PERFORMANCE


Cum. Fund Perf. Since Inception: 146.01%


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Ex-Date Payable Date Record Date Total Distribution   Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution   Income ST Cap Gains LT Cap Gains

Holdings

as of 31-Dec-2014

Name Weight (%)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II 65.25
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION I 29.53
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.89
GNMA_11-71-GF 1.64
FEDERAL HOME LOAN MORTGAGE CORPORATION - GOLD 0.35
GNMA_09-122-PY 0.32
GNMA_02-45-PG 0.27
FNMA_96-48-Z 0.09
GNMA_09-31-PT 0.09
FEDERAL HOME LOAN MORTGAGE CORPORATION 0.05

Exposure Breakdowns

as of 31-Dec-2014

% Notional Exposures  

Agency Pass-Through MBS

101.9%

100.0%

Treasuries and Treasury Futures

6.2%

-

Agency CMOs

2.5%

-

Net Derivatives

-2.5%

-

Cash

-4.0%

-

US Interest Rate Derivatives

-4.0%

-

  • Fund

  • Benchmark

as of 31-Dec-2014

% Notional Exposures  

North America

106.5%

100.0%

Net Derivatives

-2.5%

-

Cash

-4.0%

-

  • Fund

  • Benchmark

as of 31-Dec-2014

% Notional Exposures  

United States

106.5%

100.0%

Net Derivatives

-2.5%

-

Cash

-4.0%

-

  • Fund

  • Benchmark

as of 31-Dec-2014

% Notional Exposures  

USD

100.0%

100.0%

  • Fund

  • Benchmark

as of 31-Dec-2014

% Market Value

Cash

-4.0%

-

Derivatives

-0.6%

-

0 - 1 Years

0.1%

-

1 - 2 Years

0.6%

-

2 - 3 Years

0.1%

1.5%

3 - 5 Years

41.8%

31.3%

5 - 7 Years

45.7%

52.4%

7 - 10 Years

16.3%

14.7%

  • Fund

  • Benchmark

as of 31-Dec-2014

% Market Value

Cash

-4.0%

-

Derivatives

-0.6%

-

AAA Rated

104.5%

100.0%

  • Fund

  • Benchmark

as of 31-Dec-2014

% Market Value

Fixed Income

104.5%

100.0%

Derivatives

-0.6%

-

Cash

-4.0%

-

  • Fund

  • Benchmark

Ratings

  • Morningstar Rating
     
  • Overall   :
  • 5
  • Overall Morningstar Rating for GNMA Fund, CLASS INST, as of 31-Dec-2014 rated against 307 Intermediate Government Funds.
  • Lipper Leader Ratings
  • Consistent Return   :
     
  • Preservation   :
     
  • Total Return   :
     
  • Expense   :
     
  • Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of 31-Dec-2014 out of 59, 5,045, 59, 70 and 59 Funds, respectively in Lipper's GNMA Funds classification.

PORTFOLIO MANAGERS

KEY FACTS

Size of Fund (Millions)

as of 29-Jan-2015

$760.3 M
Size of Class (Millions)

as of 29-Jan-2015

$427.8 M
Inception Date May 18, 1998
Asset Class Fixed Income
Morningstar Category Intermediate Government
Lipper Classification GNMA Funds
CUSIP 091929695
Benchmark Index Barclays Fixed-Rate GNMA MBS Index

Total Expense Ratio 0.84%
Net, Including Investment Related Expenses   0.58%
Net, Excluding Investment Related Expenses 0.55%

Max Offer Price

as of 29-Jan-2015

$9.93
Distribution Frequency   Monthly
Number of Holdings

as of 31-Dec-2014

167
Turnover Percent

as of 31-Dec-2014

1,258%
Open to New Investors Yes

PORTFOLIO CHARACTERISTICS

Alpha (3y)  

as of 28-Nov-2014

0.07
R-Squared (3y)

as of 28-Nov-2014

96.39
Beta (3y)

as of 28-Nov-2014

1.10

30 Day SEC Yield  

as of 30-Nov-2014

1.67%
Unsubsidized 30-Day SEC Yield  

as of 30-Nov-2014

1.38%

Effective Duration  

as of 31-Dec-2014

2.99 yrs
Weighted Average Life  

as of 31-Dec-2014

5.59 yrs
Yield to Worst  

as of 31-Dec-2014

2.44%

Best 3-Month Return Over the Last 3 Years

3 months ending 30-Jun-2014

2.53%
Worst 3-Month Return Over the Last 3 Years

3 months ending 31-Jul-2013

-4.02%

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