MACKENZIE UNCONSTRAINED BOND ETF · 5 1 : Commissions and other portfolio transaction costs 193 :...

MACKENZIE UNCONSTRAINED BOND ETF

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2021

Management’s Responsibility for Financial Reporting

The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of Mackenzie Unconstrained Bond ETF (the “ETF”). The Manager is responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judgments and estimates consistent with International Financial Reporting Standards. The Manager is also responsible for the development of internal controls over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial information is produced.

The Board of Directors (the “Board”) of Mackenzie Financial Corporation is responsible for reviewing and approving the financial statements and overseeing the Manager’s performance of its financial reporting responsibilities. The Board is assisted in discharging this responsibility by an Audit Committee, which reviews the financial statements and recommends them for approval by the Board. The Audit Committee also meets regularly with the Manager, internal auditors and external auditors to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues.

Deloitte LLP is the external auditor of the ETF. It is appointed by the Board. The external auditor has audited the financial statements in accordance with Canadian generally accepted auditing standards to enable it to express to the unitholders its opinion on the financial statements. Its report is set out below.

On behalf of Mackenzie Financial Corporation, Manager of the ETF

Barry McInerney President and Chief Executive Officer

Terry Rountes Chief Financial Officer, Funds

June 8, 2021

MANAGEMENT REPORT

INDEPENDENT AUDITOR’S REPORT

To the Unitholders of Mackenzie Unconstrained Bond ETF (the “ETF”)

Opinion

We have audited the financial statements of the ETF, which comprise the statements of financial position as at March 31, 2021 and 2020, and the statements of comprehensive income, changes in financial position and cash flows for the periods then ended, as indicated in Note 1, and notes to the financial statements, including a summary of significant accounting policies (collectively referred to as the “financial statements”).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the ETF as at March 31, 2021 and 2020, and its financial performance and its cash flows for the periods then ended, as indicated in Note 1, in accordance with International Financial Reporting Standards (“IFRS”).

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the ETF in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information which comprises the Management Report of Fund Performance.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained the Management Report of Fund Performance prior to the date of this auditor’s report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.



INDEPENDENT AUDITOR’S REPORT (cont’d)

In preparing the financial statements, management is responsible for assessing the ETF’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the ETF or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the ETF’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinion on the effectiveness of the ETF’s internal control.

• Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagement.

• Concludeontheappropriatenessofmanagement’suseofthegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedto events or conditions that may cast significant doubt on the ETF’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the ETF to cease to continue as a going concern.

• Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsand events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

The engagement partner on the audit resulting in this independent auditor’s report is Mervyn Ramos.

Chartered Professional AccountantsLicensed Public AccountantsToronto, OntarioJune 8, 2021


The accompanying notes are an integral part of these financial statements.

at March 31 (in $ 000 except per unit amounts)

STATEMENTS OF FINANCIAL POSITION

2021 $

2020 $

ASSETSCurrent assetsInvestments at fair value 920,028 598,727 Cash and cash equivalents 110,940 17,742 Accrued interest receivable 7,077 4,981 Dividends receivable 36 12 Accounts receivable for investments sold 500 13,235 Accounts receivable for units issued 4,136 – Margin on derivatives 2,424 2,071 Unrealized gains on derivative contracts 6,541 2,107 Total assets 1,051,682 638,875

LIABILITIESCurrent liabilitiesAccounts payable for investments purchased 49,043 16,526 Accounts payable for units redeemed – 1,006 Due to manager 478 282 Liability for options written 728 49 Unrealized losses on derivative contracts 369 20,949 Total liabilities 50,618 38,812 Net assets attributable to unitholders 1,001,064 600,063

Net assets attributable to unitholders (note 3)

per unit per series

2021 2020 2021 2020CAD Units 20.68 20.17 1,001,064 600,063

1,001,064 600,063

STATEMENTS OF COMPREHENSIVE INCOME

for the periods ended March 31 (in $ 000 except per unit amounts)

2021 $

2020 $

IncomeDividends 3,895 1,105 Interest income 23,853 21,688 Other changes in fair value of investments and other net assets

Net realized gain (loss) 4,195 9,367 Net unrealized gain (loss) 7,212 (25,155)

Securities lending income 34 86 Fee rebate income 267 60 Other 1,223 902 Total income (loss) 40,679 8,053

Expenses (note 6)Management fees 4,307 2,911 Interest charges 13 5 Commissions and other portfolio transaction costs 420 193 Independent Review Committee fees 2 2 Other – 1 Expenses before amounts absorbed by Manager 4,742 3,112 Expenses absorbed by Manager – – Net expenses 4,742 3,112 Increase (decrease) in net assets attributable to unitholders from operations before tax 35,937 4,941

Foreign withholding taxes 27 14 Foreign income taxes paid (recovered) – – Increase (decrease) in net assets attributable to unitholders from operations 35,910 4,927

Increase (decrease) in net assets attributable to unitholders from operations (note 3)

per unit per series

2021 2020 2021 2020CAD Units 0.96 0.19 35,910 4,927

35,910 4,927





STATEMENTS OF CHANGES IN FINANCIAL POSITION

2021 2020 CAD Units

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS $Beginning of period 600,063 403,384 Increase (decrease) in net assets from operations 35,910 4,927 Distributions paid to unitholders:

Investment income (25,619) (18,152)Capital gains (3,789) –

Total distributions paid to unitholders (29,408) (18,152)Unit transactions:

Proceeds from units issued 409,928 261,861 Reinvested distributions 3,789 – Payments on redemption of units (19,218) (51,957)

Total unit transactions 394,499 209,904 Total increase (decrease) in net assets 401,001 196,679 End of period 1,001,064 600,063

Increase (decrease) in units (note 7): UnitsUnits outstanding – beginning of period 29,750 19,600 Issued 19,600 12,700 Reinvested distributions – – Redeemed (950) (2,550)Units outstanding – end of period 48,400 29,750




STATEMENTS OF CASH FLOWS


2021 $

2020 $

Cash flows from operating activitiesNet increase (decrease) in net assets attributable to unitholders from operations 35,910 4,927

Adjustments for:Net realized loss (gain) on investments 8,049 (7,369)Change in net unrealized loss (gain) on investments (7,212) 25,155 Purchase of investments (968,121) (692,287)Proceeds from sale and maturity of investments 667,899 409,140

Change in accrued interest receivable (2,096) (2,421)Change in dividends receivable (24) – Change in margin on derivatives (353) (1,706)Change in due to manager 196 93 Net cash from operating activities (265,752) (264,468)

Cash flows from financing activitiesProceeds from units issued 405,792 264,949 Payments on redemption of units (20,224) (50,951)Distributions paid net of reinvestments (25,619) (18,152)Net cash from financing activities 359,949 195,846

Net increase (decrease) in cash and cash equivalents 94,197 (68,622)Cash and cash equivalents at beginning of period 17,742 85,864 Effect of exchange rate fluctuations on cash and cash equivalents (999) 500

Cash and cash equivalents at end of period 110,940 17,742

Cash 110,940 17,742 Cash equivalents – – Cash and cash equivalents at end of period 110,940 17,742

Supplementary disclosures on cash flow from operating activities:

Dividends received 3,871 1,105 Foreign taxes paid 27 14 Interest received 21,757 19,267 Interest paid 13 5



SCHEDULE OF INVESTMENTS

As at March 31, 2021

Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS 407 International Inc. 1.80% 05-22-2025 Callable 2025 Canada Corporate - Non Convertible 220,000 220 225 407 International Inc. 2.43% 05-04-2027 Callable MTN Canada Corporate - Non Convertible 210,000 218 217 407 International Inc. 3.14% 03-06-2030 Callable 2029 Canada Corporate - Non Convertible 80,000 82 85 407 International Inc. 2.59% 05-25-2032 Callable 2032 Canada Corporate - Non Convertible 200,000 201 199 407 International Inc. 4.19% 04-25-2042 Callable Canada Corporate - Non Convertible 50,000 63 57 407 International Inc. 3.65% 09-08-2044 Callable MTN Canada Corporate - Non Convertible 76,000 77 80 407 International Inc. 3.72% 05-11-2048 Callable 2047 Canada Corporate - Non Convertible 210,000 210 226 407 International Inc. 3.67% 03-08-2049 Callable 2048 Canada Corporate - Non Convertible 76,000 77 81 407 International Inc. 2.84% 03-07-2050 Canada Corporate - Non Convertible 290,000 290 266 99 Escrow Issuer Inc. 7.50% 01-15-2026 United States Corporate - Non Convertible USD 170,000 217 208 A&V Holdings Midco LLC Term Loan B 1st Lien F/R 02-28-2027 United States Term Loans USD 374,327 437 469 AAC holdings Inc. Term Loan 1st Lien F/R 06-30-2023 United States Term Loans USD 421,019 525 236 ABG Intermediate Holdings 2 LLC Term Loan 1st Lien

F/R 09-29-2024 United States Term Loans USD 1,480,000 1,894 1,857 Acrisure LLC Term Loan B 1st Lien F/R 02-15-2027 United States Term Loans USD 430,000 544 535 Acuris Inc. Term Loan 1st Lien F/R 02-04-2028 United States Term Loans USD 450,000 576 562 ADS Tactical Inc. Term Loan B 1st Lien F/R 03-04-2028 United States Term Loans USD 1,106,000 1,377 1,383 Adtalem Global Education Inc. Term Loan B 1st Lien

F/R 04-09-2025 United States Term Loans USD 309,846 392 386 Adtalem Global Education Inc. Term Loan B 1st Lien

F/R 02-12-2028 United States Term Loans USD 2,360,000 2,968 2,943 Adtalem Global Education Inc. 5.50% 03-01-2028 144A United States Corporate - Non Convertible USD 1,950,000 2,477 2,426 Advantage Sales & Marketing Inc. Term Loan B 1st Lien

F/R 10-31-2027 United States Term Loans USD 658,350 848 827 Aegis Toxicology Sciences Corp. Term Loan B 1st Lien

F/R 05-09-2025 United States Term Loans USD 125,692 157 147 AES Panama Generation Holdings SRL 4.38% 05-31-2030

Callable 2030 Panama Corporate - Non Convertible USD 700,000 935 912 AG Merger Sub II Inc. Term Loan B 1st Lien F/R 08-01-2026 United States Term Loans USD 1,980 3 2 AIMCo Realty Investors LP 3.04% 06-01-2028 Callable 2028 Canada Corporate - Non Convertible 60,000 60 63 AIMCo Realty Investors LP 2.71% 06-01-2029 Callable 2029 Canada Corporate - Non Convertible 310,000 315 318 Albertsons Cos. Inc. 4.63% 01-15-2027 Callable 2023 144A United States Corporate - Non Convertible USD 690,000 968 900 Albertsons Cos. Inc. 4.88% 02-15-2030 Callable 2025 144A United States Corporate - Non Convertible USD 1,530,000 2,039 1,979 Alcami Carolinas Corp. Term Loan 1st Lien F/R 07-06-2025 United States Term Loans USD 390,000 509 395 Alchemy US Holdco LLC Term Loan B 1st Lien F/R 10-01-2025 United States Term Loans USD 1,329,899 1,682 1,632 Alcoa Nederland Holding BV 5.50% 12-15-2027

