NOTICE: 2019 Capital Gains Available. View PDF here.

Top 10 Holdings %

Coupon RateMaturity%
U.S. Treasury Note2.875%08/15/289.3%
U.S. Treasury Note1.750%07/31/247.5%
U.S. Treasury Bond3.000%08/15/485.1%
Residential Asset SecuritizationTrust5.000%07/25/332.4%
Countrywide Home Loans5.400%03/25/352.2%
Sequoia Mortgage Trust 2013-52.500%05/25/431.9%
Federal National Mortgage Association4.740%10/25/331.5%
Altria Group Inc.5.950%02/14/491.4%
Phillip Morris Intl Inc.6.375%05/16/381.4%
Popular Abs Mortgage Pass-Through Trust1.207%07/25/351.3%

Credit Quality Breakdown

(Moody's/S&P/Fitch)

U.S. Treasury22.2%
U.S. Agency4.8%
Aaa/AAA/AAA47.1%
Aa/AA/AA4.4%
A/A/A7.4%
Baa/BBB/BBB6.9%
Ba/BB/BB6.2%
B/B/B0.8%
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

Cash Equivalents34.4%
Mortgage-Backed32.9%
U.S. Treasury22.2%
Asset-Backed7.7%
Corporate Bonds2.8%

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

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