NOTICE: 2019 Capital Gains Available. View PDF here.

Top 10 Holdings %

Coupon RateMaturity%
U.S. Treasury Note1.500%10/31/2413.5%
U.S. Treasury Note1.500%10/31/215.1%
Federal National Mortgage Association5.500%05/25/342.2%
Baidu Inc.3.875%09/29/232.2%
Flagstar Mortgage Trust3.500%03/25/471.8%
Federal National Mortgage Association3.000%11/25/481.7%
Federal National Mortgage Association4.490%03/25/431.7%
Altria Group, Inc.4.400%02/14/261.6%
JP Morgan Mortgage Trust3.000%05/25/471.4%
Citigroup Mortgage Loan Trust3.250%02/25/541.3%

Credit Quality Breakdown

(Moody’s/S&P/Fitch)

U.S.Treasury18.6%
U.S. Agency14.9%
Aaa/AAA/AAA51.7%
Aa/AA/AA2.0%
A/A/A8.5%
Baa/BBB/BBB2.9%
Ba/BB/BB0.2%
B/B/B0.9%
Caa/CCC/CCC0.1%
Ca/CC/CC0.2%
The above credit quality ratings are derived from the underlying securities of the portfolio, and are rated by Moody’s. If a rating from Moody’s is unavailable, S&P’s rating is used. If neither Moody’s nor S&P ratings are available, Fitch’s rating is used.

Composition By Security Type

Mortgage-Backed34.8%
Cash Equivalents26.9%
U.S. Treasury18.6%
Corporate Bonds9.4%
Asset-Backed9.4%
Municipal Bond0.9%

The composition of the Portfolio is as of March 31, 2020 and is subject to change.

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