Callable 2023 144A United States Corporate - Non Convertible USD 610,000 824 826 Alectra Inc. 3.24% 11-21-2024 Callable 2024 Canada Corporate - Non Convertible 80,000 84 86 Alexandria Real Estate Equities Inc. 2.00% 05-18-2032 United States Corporate - Non Convertible USD 788,000 969 921 Algonquin Power & Utilities Corp. 4.65% 02-15-2022 Canada Corporate - Non Convertible 870,000 935 899 Alibaba Group Holding Ltd. 2.70% 02-09-2041 China Corporate - Non Convertible USD 730,000 916 832 Alimentation Couche-Tard Inc. 2.95% 01-25-2030

Callable 2029 144A Canada Corporate - Non Convertible USD 180,000 237 231 AltaGas Ltd. 2.17% 03-16-2027 Canada Corporate - Non Convertible 220,000 220 219 AltaLink LP 1.51% 09-11-2030 Canada Corporate - Non Convertible 200,000 200 186 Altice France SA 2.13% 02-15-2025 Callable 2022 France Corporate - Non Convertible EUR 940,000 1,357 1,340 Altice France 5.50% 01-15-2028 Callable 2022 144A France Corporate - Non Convertible USD 230,000 306 297 Amentum Government Services Holdings LLC Term Loan B 1st Lien

F/R 02-03-2027 United States Term Loans USD 2,390,000 3,067 3,019 American Public Education Inc. Term Loan B 1st Lien

F/R 10-28-2027 United States Term Loans USD 550,000 679 683



SCHEDULE OF INVESTMENTS (cont’d)


Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) American Teleconferencing Services Ltd. Term Loan 1st Lien

F/R 06-08-2023 United States Term Loans USD 766,058 679 511 American Tower Corp. 1.88% 10-15-2030 Callable 2030 United States Corporate - Non Convertible USD 240,000 320 282 Antero Resources Corp. 5.63% 06-01-2023 Callable United States Corporate - Non Convertible USD 290,000 258 366 Apache Corp. 5.10% 09-01-2040 Callable 2040 United States Corporate - Non Convertible USD 770,000 996 948 Apex Tool Group LLC 9.00% 02-15-2023 144A United States Corporate - Non Convertible USD 430,000 537 542 APFS Staffing Holdings Inc. Term Loan 1st Lien

F/R 04-10-2026 United States Term Loans USD 461,775 604 579 ARC Resources Ltd. 2.35% 03-10-2026 Canada Corporate - Non Convertible 394,000 394 395 ARC Resources Ltd. 3.47% 03-10-2031 Canada Corporate - Non Convertible 397,000 397 396 Arcos Dorados Holdings Inc. 5.88% 04-04-2027 Callable 2022 Uruguay Corporate - Non Convertible USD 1,010,000 1,363 1,343 ARD Finance SA 6.50% 06-30-2027 Callable 2022 144A Luxembourg Corporate - Non Convertible USD 490,000 651 647 Ardagh Metal Packaging 4.00% 09-01-2029 144A United States Corporate - Non Convertible USD 490,000 624 615 Ardagh Packaging Finance PLC 5.25% 08-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 400,000 531 515 Aroundtown SA 4.63% 09-18-2025 Callable 2025 Germany Corporate - Non Convertible 140,000 139 152 Arterra Wines Canada Inc. Term Loan 1st Lien F/R 11-18-2027 (USD) Canada Term Loans USD 389,025 504 490 Arterra Wines Canada Inc. Term Loan 1st Lien F/R 11-18-2027 Canada Term Loans 350,000 347 348 Ascend Performance Materials Operations LLC Term Loan B

1st Lien F/R 08-16-2026 United States Term Loans USD 1,793,989 2,325 2,288 Ashtead US Holdings Inc. 4.00% 05-01-2028 United Kingdom Corporate - Non Convertible USD 540,000 705 711 Astoria Energy LLC Term Loan B 1st Lien F/R 12-04-2027 United States Term Loans USD 560,000 711 705 Asurion LLC Term Loan B 1st Lien F/R 12-18-2026 United States Term Loans USD 418,950 529 524 Asurion LLC Term Loan B9 1st Lien F/R 07-29-2027 United States Term Loans USD 500,000 633 625 AT&T Inc. F/R 03-25-2024 United States Corporate - Non Convertible USD 196,000 245 247 AT&T Inc. 1.65% 02-01-2028 Callable 2027 United States Corporate - Non Convertible USD 160,000 213 195 AT&T Inc. 2.25% 02-01-2032 Callable 2031 United States Corporate - Non Convertible USD 370,000 493 443 AT&T Inc. 2.55% 12-01-2033 United States Corporate - Non Convertible USD 434,000 482 518 Athenahealth Inc. Term Loan B 1st Lien F/R 02-11-2026 United States Term Loans USD 380,000 487 479 Athene Global Funding 2.10% 09-24-2025 United States Corporate - Non Convertible 400,000 400 402 Atlantic Power Corp. 5.95% 06-23-2036 United States Corporate - Non Convertible 100,000 82 106 Autokiniton US Holdings Inc. Term Loan B 1st Lien

F/R 03-26-2028 United States Term Loans USD 1,000,000 1,255 1,258 Ball Metalpack Finco LLC Term Loan B 1st Lien

F/R 07-26-2025 United States Term Loans USD 311,200 405 390 Bank of America Corp. F/R 04-25-2025 Callable 2024 United States Corporate - Non Convertible 530,000 547 557 Bank of America Corp. F/R 03-24-2026 Callable 2025 United States Corporate - Non Convertible 330,000 343 354 Bank of America Corp. F/R 04-04-2029 United States Corporate - Non Convertible 470,000 470 475 Bank of Montreal 2.28% 07-29-2024 Canada Corporate - Non Convertible 310,000 310 321 Bank of Montreal 2.37% 02-03-2025 Callable 2025 Canada Corporate - Non Convertible 420,000 420 437 Bank of Montreal 1.76% 03-10-2026 Canada Corporate - Non Convertible 705,000 705 709 Bank of Montreal 3.32% 06-01-2026 Canada Corporate - Non Convertible 1,060,000 1,082 1,065 Bank of Montreal 3.19% 03-01-2028 Canada Corporate - Non Convertible 190,000 188 205 Bank of Montreal F/R 06-17-2030 Callable 2025 Canada Corporate - Non Convertible 260,000 261 264 Bank of Montreal F/R 11-26-2080 Canada Corporate - Non Convertible 2,550,000 2,550 2,666 The Bank of Nova Scotia 2.38% 05-01-2023 Canada Corporate - Non Convertible 970,000 975 1,002 The Bank of Nova Scotia 2.49% 09-23-2024 Canada Corporate - Non Convertible 380,000 381 397 The Bank of Nova Scotia 2.16% 02-03-2025 Canada Corporate - Non Convertible 696,000 703 718 The Bank of Nova Scotia 1.40% 11-01-2027 Canada Corporate - Non Convertible 800,000 797 772 Bausch Health Cos. Inc. 5.50% 11-01-2025

Callable 2021 144A United States Corporate - Non Convertible USD 530,000 732 685





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) Bausch Health Cos. Inc. 9.00% 12-15-2025

Callable 2021 144A United States Corporate - Non Convertible USD 370,000 463 506 Bausch Health Cos. Inc. 8.50% 01-31-2027 Callable 2022 United States Corporate - Non Convertible USD 745,000 1,059 1,040 Bausch Health Cos. Inc. 5.00% 02-15-2029 144A United States Corporate - Non Convertible USD 630,000 824 783 Bausch Health Cos. Inc. 6.25% 02-15-2029 144A United States Corporate - Non Convertible USD 640,000 897 855 Bausch Health Cos. Inc. 5.25% 02-15-2031 144A United States Corporate - Non Convertible USD 380,000 497 476 Baytex Energy Corp. 5.63% 06-01-2024 Callable 2021 144A Canada Corporate - Non Convertible USD 520,000 635 616 BCE Inc. 3.50% 09-30-2050 Callable 2050 Canada Corporate - Non Convertible 30,000 31 28 bcIMC Realty Corp. 1.06% 03-12-2024 Canada Corporate - Non Convertible 214,000 214 214 bcIMC Realty Corp. 1.68% 03-03-2025 Callable 2025 Canada Corporate - Non Convertible 180,000 180 182 bcIMC Realty Corp. 1.07% 02-04-2026 Canada Corporate - Non Convertible 285,000 285 277 bcIMC Realty Corp. 1.75% 07-24-2030 Callable 2030 Canada Corporate - Non Convertible 210,000 210 197 BCPE Cycle Merger Sub II Inc. 10.63% 07-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 1,200,000 1,604 1,662 Beacon Escrow Corp. 4.88% 11-01-2025 Callable 2021 144A United States Corporate - Non Convertible USD 220,000 282 283 Bell Canada Inc. 3.35% 03-12-2025 Callable 2025 Canada Corporate - Non Convertible 2,280,000 2,479 2,436 Bell Canada Inc. 1.65% 08-16-2027 Callable 2027 Canada Corporate - Non Convertible 370,000 370 359 Bell Canada Inc. 2.90% 09-10-2029 Callable 2029 Canada Corporate - Non Convertible 350,000 349 358 Bell Canada Inc. 2.50% 05-14-2030 Canada Corporate - Non Convertible 160,000 160 157 Bell Canada Inc. 4.45% 02-27-2047 Callable 2046 Canada Corporate - Non Convertible 180,000 222 194 Berry Corp. 7.00% 02-15-2026 United States Corporate - Non Convertible USD 480,000 591 585 Berry Global Escrow Corp. 4.88% 07-15-2026

Callable 2022 144A United States Corporate - Non Convertible USD 1,390,000 1,897 1,850 Black Knight InfoServ LLC 3.63% 09-01-2028

Callable 2023 144A United States Corporate - Non Convertible USD 530,000 703 655 BMW Canada Auto Trust 0.33% 07-20-2023 Canada Mortgage Backed 170,387 170 170 Bright Bidco BV Term Loan B 1st Lien F/R 06-30-2024 Netherlands Term Loans USD 89,727 115 87 Brookfield Infrastructure Finance ULC 4.20% 09-11-2028

Callable 2028 Canada Corporate - Non Convertible 250,000 250 276 Brookfield Infrastructure Finance ULC 3.41% 10-09-2029

Callable 2029 Canada Corporate - Non Convertible 580,000 572 605 Brookfield Infrastructure Finance ULC 2.86% 09-01-2032

Callable 2032 Canada Corporate - Non Convertible 340,000 340 326 Brookfield Property REIT Inc. 5.75% 05-15-2026

Callable 2022 144A United States Corporate - Non Convertible USD 770,000 810 997 Brookfield Renewable Energy Partners ULC 3.63% 01-15-2027

Callable 2026 Canada Corporate - Non Convertible 230,000 259 250 Brookfield Renewable Partners ULC 4.25% 01-15-2029




