Original filing (PDF)20251015105143NAL0008825618001

YUM BRANDS, INC.

Name: YUM BRANDS, INC. — YUM BRANDS RETIREMENT PLAN, Form 5500 (2024)
Creator: YUM BRANDS, INC.

Form 5500

FILING_RECEIVED

YUM BRANDS RETIREMENT PLAN

Defined-benefit pension plan

Signals · 3

30% in single holdingNo recordkeeper disclosed10 service providers

Active participants

2,196

Accounts w/ balance

—

Plan assets (EOY)

$711.2M

Net assets (EOY)

$643.7M

How this plan invests

This plan

4 pooled trusts

Schedule D

327 securities

funds · stocks · CUSIPs

Holdings are itemized directly on this plan's Schedule of Assets, below.

Plan health score (directional)

/ 100

Grade A

Top-tier plan health

Directional indicator computed from public Form 5500 data — compliance, concentration, cost, vendor stack and participation. Not a fiduciary tool.

Compliance & disclosures

100

Concentration risk

Total plan cost

Vendor stack

Participation health

100

Knocking points off

Top holding "CF SSGA DAILY MSCI ACWI INDEX NON-LENDING FUND (ZVRH)" is 30% of plan.
31 bps in Schedule C fees — 416% above peer band of 6 bps.
No recordkeeper disclosed on Schedule C.

Decision-maker contacts

CFO / Head of HR / Benefits Manager — verified email + LinkedIn for YUM BRANDS, INC..

Plan sponsor

Name

YUM BRANDS, INC.

EIN

13-3951308

Address

1441 GARDINER LANE · LOUISVILLE, KY · 40213

Phone

(502) 874-1000

Industry

Accommodation & Food Servicessee all

Plan administrator

Same as plan sponsor.

Plan characteristics

Plan number

333

Plan year

2024

Plan year begin

2024-01-01

Tax period

2024-12-31

Filed

2025-10-15

Pension benefit codes

1A · Pay-related DB formula

1B · Flat-dollar DB formula

3H · Sponsor in controlled / affiliated group

Audit & trust (Schedule H)

Auditor

KPMG LLP

Trustee / custodian

—

Trustee phone

—

Service providers (Schedule C)

10 rows

Other

Name	EIN	Location	Relation	Direct comp	Indirect comp
WILLIS TOWERS WATSON	53-0181291	—	NONE	$478K	—
NORTHERN TRUST COMPANY	36-1561860	—	NONE	$460K	—
TOWERS WATSON INVESTMENT SERVICE	52-1868818	—	NONE	$433K	—
MERCER	13-2834414	—	NONE	$223K	—
NISA INVESTMENT ADVISORS L.L.C.	48-1140940	—	NONE	$160K	—
PACIFIC INVESTMENT MANAGEMENT CO	33-0629048	—	NONE	$124K	—
CONDUENT HR SERVICES, LLC	81-2983623	—	NONE	$112K	—
CONDUENT HR SERVICES, LLC	04-3609848	—	NONE	$85K	—
KILPATRICK STOCKTON LLP	58-0511774	—	NONE	$80K	—
STATE STREET RESEARCH & MANAGEMENT	13-3142135	—	NONE	$45K	—

Investments

321 direct securities · 4 pooled funds· $723.2M(100% of reported assets)

Rows tagged as a trust or pooled fund hold many underlying securities. Click one to drill into its own Schedule of Assets — where the individual funds, shares, and CUSIPs live.

