Two weeks back, the Fed said it was poised to start buying individual corporate bonds.
The “news” wasn’t really news. It was hardly a secret that the Fed would soon buy the debt of individual issuers in addition to the credit ETF purchases which began in early May.
Indeed, for three months following the unveil of the central bank’s two corporate bond-buying facilities, the market gleefully looked to frontrun Jerome Powell. Inflows into investment grade and high yield bond funds approximated a tsunami, while both blue-chip and junk borrowers set records in the primary market.
Surprising though it was not, the Fed’s announcement (on June 15) that purchases of individual bonds would begin the following day was enough to ignite risk-on behavior.
Fast forward 13 days, and the Fed disclosed the breakdown of purchases. It includes bonds from AT&T, Walmart, Boeing, Caterpillar, Exxon, and “a few” others. The full list is below.
All told, that’s $207 million worth.
Parsing Sunday’s update (which apparently covers purchases made on the first day or two after the announcement), for the concentration breakdown by sector shows a tilt to consumer non-cyclicals.
The Fed has been criticized for its decision to taken in fallen angels, a move designed to help ensure the pandemic didn’t trigger the so-called “BBB apocalypse”, a nightmarish downgrade deluge credit market doomsayers have long warned would accompany (and perhaps define) the next downturn.
Sub-investment grade issues comprise 3.6% of the securities purchased. WAM is 3.3.
In addition to the disclosures on the individual purchases, the Fed also delivered an update on the granular breakdown of their ETF portfolio. LQD (the most popular IG product) remains at the forefront.
Finally, the Fed revealed the composition of the index they’re using to make the bond purchases.
You’re reminded that while there were no real “surprises” in the Fed’s June 15 announcement around the commencement of individual bond-buying, there was a “wrinkle” of sorts. News that Powell would follow an index created specifically for the facility engendered some criticism from those inclined to shout about moral hazard.
“This index is made up of all the bonds in the secondary market that have been issued by US companies that satisfy the facility’s minimum rating, maximum maturity and other criteria”, the Fed remarked at the time, adding that the indexing approach would “complement the facility’s current purchases of exchange-traded funds”.
The index is comprised of 794 issuers. Those interested can peruse it below.
| Issuer | Sector | SMCCF Index Weight1,2 |
| 21ST CENTURY FOX AMERICA | Communications | 0.01% |
| 3M COMPANY | Capital Goods | 0.30% |
| ABB FINANCE USA INC | Capital Goods | 0.08% |
| ABB INSTALLATION PRODUCT | Consumer Cyclical | 0.01% |
| ABB TREASURY CENTER USA | Capital Goods | 0.03% |
| ABBOTT LABORATORIES | Consumer Non-Cyclical | 0.30% |
| ABBVIE INC | Consumer Non-Cyclical | 1.04% |
| ABC INC | Communications | 0.01% |
| ACTIVISION BLIZZARD | Communications | 0.04% |
| ADOBE INC | Technology | 0.05% |
| ADVANCE AUTO PARTS | Consumer Cyclical | 0.01% |
| AEGON FUNDING CO LLC | Insurance | 0.08% |
| AEP TEXAS INC | Utilities | 0.04% |
| AETNA INC | Insurance | 0.13% |
| AFFILIATED MANAGERS GROU | Non-Bank/Insurance Financials | 0.03% |
| AFLAC INC | Insurance | 0.10% |
| AGILENT TECHNOLOGIES INC | Consumer Non-Cyclical | 0.03% |
| AIG GLOBAL FUNDING | Insurance | 0.38% |
| AIG RETIREMENT SVCS | Non-Bank/Insurance Financials | 0.01% |
| AIR LEASE CORP | Non-Bank/Insurance Financials | 0.21% |
| AIR PRODUCTS & CHEMICALS | Basic Industry | 0.05% |
| AIRGAS INC | Basic Industry | 0.09% |
| ALABAMA POWER CO | Utilities | 0.15% |
| ALBEMARLE CORP | Basic Industry | 0.04% |
| ALEXANDRIA REAL ESTATE E | REITs | 0.09% |
| ALLEGHANY CORP | Insurance | 0.03% |
| ALLEGION US HOLDING CO | Capital Goods | 0.02% |
| ALLETE | Utilities | 0.02% |
| ALLIANT ENERGY FINANCE | Utilities | 0.03% |
| ALLSTATE CORP | Insurance | 0.10% |
| ALPHABET INC | Technology | 0.06% |
| ALTERA CORP | Technology | 0.01% |
| ALTRIA GROUP INC | Consumer Non-Cyclical | 0.46% |
| AMAZON.COM INC | Consumer Cyclical | 0.38% |
| AMEREN CORP | Utilities | 0.06% |
| AMEREN ILLINOIS CO | Utilities | 0.05% |
| AMERICAN CAMPUS CMNTYS | REITs | 0.03% |
| AMERICAN ELECTRIC POWER | Utilities | 0.13% |
| AMERICAN HONDA FINANCE | Consumer Cyclical | 0.54% |
| AMERICAN INTL GROUP | Insurance | 0.44% |
| AMERICAN TOWER CORP | Communications | 0.31% |
| AMERICAN TRANSMISSION SY | Utilities | 0.02% |
| AMERICAN WATER CAPITAL C | Utilities | 0.13% |
| AMERISOURCEBERGEN CORP | Consumer Non-Cyclical | 0.06% |
| AMGEN INC | Consumer Non-Cyclical | 0.52% |
| AMPHENOL CORP | Capital Goods | 0.06% |
| ANADARKO PETROLEUM CORP | Energy | 0.01% |
| ANALOG DEVICES INC | Technology | 0.10% |
| ANDEAVOR LLC | Energy | 0.01% |
| ANHEUSER-BUSCH INBEV FIN | Consumer Non-Cyclical | 0.72% |
| ANHEUSER-BUSCH INBEV WOR | Consumer Non-Cyclical | 0.64% |
| ANHEUSER-BUSCH NORTH AME | Consumer Non-Cyclical | 0.02% |
| ANR PIPELINE CO | Energy | 0.07% |
| ANTHEM INC | Insurance | 0.30% |
| AON CORP | Insurance | 0.11% |
| APACHE CORP | Energy | 0.13% |
| APOLLO MANAGEMENT HOLDIN | Non-Bank/Insurance Financials | 0.05% |
