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Limited Term Government and Agency Fund

The Limited Term Government and Agency Fund seeks high current return consistent with preservation of capital
Total Assets $673.3 million As of 11/30/2025
Asset Class Fixed
Daily YTD Return 5.66% As of 12/26/2025
Inception Date 1/3/1989

Overview

Fund Details

Primary Benchmark
Bloomberg US 1-5 Year Government Bond Index
Lipper Category
Short-Intermediate U.S. Government Funds
Morningstar Category
Short Government

Portfolio Managers

Chris Harms

Portfolio Manager, Co-Head of Relative Return

45 yearsIndustry Experience
15 yearsTenure at Loomis Sayles

Cliff Rowe, CFA

Portfolio Manager

33 yearsIndustry Experience
33 yearsTenure at Loomis Sayles

Daniel Conklin, CFA

Portfolio Manager

15 yearsIndustry Experience
13 yearsTenure at Loomis Sayles

Fund Facts

As of 11/30/2025
Ticker NELYX
Class Inception Date 3/31/1994
CUSIP 543487326
Minimum Initial Investment $100,000
Gross Expense Ratio1 0.52%
Net Expense Ratio1 0.45%
Net Asset Value 10.99
30-Day SEC Yield2 3.45%
Unsubsidized 30-Day SEC Yield2 3.38%

About the Team

Relative Return

A comprehensive fixed income platform powered by seasoned investors and focused, benchmark aware investment strategies.

$135.4B assets under management (as of 9/30/2025)
View All Documents

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 tab labeled “Performance”.

Why Choose this Fund?

  • To pursue a total return from a conservative, high-quality, shorter-duration fixed income portfolio.
  • For investors who prefer intermediate-term US government or agency securities.
  • To help mitigate both credit and interest rate risk.

Investment Strategy

  • Focuses on securities that are issued or guaranteed by the US government or its agencies*
  • Emphasizes intermediate-term securities that offer potential yield advantage and relative price stability
  • May be suitable for investors seeking a conservative fixed-income portfolio
  • Invests at least 80% of assets in investments issued or guaranteed by the US government, its agencies or instrumentalities
  • Seeks securities that provide an average credit quality equal to the credit rating of the US Government long term debt
  • Weighted average duration is generally 2-4 years
  • May invest in mortgage-related securities in connection with its principal investment strategies

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.
  • US government agency securities are not insured and may not be guaranteed by the US government.
  • Mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities. Other related risks include prepayment risk, which is the risk that the securities may be prepaid, potentially resulting in the reinvestment of the prepaid amounts into securities with lower yields.
  • Securities purchased on a forward commitment, when-issued or delayed delivery basis are subject to many of the same risks (such as market risk and interest rate risk) as other securities. In addition, when-issued and delayed delivery securities are subject to other risks including loss of value prior to delivery; the security may not be issued; or a counterparty to the transaction may not meet its obligations.

Performance

Cumulative Total Return (%)
As of 11/30/2025
Class Y Return
3 Months 1.19%
Year-To-Date 5.47%
Annualized Total Return (%)
As of 11/30/2025
Class Y Return
1 Year 5.44%
3 Years 4.92%
5 Years 1.81%
10 Years 1.89%
Since Inception 3.60%
Inception Date 3/31/1994
Cumulative Total Return (%)
As of 9/30/2025
Class Y Return
3 Months 1.11%
Year-To-Date 4.55%
Annualized Total Return (%)
As of 9/30/2025
Class Y Return
1 Year 4.15%
3 Years 4.78%
5 Years 1.63%
10 Years 1.76%
Since Inception 3.59%
Inception Date 3/31/1994

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 Y Rank Percentile
1 Year 13/25 52%
3 Years 4/25 16%
5 Years 3/24 13%
10 Years 2/22 9%
Lipper Category: Short-Intermediate U.S. Government Funds
Morningstar Ranking
As of 11/30/2025
Class Y Rank Percentile
1 Year 17/75 23%
3 Years 9/65 14%
5 Years 15/59 25%
10 Years 11/52 21%
Morningstar Category: Short Government

