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HomeMy WebLinkAbout2014 11 12 Regular 601 Short-Duration Fixed Income Investment Presentation Winter Springs General Employees' General Plan and Trust Manager Evaluation Short Duration Fixed Income Presented Dave West, CFA THE BOGDAHN GROUP WW W.BO G D A H N G RO U P.C O hf snttplrfyittg your iuvestmerrr and fiducia y decisions Qualitative Data Manager Review Fund Name Ticker Fees(bps) SEC 30-Day Yield Duration (years) Vanguard Short-Term Bond Idx VBIRX 10 0.93% 2.70 Vanguard Short-Term Corp Bd Idx VSCSX 12 1.40% 2.89 Vanguard Short-Term Govt Bd Idx VSBSX 12 0.37% 1.93 Fidelity Spartan S/T Tr Bd Idx Fid Advt FSBAX 10 0.66% 2.54 SPDR Barclays Capital Short Term Corp Bd SCPB 12 0.92% 1.91 SEC 7-Day Yield Fidelity Instl MM Fds Prime MMkt FIDXX 19 0.01% Vanguard Prime Money Market Inv VMMXX 16 0.01% SEI Government B (SDIT) SEVXX 9 0.02% *Data provided by eVestment and Morningstar 1 THE P BOGDAHN `J GROUP Growth of$1 Manager Evaluation Since Inception Ending June 30,2014 $1.26 $1.23 $1.20 Emig � I $1.17 ve S 'r / '�__�v� $1.14 mow $1.11 i r ..1.1j ,1.0£ $1.08 ,v s„i - $1.05 ', .o $1.02 �) $0.99 $0.96 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 Vanguard Sh-Tm Bd;Adm(VBIRX) Vanguard ST Corp Bd;lnst(VSTBX) Vanguard ST Gvt Bd;Adm(VSBSX) Fidelity Sp ST TBI;Adv(FSBAX) — SPDR Barclays Sh Trm Crp(SCPB) -- Barclays Intermediate Aggregate Index Calculation based on monthly periodicity. �� THE 2 BOGDAHN ``� GROUP. Peer Group Analysis 6.4 5.7 5.0 + + 4.3 + • 3.6 ♦ + • 0 E• 2.9 + + m d A w 2.2 I1.5 + • 0.8 O♦ 0 0 0.1 -0.6 -1.3 QTR YTD 1 YR 3 YR 5 YR 7 YR 10 YR A Vanguard Sh-Tm Bd;Adm(VBIRX) 0.58 (26) 0.98 (31) 1.69 (41) 1.53 (44) 2.53 (49) 3.63 (12) 3.48 (14) • Vanguard ST Corp Bd;lnst(VSTBX) 0.95 (4) 1.84 (2) 3.75 (2) 3.18 (3) N/A N/A N/A • Vanguard ST Gvt Bd;Adm(VSBSX) 0.24 (71) 0.36 (79) 0.68 (82) 0.55 (83) N/A N/A N/A O Fidelity Sp ST TBI;Adv(FSBAX) 0.44 (44) 0.74 (51) 1.01 (69) 1.01 (69) 1.83 (67) 3.24 (23) N/A ✓ SPDR Barclays Sh Trm Crp(SCPB) 0.42 (46) 0.86 (40) 2.14 (28) 1.92 (28) N/A N/A N/A + Barclays Intermediate Aggregate Index 1.62 (1) 2.85 (1) 3.48 (3) 2.86 (4) 4.23 (8) 4.92 (1) 4.57 (1) 5th Percentile 0.89 1.61 3.08 2.67 4.55 4.08 3.87 1st Quartile 0.59 1.06 2.22 1.96 3.42 3.16 3.17 Median 0.39 0.75 1.47 1.40 2.46 2.46 2.56 3rd Quartile 0.21 0.40 0.82 0.78 1.49 1.63 2.06 95th Percentile 0.03 0.11 0.20 0.05 0.44 0.81 1.48 Parentheses contain percentile rankings.Peergroup(IM U.S.Short Term Investment Grade(MF)) THE Calculation based on monthly periodicity. 3 (r BOGDAHN Nt GROUP Peer Group Analysis 25.0 20.0 15.0 10.0 0 a o . . ■ L 0.0 ° ❑°V O p m ti re -5.0 -10.0 -15.0 -20.0 -25.0 -30.0 YTD 2013 2012 2011 2010 2009 2008 2007 2006 A Vanguard Sh-Tm Bd;Adm(VBIRX) 0.98 (31) 0.17 (70) 2.05 (70) 3.08 (3) 4.03 (33) 4.38 (80) 5.51 (1) 7.31 (2) 4.16 (55) • Vanguard ST Corp Bd;lnst(VSTBX) 1.84 (2) 1.38 (10) 5.78 (7) 2.99 (3) 5.58 (9) N/A N/A N/A N/A • Vanguard ST Gvt Bd;Adm(VSBSX) 0.36 (79) 0.30 (61) 0.37 (96) 1.46 (34) 2.20 (74) N/A N/A N/A N/A O Fidelity Sp ST TBI;Adv(FSBAX) 0.74 (51) -0.26 (88) 0.79 (89) 3.31 (2) 3.60 (43) -0.04 (99) 8.71 (1) 8.10 (1) 3.64 (81) ✓ SPDR Barclays Sh Trm Crp(SCPB) 0.86 (40) 1.37 (11) 3.65 (37) 1.40 (36) 3.64 (42) N/A N/A N/A N/A + Barclays Intermediate Aggregate