Inflation Protected Securities Fund

The Inflation Protected Securities Fund seeks high total investment return through a combination of current income and capital appreciation
Total Assets $100.7 million As of 11/30/2025
Asset Class Fixed
Daily YTD Return 7.08% As of 12/26/2025
Inception Date 5/20/1991

Overview

Fund Details

Primary Benchmark
Bloomberg US Treasury Inflation Protected Securities Index
Lipper Category
Treasury Inflation Protected Securities
Morningstar Category
Inflation-Protected Bond

Portfolio Managers

Elaine Kan, CFA

Portfolio Manager and Rates & Currency Strategist

28 yearsIndustry Experience
14 yearsTenure at Loomis Sayles

Kevin Kearns

Portfolio Manager, Head of Alpha Strategies

39 yearsIndustry Experience
18 yearsTenure at Loomis Sayles

Fund Facts

As of 11/30/2025
Ticker LIPNX
Class Inception Date 2/1/2017
CUSIP 543495659
Minimum Initial Investment $1,000,000
Gross Expense Ratio1 0.56%
Net Expense Ratio1 0.35%
Net Asset Value 9.81
30-Day SEC Yield2 1.43%
Unsubsidized 30-Day SEC Yield2 1.23%

About the Team

Alpha Strategies

A multi-asset investment platform built on the integration of fundamental insight and quantitative innovation.

$9.0B* assets under management (as of 9/30/2025)
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Our Performance data shown represents past performance and is no guarantee of future results. Investment return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, please see the following tab labeled “Performance”.

Why Choose this Fund?

  • As a basic strategy to assist in hedging against inflation.
  • For exposure to Treasury inflation-protected securities (TIPS) as well as other investments that may add yield potential.

Investment Strategy

  • Invests at least 80% of assets in inflation-protected securities, debt securities issued by the US Treasury (TIPS)
  • May invest up to 10% of assets in lower-rated fixed income securities
  • May invest in nominal treasury securities, corporate bonds, asset-backed securities and mortgage-related securities
  • Targeted exposure to inflation protected securities
  • Potential benefits from bonds denominated in other currencies
  • Exposure to high yield securities can offer additional diversification and may increase yield

About Risk

  • Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
  • Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
  • Inflation protected securities move with the rate of inflation and carry the risk that in deflationary conditions (when inflation is negative) the value of the bond may decrease.
  • Derivatives involve risk of loss and may entail additional risks. Because derivatives depend on the performance of an underlying asset, they can be highly volatile and are subject to market and credit risks.
  • Foreign securities may involve heightened risk due to currency fluctuations. Additionally, they may be subject to greater political, economic, environmental, credit and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity.
  • Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
  • Commodity-related investments, including derivatives, may be affected by a number of factors including commodity prices, world events, import controls and economic conditions, and therefore may involve substantial risk of loss.

Performance

Cumulative Total Return (%)
As of 11/30/2025
Class N Return
3 Months 1.21%
Year-To-Date 7.51%
Annualized Total Return (%)
As of 11/30/2025
Class N Return
1 Year 5.74%
3 Years 3.92%
5 Years 1.13%
10 Years –
Since Inception 3.06%
Inception Date 2/1/2017
Cumulative Total Return (%)
As of 9/30/2025
Class N Return
3 Months 2.26%
Year-To-Date 6.85%
Annualized Total Return (%)
As of 9/30/2025
Class N Return
1 Year 3.59%
3 Years 4.79%
5 Years 1.19%
10 Years –
Since Inception 3.05%
Inception Date 2/1/2017

Performance data shown represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.

Rankings

Lipper Ranking
As of 11/30/2025
Class N Rank Percentile
1 Year 110/220 50%
3 Years 110/198 56%
5 Years 123/189 65%
10 Years –
Lipper Category: Treasury Inflation Protected Securities
Morningstar Ranking
As of 11/30/2025
Class N Rank Percentile
1 Year 53/148 36%
3 Years 51/138 37%
5 Years 63/131 48%
10 Years –
Morningstar Category: Inflation-Protected Bond

Lipper rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.

