Limited Term Government and Agency Fund
06/30/20 As announced in October 2019, Kurt Wagner is no longer a Portfolio Manager of the Fund and Dan Conklin has been elevated to Portfolio Manager, effective June 30, 2020. Please refer to the prospectus for more details.
Y shares are only available to certain institutional investors. Please click here for other share classes.
The Limited Term Government and Agency Fund seeks high current return consistent with preservation of capital
Primary Benchmark:
Bloomberg Barclays US 1-5 Year Government Bond Index
Portfolio Management
Chris Harms
Cliff Rowe, CFA
Dan Conklin, CFA
Total Fund Assets (as of 12/31/2020):
$1.0 billion
Lipper Category:
Short-Intermediate U.S. Government Funds
Morningstar Category:
Short Government
Strategy Highlights
- 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
Investment Strategy
- 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.
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, L.P. (the “Distributor”).
*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.
1 As 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 1/31/21. 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. 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, 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.
The Bloomberg Barclays 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.
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Primary Benchmark:
Bloomberg Barclays US 1-5 Year Government Bond Index
Year-to-Date Performance as of 1/15/2021 | | Class N | Class Y |
|---|
| | -0.04% | -0.05% |
Month-End Performance as of 12/31/2020 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | 0.11% | 0.18% | | Year-to-date | 3.43% | 3.43% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 2/1/2017 | 3/31/1994 | | 1 Year | 3.43% | 3.43% | | 3 Years | 2.82% | 2.76% | | 5 Years | N/A | 2.06% | | 10 Years | N/A | 1.82% | | Since Inception | 2.44% | 3.93% |
Quarter-End Performance as of 12/31/2020 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | 0.11% | 0.18% | | Year-to-date | 3.43% | 3.43% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 2/1/2017 | 3/31/1994 | | 1 Year | 3.43% | 3.43% | | 3 Years | 2.82% | 2.76% | | 5 Years | N/A | 2.06% | | 10 Years | N/A | 1.82% | | Since Inception | 2.44% | 3.93% |
|
Lipper Ranking as of 12/31/2020 | | Class N | Class Y |
|---|
| 1 Year | 20/25 | 21/25 | | 3 Years | 11/25 | 12/25 | | 5 Years | N/A | 8/23 | | 10 Years | N/A | 4/21 | | Lipper Category: Short-Intermediate U.S. Government Funds |
Morningstar Ranking as of 12/31/2020 | | Class N | Class Y |
|---|
| 1 Year | 39/87 | 40/87 | | 3 Years | 23/85 | 27/85 | | 5 Years | N/A | 18/81 | | 10 Years | N/A | 5/65 | | Morningstar Category: Short Government |
Lipper and Morningstar 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.
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Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2020 © 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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Monthly as of 12/31/2020
| Characteristics | |
|---|
| Number of Issues | 326 | | Average Maturity | 3.97 | | Weighted Average Duration | 2.02 | | Annual Turnover (9/30/2020) | 319% |
| Currency Distribution | |
|---|
| US Dollar | 100.0% | | Duration Distribution | |
|---|
| Less than 1 Yr. | 33.5% | | 1 to 3 Yrs. | 33.9% | | 3 to 5 Yrs. | 21.2% | | 5 to 7 Yrs. | 2.0% | | 7 to 10 Yrs. | 1.9% | | 10 Yrs. or more | 0.0% | | Cash & Equivalents | 7.5% |
|
| Sector Distribution | |
|---|
| Securitized Agency | 51.5% | | US Treasurys | 34.0% | | Securitized Credit | 7.0% | | Cash & Equivalents | 7.5% | | Country Distribution | |
|---|
| United States | 99.9% | | Canada | 0.1% | | Maturity Distribution | |
|---|
| Less than 1 Yr. | 2.7% | | 1 to 3 Yrs. | 30.5% | | 3 to 5 Yrs. | 32.2% | | 5 to 7 Yrs. | 15.2% | | 7 to 10 Yrs. | 11.8% | | 10 Yrs. or more | 0.0% | | Cash & Equivalents | 7.5% | | Credit Quality | |
|---|
| US Treasurys | 34.0% | | AAA | 57.9% | | AA | 0.4% | | A | 0.0% | | BAA | 0.0% | | BA | 0.0% | | B | 0.2% | | CAA & Lower | 0.0% | | Not Rated | 0.0% | | Cash & Equivalents | 7.5% | |
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.
Quarterly as of 12/31/2020
| Characteristics | Fund | Index |
|---|
| Number of Issues | 326 | 522 | | Average Maturity | 3.97 | 2.75 | | Weighted Average Duration | 2.02 | 2.65 | | Annual Turnover (9/30/2020) | 319% | |
| Currency Distribution | Fund | Index |
|---|
| US Dollar | 100.0% | 100.0% | | Duration Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 33.5% | 3.3% | | 1 to 3 Yrs. | 33.9% | 59.6% | | 3 to 5 Yrs. | 21.2% | 37.1% | | 5 to 7 Yrs. | 2.0% | 0.0% | | 7 to 10 Yrs. | 1.9% | 0.0% | | 10 Yrs. or more | 0.0% | 0.0% | | Cash & Equivalents | 7.5% | 0.0% |
|
| Sector Distribution | Fund | Index |
|---|
| Securitized Agency | 51.5% | 0.0% | | US Treasurys | 34.0% | 94.2% | | Securitized Credit | 7.0% | 0.0% | | US Agency | 0.0% | 5.6% | | Government Related | 0.0% | 0.2% | | Cash & Equivalents | 7.5% | 0.0% | | Country Distribution | Fund | Index |
|---|
| United States | 99.9% | 100.0% | | Canada | 0.1% | 0.0% | | Maturity Distribution | Fund | Index |
|---|
| Less than 1 Yr. | 2.7% | 3.4% | | 1 to 3 Yrs. | 30.5% | 57.1% | | 3 to 5 Yrs. | 32.2% | 39.5% | | 5 to 7 Yrs. | 15.2% | 0.0% | | 7 to 10 Yrs. | 11.8% | 0.0% | | 10 Yrs. or more | 0.0% | 0.0% | | Cash & Equivalents | 7.5% | 0.0% | | Credit Quality | Fund | Index |
|---|
| US Treasurys | 34.0% | 94.2% | | AAA | 57.9% | 5.8% | | AA | 0.4% | 0.0% | | A | 0.0% | 0.0% | | BAA | 0.0% | 0.0% | | BA | 0.0% | 0.0% | | B | 0.2% | 0.0% | | CAA & Lower | 0.0% | 0.0% | | Not Rated | 0.0% | 0.0% | | Cash & Equivalents | 7.5% | 0.0% |
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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.