Fixed Income Strategy Allocation Update

Fixed Income Update

In “core” cutting BAB from 20% to 10%. Raising HY to 30% from 20%.

In “traded” cutting BAB from 20% to 0%. Taking HY back to 30% up from 15% last week, and 20% from when we added earlier this week. Adding a 5% allocation to Investment grade.

In “aggressive” selling BAB down to 0% from 25%. HY back to 20%, had bought 5% earlier so adding another 15%. Adding 10% to investment grade. Also adding a 2% allocation to NLY.