0.0%

AIR PRODUCTS AND CHEMICALS INC 1.85 15-MAY-2027 (SENIOR UNSECURED) 009158AY2 25 1.65 0.0%

AIR PRODUCTS AND CHEMICALS INC 2.05 15-MAY-2030 (SENIOR UNSECURED) 009158BC9 46 -5.00 0.0%

AIR PRODUCTS AND CHEMICALS INC 2.8 15-MAY-2050 (SENIOR UNSECURED) 009158BA3 36 2.71 0.0%

CHEVRON PHILLIPS CHEMICAL COMPANY 5.125 01-APR-2025 144a (SENIOR UNSECURED) 166754AW1 191 3.11 0.2%

DOW CHEMICAL COMPANY (THE) 3.5 01-OCT-2024 (SENIOR) 260543CJ0 310 2.25 0.3%

LYB INTERNATIONAL FINANCE III LLC 2.875 01-MAY-2025 (SENIOR UNSECURED) 50249AAB9 66 2.63 0.1%


BHP BILLITON FINANCE (USA) LTD HYBRID 6.25 19-OCT-2075 144a (CAPSEC (BTP)) 055451AW8 608 3.70 0.5%

NEWMONT CORPORATION 2.25 01-OCT-2030 (SENIOR UNSECURED) 651639AY2 65 2.34 0.1%

NEWMONT GOLDCORP CORP 2.8 01-OCT-2029 (SENIOR UNSECURED) 651639AX4 166 2.41 0.1%

STEEL DYNAMICS INC 5.0 15-DEC-2026 (SENIOR) 858119BF6 104 4.31 0.1%

STEEL DYNAMICS INC 5.5 01-OCT-2024 (SENIOR) 858119BD1 67 4.21 0.1%

Paper 290 2.09 0.3%

GEORGIA-PACIFIC LLC 1.75 30-SEP-2025 144a (SENIOR UNSECURED) 37331NAJ0 80 1.70 0.1%

GEORGIA-PACIFIC LLC 2.1 30-APR-2027 144a (SENIOR UNSECURED) 37331NAL5 65 2.10 0.1%

GEORGIA-PACIFIC LLC 2.3 30-APR-2030 144a (SENIOR UNSECURED) 37331NAK7 145 2.30 0.1%



GENERAL DYNAMICS CORPORATION 3.0 11-MAY-2021 (SENIOR) 369550BE7 47 1.00 0.0%

GENERAL DYNAMICS CORPORATION 3.375 15-MAY-2023 (SENIOR) 369550BD9 461 1.00 0.4%

L3HARRIS TECHNOLOGIES INC 2.9 15-DEC-2029 (SENIOR UNSECURED) 502431AF6 67 2.60 0.1%

L3HARRIS TECHNOLOGIES INC 3.85 15-JUN-2023 144a (SENIOR) 502431AB5 686 2.18 0.6%

Building Materials 328 1.93 0.3%

HOLCIM FINANCE (LUXEMBOURG) SA 1.75 29-AUG-2029 Reg-S (SENIOR) BRTC88B62 328 1.93 0.3%

Construction Machinery 552 3.28 0.5%

ASHTEAD CAPITAL INC 5.25 01-AUG-2026 144a (SECURED) 045054AH6 204 5.12 0.2%

CATERPILLAR INC 2.6 09-APR-2030 (SENIOR UNSECURED) 149123CH2 234 1.91 0.2%

CATERPILLAR INC 3.25 09-APR-2050 (SENIOR UNSECURED) 149123CJ8 115 2.80 0.1%


GENERAL ELECTRIC CO 3.45 01-MAY-2027 (SENIOR UNSECURED) 369604BV4 71 3.15 0.1%

GENERAL ELECTRIC CO 3.625 01-MAY-2030 (SENIOR UNSECURED) 369604BW2 55 3.56 0.0%

GENERAL ELECTRIC CO 4.35 01-MAY-2050 (SENIOR UNSECURED) 369604BY8 96 4.31 0.1%

OTIS WORLDWIDE CORP 3.112 15-FEB-2040 144a (SENIOR UNSECURED) 68902VAA5 79 3.19 0.1%

OTIS WORLDWIDE CORPORATION 2.056 05-APR-2025 144a (SENIOR UNSECURED) 68902VAD9 77 1.66 0.1%


Value (m)