Common Collective Trust

$527.0M

4 holdings

Uncategorized

$196.2M

321 holdings

Investment	Type	Shares / units	Cost	Current value	% of plan
MSCI ACWI INDEX NL FUND (ZVRH) STATE STREET GLOBAL · EIN 32-6528132 / PN 042	Common Collective Trust	12,422,983	—	$211.7M	29.8%
GT DIVERSIFIED CREDIT FUND WILLIS TOWERS WATSON · EIN 82-6695738 / PN 001	Common Collective Trust	10,736,640	—	$146.4M	20.6%
GT REAL ASSET FUND WILLIS TOWERS WATSON · EIN 82-6695738 / PN 005	Common Collective Trust	9,243,598	—	$141.3M	19.9%
FUT MAR 25 CBT ULT TNOTE	—	1,186	—	$132.0M	18.6%
FUT MAR 25 U.S. T-BONDS	—	704	—	$80.1M	11.3%
FUT MAR 25 CBT UL T-BONDS	—	588	—	$69.9M	9.8%
FUT MAR 25 10 YR T-NOTES	—	435	—	$47.3M	6.7%
FUT MAR 25 CBT 5Y T-NOTE	—	413	—	$43.9M	6.2%
FUT MAR 25 CBT 5Y T-NOTE	—	335	—	$35.6M	5.0%
FUT MAR 25 US 2YR T-NOTE	—	160	—	$32.9M	4.6%
COLTV SHORT TERM INVT FD NORTHERN TRUST · EIN 36-6036794 / PN 001	Common Collective Trust	—	—	$27.7M	3.9%
NT COLLECTIVE SHORT TERM INVT FD	—	21,653,396	—	$21.7M	3.0%
FUT MAR 25 CBT ULT TNOTE	—	172	—	$19.1M	2.7%
MFO PIMCO LONG DURATION CREDIT BOND PORT	—	1,727,344	—	$15.9M	2.2%
UNITED STATES TREAS BDS 2% 11-15-2041	—	21,175,000	—	$14.2M	2.0%
FUT MAR 25 10 YR T-NOTES	—	115	—	$12.5M	1.8%
UNITED STATES OF AMER TREAS BONDS 3.375% 05-15-2044	—	14,210,000	—	$11.5M	1.6%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2050	—	34,400,000	—	$10.2M	1.4%
UNITED STATES TREAS 2.375% DUE 02-15-2042 REG	—	10,835,000	—	$7.7M	1.1%
UNITED STATES TREAS BDS 3.625 DUE 08-15-2043	—	6,865,000	—	$5.8M	0.8%
NT COLLECTIVE SHORT TERM INVT FD	—	5,775,095	—	$5.8M	0.8%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2049	—	14,900,000	—	$4.6M	0.6%
UNITED STATES TREAS BDS 3.125 DUE 08-15-2044	—	5,600,000	—	$4.4M	0.6%
UNITED STATES TREAS BDS 3% DUE 11-15-2044 REG	—	5,620,000	—	$4.3M	0.6%
UNITED STATES OF AMER TREAS BONDS 2.5% 02-15-2045	—	5,660,000	—	$3.9M	0.6%
UNITED STATES TREAS BDS 3% DUE 05-1 5-2045	—	4,790,000	—	$3.6M	0.5%
RESOLUTION FDG CORP FED BOOK ENTRY PRIN STRIPS GENERIC PRIN PMT 04-15-2030	—	4,500,000	—	$3.5M	0.5%
UNITED STATES TREAS BDS DTD 00305 4.75% 05-15-2054	—	3,200,000	—	$3.1M	0.4%
FUT MAR 25 CBT UL T-BONDS	—	23	—	$2.7M	0.4%
MFO PIMCO FDS PAC INVT MGMT SER SHORT-TERM PORTFOLIO INSTL CL	—	275,719	—	$2.5M	0.3%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2051	—	8,000,000	—	$2.3M	0.3%
UNITED STATES TREAS SEC STRIPPED INT PMT00005 05-15-2038 (UNDDATE) REG	—	4,200,000	—	$2.2M	0.3%