Index 2.85 (1) -1.02 (99) 3.56 (39) 5.97 (1) 6.15 (6) 6.46 (62) 4.86 (4) 7.02 (3) 4.57 (28) 5th Percentile 1.61 1.58 5.90 2.68 6.47 15.30 4.37 6.33 5.41 1st Quartile 1.06 0.89 4.26 1.73 4.39 12.23 1.07 5.33 4.65 Median 0.75 0.44 2.94 1.08 3.38 8.54 -2.51 4.50 4.22 3rd Quartile 0.40 0.04 1.67 0.45 2.09 4.77 -8.07 2.88 3.76 95th Percentile 0.11 -0.54 0.44 -0.38 0.73 1.85 -19.98 -1.52 3.11 Parentheses contain percentile rankings. Peergroup(IM U.S.Short Term Investment Grade(MF)). THE Calculation based on monthly periodicity. 4 r BOGDAHN GROUP Rolling Percentile Ranking Manager Evaluation 4 Quarters Rolling Periods As of June 30,2014 Rolling Percentile Ranking vs.IM U.S.Short Term Investment Grade(MF) 0.0 r^∎— -■'• 7•∎■ I MINN~, `� �y 1 A f's •., 4 ...... ;i 'T,•--..N.j 1 1 1 i I i I I I ji I I 1 1j 1 �I I 1 25.0 1 1; �y1 1 1 1 1 1 I V W ili I I I t I I 1 I o 1 % / I I I I i I . i a I � cu cu i I I I 1 I cu 50.0 I I a • II a L I ' I i I?, il ' l� r I I pil I II I I II 11 I II li 75.0 ; l ; ;r I I' ' I ► I I • � _ i \1 ws V ` I 100.0 111:111. � 9/99 6/00 3/01 12/01 9/02 6/03 3/04 12/04 9/05 6/06 3/07 12/07 9/08 6/09 3/10 12/10 9/11 6/12 3/13 12/13 6/14 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count - Vanguard Sh-Tm Bd;Adm(VBIRX) 47 23 (49%) 7 (15%) 12 (26%) 5 (11%) - Vanguard ST Corp Bd;Inst(VSTBX) 15 15 (100%) 0 (0%) 0 (0%) 0 (0%) - Vanguard ST Gvt Bd;Adm(VSBSX) 15 0 (0%) 2 (13%) 5 (33%) 8 (53%) Fidelity Sp ST TBI;Adv(FSBAX) 31 12 (39%) 3 (10%) 7 (23%) 9 (29%) - SPDR Barclays Sh Trm Crp(SCPB) 15 6 (40%) 9 (60%) 0 (0%) 0 (0%) - Barclays Intermediate Aggregate Index 60 40 (67%) 8 (13%) 4 (7%) 8 (13%) THE 5 ( BOGDAHN ``� GROUP. Release date 07-16-2014 Page 1 of 1 Vanguard Short-Term Corp Bd Idx Admiral VSCSX Morningstar Analyst Bating NAV$ NAV Bay Change% Yield TTM Y Total Assets$Bil Status Min.Inv. Load Expenses Morningstar Bating" Category Investment Style 21.81 4-0.01 1-0.05 1.80 9.3 Open $10,000 None 0.12% **** Short-Term Bond t Growth of 10,00011-19-2009-07-15-2014 M 'isk Measures J. 14K -vanguard Short- Risk vs.Category +Avg Bd Idx Admiral$111,8361,836 84 4 1416) ______ -- 12K ■Short-Term Bond$11,142.03 Return VS.Category +Avg Barclays US Agg Bond TR (4161 10K USD$12,06193 Low Avg High 2010 2011 2012 2013 2014 8K Pillars _ _ Process Investment Strategy Performance The investment seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted People average maturity.The fund employs an indexing investment approach designed to track the performance of the Barclays U.S.1- Parent 5Year Corporate Bond Index.This index includes U.S.dollar-denominated,investment-grade,fixed-rate,taxable securities is- Price sued by industrial,utility,and financial companies,with maturities between 1 and 5 years.At least 80%of the fund's assets Rating will be invested in bonds included in the index. Style Map 03-31-2014 Performance 07-15-2014 YU) 1 MO 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,170 10,015 10,324 10,878 1 Fund 1.70 an 3.24 2.85 +I-Barclays US Agg Bond -1.99 -0.19 -0.91 -0.40 TR USD +I-Category 0.53 0.05 1.21 1.13 00 Rank inCat 17 25 13 13 #of Funds in Cat 519 541 501 417 358 253 Ltd Mod Ent Currency Is displayed In USD Top Holdings O6-30-2014 Bond Statistics Value Weight% Maturity Date Amount Mil Value Mil Average Effective Duration(Years) 