Yield to

Worst

Market

Value %

OTIS WORLDWIDE CORPORATION 2.565 15-FEB-2030 144a (SENIOR UNSECURED) 68902VAF4 334 2.47 0.3%

OTIS WORLDWIDE CORPORATION 3.362 15-FEB-2050 144a (SENIOR UNSECURED) 68902VAB3 51 3.24 0.0%

PARKER HANNIFIN CORPORATION 3.25 14-JUN-2029 (SENIOR UNSECURED) 701094AN4 134 2.50 0.1%

PARKER HANNIFIN CORPORATION 4.0 14-JUN-2049 (SENIOR UNSECURED) 701094AP9 68 3.37 0.1%

ROPER TECHNOLOGIES INC 2.35 15-SEP-2024 (SENIOR) 776743AH9 66 1.97 0.1%

ROPER TECHNOLOGIES INC 2.95 15-SEP-2029 (SENIOR UNSECURED) 776743AG1 79 2.37 0.1%

Environmental 898 1.68 0.8%

WASTE CONNECTIONS INC 2.6 01-FEB-2030 (SENIOR UNSECURED) 94106BAA9 267 2.35 0.2%

WASTE MANAGEMENT INC 2.95 15-JUN-2024 (SENIOR UNSECURED) 94106LBF5 469 1.24 0.4%

WASTE MANAGEMENT INC 3.45 15-JUN-2029 (SENIOR UNSECURED) 94106LBG3 156 1.79 0.1%

WASTE MANAGEMENT INC 4.15 15-JUL-2049 (SENIOR UNSECURED) 94106LBK4 5 2.77 0.0%



CHARTER COMMUNICATIONS OPERATING L 2.8 01-APR-2031 (SECURED) 161175BU7 50 2.71 0.0%

CHARTER COMMUNICATIONS OPERATING L 3.7 01-APR-2051 (SECURED) 161175BV5 88 3.83 0.1%

CHARTER COMMUNICATIONS OPERATING L 4.8 01-MAR-2050 (SECURED) 161175BT0 86 4.02 0.1%

CHARTER COMMUNICATIONS OPERATING L 4.908 23-JUL-2025 (SECURED) 161175AY0 240 2.17 0.2%

COMCAST CORPORATION 3.2 15-JUL-2036 (SENIOR) 20030NBT7 82 2.55 0.1%

COMCAST CORPORATION 3.7 15-APR-2024 (SENIOR) 20030NCR0 554 1.19 0.5%

COMCAST CORPORATION 3.75 01-APR-2040 (SENIOR UNSECURED) 20030NDH1 139 2.73 0.1%

TIME WARNER CABLE INC 7.3 01-JUL-2038 (SENIOR) 88732JAN8 296 4.65 0.3%

TIME WARNER ENTERTAINMENT CMPNY LP 8.375 15-MAR-2023 (SENIOR) 88731EAF7 175 2.63 0.2%

Media and Entertainment 964 3.44 0.8%

DISCOVERY COMMUNICATIONS 4.125 15-MAY-2029 (SENIOR UNSECURED) 25470DBF5 344 3.39 0.3%

DISCOVERY COMMUNICATIONS LLC 5.2 20-SEP-2047 (SENIOR) 25470DAT6 143 4.34 0.1%

FOX CORP 4.709 25-JAN-2029 (SENIOR UNSECURED) 35137LAH8 70 2.57 0.1%

VIACOM INC (NEW) 4.375 15-MAR-2043 (SENIOR) 92553PAP7 166 4.60 0.1%

VIACOMCBS INC 4.95 15-JAN-2031 (SENIOR UNSECURED) 92556HAB3 75 4.18 0.1%

WALT DISNEY CO 1.75 30-AUG-2024 (SENIOR UNSECURED) 254687FK7 82 1.33 0.1%

WALT DISNEY CO 2.0 01-SEP-2029 (SENIOR UNSECURED) 254687FL5 85 2.01 0.1%

Wireless 1,485 2.44 1.3%

CROWN CASTLE INTERNATIONAL CORP 5.25 15-JAN-2023 (SENIOR) 228227BD5 611 1.65 0.5%

SPRINT SPECTRUM CO I/ II /III/ LLC ABS 4.738 20-SEP-2029 144a (SECURED) 85208NAD2 309 2.81 0.3%

T-MOBILE USA INC 3.5 15-APR-2025 144a (SECURED) 87264ABA2 85 2.31 0.1%

T-MOBILE USA INC 3.875 15-APR-2030 144a (SECURED) 87264ABE4 198 2.71 0.2%

T-MOBILE USA INC 4.375 15-APR-2040 144a (SECURED) 87264AAW5 68 3.42 0.1%

T-MOBILE USA INC 4.5 15-APR-2050 144a (SECURED) 87264AAY1 94 3.56 0.1%

VODAFONE GROUP PLC 4.25 17-SEP-2050 (SENIOR UNSECURED) 92857WBU3 72 3.67 0.1%

VODAFONE GROUP PLC 4.875 19-JUN-2049 (SENIOR) 92857WBS8 49 3.75 0.0%

Wirelines 2,022 1.96 1.8%

AT&T INC 3.375 15-MAR-2034 (SENIOR) BRSNK5FA8 400 1.63 0.3%

AT&T INC 4.35 01-MAR-2029 (SENIOR) 00206RHJ4 36 2.70 0.0%

AT&T INC 4.5 09-MAR-2048 (SENIOR) 00206RDJ8 40 3.69 0.0%

AT&T INC 4.9 15-AUG-2037 (SENIOR) 00206RFW7 70 3.63 0.1%

DEUTSCHE TELEKOM AG 3.125 06-FEB-2034 Reg-S (SENIOR) BIE10FUK2 262 2.04 0.2%

DEUTSCHE TELEKOM INTERNATIONAL FIN 1.5 03-APR-2028 Reg-S (SENIOR) BRT0450B9 351 0.65 0.3%

VERIZON COMMUNICATIONS INC 3.15 22-MAR-2030 (SENIOR UNSECURED) 92343VFE9 45 1.90 0.0%

VERIZON COMMUNICATIONS INC 4.0 22-MAR-2050 (SENIOR UNSECURED) 92343VFD1 38 2.73 0.0%

VERIZON COMMUNICATIONS INC 4.5 10-AUG-2033 (SENIOR) 92343VEA8 781 2.38 0.7%





Value (m)

Yield to

Worst

Market

Value %


Automotive 1,142 2.33 1.0%

GENERAL MOTORS FINANCIAL CO INC 4.35 09-APR-2025 (SENIOR) 37045XCK0 277 5.44 0.2%

TOYOTA MOTOR CREDIT CORP 2.8 13-JUL-2022 (SENIOR) 89236TCQ6 533 1.15 0.5%

VOLKSWAGEN LEASING GMBH 1.625 15-AUG-2025 Reg-S (SENIOR) BIE0MB5T8 333 1.64 0.3%

Retailers 1,198 2.59 1.0%

COSTCO WHOLESALE CORPORATION 1.6 20-APR-2030 (SENIOR UNSECURED) 22160KAP0 114 1.71 0.1%

COSTCO WHOLESALE CORPORATION 1.75 20-APR-2032 (SENIOR UNSECURED) 22160KAQ8 50 1.78 0.0%

DOLLAR TREE INC 3.7 15-MAY-2023 (SENIOR) 256746AF5 240 2.00 0.2%

HOME DEPOT INC 2.7 15-APR-2030 (SENIOR UNSECURED) 437076CB6 70 1.93 0.1%

HOME DEPOT INC 3.35 15-APR-2050 (SENIOR UNSECURED) 437076CD2 67 2.82 0.1%

LOWES COMPANIES INC 4.55 05-APR-2049 (SENIOR) 548661DS3 267 3.37 0.2%

LOWES COMPANIES INC 5.125 15-APR-2050 (SENIOR UNSECURED) 548661DW4 144 3.46 0.1%

TJX COMPANIES INC 3.875 15-APR-2030 (SENIOR UNSECURED) 872540AT6 95 2.51 0.1%

TJX COMPANIES INC 4.5 15-APR-2050 (SENIOR UNSECURED) 872540AU3 56 3.28 0.0%

VF CORPORATION 2.4 23-APR-2025 (SENIOR UNSECURED) 918204BA5 97 2.06 0.1%


MASTERCARD INC 3.3 26-MAR-2027 (SENIOR UNSECURED) 57636QAR5 50 1.49 0.0%

MASTERCARD INC 3.85 26-MAR-2050 (SENIOR UNSECURED) 57636QAQ7 38 2.60 0.0%


Food and Beverage 1,080 1.75 0.9%

ANHEUSER BUSCH INBEV NV 1.15 22-JAN-2027 Reg-S (SENIOR) BRTER53E5 338 0.78 0.3%

ANHEUSER-BUSCH COMPANIES LLC 3.65 01-FEB-2026 (SENIOR UNSECURED) 03522AAG5 143 1.89 0.1%

ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15 23-JAN-2025 (SENIOR) 03523TBX5 135 1.56 0.1%

BUNGE LIMITED FINANCE CORPORATION 4.35 15-MAR-2024 (SENIOR) 120568BA7 100 3.12 0.1%

COCA-COLA CO 1.45 01-JUN-2027 (SENIOR UNSECURED) 191216CU2 40 1.48 0.0%

COCA-COLA CO 2.5 01-JUN-2040 (SENIOR UNSECURED) 191216CW8 45 2.52 0.0%

MARS INCORPORATED 3.95 01-APR-2049 144a (SENIOR) 571676AF2 185 2.78 0.2%

MONDELEZ INTERNATIONAL INC 1.5 04-MAY-2025 (SENIOR UNSECURED) 609207AU9 94 1.61 0.1%

Healthcare 3,083 1.64 2.7%

ABBOTT IRELAND FINANCING DAC 1.5 27-SEP-2026 Reg-S (SENIOR) BIE0PA237 470 0.45 0.4%

ALCON FINANCE CORP 3.0 23-SEP-2029 144a (SENIOR UNSECURED) 01400EAB9 209 2.47 0.2%

BECTON DICKINSON AND COMPANY 1.401 24-MAY-2023 (SENIOR) 075887CH0 447 1.18 0.4%

CIGNA CORP 2.10888 15-JUL-2023 (SENIOR) 125523AC4 471 2.50 0.4%

CIGNA CORP 2.4 15-MAR-2030 (SENIOR UNSECURED) 125523CL2 61 2.29 0.1%

CIGNA CORP 3.2 15-MAR-2040 (SENIOR UNSECURED) 125523CJ7 62 2.99 0.1%

CIGNA CORP 4.125 15-NOV-2025 (SENIOR UNSECURED) 125523AG5 317 1.72 0.3%

CVS HEALTH CORP 3.7 09-MAR-2023 (SENIOR) 126650CV0 891 1.43 0.8%

CVS HEALTH CORP 3.75 01-APR-2030 (SENIOR UNSECURED) 126650DJ6 73 2.44 0.1%

CVS HEALTH CORP 4.78 25-MAR-2038 (SENIOR) 126650CY4 83 3.39 0.1%


ABBVIE INC 1.375 17-MAY-2024 (SENIOR) 00287YBA6 264 0.40 0.2%

ABBVIE INC 2.6 21-NOV-2024 144a (SENIOR UNSECURED) 00287YBQ1 100 1.57 0.1%

ABBVIE INC 2.95 21-NOV-2026 144a (SENIOR UNSECURED) 00287YBU2 97 1.94 0.1%

ABBVIE INC 4.05 21-NOV-2039 144a (SENIOR UNSECURED) 00287YBR9 146 3.29 0.1%

AMGEN INC 2.2 21-FEB-2027 (SENIOR UNSECURED) 031162CT5 52 1.72 0.0%

AMGEN INC 2.45 21-FEB-2030 (SENIOR UNSECURED) 031162CU2 156 2.05 0.1%

BIOGEN INC 2.25 01-MAY-2030 (SENIOR UNSECURED) 09062XAH6 159 2.29 0.1%

BIOGEN INC 3.15 01-MAY-2050 (SENIOR UNSECURED) 09062XAG8 146 3.30 0.1%

BRISTOL-MYERS SQUIBB CO 2.9 26-JUL-2024 144a (SENIOR) 110122BZ0 151 1.21 0.1%

ELI LILLY AND COMPANY 3.375 15-MAR-2029 (SENIOR) 532457BV9 613 1.62 0.5%

Supermarkets 65 2.15 0.1%

KROGER CO 2.2 01-MAY-2030 (SENIOR UNSECURED) 501044DP3 65 2.15 0.1%

None 201 3.57 0.2%

IMPERIAL BRANDS FINANCE PLC 3.5 26-JUL-2026 144a (SENIOR UNSECURED) 45262BAB9 201 3.57 0.2%


Value (m)

