FSEC holdings

Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 2.44% at a quoted market price (level 1), 3 issuer countries.

FSEC's largest investment is Gnii II 5.5% 06/01/2056 #tba at 6.97% of net assets. Umbs 30yr 5% 06/01/2056 #tba and Gnii II 5.5% 07/01/2056 #tba follow; the three together are 17.59%. Ten companies are 27.76% of the fund; the other 1,065 share the rest. Among the 15 mortgage-backed funds measured here, FSEC behaves like 94.2 holdings against a median of 157.5 — 1.7 times more concentrated than the median. Across 21 quarterly filings FSEC has become less concentrated: it behaved like 9.5 at 2021-05-31 and 94.2 at 2026-05-31. Between the 2026-02-28 and 2026-05-31 filings 155 positions were added and 60 dropped; 43.2% of the weight moved.

Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable mortgage-backed funds on this site. Nothing here is a view on the fund.

Between 2021-05-31 and 2026-05-31, FSEC went from behaving like 9.5 equally weighted positions to 94.2 — 892% more, while its top ten went from 61.27% to 27.76% of net assets. Read across the funds on the concentration-over-time table.

One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.

The 15 largest of 1,075 positions in FSEC's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: FSEC.csv.gz.

Share of FSEC's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.

Monthly total returns from Item B.5 of FSEC's own filings, 63 months on record. Not computed here and not from a price feed.

Cross-checked against a series computed separately from prices: median difference 0.10 percentage points over 62 months, which is roughly the distributions. Every month with the filing it came from: FSEC.json · all funds.

954 positions became 1,049: 155 added (35.5% of the fund at the later date), 60 dropped (42.4% at the earlier date). Half the sum of all weight changes, a turnover proxy: 43.2%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of FSEC compared this way, as a feed: changes.xml · all funds: filings received.

New: GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (4.80%), FNMA/FHLG TBA ISSUER (4.11%), GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (3.20%), GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (2.89%), FNMA/FHLG TBA ISSUER (2.44%), GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (2.09%). Gone: GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (6.46%), GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (5.34%), GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (3.32%), FNMA/FHLG TBA ISSUER (2.92%), GNMA II GTD PASS THRU CTF MULTIPLE ISSUER (2.90%), FNMA/FHLG TBA ISSUER (2.72%).

2.4% of FSEC is carried at a quoted market price (fair-value level 1); 0.0% at level 3, priced from the filer's own inputs. Categories and levels are the filer's, from Form N-PORT; what a low level-1 share does and does not mean is in the measure's page.

A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $4.46B. Notional of an interest-rate or currency swap is not equity exposure.

Financing leg as filed: the fund pays UNITED STATES SOFR SECURED OVERNIGHT FINL RATE INDX + 0% on $47M of long swap notional ; it receives UNITED STATES SOFR SECURED OVERNIGHT FINL RATE INDX + 0% on $42M of short swap notional. Issuers fill the spread field differently (some file the all-in rate), so compare within an issuer, not across.

Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).

Every measured mortgage-backed fund lined up by how many holdings it behaves like; these sit either side of FSEC (94.2). Same filings, same arithmetic. Position in this list says nothing about which fund is better.