Product Facts
| Ticker Symbol | ILBPX |
| CUSIP | 92914F793 |
| Inception Date | April 29, 2005 |
| Dividends Paid | Monthly |
About this Product
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.
Investment Objective
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
Average Annual Total Returns %
As of October 31, 2024
As of September 30, 2024
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +4.43 | +7.44 | +1.35 | +1.59 | +1.71 | 0.28% | 0.28% |
| With Sales Charge | +4.43 | +7.44 | +1.35 | +1.59 | +1.71 | ||
| Net Asset Value | +4.99 | +8.10 | +1.43 | +1.76 | +1.78 | 0.28% | 0.28% |
| With Sales Charge | +4.99 | +8.10 | +1.43 | +1.76 | +1.78 | ||
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | +3.79 | +6.25 | +1.42 | +1.51 | +1.56 | — | — |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | +4.38 | +7.19 | +1.50 | +1.70 | +1.64 | — | — |
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.
The Bloomberg 1-3 Year Government/Credit Index covers treasuries, agencies, publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. For comparison purposes, the index is fully invested, which includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or other costs. Investors cannot invest directly in an index.
Past performance does not guarantee future results.
Yields
As of October 31, 2024
| 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. | 4.69 |
| 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). | 4.69 |
| 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. | 4.84 |
| 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. | 4.84 |
Returns-Based Characteristics
As of October 31, 2024
| 3 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Alpha Alpha: A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta. | 0.02 | 0.12 | 0.15 |
| Beta Beta: The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index. | 1.04 | 1.03 | 1.00 |
| Information Ratio Information Ratio: The ratio of portfolio returns in excess of a market index to the variability of those excess returns; in effect, information ratio describes the value added by active management in relation to the risk taken to achieve those returns. | -0.13 | 0.06 | 0.17 |
| R2 R2: The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification. | 0.95 | 0.73 | 0.74 |
| Sharpe Ratio Sharpe Ratio: A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. | -1.01 | -0.39 | -0.04 |
| Standard Deviation Standard Deviation: A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk. | 2.63 | 2.37 | 1.77 |
Growth of a $10,000 Investment
For the period 11/30/2014 through 10/31/2024
Ending Value: $11,848.00
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 October 31, 2024
| 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. | $300.2 |
| Number of Holdings Number of Holdings: Number of Holdings in the investment. | 562 |
| Duration years | 1.85 |
| 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. | 2.43 |
| Total |
Top Holdings
% of Total Investments as of October 31, 2024
| NUTRIEN LTD - NTRCN 6/21/2027 6/21/2027 | 0.95 |
| GNMA_20-H13 - GNMA_20-H13-FC 7/20/2070 7/20/2070 | 0.82 |
| ILPT_22-LPF2 - ILPT_22-LPF2-A 10/15/2039 10/15/2039 | 0.74 |
| HGI_21-FL1 - HGI_21-FL1-D 6/16/2036 6/16/2036 | 0.69 |
| BLP_24-IND2 - BLP_24-IND2-B 3/15/2041 3/15/2041 | 0.66 |
| BHMS_18-ATLS - BHMS_18-ATLS-D 7/15/2035 7/15/2035 | 0.66 |
| CGCMT_18-B2 - CCMT_18-B2-A4 3/10/2051 3/10/2051 | 0.65 |
| WINDR_19-1A - WINDR_19-1A-A1 7/20/2034 7/20/2034 | 0.62 |
| MHP_22-MHIL - MHP_22-MHIL-B 1/15/2027 1/15/2027 | 0.60 |
| BXSC_22-WSS - BXSC_22-WSS-B 3/15/2035 3/15/2035 | 0.60 |
| Total | #,###.2 |
Top Issuers
as of October 31, 2024
| JPMORGAN CHASE & CO | 2.43 |
| MORGAN STANLEY | 1.31 |
| HGI CRE CLO LTD HGI_21-FL1 | 1.13 |
| BANK OF AMERICA CORP | 1.05 |
| NUTRIEN LTD | 0.97 |
| GOVERNMENT NATIONAL MORTGAGE ASSSOCIATION GNMA_20-H13 | 0.82 |
| ILPT COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES ILPT_22-LPF2 | 0.74 |
| TORONTO-DOMINION BANK/THE | 0.74 |
| BXSC COMMERCIAL MORTGAGE TRUST BXSC_22-WSS | 0.71 |
| BLP COMMERICAL MORTGAGE TRUST BLP_24-IND2 | 0.66 |
| Total | #,###.2 |
Top Sectors
% of Total Investments as of October 31, 2024
| IG Corporates | 39.21 |
| US Treasury & Cash | 22.51 |
| Asset Backed Securities | 16.60 |
| CMBS | 14.94 |
| Agency Mortgages | 5.60 |
| Non-Agency RMBS and SF CRT | 0.98 |
| Government Related | 0.16 |
| Total | #,###.2 |
Top Country Weightings
% of Total Investments as of October 31, 2024
| UNITED STATES | 89.24 |
| CANADA | 3.69 |
| UNITED KINGDOM | 1.63 |
| JAPAN | 1.60 |
| SWEDEN | 0.58 |
| FRANCE | 0.44 |
| SWITZERLAND | 0.42 |
| NETHERLANDS | 0.36 |
| AUSTRALIA | 0.29 |
| GERMANY | 0.27 |
| Total | #,###.2 |
Maturity Details
% of Total Investments as of October 31, 2024
| Cash | 3.88 |
| <1 Year | 20.25 |
| 1-3 Years | 49.53 |
| 3-5 Years | 22.03 |
| 5-7 Years | 2.54 |
| 7-10 Years | 1.49 |
| 10-20 Years | 0.28 |
| >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
| 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. | Payable Date
Payable Date: Date on which a declared stock dividend or a bond interest payment is scheduled to be paid. | Record Date
Record Date: Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend. | Amount | |
|---|---|---|---|---|
| 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 | ||
| Income Dividend | 06/28/2024 | $0.038430 | ||
| Income Dividend | 05/31/2024 | $0.039711 | ||
| Income Dividend | 04/30/2024 | $0.038490 | ||
| Income Dividend | 03/28/2024 | $0.039897 | ||
| Income Dividend | 02/29/2024 | $0.037352 | ||
| Income Dividend | 01/31/2024 | $0.039959 | ||
| Income Dividend | 12/29/2023 | $0.039587 | ||
| Income Dividend | 11/30/2023 | $0.038100 | ||
| Income Dividend | 10/31/2023 | $0.037324 | ||
| Totals: $0.505895 | ||||
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; 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.