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     This is a pool of two actively managed mutual funds, selected and monitored by the HBF Investment Committee.  The two funds do not invest in companies known to be involved with alcoholic beverages, tobacco, gambling, and some other objectionable products and services.


    Most of the pool is in a mutual fund that stresses quality, diversification and flexibility.  “The fund emphasizes higher quality, intermediate-term bonds and aims to avoid concentrated risk exposure by being globally diversified.  It also has considerable flexibility to respond to changing economic conditions in order to help manage overall risk and increase total return potential.” The fund has produced positive returns every year in all market environments for over 20 years, ending in 2012.


     About 12% of the pool is invested in an actively managed high yield bond mutual fund.  


     The returns of this fixed income portfolio, as presently constructed, would have averaged about 6% over the past ten years and 5% per year over the past five years ending in 2014.  Past returns are no guarantee of future returns.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

Fixed Income



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