2.89 * US Treasury Note 0.5% 0.41 O6-30-2O16 37.70 37.73 Average Effective Maturity(Years) 3.10 Verizon Comms 3.65% 0.38 09-14-2018 32.94 35.21 Average Credit Quality A Merrill Lynch Co Inc Mtn Be 6.875% 0.38 04-25-2018 29.80 35.07 Average Weighted Coupon 3.94 Average Weighted Price 107.28 General Elec 5.25% 0.33 12-O6-2017 27.13 30.60 ▪ Jpmorgan Chase fi% 0.31 01-15-2018 25.05 28.65 %Assets in Top 5 Holdings 1.80 Asset Class %Net O Increase 0Decrease dX New to Portfolio • Cash 0.94 • US Stock 0.00 t Sectors O6-30-2014 • Non US Stock 0.00 Fund BMark Cat Avg ■Fund •Cat Avg • Bond 98.81 Corporate Bond 96.62 32.O6 • Other 0.25 U.S.Treasury 1.91 13.82 v ■ Preferred 0.25 0.19 • Non-U.S.Government 0.20 2.42 ■ Asset-Backed 0.08 10.12 ,lanagement Start Date 0 30 60 90 120 Joshua C.Barrickman 2009-11-19 Dividend and Capital Gains Distributions MP. Paul M.Malloy 2013-02-22 Distribution Distribution Long-Term Long-Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 2014-O6-30 21.83 0.0000 0.0000 0.0000 0.0300 0.0300 2014-05-30 21.86 0.0000 0.0000 0.0000 0.0300 0.0300 2014-04-30 21.78 0.0000 0.0000 0.0000 0.0300 0.0300 2014-03-31 21.73 0.0000 0.0000 0.0000 0.0400 0.0400 2014-02-28 21.80 0.0000 0.0000 0.0000 0.0300 0.0300 E2014 Morningstar.All Rights Reserved.Unless otherwise provided in a separate agreement,you may use this report only in the country in which its original distributor is based.Data as originally reported The information contained herein is not represented or warranted to be accurate,correct complete,ortimely-This report is for information purposes only,and should not be considered a solditation boy or sell any security- MC)RNINGSlAR Redistribution is prohibited without wdnen permission To order reprints,call+1 312-656-6100-To license the research,call+1 312-656-6065. Release date 97-16-2914 Page 1 of 1 Vanguard Short-Term Bond Index Adm VBIRX Morningstar Analyst Bating NAV$ NAV Bay Change% Yield TTM Y Total Assets$Bil Status Min.Inv. Load Expenses Morningstar Bating" Category Investment Style 10.51 4-0.01 1-0.10 1.15 36.3 Open $10,000 None 0.10% **** Short-Term Bond t Growth of 10,000 07-15-2004-07-15-2014 =IM ■ 'isk Measures 18K -vanguard Short-Term Bond Risk vs.Category Avg 16K Index Adm$13,985-10 (416) 14K -Short-Term Bond$12,882.87 Return vs.Category +Avg 12K -Barclays USAgg Bond TR (416) USU$16,93939 Low Avg High 10K 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 8K Pillars Process-II Investment Strategy Performance The investment seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average People maturity.The fund employs an indexing investment approach designed to track the performance of the Barclays U.S.1-5 Year Parent Government/Credit Float Adjusted Index.This Index includes all medium and larger issues of U.S.government,investment- Price grade corporate,and investment-grade international dollar-denominated bonds that have maturities between 1 and 5years and Rating are publicly issued.All of the fund's investments will be selected through the sampling process,and at least 80%of the fund's assets will be invested in bonds held in the index. Style Map 03-31-2014 Performance 07-15-2014 lal ,T YTD 1 Mo 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,084 10,010 10,141 10,393 11,279 13,984 Fund 0.84 on 1.41 