| APPALACHIAN POWER CO | Utilities | 0.07% |
| APPLE INC | Technology | 1.60% |
| APPLIED MATERIALS INC | Technology | 0.08% |
| APTIV CORP | Consumer Cyclical | 0.06% |
| AQUARION CO | Utilities | 0.02% |
| ARCHER-DANIELS-MIDLAND C | Consumer Non-Cyclical | 0.13% |
| ARES CAPITAL CORP | Non-Bank/Insurance Financials | 0.11% |
| ARES FINANCE CO LLC | Non-Bank/Insurance Financials | 0.04% |
| ARIZONA PUBLIC SERVICE | Utilities | 0.06% |
| ARROW ELECTRONICS INC | Technology | 0.06% |
| ASSURANT INC | Insurance | 0.03% |
| ASSURED GUARANTY US HLDG | Insurance | 0.02% |
| AT&T INC | Communications | 1.71% |
| ATLANTA GAS LIGHT CO | Utilities | 0.01% |
| ATLANTIC CITY ELECTRIC | Utilities | 0.02% |
| ATLANTIC RICHFIELD CO | Energy | 0.01% |
| AUTODESK INC | Technology | 0.02% |
| AUTOLIV ASP INC | Consumer Cyclical | 0.03% |
| AUTOMATIC DATA PROCESSNG | Consumer Cyclical | 0.03% |
| AUTONATION INC | Consumer Cyclical | 0.03% |
| AUTOZONE INC | Consumer Cyclical | 0.08% |
| AVALONBAY COMMUNITIES | REITs | 0.10% |
| AVANGRID INC | Utilities | 0.21% |
| AVERY DENNISON CORP | Capital Goods | 0.03% |
| AVIATION CAPITAL GROUP | Non-Bank/Insurance Financials | 0.12% |
| AVISTA CORP | Utilities | 0.03% |
| AVNET INC | Technology | 0.03% |
| BAE SYSTEMS HOLDINGS INC | Capital Goods | 0.09% |
| BAKER HUGHES LLC/CO-OBL | Energy | 0.19% |
| BALTIMORE GAS & ELECTRIC | Utilities | 0.06% |
| BAT CAPITAL CORP | Consumer Non-Cyclical | 0.59% |
| BAXALTA INC | Consumer Non-Cyclical | 0.03% |
| BAXTER INTERNATIONAL INC | Consumer Non-Cyclical | 0.08% |
| BAYER US FINANCE II LLC | Consumer Non-Cyclical | 0.47% |
| BAYER US FINANCE LLC | Consumer Non-Cyclical | 0.21% |
| BEAM SUNTORY INC | Consumer Non-Cyclical | 0.06% |
| BECTON DICKINSON AND CO | Consumer Non-Cyclical | 0.32% |
| BEMIS COMPANY INC | Capital Goods | 0.06% |
| BERKLEY (WR) CORPORATION | Insurance | 0.03% |
| BERKSHIRE HATHAWAY ENERG | Utilities | 0.23% |
| BERKSHIRE HATHAWAY FIN | Insurance | 0.16% |
| BERKSHIRE HATHAWAY INC | Insurance | 0.35% |
| BEST BUY CO INC | Consumer Cyclical | 0.02% |
| BGC PARTNERS INC | Non-Bank/Insurance Financials | 0.02% |
| BIOGEN INC | Consumer Non-Cyclical | 0.09% |
| BIO-RAD LABS | Consumer Non-Cyclical | 0.01% |
| BLACK HILLS CORP | Utilities | 0.05% |
| BLACKSTONE HOLDINGS FINA | Non-Bank/Insurance Financials | 0.06% |
| BLOCK FINANCIAL LLC | Consumer Cyclical | 0.03% |
| BLUE CROSS BLUE SHIELD M | Insurance | <0.01% |
| BLUESCOPE FINANCE | Basic Industry | <0.01% |
| BMW US CAPITAL LLC | Consumer Cyclical | 1.25% |
| BOARDWALK PIPELINES LP | Energy | 0.05% |
| BOEING CAPITAL CORP | Capital Goods | <0.01% |
| BOEING CO | Capital Goods | 0.33% |
| BOOKING HOLDINGS INC | Consumer Cyclical | 0.14% |
| BORGWARNER INC | Consumer Cyclical | 0.03% |
| BOSTON GAS COMPANY | Utilities | 0.01% |
| BOSTON PROPERTIES LP | REITs | 0.13% |
| BOSTON SCIENTIFIC CORP | Consumer Non-Cyclical | 0.15% |
| BP CAP MARKETS AMERICA | Energy | 0.92% |
| BRANDYWINE OPER PARTNERS | REITs | 0.02% |
| BRISTOL-MYERS SQUIBB CO | Consumer Non-Cyclical | 0.65% |
| BRIXMOR OPERATING PART | REITs | 0.07% |
| BROADCOM CORP | Technology | <0.01% |
| BROADCOM CRP / CAYMN FI | Technology | 0.25% |
| BROADCOM INC | Technology | 0.31% |
| BROADRIDGE FINANCIAL SOL | Technology | 0.03% |
| BROWN & BROWN INC | Insurance | 0.02% |
| BROWN-FORMAN CORP | Consumer Non-Cyclical | 0.04% |
| BROWNING-FERRIS INDUSTRI | Capital Goods | <0.01% |
| BRUNSWICK CORP | Consumer Cyclical | 0.02% |
| BUNGE LTD FINANCE CORP | Consumer Non-Cyclical | 0.07% |
| BURLINGTN NORTH SANTA FE | Transportation | 0.40% |
| BURLINGTON RESOURCES LLC | Energy | 0.03% |
| CA INC | Technology | 0.03% |
| CABOT CORP | Basic Industry | 0.02% |
| CADENCE DESIGN SYS INC | Technology | 0.01% |
| CAMDEN PROPERTY TRUST | REITs | 0.04% |
| CAMERON INTL CORP | Energy | 0.02% |
| CAMPBELL SOUP CO | Consumer Non-Cyclical | 0.12% |
| CANTOR FITZGERALD LP | Non-Bank/Insurance Financials | 0.02% |
| CARDINAL HEALTH INC | Consumer Non-Cyclical | 0.14% |
| CARGILL INC | Consumer Non-Cyclical | 0.11% |
| CARGILL INC-ESOP | Consumer Non-Cyclical | <0.01% |
| CARLISLE COS INC | Capital Goods | 0.02% |
| CARLYLE HOLDINGS FINANCE | Non-Bank/Insurance Financials | 0.03% |
| CARRIER GLOBAL CORP | Capital Goods | 0.17% |
| CASCADE NATURAL GAS CORP | Utilities | <0.01% |
| CATERPILLAR FINL SERVICE | Capital Goods | 0.46% |
| CATERPILLAR INC | Capital Goods | 0.06% |
| CBRE SERVICES INC | Consumer Cyclical | 0.03% |
| CBS BROADCASTING INC | Communications | <0.01% |
| CC HOLDINGS GS V LLC/CRO | Communications | 0.04% |
| CELANESE US HOLDINGS LLC | Basic Industry | 0.05% |
| CELGENE CORP | Consumer Non-Cyclical | 0.04% |
| CENTERPOINT ENER HOUSTON | Utilities | 0.05% |
| CENTERPOINT ENERGY INC | Utilities | 0.11% |
| CENTERPOINT ENERGY RES | Utilities | 0.05% |
| CENTRAL HUDSON GAS & ELE | Utilities | 0.01% |
| CENTRAL MAINE POWER CO | Utilities | 0.05% |
| CHEVRON CORP | Energy | 0.40% |
| CHEVRON PHILLIPS CHEM CO | Basic Industry | 0.04% |
| CHOICE HOTELS INTL INC | Consumer Cyclical | 0.01% |
| CHUBB INA HOLDINGS INC | Insurance | 0.23% |
| CHURCH & DWIGHT CO INC | Consumer Non-Cyclical | 0.03% |
| CIGNA CORP | Consumer Non-Cyclical | 0.48% |
