Fund Facts  

Inception Date: May 18, 1998
CUSIP: 091929745
Ticker Symbol: BGPAX
Morningstar Category:Intermediate Government
As of Dec 31, 2016
Fund Net Assets ($millions) $765

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 Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Dec 31, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
BlackRock GNMA Portfolio Aa-1.69%1.28%1.28%2.59%1.71%4.27%4.71%
Bloomberg Barclays GNMA Indexa,b-1.70%1.56%1.56%2.95%1.81%4.35%N/A
Morningstar Intermediate Governmenta,c-2.50%0.89%0.89%2.02%1.15%3.52%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 annual fund operating expensesa0.95%
Fee waiver and/or expense reimbursement0.25%
Total Expenses0.70%

A contractual expense waiver exists for this fund and will expire on 01-31-2018.

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 All rights reserved. This information: (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 and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Bloomberg 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 RatingTM   As of Dec 31, 2016
Period Stars Category Size
Overall 4 Stars255
3-Year 4 Stars255
5-Year 4 Stars240
10-Year 4 Stars176

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Dec 31, 2016
Fixed Income Stylebox
High Limited
Allocation of Assets As of Nov 30, 2016
Type of Asset Percent
Equity0%
Fixed Income118%
Cash/Other-18%

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

 
 

Characteristics

Allocation of Assets As of Nov 30, 2016
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond117.6%
Foreign Bond0.0%
Preferred0.0%
Convertible0.0%
Cash-17.5%
Other-0.1%

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

 
Fixed Income Sector As of Nov 30, 2016
SectorPercent
Securitized115.4%
Government2.2%
Cash & Equivalents-17.5%

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

 
Credit Quality As of Sep 30, 2016
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 Nov 30, 2016
Holding NamePercent
Ginnie Mae Jumbos TBA 3.5% 2046-12-0115.0%
Fed Natl Mort Assc 3.5%14.1%
GNMA 3.5%13.0%
Ginnie Mae Jumbos TBA 4% 2046-12-019.2%
GNMA 3.5%8.2%
FNMA 3%7.9%
FNMA 3.5%6.8%
GNMA 4.5%5.0%
Govt Natl Mtg Asso 3.5%4.4%
Fed Natl Mort Assc 3%3.8%
 

Statistics

Duration and Maturity As of Sep 30, 2016
StatisticValue
Average Effective Duration5.51 years
Average Effective Maturity5.16 years
Portfolio Statistics As of Dec 31, 2016
Statistic3-Year5-Year
Beta0.991.04
Alpha-0.31-0.16
Standard Deviation2.052.40
 
 

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 © 2017 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.