Overview
Fund Tagline
The Portfolio seeks highest current income consistent with low risk to principal and liquidity.
Fund Description
View important disclosureProduct Facts
| Ticker Symbol | ILBPX |
| CUSIP | 92914F793 |
| Inception Date | April 29, 2005 |
| Dividends Paid | Monthly |
Principle Investment Strategies
- Under normal market conditions, the Portfolio invests at least 80% of its net assets in a diversified portfolio of bonds that are limited maturity debt securities.
- Under normal market conditions, the Portfolio maintains significant exposure to government securities.
- The Portfolio also invests in investment-grade non-government securities, issued by companies of all sizes.
The Portfolio seeks highest current income consistent with low risk to principal and liquidity. As a secondary objective, the Portfolio seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal.
Principle Investment Strategies
- Under normal market conditions, the Portfolio invests at least 80% of its net assets in a diversified portfolio of bonds that are limited maturity debt securities.
- Under normal market conditions, the Portfolio maintains significant exposure to government securities.
- The Portfolio also invests in investment-grade non-government securities, issued by companies of all sizes.
The Portfolio seeks highest current income consistent with low risk to principal and liquidity. As a secondary objective, the Portfolio seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal.
Performance
Yields
As of July 31, 2025
| SEC 30-Day Yield (Unsubsidized) SEC 30-Day Yield (Unsubsidized) A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. | 4.48 |
| SEC 30-Day Yield (Subsidized) SEC 30-Day Yield (Subsidized) A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements). | 4.48 |
| Distribution Yield @ NAV Distribution Yield @ NAV Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value. This yield does not include the return of principal or other non-income sources. | 4.48 |
| Distribution Yield @ MOP Distribution Yield @ MOP Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest dividend shown as an annualized percentage of maximum offering price. This yield does not include the return of principal or other non-income sources. | 4.48 |
Average Annual Total Returns %
As of July 31, 2025
As of June 30, 2025
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +3.08 | +5.17 | +3.78 | +1.83 | +2.01 | 0.29% | 0.29% |
| With Sales Charge | +3.08 | +5.17 | +3.78 | +1.83 | +2.01 | ||
| Net Asset Value | +3.01 | +6.33 | +3.94 | +1.89 | +2.01 | 0.29% | 0.29% |
| With Sales Charge | +3.01 | +6.33 | +3.94 | +1.89 | +2.01 | ||
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | +2.90 | +4.68 | +3.56 | +1.54 | +1.84 | — | — |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | +2.92 | +5.94 | +3.75 | +1.58 | +1.84 | — | — |
Inception Date - Class I: April 29, 2005
Current Maximum Sales Charge: 0.00%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, nor guarantee the accuracy or completeness of any information herein, nor make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
The Bloomberg U.S. Government/Credit 1-3 Year Index covers treasuries, agencies, publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Moreover, the index is fully invested, which includes the reinvestment of income.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 08/31/2015 through 07/31/2025
Ending Value: $12,207.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
Average Annual Total Returns %
As of July 31, 2025
As of June 30, 2025
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +3.08 | +5.17 | +3.78 | +1.83 | +2.01 | 0.29% | 0.29% |
| With Sales Charge | +3.08 | +5.17 | +3.78 | +1.83 | +2.01 | ||
| Net Asset Value | +3.01 | +6.33 | +3.94 | +1.89 | +2.01 | 0.29% | 0.29% |
| With Sales Charge | +3.01 | +6.33 | +3.94 | +1.89 | +2.01 | ||
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | +2.90 | +4.68 | +3.56 | +1.54 | +1.84 | — | — |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | +2.92 | +5.94 | +3.75 | +1.58 | +1.84 | — | — |
Inception Date - Class I: April 29, 2005
Current Maximum Sales Charge: 0.00%
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.
Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, nor guarantee the accuracy or completeness of any information herein, nor make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
The Bloomberg U.S. Government/Credit 1-3 Year Index covers treasuries, agencies, publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Moreover, the index is fully invested, which includes the reinvestment of income.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 08/31/2015 through 07/31/2025
Ending Value: $12,207.00
The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.