FNMA 30 YEAR PASS-THROUGHS 5.5% 30 YEARS SETTLES FEBRUARY	—	2,100,000	—	$2.1M	0.3%
UNITED STATES OF AMER TREAS NOTES 4.0% 02-15-2034	—	2,100,000	—	$2.0M	0.3%
UTD STATES TREAS ZERO CPN 0% DUE 11-15-2050	—	6,575,000	—	$1.9M	0.3%
FUT MAR 25 OSE 10Y JGB	—	2	—	$1.8M	0.3%
FNMA DEB 6.21 08-06-2038/08-05-2038	—	1,545,000	—	$1.8M	0.2%
TN VY AUTH FED BOOK ENTRY PRIN STRIPS GENERIC PRIN PMT 05-01-2030 (UNDDATE)	—	2,200,000	—	$1.7M	0.2%
UNITED STATES TREAS BDS DTD 00246 3% DUE11-15-2045 REG	—	2,200,000	—	$1.7M	0.2%
UNITED STATES OF AMER TREAS BONDS 3% DUE08-15-2052	—	2,100,000	—	$1.5M	0.2%
FUT MAR 25 US 2YR T-NOTE	—	7	—	$1.4M	0.2%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2051	—	4,965,000	—	$1.4M	0.2%
UNITED STATES TREAS NTS 4.375% 11-30-2030	—	1,300,000	—	$1.3M	0.2%
UNITED STATES TREAS BD STRIPPED PRIN PMT00122 05-15-2048 (UNDDATE) REG	—	4,000,000	—	$1.3M	0.2%
CME_OIS WFBIUS6S 10/25/2053 USD P 2.33% / R 1DSOFR SWU01YAD3	—	3,500,000	—	$1.1M	0.2%
TSY INFL IX N/B 1.75% 01-15-2034	—	1,100,000	—	$1.1M	0.2%
DOMESTIC MASTER FORWARD COLLATERAL RECEIVABLE FROM:UBS	—	1,050,000	—	$1.1M	0.1%
UTD STATES TREAS ZERO CPN 0% DUE 08-15-2050	—	3,615,000	—	$1.0M	0.1%
UNITED STATES TREAS NTS .625% DUE 07-15-2032 REG	—	1,000,000	—	$971K	0.1%
UNITED STATES OF AMER TREAS NOTES 3.75% 06-30-2030	—	1,000,000	—	$967K	0.1%
UNITED STATES TREAS BDS 4.625% 11-15-2044	—	900,000	—	$874K	0.1%
RESOLUTION FDG CORP FED BOOK ENTRY PRIN STRIPS GENERIC PRIN PMT 01-15-2030	—	1,100,000	—	$871K	0.1%
UNITED STATES OF AMER TREAS NOTES 1.125% 01-15-2033	—	870,000	—	$848K	0.1%
FUT 06 MAR 25 EURX EUR-BUND	—	6	—	$829K	0.1%
STH AFRICA(REP OF) 8.875% SNR 28/02/35 ZAR1000	—	16,000,000	—	$772K	0.1%
FNMA 30 YEAR PASS-THROUGHS 6% 30 YEARS SETTLES FEBRUARY	—	700,000	—	$703K	<0.1%
SECRETARIA TESOURO 0% T-BILL 01/10/25 BRL1000	—	4,800	—	$700K	<0.1%
UNITED STATES TREAS BDS DTD 3.125% 05-15-2048	—	930,000	—	$698K	<0.1%
MFO PIMCO SHORT TERM FLOATING NAV II	—	67,207	—	$673K	<0.1%
FHLMC PRIN STRIP PRIN PMT ON 6.25% DEB 2032 07-15-2032 (UNDDATE)	—	900,000	—	$629K	<0.1%
EXTENDED STAY AMER TR 2021-ESH MTG PASS THRU CTF CL A 144A 5.53648% 07-15-2038	—	616,554	—	$617K	<0.1%
UNITED STATES TREAS NTS 4.875% 10-31-2030	—	600,000	—	$613K	<0.1%
MIDAMERICAN ENERGY CO 2.7% 08-01-2052	—	1,000,000	—	$606K	<0.1%
UNITED STATES TREAS NTS DTD 09/30/2023 4.625% 09-30-2030	—	600,000	—	$606K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2043	—	1,490,000	—	$596K	<0.1%