Yield to

Worst

Market

Value %

Energy 3,498 4.77 3.0%

Independent 837 7.29 0.7%

MARATHON OIL CORP 2.8 01-NOV-2022 (SENIOR) 565849AK2 263 5.31 0.2%

MARATHON OIL CORP 4.4 15-JUL-2027 (SENIOR) 565849AP1 150 8.62 0.1%

NEWFIELD EXPLORATION COMPANY 5.375 01-JAN-2026 (SENIOR) 651290AR9 89 13.28 0.1%

NOBLE ENERGY INC 3.25 15-OCT-2029 (SENIOR UNSECURED) 655044AQ8 62 7.17 0.1%

NOBLE ENERGY INC 3.9 15-NOV-2024 (SENIOR) 655044AH8 229 6.54 0.2%

NOBLE ENERGY INC 4.2 15-OCT-2049 (SENIOR UNSECURED) 655044AR6 45 6.66 0.0%

Integrated 588 1.60 0.5%

BP CAPITAL MARKETS PLC 1.077 26-JUN-2025 Reg-S (SENIOR) BRTB456R4 330 1.21 0.3%

EXXON MOBIL CORP 2.019 16-AUG-2024 (SENIOR UNSECURED) 30231GBC5 98 1.28 0.1%

EXXON MOBIL CORP 2.275 16-AUG-2026 (SENIOR) 30231GBD3 42 1.63 0.0%

EXXON MOBIL CORP 3.095 16-AUG-2049 (SENIOR UNSECURED) 30231GAZ5 118 2.97 0.1%


SCHLUMBERGER HOLDINGS CORP 4.3 01-MAY-2029 144a (SENIOR) 806851AH4 212 4.49 0.2%

Midstream 1,860 4.67 1.6%

CHENIERE CORPUS CHRISTI HOLDINGS L 7.0 30-JUN-2024 (SECURED) 16412XAD7 219 4.89 0.2%

ENBRIDGE ENERGY PARTNERS LP 5.5 15-SEP-2040 (SENIOR) 29250RAT3 37 5.09 0.0%

ENERGY TRANSFER OPERATING LP 5.25 15-APR-2029 (SENIOR) 29278NAG8 245 4.96 0.2%

ENERGY TRANSFER OPERATING LP 6.25 15-APR-2049 (SENIOR) 29279FAA7 60 6.26 0.1%

ENTERPRISE PRODUCTS OPERATING LLC 4.2 31-JAN-2050 (SENIOR UNSECURED) 29379VBW2 76 4.21 0.1%

MPLX LP 4.125 01-MAR-2027 (SENIOR) 55336VAK6 180 4.69 0.2%

ONEOK INC 7.5 01-SEP-2023 (SENIOR) 682680AR4 403 4.79 0.4%

SABINE PASS LIQUEFACTION LLC 5.75 15-MAY-2024 (SECURED) 785592AJ5 430 4.32 0.4%

TENNESSEE GAS PIPELINE COMPANY LLC 2.9 01-MAR-2030 144a (SENIOR UNSECURED) 880451AZ2 134 3.45 0.1%

TRANSCANADA TRUST 5.5 15-SEP-2079 (JUNIOR SUB) 89356BAE8 76 5.50 0.1%

Technology 3,535 1.99 3.1%

ANALOG DEVICES INC 2.95 12-JAN-2021 (SENIOR) 032654AR6 31 1.06 0.0%

APPLE INC 2.05 11-SEP-2026 (SENIOR UNSECURED) 037833DN7 111 1.17 0.1%

BROADCOM INC 4.7 15-APR-2025 144a (SENIOR UNSECURED) 11135FAF8 50 2.43 0.0%

BROADCOM INC 5.0 15-APR-2030 144a (SENIOR UNSECURED) 11135FAH4 79 3.51 0.1%

FIDELITY NATIONAL INFORMATION SERV 1.5 21-MAY-2027 (SENIOR) BIE17MTW6 460 0.96 0.4%

FISERV INC 3.5 01-JUL-2029 (SENIOR) 337738AU2 372 2.28 0.3%

GLOBAL PAYMENTS INC 2.65 15-FEB-2025 (SENIOR UNSECURED) 37940XAA0 140 1.99 0.1%

GLOBAL PAYMENTS INC 3.2 15-AUG-2029 (SENIOR UNSECURED) 37940XAB8 171 2.80 0.1%

INTERNATIONAL BUSINESS MACHINES CO 1.95 15-MAY-2030 (SENIOR UNSECURED) 459200KJ9 100 1.99 0.1%

INTERNATIONAL BUSINESS MACHINES CO 3.0 15-MAY-2024 (SENIOR UNSECURED) 459200JY8 353 1.16 0.3%

LAM RESEARCH CORPORATION 1.9 15-JUN-2030 (SENIOR UNSECURED) 512807AV0 25 1.93 0.0%

LAM RESEARCH CORPORATION 2.875 15-JUN-2050 (SENIOR UNSECURED) 512807AW8 115 2.89 0.1%

MICROCHIP TECHNOLOGY INCORPORATED 3.922 01-JUN-2021 (1ST LIEN) 595017AN4 57 2.34 0.0%

MICROCHIP TECHNOLOGY INCORPORATED 4.333 01-JUN-2023 (SECURED) 595017AP9 385 3.01 0.3%

NVIDIA CORPORATION 2.85 01-APR-2030 (SENIOR UNSECURED) 67066GAF1 93 1.84 0.1%

NXP BV 3.4 01-MAY-2030 144a (SENIOR UNSECURED) 62954HAD0 30 3.29 0.0%

NXP BV 4.875 01-MAR-2024 144a (SENIOR) 62947QAZ1 531 2.44 0.5%

NXP BV/NXP FUNDING LLC 4.3 18-JUN-2029 144a (SENIOR UNSECURED) 62954HAB4 14 3.45 0.0%

NXP BV/NXP FUNDING LLC/NXP USA 2.7 01-MAY-2025 144a (SENIOR UNSECURED) 62954HAE8 15 2.41 0.0%

ORACLE CORPORATION 2.4 15-SEP-2023 (SENIOR) 68389XBL8 273 0.88 0.2%

ORACLE CORPORATION 2.95 01-APR-2030 (SENIOR UNSECURED) 68389XBV6 132 1.87 0.1%

Transportation 1,819 4.33 1.6%

Airlines 1,066 5.61 0.9%

DELTA AIR LINES INC 7.0 01-MAY-2025 144a (1ST LIEN) 247361ZX9 215 6.39 0.2%

UNITED AIRLINES 2014-2 CLASS A PAS EETC 3.75 03-SEP-2026 (SENIOR) 90932QAA4 198 6.78 0.2%

UNITED AIRLINES INC 2015-1-AA 3.45 01-JUN-2029 (SECURED) 90932LAA5 652 5.00 0.6%





Value (m)