1.29 2.44 3.41 +/-Barclays US Agg Bond -2.85 -0.24 -2.74 -1.96 -2.31 -1.43 TR USD +/-Category -0.34 on -O.62 -0.43 -O.67 0.37 Rank in Cat 65 43 68 66 66 33 Ltd Mod Ext #of Funds in Cat 519 541 501 417 358 253 Currency Is displayed In USD Bond Statistics Value Top Holdings O6-30-2014 111 Average Effective Duration(Years) 2.70 Weight% Maturity Date Amount Mil Value Mil Average Effective Maturity(Years) 2.80 US Treasury Note 0.625% 1.49 11-15-2O16 539.23 539.31 Average Credit Quality AA - US Treasury Note 2.125% 1.41 12-31-2015 498.68 512.55 Average Weighted Coupon 2.02 US Treasury Note 1.25% 1.37 11-30-2018 500.15 495.62 Average Weighted Price 102.53 3",E US Treasury Note 1.625% 1.31 O6-30-2019 476.3O 476.22 - US Treasury Note 1.5% 1.24 05-31-2019 454.00 451.E5 Assets in Top 5 Holdings 6.82 / Asset Class %Net C)Increase C)Decrease New to Portfolio • Cash 3.92 • US Stock 0.00 • Non US Stock 0.00 �rs 06-30-2014 • Bond 96.O3 Fund BMark Cat Avg •Fund v Cat Avg • Other 0.05 U.S.Treasury 57.95 13.82 y ■ Corporate Bond 24.15 32.O6 ■ U.S.Agency 6.48 3.05 ■ Other Government Related 5.86 4.04 3 ,lanagement i♦ Start Date Non-U.S.Government 1.37 2.42 Joshua C.Barrickman 2013-02-22 0 15 30 45 60 Yan Pu 2013-02-22 and Capital Gains Distributions Distribution Distribution Long-Term Long-Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 2014-O6-30 10.53 0.0000 0.0000 0.0000 0.0100 0.0100 2014-05-30 10.55 0.0000 0.0000 0.0000 0.0100 0.0100 2014-04-30 10.52 0.0000 0.0000 0.0000 0.0100 0.0100 2014-03-31 10.50 0.0000 0.0000 0.0000 0.0100 0.0100 2014-02-28 10.54 0.0000 0.0000 0.0000 0.0100 0.0100 X02014 Morningstar.All Rights Reserved.Unless otherwise provided in a separate agreement,you may use this report only in the country in which its original distributor is based.Data as originally reported The information contained herein is not represented or warranted to be accurate,correct complete,ortimely-This report is for information purposes only,and should not be considered a solicitation to boy or sell any security- MnRNINGSTAR RedisMbulon is prohibited without mitten permission-To order reprints,call+1 312-656-6100-To license the research,call+1 312-656-6065. Release date 07-16-2014 Page 1 of 1 Vanguard Short-Term Govt Bd Idx Admiral VSBSX Morningstar Analyst Bating NAV$ NAV Day Change% Yield TTM Y Total Assets$Mil Status Min.Inv. Load Expenses Morningstar Bating" Category Investment Style 20.31 4-0.01 I-0.05 0.30 554.6 Open $10,000 None 0.12% *** Short Government t Growth of 10,00011-19-2009-07-15-2014 IMI 'isk Measures J. 14K -vanguard Short-Term Govt Risk vs.Category Low Bd Idx Admiral$10,409 04 DM 12K ■Short Government Return vs.Category Avg ■ $10,55912 1128) 10K -Barclays US Agg Bond TR Low Avg High USD$12,061 93 2010 2011 2012 2013 2014 8K Pillars Process Investment Strategy Performance The investment seeks to track the performance of a market-weighted government bond index with a short-term dollar-weighted People average maturity.The fund employs an indexing investment approach designed to track the performance of the Barclays U.S.1- Parent 3 Year Government Float Adjusted Index.This Index includes fixed income securities issued by the U.S.Treasury and U.S.gov- Price ernment agencies and instrumentalities,as well as corporate or dollar-denominated