# SSgA U.S. Aggregate Bond Index NL Fund (CMX6) Holdings, 11/30/2024 A spreadsheet export from State Street Global Advisors documenting the complete holdings of the U.S. Aggregate Bond Index NL Fund (CMX6) as of 11/30/2024. The file was attached by ATRS executive director Mark White to his 12/12/2024 reply to FOIA requester Badria Mryyan, after investment officer Rod Graves identified CMX6 as the only ATRS pooled fund providing detailed individual-security reporting that included Israel sovereign bonds. The cover sheet records 54 participants in the fund, with the top 5 representing 50.09 percent of fund assets. ATRS's participation was 17.6 percent of the fund per Graves's 12/11/2024 message. The CMX6 sheet contains 9,635 rows of holdings across roughly two dozen columns including CUSIP, ISIN, security name, maturity date, coupon rate, quantity held, base price, market value, and percent of total market value. Within the global corporate (Corp/GLOBAL) section, fourteen rows carry "STATE OF ISRAEL" as the security name with Israel as the issuer country. One additional row in the U.S. domestic section is an AID-Israel bond. One additional row contains "BETH ISRAEL LAHEY HEALTH" which is unrelated. ## Israel sovereign bond holdings in CMX6 The fourteen State of Israel sovereign positions span maturities from 2026 to 2120 (a 96-year bond) and coupons from 2.50 percent to 5.75 percent. All are USD-denominated. The aggregate market value of Israel sovereign holdings within the fund is approximately $4.93 million. ATRS's 17.6 percent participation in the fund implies an indirect Israel sovereign exposure of approximately $868,000. The fifteenth Israel-related holding is an AID-Israel bond (CUSIP 46513EFG2) with a 5.5 percent coupon maturing 9/18/2033. Its issue type is classified by SSgA as U.S. Domestic Corp with both security country and risk country recorded as United States, reflecting that AID-Israel bonds are obligations issued in connection with the State of Israel but guaranteed by the U.S. Agency for International Development under the U.S. loan guarantee program. Market value within the fund $259,629. | CUSIP | Security | Maturity | Coupon | Market Value (Fund) | xlsx row | |---|---|---|---|---|---| | 46514BRM1 | STATE OF ISRAEL | 2054-03-12 | 5.75% | $935,599 | r1017 | | 46513CXR2 | STATE OF ISRAEL | 2026-03-16 | 2.875% | $450,779 | r2393 | | 46514BRN9 | STATE OF ISRAEL | 2029-03-12 | 5.375% | $443,301 | r2457 | | 46513JB42 | STATE OF ISRAEL | 2050-07-03 | 3.875% | $425,430 | r2580 | | 46514BRL3 | STATE OF ISRAEL | 2034-03-12 | 5.5% | $424,786 | r2561 | | 4651387N9 | STATE OF ISRAEL | 2043-01-30 | 4.5% | $368,072 | r2975 | | 46513JB34 | STATE OF ISRAEL | 2030-07-03 | 2.75% | $323,490 | r3386 | | 46513JXN6 | STATE OF ISRAEL | 2050-01-15 | 3.375% | $277,948 | r3910 | | 46513EFG2 | AID-ISRAEL | 2033-09-18 | 5.5% | $259,629 | r4096 | | 46513JXM8 | STATE OF ISRAEL | 2030-01-15 | 2.5% | $232,537 | r4547 | | 46513YJH2 | STATE OF ISRAEL | 2028-01-17 | 3.25% | $220,219 | r4789 | | 46514BRA7 | STATE OF ISRAEL | 2033-01-17 | 4.5% | $209,335 | r4960 | | 46513JB59 | STATE OF ISRAEL | 2120-04-03 | 4.5% | $191,235 | r5261 | | 46513YJJ8 | STATE OF ISRAEL | 2048-01-17 | 4.125% | $168,417 | r5823 | (Beth Israel Lahey Health LLC corporate bond at row r8970 is unrelated to the State of Israel and is excluded.) ## What this document establishes This export establishes that ATRS held indirect exposure to Israel sovereign debt through a passive index fund prior to and at the time of the 6/2/2025 Board action authorizing direct purchases. It is the only document in the 6/18/25 staff email production that contains specific Israel sovereign CUSIPs. It is the basis for the figures White and Graves used in their May 2025 disclosures to Mike Wickline and John Rollans, in which they characterized indirect Israel bond exposure as approximately $1 million. The export documents that the fund held no Israel Bonds issued