Yield to

Worst

Market

Value %

Railroads 753 2.52 0.7%

UNION PACIFIC CORPORATION 2.4 05-FEB-2030 (SENIOR UNSECURED) 907818FH6 405 2.03 0.4%

UNION PACIFIC CORPORATION 3.25 05-FEB-2050 (SENIOR UNSECURED) 907818FK9 348 3.09 0.3%

Industrial Other 321 1.91 0.3%

CK HUTCHISON INTERNATIONAL (17) LT 2.875 05-APR-2022 144a (SENIOR) 12563UAA5 321 1.91 0.3%

Utility 7,456 2.42 6.5%

Electric 6,637 2.44 5.8%

AEP TEXAS INC 3.45 15-JAN-2050 (SENIOR UNSECURED) 00108WAK6 39 2.88 0.0%

AEP TEXAS INC 4.15 01-MAY-2049 (SENIOR) 00108WAJ9 361 3.17 0.3%

ATLANTIC CITY ELECTRIC CO MORT 4.0 15-OCT-2028 (SECURED) 048303CH2 34 2.16 0.0%

AVANGRID INC 3.15 01-DEC-2024 (SENIOR) 05351WAA1 167 1.68 0.1%

AVANGRID INC 3.2 15-APR-2025 (SENIOR UNSECURED) 05351WAC7 143 1.99 0.1%

BERKSHIRE HATHAWAY ENERGY CO 4.25 15-OCT-2050 144a (SENIOR UNSECURED) 084659AW1 90 2.85 0.1%

CENTERPOINT ENERGY INC 3.85 01-FEB-2024 (SENIOR) 15189TAU1 555 1.89 0.5%

CLEVELAND ELECTRIC ILLUMINATING CO 3.5 01-APR-2028 144a (SENIOR) 186108CK0 236 2.50 0.2%

CLP POWER HONG KONG FINANCING LTD 2.875 26-APR-2023 Reg-S (SENIOR) BRSG160T7 206 1.88 0.2%

CONSUMERS ENERGY COMPANY MORT 3.8 15-NOV-2028 (SECURED) 210518DC7 402 1.67 0.3%

DUKE ENERGY CORP PERP 4.875 31-DEC-2049 (CAPSEC (BTP)) 26441CBG9 145 4.06 0.1%

DUKE ENERGY INDIANA LLC 2.75 01-APR-2050 (SECURED) 26443TAC0 189 2.65 0.2%

DUKE ENERGY INDIANA LLC 3.25 01-OCT-2049 (SECURED) 26443TAB2 83 2.72 0.1%

ENTERGY LOUISIANA LLC MORT 4.0 15-MAR-2033 (SECURED) 29364WBA5 493 2.20 0.4%

ENTERGY LOUISIANA LLC MORT 4.95 15-JAN-2045 (SECURED) 29364WAV0 27 3.03 0.0%

ENTERGY TEXAS INC 3.55 30-SEP-2049 (First Mortgage) 29365TAJ3 74 2.83 0.1%

EVERGY KANSAS CENTRAL INC MORT 3.45 15-APR-2050 (SECURED) 30036FAA9 167 2.71 0.1%

EXELON CORPORATION 3.95 15-JUN-2025 (SENIOR) 30161NAN1 353 1.68 0.3%

FIRSTENERGY TRANSMISSION LLC 4.55 01-APR-2049 144a (SENIOR) 33767BAC3 202 3.51 0.2%

LOUISVILLE GAS AND ELECTRIC COMPAN 4.25 01-APR-2049 (SENIOR) 546676AY3 170 2.92 0.1%

MIDAMERICAN ENERGY COMPANY 3.15 15-APR-2050 (SENIOR) 595620AV7 97 2.50 0.1%

NATIONAL RURAL UTILITIES COOP FINA 5.25 20-APR-2046 (CAPSEC (BTP)) 637432NK7 87 4.40 0.1%

NATIONAL RURAL UTILITIES COOP FINA HYBRID 4.75 30-APR-2043 (CAPSEC (BTP)) 637432MT9 125 3.70 0.1%

NEVADA POWER COMPANY 3.125 01-AUG-2050 (SECURED) 641423CE6 70 2.77 0.1%

NEXTERA ENERGY CAPITAL HOLDINGS IN 3.15 01-APR-2024 (SENIOR) 65339KBG4 453 1.47 0.4%

NRG ENERGY INC 3.75 15-JUN-2024 144a (1ST LIEN) 629377CK6 83 3.11 0.1%

NRG ENERGY INC 4.45 15-JUN-2029 144a (1ST LIEN) 629377CL4 131 4.04 0.1%

PACIFICORP 2.7 15-SEP-2030 (SECURED) 695114CW6 27 1.75 0.0%

PACIFICORP 3.3 15-MAR-2051 (SECURED) 695114CX4 39 2.69 0.0%

PACIFICORP MORT 3.5 15-JUN-2029 (SECURED) 695114CU0 540 1.82 0.5%

SOUTHERN CALIFORNIA EDISON COMPANY 3.65 01-FEB-2050 (SECURED) 842400GT4 121 3.19 0.1%

SOUTHERN CALIFORNIA EDISON COMPANY 4.875 01-MAR-2049 (SECURED) 842400GR8 186 3.37 0.2%

SOUTHERN CALIFORNIA EDISON COMPANY MORT 4.0 01-APR-2047 (SECURED) 842400GG2 89 3.36 0.1%

TRANS-ALLEGHENY INTERSTATE LINE CO 3.85 01-JUN-2025 144a (SENIOR) 893045AE4 62 1.38 0.1%

VISTRA OPERATIONS COMPANY LLC 3.55 15-JUL-2024 144a (1ST LIEN) 92840VAD4 214 3.34 0.2%

XCEL ENERGY INC 2.6 01-DEC-2029 (SENIOR UNSECURED) 98389BAW0 42 2.06 0.0%

XCEL ENERGY INC 3.4 01-JUN-2030 (SENIOR UNSECURED) 98389BAY6 61 2.08 0.1%

XCEL ENERGY INC 3.5 01-DEC-2049 (SENIOR UNSECURED) 98389BAX8 73 2.98 0.1%


BROOKLYN UNION GAS CO 3.865 04-MAR-2029 144a (SENIOR) 114259AT1 260 2.29 0.2%

NISOURCE INC 3.6 01-MAY-2030 (SENIOR UNSECURED) 65473PAJ4 101 2.28 0.1%

Utility Other 459 2.18 0.4%

AMERICAN WATER CAPITAL CORP 3.45 01-JUN-2029 (SENIOR) 03040WAU9 329 1.96 0.3%

ESSENTIAL UTILITIES INC 2.704 15-APR-2030 (SENIOR UNSECURED) 29670GAD4 67 2.39 0.1%

ESSENTIAL UTILITIES INC 3.351 15-APR-2050 (SENIOR UNSECURED) 29670GAE2 63 3.10 0.1%


Value (m)