Callable 2050 Canada Corporate - Non Convertible 200,000 200 185 Brookfield Residential Properties Inc. 6.25% 09-15-2027

Callable 2022 144A Canada Corporate - Non Convertible USD 365,000 482 480 Builders FirstSource Inc. 6.75% 06-01-2027

Callable 2022 144A United States Corporate - Non Convertible USD 80,000 115 108 BWAY Corp. Term Loan B 1st Lien F/R 04-03-2024 United States Term Loans USD 267,224 319 329 BWAY Holding Co. 7.25% 04-15-2025 144A United States Corporate - Non Convertible USD 1,100,000 1,401 1,384





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) C&D Technologies Inc. Term Loan B 1st Lien F/R 12-13-2025 United States Term Loans USD 979,449 1,204 1,222 Cablevision Lightpath LLC 3.88% 09-15-2027

Callable 2023 144A United States Corporate - Non Convertible USD 1,570,000 2,071 1,956 Cablevision Lightpath LLC 5.63% 09-15-2028

Callable 2023 144A United States Corporate - Non Convertible USD 380,000 501 485 Caesars Resort Collection LLC Term Loan B 1st Lien

F/R 06-19-2025 United States Term Loans USD 1,434,795 1,864 1,809 California Resources Corp. 7.13% 02-01-2026 144A United States Corporate - Non Convertible USD 1,610,000 2,060 2,062 Canada Housing Trust F/R 03-15-2024 Canada Federal Government 8,300,000 8,317 8,341 Canada Housing Trust 1.95% 12-15-2025 Canada Federal Government 390,000 405 404 Canada Housing Trust 1.10% 03-15-2031 Canada Federal Government 320,000 319 295 Canadian Imperial Bank of Commerce 2.97% 07-11-2023 Canada Corporate - Non Convertible 236,000 244 248 Canadian Imperial Bank of Commerce 2.35% 08-28-2024 Canada Corporate - Non Convertible 300,000 300 312 Canadian Imperial Bank of Commerce F/R 03-04-2025 Canada Corporate - Non Convertible 898,000 898 898 Canadian Imperial Bank of Commerce 1.10% 01-19-2026 Canada Corporate - Non Convertible 70,000 69 68 Canadian Imperial Bank of Commerce 4.38% 10-28-2080 Canada Corporate - Non Convertible 1,280,000 1,280 1,337 Canadian National Railway Co. 3.00% 02-08-2029 Callable 2028 Canada Corporate - Non Convertible 300,000 306 320 Canadian National Railway Co. 3.60% 07-31-2048 Callable 2048 Canada Corporate - Non Convertible 120,000 118 127 Canadian Pacific Railway Ltd. 3.15% 03-13-2029 Callable 2028 Canada Corporate - Non Convertible 140,000 141 149 Canadian Western Bank 1.57% 09-14-2023 Canada Corporate - Non Convertible 320,000 320 324 Canadian Western Bank 1.82% 12-16-2027 Canada Corporate - Non Convertible 410,000 410 397 Canadian Western Bank F/R 07-31-2081 Canada Corporate - Non Convertible 900,000 900 906 Capital Power Corp. 4.42% 02-08-2030 Callable 2029 Canada Corporate - Non Convertible 170,000 172 187 Capital Power Corp. 3.15% 10-01-2032 Canada Corporate - Non Convertible 410,000 412 394 CARDS II Trust 2.43% 11-15-2024 Canada Corporate - Non Convertible 360,000 361 376 CareCentrix Inc. Term Loan 1st Lien F/R 03-22-2025 United States Term Loans USD 660,443 853 768 Carnival Corp. 9.88% 08-01-2027 144A United States Corporate - Non Convertible USD 2,010,000 2,933 2,977 Casablanca US Holdings Inc. Term Loan 1st Lien

F/R 03-31-2024 United States Term Loans USD 56,922 73 64 Cascades Inc. 5.13% 01-15-2025 Callable 2022 Canada Corporate - Non Convertible 600,000 600 626 Cascades Inc. 5.13% 01-15-2026 Callable 2023 144A Canada Corporate - Non Convertible USD 1,320,000 1,749 1,766 CBS Corp. 2.90% 01-15-2027 Callable 2026 United States Corporate - Non Convertible USD 870,000 1,132 1,149 CCL Industries Inc. 3.86% 04-13-2028 Callable 2028 Canada Corporate - Non Convertible 100,000 100 108 CCO Holdings LLC 4.00% 03-01-2023 Callable 2021 144A United States Corporate - Non Convertible USD 120,000 151 153 CCO Holdings LLC 5.38% 06-01-2029 Callable 2024 144A United States Corporate - Non Convertible USD 1,130,000 1,592 1,525 CCO Holdings LLC 4.25% 02-01-2031 Callable 2025 144A United States Corporate - Non Convertible USD 2,660,000 3,606 3,354 CCO Holdings LLC 4.50% 05-01-2032 United States Corporate - Non Convertible USD 750,000 1,033 955 CCS-CMGC Holdings Inc. Term Loan 1st Lien F/R 09-25-2025 United States Term Loans USD 273,700 351 340 Cemex SAB de CV 7.38% 06-05-2027 Callable 2023 Mexico Corporate - Non Convertible USD 200,000 270 285 Cenovus Energy Inc. 6.75% 11-15-2039 Callable Canada Corporate - Non Convertible USD 430,000 664 674 Centene Corp. 5.38% 08-15-2026 United States Corporate - Non Convertible USD 850,000 1,148 1,130 Centene Corp. 4.63% 12-15-2029 Callable 2024 United States Corporate - Non Convertible USD 470,000 640 640 Centene Corp. 3.38% 02-15-2030 Callable 2028 United States Corporate - Non Convertible USD 1,530,000 2,040 1,944 Centennial Resource Production LLC 5.38% 01-15-2026

Callable 2021 144A United States Corporate - Non Convertible USD 650,000 751 720 Centennial Resource Production LLC 6.88% 04-01-2027

Callable 2022 144A United States Corporate - Non Convertible USD 540,000 612 605 CenturyLink Inc. Term Loan B 1st Lien F/R 03-15-2027 United States Term Loans USD 148,125 195 184 CenturyLink Inc. 4.00% 02-15-2027 Callable 2023 144A United States Corporate - Non Convertible USD 620,000 812 797 Charter Communications Operating LLC 4.50% 02-01-2024

Callable 2024 United States Corporate - Non Convertible USD 490,000 655 674





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) Charter Communications Operating LLC 5.05% 03-30-2029

Callable 2028 United States Corporate - Non Convertible USD 250,000 343 361 Charter Communications Operating LLC 2.80% 04-01-2031

Callable 2031 United States Corporate - Non Convertible USD 140,000 196 174 Charter Communications Operating LLC 2.30% 02-01-2032 United States Corporate - Non Convertible USD 300,000 391 351 Charter Communications Operating LLC 3.50% 06-01-2041 United States Corporate - Non Convertible USD 170,000 215 203 Chartwell Retirement Residences 4.21% 04-28-2025

Callable 2025 Canada Corporate - Non Convertible 50,000 50 53 Chemtrade Logistics Income Fund 4.75% 05-31-2024 Conv.

Callable 2022 Canada Corporate - Convertible 200,000 200 184 Chloe Ox Parent LLC Term Loan 1st Lien F/R 12-19-2024 United States Term Loans USD 87,300 111 110 Choice Properties Real Estate Investment Trust 3.55%

01-10-2025 Callable 2024 Canada Corporate - Non Convertible 100,000 102 107 Choice Properties Real Estate Investment Trust 4.18%



03-04-2030 Callable 2029 Canada Corporate - Non Convertible 200,000 200 201 Citadel Securities LP Term Loan B 1st Lien F/R 02-27-2028 United States Term Loans USD 2,120,000 2,711 2,640 Clarios Global LP 6.75% 05-15-2025 Callable 2022 144A United States Corporate - Non Convertible USD 130,000 183 175 Clean Harbors Inc. 4.88% 07-15-2027 Callable 2022 144A United States Corporate - Non Convertible USD 600,000 803 797 Clean Harbors Inc. 5.13% 07-15-2029 Callable 2024 144A United States Corporate - Non Convertible USD 400,000 535 535 The Clorox Co. 1.80% 05-15-2030 Callable 2030 United States Corporate - Non Convertible USD 180,000 251 215 Coca-Cola Femsa SAB de CV 2.75% 01-22-2030 Callable 2029 Mexico Corporate - Non Convertible USD 820,000 1,058 1,046 Columbia Care Inc. 13.00% 05-14-2023 Canada Corporate - Non Convertible USD 1,170,000 1,594 1,470 Commercial Vehicle Group Inc. Term Loan B 1st Lien

F/R 03-30-2023 United States Term Loans USD 48,157 61 60 CommScope Inc. 7.13% 07-01-2028 Callable 2023 144A United States Corporate - Non Convertible USD 410,000 555 548 CommScope Technologies Finance LLC 8.25% 03-01-2027

Callable 2022 144A United States Corporate - Non Convertible USD 1,845,000 2,516 2,484 CommScope Technologies LLC 5.00% 03-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 380,000 438 474 Connect Finco SARL Term Loan B 1st Lien F/R 12-12-2026 United Kingdom Term Loans USD 339,435 438 426 Connect Finco SARL 6.75% 10-01-2026 United Kingdom Corporate - Non Convertible USD 970,000 1,286 1,300 ConocoPhillips 3.75% 10-01-2027 United States Corporate - Non Convertible USD 1,310,000 1,741 1,821 Constellium NV 4.25% 02-15-2026 Callable 2021 Netherlands Corporate - Non Convertible EUR 150,000 224 226 Constellium NV 5.88% 02-15-2026 Callable 2021 144A Netherlands Corporate - Non Convertible USD 1,080,000 1,390 1,401 Constellium SE 3.75% 04-15-2029 United States Corporate - Non Convertible USD 270,000 343 325 Continental Resources Inc. 4.50% 04-15-2023 Callable 2023 United States Corporate - Non Convertible USD 630,000 840 821 Continental Resources Inc. 5.75% 01-15-2031 144A United States Corporate - Non Convertible USD 520,000 681 739 Cook & Boardman Group LLC Term Loan 1st Lien

F/R 10-12-2025 United States Term Loans USD 1,127,406 1,401 1,384 CoolSys Inc. Delayed Draw Term Loan 1st Lien F/R 12-31-2049 United States Term Loans USD 53,294 69 67 CoolSys Inc. Term Loan 1st Lien F/R 12-31-2049 United States Term Loans USD 1,398,760 1,815 1,758 Cordelio Amalco GP I 4.09% 06-30-2034 Canada Corporate - Non Convertible 116,902 118 128 Cordelio Amalco GP I 4.09% 09-30-2034 Canada Corporate - Non Convertible 102,972 104 112 Costco Wholesale Corp. 1.38% 06-20-2027 Callable 2027 United States Corporate - Non Convertible USD 280,000 394 351 Cowen Inc. Term Loan B 1st Lien F/R 03-12-2021 United States Term Loans USD 1,010,000 1,253 1,266 CP Atlas Buyer Inc. Term Loan 1st Lien F/R 11-20-2027 United States Term Loans USD 300,000 389 375 CP Atlas Buyer Inc. Term Loan Initial B2 Lien F/R 11-20-2027 United States Term Loans USD 100,000 130 125





