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Russell Managed Yield Class
Series B Shares
Goal
To provide a tax-efficient return comparable to an effective diversification against equities and a stable level of cash flow by investing principally in fixed income securities of Canadian issuers.
Portfolio Composition of the Russell Canadian Fixed Income Fund
The Russell Managed Yield Class enters into forward contracts under which it will swap an equity return for the Russell Canadian Fixed Income Fund return.
(Actual manager allocation may vary)
| Style |
|
Weight |
|
Manager |
| |
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|
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| Interest Rate Management |
|
50% |
|
Beutel, Goodman & Company |
| Security Selection |
|
25% |
|
Canso Investment Counsel Ltd. |
| Global |
|
25% |
|
Pacific Investment Management Co. |
Investment Performance
| |
|
3 mths |
|
YTD |
|
1 yr. |
|
3 yrs. |
|
5 yrs. |
|
10 yrs. |
|
Incep.* |
| Series B |
|
2.11 |
|
6.97 |
|
11.22 |
|
-- |
|
-- |
|
-- |
|
11.22 |
| Total Assets: |
$59 million |
| as of June 30, 2009 |
|
Top 25 Holdings of the Russell Canadian Fixed Income Fund
| Top 25 Holdings |
|
% of net asset value of the fund |
| As at June 30, 2009 |
|
|
| |
|
|
| Long Positions* |
|
|
| Canada Housing Trust No. 1 |
|
5.4 |
| Government of Canada |
|
4.8 |
| Canada Housing Trust No. 1, Series '23' |
|
4.5 |
| Province of Ontario |
|
4.1 |
| Province of Ontario |
|
3.4 |
| Government of Canada |
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3.1 |
| Province of British Columbia |
|
2.8 |
| Province of British Columbia |
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2.5 |
| Province of Ontario |
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2.3 |
| Ontario Electricity Financial Corp., Series 'DJ5' |
|
1.6 |
| Province of Ontario |
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1.6 |
| Canada Housing Trust No. 1 |
|
1.4 |
| TransCanada PipeLines Ltd., Callable |
|
1.4 |
| Government of Canada, Series 'MR14', Zero Coupon |
|
1.3 |
| Commonwealth Bank of Australia, Variable Rate |
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1.3 |
| Fannie Mae |
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1.3 |
| Province of Ontario, Zero Coupon |
|
1.2 |
| Toronto-Dominion Bank (The) |
|
1.2 |
| Hydro One Inc., Series '17', Callable |
|
0.9 |
| Fannie Mae, Zero Coupon |
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0.9 |
| Province of Quebec, Series 'B088' |
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0.9 |
| Government of Japan Inflation Linked Bond, Series '16' |
|
0.8 |
| Province of Ontario |
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0.8 |
| Province of Quebec, Real Return |
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0.8 |
| Province of Ontario |
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0.8 |
| |
|
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| Short Positions** |
|
|
| Japan 10 Year Bond (TSE); expiration date September 2009 |
|
-1.0 |
| |
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| Net Asset Value (thousands of dollars) |
|
$59,281 |
| |
|
|
| * Long positions represent 99.0% of the Fund's Net Asset Value |
|
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| **Short positions represent -1.0% of the Fund's Net Asset Value |
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Note: The fund invests substantially all of its assets in units of Russell Canadian Fixed Income Fund through the use of forward contracts. Above is an outline of the investments held in Russell Canadian Fixed Income Fund as a percentage of the Fund's net assets. The statement of investment portfolio may change due to ongoing portfolio transactions of the Pool. This list will be updated within 60 days of each quarter end and is available on our website- www.russell.com/ca. The prospectus and other information about the underlying funds are available at www.sedar.com.
| Sector Weights |
|
% of net asset value of the fund |
| As at June 30, 2009 |
|
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| Corporate |
|
33.2 |
| Provincial |
|
31.3 |
| Federal |
|
21.7 |
| Foreign |
|
15.8 |
Each Pool in the Russell Sovereign Investment Program® (other than Russell Diversified Monthly Income Portfolio and Russell Retirement Essentials Portfolio) offers Series A, B, E, F and O, units except for the Russell Canadian Dividend Pool which does not offer Series A. The Russell Diversified Monthly Income Portfolio offers E-5, E-7, I-5, I-7, F-5, F-7 and OS units. The Russell Retirement Essentials Portfolio offers B, E-5, E-6, E-7, I-5, I-6, I-7, F-5, F-6, F-7 and O units. The returns of each series of units may differ as a result of varying fees and expenses. Series A and B units have the same management fee. Your dealer is paid a trailer fee as compensation for providing services to you. Series F units (Fee-Based Securities) are available only to investors who participate in an eligible wrap or fee-for-service program. Fee Based Securities have a reduced management fee. We do not pay trailer fees to dealers for Fee Based Securities. Instead each investor negotiates a separate, ongoing fee that is paid directly to his or her dealer and is based on the market value of the investor's assets.
Series O and OS units generally are not sold to the public and are intended to be used in fund-on-fund investments and other wrap programs sponsored by us. These series also are available through us to large institutional investors and other accounts as we may determine from time to time on a case-by-case basis. Each investor in these series negotiates a separate fee that is paid by the investor directly to us.. No management fees are charged to the Pools with respect to the Series O and OS units. Instead, each Series O and OS investor negotiates a separate fee that is paid directly by the investor. Series E units are intended for large investors and as such, have a higher minimum investment and a lower trailer and management fee. For more information about our Pools please see Legal Information.
Series A units of Russell Canadian Equity Pool, Russell US Equity Pool, Russell Overseas Equity Pool and Russell Fixed Income Pool have been available since January 4, 1993. The Emerging Markets Equity Series A units have been available since January 29, 1997 and the Global Equity and Money Market Series A units have been available since January 22, 1998. With the exception of Russell Diversified Monthly Income Portfolio, Russell Retirement Essentials Portfolio and Russell Core Plus Fixed Income Pool, Series B and F units of all the pools have been available since December 19, 2000. Russell Core Plus Fixed Income Pool and the Series E units have been available since October 24, 2007. Russell Core Plus Fixed Income Pool has been available since October 24, 2007. Russell Retirement Essentials Portfolio has been available since March 14, 2008. Series F-5, F-7 and I-5 of Russell Diversified Monthly Income Portfolio have been available since October 27, 2005 and I-7 of Russell Diversified Monthly Income Portfolio has been available since November 4, 2004.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Unless otherwise noted, all the rates shown are for the period ending June 30, 2009. The rates shown are compounded yearly. They also include changes in unit value and all money that has been re-invested.
Data sources include: S&P/TSX Composite Index, DEX Universe Bond Index and DEX 30-day T-bills, Bank of Canada: Consumer Price Index, GIC's and Conventional Mortgages, Standard and Poor's 500 Index, Dow Jones Industrial Average, MSCI Regional, MSCI EAFE Indexes and MSCI Emerging Markets Index.
Note: The statement of investment portfolio may change due to ongoing portfolio transactions of the Pool. This list will be updated within 60 days of each quarter end.
*Inception: October 2008
Date of first publish: November 4, 2009
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