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 262
Average Maturity 3.10
Weighted Average Duration 2.14
Annual Portfolio Turnover as of 9/30/2025 269.14%
Credit Quality
As of 11/30/2025
US Treasurys 52.0%
AAA 11.3%
AA 30.6%
A 0.0%
BAA 0.0%
BA 0.0%
B 0.1%
CAA & Lower 0.0%
Not Rated 0.3%
Cash & Equivalents 5.7%
Duration Distribution
As of 11/30/2025
Less than 1 Yr. 25.4%
1 to 3 Yrs. 37.3%
3 to 5 Yrs. 30.0%
5 to 7 Yrs. 1.6%
7 to 10 Yrs. 0.0%
10 Yrs. or more 0.0%
Cash & Equivalents 5.7%
Maturity Distribution
As of 11/30/2025
Less than 1 Yr. 3.2%
1 to 3 Yrs. 42.7%
3 to 5 Yrs. 44.8%
5 to 7 Yrs. 2.5%
7 to 10 Yrs. 0.2%
10 Yrs. or more 0.8%
Cash & Equivalents 5.7%

Sector Distribution

As of 11/30/2025
LabelFund
US Treasurys 52.0%
Securitized Agency 35.8%
Securitized Credit 6.4%
Cash & Equivalents 5.7%
Characteristics
As of 9/30/2025
Characteristic Fund Index
Number of Holdings 263 403
Average Maturity 3.13 2.71
Weighted Average Duration 2.14 2.53
Annual Portfolio Turnover as of 9/30/2025 269.14%
Credit Quality
As of 9/30/2025
Fund Index
US Treasurys 51.5% 98.2%
AAA 11.1% 0.0%
AA 30.8% 1.8%
A 0.6% 0.0%
BAA 0.0% 0.0%
BA 0.0% 0.0%
B 0.1% 0.0%
CAA & Lower 0.0% 0.0%
Not Rated 0.2% 0.0%
Cash & Equivalents 5.7% 0.0%
Duration Distribution
As of 9/30/2025
Fund Index
Less than 1 Yr. 25.9% 3.6%
1 to 3 Yrs. 36.4% 61.5%
3 to 5 Yrs. 31.3% 34.9%
5 to 7 Yrs. 0.8% 0.0%
7 to 10 Yrs. 0.0% 0.0%
10 Yrs. or more 0.0% 0.0%
Cash & Equivalents 5.7% 0.0%
Maturity Distribution
As of 9/30/2025
Fund Index
Less than 1 Yr. 3.7% 2.7%
1 to 3 Yrs. 40.8% 59.2%
3 to 5 Yrs. 43.8% 38.1%
5 to 7 Yrs. 5.0% 0.0%
7 to 10 Yrs. 0.2% 0.0%
10 Yrs. or more 0.8% 0.0%
Cash & Equivalents 5.7% 0.0%

Sector Distribution

As of 9/30/2025
LabelFundIndex
US Treasurys 51.5%98.2%
Securitized Agency 35.9%–
Securitized Credit 6.9%–
US Agency –1.8%
Cash & Equivalents 5.7%–

Holdings

Top 10 Holdings
As of 11/30/2025
Holding % of Assets
U S TREASURY 52.0%
FEDERAL HOME LOAN MORTGAGE CORP 27.2%
FEDERAL HOME LOAN BANK 6.7%
GOVT NATL MTG ASSN 4.4%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.2%
BROOKFIELD PROPERTY REIT INC 1.0%
TOYOTA AUTO LOAN EXTENDED NOTE TRUST 201 0.6%
GOVERNMENT NATIONAL MORTGAGE ASSN 0.6%
NFMOT 2014-1A A 0.6%
FORDR 2014-1 A 0.6%
Total 97.0%
Top 10 Holdings
As of 9/30/2025
Holding % of Assets
U S TREASURY 53.4%
FEDERAL HOME LOAN MORTGAGE CORP 27.0%
GOVT NATL MTG ASSN 4.6%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.2%
FEDERAL HOME LOAN BANK 3.2%
BROOKFIELD PROPERTY REIT INC 0.9%
GOVERNMENT NATIONAL MORTGAGE ASSN 0.6%
TOYOTA AUTO LOAN EXTENDED NOTE TRUST 201 0.6%
NAVSL 2014-1 A1 0.6%
NFMOT 2014-1A A 0.6%
Total 94.8%

Documents

*US Government guarantees relate to the timely payment of principal and interest of the Funds’ portfolio securities and not the shares of the Fund, which will fluctuate in value.

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.

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/or derivatives. 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 1-5 Year Government Bond Index is an unmanaged, market-weighted index of bonds issued by the U.S. government and its agencies, with maturities between one and five years. 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.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 

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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