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) CPPIB Capital Inc. 1.95% 09-30-2029 Canada Corporate - Non Convertible 860,000 854 861 Crew Energy Inc. 6.50% 03-14-2024 Callable Canada Corporate - Non Convertible 110,000 109 101 Crombie Real Estate Investment Trust 3.92% 06-21-2027

Callable 2027 Canada Corporate - Non Convertible 100,000 101 108 CrownRock LP / CrownRock Finance Inc. 5.63% 10-15-2025

Callable 144A United States Corporate - Non Convertible USD 880,000 1,171 1,130 CSC Holdings LLC 6.50% 02-01-2029 Callable 2024 144A United States Corporate - Non Convertible USD 560,000 782 779 CSC Holdings LLC 4.63% 12-01-2030 144A United States Corporate - Non Convertible USD 440,000 595 545 Cumulus Media New Holdings Inc. 6.75% 07-01-2026

Callable 2022 144A United States Corporate - Non Convertible USD 416,000 555 533 CVR Partners LP 9.25% 06-15-2023 Callable 2021 144A United States Corporate - Non Convertible USD 850,000 1,157 1,079 CVS Health Corp. 3.70% 03-09-2023 Callable 2023 United States Corporate - Non Convertible USD 174,000 254 232 Daseke Inc. Term Loan B 1st Lien F/R 03-05-2028 United States Term Loans USD 670,000 844 844 DaVita Inc. 3.75% 02-15-2031 Callable 2026 144A United States Corporate - Non Convertible USD 600,000 799 724 Dawn Acquisition LLC Term Loan 1st Lien F/R 10-25-2025 United States Term Loans USD 1,358,708 1,691 1,568 DCert Buyer Inc. Term Loan 2nd Lien F/R 02-16-2029 United States Term Loans USD 340,000 430 431 Diamond (BC) BV Term Loan 1st Lien F/R 09-06-2024 United States Term Loans USD 697,812 886 874 Diamond Sports Group LLC 5.38% 08-15-2026

Callable 2022 144A United States Corporate - Non Convertible USD 1,450,000 1,515 1,314 Diamond Sports Group LLC 6.63% 08-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 740,000 797 489 Diamondback Energy Inc. 3.50% 12-01-2029 Callable 2029 United States Corporate - Non Convertible USD 2,750,000 3,435 3,587 DMT Solutions Global Corp. Term Loan 1st Lien F/R 06-25-2024 United States Term Loans USD 124,250 160 153 Dollar General Corp. 4.13% 05-01-2028 Callable 2028 United States Corporate - Non Convertible USD 540,000 808 761 Dollar General Corp. 3.50% 04-03-2030 Callable 2030 United States Corporate - Non Convertible USD 620,000 926 840 Dollarama Inc. 1.51% 09-20-2027 Callable 2027 Canada Corporate - Non Convertible 130,000 130 126 Dream Industrial Real Estate Investment Trust 1.66% 12-22-2025 Canada Corporate - Non Convertible 160,000 160 158 Drive Chassis Holdco LLC Term Loan 2nd Lien F/R 04-12-2026 United States Term Loans USD 280,000 355 358 DRW Holdings LLC Term Loan 1st Lien F/R 11-26-2026 United States Term Loans USD 495,000 651 622 DRW Holdings LLC Term Loan 1st Lien F/R 02-24-2028 United States Term Loans USD 580,000 722 728 Eastern Power LLC Term Loan B 1st Lien F/R 10-02-2025 United States Term Loans USD 219,447 287 261 EG America LLC Term Loan B 1st Lien F/R 03-11-2026 United States Term Loans USD 500,000 620 623 EG Finco Ltd. Term Loan 2nd Lien F/R 04-11-2027 United Kingdom Term Loans EUR 310,000 461 453 eG Global Finance PLC 6.75% 02-07-2025

Callable 2021 144A United Kingdom Corporate - Non Convertible USD 2,905,000 3,842 3,738 Electrical Components International Inc. Term Loan 2nd Lien

F/R 06-22-2026 United States Term Loans USD 90,000 112 89 Embraer SA 6.95% 01-17-2028 Brazil Corporate - Non Convertible USD 400,000 530 554 Emera Inc. 2.90% 06-16-2023 Canada Corporate - Non Convertible 170,000 165 177 Empire Communities Corp. 7.38% 12-15-2025 Canada Corporate - Non Convertible 1,300,000 1,300 1,348 The Empire Life Insurance Co. 3.63% 04-17-2081 Canada Corporate - Non Convertible 28,000 28 28 Empire Today LLC Term Loan 1st Lien F/R 03-24-2028 United States Term Loans USD 870,000 1,083 1,093 Empresas Publicas de Medellin ESP 4.38% 02-15-2031 Colombia Corporate - Non Convertible USD 790,000 1,062 998 Enbridge Gas Inc. 2.50% 08-05-2026 Callable 2026 Canada Corporate - Non Convertible 100,000 101 104 Enbridge Gas Inc. 2.37% 08-09-2029 Callable 2029 Canada Corporate - Non Convertible 100,000 100 102 Enbridge Gas Inc. 2.90% 04-01-2030 Callable 2030 Canada Corporate - Non Convertible 80,000 80 84 Enbridge Gas Inc. 3.01% 08-09-2049 Callable 2049 Canada Corporate - Non Convertible 90,000 90 86 Enbridge Gas Inc. 3.65% 04-01-2050 Callable 2049 Canada Corporate - Non Convertible 10,000 11 11 Enbridge Inc. 2.44% 06-02-2025 Canada Corporate - Non Convertible 190,000 190 196 Enbridge Inc. 5.37% 09-27-2077 Callable 2027 Canada Corporate - Non Convertible 9,150,000 8,978 9,559 Enbridge Inc. F/R 04-12-2078 Callable 2028 Canada Corporate - Non Convertible 1,460,000 1,573 1,641





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) ENC Holding Corp. Term Loan 1st Lien F/R 05-30-2025 United States Term Loans USD 165,991 215 205 Énergir inc. 2.10% 04-16-2027 Callable 2027 Canada Corporate - Non Convertible 130,000 130 132 Energizer Holdings Inc. Term Loan 1st Lien F/R 12-16-2027 United States Term Loans USD 500,000 634 627 ENMAX Corp. 3.33% 06-02-2025 Canada Corporate - Non Convertible 165,000 171 176 Ensono LP Term Loan 1st Lien F/R 04-30-2025 United States Term Loans USD 251,868 320 317 EPCOR Utilities Inc. 3.55% 11-27-2047 Callable 2047 Canada Corporate - Non Convertible 90,000 92 95 EPCOR Utilities Inc. 3.11% 07-08-2049 Callable 2049 Canada Corporate - Non Convertible 230,000 230 224 EPCOR Utilities Inc. 2.90% 05-19-2050 Callable 2049 Canada Corporate - Non Convertible 120,000 121 112 The Estee Lauder Cos. Inc. 1.95% 03-15-2031 United States Corporate - Non Convertible USD 290,000 365 353 European Bank for Reconstruction and Development 5.00%

01-15-2026 United Kingdom Corporate - Non Convertible INR 170,000,000 2,958 2,867 Exxon Mobil Corp. 2.61% 10-15-2030 Callable 2030 United States Corporate - Non Convertible USD 190,000 263 243 FAGE International SA/FAGE USA Dairy Industry Inc. 5.63%

08-15-2026 Callable 2021 144A Luxembourg Corporate - Non Convertible USD 1,040,000 1,287 1,351 Fairfax Financial Holdings Ltd. 4.23% 06-14-2029 Callable 2029 Canada Corporate - Non Convertible 600,000 611 631 Fairfax Financial Holdings Ltd. 3.95% 03-03-2031 Canada Corporate - Non Convertible 1,490,000 1,494 1,487 Fairfax India Holdings Corp. 5.00% 02-26-2028 144A India Corporate - Non Convertible USD 2,350,000 2,940 2,933 Fédération des Caisses Desjardins du Québec 2.42% 10-04-2024 Canada Corporate - Non Convertible 160,000 160 167 Fédération des Caisses Desjardins du Québec F/R 05-26-2030

Callable 2025 Canada Corporate - Non Convertible 140,000 140 146 First American Payment Systems LP Term Loan B 1st Lien

F/R 02-21-2027 United States Term Loans USD 1,077,286 1,417 1,350 First Eagle Holdings Inc. Term Loan B 1st lien F/R 02-17-2027 United States Term Loans USD 568,929 743 707 First Quantum Minerals Ltd. 7.25% 04-01-2023

Callable 2021 144A Zambia Corporate - Non Convertible USD 1,740,000 2,228 2,228 First Quantum Minerals Ltd. 7.25% 04-01-2023 Callable 2021 Zambia Corporate - Non Convertible USD 160,000 204 205 Ford Motor Co. 9.00% 04-22-2025 Callable 2025 United States Corporate - Non Convertible USD 430,000 585 655 Forming Machining Industries Holdings LLC Term Loan 1st Lien

F/R 10-03-2025 United States Term Loans USD 367,500 473 400 Foxtrot Escrow Issuer LLC 12.25% 11-15-2026

Callable 2022 144A United States Corporate - Non Convertible USD 999,000 1,283 1,436 Frontera Generation Holdings LLC Term Loan B 1st Lien

F/R 04-25-2025 United States Term Loans USD 938,400 1,195 85 Frontier Communications Corp. 5.88% 10-15-2027 144A United States Corporate - Non Convertible USD 480,000 637 641 Frontier Communications Corp. 5.00% 05-01-2028 144A United States Corporate - Non Convertible USD 440,000 575 564 FXI Holdings Inc. 7.88% 11-01-2024 Callable 2021 144A United States Corporate - Non Convertible USD 1,259,000 1,556 1,634 G4S International Finance PLC 1.88% 05-24-2025

Callable 2025 United Kingdom Corporate - Non Convertible EUR 1,220,000 1,755 1,798 Gannett Holdings LLC Term Loan B 1st Lien F/R 02-08-2026 United States Term Loans USD 1,130,573 1,428 1,434 Garrett LX I SARL Term Loan B 1st Lien F/R 03-05-2028 (USD) Luxembourg Term Loans USD 780,000 982 977 Garrett LX I SARL Term Loan B 1st Lien F/R 03-05-2028 Luxembourg Term Loans EUR 760,000 1,141 1,116 GBT III BV Term Loan 1st Lien F/R 02-27-2027 United States Term Loans USD 919,779 1,206 1,085 GBT US III LLC Term Loan Delayed Draw 1st Lien