| CIGNA HOLDING CO | Insurance | 0.04% |
| CIMAREX ENERGY CO | Energy | 0.04% |
| CINTAS CORPORATION NO. 2 | Consumer Cyclical | 0.04% |
| CISCO SYSTEMS INC | Technology | 0.32% |
| CITADEL LP | Non-Bank/Insurance Financials | 0.02% |
| CLEVELAND ELECTRIC ILLUM | Utilities | 0.02% |
| CLOROX COMPANY | Consumer Non-Cyclical | 0.04% |
| CME GROUP INC | Non-Bank/Insurance Financials | 0.07% |
| CMS ENERGY CORP | Utilities | 0.07% |
| CNA FINANCIAL CORP | Insurance | 0.06% |
| CNH INDUSTRIAL CAP LLC | Capital Goods | 0.38% |
| CNO FINANCIAL GROUP INC | Insurance | 0.02% |
| COCA-COLA CO/THE | Consumer Non-Cyclical | 0.48% |
| COCA-COLA REFRESH USA | Consumer Non-Cyclical | 0.03% |
| COLGATE-PALMOLIVE CO | Consumer Non-Cyclical | 0.12% |
| COLONIAL PIPELINE CO | Energy | 0.04% |
| COLUMBIA PIPELINE GROUP | Energy | 0.15% |
| COLUMBIA PROPERTY TRUST | REITs | 0.01% |
| COMCAST CABLE COMMUNICAT | Communications | 0.11% |
| COMCAST CABLE HOLDINGS | Communications | 0.01% |
| COMCAST CORP | Communications | 1.32% |
| COMMONWEALTH EDISON CO | Utilities | 0.08% |
| COMPUTER SCIENCES CORP | Technology | 0.01% |
| CON EDISON CO OF NY INC | Utilities | 0.19% |
| CONAGRA BRANDS INC | Consumer Non-Cyclical | 0.18% |
| CONCHO RESOURCES INC | Energy | 0.07% |
| CONNECTICUT LIGHT & PWR | Utilities | 0.02% |
| CONOCOPHILLIPS COMPANY | Energy | 0.19% |
| CONSOLIDATED EDISON INC | Utilities | 0.08% |
| CONSOLIDATED RAIL CORP | Transportation | <0.01% |
| CONSTELLATION BRANDS INC | Consumer Non-Cyclical | 0.20% |
| CONSUMERS ENERGY CO | Utilities | 0.13% |
| CONTINENTAL RESOURCES | Energy | 0.09% |
| CORNING INC | Technology | 0.12% |
| CORPORATE OFFICE PROP LP | REITs | 0.02% |
| COSTCO WHOLESALE CORP | Consumer Cyclical | 0.11% |
| COVENTRY HEALTH CARE INC | Insurance | 0.01% |
| COX COMMUNICATIONS INC | Communications | 0.15% |
| CRANE CO | Capital Goods | 0.01% |
| CRH AMERICA INC | Capital Goods | 0.15% |
| CROWN CASTLE INTL CORP | Communications | 0.24% |
| CSX CORP | Transportation | 0.23% |
| CSX TRANSPORTATION INC | Transportation | 0.03% |
| CUBESMART LP | REITs | 0.03% |
| CUMMINS INC | Consumer Cyclical | 0.03% |
| CVS HEALTH CORP | Consumer Non-Cyclical | 0.98% |
| CYRUSONE LP/CYRUSONE FIN | REITs | 0.04% |
| CYTEC INDUSTRIES INC | Basic Industry | 0.06% |
| D.R. HORTON INC | Consumer Cyclical | 0.05% |
| DAIMLER FINANCE NA LLC | Consumer Cyclical | 1.72% |
| DELMARVA PWR & LIGHT CO | Utilities | 0.03% |
| DELTA AIR LINES INC | Transportation | 0.14% |
| DENTSPLY SIRONA INC | Consumer Non-Cyclical | 0.02% |
| DIAGEO INVESTMENT CORP | Consumer Non-Cyclical | 0.20% |
| DIAMONDBACK ENERGY INC | Energy | 0.08% |
| DIGITAL REALTY TRUST LP | REITs | 0.14% |
| DILLARDS INC | Consumer Cyclical | 0.01% |
| DIRECTV HOLDINGS/FING | Communications | 0.01% |
| DISCOVERY COMMUNICATIONS | Communications | 0.25% |
| DOLLAR GENERAL CORP | Consumer Cyclical | 0.04% |
| DOLLAR TREE INC | Consumer Cyclical | 0.07% |
| DOMINION ENERGY GAS HLDG | Energy | 0.19% |
| DOMINION ENERGY INC | Utilities | 0.20% |
| DOMINION ENERGY SOUTH | Utilities | <0.01% |
| DOMTAR CORP | Basic Industry | 0.01% |
| DOW CHEMICAL CO/THE | Basic Industry | 0.33% |
| DRAWBRIDGE SPEC OPPOR FU | Non-Bank/Insurance Financials | 0.01% |
| DTE ELECTRIC CO | Utilities | 0.08% |
| DTE ENERGY CO | Utilities | 0.15% |
| DTE GAS COMPANY | Utilities | <0.01% |
| DUKE ENERGY CAROLINAS | Utilities | 0.17% |
| DUKE ENERGY CORP | Utilities | 0.39% |
| DUKE ENERGY FL PROJ FIN | Utilities | 0.01% |
| DUKE ENERGY FLORIDA LLC | Utilities | 0.04% |
| DUKE ENERGY INDIANA INC | Utilities | 0.04% |
| DUKE ENERGY OHIO INC | Utilities | 0.03% |
| DUKE ENERGY PROGRESS INC | Utilities | 0.13% |
| DUKE REALTY LP | REITs | 0.04% |
| DUPONT DE NEMOURS INC | Basic Industry | 0.54% |
| DUQUESNE LIGHT HOLDINGS | Utilities | 0.02% |
| DXC TECHNOLOGY CO | Technology | 0.08% |
| EASTMAN CHEMICAL CO | Basic Industry | 0.09% |
| EATON CORP | Capital Goods | 0.11% |
| EATON ELECTRIC HOLDINGS | Capital Goods | 0.01% |
| EATON VANCE CORP | Non-Bank/Insurance Financials | 0.01% |
| EBAY INC | Consumer Cyclical | 0.13% |
| ECOLAB INC | Basic Industry | 0.10% |
| EDISON INTERNATIONAL | Utilities | 0.13% |
| EL PASO ELECTRIC CO | Utilities | 0.02% |
| EL PASO NATURAL GAS | Energy | 0.01% |
| ELECTRONIC ARTS INC | Communications | 0.02% |
| ELI LILLY & CO | Consumer Non-Cyclical | 0.21% |
| EMD FINANCE LLC | Consumer Non-Cyclical | 0.17% |
| EMERA US FINANCE LP | Utilities | 0.10% |
| EMERSON ELECTRIC CO | Capital Goods | 0.08% |
| ENABLE MIDSTREAM PARTNER | Energy | 0.03% |
| ENBRIDGE ENERGY PARTNERS | Energy | 0.09% |
| ENERGEN CORP | Energy | 0.01% |
| ENERGY TRANSFER OPERATNG | Energy | 0.48% |
| ENRGY TRANS PT/REG FIN | Energy | 0.12% |
| ENTERGY ARKANSAS LLC | Utilities | 0.06% |
| ENTERGY CORP | Utilities | 0.06% |
| ENTERGY LOUISIANA LLC | Utilities | 0.11% |
| ENTERGY MISSISSIPPI LLC | Utilities | 0.02% |
| ENTERGY TEXAS INC | Utilities | 0.01% |
| ENTERPRISE PRODUCTS OPER | Energy | 0.44% |
| EOG RESOURCES INC | Energy | 0.09% |
| EPR PROPERTIES | REITs | 0.05% |
| EQUIFAX INC | Technology | 0.05% |
| EQUINIX INC | Technology | 0.14% |
| EQUITABLE HOLDINGS INC | Insurance | 0.08% |
| ERAC USA FINANCE LLC | Transportation | 0.14% |
| ERP OPERATING LP | REITs | 0.10% |
