ULTRA
SHORT TERM
Securities that mature over short horizons do not rely upon the secondary market in a liquidity crisis
- Commercial paper, treasury bills, and overnight repo
- IG corporate bonds with > 1 year maturity and ABS with > 1 year WAL^1
- Agency securitized products ^2
RELATIVE
SHORT TERM
INTERMEDIATE
SHORT TERM
CORE
HOLDINGS
- IG corporate bonds with < 1 year maturity
- AAA-rated securitized bonds with <1 WAL^1
Liquidity in these areas is historically resilient in nearly all market environments
Liquidity in these areas is available across most market environments
- Securitized products^3 and Insurance Linked Securities
The portfolio generally pursues a hold-to-maturity objective