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Bond Fund

Objective
Current income

Investment Philosophy
We believe that protecting principal value in fixed-income portfolios is best achieved by reducing credit risk and managing interest rate exposure.

Investment Process
The Fund employs an investment process with a focus on two aspects of bond portfolio valuations:

1. Credit risk

• Strive to reduce credit-related risk by investing in portfolios of highest quality securities, primarily U.S. Treasury notes and bonds.

2. Interest rate risk

• Strive to reduce interest rate risk by targeting an investment portfolio with average characteristics approximating the intermediate-term maturity and duration of the total bond market.
• Manage interest rate risk over time by
  • Striving to reduce both maturity and duration in periods of rising interest rates.
  • Seeking to extending maturity and duration in times of falling interest rates.

The portfolio is actively managed. Holdings and weightings are subject to change daily and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned..