Bond Fund

Investment Objective:

The Bond Fund seeks to provide maximum total return through active management of a broadly diversified portfolio of fixed income securities. Principal and income in this Fund will fluctuate with changing market conditions.

Investor Profile:

The Bond Fund is suitable for investors willing to sacrifice stability of principal for greater return for some portion of their assets.

Over long periods of time the return to investors in this Fund should exceed the return to investors in the Stable Value Fund, but it is likely to fall short of the return to investors in the Sustainable Balanced, the Equity or Target Annuitization Date Funds. However, over shorter periods of time, the reverse could be true. At times the total return to investors in this Fund may be negative.

Fund Investments:

This Fund is a broadly diversified, actively-managed portfolio that invests primarily in U.S. Treasury securities, government agency bonds, corporate bonds, mortgage-backed and asset-backed securities, U.S. dollar-denominated foreign bonds, and cash equivalents. The Fund may also invest in senior secured bank loans, high yield bonds, non-investment grade and emerging market debt securities denominated in U.S. dollar or any other currency within established limits. An average maturity of 5 to 10 years is normally maintained in this Fund. Predominantly fixed income-based alternative assets may be approved by the Investment Committee. Alternative investments may result in a small percentage of assets in the fund that have non-fixed income characteristics. 

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