UNITED STATES TREAS BD STRIPPED PRIN PMT00083 08-15-2040 (UNDDATE) REG	—	1,240,000	—	$594K	<0.1%
UNITED STATES OF AMER TREAS NOTES 4.25% 08-31-2030	—	600,000	—	$591K	<0.1%
PVTPL PERU(REPUBLIC OF) 6.15% 08-12-2032	—	2,200	—	$580K	<0.1%
FUT MAR 25 U.S. T-BONDS	—	5	—	$569K	<0.1%
PVTPL INTESA SANPAOLO S.P.A. INTESA SANPAOLO S.P.A. 4% DUE 09-23-2029	—	600,000	—	$564K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 05-15-2051	—	1,945,000	—	$549K	<0.1%
UNITED STATES TREAS BDS 2.0% 02-15-2052	—	900,000	—	$547K	<0.1%
MIZUHO FINL GROUP INC 2.869% 09-13-2030	—	600,000	—	$542K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 08-15-2051	—	1,695,000	—	$472K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 05-15-2043	—	1,160,000	—	$459K	<0.1%
CME_OIS WFBIUS6S 12/15/2051 USD P 1.75% / R 1DSOFR SWU01CKZ1	—	1,200,000	—	$440K	<0.1%
UNITED STATES OF AMER TREAS BONDS DTD 4.0% 11-15-2052	—	500,000	—	$436K	<0.1%
AMERN TOWER CORP 2.1% DUE 06-15-2030	—	500,000	—	$428K	<0.1%
WELLS FARGO & COMPANY 5.499% 01-23-2035	—	400,000	—	$399K	<0.1%
ENTERGY LOUISIANA LLC 4.2% 09-01-2048	—	500,000	—	$398K	<0.1%
TSY INFL IX N/B TII 0 1/8 01/15/32	—	400,000	—	$395K	<0.1%
LLOYDS BANK PLC 0%-VAR SNR 02/04/2032 USD	—	600,000	—	$394K	<0.1%
UNITED STATES OF AMER TREAS NOTES 4.0% 02-28-2030	—	400,000	—	$393K	<0.1%
UNITED STATES TREAS NTS DTD 05/31/2023 3.75% 05-31-2030	—	400,000	—	$387K	<0.1%
UNITED STATES OF AMER TREAS NOTES 3.5% 03-31-2030	—	400,000	—	$385K	<0.1%
IPALCO ENTERPRISES INC 4.25% DUE 05-01-2030 REG	—	400,000	—	$377K	<0.1%
VODAFONE GROUP PLC 5.25% DUE 05-30-2048	—	400,000	—	$371K	<0.1%
MOODYS CORP 3.1% 11-29-2061	—	600,000	—	$358K	<0.1%
ALABAMA PWR CO 3.45% DUE 10-01-2049	—	500,000	—	$354K	<0.1%
CCPC RECEIVABLE FROM WELLS FARGO NA	—	344,000	—	$344K	<0.1%
UNITED STATES OF AMER TREAS STRIP 0% DUE 11-15-2051 REG	—	1,225,000	—	$338K	<0.1%
BERKSHIRE HATHAWAY FIXED 4.45% DUE 01-15-2049	—	400,000	—	$330K	<0.1%
PVTPL BPCE SA 7.003% 10-19-2034	—	300,000	—	$320K	<0.1%
BOEING CO SR NT 6.528% 05-01-2034	—	300,000	—	$314K	<0.1%
KS ST DEV FIN AUTH REV PUB EMPLOYEES RETSYS-C 5.501 5-1-34 BEO TXBL SF 5-1-27	—	300,000	—	$306K	<0.1%
GLP CAP L P / GLP 5.75% DUE 06-01-2028	—	300,000	—	$303K	<0.1%
SOUTHN CAL EDISON 5.625% DUE 02-01-2036	—	300,000	—	$300K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 08-15-2042	—	730,000	—	$300K	<0.1%
US TREAS BDS DTD 02-15-2011 4.75% DUE 02-15-2041 REG	—	300,000	—	$299K	<0.1%
NORTHWELL HEALTHCARE INC 3.809% 11-01-2049	—	400,000	—	$296K	<0.1%
PVTPL UBS GROUP AG 4.282% 01-09-2017	—	300,000	—	$293K	<0.1%
UNITED STATES TREAS BDS 4.625% 05-15-2044	—	300,000	—	$291K	<0.1%
PVTPL NISSAN MTR ACCEP CORP 2% DUE 03-09-2026 BEO	—	300,000	—	$288K	<0.1%
DUKE ENERGY CAROLINAS LLC 5.35% DUE 01-15-2053	—	300,000	—	$286K	<0.1%
DROP MTG TR FLTG RT 5.60648% DUE 10-15-2043	—	300,000	—	$285K	<0.1%
UNITED STATES TREAS SEC STRIPPED INT PMT 08-15-2045 (UNDDATE) REG	—	800,000	—	$283K	<0.1%
PVTPL SEALED AIR CORP 1.573% 10-15-2026	—	300,000	—	$282K	<0.1%
ORACLE CORP FIXED 3.85% DUE 04-01-2060	—	400,000	—	$275K	<0.1%
PVTPL 1011778 B C UNLIMITED LIABILITY CO/NEW 4% DUE 10-15-2030	—	300,000	—	$268K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2042	—	635,000	—	$267K	<0.1%
PVTPL LFT CRE 2021-FL1 LTD / LFT CRE CL A 1.26025% 06-15-2039	—	262,367	—	$261K	<0.1%
BROOKFIELD FIN INC FIXED 4.7% 09-20-2047	—	300,000	—	$259K	<0.1%
UNITED STATES TREAS BDS 3.0% DUE 02-15-2048	—	350,000	—	$257K	<0.1%
SANTANDER UK GROUP FLTG RT 2.896% DUE 03-15-2032	—	300,000	—	$257K	<0.1%
PVTPL RIO OIL FIN TR 8.2% DUE 04-06-2028	—	249,920	—	$256K	<0.1%
PVTPL DAIMLER TRUCKS 2.5% 12-14-2031	—	300,000	—	$252K	<0.1%
BPCE SR NON PFD VAR RT 5.975% DUE 01-18-2027	—	250,000	—	$252K	<0.1%
AMERICAN TOWER CORP NEW 1.875% DUE 10-15-2030	—	300,000	—	$251K	<0.1%
NT COLLECTIVE SHORT TERM INVT FD	—	246,761	—	$247K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 11-15-2043	—	625,000	—	$241K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 02-15-2044	—	600,000	—	$229K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 08-15-2043	—	575,000	—	$224K	<0.1%
CCP RECEIVABLE FROM WELLS FARGO NA	—	223,000	—	$223K	<0.1%
UK(GOVT OF) 4.375% BDS 31/07/54 GBP1000	—	200,000	—	$222K	<0.1%
INTEGRIS BAPTIST 3.875% DUE 08-15-2050	—	300,000	—	$218K	<0.1%
PVTPL TENCENT HLDGS LTD MEDIUM TERM NTS 144A 3.94% DUE 04-22-2061	—	300,000	—	$217K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 05-15-2044	—	570,000	—	$215K	<0.1%
ROMANIA(REP OF) 5% SNR MTN 27/09/26 EUR1000	—	200,000	—	$212K	<0.1%
ING GROEP N V 6.114% 09-11-2034	—	200,000	—	$207K	<0.1%
MUNICIPAL ELEC AUTH GA 6.637% 04-01-2057BEO TAXABLE	—	193,000	—	$206K	<0.1%
PVTPL CAIXABANK S A 6.208% 01-18-2029	—	200,000	—	$205K	<0.1%
NATWEST GROUP PLC 6.016% DUE 03-02-2034	—	200,000	—	$205K	<0.1%
CONSTELLATION ENERGY GENERATION LLC 5.8%DUE 03-01-2033	—	200,000	—	$204K	<0.1%
GOLDMAN SACHS 5.851% 04-25-2035	—	200,000	—	$204K	<0.1%