Morningstar Percentile Rankings are based on total return and do not account for sales charges. Percentile ranks are based on absolute rank within specific fund categories and time periods. Within a category, all funds’ percentile rankings range from 1 (best) to 100 (worst), with all intermediate values spread evenly over that range. The fund’s absolute peer ranking may not be available for all time periods. Morningstar does not calculate an absolute peer ranking when a fund’s performance has been linked to a preexisting share class.

Past performance is no guarantee of future results.

Characteristics

Characteristics
As of 11/30/2025
Number of Holdings 80
Average Maturity 7.59
Weighted Average Duration 6.89
Annual Portfolio Turnover as of 9/30/2024 39.96%
Credit Quality
As of 11/30/2025
US Treasurys 80.9%
AAA 0.0%
AA 3.3%
A 4.9%
BAA 8.3%
BA 1.1%
B 0.0%
CAA & Lower 0.0%
Not Rated 0.0%
Cash & Equivalents 1.5%
Duration Distribution
As of 11/30/2025
Less than 1 Yr. 0.2%
1 to 3 Yrs. 7.7%
3 to 5 Yrs. 39.7%
5 to 7 Yrs. 12.4%
7 to 10 Yrs. 24.8%
10 Yrs. or more 13.7%
Cash & Equivalents 1.5%
Maturity Distribution
As of 11/30/2025
Less than 1 Yr. 0.2%
1 to 3 Yrs. 7.3%
3 to 5 Yrs. 38.9%
5 to 7 Yrs. 11.7%
7 to 10 Yrs. 25.6%
10 Yrs. or more 14.7%
Cash & Equivalents 1.5%

Sector Distribution

As of 11/30/2025
LabelFund
US Treasury 80.9%
Investment Grade Credit 15.4%
High Yield Credit 1.6%
Emerging Markets Debt 0.6%
Cash & Equivalents 1.5%

Country Distribution

As of 11/30/2025
LabelFund
United States 94.0%
United Kingdom 2.1%
Spain 1.0%
Brazil 0.5%
Finland 0.5%
Switzerland 0.4%
Ireland 0.4%
Canada 0.4%
France 0.3%
Other 0.4%
Characteristics
As of 9/30/2025
Characteristic Fund Index
Number of Holdings 74 48
Average Maturity 7.33 7.18
Weighted Average Duration 6.74 6.58
Annual Portfolio Turnover as of 9/30/2024 39.96%
Credit Quality
As of 9/30/2025
Fund Index
US Treasurys 83.3% 100.0%
AAA 0.0% 0.0%
AA 1.6% 0.0%
A 3.9% 0.0%
BAA 8.6% 0.0%
BA 1.5% 0.0%
B 0.0% 0.0%
CAA & Lower 0.0% 0.0%
Not Rated 0.1% 0.0%
Cash & Equivalents 0.9% 0.0%
Duration Distribution
As of 9/30/2025
Fund Index
1 to 3 Yrs. 10.1% 29.4%
3 to 5 Yrs. 41.5% 22.8%
5 to 7 Yrs. 12.5% 16.6%
7 to 10 Yrs. 22.2% 16.7%
10 Yrs. or more 12.7% 14.4%
Cash & Equivalents 0.9% 0.0%
Maturity Distribution
As of 9/30/2025
Fund Index
1 to 3 Yrs. 10.1% 26.1%
3 to 5 Yrs. 39.5% 26.1%
5 to 7 Yrs. 12.9% 13.1%
7 to 10 Yrs. 23.0% 20.2%
10 Yrs. or more 13.7% 14.4%
Cash & Equivalents 0.9% 0.0%