| ESSEX PORTFOLIO LP | REITs | 0.07% |
| ESTEE LAUDER CO INC | Consumer Non-Cyclical | 0.08% |
| EVERGY INC | Utilities | 0.11% |
| EVERGY KANSAS SOUTH INC | Utilities | <0.01% |
| EVERGY METRO | Utilities | 0.02% |
| EVERSOURCE ENERGY | Utilities | 0.13% |
| EXELON CORP | Utilities | 0.12% |
| EXELON GENERATION CO LLC | Utilities | 0.17% |
| EXPEDIA GROUP INC | Consumer Cyclical | 0.08% |
| EXPRESS SCRIPTS HOLDING | Consumer Non-Cyclical | 0.07% |
| EXXON MOBIL CORPORATION | Energy | 0.40% |
| FAMILY DOLLAR STORES INC | Consumer Cyclical | 0.01% |
| FEDERAL REALTY INVS TRST | REITs | 0.04% |
| FEDEX CORP | Transportation | 0.29% |
| FIDELITY NATIONAL INFORM | Technology | 0.17% |
| FIDELITY NATL FINANCIAL | Insurance | 0.01% |
| FINIAL HOLDINGS INC | Insurance | 0.02% |
| FIRSTENERGY CORP | Utilities | 0.10% |
| FIRSTENERGY TRANSMISSION | Utilities | 0.04% |
| FISERV INC | Technology | 0.34% |
| FIVE CORNERS FUNDING TRS | Insurance | 0.13% |
| FLIR SYSTEMS INC | Technology | 0.01% |
| FLORIDA GAS TRANSMISSION | Energy | 0.03% |
| FLORIDA POWER & LIGHT CO | Utilities | 0.11% |
| FLOWERS FOODS INC | Consumer Non-Cyclical | 0.01% |
| FLOWSERVE CORPORATION | Capital Goods | 0.02% |
| FLUOR CORP | Consumer Cyclical | 0.03% |
| FMC CORP | Basic Industry | 0.05% |
| FMC TECHNOLOGIES INC | Energy | 0.01% |
| FMR LLC | Non-Bank/Insurance Financials | 0.04% |
| FORD MOTOR COMPANY | Consumer Cyclical | 0.29% |
| FORD MOTOR CREDIT CO LLC | Consumer Cyclical | 1.34% |
| FORTIVE CORPORATION | Capital Goods | 0.10% |
| FORTUNE BRANDS HOME & SE | Capital Goods | 0.04% |
| FOX CORP | Communications | 0.11% |
| FRANKLIN RESOURCES INC | Non-Bank/Insurance Financials | 0.01% |
| FRESENIUS MED CARE II | Consumer Non-Cyclical | 0.16% |
| FRESENIUS MED CARE US | Consumer Non-Cyclical | 0.06% |
| FRESENIUS US FINANCE II | Consumer Non-Cyclical | 0.09% |
| FS KKR CAPITAL CORP | Non-Bank/Insurance Financials | 0.06% |
| GATX CORP | Non-Bank/Insurance Financials | 0.07% |
| GE CAPITAL FUNDING LLC | Non-Bank/Insurance Financials | 0.18% |
| GEICO CORP | Insurance | 0.01% |
| GENERAL DYNAMICS CORP | Capital Goods | 0.18% |
| GENERAL ELECTRIC CO | Capital Goods | 1.48% |
| GENERAL MILLS INC | Consumer Non-Cyclical | 0.22% |
| GENERAL MOTORS CO | Consumer Cyclical | 0.13% |
| GENERAL MOTORS FINL CO | Consumer Cyclical | 1.01% |
| GENZYME CORP | Consumer Non-Cyclical | 0.08% |
| GEORGIA POWER CO | Utilities | 0.17% |
| GEORGIA-PACIFIC LLC | Basic Industry | 0.11% |
| GILEAD SCIENCES INC | Consumer Non-Cyclical | 0.41% |
| GLAXOSMITHKLINE CAP INC | Consumer Non-Cyclical | 0.51% |
| GLENCORE FUNDING LLC | Basic Industry | 0.36% |
| GLOBAL ATLANTIC FIN CO | Insurance | 0.01% |
| GLOBAL PAYMENTS INC | Technology | 0.14% |
| GLOBE LIFE INC | Insurance | 0.02% |
| GOODMAN US FIN ONE LLC | REITs | 0.01% |
| GOODMAN US FIN TWO LLC | REITs | 0.02% |
| GOODRICH CORP | Capital Goods | <0.01% |
| GOOGLE INC | Technology | 0.01% |
| GRAPEVINE FINANCE LLC | Non-Bank/Insurance Financials | <0.01% |
| GTE LLC | Communications | 0.01% |
| GTP ACQUISITION PARTNERS | Non-Bank/Insurance Financials | 0.01% |
| GUARDIAN LIFE GLOB FUND | Insurance | 0.05% |
| GULF POWER CO | Utilities | 0.01% |
| GULF SOUTH PIPELINE | Energy | 0.02% |
| HALLIBURTON CO | Energy | 0.16% |
| HARLEY-DAVIDSON FINL SER | Consumer Cyclical | 0.11% |
| HARMAN INTL IND | Consumer Cyclical | 0.01% |
| HASBRO INC | Consumer Non-Cyclical | 0.07% |
| HEALTHCARE REALTY TRUST | REITs | 0.01% |
| HEALTHCARE TRUST OF AMER | REITs | 0.03% |
| HEALTHPEAK PROPERTIES | REITs | 0.10% |
| HELMERICH & PAYNE INC | Energy | 0.01% |
| HERSHEY COMPANY | Consumer Non-Cyclical | 0.07% |
| HESS CORP | Energy | 0.05% |
| HIGHWOODS REALTY LP | REITs | 0.03% |
| HILLENBRAND INC | Consumer Cyclical | 0.01% |
| HILLSHIRE BRANDS CO/THE | Consumer Non-Cyclical | 0.01% |
| HISTORIC TW INC | Communications | 0.01% |
| HOME DEPOT INC | Consumer Cyclical | 0.43% |
| HONEYWELL INTERNATIONAL | Capital Goods | 0.24% |
| HORMEL FOODS CORP | Consumer Non-Cyclical | 0.01% |
| HOST HOTELS & RESORTS LP | REITs | 0.05% |
| HP ENTERPRISE CO | Technology | 0.20% |
| HP INC | Technology | 0.07% |
| HUBBELL INC | Capital Goods | 0.03% |
| HUMANA INC | Insurance | 0.09% |
| HUNTINGTON INGALLS INDUS | Capital Goods | 0.03% |
| HUNTSMAN INTERNATIONAL L | Basic Industry | 0.04% |
| HYATT HOTELS CORP | Consumer Cyclical | 0.03% |
| HYUNDAI CAPITAL AMERICA | Consumer Cyclical | 0.47% |
| IBM CORP | Technology | 0.71% |
| IBM CREDIT LLC | Technology | 0.27% |
| IDAHO POWER CO | Utilities | 0.03% |
| IDEX CORP | Capital Goods | 0.01% |
| ILLINOIS TOOL WORKS INC | Capital Goods | 0.12% |
| INDIANA MICHIGAN POWER | Utilities | 0.03% |
| INDIANTOWN COGENERATION | Utilities | <0.01% |
| INFINITY PROPERTY & CASU | Insurance | 0.01% |
| INGERSOLL-RAND CO | Capital Goods | 0.02% |
| INGERSOLL-RAND GL HLD CO | Capital Goods | 0.07% |
| INGREDION INC | Consumer Non-Cyclical | 0.03% |
| INTEGRYS HOLDING INC | Utilities | 0.02% |
| INTEL CORP | Technology | 0.42% |
| INTERCONTINENTALEXCHANGE | Non-Bank/Insurance Financials | 0.10% |
| INTERNATIONAL PAPER CO | Basic Industry | 0.16% |
| INTERPUBLIC GROUP COS | Communications | 0.06% |
| INTERSTATE POWER & LIGHT | Utilities | 0.04% |
