Credit Quality Breakdown

Short-Term Credit Quality
U.S. Treasury6.5%
U.S. Agency35.0%
Moody's P1/S&P A1+48.5%
Moody's P1/S&P A15.7%
Moody's P-2/S&P A-24.3%
Long-Term Credit Quality
U.S. Treasury6.5%
U.S. Agency35.0%
Moody's Aaa/Aa1/S&P AAA10.0%
Moody's Aa2/Aa3/S&P AA38.5%
Moody's A1/A2/S&P A+5.7%
Moody's A3/Baa1/S&P A-4.3%
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. Ratings may apply to issuer, counterparty parent or guarantor.

Composition By Security Type

U.S. Treasury6.5%
Cash Equivalents10.0%
U.S. Government Agency35.0%
Repurchase Agreements48.5%

Portfolio composition is as of December 31, 2025 and is subject to change. 

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