T-MOBILE USA INC 6.0% 06-15-2054	—	200,000	—	$203K	<0.1%
PVTPL ABU DHABI DEVELOPMENTAL HOL 5.375% 05-08-2029	—	200,000	—	$202K	<0.1%
AMERICAN ELECTRIC POWER CO INC 5.625% DUE 03-01-2033	—	200,000	—	$202K	<0.1%
CASSA DEPOSITI E PRESTITI S P A 5.75% 05-05-2026	—	200,000	—	$201K	<0.1%
BX 2021-21M MTG TR FLTG RT 5.18648% DUE 10-15-2036	—	202,474	—	$201K	<0.1%
PVTPL BAE SYS PLC 5.125% 03-26-2029	—	200,000	—	$200K	<0.1%
GLOBAL PAYMENTS INC 5.4% DUE 08-15-2032 BEO	—	200,000	—	$200K	<0.1%
UBS GROUP AG 4.703% DUE 08-05-2027	—	200,000	—	$199K	<0.1%
PVTPL SAUDI ARABIA KINGDOM GLOBAL MEDIUM TERM TBOND 4.875% 07-18-2033	—	200,000	—	$194K	<0.1%
BANCO BTG PACTUAL/CAYMAN 5.75% 01-22-2030	—	200,000	—	$193K	<0.1%
UNITED STATES TREAS SEC STRIPPED INT PMT 00124 05-15-2046	—	550,000	—	$188K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 11-15-2044	—	510,000	—	$188K	<0.1%
SERBIA (REPUBLIC) 1% SNR MTN 23/09/2028 EUR	—	200,000	—	$186K	<0.1%
PVTPL AIRCASTLE LTD 2.85% DUE 01-26-2028BEO	—	200,000	—	$186K	<0.1%
PVTPL CRESTLINE DENALI CLO XIV LTD SR 16-1A CL AR2 FLTG 10-23-2031	—	185,727	—	$186K	<0.1%
UNITED STATES TREAS SEC STRIPPED INT PMTNT 218 05-15-2045 (UNDDATE) REG	—	515,000	—	$185K	<0.1%
FORD MTR CR CO LLC 2.9% DUE 02-16-2028 BEO	—	200,000	—	$185K	<0.1%
PVTPL AKER BP ASA 4.0% DUE 01-15-2031	—	200,000	—	$184K	<0.1%
PVTPL AXALTA COATING SYS LLC 3.375% DUE 02-15-2029 BEO	—	200,000	—	$182K	<0.1%
ABBVIE INC 4.85% DUE 06-15-2044 REG	—	200,000	—	$182K	<0.1%
UNITED STATES OF AMER TREAS BONDS 4.125% 08-15-2044	—	200,000	—	$181K	<0.1%
LCH_OIS WFBIUS6S 03/30/2026 USD P 0.4% / R 1DSOFR SWU01P4V9	—	3,000,000	—	$180K	<0.1%
PVTPL EDF S A 4.875% DUE 09-21-2038 BEO	—	200,000	—	$179K	<0.1%
UNITED MEXICAN STATES 6.338% DUE 05-04-2053	—	200,000	—	$178K	<0.1%
COMMUNITY PRESERVATION CORP 2.867% DUE 02-01-2030	—	200,000	—	$177K	<0.1%
UNITED STATES TREAS SEC STRIPPED INT PMT 11-15-2045	—	505,000	—	$177K	<0.1%
UTD STATES TREAS ZERO CPN 0% DUE 08-15-2044	—	465,000	—	$173K	<0.1%
ENEL FIN INTL N V STEP CPN 2.25% DUE 07-12-2031	—	200,000	—	$168K	<0.1%
PVTPL BROADCOM INC 2.6% DUE 02-15-2033/01-19-2021 BEO	—	200,000	—	$165K	<0.1%
PVTPL NEW YORK STATE ELECTRIC AND GAS 2.15% 10-01-2031	—	200,000	—	$163K	<0.1%
PACIFIC GAS & ELECTRIC 4.3% 03-15-2045	—	200,000	—	$160K	<0.1%
PVTPL VENTURE XXIX CLO LTD/VENTURE XXIX CLO VAR RT DUE 09-07-2030 BEO	—	158,512	—	$159K	<0.1%
ORACLE CORP FIXED 3.65% DUE 03-25-2041	—	200,000	—	$156K	<0.1%
