I recently downloaded your article from the FAJ. Really excellent!

I would, however, like to get more information related to what is in the bond portfolio. What is its sector allocation? What is its duration?

It seems much more volatile than a so-called Total Bond Market Fund (Bloomberg Aggregate benchmark), presumably because it includes things like high-yield bonds and perhaps $ EM bonds. Does it include munis? That said, its higher risk would be expected to be priced to have higher returns.

Thanks again!