foreign debt guaranteed by the U.S.gov- Rating ernment,all with maturities between 1 and 3 years.At least 80%of the fund's assets will be invested in bonds included in the index. Style Map 03-31-2014 Performance 07-15-2014 YTD 1 Mo 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann Growth of 10,000 10,026 10,003 10,053 10,137 Fund 0.26 0.03 0.53 0.46 +I-Barclays US Agg Bond -3.43 -0.31 -3.62 -2.80 TR USD +/-Category -0.36 -0.01 -0.15 -0.07 Rank in Cat 70 54 50 57 Ltd Mod Eel #of Funds in Cat 137 138 136 128 119 108 Currency Is displayed In USD Bond Statistics Value Top Holdings 06-30-2014 Milm ME. Average Effective Duration(Years) 1.93 Weight% Maturity Date Amount Mil Value Mil Average Effective Maturity(Years) 2.00 US Treasury Note 0.375% 2.98 03-15-2010 16.48 16.49 Average Credit Quality AAA US Treasury Note 0.25% 2.72 12-31-2015 15.03 15.03 Average Weighted Coupon 1.28 US Treasury Note 0.25% 2.61 11-30-2015 14.45 14.46 Average Weighted Price 101.82 US Treasury Note 0.25% 2.54 10-15-2015 14.06 14.07 US Treasury Note 1.375% 2.45 11-30-2015 13.35 13.50 Asset Allocation Assets in Top 5 Holdings 13.30 I Asset Class %Net O O Increase Decrease t9 New to PortfolM • Cash 1.25 • US Stock 0.00 • Non US Stock 0.00 �rsO5-31-2014 ! • Bond 98.75 Fund BMark Cat Avg •Fund v Cat Avg • Other 0.00 U.S.Treasury 88.94 38.63 U.S.Agency 9.84 11.29 .' Agency MBS Pass-Through 0.34 7.01 ■ ,lanagement U.S.Treasury Inflation-Protected 0.00 0.24 Start Date Non-U.S.Government 0.00 0.14 Joshua C.Barrickman 2013-02-22 0 30 60 90 120 Dividend and Capital Gains Distributions Distribution Distribution Long-Term Long-Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 2014-06-30 20.33 0.0000 0.0000 0.0000 0.0100 0.0100 2014-05-30 20.34 0.0000 0.0000 0.0000 0.0100 0.0100 2014-04-30 20.32 0.0000 0.0000 0.0000 0.0100 0.0100 2014-03-31 20.30 0.0000 0.0000 0.0000 0.0000 0.0000 2014-02-28 20.33 0.0000 0.0000 0.0000 0.0100 0.0100 E2014 Morningstar.All Rights Reserved.Unless otherwise provided in a separate agreement,you may use this report only in the country in which its original distributor is based.Data as originally reported The information contained herein is not represented or warranted to be accurate,correct complete,ortimely-This report is for information purposes only,and should not be considered a solicitation to boy or sell any security- MC)RNINGSlAR RedisMbulon is prohibited without mitten permission To order reprints,call+1 312-656-6100-To license the research,call+1 312-656-6365- Release date 07-15-2014 Page 1 of 1 Fidelity Spartan S/T Tr Bd Idx Fid Advt FSBAX Morningstar Analyst Bating NAV$ NAV Day Change% Yield TTM Y Total Assets$Mil Status Min.Inv. Load Expenses Morningstar Bating" Category Investment Style 10.43 4-0.01 1-0.10 0.85 769.0 Open $10,000 None 0.10% **** Short Government t Growth of 10,00012-20-2005-07-15-2014 IMI ■ 'isk Measures J. 14K -Fiderity Spartan sRTredld. (12E1) .Category +Ave 14K Fid%$13,20156 p26) -shortGovernment Return vs.Category +Avg 12K $12,56477 (126) Barclays US Agg Bond TH Low Avg High 10K USD$15,100 2000 2007 2008 2009 2010 2011 2012 2013 2014 8K Pillars Process InvestttStrategy W Performance The investment seeks a high level of current income in a manner consistent with preservation of capital.The fund normally in- People vests