AERCAP IRELAND CAP DESIGNATED ACTIVITY C6.1% 01-15-2027	—	150,000	—	$153K	<0.1%
UNITED STATES TREAS SEC STRIPPED INT PMTINT PMT ON 11-15-2046 (UNDDATE) REG	—	455,000	—	$152K	<0.1%
FRESNO CNTY CALIF PENSION OBLIG CAP APPREC ZCPN 08-15-2030 OID 5.67 @22.86	—	200,000	—	$150K	<0.1%
MEXICO(UNITED MEXICAN STATES) 4.0% 15/03/2115	—	200,000	—	$150K	<0.1%
PVTPL JACKSON NATL LIFE GLOBAL 4.6% 10-01-2029	—	150,000	—	$146K	<0.1%
VENTURE XXVIII CLO LTD / VENTURE SR SECDNT CL A1R FLTG 144A 5.5771% 07-20-2030	—	143,846	—	$144K	<0.1%
ICE_CDX WFBIUS6S 12/20/2029 SELL CDX.NA.IG.43 SWPC0MWQ7	—	6,300,000	—	$143K	<0.1%
MONDELEZ INTL INC 4.625% SNR 03/07/2031 CAD1	—	200,000	—	$142K	<0.1%
WORLDWIDE PLAZA TR 3.5263% DUE 11-10-2036 BEO	—	200,000	—	$138K	<0.1%
PAC GAS & ELEC CO 3.5% DUE 08-01-2050	—	200,000	—	$137K	<0.1%
LCH_OIS WFBIUS6S 03/30/2051 USD P 1.15% / R 1DSOFR SWU01RO19	—	260,000	—	$133K	<0.1%
ROMANIA BDS 144A 2.625% 02/12/2040	—	200,000	—	$133K	<0.1%
DALLAS TEX ZERO CPN 0% 02-15-2033 BEO TAXABLE	—	200,000	—	$131K	<0.1%
PVTPL PROSUS N V 3.832% DUE 02-08-2051/12-08-2020 BEO	—	200,000	—	$129K	<0.1%
RESOLUTION FUNDING STRIP 0%	—	150,000	—	$127K	<0.1%
MEXICO(UTD MEX ST) 2.75% GTD 27/11/2031 MXV100	—	3,700	—	$125K	<0.1%
AXA EQUITABLE HLDGS INC FIXED 5% 04-20-2048 BEO	—	136,000	—	$121K	<0.1%
UNITED STATES TREAS SEC STRIPPED INT PMTINT PMT 02-15-2045 (UNDDATE) REG	—	320,000	—	$116K	<0.1%
ARIZONA PUB SVC CO 2.65% DUE 09-15-2050	—	200,000	—	$116K	<0.1%
PVTPL ECMC GROUP STUDENT LN SR 2018-1A CL A VAR RT 2-27-2068	—	116,614	—	$116K	<0.1%
FUT MAR 25 LIF LONG GILT	—	1	—	$116K	<0.1%
EPH FINANCING INT 6.651% GTD SNR 13/11/28 EUR	—	100,000	—	$112K	<0.1%
PVTPL SANTOS FINANCE LTD 6.875% 09-19-2033	—	100,000	—	$106K	<0.1%
CITIZENS FINL GROUP INC 6.645% 04-25-2035	—	100,000	—	$106K	<0.1%
PACIFIC GAS & ELECTRIC CO 6.4% 06-15-2033	—	100,000	—	$105K	<0.1%
DUKE ENERGY CORP 3.75% 04-01-2031	—	100,000	—	$105K	<0.1%
ARES MGMT CORP 6.375% 11-10-2028	—	100,000	—	$105K	<0.1%
MARVELL TECHNOLOGY INC 5.95% DUE 09-15-2033	—	100,000	—	$104K	<0.1%
UNITED STATES TREAS SEC STRIP 02-15-2046	—	300,000	—	$104K	<0.1%
FAIRFAX FINL HLDGS LTD 6.35% 03-22-2054	—	100,000	—	$103K	<0.1%
JEFFERIES FINL GROUP INC 6.2% 04-14-2034	—	100,000	—	$103K	<0.1%
BLUE OWL FINANCE LLC 6.25% 04-18-2034	—	100,000	—	$103K	<0.1%
PVTPL JANE STR GROUP LLC/JSG FIN INC 7.125% 04-30-2031	—	100,000	—	$103K	<0.1%

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