Yield to

Worst

Market

Value %


Banking 11,820 2.30 10.3%

ALLY FINANCIAL INC 8.0 01-NOV-2031 (SENIOR) 36186CBY8 214 5.39 0.2%

BANK OF AMERICA CORP 2.496 13-FEB-2031 (SENIOR UNSECURED) 06051GHZ5 255 2.27 0.2%

BANK OF AMERICA CORP 2.592 29-APR-2031 (SENIOR UNSECURED) 06051GJB6 82 2.29 0.1%

BANK OF AMERICA CORP 2.625 19-OCT-2020 (SENIOR) 06051GFT1 327 1.15 0.3%

BANK OF AMERICA CORP 3.458 15-MAR-2025 (SENIOR) 06051GHR3 308 1.84 0.3%

BANK OF AMERICA CORP 4.083 20-MAR-2051 (SENIOR UNSECURED) 06051GJA8 109 3.04 0.1%

BANK OF MONTREAL 1.85 01-MAY-2025 (SENIOR UNSECURED) 06367WB85 231 1.77 0.2%

BB&T CORP 3.875 19-MAR-2029 (SUB) 05531GAB7 192 3.07 0.2%

BRANCH BANKING AND TRUST COMPANY 2.636 17-SEP-2029 (SUB) 07330MAC1 78 1.89 0.1%

CITIBANK NA 3.4 23-JUL-2021 (SENIOR) 17325FAQ1 517 1.19 0.4%

CITIGROUP INC 2.75 24-JAN-2024 (SENIOR) BIE0YPK26 392 1.92 0.3%

CITIGROUP INC 3.106 08-APR-2026 (SENIOR UNSECURED) 172967MQ1 830 2.21 0.7%

CITIZENS FINANCIAL GROUP INC 2.85 27-JUL-2026 (SENIOR UNSECURED) 174610AR6 394 2.78 0.3%

CITIZENS FINANCIAL GROUP INC T2 4.3 03-DEC-2025 (SUB) 174610AK1 246 2.82 0.2%

CREDIT AGRICOLE SA (NEW YORK BRANC 3.25 14-JAN-2030 144a (SUB) 225313AM7 553 3.08 0.5%

CREDIT SUISSE GROUP AG 4.194 01-APR-2031 144a (SENIOR UNSECURED) 225401AP3 273 3.13 0.2%

FIFTH THIRD BANCORP 2.375 28-JAN-2025 (SENIOR UNSECURED) 316773CY4 82 1.99 0.1%

FIFTH THIRD BANCORP 3.65 25-JAN-2024 (SENIOR) 316773CX6 37 1.97 0.0%

FIFTH THIRD BANK T2 3.85 15-MAR-2026 (SUB) 31677AAB0 319 2.43 0.3%

GOLDMAN SACHS GROUP INC 6.0 15-JUN-2020 (SENIOR) 38141EA66 283 1.67 0.2%

GOLDMAN SACHS GROUP INC/THE 2.6 07-FEB-2030 (SENIOR UNSECURED) 38141GXG4 90 2.72 0.1%

GOLDMAN SACHS GROUP INC/THE 3.5 01-APR-2025 (SENIOR UNSECURED) 38141GXJ8 53 2.07 0.0%

HUNTINGTON NATIONAL BANK (THE) 3.125 01-APR-2022 (SENIOR) 44644AAH0 569 1.37 0.5%

JPMORGAN CHASE & CO 2.522 22-APR-2031 (SENIOR UNSECURED) 46647PBL9 107 2.19 0.1%

JPMORGAN CHASE & CO 3.109 22-APR-2041 (SENIOR UNSECURED) 46647PBM7 62 2.81 0.1%

JPMORGAN CHASE & CO 3.109 22-APR-2051 (SENIOR UNSECURED) 46647PBN5 93 2.83 0.1%

JPMORGAN CHASE & CO 3.702 06-MAY-2030 (SENIOR) 46647PBD7 84 2.36 0.1%

JPMORGAN CHASE & CO 4.023 05-DEC-2024 (SENIOR) 46647PAY2 170 1.64 0.1%

JPMORGAN CHASE & CO 5.0 31-DEC-2049 (JUNIOR SUB) 48128BAF8 99 4.20 0.1%

JPMORGAN CHASE & CO PERP 4.6 31-DEC-2049 (CAPSEC (BTP)) 48128BAG6 32 4.12 0.0%

KEYBANK NA T2 3.4 20-MAY-2026 (SUB) 49327V2A1 584 2.55 0.5%

MORGAN STANLEY 1.66763 08-MAY-2024 (SENIOR) 61744YAG3 169 2.10 0.1%

MORGAN STANLEY 2.188 28-APR-2026 (SENIOR UNSECURED) 6174468Q5 202 1.93 0.2%

MORGAN STANLEY 3.622 01-APR-2031 (SENIOR UNSECURED) 6174468P7 88 2.46 0.1%

MORGAN STANLEY 5.597 24-MAR-2051 (SENIOR UNSECURED) 6174468N2 129 3.33 0.1%

MORGAN STANLEY LT2 5.0 24-NOV-2025 (SUB) 6174467X1 254 2.47 0.2%

NORTHERN TRUST CORPORATION 1.95 01-MAY-2030 (SENIOR UNSECURED) 665859AV6 155 1.97 0.1%

PNC BANK NATIONAL ASSOCIATION LT2 2.7 01-NOV-2022 (SUB) 69349LAG3 262 1.28 0.2%

PNC FINANCIAL SERVICES GROUP INC ( 2.6 23-JUL-2026 (SENIOR UNSECURED) 693475AX3 373 1.81 0.3%

REGIONS FINANCIAL CORPORATION 2.75 14-AUG-2022 (SENIOR) 7591EPAM2 51 1.92 0.0%

REGIONS FINANCIAL CORPORATION 3.8 14-AUG-2023 (SENIOR) 7591EPAP5 96 1.95 0.1%

STATE STREET CORP 3.3 16-DEC-2024 (SENIOR) 857477AN3 348 1.23 0.3%

SUNTRUST BANK BN 2.45 01-AUG-2022 (SENIOR) 86787EAT4 82 1.40 0.1%

SUNTRUST BANK BN 3.0 02-FEB-2023 (SENIOR) 86787EAV9 63 1.43 0.1%

SUNTRUST BANKS INC 2.7 27-JAN-2022 (SENIOR) 867914BM4 180 1.31 0.2%

US BANCORP 3.0 30-JUL-2029 (SUB) 91159HHW3 217 2.37 0.2%

US BANCORP 3.95 17-NOV-2025 (SENIOR) 91159HHU7 108 1.09 0.1%

US BANCORP CAPITAL I T1-P 5.125 31-DEC-2049 (CAPSEC (BTP)) 902973AY2 320 5.13 0.3%

US BANCORP LT2 3.6 11-SEP-2024 (SUB) 91159HHK9 447 1.53 0.4%

WELLS FARGO & COMPANY 3.068 30-APR-2041 (SENIOR UNSECURED) 95000U2Q5 69 3.13 0.1%

WELLS FARGO CAPITAL X T1 5.95 01-DEC-2086 (CAPSEC (BTP)) 949746NL1 285 3.53 0.2%

ZIONS BANCORPORATION NATIONAL ASSO 3.35 04-MAR-2022 (SENIOR) 98971DAA8 252 3.22 0.2%





Value (m)

Yield to

Worst

Market

Value %

Brokerage/Asset Managers/Exchanges 989 2.94 0.9%

CHARLES SCHWAB CORPORATION (THE) 3.2 25-JAN-2028 (SENIOR) 808513AU9 38 2.21 0.0%

CHARLES SCHWAB CORPORATION (THE) 3.25 21-MAY-2021 (SENIOR) 808513AW5 36 1.16 0.0%

CHARLES SCHWAB CORPORATION (THE) 3.85 21-MAY-2025 (SENIOR) 808513AX3 229 1.17 0.2%

CHARLES SCHWAB CORPORATION (THE) PERP 5.375 31-DEC-2049 (CAPSEC (BTP)) 808513BD6 109 4.52 0.1%

JEFFERIES GROUP INC 6.5 20-JAN-2043 (SENIOR) 472319AM4 108 6.02 0.1%

JEFFERIES GROUP LLC 4.15 23-JAN-2030 (SENIOR) 47233JBH0 146 4.22 0.1%

TIAA ASSET MANAGEMENT FINANCE COMP 4.125 01-NOV-2024 144a (SENIOR) 87246YAC0 324 2.33 0.3%


AERCAP IRELAND CAPITAL LTD / AERCA 3.65 21-JUL-2027 (SENIOR) 00774MAB1 337 6.58 0.3%

AIR LEASE CORPORATION 3.0 01-FEB-2030 (SENIOR UNSECURED) 00914AAG7 134 5.69 0.1%

INTERNATIONAL LEASE FINANCE CORP 8.625 15-JAN-2022 (SENIOR) 459745GK5 157 7.31 0.1%

Insurance 1,513 5.53 1.3%

Life Insurance 911 8.29 0.8%

METLIFE INC 3.6 13-NOV-2025 (SENIOR) 59156RBQ0 195 1.62 0.2%

METLIFE INC T1-P 5.25 31-DEC-2049 (CAPSEC (BTP)) 59156RBP2 93 50.00 0.1%

PRUDENTIAL FINANCIAL INC HYBRID 5.375 15-MAY-2045 (CAPSEC (BTP)) 744320AV4 313 4.98 0.3%

PRUDENTIAL FINANCIAL INC PERP 3.7 13-MAR-2051 (CAPSEC (BTP)) 74432QCF0 166 3.36 0.1%

REINSURANCE GROUP OF AMERICA INCOR 3.9 15-MAY-2029 (SENIOR) 759351AN9 144 3.22 0.1%

Property and Casualty 602 1.35 0.5%

CHUBB INA HOLDINGS INC 0.875 15-JUN-2027 (SENIOR) 171239AC0 543 1.10 0.5%

XLIT LTD T2 5.5 31-MAR-2045 (CAPSEC (BTP)) 98420EAD7 58 3.69 0.1%

REITs 539 2.38 0.5%

Other REIT 539 2.38 0.5%

AMTT_13-2A 3.07 15-MAR-2048 144a 03027WAJ1 259 1.92 0.2%

CUBESMART LP 3.0 15-FEB-2030 (SENIOR UNSECURED) 22966RAF3 69 3.27 0.1%

DIGITAL REALTY TRUST LP 3.6 01-JUL-2029 (SENIOR UNSECURED) 25389JAU0 212 2.67 0.2%

Financial Other 340 0.94 0.3%

None 340 0.94 0.3%

VONOVIA FINANCE BV 1.5 22-MAR-2026 Reg-S (SENIOR) BRTFYMNM7 340 0.94 0.3%

High Yield 17,855 6.58 15.5%

Industrial 13,912 6.99 12.1%


Chemicals 337 6.52 0.3%

METHANEX CORPORATION 5.25 15-DEC-2029 (SENIOR) 59151KAL2 61 7.55 0.1%

OLIN CORP 5.0 01-FEB-2030 (SENIOR) 680665AK2 191 6.73 0.2%

POLYONE CORPORATION 5.75 15-MAY-2025 144a (SENIOR UNSECURED) 73179PAM8 85 5.33 0.1%

Metals and Mining 739 8.70 0.6%

FREEPORT-MCMORAN COPPER & GOLD INC 5.45 15-MAR-2043 (SENIOR) 35671DBC8 231 6.04 0.2%

HUDBAY MINERALS INC 7.625 15-JAN-2025 144a (SENIOR) 443628AG7 144 10.07 0.1%

IAMGOLD CORP 7.0 15-APR-2025 144a (SENIOR) 450913AE8 36 6.43 0.0%

JOSEPH T RYERSON & SON INC 11.0 15-MAY-2022 144a (SECURED) 48088LAA5 81 12.93 0.1%

NOVELIS CORP 5.875 30-SEP-2026 144a (SENIOR) 670001AC0 151 6.31 0.1%

TMS INTERNATIONAL CORP 7.25 15-AUG-2025 144a (SENIOR) 87261QAB9 96 13.99 0.1%


Aerospace and Defense 347 10.00 0.3%

BOMBARDIER INC 7.5 15-MAR-2025 144a (SENIOR) 097751BM2 73 18.62 0.1%

BOMBARDIER INC 7.875 15-APR-2027 144a (SENIOR) 097751BT7 31 16.40 0.0%

TRANSDIGM INC 6.25 15-MAR-2026 144a (SECURED) 893647BE6 243 6.59 0.2%


Value (m)