F/R 02-27-2027 United States Term Loans USD 770,221 1,010 930 General Motors Co. 6.13% 10-01-2025 Callable 2025 United States Corporate - Non Convertible USD 2,330,000 3,454 3,445 General Motors Co. 6.80% 10-01-2027 Callable 2027 United States Corporate - Non Convertible USD 430,000 601 671 General Motors Financial Co. Inc. 4.25% 05-15-2023 United States Corporate - Non Convertible USD 328,000 454 441 GFL Environmental Inc. Term Loan B 1st Lien F/R 05-31-2025 Canada Term Loans USD 836,837 1,074 1,054 GFL Environmental Inc. 3.75% 08-01-2025 Callable 2022 144A Canada Corporate - Non Convertible USD 1,030,000 1,357 1,316 GFL Environmental Inc. 5.13% 12-15-2026 Callable 2022 144A Canada Corporate - Non Convertible USD 350,000 463 464 GFL Environmental Inc. 3.50% 09-01-2028 144A Canada Corporate - Non Convertible USD 1,230,000 1,562 1,501





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) Gibson Energy Inc. 2.85% 07-14-2027 Callable 2027 Canada Corporate - Non Convertible 1,880,000 1,910 1,922 Gibson Energy Inc. 3.60% 09-17-2029 Callable 2029 Canada Corporate - Non Convertible 260,000 262 273 Gibson Energy Inc. F/R 12-22-2080 Canada Corporate - Non Convertible 2,145,000 2,154 2,123 Go Daddy Operating Co. LLC 3.50% 03-01-2029 144A United States Corporate - Non Convertible USD 1,120,000 1,409 1,388 The Goldman Sachs Group Inc. 3.31% F/R 10-31-2025

Callable 2024 United States Corporate - Non Convertible 1,350,000 1,457 1,442 The Goldman Sachs Group Inc. F/R 02-28-2029 United States Corporate - Non Convertible 860,000 860 840 Government of Bahamas 5.75% 01-16-2024 Bahamas Foreign Governments USD 1,125,000 1,543 1,423 Government of Bahamas 6.00% 11-21-2028 Callable 2028 Bahamas Foreign Governments USD 860,000 1,044 1,037 Government of Bahamas 6.95% 11-20-2029 Bahamas Foreign Governments USD 80,000 118 100 Government of Bahamas 8.95% 10-15-2032 Bahamas Foreign Governments USD 1,500,000 1,940 2,012 Government of Brazil 10.00% 01-01-2029 Brazil Foreign Governments BRL 14,600,000 4,140 3,489 Government of Brazil 10.00% 01-01-2031 Brazil Foreign Governments BRL 11,000,000 2,978 2,626 Government of Canada 1.25% 06-01-2030 Canada Federal Government 3,855,000 3,910 3,772 Government of Canada 0.50% 12-01-2030 Canada Federal Government 334,000 311 303 Government of Canada 2.00% 12-01-2051 Canada Federal Government 592,000 589 596 Government of Chile 4.70% 09-01-2030 Chile Foreign Governments CLP 1,450,000,000 3,013 2,787 Government of China 1.99% 04-09-2025 China Foreign Governments CNY 112,200,000 21,002 20,641 Government of China 3.13% 11-21-2029 China Foreign Governments CNY 221,000,000 43,442 42,036 Government of Mexico 5.75% 03-05-2026 Mexico Foreign Governments MXN 91,039,200 5,567 5,556 Government of Mexico 7.50% 06-03-2027 Mexico Foreign Governments MXN 17,320,000 1,184 1,135 Government of Mexico 8.50% 05-31-2029 Mexico Foreign Governments MXN 1,750,000 130 121 Government of Russia 7.65% 04-10-2030 Russia Foreign Governments RUB 370,300,000 7,332 6,456 Government of South Africa 8.00% 01-31-2030 South Africa Foreign Governments ZAR 50,900,000 3,695 3,955 Grab Holdings Inc. Term Loan B 1st Lien F/R 01-20-2026 Singapore Term Loans USD 1,490,000 1,850 1,912 Graham Packaging Co. Inc. Term Loan 1st Lien

F/R 07-28-2027 United States Term Loans USD 570,000 721 713 Graphic Packaging International Inc. 3.50% 03-01-2029

Callable 2028 144A United States Corporate - Non Convertible USD 680,000 902 833 Gray Escrow Inc. 7.00% 05-15-2027 Callable 2022 144A United States Corporate - Non Convertible USD 90,000 118 123 Greater Toronto Airports Authority 2.73% 04-03-2029

Callable 2029 Canada Corporate - Non Convertible 140,000 144 145 Greenhill & Co. Inc. Term Loan B 1st Lien F/R 04-05-2024 United States Term Loans USD 244,067 325 306 H&R Real Estate Investment Trust 3.42% 01-23-2023

Callable 2022 Canada Corporate - Non Convertible 90,000 91 93 H&R Real Estate Investment Trust 4.07% 06-16-2025

Callable 2025 Canada Corporate - Non Convertible 290,000 290 308 H&R Real Estate Investment Trust 2.91% 06-02-2026 Canada Corporate - Non Convertible 130,000 130 131 H&R Real Estate Investment Trust 2.63% 02-19-2027 Canada Corporate - Non Convertible 470,000 471 462 Hadrian Merger Sub Inc. 8.50% 05-01-2026

Callable 2021 144A United States Corporate - Non Convertible USD 1,440,000 1,821 1,884 HCA Healthcare Inc. 3.50% 09-01-2030 Callable 2030 United States Corporate - Non Convertible USD 2,810,000 3,755 3,576 HCA Holdings Inc. 5.25% 06-15-2026 Callable 2025 United States Corporate - Non Convertible USD 2,780,000 4,087 4,016 HCA Inc. 5.63% 09-01-2028 Callable 2028 United States Corporate - Non Convertible USD 200,000 320 289 Heathrow Funding Ltd. 3.25% 05-21-2025 United Kingdom Corporate - Non Convertible 80,000 84 84 Heathrow Funding Ltd. 3.40% 03-08-2028 United Kingdom Corporate - Non Convertible 150,000 150 155 Heathrow Funding Ltd. 3.79% 09-04-2030 Callable 2030 United Kingdom Corporate - Non Convertible 150,000 150 155 Heritage Power LLC Term Loan B 1st Lien F/R 08-02-2026 United States Term Loans USD 223,772 270 270 Heritage Power LLC Term Loan B 1st Lien F/R 07-08-2026 United States Term Loans USD 2,447,722 3,054 2,957 Hilton Domestic Operating Co. Inc. 4.88% 01-15-2030

Callable 2025 United States Corporate - Non Convertible USD 960,000 1,274 1,282





Country Sector

Par Value/ No. of

Shares/Units

Average Cost

($ 000)

Fair Value

($ 000)

BONDS (cont’d) Honda Canada Finance Inc. F/R 02-26-2024 Canada Corporate - Non Convertible 470,000 470 469 Honda Canada Finance Inc. 1.34% 03-17-2026 Canada Corporate - Non Convertible 260,000 260 256 Honda Canada Finance Inc. 1.65% 02-25-2028 Canada Corporate - Non Convertible 480,000 480 466 Horizon Therapeutics PLC 5.50% 08-01-2027

Callable 2022 144A United States Corporate - Non Convertible USD 1,190,000 1,589 1,599 Horizon Therapeutics USA Inc. Term Loan B 1st Lien

F/R 02-26-2028 United States Term Loans USD 1,020,000 1,295 1,280 The Howard Hughes Corp. 4.13% 02-01-2029 United States Corporate - Non Convertible USD 180,000 228 221 Hudson River Trading LLC Term Loan B 1st Lien

F/R 03-19-2028 United States Term Loans USD 1,190,000 1,462 1,484 Hydro One Inc. 2.54% 04-05-2024 Callable 2024 Canada Corporate - Non Convertible 290,000 295 304 Hydro One Inc. 2.97% 06-26-2025 Callable 2025 Canada Corporate - Non Convertible 30,000 32 32 Hydro One Inc. 2.16% 02-28-2030 Canada Corporate - Non Convertible 140,000 142 139 Hydro One Inc. 1.69% 01-16-2031 Callable 2030 Canada Corporate - Non Convertible 250,000 250 235 Hydro One Inc. 3.63% 06-25-2049 Callable 2048 Canada Corporate - Non Convertible 14,000 16 15 Hydro One Ltd. 1.41% 10-15-2027 Callable 2027 Canada Corporate - Non Convertible 290,000 290 282 IAMGOLD Corp. 5.75% 10-15-2028 Callable 2023 144A United States Corporate - Non Convertible USD 740,000 974 943 The Independent Order Of Foresters F/R 10-15-2035

Callable 2030 Canada Corporate - Non Convertible 240,000 240 235 INEOS 226 Ltd. Term Loan B 1st Lien F/R 01-21-2026 United Kingdom Term Loans EUR 450,000 688 659 INEOS Enterprises Holdings US Finco LLC Term Loan B 1st Lien

F/R 07-29-2026 United States Term Loans USD 898,518 1,170 1,132 INEOS US Petrochem LLC Term Loan B 1st Lien

F/R 01-21-2026 United States Term Loans USD 590,000 741 740 Innovative Water Care Global Corp. Term Loan 1st Lien

F/R 02-27-2026 United States Term Loans USD 1,644,255 1,982 1,954 Intact Financial Corp. 1.93% 12-16-2030 Canada Corporate - Non Convertible 270,000 270 254 Intact Financial Corp. F/R 03-31-2081 Canada Corporate - Non Convertible 99,000 99 100 Integro Ltd. United States Term Loan B1 1st Lien

F/R 10-31-2022 United States Term Loans USD 19,194 26 24 Intel Corp. 2.45% 11-15-2029 Callable 2029 United States Corporate - Non Convertible USD 161,000 218 207 Intelsat Jackson Holdings SA 8.50% 10-15-2024

Callable 2021 144A Luxembourg Corporate - Non Convertible USD 180,000 239 142 Inter Pipeline Ltd. F/R 03-26-2079 Callable 2029 Canada Corporate - Non Convertible 4,520,000 4,658 4,787 Inter Pipeline Ltd. F/R 11-19-2079 Callable 2029 Canada Corporate - Non Convertible 2,020,000 1,998 2,116 Interior Logic Group Holdings IV LLC Term Loan B 1st Lien

F/R 05-21-2025 United States Term Loans USD 214,500 275 269 Intermedia Holdings Inc. Term Loan B 1st Lien F/R 07-13-2025 United States Term Loans USD 9,775 13 12 ION Trading Finance Ltd. Term Loan B 1st Lien

F/R 03-26-2028 (USD) United States Term Loans USD 570,000 715 717 ION Trading Finance Ltd. Term Loan B 1st Lien F/R 03-26-2028 Ireland Term Loans EUR 680,000 1,009 1,007 iQor US Inc. Term Loan 2nd Lien F/R 04-01-2022 United States Term Loans USD 300,000 362 17 Iris Merger Sub 2019 Inc. 9.38% 02-15-2028