| INTL FLAVOR & FRAGRANCES | Basic Industry | 0.07% |
| INTL LEASE FINANCE CORP | Non-Bank/Insurance Financials | 0.45% |
| IPALCO ENTERPRISES INC | Utilities | 0.06% |
| ITC HOLDINGS CORP | Utilities | 0.16% |
| JABIL INC | Technology | 0.05% |
| JACKSON NATL LIFE GLOBAL | Insurance | 0.27% |
| JB HUNT TRANSPRT SVCS | Transportation | 0.02% |
| JEFFERIES FIN GROUP INC | Non-Bank/Insurance Financials | 0.04% |
| JEFFERIES GROUP LLC | Non-Bank/Insurance Financials | 0.08% |
| JEFFERIES GRP LLC / CAP | Non-Bank/Insurance Financials | <0.01% |
| JERSEY CENTRAL PWR & LT | Utilities | 0.03% |
| JM SMUCKER CO | Consumer Non-Cyclical | 0.10% |
| JOHN HANCOCK LIFE INS CO | Insurance | 0.01% |
| JOHNSON & JOHNSON | Consumer Non-Cyclical | 0.46% |
| JOHNSON (S.C.) & SON INC | Consumer Non-Cyclical | 0.04% |
| JONES LANG LASALLE INC | Non-Bank/Insurance Financials | <0.01% |
| JUNIPER NETWORKS INC | Technology | 0.03% |
| KAISER FOUNDATION HOSPIT | Consumer Non-Cyclical | 0.06% |
| KANSAS CITY SOUTHERN | Transportation | 0.05% |
| KANSAS CITY SOUTHERN RY | Transportation | <0.01% |
| KCP&L GREATER MISSOURI | Utilities | 0.01% |
| KELLOGG CO | Consumer Non-Cyclical | 0.14% |
| KEMPER CORP | Insurance | 0.01% |
| KENNAMETAL INC | Capital Goods | 0.01% |
| KENTUCKY UTILITIES CO | Utilities | 0.05% |
| KERR-MCGEE CORP | Energy | 0.01% |
| KEURIG DR PEPPER INC | Consumer Non-Cyclical | 0.19% |
| KEYSIGHT TECHNOLOGIES | Technology | 0.03% |
| KILROY REALTY LP | REITs | 0.04% |
| KIMBERLY-CLARK CORP | Consumer Non-Cyclical | 0.11% |
| KIMCO REALTY CORP | REITs | 0.07% |
| KINDER MORGAN ENER PART | Energy | 0.32% |
| KINDER MORGAN INC | Energy | 0.22% |
| KIOWA POWER PARTNERS LLC | Utilities | <0.01% |
| KLA CORP | Technology | 0.05% |
| KOHL’S CORPORATION | Consumer Cyclical | 0.04% |
| KOMATSU FINANCE AMERICA | Capital Goods | 0.03% |
| KROGER CO | Consumer Non-Cyclical | 0.19% |
| L3 TECHNOLOGIES INC | Capital Goods | 0.01% |
| L3HARRIS TECH INC | Capital Goods | 0.10% |
| LABORATORY CORP OF AMER | Consumer Non-Cyclical | 0.10% |
| LACLEDE GAS CO | Utilities | 0.02% |
| LAM RESEARCH CORP | Technology | 0.07% |
| LAND O’LAKES INC | Consumer Non-Cyclical | 0.02% |
| LAS VEGAS SANDS CORP | Consumer Cyclical | 0.19% |
| LEGACY VULCAN LLC | Capital Goods | <0.01% |
| LEGG MASON INC | Non-Bank/Insurance Financials | 0.03% |
| LEGGETT & PLATT INC | Capital Goods | 0.04% |
| LEIDOS INC | Technology | 0.05% |
| LENNOX INTERNATIONAL INC | Capital Goods | 0.02% |
| LEXINGTON REALTY TRUST | REITs | 0.01% |
| LG&E AND KU ENERGY LLC | Utilities | 0.07% |
| LIBERTY MUTUAL GROUP INC | Insurance | 0.13% |
| LINCOLN NATIONAL CORP | Insurance | 0.09% |
| LOCKHEED CORP | Capital Goods | <0.01% |
| LOCKHEED MARTIN CORP | Capital Goods | 0.23% |
| LOEWS CORP | Insurance | 0.03% |
| LOUISIANA LAND & EXPLOR | Energy | 0.01% |
| LOWE’S COS INC | Consumer Cyclical | 0.27% |
| LYB INT FINANCE III | Basic Industry | 0.08% |
| MACKINAW PWR LLC | Utilities | <0.01% |
| MAGELLAN MIDSTREAM PARTN | Energy | 0.07% |
| MAIN STREET CAPITAL CORP | Non-Bank/Insurance Financials | 0.01% |
| MAPCO LLC | Energy | <0.01% |
| MARATHON OIL CORP | Energy | 0.08% |
| MARATHON PETROLEUM CORP | Energy | 0.18% |
| MARKEL CORP | Insurance | 0.06% |
| MARKWEST ENERGY PART/FIN | Energy | <0.01% |
| MARRIOTT INTERNATIONAL | Consumer Cyclical | 0.17% |
| MARS INC | Consumer Non-Cyclical | 0.04% |
| MARSH & MCLENNAN COS INC | Insurance | 0.19% |
| MARTIN MARIETTA MATERIAL | Capital Goods | 0.05% |
| MASCO CORP | Capital Goods | 0.05% |
| MASSMUTUAL GLOBAL FUNDIN | Insurance | 0.16% |
| MASTERCARD INC | Consumer Cyclical | 0.13% |
| MAXIM INTEGRATED PRODUCT | Technology | 0.02% |
| MCCORMICK & CO | Consumer Non-Cyclical | 0.06% |
| MCDONALD’S CORP | Consumer Cyclical | 0.53% |
| MCKESSON CORP | Consumer Non-Cyclical | 0.14% |
| MEAD JOHNSON NUTRITION C | Consumer Non-Cyclical | 0.12% |
| MEDTRONIC INC | Consumer Non-Cyclical | 0.48% |
| MERCK & CO INC | Consumer Non-Cyclical | 0.39% |
| MET LIFE GLOB FUNDING I | Insurance | 0.74% |
| MET TOWER GLOBAL FUNDING | Insurance | 0.08% |
| METLIFE INC | Insurance | 0.46% |
| METROPOLITAN EDISON CO | Utilities | 0.03% |
| MICHAEL KORS USA INC | Consumer Cyclical | 0.03% |
| MICHIGAN BELL TELEPHONE | Communications | <0.01% |
| MICRON TECHNOLOGY INC | Technology | 0.07% |
| MICROSOFT CORP | Technology | 1.18% |
| MID-AMERICA APARTMENTS | REITs | 0.05% |
| MIDAMERICAN ENERGY CO | Utilities | 0.06% |
| MIDWEST CONNECTOR CAPIT | Energy | 0.09% |
| MOBIL CORP | Energy | 0.01% |
| MOHAWK INDUSTRIES INC | Capital Goods | 0.05% |
| MOLEX ELECTRONICS TECH | Technology | 0.01% |
| MOLSON COORS BEVERAGE | Consumer Non-Cyclical | 0.15% |
| MONDELEZ INTERNATIONAL | Consumer Non-Cyclical | 0.25% |
| MONONGAHELA POWER CO | Utilities | 0.02% |
| MONSANTO CO | Basic Industry | 0.03% |
| MOODY’S CORPORATION | Communications | 0.09% |
| MOSAIC CO | Basic Industry | 0.07% |
| MOTOROLA SOLUTIONS INC | Technology | 0.09% |
| MPLX LP | Energy | 0.25% |
| MYLAN INC | Consumer Non-Cyclical | 0.19% |
| NASDAQ INC | Non-Bank/Insurance Financials | 0.06% |
| NATIONAL FUEL GAS CO | Energy | 0.03% |
| NATIONAL GRID NA INC | Utilities | 0.15% |
| NATIONAL OILWELL VARCO I | Energy | 0.04% |