Sector Distribution

As of 9/30/2025
LabelFundIndex
US Treasury 83.3%100.0%
Investment Grade Credit 13.5%–
High Yield Credit 1.8%–
Emerging Markets Debt 0.6%–
Cash & Equivalents 0.9%–

Country Distribution

As of 9/30/2025
LabelFundIndex
United States 94.6%100.0%
United Kingdom 1.5%0.0%
Spain 0.9%0.0%
Brazil 0.5%0.0%
Finland 0.5%0.0%
Switzerland 0.5%0.0%
Ireland 0.4%0.0%
Canada 0.4%0.0%
France 0.3%0.0%
Other 0.5%0.0%

Holdings

Top 10 Holdings
As of 11/30/2025
Holding % of Assets
U S TREASURY 80.9%
STANDARD CHARTERED PLC 1.0%
ALPHABET INC 0.9%
BANCO BILBAO VIZCAYA ARGENTARIA SA 0.9%
MORGAN STANLEY 0.6%
JPMORGAN CHASE & CO 0.6%
HPS CORPORATE LENDING FU 0.5%
SHELL PLC 0.5%
DOMINION ENERGY INC 0.5%
ROPER TECHNOLOGIES INC 0.5%
Total 86.9%
Top 10 Holdings
As of 9/30/2025
Holding % of Assets
U S TREASURY 83.3%
JPMORGAN CHASE & CO 0.9%
HPS CORPORATE LENDING FU 0.9%
BANCO BILBAO VIZCAYA ARGENTARIA SA 0.9%
ENERGY TRANSFER LP 0.7%
MORGAN STANLEY 0.6%
MERCK & CO INC 0.5%
DOW CHEMICAL CO/THE 0.5%
DOMINION ENERGY INC 0.5%
ROPER TECHNOLOGIES INC 0.5%
Total 89.2%

Documents

1As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 1/31/26. When an expense limitation has not been exceeded, the fund may have similar expense ratios and/or yields.

2The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. Treasury Inflation-Protected Securities (TIPS) are designed to provide protection against inflation through monthly adjustments to the principal value of TIPS, which increases with inflation and decreases with deflation as measured by the Consumer Price Index. Monthly principal adjustments for inflation (increases and decreases) are excluded from the 30-day SEC yield calculation. Such adjustments can vary substantially from one month to the next, and if they were included, may materially impact the 30-day SEC yield either higher or lower. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts. During periods of unusual market conditions and/or activity in the sales or redemptions of fund shares, the fund’s 30-day SEC yield amounts may be materially higher or lower than its actual income distributions. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement.

Important Disclosures

Investing involves risk, including possible loss of principal.
 
There is no guarantee that the investment objective will be realized or that the fund will generate positive or excess return.
 
Diversification does not ensure a profit or guarantee against a loss.
 
Commodity, interest and derivative trading involves substantial risk of loss.

Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.

Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody’s, S&P or Fitch; ratings are subject to change. The fund’s shares are not rated by any rating agency and no credit rating for fund shares is implied. Bond credit ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Cash & Equivalents reflects unsettled trades, fees and derivatives. Negative Cash & Equivalents reflect the market value of future trade commitments for the fund. ABS/RMBS: Asset-Backed Securities/Residential Mortgage-Backed Securities. Agency MBS: Agency Mortgage-Backed Securities. CMBS: Commercial Mortgage-Backed Securities.

Due to rounding, Sector, Currency, Country, Duration, Maturity and Quality distribution totals may not equal 100%.

Both duration and maturity for equity securities are deemed to be zero.

Top 10 holdings may not be representative of current or future holdings and will evolve over time.

The Bloomberg US Treasury Inflation Protected Securities Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The liquidity constraint for all securities in the index is $300 million. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.

Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2025 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, LLC (the “Distributor”).

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. You may obtain a prospectus or a summary prospectus containing this and other information on this website. Read it carefully.

Natixis Distribution, LLC (fund distributor, member FINRA|SIPC) and Loomis, Sayles & Company, L.P. are affiliated.

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