Asset Allocation

As of December 31, 2025.
Type % Net
Cash 4.78%
Stock 0.00%
Bond 96.25%
Convertible 0.00%
Preferred 0.00%
Other -1.03%
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Bond Sector Exposure

As of December 31, 2025
Type % Net
Government 0.61%
Corporate 2.02%
Securitized 5.54%
Municipal 84.81%
Other 7.03%
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Region Exposure

% Developed Markets: 87.28%    % Emerging Markets: 0.00%    % Unidentified Markets: 12.72%

Americas 87.23%
81.66%
Canada -0.03%
United States 81.69%
5.57%
As of December 31, 2025. Region breakdown data is calculated by using the long position holdings of the portfolio.
Greater Europe 0.00%
United Kingdom -0.06%
0.06%
Denmark 0.00%
Finland 0.00%
France 0.01%
Germany 0.01%
Ireland 0.01%
Italy 0.00%
Netherlands 0.01%
Norway 0.00%
Sweden 0.02%
Switzerland 0.00%
0.00%
0.00%
Greater Asia 0.05%
Japan 0.01%
0.01%
Australia 0.01%
0.03%
0.00%
Philippines 0.00%
Unidentified Region 12.72%

Bond Credit Quality Exposure

AAA 4.32%
AA 16.11%
A 14.10%
BBB 9.01%
BB 6.32%
B 0.92%
Below B 1.18%
    CCC 1.04%
    CC 0.14%
    C 0.00%
    DDD 0.00%
    DD 0.00%
    D 0.00%
Not Rated 8.14%
Not Available 39.90%
Short Term 0.00%
As of December 31, 2025
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Bond Maturity Exposure

Short Term
3.40%
Less than 1 Year
3.40%
Intermediate
10.12%
1 to 3 Years
4.25%
3 to 5 Years
0.63%
5 to 10 Years
5.25%
Long Term
86.48%
10 to 20 Years
28.09%
20 to 30 Years
46.83%
Over 30 Years
11.56%
Other
0.00%
As of December 31, 2025
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