| NATIONAL RETAIL PROP INC | REITs | 0.04% |
| NATIONAL RURAL UTIL COOP | Utilities | 0.34% |
| NATIONAL SECS CLEARING | Non-Bank/Insurance Financials | 0.01% |
| NATIONWIDE FINANCIAL SER | Insurance | 0.06% |
| NBCUNIVERSAL ENTERPRISE | Communications | 0.15% |
| NBCUNIVERSAL MEDIA LLC | Communications | 0.10% |
| NESTLE HOLDINGS INC | Consumer Non-Cyclical | 0.37% |
| NESTLE PURINA PETCARE CO | Consumer Non-Cyclical | 0.01% |
| NETAPP INC | Technology | 0.02% |
| NEW JERSEY BELL TELEPHON | Communications | 0.01% |
| NEW JERSEY NATURAL GAS | Utilities | 0.01% |
| NEW YORK LIFE GLOBAL FDG | Insurance | 0.30% |
| NEWMARK GROUP INC | Consumer Cyclical | 0.01% |
| NEWMARKET CORP | Basic Industry | 0.01% |
| NEWMONT CORP | Basic Industry | 0.11% |
| NEXTERA ENERGY CAPITAL | Utilities | 0.49% |
| NGPL PIPECO LLC | Energy | 0.03% |
| NIAGARA MOHAWK POWER | Utilities | 0.12% |
| NIKE INC | Consumer Cyclical | 0.05% |
| NISOURCE INC | Utilities | 0.13% |
| NISSAN MOTOR ACCEPTANCE | Consumer Cyclical | 0.32% |
| NOBLE ENERGY INC | Energy | 0.12% |
| NOMURA AMERICA FINANCE | Non-Bank/Insurance Financials | <0.01% |
| NORDSTROM INC | Consumer Cyclical | 0.04% |
| NORFOLK SOUTHERN CORP | Transportation | 0.18% |
| NORFOLK SOUTHERN RAIL CO | Transportation | 0.02% |
| NORTHERN BORDER PIPELINE | Energy | <0.01% |
| NORTHERN ILLINOIS GAS CO | Utilities | <0.01% |
| NORTHERN INDIANA PUB SER | Utilities | <0.01% |
| NORTHERN NATURAL GAS CO | Energy | 0.02% |
| NORTHERN STATES PWR-MINN | Utilities | 0.07% |
| NORTHERN STATES PWR-WISC | Utilities | 0.01% |
| NORTHROP GRUMMAN CORP | Capital Goods | 0.22% |
| NORTHROP GRUMMAN SYSTEMS | Capital Goods | <0.01% |
| NORTHWEST NATURAL GAS CO | Utilities | 0.01% |
| NOVARTIS CAPITAL CORP | Consumer Non-Cyclical | 0.35% |
| NSTAR ELECTRIC CO | Utilities | 0.03% |
| NUCOR CORP | Basic Industry | 0.07% |
| NV ENERGY INC | Utilities | 0.02% |
| NVIDIA CORP | Technology | 0.03% |
| NVR INC | Consumer Cyclical | 0.01% |
| NY STATE ELECTRIC & GAS | Utilities | 0.04% |
| OAKTREE CAP MANAGEMENT | Non-Bank/Insurance Financials | <0.01% |
| OAKTREE SPECIALTY LEND | Non-Bank/Insurance Financials | <0.01% |
| OFFICE PPTY INCOME TRST | REITs | 0.03% |
| OHIO POWER COMPANY | Utilities | 0.06% |
| OLD REPUBLIC INTL CORP | Insurance | 0.02% |
| OMEGA HLTHCARE INVESTORS | REITs | 0.06% |
| OMNICOM GP/OMNICOM CAP | Communications | 0.10% |
| ONCOR ELECTRIC DELIVERY | Utilities | 0.11% |
| ONE GAS INC | Utilities | 0.02% |
| ONEBEACON US HOLDINGS IN | Insurance | 0.03% |
| ONEOK INC | Energy | 0.09% |
| ONEOK PARTNERS LP | Energy | 0.10% |
| ORACLE CORP | Technology | 0.87% |
| ORANGE COGEN FUNDING | Utilities | <0.01% |
| O’REILLY AUTOMOTIVE INC | Consumer Cyclical | 0.06% |
| OTIS WORLDWIDE CORP | Capital Goods | 0.10% |
| OTTER TAIL POWER CO | Utilities | 0.01% |
| OVINTIV INC | Energy | 0.09% |
| OWENS CORNING | Capital Goods | 0.06% |
| OWL ROCK CAPITAL CORP | Non-Bank/Insurance Financials | 0.01% |
| OWL ROCK CAPITAL CORP II | Non-Bank/Insurance Financials | <0.01% |
| PACCAR FINANCIAL CORP | Consumer Cyclical | 0.11% |
| PACIFICORP | Utilities | 0.14% |
| PACKAGING CORP OF AMERIC | Basic Industry | 0.04% |
| PARKER-HANNIFIN CORP | Capital Goods | 0.10% |
| PARSLEY ENERGY LLC/FINAN | Energy | 0.03% |
| PAYPAL HOLDINGS INC | Technology | 0.08% |
| PEACHTREE FUNDING TRUST | Insurance | 0.03% |
| PECO ENERGY CO | Utilities | 0.04% |
| PENNSYLVANIA ELECTRIC CO | Utilities | 0.01% |
| PENSKE TRUCK LEASING/PTL | Transportation | 0.16% |
| PENTAIR INC | Capital Goods | 0.01% |
| PEPSICO INC | Consumer Non-Cyclical | 0.50% |
| PFIZER INC | Consumer Non-Cyclical | 0.57% |
| PHARMACIA LLC | Consumer Non-Cyclical | <0.01% |
| PHILA SUBURBAN WATER CO | Utilities | <0.01% |
| PHILIP MORRIS INTL INC | Consumer Non-Cyclical | 0.49% |
| PHILLIPS 66 | Energy | 0.15% |
| PHILLIPS 66 PARTNERS LP | Energy | 0.03% |
| PIEDMONT NATURAL GAS CO | Utilities | 0.01% |
| PIEDMONT OPERATING PARTN | REITs | 0.01% |
| PINNACLE WEST CAPITAL | Utilities | 0.03% |
| PIONEER NATURAL RESOURCE | Energy | 0.04% |
| PLAINS ALL AMER PIPELINE | Energy | 0.17% |
| PNM RESOURCES INC | Utilities | 0.03% |
| PORTLAND GENERAL ELEC | Utilities | <0.01% |
| POTLATCH CORPORATION | Basic Industry | <0.01% |
| POTOMAC ELECTRIC POWER | Utilities | 0.04% |
| PPG INDUSTRIES INC | Basic Industry | 0.08% |
| PPL CAPITAL FUNDING INC | Utilities | 0.16% |
| PPL ELECTRIC UTILITIES | Utilities | 0.06% |
| PRAXAIR INC | Basic Industry | 0.20% |
| PRECISION CASTPARTS CORP | Capital Goods | 0.08% |
| PRICOA GLOBAL FUNDING 1 | Insurance | 0.35% |
| PRIMERICA INC | Insurance | 0.02% |
| PRINCIPAL FINANCIAL GRP | Insurance | 0.13% |
| PRINCIPAL LFE GLB FND II | Insurance | 0.13% |
| PROASSURANCE CORP | Insurance | <0.01% |
| PROCTER & GAMBLE – ESOP | Consumer Non-Cyclical | 0.01% |
| PROCTER & GAMBLE CO/THE | Consumer Non-Cyclical | 0.36% |
| PROGRESS ENERGY INC | Utilities | 0.07% |
| PROGRESSIVE CORP | Insurance | 0.08% |
| PROLOGIS LP | REITs | 0.13% |
| PROSPECT CAPITAL CORP | Non-Bank/Insurance Financials | 0.03% |
| PROTECTIVE LIFE GLOBAL | Insurance | 0.18% |
| PROVIDIAN CORPORATION | Insurance | <0.01% |
| PRUDENTIAL FINANCIAL INC | Insurance | 0.20% |
| PRUDENTIAL FUNDING LLC | Insurance | 0.02% |
