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Real Return Fund - A (RRNAX)

Real Return Fund - A (RRNAX)
 ! This share class currently has a limited offering, please see prospectus for more details on the offering.
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 7/31/2015)
1. U.S. Treasury Inflation Indexed Notes, 0.13%, 4/15/2017 6.4%
2. U.S. Treasury Inflation Indexed Notes, 0.13%, 4/15/2019 6.2%
3. U.S. Treasury Inflation Indexed Notes, 0.38%, 7/15/2023 5.8%
4. U.S. Treasury Inflation Indexed Notes, 0.13%, 4/15/2018 5.7%
5. U.S. Treasury Inflation Indexed Notes, 0.63%, 1/15/2024 5.4%
6. U.S. Treasury Inflation Indexed Notes, 0.63%, 7/15/2021 5.0%
7. U.S. Treasury Inflation Indexed Notes, 0.13%, 1/15/2022 4.7%
8. U.S. Treasury Inflation Indexed Notes, 0.13%, 7/15/2024 4.3%
9. U.S. Treasury Inflation Indexed Notes, 0.13%, 7/15/2022 3.9%
10. U.S. Treasury Inflation Indexed Bonds, 2.00%, 1/15/2026 3.3%
Total of top ten 50.7%
Portfolio breakdown* (as of 7/31/2015)
Foreign Government Securities 2.3%
Short-Term Investments 4.4%
U.S. Treasury Obligations 93.3%

* Due to rounding, values may not total 100%.

Average life* (as of 7/31/2015)
Less than one year 8.7%
Years 1-3 18.3%
Years 3-5 6.1%
Years 5-7 16.3%
Years 7-10 26.6%
Years 10-20 14.1%
Years 20+ 9.9%
Duration 8.03 years
Average Maturity 8.41 years
Average Life 8.53 years

* Due to rounding, values may not total 100%.

Contribution to duration (in years) (as of 7/31/2015)
Treasuries/Futures 7.94
Non-Corporate Credit 0.10
Portfolio stats (as of 7/31/2015)
Number of Holdings 37
Fund Assets $199.89
(in millions)
Turnover Ratio 53.23%
(Trailing 12 month) (2/28/2015)
Bond equivalent yield 0.36%
Quality* (as of 7/31/2015)
AAA 98.0%
BBB 2.1%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the lowest rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund primarily invests in inflation-linked securities and inflation and non-inflation lined derivatives. Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specific rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. The Fund may be subject to the risk that its inflation-linked derivative contracts will be with a limited number of counterparties. This may result in certain concentration risk including counterparty liquidity, deflation and pricing risk.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The Fund may invest up to 30% of the Fund's total assets in foreign securities.

The Fund is designed to maximize inflation-protected return, which means maximizing the "real return." Real return is the total of a security less the actual rate of inflation.

The Fund may engage in short sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

The Fund anticipates a very high degree of portfolio turnover. This will likely result in additional tax consequences.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The Fund has the ability to invest 10% of its total assets in high yield securities.

Total return assumes reinvestment of income.

The duration represents the weighted average maturity of the cashflows of bonds held in the portfolio and is an approximate measure of the Fund's price sensitivity to changes in interest rates. Actual inflation-protected securities (TIPS) price movements could be significantly different than implied by this estimate. The relationship of TIPS and conventional bonds is difficult to predict with accuracy since TIPS do not always respond to interest rate changes in the same manner as conventional bonds. Therefore, this estimate is less precise than the duration estimates of our conventional bond Funds.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.