Callable 2023 144A United States Corporate - Non Convertible USD 510,000 677 693 Iron Mountain Inc. 5.00% 07-15-2028 Callable 2023 144A United States Corporate - Non Convertible USD 480,000 652 618 Iron Mountain Inc. 5.25% 07-15-2030 Callable 2025 144A United States Corporate - Non Convertible USD 4,660,000 6,301 6,050 Isagenix International LLC Term Loan 1st Lien F/R 04-26-2025 United States Term Loans USD 296,340 303 281 Ivanhoe Cambridge II Inc. 2.91% 06-27-2023 Callable 2023 Canada Corporate - Non Convertible 90,000 91 94 Ivanhoe Cambridge II Inc. 2.30% 12-12-2024 Callable 2024 Canada Corporate - Non Convertible 170,000 170 177 Jadex Inc. Term Loan 1st Lien F/R 02-12-2028 United States Term Loans USD 360,000 453 447 Jane Street Group LLC Term Loan B 1st Lien F/R 01-21-2027 United States Term Loans USD 1,431,005 1,805 1,784





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BONDS (cont’d) JBS Investments II GmbH 5.75% 01-15-2028 Callable 2022 United States Corporate - Non Convertible USD 70,000 85 93 John Deere Financial Inc. 1.34% 09-08-2027 United States Corporate - Non Convertible 260,000 261 251 Journey Personal Care Corp. Term Loan 1st Lien

F/R 02-19-2028 United States Term Loans USD 1,250,000 1,573 1,574 JPMorgan Chase & Co. 1.90% 03-05-2028 United States Corporate - Non Convertible 860,000 860 853 Keane Group Holdings LLC Term Loan B 1st Lien

F/R 05-18-2025 United States Term Loans USD 1,140,665 1,463 1,408 Kestrel Bidco Inc. Term Loan 1st Lien F/R 08-07-2026 Canada Term Loans USD 945,500 1,244 1,155 Keyera Corp. F/R 06-13-2079 Callable 2029 Canada Corporate - Non Convertible 3,980,000 4,091 4,318 Keyera Corp. F/R 03-10-2081 Canada Corporate - Non Convertible 2,170,000 2,170 2,178 Klockner Pentaplast of America Inc. Term Loan 1st Lien

F/R 02-04-2026 United States Term Loans USD 530,000 676 665 Korn Ferry 4.63% 12-15-2027 Callable 2022 144A United States Corporate - Non Convertible USD 380,000 501 488 KP Germany Erste GmbH Term Loan B 1st Lien F/R 02-04-2026 Germany Term Loans EUR 890,000 1,359 1,295 Kronos Acquisition Holdings Inc. Term Loan B 1st Lien

F/R 12-22-2026 United States Term Loans USD 670,000 850 831 Kruger Products LP 6.00% 04-24-2025 Callable 2021 Canada Corporate - Non Convertible 1,768,000 1,736 1,830 L&W Inc. Term Loan 1st Lien F/R 05-17-2025 United States Term Loans USD 255,057 327 321 LABL Escrow Issuer LLC 6.75% 07-15-2026

Callable 2022 144A United States Corporate - Non Convertible USD 620,000 830 836 LABL Escrow Issuer LLC 10.50% 07-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 2,390,000 3,269 3,350 Lamar Media Corp. 4.00% 02-15-2030 Callable 2025 United States Corporate - Non Convertible USD 790,000 1,015 992 Lamb Weston Holdings Inc. 4.63% 11-01-2024

Callable 2021 144A United States Corporate - Non Convertible USD 930,000 1,233 1,216 Lamb Weston Holdings Inc. 4.88% 11-01-2026

Callable 2021 144A United States Corporate - Non Convertible USD 450,000 583 586 Laredo Petroleum Inc. 9.50% 01-15-2025 United States Corporate - Non Convertible USD 430,000 533 521 Laredo Petroleum Inc. 10.13% 01-15-2028 United States Corporate - Non Convertible USD 100,000 124 121 Laurentian Bank of Canada 1.15% 06-03-2024 Canada Corporate - Non Convertible 303,000 303 301 LBM Acquisition LLC Term Loan B 1st Lien F/R 12-08-2027 United States Term Loans USD 466,364 592 585 LBM Acquisition LLC Term Loan Delay Draw 1st Lien

F/R 12-08-2027 United States Term Loans USD 103,636 132 130 Level 3 Financing Inc. 3.75% 07-15-2029 144A United States Corporate - Non Convertible USD 290,000 371 357 Liberty Utilities (Canada) LP 3.32% 02-14-2050 Callable 2049 Canada Corporate - Non Convertible 110,000 110 98 LifeMiles Ltd. Term Loan B 1st Lien F/R 08-18-2022 Colombia Term Loans USD 1,343,906 1,726 1,641 LifeScan Global Corp. Term Loan 1st Lien F/R 06-19-2024 United States Term Loans USD 2,217,377 2,753 2,708 LifeScan Global Corp. Term Loan 2nd Lien F/R 06-19-2025 United States Term Loans USD 220,000 281 252 Lions Gate Entertainment Inc. 5.50% 04-15-2029 144A United States Corporate - Non Convertible USD 690,000 868 869 Loblaw Companies Ltd. 4.49% 12-11-2028 Callable 2028 Canada Corporate - Non Convertible 270,000 297 309 Loblaw Companies Ltd. 2.28% 05-07-2030 Callable 2030 Canada Corporate - Non Convertible 250,000 251 242 LogMeIn Inc. Term Loan B 1st Lien F/R 08-14-2027 United States Term Loans USD 160,000 207 201 Lower Mattagami Energy LP 3.42% 06-20-2024 Canada Corporate - Non Convertible 290,000 306 313 LSF10 XL Bidco SCA Term Loan B 1st Lien F/R 03-30-2028 Luxembourg Term Loans EUR 680,000 1,000 999 Manulife Bank of Canada 2.38% 11-19-2024 Canada Corporate - Non Convertible 10,000 10 10 Manulife Bank of Canada 1.50% 06-25-2025 Canada Corporate - Non Convertible 40,000 40 40 Manulife Bank of Canada 1.34% 02-26-2026 Canada Corporate - Non Convertible 523,000 523 516 Manulife Financial Corp. F/R 05-09-2028 Callable 2023 Canada Corporate - Non Convertible 80,000 80 84 Manulife Financial Corp. F/R 05-12-2030 Callable 2025 Canada Corporate - Non Convertible 200,000 200 205 Manulife Financial Corp. 3.38% 06-19-2081 Canada Corporate - Non Convertible 790,000 790 790 Mastercard Inc. 1.90% 03-15-2031 United States Corporate - Non Convertible USD 170,000 214 210





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BONDS (cont’d) Matador Resources Co. 5.88% 09-15-2026 Callable 2021 United States Corporate - Non Convertible USD 680,000 848 833 Mattel Inc. 3.15% 03-15-2023 Callable 2022 United States Corporate - Non Convertible USD 640,000 833 815 Mattel Inc. 3.38% 04-01-2026 144A United States Corporate - Non Convertible USD 980,000 1,239 1,275 McDonald’s Corp. 3.13% 03-04-2025 Callable 2025 United States Corporate - Non Convertible 140,000 140 149 MEG Energy Corp. 7.13% 02-01-2027 Callable 2023 144A Canada Corporate - Non Convertible USD 1,570,000 2,060 2,070 MEG Energy Corp. 5.88% 02-01-2029 144A Canada Corporate - Non Convertible USD 795,000 1,013 1,004 Mercer International Inc. 5.13% 02-01-2029 144A Germany Corporate - Non Convertible USD 450,000 571 587 Meredith Corp. Term Loan B 1st Lien F/R 01-31-2025 United States Term Loans USD 1,111,089 1,446 1,384 Metronet Systems Holding LLC Term Loan 1st Lien

F/R 12-31-2049 United States Term Loans USD 2,115,421 2,743 2,672 Mexican Bonos 7.75% 05-29-2031 Mexico Foreign Governments MXN 126,000,000 9,299 8,263 Mexico Remittances Funding Fiduciary Estate Management SARL

4.88% 01-15-2028 Mexico Corporate - Non Convertible USD 650,000 822 803 Microchip Technology Inc. 2.67% 09-01-2023 144A United States Corporate - Non Convertible USD 200,000 276 262 Mileage Plus Holdings LLC 6.50% 06-20-2027

Callable 2023 144A United States Corporate - Non Convertible USD 1,630,000 2,217 2,246 Minerva SA 4.38% 03-18-2031 Brazil Corporate - Non Convertible USD 700,000 876 861 Minotaur Acquisition Inc. Term Loan 1st Lien F/R 02-27-2026 United States Term Loans USD 1,814,101 2,323 2,281 Morgan Stanley 3.00% 02-07-2024 United States Corporate - Non Convertible 3,020,000 3,077 3,184 Morgan Stanley F/R 03-21-2025 United States Corporate - Non Convertible 970,000 970 971 Multi-Color Corp. Term Loan B 1st Lien F/R 06-17-2026 United States Term Loans USD 768,300 1,018 965 Murphy Oil Corp. 6.88% 08-15-2024 Callable United States Corporate - Non Convertible USD 440,000 553 566 National Bank of Canada 2.58% 02-03-2025 Canada Corporate - Non Convertible 270,000 271 283 National Bank of Canada F/R 08-18-2026 Callable 2025 Canada Corporate - Non Convertible 280,000 280 280 NAV Canada 2.06% 05-29-2030 Canada Corporate - Non Convertible 180,000 180 177 Neenah Foundry Co. Term Loan B 1st Lien F/R 12-08-2022 United States Term Loans USD 161,111 202 177 Neenah Inc. Term Loan B 1st Lien F/R 06-26-2027 United States Term Loans USD 406,925 545 513 New Arclin US Holding Corp. Term Loan 1st Lien

F/R 02-14-2026 United States Term Loans USD 980,000 1,231 1,232 New Red Finance Inc. 4.00% 10-15-2030 Canada Corporate - Non Convertible USD 1,260,000 1,658 1,530 New Trojan Parent Inc. Term Loan 1st Lien F/R 01-22-2028 United States Term Loans USD 470,000 597 589 New Trojan Parent Inc. Term Loan 1st Lien F/R 01-22-2029 United States Term Loans USD 170,000 214 213 Newco Financing Partnership Term Loan B1 1st Lien

F/R 01-31-2029 United States Term Loans USD 1,020,000 1,326 1,280 Nexstar Escrow Inc. 5.63% 07-15-2027 Callable 2022 144A United States Corporate - Non Convertible USD 1,250,000 1,736 1,654 NextEra Energy Capital Holdings Inc. 2.25% 06-01-2030

Callable 2030 United States Corporate - Non Convertible USD 460,000 631 566 Nielsen Holdings PLC Term Loan B 1st Lien F/R 02-05-2028 United States Term Loans USD 740,000 940 928 Nine Energy Service Inc. 8.75% 11-01-2023

Callable 2021 144A United States Corporate - Non Convertible USD 470,000 459 178 Nissan Canada Inc. 1.63% 03-18-2024 Canada Corporate - Non Convertible 218,000 218 218 NMN Holdings III Corp. Term Loan Delayed Draw 1st Lien

