Cosmo96,
I retired from GM in 2005 and like you, have always used the Promark Income Fund as my base for fixed income investing. With all the turmoil lately I attempted to find out more detail about the Promark Income Fund and exactly what it invests in, risk, etc. I wrote a letter to Fidelity who administers the GM 401K program and asked for more specifics than the vague information provided in the GM Savings Plan Description brochure. GM advised Fidelity all Promark Funds are institutional funds and as such, they are not required to provide any detailed information outside of what they provide in the GM Savings Plan Description. In other words, to h*ll with you and your request. I do know that A.M. Best recently downgraded ICR's of Monumental Life Insurance from stable to negative. Monumental is one of the companies that issues the wrap contracts in the fund. The other company is Pacific Life Insurance but I have not found any information on any recent downgrade for them. I believe the current yield for this quarter is 4.85% APR which is pretty high vs. the existing interest rate landscape for other fixed income instruments. As you know, higher yields and risk go hand in hand so I suspect there must be higher risk levels GM has opted not to provide any additional information on. By the way, being an institutional fund, the Promark Funds are not regulated by the SEC. I guess the choice is simple. Stay with the Promark Fund and pray that GM is handling the investments wisely or leave the GM/Delphi 401K program and go with a company that provides you with the information you need to make sound investment decisions. You might have to give up a point or so in yield but you'll probably sleep better at night.