Yield to

Worst

Market

Value %


BMC EAST LLC 5.5 01-OCT-2024 144a (SECURED) 055604AA0 120 6.63 0.1%

BOISE CASCADE CO 5.625 01-SEP-2024 144a (SENIOR) 09739DAC4 121 5.51 0.1%

NEW ENTERPRISE STONE & LIME CO INC 10.125 01-APR-2022 144a (SENIOR) 644274AE2 215 10.14 0.2%

STANDARD INDUSTRIES INC (DELAWARE) 6.0 15-OCT-2025 144a (SENIOR) 120111BN8 421 4.46 0.4%

Construction Machinery 585 5.17 0.5%

UNITED RENTALS (NORTH AMERICA) INC 5.25 15-JAN-2030 (SENIOR) 911365BL7 220 5.14 0.2%

UNITED RENTALS (NORTH AMERICA) INC 5.875 15-SEP-2026 (SENIOR) 911365BE3 216 5.00 0.2%

UNITED RENTALS (NORTH AMERICA) INC 6.5 15-DEC-2026 (SENIOR) 911365BK9 149 5.45 0.1%


ENPRO INDUSTRIES INC 5.75 15-OCT-2026 (SENIOR) 29355XAG2 217 6.09 0.2%

Packaging 639 6.37 0.6%

ARDAGH PACKAGING FINANCE PLC/ARDAG 6.0 15-FEB-2025 144a (SENIOR) 03969AAL4 285 5.72 0.2%

BERRY GLOBAL ESCROW CORPORATION 5.625 15-JUL-2027 144a (2ND LIEN) 085770AB1 259 4.60 0.2%

BWAY HOLDING CO 7.25 15-APR-2025 144a (SENIOR) 12429TAE4 95 13.19 0.1%

Environmental 209 6.45 0.2%

COVANTA HOLDING CORP 5.875 01-JUL-2025 (SENIOR) 22282EAG7 209 6.45 0.2%



ALTICE FINANCING SA 5.0 15-JAN-2028 144a (SECURED) 02154CAF0 199 5.30 0.2%

CCO HOLDINGS LLC 4.5 15-AUG-2030 144a (SENIOR UNSECURED) 1248EPCE1 489 4.35 0.4%

CCO HOLDINGS LLC 5.375 01-JUN-2029 144a (SENIOR) 1248EPCB7 346 4.37 0.3%

CONNECT FINCO SARL 6.75 01-OCT-2026 144a (SECURED) 20752TAA2 323 7.58 0.3%

LCPR SENIOR SECURED FINANCING DAC 6.75 15-OCT-2027 144a (1ST LIEN) 50201DAA1 239 5.85 0.2%

RADIATE HOLDCO LLC / RADIATE FINAN 6.625 15-FEB-2025 144a (SENIOR) 75026JAA8 131 6.69 0.1%

SIRIUS XM RADIO INC 5.0 01-AUG-2027 144a (SENIOR) 82967NBA5 114 4.41 0.1%

SIRIUS XM RADIO INC 5.375 15-JUL-2026 144a (SENIOR) 82967NAW8 85 3.82 0.1%


CLEAR CHANNEL WORLDWIDE HOLDINGS I 9.25 15-FEB-2024 144a (SENIOR SUB) 18451QAN8 76 15.00 0.1%

GRAY ESCROW INC 7.0 15-MAY-2027 144a (SENIOR) 389284AA8 235 6.72 0.2%

Wireless 758 5.15 0.7%

ALTICE FRANCE HOLDING S.A. 10.5 15-MAY-2027 144a (SENIOR UNSECURED) 02156TAB0 237 8.06 0.2%

SPRINT CAPITAL CORPORATION 8.75 15-MAR-2032 (SENIOR) 852060AT9 71 4.31 0.1%

SPRINT CORP 7.125 15-JUN-2024 (SENIOR) 85207UAH8 156 3.75 0.1%

SPRINT CORP 7.875 15-SEP-2023 (SENIOR) 85207UAF2 294 3.74 0.3%

Wirelines 782 6.67 0.7%

CENTURYLINK INC 5.125 15-DEC-2026 144a (SENIOR UNSECURED) 156700BB1 336 5.98 0.3%

FRONT RANGE BIDCO INC 6.125 01-MAR-2028 144a (SENIOR UNSECURED) 98919VAB1 229 7.01 0.2%

FRONTIER COMMUNICATIONS CORP 8.0 01-APR-2027 144a (SECURED) 35906ABC1 216 7.40 0.2%


Automotive 192 6.23 0.2%

ALLISON TRANSMISSION INC 5.875 01-JUN-2029 144a (SENIOR) 019736AF4 192 6.23 0.2%

Gaming 638 8.18 0.6%

BOYD GAMING CORPORATION 6.0 15-AUG-2026 (SENIOR) 103304BQ3 282 7.79 0.2%

MGM GROWTH PROPERTIES OPERATING PA REIT 5.75 01-FEB-2027 (SENIOR) 55303XAJ4 206 5.46 0.2%

MGM RESORTS INTERNATIONAL 5.75 15-JUN-2025 (SENIOR) 552953CE9 35 6.53 0.0%

SCIENTIFIC GAMES INTERNATIONAL INC 8.25 15-MAR-2026 144a (SENIOR) 80874YBA7 116 14.45 0.1%

Home Construction 311 6.07 0.3%

LENNAR CORPORATION 5.0 15-JUN-2027 (SENIOR) 526057CV4 132 4.40 0.1%

M/I HOMES INC 5.625 01-AUG-2025 (SENIOR) 55305BAQ4 179 7.30 0.2%





Value (m)

Yield to

Worst

Market

Value %

Retailers 224 4.79 0.2%

MURPHY OIL USA INC 5.625 01-MAY-2027 (SENIOR) 626738AD0 224 4.79 0.2%


PRIME SECURITY SERVICES BORROWER L 5.75 15-APR-2026 144a (SECURED) 74166MAC0 105 5.95 0.1%


Healthcare 1,295 5.13 1.1%

CHARLES RIVER LABORATORIES INTERNA 5.5 01-APR-2026 144a (SENIOR) 159864AC1 263 4.54 0.2%

ENCOMPASS HEALTH CORP 4.75 01-FEB-2030 (SENIOR UNSECURED) 29261AAB6 94 4.67 0.1%

HCA INC 5.375 01-FEB-2025 (SENIOR) 404119BR9 257 3.52 0.2%

HCA INC 5.875 01-FEB-2029 (SENIOR) 404119BW8 128 3.76 0.1%

HCA INC 7.58 15-SEP-2025 (SENIOR) 19767QAQ8 98 4.51 0.1%

HEALTHSOUTH CORPORATION 5.75 15-SEP-2025 (SENIOR) 421924BT7 113 5.02 0.1%

TENET HEALTHCARE CORPORATION 5.125 01-MAY-2025 (SECURED) 88033GCU2 44 6.52 0.0%

TENET HEALTHCARE CORPORATION 6.875 15-NOV-2031 (SENIOR) 88033GAV2 90 8.65 0.1%

TENET HEALTHCARE CORPORATION 8.125 01-APR-2022 (SENIOR) 88033GCE8 209 7.42 0.2%

Pharmaceuticals 268 2.03 0.2%

BAUSCH HEALTH COMPANIES INC 5.5 01-NOV-2025 144a (SECURED) 91911KAN2 268 2.03 0.2%

Energy 2,070 11.72 1.8%

Independent 900 10.71 0.8%

CONTINENTAL RESOURCES INC 3.8 01-JUN-2024 (SENIOR) 212015AN1 186 8.93 0.2%

MURPHY OIL CORPORATION 5.75 15-AUG-2025 (SENIOR) 626717AJ1 71 14.11 0.1%

MURPHY OIL CORPORATION 5.875 01-DEC-2027 (SENIOR UNSECURED) 626717AM4 206 12.48 0.2%

OCCIDENTAL PETROLEUM CORPORATION 2.9 15-AUG-2024 (SENIOR UNSECURED) 674599CW3 89 9.74 0.1%

SOUTHWESTERN ENERGY COMPANY 7.75 01-OCT-2027 (SENIOR) 845467AN9 349 10.16 0.3%


PRECISION DRILLING CORPORATION 7.125 15-JAN-2026 144a (SENIOR) 740212AL9 45 28.92 0.0%

PRECISION DRILLING CORPORATION 7.75 15-DEC-2023 (SENIOR) 740212AK1 50 36.33 0.0%

TRANSOCEAN INC 7.25 01-NOV-2025 144a (SENIOR) 893830BK4 75 30.14 0.1%

Midstream 1,000 9.27 0.9%

CHENIERE ENERGY PARTNERS LP 5.25 01-OCT-2025 (SENIOR) 16411QAB7 150 6.11 0.1%

CRESTWOOD MIDSTREAM PARTNERS LP 5.625 01-MAY-2027 144a (SENIOR) 226373AQ1 161 13.32 0.1%

ENERGY TRANSFER OPERATING LP PERP 7.125 15-DEC-2049 (CAPSEC (BTP)) 29278NAT0 143 8.43 0.1%

GENESIS ENERGY LP/ GENESIS ENERGY 6.5 01-OCT-2025 (SENIOR) 37185LAJ1 251 10.27 0.2%

TARGA RESOURCES PARTNERS LP 5.375 01-FEB-2027 (SENIOR) 87612BBE1 139 8.22 0.1%

TARGA RESOURCES PARTNERS LP 5.875 15-APR-2026 (SENIOR) 87612BBJ0 157 8.20 0.1%

Technology 1,084 5.81 0.9%

CDK GLOBAL INC 5.0 15-OCT-2024 (SENIOR) 12508EAD3 276 3.93 0.2%

COMMSCOPE TECHNOLOGIES LLC 5.0 15-MAR-2027 144a (SENIOR) 20338HAB9 174 7.63 0.2%

IRON MOUNTAIN US HOLDINGS INC 5.375 01-JUN-2026 144a (SENIOR) 46289RAA3 187 5.32 0.2%

SS&C TECHNOLOGIES INC 5.5 30-SEP-2027 144a (SENIOR) 78466CAC0 216 4.81 0.2%

VERSCEND ESCROW CORP 9.75 15-AUG-2026 144a (SENIOR) 92535WAA8 230 8.03 0.2%

Utility 976 4.65 0.8%

Electric 892 4.27 0.8%

CALPINE CORP 5.25 01-JUN-2026 144a (SECURED) 131347CK0 230 4.63 0.2%

VISTRA OPERATIONS COMPANY LLC 5.0 31-JUL-2027 144a (SENIOR UNSECURED) 92840VAF9 142 4.36 0.1%

VISTRA OPERATIONS COMPANY LLC 5.5 01-SEP-2026 144a (SENIOR) 92840VAA0 264 4.35 0.2%

VISTRA OPERATIONS COMPANY LLC 5.625 15-FEB-2027 144a (SENIOR) 92840VAB8 255 3.82 0.2%


NISOURCE INC PERP 5.65 31-DEC-2049 (SUB) 65473PAG0 85 8.60 0.1%


Value (m)

