Fund Facts  

Inception Date: Apr 1, 2011
CUSIP: 066923400
Ticker Symbol: BMOAX
Morningstar Category:Intermediate-Term Bond
As of Dec 31, 2018
Fund Net Assets ($millions) $1,306

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index.

Principal Investment Strategies  

The fund is a "feeder" fund that invests all of its assets in the Master Portfolio of MIP, which has the same investment objective and strategies as the fund. Under normal circumstances, at least 90% of the value of the fund's assets, plus the amount of any borrowing for investment purposes, is invested in securities comprising the Barclays U.S. Aggregate Index.

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, 2018
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
iShares US Aggregate Bond Idxa1.51%-0.48%-0.48%1.60%2.09%N/A2.50%
Bloomberg Barclays U.S. Agg Bond Indexa,b1.64%0.01%0.01%2.06%2.52%3.48%N/A
Morningstar Intermediate-Term Bonda,c0.86%-0.50%-0.50%2.15%2.27%4.31%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.

Fund Expensesa,d
Gross Expenses0.36%
Net Expenses0.35%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2018 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 U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.

c. The Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 14, 2018Dec 14, 2018$0.023605000
Nov 30, 2018Nov 30, 2018$0.021026000
Oct 31, 2018Oct 31, 2018$0.022087000
Sep 28, 2018Sep 28, 2018$0.018928000
Aug 31, 2018Aug 31, 2018$0.019084000
Jul 31, 2018Jul 31, 2018$0.020672000
Jun 29, 2018Jun 29, 2018$0.019191000
May 31, 2018May 31, 2018$0.020632000
Apr 30, 2018Apr 30, 2018$0.018798000
Mar 29, 2018Mar 29, 2018$0.018114000
Feb 28, 2018Feb 28, 2018$0.017623000
Jan 31, 2018Jan 31, 2018$0.018152000
Dec 15, 2017Dec 15, 2017$0.016141000
Nov 30, 2017Nov 30, 2017$0.017783000
Oct 31, 2017Oct 31, 2017$0.017556000
Sep 29, 2017Sep 29, 2017$0.016022000
Aug 31, 2017Aug 31, 2017$0.017194000
Jul 31, 2017Jul 31, 2017$0.016031000
 

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2018
Period Stars Category Size
Overall 3 Stars876
3-Year 2 Stars876
5-Year 3 Stars767
10-Year N/A N/A

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, 2018
Fixed Income Stylebox
High Moderate
Allocation of Assets As of Nov 30, 2018
Type of Asset Percent
Equity0%
Fixed Income95%
Cash/Other5%

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

 
 

Characteristics

Allocation of Assets As of Nov 30, 2018
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond87.2%
Foreign Bond7.7%
Preferred0.0%
Convertible0.2%
Cash4.9%
Other0.0%

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

 
Fixed Income Sector As of Nov 30, 2018
SectorPercent
Government43.3%
Securitized26.7%
Corporate24.5%
Cash & Equivalents4.9%
Municipal0.6%

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

 
Credit Quality As of Sep 30, 2018
Quality LevelPercent
AAA72.9%
AA2.9%
A11.0%
BBB13.2%
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, 2018
Holding NamePercent
United States Treasury Notes 2.62%2.3%
United States Treasury Notes 2.38%1.6%
United States Treasury Notes 2.62%1.4%
United States Treasury Notes 2.25%1.1%
United States Treasury Notes 2.62%0.9%
United States Treasury Bonds 3.75%0.8%
United States Treasury Notes 1.88%0.7%
Government National Mortgage Association 3%0.7%
United States Treasury Notes 1.88%0.6%
United States Treasury Notes 2.88%0.6%
 

Statistics

Duration and Maturity As of Sep 30, 2018
StatisticValue
Average Effective Duration5.16 years
Average Effective Maturity8.23 years
Portfolio Statistics As of Dec 31, 2018
Statistic3-Year5-Year
Beta1.011.01
Alpha-0.45-0.44
Standard Deviation2.912.82
 
 

Footnotes

1.

Please read the fund's prospectus or disclosure materials 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 or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2018 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.