Portfolio
Portfolio Statistics
As of July 31, 2025
| Net Assets millions Net Assets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. | $265.6 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 530 |
| Duration years | 2.16 |
| Weighted Average Life years Weighted Average Life The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes. | 2.60 |
| Total |
Top Holdings
As of July 31, 2025
| FHLMC_5410J - FHLMC_5410J-DF 5/25/2054 5/25/2054 | 2.00 |
| FNMA_24-103 - FNMA_24-103-FH 1/25/2055 1/25/2055 | 1.73 |
| FNMA_24-15 - FNMA_24-15-FD 4/25/2054 4/25/2054 | 1.46 |
| GNMA_20-H13 - GNMA_20-H13-FC 7/20/2070 7/20/2070 | 0.87 |
| HGI_21-FL1 - HGI_21-FL1-D 6/16/2036 6/16/2036 | 0.79 |
| BHMS_18-ATLS - BHMS_18-ATLS-D 7/15/2035 7/15/2035 | 0.75 |
| BLP_24-IND2 - BLP_24-IND2-B 3/15/2041 3/15/2041 | 0.72 |
| BXSC_22-WSS - BXSC_22-WSS-B 3/15/2035 3/15/2035 | 0.68 |
| MSBAM_15-C22 - MSBAM_15-C22-AS 4/15/2048 4/15/2048 | 0.66 |
| OHALF_15-1A - OHALF_15-1A-AR3 1/19/2037 1/19/2037 | 0.60 |
| Total | #,###.2 |
Top Issuers
As of July 31, 2025
| JPMORGAN CHASE & CO | 2.11 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC-5410 | 2.00 |
| FANNIE MAE FNMA_24-103 | 1.92 |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_24-15 | 1.46 |
| MORGAN STANLEY | 1.42 |
| HGI CRE CLO LTD HGI_21-FL1 | 1.30 |
| GOVERNMENT NATIONAL MORTGAGE ASSSOCIATION GNMA_20-H13 | 0.87 |
| GOLDMAN SACHS GROUP INC/THE | 0.86 |
| ROYAL BANK OF CANADA | 0.85 |
| BANK OF AMERICA CORP | 0.83 |
| Total | #,###.2 |
Top Sectors
As of July 31, 2025
| IG Corporates | 42.20 |
| Asset Backed Securities | 16.91 |
| US Treasury & Cash | 14.78 |
| CMBS | 14.10 |
| Agency Mortgages | 10.95 |
| Non-Agency RMBS and SF CRT | 1.01 |
| HY Corporates | 0.05 |
| Total | #,###.2 |
Top Country Weightings
As of July 31, 2025
| UNITED STATES | 94.85 |
| CANADA | 2.53 |
| UNITED KINGDOM | 0.95 |
| JAPAN | 0.72 |
| AUSTRALIA | 0.24 |
| IRELAND | 0.20 |
| NETHERLANDS | 0.17 |
| GERMANY | 0.16 |
| SPAIN | 0.11 |
| SWEDEN | 0.08 |
| Total | #,###.2 |
Maturity Details
As of July 31, 2025
| Cash | 1.72 |
| <1 Year | 16.89 |
| 1-3 Years | 47.23 |
| 3-5 Years | 28.82 |
| 5-7 Years | 4.12 |
| 7-10 Years | 0.91 |
| 10-20 Years | 0.30 |
| >20 Years | 0.00 |
| Total | #,###.2 |
Maturity allocations are based on securities’ Average Life, which incorporates pre-payment assumptions and can thus be much different than a bond’s maturity date, particularly in the case of mortgage-backed securities.