at least 80%of assets in securities included in the Barclays®U.S.1-5YearTreasury Bond Index.It normally maintains a Parent dollar-weighted average maturity of three years or less.The fund uses statistical sampling techniques based on duration,ma- Price turity,interest rate sensitivity,security structure,and credit quality to attempt to replicate the returns of the Barclays U.S.1-5 Rating Year Treasury Bond Index using a smaller number of securities. Style Map 05-31-2014 Performance 07-15-2014 YTD 1 Mo 1 Yr 3Yr Ann 5Yr Ann 10Yr Ann LT Growth of 10,000 nom 9,997 10,071 10,235 10,922 Fund 0.58 -0.03 0.71 0.78 1.78 +I-Barclays US Agg Bond -3.12 -0.37 -3.44 -2.47 -2.96 TR USD +I-Category -0.04 -0.07 0.04 0.25 0.29 cyo Rank in Cat 44 87 39 36 35 #of Funds in Cat 137 138 136 128 119 108 Ltd Mod Ext Currency Is displayed In USD - Top Holdings 05-31-2014 Bond Statistics Value Weight% Maturity Date Amount Mil Value Mil Average Effective Duration(Years) 2.54 0 US Treasury Note 1.375% 1.24 09-30-2018 9.49 9.51 Average Effective Maturity(Years) 0 US Treasury Note 1.5% 1.21 08-31-2018 9.15 9.22 Average Credit Quality AM 10 US Treasury Note 2.125% 1.O6 05-31-2015 7.92 am Average Weighted Coupon 1.62 Average Weighted Price 1O2.26 US Treasury Note 1.875% 0.99 O6-30-2015 7.39 7.52 US Treasury Note 1.75% O.96 07-31-2015 7.21 7.34 Assets in Top 5 Holdings 5.45 ! Asset Class %Net O Increase 0Decrease tX New to Portfolio • Cash 2.34 • US Stock 0.00 t Sectors 05-31-2014 . • Non US Stock 0.00 Fund BMark Cat Avg ■Fund •Cat Avg • Bond 97.66 br U.S.Treasury 97.66 38.63 • Other 0.00 U.S.Treasury Inflation-Protected 0.00 0.24 U.S.Agency 0.00 11.29 • Non-U.S.Government 0.00 0.14 Other Government Related 0.00 4.O6 `Management Start Date 0 30 60 90 120 Alan Bembenek 2012-03-01 Dividenr'and Capital Gains Distributions MP. Brandon Bettencourt 2014-05-19 Distribution Distribution Long-Term Long-Term Return of Dividend Distribution Date NAV Capital Gain Short Gain Capital Income Total 2014-O6-30 10.45 0.0000 0.0000 0.0000 0.0100 0.0100 2014-05-30 10.47 0.0000 0.0000 0.0000 0.0100 0.0100 2014-04-30 10.44 0.0000 0.0000 0.0000 0.0100 0.0100 2014-04-11 10.45 0.0100 0.0000 0.0000 0.0000 0.0100 2014-03-31 10.44 0.0000 0.0000 0.0000 0.0100 0.0100 E 2014 Morningstar.All Rights Reserved.Unless otherwise provided in a separate agreement,you may use this report only in the country in which its original distributor is based.Data as originally reported The information contained herein is not represented or warranted to be accurate,correct complete,ortimely-This report is for information purposes only,and should not be considered a solicitation to boy or sell any security- MnRNINGSTAR RedisMbulon is prohibited without mitten permission-To order reprints,call+1 312-656-6100-To license the research,call+1 312-656-6065. Release date 7/15/2019 Page 1 of 1 SPDR Barclays Capital Short Term Corp Bd SCPB Snanshot Morningstar Rating"" Morningstar Category"" Net Assets(Mil)* *N Short-Term Bond 3,539.13(USD) Portfolio Analysis 7/14/2014 M Value Blend Growth Ltd Mod Ext •♦Morningstar z US Market •Funtl N 4'fs),?),0 50 100 a� Cycllcai Asset Allocation Long% Short% Net% Equity Investment Style Fixed-Income Investment Style Stock Sectors °/a Stocks • Cash 3.75 0.00 3.75 Market Cap($Mil) Avg Effective