Yield to

Worst

Market

Value %


Banking 1,266 5.72 1.1%

CREDIT SUISSE GROUP AG AT1-P 6.25 31-DEC-2049 144a (CAPSEC (BTP)) 225436AA2 421 4.28 0.4%

MORGAN STANLEY AT1-P 5.55 31-DEC-2049 (CAPSEC (BTP)) 617474AA9 23 4.90 0.0%

ROYAL BANK OF SCOTLAND GROUP PLC AT1-P 8.625 31-DEC-2049 (CAPSEC (BTP)) 780097BB6 619 6.66 0.5%

UBS GROUP FUNDING SWITZERLAND AG AT1-P 6.875 31-DEC-2049 Reg-S (CAPSEC (BTP)) BRT0458G0 203 5.91 0.2%

Insurance 1,701 4.96 1.5%

Health Insurance 866 3.07 0.8%

CENTENE CORPORATION 3.375 15-FEB-2030 144a (SENIOR UNSECURED) 15135BAU5 586 3.20 0.5%

CENTENE CORPORATION 4.625 15-DEC-2029 144a (SENIOR UNSECURED) 15135BAS0 280 2.78 0.2%


ASSUREDPARTNERS INC 7.0 15-AUG-2025 144a (SENIOR) 04624VAA7 109 8.49 0.1%

GTCR (AP) FINANCE INC 8.0 15-MAY-2027 144a (SENIOR) 40060QAA3 5 9.13 0.0%

HUB INTERNATIONAL LTD 7.0 01-MAY-2026 144a (SENIOR) 44332PAD3 262 7.15 0.2%

USIS MERGER SUB INC 6.875 01-MAY-2025 144a (SENIOR) 91739VAA6 459 6.40 0.4%

Bank Loans 7,652 5.77 6.7%

IG Rated 233 2.55 0.2%

Financial Institutions 233 2.55 0.2%

Brokerage/Asset Managers/Exchanges 233 2.55 0.2%

RPI 2019 INTERMEDIATE FINANCE TRUS TL-B 2.07963 07-FEB-2027 BIE1RJFP1 233 2.55 0.2%

HY Rated 7,419 5.88 6.4%

Industrial 5,990 5.24 5.2%

Capital Goods 890 4.56 0.8%

Aerospace and Defense 263 5.12 0.2%

TRANSDIGM INC TL-F 2.57963 31-DEC-2025 BIE1R25F1 263 5.12 0.2%


QUIKRETE HOLDINGS INC TL-B 2.82963 29-JAN-2027 BIE1QSMT6 262 3.97 0.2%


HUSKY IMS (TITAN ACQUISITION LTD) TL-B 5.23438 28-MAR-2025 BRTFW0YQ6 53 6.44 0.0%

Packaging 312 4.26 0.3%

BERRY GLOBAL INC TL-U 01-JUL-2026 BIE1NY136 238 3.12 0.2%

BWAY HOLDING COMPANY TL-B 5.5895 03-APR-2024 BRT92S469 74 7.94 0.1%

Communications 988 3.74 0.9%

Cable and Satellite 109 5.02 0.1%

RCN GRANDE COMMUNICATIONS TL 5.23438 01-FEB-2024 BRT72SAC3 109 5.02 0.1%


LAMAR MEDIA CORP TL-B 1.82963 30-JAN-2027 BIE1QT274 288 2.44 0.3%

NEXSTAR BROADCASTING INC TL-B 19-SEP-2026 BIE19VQF4 227 4.41 0.2%

Wirelines 365 3.96 0.3%

CENTURYLINK INC TL-B 2.57963 15-MAR-2027 BIE1QN053 261 3.46 0.2%

FRONTIER COMMUNICATIONS CORPORATIO TL-B1 5.99 15-JUN-2024 BRTAJJRQ9 104 5.22 0.1%

Consumer Cyclical 286 4.38 0.2%

Gaming 286 4.38 0.2%

STARS GROUP HOLDINGS (AMAYA) TL 5.82988 10-JUL-2025 BRTJGZKC5 286 4.38 0.2%


Consumer Products 266 2.68 0.2%

REYNOLDS CONSUMER PRODUCTS LLC TL 04-FEB-2027 BIE1QUZW0 266 2.68 0.2%

Food and Beverage 41 34.62 0.0%

PABST BREWING CO(BLUE RIBBON LLC) TL 6.26563 15-NOV-2021 BRSQAA876 41 34.62 0.0%

Healthcare 816 6.15 0.7%

AIR MEDICAL GROUP HOLDINGS INC TL-B 5.432 28-APR-2022 BRTFHAZF4 78 8.75 0.1%

ATHENAHEALTH INC TL-B 6.68104982456013 11-FEB-2026 BRTQBPMR1 278 6.60 0.2%

EXAMWORKS GROUP INC TL-B 5.48438 27-JUL-2023 BRT8B6006 233 5.52 0.2%

KINDRED AT HOME TL 4.15363 02-JUL-2025 BIE1QN3B7 227 5.36 0.2%





Value (m)