F/R 10-26-2025 United States Term Loans USD 100,898 132 126 Norbord Inc. 5.75% 07-15-2027 Callable 2022 144A Canada Corporate - Non Convertible USD 560,000 744 752 Northern Oil and Gas Inc. 8.13% 03-01-2028 United States Corporate - Non Convertible USD 480,000 608 601 Nouvelle Autoroute 30 Financement Inc. 4.11% 03-31-2042 Canada Corporate - Non Convertible 109,900 110 118 Nova Scotia Power Inc. 3.57% 04-05-2049 Callable 2048 Canada Corporate - Non Convertible 110,000 112 113 Nufarm Australia Ltd. 5.75% 04-30-2026 Callable 2021 144A Australia Corporate - Non Convertible USD 4,100,000 5,315 5,289 Numericable-SFR 7.38% 05-01-2026 Callable 2021 144A France Corporate - Non Convertible USD 950,000 1,259 1,243 NuVista Energy Ltd. 6.50% 03-02-2023 Callable 2021 Canada Corporate - Non Convertible 960,000 943 934 Occidental Petroleum Corp. 2.90% 08-15-2024 Callable 2024 United States Corporate - Non Convertible USD 1,060,000 1,273 1,319





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BONDS (cont’d) OMERS Finance Trust 1.55% 04-21-2027 Canada Corporate - Non Convertible 1,150,000 1,164 1,140 OMERS Finance Trust 2.60% 05-14-2029 Canada Corporate - Non Convertible 250,000 250 260 OMERS Realty Corp. 3.63% 06-05-2030 Callable 2030 Canada Corporate - Non Convertible 190,000 190 209 OneDigital Borrower LLC Term Loan B 1st Lien F/R 10-30-2027 United States Term Loans USD 617,193 798 777 OneDigital Borrower LLC Term Loan B Delayed Draw 1st Lien

F/R 10-30-2027 United States Term Loans USD 60,630 79 76 Ontario Power Generation Inc. 2.89% 04-08-2025 Callable 2025 Canada Corporate - Non Convertible 160,000 161 170 Ontario Power Generation Inc. 3.32% 10-04-2027 Callable 2027 Canada Corporate - Non Convertible 210,000 211 228 Ontario Power Generation Inc. 2.98% 09-13-2029 Canada Corporate - Non Convertible 430,000 455 452 Ontario Power Generation Inc. 3.22% 04-08-2030 Callable 2030 Canada Corporate - Non Convertible 120,000 120 127 Ontario Power Generation Inc. 3.84% 06-22-2048 Callable 2047 Canada Corporate - Non Convertible 120,000 140 129 Ontario Power Generation Inc. 4.25% 01-18-2049 Callable 2048 Canada Corporate - Non Convertible 265,000 319 303 Ontario Teachers’ Finance Trust 1.10% 10-19-2027 Canada Provincial Governments 240,000 239 231 Panther BF Aggregator 2 LP 6.25% 05-15-2026 144A United States Corporate - Non Convertible USD 180,000 243 241 Panther BF Aggregator 2 LP 8.50% 05-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 3,080,000 4,168 4,174 Parkland Corp. of Canada 4.50% 10-01-2029 144A Canada Corporate - Non Convertible USD 3,460,000 4,358 4,374 Parkland Corp. 4.38% 03-26-2029 Canada Corporate - Non Convertible 2,330,000 2,330 2,330 Parkland Fuel Corp. 5.88% 07-15-2027 Callable 2022 144A Canada Corporate - Non Convertible USD 363,000 487 487 Parkland Fuel Corp. 6.00% 06-23-2028 Callable 2023 Canada Corporate - Non Convertible 1,390,000 1,390 1,496 The Pasha Group Term Loan B 1st Lien F/R 12-13-2022 United States Term Loans USD 276,169 351 344 Pattern Energy Operations LP 4.50% 08-15-2028

Callable 2023 144A United States Corporate - Non Convertible USD 290,000 395 371 PayPal Holdings Inc. 1.35% 06-01-2023 United States Corporate - Non Convertible USD 120,000 168 154 Paypal Holdings Inc. 2.40% 10-01-2024 Callable 2024 United States Corporate - Non Convertible USD 210,000 278 277 PayPal Holdings Inc. 2.65% 10-01-2026 United States Corporate - Non Convertible USD 230,000 305 306 PayPal Holdings Inc. 2.30% 06-01-2030 Callable 2030 United States Corporate - Non Convertible USD 150,000 210 187 Pembina Pipeline Corp. 4.02% 03-27-2028 Callable 2027 Canada Corporate - Non Convertible 190,000 203 208 Pembina Pipeline Corp. 3.62% 04-03-2029 Callable 2029 Canada Corporate - Non Convertible 270,000 275 287 Pembina Pipeline Corp. 3.31% 02-01-2030 Callable 2029 Canada Corporate - Non Convertible 110,000 120 113 Pembina Pipeline Corp. F/R 01-25-2081 Canada Corporate - Non Convertible 3,670,000 3,670 3,564 Peraton Corp. Term Loan B 1st Lien F/R 02-24-2028 United States Term Loans USD 351,461 440 442 Peraton Corp. Term Loan B Delayed Draw 1st Lien

F/R 02-24-2028 United States Term Loans USD 618,539 775 779 Petroleos De Venezuela SA 6.00% 05-16-2024 Venezuela Corporate - Non Convertible USD 410,000 131 25 Petroleos Mexicanos 6.50% 03-13-2027 Mexico Corporate - Non Convertible USD 1,490,000 1,989 1,960 PetSmart Inc. Term Loan B 1st Lien F/R 01-29-2028 United States Term Loans USD 500,000 633 628 Plaze Inc. Term Loan B 1st Lien F/R 08-03-2026 United States Term Loans USD 818,800 1,046 1,027 PLH Group Inc. Term Loan 1st Lien F/R 08-06-2023 United States Term Loans USD 223,762 282 266 Pluto Acquisition I Inc. Term Loan 1st Lien F/R 06-18-2026 United States Term Loans USD 788,000 1,044 992 Pluto Acquisition I Inc. Term Loan B 1st Lien F/R 06-26-2026 United States Term Loans USD 339,150 433 428 Polymer Process Holdings Inc. Term Loan 1st Lien

F/R 04-29-2026 United States Term Loans USD 669,800 879 832 Premier Dental Services Inc. Term Loan B 1st Lien

F/R 06-30-2023 United States Term Loans USD 784,133 1,004 967 Project Leopard Holdings Inc. Term Loan 1st Lien

F/R 07-07-2023 United States Term Loans USD 380,820 491 478 Province of British Columbia 2.85% 06-18-2025 Canada Provincial Governments 1,610,000 1,756 1,727 Province of British Columbia 2.20% 06-18-2030 Canada Provincial Governments 880,000 932 890 Province of British Columbia 1.55% 06-18-2031 Canada Provincial Governments 650,000 609 612 Province of British Columbia 3.20% 06-18-2044 Canada Provincial Governments 220,000 266 238





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BONDS (cont’d) Province of British Columbia 2.80% 06-18-2048 Canada Provincial Governments 40,000 41 41 Province of British Columbia 2.95% 06-18-2050 Canada Provincial Governments 890,000 1,039 933 Province of Ontario 2.65% 12-02-2050 Canada Provincial Governments 760,000 820 741 Province of Ontario 1.90% 12-02-2051 Canada Provincial Governments 440,000 419 363 Province of Quebec 3.50% 12-01-2048 Canada Provincial Governments 420,000 473 478 Province of Quebec 3.10% 12-01-2051 Canada Provincial Governments 726,000 884 780 PSC Industrial Outsourcing LP Term Loan 2nd Lien

F/R 10-05-2025 United States Term Loans USD 100,000 123 112 PSC Industrial Outsourcing LP Term Loan B 1st Lien

F/R 10-05-2024 United States Term Loans USD 348,300 433 429 PSP Capital Inc. 2.05% 01-15-2030 Canada Federal Government 530,000 532 530 Quad/Graphics Inc. 7.00% 05-01-2022 United States Corporate - Non Convertible USD 250,000 335 311 Quebecor Media Inc. 6.63% 01-15-2023 144A Canada Corporate - Non Convertible 560,000 593 605 QVC Inc. 4.38% 09-01-2028 Callable 2028 United States Corporate - Non Convertible USD 2,175,000 2,875 2,760 R.R. Donnelley & Sons Co. Term Loan B 1st Lien

F/R 01-04-2024 United States Term Loans USD 765,358 1,025 960 Rackspace Technology Global Inc. Term Loan B 1st Lien

F/R 02-09-2028 United States Term Loans USD 810,000 1,030 1,010 Rackspace Technology Global Inc. 3.50% 02-15-2028 144A United States Corporate - Non Convertible USD 840,000 1,075 1,017 Railworks Corp. Term Loan B 1st Lien F/R 12-11-2027 United States Term Loans USD 700,000 886 887 Rather Outdoors Corp. Term Loan 1st Lien F/R 01-26-2028 United States Term Loans USD 410,000 515 518 Real Hero Merger Sub 2 Inc. 6.25% 02-01-2029 144A United States Corporate - Non Convertible USD 460,000 582 598 Reliance LP 2.68% 12-01-2027 Canada Corporate - Non Convertible 200,000 200 202 Reliance LP 2.67% 08-01-2028 Canada Corporate - Non Convertible 353,000 353 353 Renfro Corp. Term Loan B 1st Lien F/R 03-31-2021 United States Term Loans USD 818,311 1,029 378 Renfro Corp. Term Loan Prime 1st Lien F/R 02-12-2021 United States Term Loans USD 123,266 152 146 Research Now Group Inc. Term Loan 2nd Lien F/R 12-20-2025 United States Term Loans USD 90,000 108 109 Resideo Funding Inc. Term Loan 1st Lien F/R 02-09-2028 United States Term Loans USD 670,000 852 841 Rite Aid Corp. 6.13% 04-01-2023 Callable 2021 144A United States Corporate - Non Convertible USD 1,324,000 1,518 1,641 Rite Aid Corp. 7.50% 07-01-2025 Callable 2022 United States Corporate - Non Convertible USD 769,000 1,042 1,006 Rite Aid Corp. 7.70% 02-15-2027 United States Corporate - Non Convertible USD 1,060,000 1,194 1,307 Rogers Communications Inc. 3.65% 03-31-2027 Canada Corporate - Non Convertible 390,000 416 419 Rogers Communications Inc. 3.25% 05-01-2029 Callable 2029 Canada Corporate - Non Convertible 340,000 343 352 Royal Bank of Canada 2.35% 07-02-2024 Canada Corporate - Non Convertible 400,000 403 416 Royal Bank of Canada F/R 12-23-2029 Callable 2024 Canada Corporate - Non Convertible 170,000 170 178 Royal Bank of Canada F/R 06-30-2030 Callable 2025 Canada Corporate - Non Convertible 290,000 290 294 Royal Bank of Canada F/R 01-28-2033 Canada Corporate - Non Convertible 592,000 592 568 Royal Bank of Canada F/R 11-24-2080 Callable 2025 Canada Corporate - Non Convertible 2,140,000 2,140 2,266 Royal Bank of Canada F/R 02-24-2081 Canada Corporate - Non Convertible 860,000 860 891 Russel Metals Inc. 6.00% 03-16-2026 Callable 2021 Canada Corporate - Non Convertible 500,000 506 524 Russian Federal Loan Bond - OFZ 7.05% 01-19-2028 Russia Foreign Governments RUB 69,530,000 1,391 1,170 Sabre Industries Inc. Term Loan B 1st Lien F/R 04-09-2026 United States Term Loans USD 172,900 229 217 Sagen MI Canada Inc. 3.26% 03-05-2031 Canada Corporate - Non Convertible 308,000 308 304 Sagen MI Canada Inc. F/R 03-24-2081 Canada Corporate - Non Convertible 227,000 227 226 Saputo Inc. 2.88% 11-19-2024 Callable 2024 Canada Corporate - Non Convertible 140,000 141 148 Saputo Inc. 2.24% 06-16-2027 Callable 2027 Canada Corporate - Non Convertible 280,000 280 281 Schweitzer-Mauduit International Inc. Term Loan 1st Lien

F/R 02-23-2028 United States Term Loans USD 1,290,000 1,610 1,619 Shaw Communications Inc. 4.40% 11-02-2028 Callable 2028 Canada Corporate - Non Convertible 310,000 314 346 Shaw Communications Inc. 2.90% 12-09-2030 Callable 2030 Canada Corporate - Non Convertible 380,000 384 374





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BONDS (cont’d) Shields Health Solutions Holdings LLC Term Loan 1st Lien

F/R 08-13-2026 United States Term Loans USD 730,750 963 921 Sienna Senior Living Inc. 3.11% 11-04-2024 Canada Corporate - Non Convertible 100,000 100 103 Sienna Senior Living Inc. 3.45% 02-27-2026 Callable 2026 Canada Corporate - Non Convertible 160,000 160 165 Sigma Bidco BV Term Loan B 1st Lien F/R 03-07-2025 Netherlands Term Loans EUR 370,000 589 536 Signal Parent Inc. Term Loan B 1st Lien F/R 04-01-2028 United States Term Loans USD 640,000 802 800 Signify Health LLC Term Loan 1st Lien 12-23-2024 United States Term Loans USD 658,350 836 836 Silgan Holdings Inc. 4.13% 02-01-2028 United States Corporate - Non Convertible USD 700,000 921 906 Sinclair Television Group Inc. Term Loan B 1st Lien

F/R 03-25-2028 United States Term Loans USD 790,000 992 988 Sinclair Television Group Inc. Term Loan B2 1st Lien

F/R 07-18-2026 United States Term Loans USD 581,150 754 720 Sinclair Television Group Inc. 5.13% 02-15-2027

Callable 2021 144A United States Corporate - Non Convertible USD 730,000 907 897 Sinclair Television Group Inc. 5.50% 03-01-2030

Callable 2024 144A United States Corporate - Non Convertible USD 720,000 955 884 Sinclair Television Group Inc. 4.13% 12-01-2030 144A United States Corporate - Non Convertible USD 510,000 666 618 SmartCentres Real Estate Investment Trust 1.74% 12-16-2025 Canada Corporate - Non Convertible 260,000 260 256 SmartCentres Real Estate Investment Trust 3.19% 06-11-2027

Callable 2027 Canada Corporate - Non Convertible 150,000 150 156 SmartCentres Real Estate Investment Trust 3.53% 12-20-2029

Callable 2029 Canada Corporate - Non Convertible 580,000 592 598 Sorenson Communications LLC Term Loan B 1st Lien

F/R 03-12-2026 United States Term Loans USD 800,000 988 1,008 Source Energy Services Canada LP 10.50% 12-15-2021 Canada Corporate - Non Convertible 83,000 89 23 Source Energy Services Canada LP 10.50% 12-15-2021 144A Canada Corporate - Non Convertible 1,600,000 1,662 446 South Coast British Columbia Transport Authority 1.60%

07-03-2030 Canada Provincial Governments 370,000 370 352 SpA Holdings 3 Oy 4.88% 02-04-2028 144A Finland Corporate - Non Convertible USD 900,000 1,122 1,137 Spa US HoldCo Inc. Term Loan B 1st Lien F/R 03-12-2028 United States Term Loans USD 870,000 1,080 1,095 Specialty Pharma III Inc. Term Loan B 1st Lien F/R 02-24-2028 United States Term Loans USD 700,000 867 871 Sprint Capital Corp. 6.88% 11-15-2028 United States Corporate - Non Convertible USD 268,000 385 425 Sprint Corp. 7.88% 09-15-2023 United States Corporate - Non Convertible USD 1,080,000 1,599 1,552 Sprint Corp. 7.13% 06-15-2024 United States Corporate - Non Convertible USD 1,080,000 1,550 1,564 SRS Distribution Inc. Term Loan B 1st Lien F/R 05-24-2025 United States Term Loans USD 622,125 811 780 SS&C Technologies Inc. Term Loan B5 1st Lien F/R 04-16-2025 United States Term Loans USD 302,095 394 376 Standard Industries Inc. 5.00% 02-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 425,000 564 558 Starfruit US Holdco LLC 8.00% 10-01-2026

Callable 2021 144A Netherlands Corporate - Non Convertible USD 200,000 252 267 Stars Group Holdings BV Term Loan B 1st Lien F/R 07-10-2025 Netherlands Term Loans USD 112,030 131 141 Summit Industrial Income Real Estate Investment Trust 2.15%

09-17-2025 Callable 2025 Canada Corporate - Non Convertible 190,000 190 191 Summit Industrial Income Real Estate Investment Trust 1.82%

04-01-2026 Canada Corporate - Non Convertible 210,000 210 207 Sun Life Financial Inc. F/R 11-23-2027 Callable 2022 Canada Corporate - Non Convertible 80,000 80 83 Sun Life Financial Inc. F/R 08-13-2029 Callable 2024 Canada Corporate - Non Convertible 170,000 170 176 Sun Life Financial Inc. F/R 05-10-2032 Callable 2027 Canada Corporate - Non Convertible 370,000 370 382 Sun Life Financial Inc. F/R 10-01-2035 Canada Corporate - Non Convertible 410,000 410 389 Suncor Energy Inc. 3.10% 05-24-2029 Callable 2029 Canada Corporate - Non Convertible 190,000 190 196 Suncor Energy Inc. 3.95% 03-04-2051 Canada Corporate - Non Convertible 360,000 355 346





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BONDS (cont’d) Superior Plus LP 5.25% 02-27-2024 Callable 2021 Canada Corporate - Non Convertible 2,580,000 2,623 2,660 Superior Plus LP 5.13% 08-27-2025 Callable 2021 Canada Corporate - Non Convertible 1,000,000 950 1,044 Superior Plus LP 4.50% 03-15-2029 144A Canada Corporate - Non Convertible USD 580,000 738 738 Switch Ltd. 3.75% 09-15-2028 144A United States Corporate - Non Convertible USD 980,000 1,267 1,215 Talen Energy Supply LLC 7.25% 05-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 840,000 1,107 1,081 Talen Energy Supply LLC 6.63% 01-15-2028

Callable 2023 144A United States Corporate - Non Convertible USD 1,130,000 1,493 1,423 Target Corp. 2.25% 04-15-2025 Callable 2025 United States Corporate - Non Convertible USD 120,000 168 158 TEGNA Inc. 4.63% 03-15-2028 Callable 2023 144A United States Corporate - Non Convertible USD 700,000 910 897 Telenet Finance Luxembourg Notes Sarl 5.50% 03-01-2028

Callable 2022 144A Belgium Corporate - Non Convertible USD 200,000 257 265 TELUS Corp. 3.35% 04-01-2024 Callable Canada Corporate - Non Convertible 70,000 72 74 TELUS Corp. 2.75% 07-08-2026 Canada Corporate - Non Convertible 260,000 259 271 TELUS Corp. 2.35% 01-27-2028 Callable 2027 Canada Corporate - Non Convertible 240,000 239 241 TELUS Corp. 3.30% 05-02-2029 Callable 2029 Canada Corporate - Non Convertible 230,000 232 242 TELUS Corp. 3.15% 02-19-2030 Callable 2029 Canada Corporate - Non Convertible 520,000 525 539 TELUS Corp. 2.05% 10-07-2030 Canada Corporate - Non Convertible 350,000 346 327 TELUS Corp. 4.85% 04-05-2044 Canada Corporate - Non Convertible 30,000 37 34 TELUS Corp. 3.95% 02-16-2050 Canada Corporate - Non Convertible 60,000 66 59 TELUS Corp. 4.10% 04-05-2051 Canada Corporate - Non Convertible 60,000 60 60 Tencent Holdings Ltd. 2.39% 06-03-2030 Callable 2030 China Corporate - Non Convertible USD 200,000 275 243 Teneo Holdings LLC Term Loan B 1st Lien F/R 07-12-2025 United States Term Loans USD 252,731 317 318 Tenet Healthcare Corp. 6.75% 06-15-2023 United States Corporate - Non Convertible USD 1,144,000 1,501 1,556 Tenet Healthcare Corp. 4.88% 01-01-2026 Callable 2022 144A United States Corporate - Non Convertible USD 610,000 836 798 Tenet Healthcare Corp. 4.63% 06-15-2028 Callable 2023 144A United States Corporate - Non Convertible USD 200,000 270 258 Tenet Healthcare Corp. 6.13% 10-01-2028 144A United States Corporate - Non Convertible USD 1,480,000 1,936 1,939 Terex Corp. 5.00% 05-15-2029 144A United States Corporate - Non Convertible USD 1,780,000 2,228 2,318 TerraForm Power Operating LLC 5.00% 01-31-2028

Callable 2027 144A United States Corporate - Non Convertible USD 1,390,000 1,747 1,888 TerraForm Power Operating LLC 4.75% 01-15-2030

Callable 2025 144A United States Corporate - Non Convertible USD 240,000 319 314 Terrier Media Buyer Inc. Term Loan B 1st Lien F/R 12-17-2026 United States Term Loans USD 1,251,462 1,889 1,810 Terrier Media Buyer Inc. 8.88% 12-15-2027

Callable 2022 144A United States Corporate - Non Convertible USD 240,000 316 325 Teva Pharmaceutical Industries Ltd. 2.80% 07-21-2023 Israel Corporate - Non Convertible USD 1,611,000 1,894 2,021 Thomson Reuters Corp. 2.24% 05-14-2025 Callable 2025 Canada Corporate - Non Convertible 560,000 568 575 Titan Sub LLC Term Loan B 1st Lien F/R 09-19-2026 United States Term Loans USD 671,499 882 848 T-Mobile US Inc. 3.50% 04-15-2025 Callable 2025 144A United States Corporate - Non Convertible USD 130,000 184 177 T-Mobile US Inc. 2.25% 02-15-2026 United States Corporate - Non Convertible USD 310,000 396 393 T-Mobile US Inc. 3.75% 04-15-2027 Callable 2027 144A United States Corporate - Non Convertible USD 560,000 794 770 T-Mobile US Inc. 2.63% 02-15-2029 United States Corporate - Non Convertible USD 520,000 663 635 T-Mobile US Inc. 2.55% 02-15-2031 Callable 2030 144A United States Corporate - Non Convertible USD 160,000 217 197 T-Mobile US Inc. 2.25% 11-15-2031 144A United States Corpora

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