| Bond Fund |
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Please click on the Investment Option Disclosure link above for more information.
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| Release date as of 2011-06-30. Data on page is subject to change. |
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Investment Objective: The Bond Fund seeks to maximize total return – income plus capital appreciation. Investment returns are derived from both interest income on bonds held in the Fund's portfolio and from price changes in the bond holdings.
Description: The Bond Fund invests primarily in an intermediate-term, high-quality portfolio of investment grade bonds and bond equivalent financial derivatives with an average duration of 3 to 6 years. Investments in debt securities include corporate, mortgage backed, international and government bonds. The Fund may also invest up to 20% in foreign debt securities and no more than 10% in below investment grade high yield bonds. The Fund is permitted to use derivatives that are intended to be nearly identical to investing in the underlying asset, but at lower cost and greater liquidity. The assets are divided into equal proportions, each managed in a separate account by Pacific Investment Management Co. (PIMCO) and Barrow, Hanley, Mewhinney & Strauss (Barrow Hanley).
Investor/Risk profile: The Bond Fund may be appropriate for investors seeking current income or the relative stability of fixed income securities. Bonds can provide diversification and reduce volatility when added to a stock portfolio. Generally speaking, rising interest rates cause bonds to decrease in value, while falling interest rates cause an increase in the market value of bonds. Credit risk exists to the extent that a bond issuer may be unable to make timely interest or principal payments. Investments in foreign securities are subject to additional risks, such as economic & political instability and currency exchange rate fluctuations. Liquidity risk exists when particular investments are difficult to buy or sell. Derivatives are subject to counterparty risk, the risk that the other party is unable to complete the transaction.
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| Morningstar Category Description |
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| Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S.
fixed-income issues and typically have durations of 3.5 to six years. These portfolios are less
sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations.
Morningstar calculates monthly breakpoints using the effective duration of the Morningstar
Core Bond Index (MCBI) in determing duration assignment. Intermediate-term is defined as
75% to 125% of the 3 year average effective duration of the MCBI. |
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| Growth of $10,000 |
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(from 2001-01-01
to 2011-06-30)
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Investment: |
Bond Fund |
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Category: |
Intermediate-Term Bond |
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Index: |
BarCap US Agg Bond TR USD |
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This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
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| Total Annualized Returns % |
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YTD |
1 Year |
3 Year |
5 Year |
10 Year |
Since Inception |
| Investment |
3.0 |
4.9 |
7.2 |
6.6 |
6.2 |
6.7 |
| Category |
4.45 |
3.53 |
8.56 |
5.63 |
5.10 |
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| BarCap US Agg Bond TR USD |
2.72 |
3.90 |
6.46 |
6.52 |
5.74 |
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| BarCap US Govt/Credit 5-10 Yr TR USD |
3.73 |
5.49 |
8.00 |
7.62 |
6.69 |
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# of compared
Intermediate-Term Bond
funds covered
(3 yrs : out of
1026
funds)
(5 yrs : out of
862
funds)
(10 yrs : out of
568
funds)
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| Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. |
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| Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. |
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| % of Net Assets |
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U.S. Stocks |
0.0 |
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Non-U.S. Stocks |
0.0 |
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Bonds |
99.2 |
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Cash |
0.6 |
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Other |
0.2 |
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| Data through 2011-06-30 |
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| Morningstar Fixed-Income Sectors |
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| % Fund |
| US Treasury/Agency Securities |
9.0 |
| Corporate Bonds |
55.0 |
| Mortgage Backed Securities |
28.5 |
| Municipal Obligations |
3.9 |
| Asset Backed Securities |
2.8 |
| Foreign Securities |
2.4 |
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| Data through 2011-06-30 |
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% Bonds |
| AAA/AAA+ |
41.3 |
| AA |
13.0 |
| A |
28.7 |
| BAA |
13.2 |
| BA and Below |
3.7 |
| Not Rated |
0.00 |
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| Total Number of Stock Holdings |
0 |
| Total Number of Bond Holdings |
820 |
| % of Net Assets in Top 10 Holdings |
20.0 |
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| Turnover % |
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| 30 Day SEC Yield % |
--- |
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Maturity
Date
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Amount
$000
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Value
$000
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% of Net
Assets
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US TREASURY N/B 02/21 3.625 |
2021-02-15 |
14,893 |
19,358 |
2.7 |
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U S AGENCY REPO |
2011-07-01 |
15,965 |
16,179 |
2.7 |
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CANADIAN GOVT REPO |
2011-07-07 |
15,149 |
15,470 |
2.4 |
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FNMA POOL AI4291 |
2041-06-01 |
9,702 |
10,138 |
2.4 |
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PIMCO FDS PAC INVT MGMT SER INTL PORTFOLIO INSTL CL |
N/A |
6,930 |
9,496 |
2.0 |
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FED HM LN PC POOL G05733 |
2039-11-01 |
8,216 |
8,260 |
1.8 |
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US TREASURY N/B 04/16 2. |
2016-04-30 |
8,052 |
8,145 |
1.6 |
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FED HM LN PC POOL G05633 |
2039-08-01 |
5,531 |
8,139 |
1.6 |
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J P MORGAN TERM REPO |
2011-07-01 |
6,611 |
7,083 |
1.5 |
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BARCLAYS BK PLC SR NT |
2012-09-12 |
6,473 |
6,890 |
1.3 |
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| Product Inception Date: 2004-06-30 |
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© Copyright Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. |
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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
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