Yield to

Worst

Market

Value %

Pharmaceuticals 411 2.65 0.4%

ELANCO ANIMAL HEALTH INC TL-B 2.15363 04-FEB-2027 BIE1R6Z77 411 2.65 0.4%

Energy 171 8.22 0.1%


SUMMIT MIDSTREAM PARTNERS HOLDINGS TL-B 8.23438 13-MAY-2022 BRT96ZC52 14 50.00 0.0%

Midstream 157 4.41 0.1%

HERCULES MERGER SUB LLC TL 4.2005 16-OCT-2026 BIE1HL6J1 157 4.41 0.1%

Technology 1,472 7.00 1.3%

None 1,472 7.00 1.3%

APPLIED SYSTEMS INC TL 9.32988 19-SEP-2025 BRTCJNPC9 335 8.93 0.3%

INFORMATICA CORP TL-B 4.70013 14-FEB-2025 BIE1RVVX9 170 5.26 0.1%

INFORMATICA LLC TL-B 3.57963 14-FEB-2027 BIE1RVSN5 107 4.22 0.1%

KRONOS INCORPORATED TL 10.50313 01-NOV-2024 BRT5S1CX0 266 10.48 0.2%

KRONOS INCORPORATED TL 5.25313 01-NOV-2023 BRTA784A6 290 5.12 0.3%

ULTIMATE SOFTWARE GROUP INC (THE) TL-B 6.07988 15-APR-2026 BRTSAM3J4 195 5.24 0.2%

VERSCEND HOLDING CORP TL-B 6.73438 27-AUG-2025 BRTKNA3H7 109 6.13 0.1%

Transportation 82 10.40 0.1%

Airlines 82 10.40 0.1%

AMERICAN AIRLINES INC TL-B 4.19513 14-DEC-2023 BRTDLDWF1 82 10.40 0.1%

Industrial Other 567 2.81 0.5%

INGERSOLL-RAND SERVICES CO TL-B 2.07963 28-FEB-2027 BIE1RJ8E4 380 2.94 0.3%

RPI INTERMEDIATE FINANCE TRUST TL-B 2.07963 07-FEB-2027 BIE1RJF22 187 2.55 0.2%

Utility 552 13.91 0.5%

Electric 228 19.84 0.2%

CALPINE CORPORATION TL-B5 15-JAN-2024 BIE1PH1F4 61 3.49 0.1%

PANDA LIBERTY LLC TL-B2 7.9505 21-AUG-2020 BIE1PSX57 117 29.40 0.1%

PANDA PATRIOT LLC TL-B2-DD 19-DEC-2020 BIE1SBJF5 50 17.41 0.0%


PANDA PATRIOT LLC TL-B1 7.2005 19-DEC-2020 BIE1QQL04 66 17.05 0.1%

Utility Other 258 7.85 0.2%

USIC HOLDINGS (US INFRASTRUCTURE) TL-B 5.23438 08-DEC-2023 BRTAY5C13 258 7.85 0.2%

Financial Institutions 877 5.14 0.8%


RUSSELL INVESTMENT MANAGEMENT COMP TL-B 01-JUN-2023 BIE1SKRG4 78 6.00 0.1%

Insurance 799 5.05 0.7%


ACRISURE LLC TL-B 3.82963 31-JAN-2027 BIE1R24G0 560 5.12 0.5%

ASSUREDPARTNERS INC TL-B 11-FEB-2027 BIE1SGU95 104 4.95 0.1%

HUB INTERNATIONAL LTD TL-B 5.26666502525253 25-APR-2025 BRTGX52M6 135 4.85 0.1%

US Municipals 379 2.76 0.3%

Taxable 379 2.76 0.3%

Other 379 2.76 0.3%

MET GOVT NASHVILLE & DAVIDSON 4.053 01-JUL-2026 592041WJ2 379 2.76 0.3%

Derivatives 0 0.49 0.0%

Futures 0 0.49 0.0%

CAN 10YR BOND JUN 20 CN 19-JUN-2020 CNM020209 0 0.57 0.0%

EURO BUXL 30YR BOND JUN 20 UB 08-JUN-2020 UBM020205 0 0.22 0.0%

EURO-BOBL JUN 20 OE 08-JUN-2020 OEM020206 0 -0.01 0.0%

EURO-BUND JUN 20 RX 08-JUN-2020 RXM020201 0 0.45 0.0%

LONG GILT JUN 20 G 26-JUN-2020 GM0202007 0 0.09 0.0%

US 10YR NOTE JUN 20 TY 19-JUN-2020 TYM020207 0 0.06 0.0%

US 5YR NOTE JUN 20 FV 30-JUN-2020 FVM020208 0 0.26 0.0%


Value (m)

Yield to

Worst

Market

Value %

Other 0 0.00 0.0%

BPM02020C 708 0.01 0.6%

BPM02020T -708 0.01 -0.6%

ECM02020C 5,066 0.01 4.4%

ECM02020T -5,066 0.00 -4.4%

Cash Securities 435 -0.69 0.4%

Cash & Cash Equivalents 435 -0.69 0.4%

CAD 38 0.60 0.0%

FUTURES CAD MARGIN BALANCE 01-JAN-2050 MARGNCAD0 38 0.60 0.0%

EUR 557 -0.46 0.5%

EUR CASH(COMMITTED) EUR_CCASH 256 -0.46 0.2%

FUTURES EUR MARGIN BALANCE 01-JAN-2050 MARGNEUR3 301 -0.46 0.3%

GBP 121 0.20 0.1%

FUTURES GBP MARGIN BALANCE 01-JAN-2050 MARGNGBP3 88 0.20 0.1%

GBP CASH(COMMITTED) GBP_CCASH 33 0.20 0.0%

USD -281 0.33 -0.2%

CASH COLLATERAL USD JPM IM FUT 31-DEC-2049 CSHJPIM07 525 0.33 0.5%

FUTURES USD MARGIN BALANCE 01-JAN-2050 MARGNUSD1 -427 0.33 -0.4%

USD CASH(COMMITTED) USD_CCASH -379 0.33 -0.3%




Future results are impossible to predict. This document contains opinions, conclusions, estimates and other

forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual

events or results may differ materially, positively or negatively, from those reflected or contemplated in such

forward-looking statements. Past performance is not a reliable indicator of future performance. Investing involves

risk including the possible loss of principal.

This document does not contain all the information necessary to fully evaluate any investment program, and

reliance should not be placed on the contents of this document. Any decision with respect to any investment

program referred to herein should be made based solely upon appropriate due diligence by the prospective

investor. The investment capabilities described herein involve risks due, among other things, to the nature of the

underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that

any particular investment objective will be realized or any investment strategy seeking to achieve such objective

will be successful.

No representation or warranty, express or implied, is made as to the accuracy or completeness of the

information, opinions and conclusions contained in this document. In preparing this document, reliance has been

placed, without independent verification, on the accuracy and completeness of all information available from

external sources.

To the maximum extent permitted by law, none of the entities under Macquarie Investment Management nor any

other member of the Macquarie Group nor their directors, employees or agents accept any liability for any loss

arising from the use of this document, its contents or otherwise arising in connection with it.The following

investment advisers form part of Macquarie Group’s investment management business, Macquarie Investment

Management: Macquarie Investment Management Business Trust, Macquarie Funds Management Hong Kong

Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management

Global Limited, Macquarie Investment Management Europe Limited, Macquarie Capital Investment Management

LLC, and Macquarie Investment Management Europe S.A.

Diversification may not protect against market risk.

The performance data quoted represent past performances; past performance does not guarantee future

results.

The views expressed represent the Manager's assessment of the market environment as of December 2019,

and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as

research or investment advice.

Advisory services may be provided by an affiliate.

All third-party marks cited are the property of their respective owners.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise.

They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal

payments on its debt.

High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.

The Strategies may also be subject to prepayment risk, the risk that the principal of a bond that is held by a

portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was

paying. A portfolio may then have to reinvest that money at a lower interest rate.

CDS = Credit Default Swap; MBS = Mortgage Backed Security; ABS = Asset-Backed Securities; CMBS =

Commercial Mortgage Backed Security; YTW = Yield to worst, which is the lowest potential yield that can be

received on a bond without the issuer actually defaulting; Alpha = A systematic risk (beta)- adjusted return and is

a measure of the difference between a fund's actual returns and its expected performance; Tracking error = a

measure of the risk in an investment portfolio that is due to active management decisions made by the portfolio

manager; it indicates how closely a portfolio follows the index to which it is benchmarked.

The Strategies may invest in derivatives, which may involve additional expenses and are subject to risk, including

the risk that an underlying security or securities index moves in the opposite direction from what the portfolio

manager anticipated. A derivative transaction depends upon the counterparties’ ability to fulfill their contractual

obligations.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in

currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased

volatility and lower trading volume.

Per Standard & Poor’s credit rating agency, bonds rated below AAA are more susceptible to the adverse effects

of changes in circumstances and economic conditions than those in higher-rated categories, but the obligor’s

capacity to meet its financial commitment on the obligation is still strong. Bonds rated BBB exhibit adequate

protection parameters, although adverse economic conditions or changing circumstances are more likely to lead

to a weakened capacity of the obligor to meet its financial commitments. Bonds rated BB, B, and CCC are

regarded as having significant speculative characteristics with BB indicating the least degree of speculation.

Duration is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates.

Duration is expressed as a number of years. Duration number will change as market conditions change.

Therefore, duration should not be solely relied upon to indicate a municipal bond fund's potential volatility.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price

at which a portfolio has valued them.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are

unmanaged and one cannot invest directly in an index.

The Bloomberg Barclays U.S. Corporate Investment Grade Index is composed of U.S. dollar–denominated,

investment grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All

bonds in the index have at least one year to maturity.

The Bloomberg Barclays Long U.S. Corporate Index is composed of U.S. dollar–denominated, investment

grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All bonds in the

index have at least 10 years to maturity.

The Bloomberg Barclays Long U.S. Government/Credit Index is composed of publicly issued investment grade

corporate and U.S. government debt securities with maturities of 10 years or more.

The BofA Merrill Lynch U.S. High Yield Constrained Index tracks the performance of U.S. dollar–denominated

high yield corporate debt publicly issued in the U.S. domestic market, but caps individual issuer exposure at 2%

of the benchmark.

The S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index is a broad index designed to

reflect the market-value-weighted performance of U.S. dollar-denominated institutional leveraged loans.




For recipients in the United States, this document is provided by Macquarie Investment

Management Business Trust (MIMBT). Institutional investment management is provided by

Macquarie Investment Management Advisers (MIMA), a series of MIMBT. MIMBT is a U.S.

registered investment advisor, and may not be able to provide investment advisory services to

certain clients in certain jurisdictions.

Macquarie Group, its employees and officers may act in different, potentially conflicting, roles in

providing the financial services referred to in this document. The Macquarie Group entities may

from time to time act as trustee, administrator, registrar, custodian, investment manager or

investment advisor, representative or otherwise for a product or may be otherwise involved in or

with, other products and clients which have similar investment objectives to those of the products

described herein. Due to the conflicting nature of these roles, the interests of Macquarie Group

may from time to time be inconsistent with the Interests of investors. Macquarie Group entities

may receive remuneration as a result of acting in these roles. Macquarie Group has conflict of

interest policies which aim to manage conflicts of interest.

All third-party marks cited are the property of their respective owners.

© 2020 Macquarie Group Limited

investment manager summary...jun 24, 2020 · senior trader gyula toth, cfa 18 years senior...

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