by DCI. The fourteen State of Israel CUSIPs are sovereign issues registered with the SEC and traded in the institutional secondary market. This is the same distinction Matt Waz of Reams made in his 5/28/2025 analysis when he identified "16 SEC registered bonds and 3 RegS bonds" of Israeli sovereign debt available to ATRS. ## What this document does not establish The document does not show ATRS's individual ownership of any single CUSIP. The figures are fund-level. ATRS owned 17.6 percent of the fund as a whole. The document does not show pricing trends. The 5.75 percent coupon 2054 bond is trading at 95.852, the 4.5 percent coupon 2120 bond at 73.478, and the 3.375 percent coupon 2050 bond at 67.538. Whether these prices reflect rate, duration, credit, or market depth factors cannot be derived from this snapshot. The document does not include the SSgA prospectus, fund objectives, or benchmark methodology. It is a holdings export only. ## Evidence > "Please see attached. ATRS is roughly 17.6% of the collective fund." > Rod Graves to Mark White, Emails1.pdf p.29, 12/11/2024 > "Direct holdings total around $19 million as of 5/14/25. We also have an estimated $5 million invested in Israel through our passive global index funds." > Rod Graves to Mark White, Emails3.pdf p.9, 5/15/2025 > "Sorry! I missed one on the excel sheet. Make the estimate around $1 million." > Rod Graves to Mark White, Emails3.pdf p.12, 5/15/2025 ## Cross-References [[atrs-foia-r1-staff-emails]] companion source page for the email production this attachment came in [[atrs-pre-existing-indirect-exposure]] concept page that uses this holdings detail [[mark-white]] [[rod-graves]] [[badria-mryyan]] entities involved in the December 2024 FOIA exchange that produced this document ## December 2025: ATRS divests $100 million from the SSgA fund to fund direct Israel Bonds purchase The Auditor R3 production at [[auditor-foia-r3-3-3-26]] documents that ATRS withdrew $100 million from the SSgA Global Index Fund in December 2025 to cover ATRS's December liquidity needs, including the $50 million Reams Israel Bonds capital call. Rod Graves' 12/29/2025 11:23 AM ATRS Board Update-Liquidity email: > *"Withdrawals totaling $100 million from the SSgA Global Index Fund along with withdrawals totaling $140 million from the BlackRock Global Index Fund were required to cover December liquidity needs."* The substantive structural consequence: ATRS's indirect Israel sovereign exposure through the SSgA fund (documented in this source page at the 14 State of Israel sovereign CUSIPs and 1 AID-Israel bond as of 11/30/2024; ATRS participation at 17.6 percent producing approximately $1 million of indirect exposure) was pro-rata reduced by the $100 million withdrawal. The simultaneous $50 million direct Reams Israel Bonds purchase replaced the indirect exposure with direct active exposure at approximately 50× the pre-vote indirect level. The wiki's [[westrock-procedural-asymmetry]] documentation noted Mark White's argument that ATRS already held indirect Israel sovereigns through bond funds — White's 5/19/2025 reply to John Rollans: *"On your second question, ATRS indirectly owns Israel bonds through one of our bond funds. The value of our stake in those bonds is approximately $1 million."* That argument is operationally obviated by the December 2025 transactions: ATRS reduced the indirect exposure (a small pro-rata portion of the $100M SSgA withdrawal) while substantially increasing the direct exposure ($50M new direct Reams holdings). The net effect is a structural transformation from indirect passive Israel sovereign exposure (held involuntarily as a constituent of a broad-market passive bond fund) to direct active Israel sovereign exposure (purchased intentionally as illiquid Israel-issuer-specific debt securities). See [[atrs-reams-capital-call-execution]] for the dedicated concept page analyzing the indirect-passive-to-direct-active transformation.