Entering March, there was some rotation among sectors. Emerging Market bonds, U.S. Investment Grade Corporate, U.S. Mortgage-Backed Securities, and U.S. Treasury Inflation-Protected Securities are above benchmark weight. U.S. High Yield dropped to benchmark weight. International Investment Grade, U.S.
Long-Term Treasurys, and U.S. Floating Rate Notes are below benchmark weight.

Click the link below to read more about the strategy’s positioning.

Full strategy commentary: NDRFIAS202503051

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