| PSEG POWER LLC | Utilities | 0.07% |
| PUB SVC NEW HAMP | Utilities | 0.03% |
| PUBLIC SERVICE CO OF NEW | Utilities | 0.02% |
| PUBLIC SERVICE COLORADO | Utilities | 0.08% |
| PUBLIC SERVICE ELECTRIC | Utilities | 0.10% |
| PUBLIC SERVICE ENTERPRIS | Utilities | 0.07% |
| PUBLIC SERVICE OKLAHOMA | Utilities | 0.03% |
| PUBLIC STORAGE | REITs | 0.03% |
| PUGET ENERGY INC | Utilities | 0.09% |
| PVH CORP | Consumer Cyclical | 0.02% |
| QUAKER OATS | Consumer Non-Cyclical | <0.01% |
| QUALCOMM INC | Technology | 0.24% |
| QUEST DIAGNOSTICS INC | Consumer Non-Cyclical | 0.07% |
| RALPH LAUREN CORP | Consumer Cyclical | 0.01% |
| RAYONIER INC | Basic Industry | 0.02% |
| RAYTHEON COMPANY | Capital Goods | 0.21% |
| RAYTHEON TECH CORP | Capital Goods | 0.04% |
| REALTY INCOME CORP | REITs | 0.09% |
| REGENCY CENTERS CORP | REITs | 0.03% |
| REGENCY CENTERS LP | REITs | 0.02% |
| REINSURANCE GRP OF AMER | Insurance | 0.06% |
| RELIANCE HOLDINGS USA | Energy | 0.39% |
| RELIANCE STAND LIFE II | Insurance | 0.07% |
| RELIANCE STEEL & ALUM | Basic Industry | 0.03% |
| RELX CAPITAL INC | Communications | 0.09% |
| RELX INC | Technology | 0.02% |
| RENAISSANCERE FINANCE | Insurance | 0.02% |
| REPUBLIC SERVICES INC | Capital Goods | 0.12% |
| RETAIL OPPORTUNITY IN | REITs | 0.01% |
| RETAIL PROPERTIES OF AME | REITs | 0.01% |
| REYNOLDS AMERICAN INC | Consumer Non-Cyclical | 0.20% |
| RGS AEGCO FUNDING CORP | Utilities | 0.01% |
| RGS I&M FUNDING CORP | Utilities | 0.01% |
| RJ REYNOLDS TOBACCO CO | Consumer Non-Cyclical | <0.01% |
| RLI CORP | Insurance | <0.01% |
| ROCHE HOLDINGS INC | Consumer Non-Cyclical | 0.29% |
| ROCHESTER GAS & ELECTRIC | Utilities | 0.02% |
| ROCKIES EXPRESS PIPELINE | Energy | 0.06% |
| ROCKWELL AUTOMATION | Capital Goods | 0.04% |
| ROCKWELL COLLINS INC | Capital Goods | 0.23% |
| ROPER TECHNOLOGIES INC | Capital Goods | 0.10% |
| ROSS STORES INC | Consumer Cyclical | 0.01% |
| RPM INTERNATIONAL INC | Basic Industry | 0.04% |
| RYDER SYSTEM INC | Transportation | 0.11% |
| SABINE PASS LIQUEFACTION | Energy | 0.48% |
| SALESFORCE.COM INC | Technology | 0.06% |
| SAN DIEGO G & E | Utilities | 0.05% |
| SCHLUMBERGER HLDGS CORP | Energy | 0.16% |
| SCRIPPS NETWORKS INTERAC | Communications | 0.01% |
| SEMPRA ENERGY | Utilities | 0.24% |
| SERVICE PROPERTIES TRUST | REITs | 0.08% |
| SHERWIN-WILLIAMS CO | Basic Industry | 0.14% |
| SIERRA PACIFIC POWER CO | Utilities | 0.02% |
| SIMON PROPERTY GROUP LP | REITs | 0.29% |
| SITE CENTERS CORP | REITs | 0.03% |
| SL GREEN OPERATING PARTN | REITs | 0.02% |
| SL GREEN REALTY CORP | REITs | 0.01% |
| SMITHFIELD FOODS INC | Consumer Non-Cyclical | 0.03% |
| SNAP-ON INC | Capital Goods | 0.02% |
| SOLAR CAPITAL LTD | Non-Bank/Insurance Financials | <0.01% |
| SONOCO PRODUCTS CO | Capital Goods | 0.02% |
| SOUTHEAST SUPPLY HEADER | Energy | 0.01% |
| SOUTHERN CAL EDISON | Utilities | 0.15% |
| SOUTHERN CALIF GAS CO | Utilities | 0.03% |
| SOUTHERN CO | Utilities | 0.24% |
| SOUTHERN CO GAS CAPITAL | Utilities | 0.06% |
| SOUTHERN NAT GAS/ISSUING | Energy | 0.02% |
| SOUTHERN POWER CO | Utilities | 0.07% |
| SOUTHERN UNION CO | Energy | <0.01% |
| SOUTHWEST AIRLINES CO | Transportation | 0.05% |
| SOUTHWEST GAS CORP | Utilities | 0.04% |
| SOUTHWESTERN ELEC POWER | Utilities | 0.03% |
| SOUTHWESTERN PUBLIC SERV | Utilities | 0.02% |
| SPECTRA ENERGY PARTNERS | Energy | 0.33% |
| SPIRE INC | Utilities | 0.01% |
| SQUARE BUTTE ELECTRIC | Utilities | <0.01% |
| STANCORP FINANCIAL GROUP | Insurance | 0.04% |
| STANLEY BLACK & DECKER I | Capital Goods | 0.06% |
| STARBUCKS CORP | Consumer Cyclical | 0.17% |
| STARWOOD HOTELS & RESORT | Consumer Cyclical | <0.01% |
| STEEL DYNAMICS INC | Basic Industry | 0.05% |
| STRYKER CORP | Consumer Non-Cyclical | 0.17% |
| SUNOCO LOGISTICS PARTNER | Energy | 0.10% |
| SWISS RE TREASURY (US) | Insurance | 0.04% |
| SYMETRA FINL CORP | Insurance | 0.04% |
| SYSCO CORPORATION | Consumer Non-Cyclical | 0.14% |
| SYSTEM ENERGY RESOURCES | Utilities | 0.01% |
| TAMPA ELECTRIC CO | Utilities | 0.07% |
| TANGER PROPERTIES LP | REITs | 0.02% |
| TAPESTRY INC | Consumer Cyclical | 0.02% |
| TARGET CORP | Consumer Cyclical | 0.18% |
| TC PIPELINES LP | Energy | 0.03% |
| TECH DATA CORP | Technology | 0.02% |
| TENASKA ALABAMA II PART | Utilities | <0.01% |
| TENASKA VIRGINIA PARTNRS | Utilities | 0.01% |
| TERRENO REALTY LLC | Consumer Cyclical | <0.01% |
| TEXACO CAPITAL INC | Energy | <0.01% |
| TEXAS EASTERN TRANSMISSI | Energy | 0.12% |
| TEXAS GAS TRANSMISSION | Energy | 0.02% |
| TEXAS INSTRUMENTS INC | Technology | 0.09% |
| TEXTRON INC | Capital Goods | 0.06% |
| THERMO FISHER SCIENTIFIC | Consumer Non-Cyclical | 0.34% |
| TIFFANY & CO | Consumer Cyclical | 0.01% |
| TIMKEN CO | Capital Goods | 0.03% |
| TJX COS INC | Consumer Cyclical | 0.03% |
| TOYOTA MOTOR CREDIT CORP | Consumer Cyclical | 1.74% |
| TPG SPECIALTY LENDING IN | Non-Bank/Insurance Financials | 0.02% |
| TRANS-ALLEGHENY INTERSTA | Utilities | 0.03% |
| TRAVELERS COS INC | Insurance | 0.08% |
| TRIMBLE INC | Technology | 0.03% |
| TRISTATE GEN&TRANS ASSN | Utilities | 0.04% |
| TRW AUTOMOTIVE INC | Consumer Cyclical | <0.01% |
| TTX CO | Transportation | 0.05% |
| TUCSON ELECTRIC POWER CO | Utilities | 0.10% |