Portfolio Statistics
As of July 31, 2025
| Net Assets millions Net Assets The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. | $265.6 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 530 |
| Duration years | 2.16 |
| Weighted Average Life years Weighted Average Life The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes. | 2.60 |
| Total |
Top Holdings
As of July 31, 2025
| FHLMC_5410J - FHLMC_5410J-DF 5/25/2054 5/25/2054 | 2.00 |
| FNMA_24-103 - FNMA_24-103-FH 1/25/2055 1/25/2055 | 1.73 |
| FNMA_24-15 - FNMA_24-15-FD 4/25/2054 4/25/2054 | 1.46 |
| GNMA_20-H13 - GNMA_20-H13-FC 7/20/2070 7/20/2070 | 0.87 |
| HGI_21-FL1 - HGI_21-FL1-D 6/16/2036 6/16/2036 | 0.79 |
| BHMS_18-ATLS - BHMS_18-ATLS-D 7/15/2035 7/15/2035 | 0.75 |
| BLP_24-IND2 - BLP_24-IND2-B 3/15/2041 3/15/2041 | 0.72 |
| BXSC_22-WSS - BXSC_22-WSS-B 3/15/2035 3/15/2035 | 0.68 |
| MSBAM_15-C22 - MSBAM_15-C22-AS 4/15/2048 4/15/2048 | 0.66 |
| OHALF_15-1A - OHALF_15-1A-AR3 1/19/2037 1/19/2037 | 0.60 |
| Total | #,###.2 |
Top Issuers
As of July 31, 2025
| JPMORGAN CHASE & CO | 2.11 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC-5410 | 2.00 |
| FANNIE MAE FNMA_24-103 | 1.92 |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_24-15 | 1.46 |
| MORGAN STANLEY | 1.42 |
| HGI CRE CLO LTD HGI_21-FL1 | 1.30 |
| GOVERNMENT NATIONAL MORTGAGE ASSSOCIATION GNMA_20-H13 | 0.87 |
| GOLDMAN SACHS GROUP INC/THE | 0.86 |
| ROYAL BANK OF CANADA | 0.85 |
| BANK OF AMERICA CORP | 0.83 |
| Total | #,###.2 |
Top Sectors
As of July 31, 2025
| IG Corporates | 42.20 |
| Asset Backed Securities | 16.91 |
| US Treasury & Cash | 14.78 |
| CMBS | 14.10 |
| Agency Mortgages | 10.95 |
| Non-Agency RMBS and SF CRT | 1.01 |
| HY Corporates | 0.05 |
| Total | #,###.2 |
Top Country Weightings
As of July 31, 2025
| UNITED STATES | 94.85 |
| CANADA | 2.53 |
| UNITED KINGDOM | 0.95 |
| JAPAN | 0.72 |
| AUSTRALIA | 0.24 |
| IRELAND | 0.20 |
| NETHERLANDS | 0.17 |
| GERMANY | 0.16 |
| SPAIN | 0.11 |
| SWEDEN | 0.08 |
| Total | #,###.2 |
Maturity Details
As of July 31, 2025
| Cash | 1.72 |
| <1 Year | 16.89 |
| 1-3 Years | 47.23 |
| 3-5 Years | 28.82 |
| 5-7 Years | 4.12 |
| 7-10 Years | 0.91 |
| 10-20 Years | 0.30 |
| >20 Years | 0.00 |
| Total | #,###.2 |
Maturity allocations are based on securities’ Average Life, which incorporates pre-payment assumptions and can thus be much different than a bond’s maturity date, particularly in the case of mortgage-backed securities.
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.
Distributions
Payment Frequency: Monthly
| Distributions | Ex-Date
Ex-Date Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date. | Amount | ||
|---|---|---|---|---|
| Income Dividend | 07/31/2025 | $0.036256 | ||
| Income Dividend | 06/30/2025 | $0.034989 | ||
| Income Dividend | 05/30/2025 | $0.037076 | ||
| Income Dividend | 04/30/2025 | $0.035824 | ||
| Income Dividend | 03/31/2025 | $0.036203 | ||
| Income Dividend | 02/28/2025 | $0.032620 | ||
| Income Dividend | 01/31/2025 | $0.036022 | ||
| Income Dividend | 12/31/2024 | $0.037262 | ||
| Income Dividend | 11/29/2024 | $0.037560 | ||
| Income Dividend | 10/31/2024 | $0.039052 | ||
| Income Dividend | 09/30/2024 | $0.037920 | ||
| Income Dividend | 08/30/2024 | $0.040300 | ||
| Income Dividend | 07/31/2024 | $0.039773 | ||
| Totals: $0.480857 | ||||
Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.
Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.
Investment Team
Disclosures
Principal Risks
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. You could lose money on your investment and any of the following risks, among others, could affect investment performance. The following principal risks are presented in alphabetical order which does not imply order of importance or likelihood: Bank Instruments; Borrowing; Company; Credit; Credit Default Swaps; Currency; Derivative Instruments; Environmental, Social, and Governance (Fixed Income); Foreign (Non-U.S.) Investments; Interest Rate; Investment Model; Liquidity; Market; Market Capitalization; Market Disruption and Geopolitical; Mortgage- and/or Asset-Backed Securities; Municipal Obligations; Other Investment Companies; Portfolio Turnover; Preferred Stocks; Prepayment and Extension; Restricted Securities; Securities Lending; Sovereign Debt; U.S. Government Securities and Obligations. Investors should consult the Portfolio’s Prospectus and Statement of Additional Information for a more detailed discussion of the Portfolio’s risks.
An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
The fund discussed may be available to you as part of your employer sponsored retirement plan. There may be additional plan level fees resulting in personal performance that varies from stated performance. Please call your benefits office for more information.