Fund Facts  

Inception Date: May 18, 1998
Ticker Symbol: BGPAX
Morningstar Category:Intermediate Government
As of Mar 31, 2014
Fund Net Assets ($millions) $782

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks to maximize total return, consistent with income generation and prudent investment management.

Principal Investment Strategies  

Under normal circumstances, the fund invests at least 80% of its assets in Government National Mortgage Association ("GNMA") securities. It invests primarily in securities issued by GNMA as well as other U.S. government securities. Securities purchased by the fund are rated in the highest rating category (AAA or Aaa) at the time of purchase by at least one major rating agency or are determined by the fund management team to be of similar quality.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Risk Glossary for additional information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
BlackRock GNMA Portfolio Aa1.56%1.56%1.75%1.74%3.02%4.71%4.93%
Barclays GNMA Indexa,b1.75%1.75%2.40%2.35%3.28%4.85%N/A
Morningstar Intermediate Governmenta,c1.99%1.99%1.40%1.48%2.68%4.06%N/A

Fund past performance, as shown, is no guarantee of how the fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total expensesa0.95%

 

a. Returns and/or expenses provided by Morningstar, Inc. Copyright © 2016. All Rights Reserved. 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 losses arising from any use of this information. ICMA-RC does not independently verify Morningstar data.

b. The Barclays GNMA Index consists of all fixed-rate, single family, securitized mortgage pools backed by GNMA.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Morningstar Information

Morningstar Rating   As of Mar 31, 2014
Period Stars Category Size
Overall 3 Stars297
3-Year 2 Stars297
5-Year 3 Stars284
10-Year 4 Stars215

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Mar 31, 2014
Fixed Income Stylebox
High Moderate
Allocation of Assets As of Feb 28, 2014
Type of Asset Percent
Equity0%
Fixed Income107%
Cash/Other-7%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Feb 28, 2014
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond76.5%
Foreign Bond30.7%
Preferred0.0%
Convertible0.0%
Cash-7.1%
Other-0.2%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Feb 28, 2014
SectorPercent
Securitized103.4%
Government3.8%
Cash & Equivalents-7.1%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Dec 31, 2013
Quality LevelPercent
AAA100.0%
AA0.0%
A0.0%
BBB0.0%
BB0.0%
B0.0%
Below B0.0%
Not Rated0.0%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Feb 28, 2014
Holding NamePercent
Ginnie Mae Jumbos TBA 3.5% 2044-03-0121.1%
Ginnie Mae Jumbos TBA 3% 2044-03-0111.0%
GNMA 4.5%10.3%
GNMA 4%6.7%
US Treasury Note 1.25%4.1%
Ginnie Mae Single Family TBA 4.5% 2044-03-014.1%
FNMA 3%3.1%
GNMA 5.5%2.6%
GNMA 5%2.3%
GNMA CMO1.9%
 

Statistics

Duration and Maturity As of Dec 31, 2013
StatisticValue
Average Effective Duration5.51 years
Average Effective Maturity7.84 years
Portfolio Statistics As of Mar 31, 2014
Statistic3-Year5-Year
Beta0.690.62
Alpha0.832.23
Standard Deviation2.952.89
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. 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 losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.