| TWDC ENTERPRISES 18 CORP | Communications | 0.39% |
| TYSON FOODS INC | Consumer Non-Cyclical | 0.18% |
| UDR INC | REITs | 0.05% |
| UIL HOLDINGS CORP | Utilities | 0.07% |
| UNILEVER CAPITAL CORP | Consumer Non-Cyclical | 0.42% |
| UNION CARBIDE CORP | Basic Industry | 0.05% |
| UNION ELECTRIC CO | Utilities | 0.03% |
| UNION PACIFIC CORP | Transportation | 0.40% |
| UNITED ILLUMINATING CO | Utilities | 0.05% |
| UNITED PARCEL SERVICE | Transportation | 0.34% |
| UNITEDHEALTH GROUP INC | Insurance | 0.62% |
| UNS ELECTRIC INC | Utilities | 0.01% |
| UNUM GROUP | Insurance | 0.05% |
| USX CORPORATION | Energy | 0.01% |
| VALERO ENERGY CORP | Energy | 0.14% |
| VALSPAR CORP | Basic Industry | <0.01% |
| VENTAS REALTY LP | REITs | 0.12% |
| VENTAS REALTY LP/CAP CRP | REITs | 0.02% |
| VEREIT OPERATING PARTNER | REITs | 0.05% |
| VERISK ANALYTICS INC | Technology | 0.04% |
| VERIZON COMMUNICATIONS | Communications | 1.60% |
| VERIZON VIRGINIA LLC | Communications | <0.01% |
| VF CORP | Consumer Cyclical | 0.03% |
| VIACOMCBS INC | Communications | 0.28% |
| VIRGINIA ELEC & POWER CO | Utilities | 0.15% |
| VISA INC | Consumer Cyclical | 0.26% |
| VMWARE INC | Technology | 0.35% |
| VOLKSWAGEN GROUP AMERICA | Consumer Cyclical | 1.74% |
| VORNADO REALTY LP | REITs | 0.01% |
| VOYA FINANCIAL INC | Insurance | 0.02% |
| VOYA HOLDINGS INC | Insurance | 0.01% |
| VULCAN MATERIALS CO | Capital Goods | 0.04% |
| WALGREEN CO | Consumer Cyclical | 0.05% |
| WALGREENS BOOTS ALLIANCE | Consumer Cyclical | 0.14% |
| WALMART INC | Consumer Cyclical | 0.78% |
| WALT DISNEY COMPANY/THE | Communications | 0.49% |
| WARNER MEDIA LLC | Communications | 0.01% |
| WASHINGTON GAS LIGHT CO | Utilities | <0.01% |
| WASHINGTON REIT | REITs | 0.01% |
| WASTE CONNECTIONS US INC | Capital Goods | 0.03% |
| WASTE MANAGEMENT INC | Capital Goods | 0.21% |
| WEA FINANCE LLC | REITs | 0.08% |
| WEA FINANCE LLC/WESTFIEL | REITs | 0.31% |
| WEC ENERGY GROUP INC | Utilities | 0.07% |
| WEINGARTEN REALTY INVEST | REITs | 0.02% |
| WELLCARE HEALTH PLANS | Insurance | 0.01% |
| WELLTOWER INC | REITs | 0.15% |
| WESTERN ATLAS INC | Energy | 0.02% |
| WESTERN MIDSTREAM OPERAT | Energy | 0.44% |
| WESTERN UNION CO/THE | Consumer Cyclical | 0.05% |
| WESTINGHOUSE AIR BRAKE | Capital Goods | 0.07% |
| WESTLAKE CHEMICAL CORP | Basic Industry | 0.04% |
| WESTROCK MWV LLC | Basic Industry | 0.01% |
| WESTROCK RKT LLC | Basic Industry | 0.06% |
| WESTSIDE INTERMODAL | Non-Bank/Insurance Financials | <0.01% |
| WEYERHAEUSER CO | Basic Industry | 0.10% |
| WHIRLPOOL CORP | Consumer Non-Cyclical | 0.07% |
| WILLIAMS COMPANIES INC | Energy | 0.33% |
| WILLIS NORTH AMERICA INC | Insurance | 0.09% |
| WISCONSIN ELECTRIC POWER | Utilities | 0.06% |
| WISCONSIN POWER & LIGHT | Utilities | 0.03% |
| WISCONSIN PUBLIC SERVICE | Utilities | 0.03% |
| WM WRIGLEY JR CO | Consumer Non-Cyclical | 0.06% |
| WP CAREY INC | REITs | 0.07% |
| WRKCO INC | Basic Industry | 0.09% |
| WW GRAINGER INC | Capital Goods | 0.03% |
| WYETH LLC | Consumer Non-Cyclical | 0.05% |
| XCEL ENERGY INC | Utilities | 0.09% |
| XILINX INC | Technology | 0.03% |
| XYLEM INC | Capital Goods | 0.03% |
| ZENECA WILMINGTON | Consumer Non-Cyclical | 0.04% |
| ZF NA CAPITAL | Consumer Cyclical | 0.15% |
| ZIMMER BIOMET HOLDINGS | Consumer Non-Cyclical | 0.14% |
| ZOETIS INC | Consumer Non-Cyclical | 0.10% |
Good the see Carlyle alumnus Powell bailing out his former firm with treasury financing. No conflict of interest there. But what do I know, I’m just a shrill member of the peanut gallery.
It’s a conspiracy. It’s all a conspiracy. Board up the doors. Shut the blinds.
It doesn’t have to be. But since 2008, it does feel like the elites are pretty keen on covering each others’ bottoms.
We’re only getting fiscal support of normal people this time coz it’s an R in the WH. C’mon. You know I’m right. If Clinton was President, we’d have a repeat of the Obama admin desperate attempts at getting bigger fiscal stimulus blocked by Rs yelling about deficits…
No conspiracy system just a political / economic system in panic mode with limited options standing at cliffs edge…lol
there you go
Classic straw-man. I’m not saying it’s a conspiracy, however just like Powell personally owning $35M of stock and bond ETFs (mainly with BlackRock), it is a massive conflict of interest.
Hey, would you really want an old poor economist guy who knows nothing about financial markets to be in charge of the Fed?
I can understand the derision of those who repeatedly cry moral hazard / cryonism / etc. But I think, in the long run, they are right. The Fed really has painted itself into a corner. So I’d agree that these moves seem necessary to stave off an extreme amount of short-term pain, but I also agree that this is another significant step away from the free enterprise system and towards a state-directed economy. Which is highly disturbing in the long run, because economic liberalism proved to be an incredibly dynamic force of wealth-creation and poverty reduction…
some left field vision thinking, more money does not cure a virus
science and medicine cures virus
Actually, no virus can be “cured,” Treated, some can be, prevented, in some cases, but cured, none can be, by anything.