Duration(Yrs) 1.91 Cyclical • US Stock 0.00 0.00 0.00 Avg Effective Maturity(Yrs) ' Sensitive • Non US Stock 0.00 0.00 0.00 Avg Credit Quality A 'Defensive • Bond 95.94 0.00 95.94 • Other 0.31 0.00 0.31 Fixed-income investment style data is as of 5/31/2014 sect.data is calculated only using the long positon holdings of the portfolio. Performance 7/15/2014 Ratings and Risk 6/31 Growth of 10K Overall 3 Yr 5 Yr 10 Yr 12 *** *** • Fund Morningstar Ratingl'^ ■ Index Number of Funds Rated 5 5 11 - Category Morningstar Riskl'^ Average Average 10K Morningstar Return" Average Average 2010 2011 2012 2013 6/2014 y t Standard Deviation 1.14 ® ® ® ® ® Quartile Rank(cat) Mean 1.92 Top 1 2.79 1.48 3.62 1.31 0.88 Market Return To 3.64 1.40 3.65 1.37 0.86 NAV Return To Date of Amount Value °/a Net Maturity 000 $000 Assets 0.12 -0.39 -0.24 0.40 -0.11 +/-Category Verizon Comms 2.5% 9/15/2016 22,112 24796 0.65 -2.90 -6.44 -0.56 3.39 -3.07 +/-Index* Bk Amer 6.5% 8/1/2016 20,114 22,202 0.63 196 391 1,723 4927 3,539 Net Assets(Mil) Goldman Sachs Grp 3.625% 2/7/2016 21425 24101 0.63 "Bamlays US Agg Bond TR USD Cisco Sys 5.5% 2/22/2016 16,300 17,575 0.50 Abbvie 1.2% 11/6/2015 17,265 17,377 0.49 Trailing Total Returns Mkt Ret% NAV Ret% +/-Index- +/-Cat *Std Ret Jpmorgan Chase 3.15% 7/5/2016 15,100 15,716 0.45 YTD 0.79 0.83 -2.87 -0.02 0.86 Jpmorgan Chase 3.45% 3/1/2016 14,375 14,974 0.43 12 Mo 2.04 1.94 -2.21 0.30 2.14 Goldman Sachs Grp 5.35% 1/15/2016 12,898 13,744 0.39 3 Yr Annualized 1.74 1.80 -1.45 0.09 1.92 Hm Depot 5.4% 3/1/2016 12,558 13,516 0.38 5 Yr Annualized J P Morgan Chase Ft Co Mtn Be 1.1% 10/15/2015 13,091 13,140 0.37 10 Yr Annualized' Inception 1.92 2.20 -5.70 2.23 To Assets in Top 10 Holdings 5.17 "Quarter-end data trough 6/30/2014 10 veer as of 6/30/2014 Total Number of Stock Holdings 0 -Barclays US Agg Bond TR USD Total Number of Bond Holdings 921 Turnover To 18 12-Month Yield To 1.18 30-Day SEC Yield To 0.93 Operations M-MII- Advisor Management Price Information Trading Information Advisor SSgA Funds Management Inclnception 12/16/2009 Market Price(7/15/2014) 30.75 Avg Daily Vol(shares) 582,730 Subadvisor Manager Patrick Bresnehan NAV(7/15/2014) 30.72 Shares Outstanding Tenure 2.47 Premium/Disc(7/15/2014) 0.09 Exchange ARCX Prospectus Net Expense Ratio 0.12% ©2014 MornIngstar,Inc All Rights Reserved.The informaton data analyses and opinlons coma ned here n 111 Include the confidental and confident proprletary informaton of M orn ngstar 121 may not be coped or d strbuted 131 do not �\ R �. snit Investment dbe offered by Mo"tngsmr,(4)are pmvded solely for f tonal purposes and therefore are not an off t by sell sec.',and(5)are not warranted to be correct complete or accurate-Except as M� /RNING �II otherwise requ red by law,Mom ngstar shall not b spons ble for any trad ng demons,ons,damages or other losses result ng from,or related to,this informal on,data,analyses or opri ons or the r use-Th s report Is supplemental sales literature,and therefore must be preceded or accompanied bya prospectus and disclosure statement Please read the prospectus carefully 1'1 I B OGDAHN THE GROUP, simplifying your invevirnu i/and ffrlrrcrrrry rfecrsriIrrs Orlando 4901 Vineland Road, Suite . 110 Orlando, Florida 328 I I 866, 240 . 7932 Chicago Milwaukee Cleveland Dallas