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Intermediate U.S. Government Fund

Intermediate U.S. Government Fund    Fact Sheet

Overall Morningstar Rating™

Morningstar StarMorningstar StarMorningstar StarMorningstar Star  

Morningstar Category:

*Based on risk-adjusted returns among 226 funds as of 08.31.2022.

Morningstar Style Box

A Shares (BGVAX)
Inception: 10.09.1992
C Shares (BIUCX)
Inception: 02.01.2001
Inst'l Shares (BBGVX)
Inception: 10.09.1992

Philosophy and Process

The Fund seeks current income consistent with the preservation of capital.

The Fund invests, under normal market conditions, in U.S. Government Securities, some of which may be subject to repurchase agreements, or in "high grade" (rated at the time of purchase in one of the three highest rating categories by a nationally recognized statistical rating organization or are determined by the portfolio manager to be of comparable quality) mortgage-backed securities, including collateralized mortgage obligations.

Investment Considerations

The fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline and an investor may lose money. The fund may invest in mortgage backed securities which tend to be more sensitive to changes in interest rates. The fund invests in U.S. Government securities or its agencies (such as Fannie Mae or Freddie Mac securities). Although U.S. Government Securities issued directly by the U.S. Government are guaranteed by the U.S. Treasury, other U.S. Government Securities issued by an agency or instrumentality of the U.S. government may not be. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.

Fund Facts

Type Class A Shares Class C Shares Class Inst'l Shares
Inception Date 10.09.199202.01.200110.09.1992
Investment Min. $1,000.00$1,000.00$1,000,000.00
Subsequent Investment Min.* $0.00$0.00$0
Max. Up Front Sales Charge 2.00%N/AN/A
Max. Deferred Sales Charge N/A1.00%N/A
*If subsequent investments are made as part of an AIP, the minimum is $25.


Jeffrey D. Ormsby, CFA®
Jeffrey D. Ormsby, CFA®

Executive Director

Michael Z. Sun, CFA®
Michael Z. Sun, CFA®

Executive Director


Fund Performance as of 06.30.2022

Share QTR YTD 1 Year 3 Years 5 Years 10 Years Since
A Shares with 2.00% Sales Charge -4.51% -8.98% -9.71% -1.79% -0.22% 0.22% 3.56%
A Shares without Sales Charge -2.53% -7.09% -7.88% -1.13% 0.17% 0.43% 3.63%
Institutional Shares -2.47% -6.87% -7.64% -0.88% 0.43% 0.68% 3.88%
Lipper Intermediate U.S. Gov't Median -3.64% -8.56% -8.60% -0.87% 0.47% 0.79% N/A

The gross expense ratios for Class A, C and I Shares are 0.95%, 1.70% and 0.70%, respectively. The net expense ratios for Class A, C and I Shares are 0.75%, 1.50% and 0.50%, respectively.

The Advisor has contractually agreed to limit certain fees paid by the Fund from February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.

The performance of the Intermediate U.S. Government Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 10/9/92. The inception date for Class A Shares is 10/09/1992. The inception date for Class C Shares is 02/01/2001. The inception date for Class Inst'l Shares is 10/09/1992.  The performance of Class C Shares is based on the historical performance of Class A Shares, adjusted to reflect the 1% contingent deferred sales charge. Performance does not reflect Class C Share 12b-1 fees or expenses. Performance of Institutional Shares prior to inception is based on the performance of Class S Shares of the Fund which were re-designated as Institutional Shares as of February 1, 2013. With those adjustments, performance would be lower. The performance shown reflects the reinvestment of all dividend and capital gains distributions.


Quality Breakdown as of 06.30.2022

Credit quality ratings using Moody's rating symbols reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. Moody's assigns a range of ratings from Aaa being the highest quality to C being the lowest rated class of bonds. Securities not rated by Moody's may be rated by S&P, Fitch or if no agency rating is available, the Fund will assign a rating of not rated. Bond quality ratings are subject to change.

Effective Duration Breakdown as of 06.30.2022

Name Value
0-1 Yr. 7.0
1-2 Yr. 0.4
2-3 Yr. 15.6
3-5 Yr. 34.3
5-10 Yr. 42.7

Summary Statistics as of 06.30.2022

Name Value
Number of Holdings 75
Average Life 5.57 Years
Effective Duration 4.48 Years
Annual Turnover 9%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Portfolio Composition as of 06.30.2022

Composition Fund Index
Corporate 2.1% 0.0%
    Financial Institutions 1.7% 0.0%
    Utility 0.4% 0.0%
Government Related 14.3% 3.6%
    Agency 13.4% 3.6%
    Local Authority 0.8% 0.0%
Securitized 71.3% 0.0%
    ABS 2.1% 0.0%
    CMBS 20.3% 0.0%
    CMO 14.5% 0.0%
    MBS Passthrough 34.5% 0.0%
Treasury 8.1% 96.4%
    Treasury 8.1% 96.4%
Cash 4.2% 0.0%
    Cash 4.2% 0.0%

Top Ten Holdings as of 06.30.2022

Name Value
Fnma 6.25% 15-May-2029 6.96%
U.S. Treasury 0.25% 30-Sep-2025 5.60%
Fnma 7.125% 15-Jan-2030 3.77%
Fnma-Aces, Series 2015-M17, Class A2 3.51%
Federal Home Loan Bank System 1.2% 30-Dec-2024 2.80%
U.S. Treasury 1.125% 15-Feb-2031 2.52%
Fnma Remic Trust 2017-M7 @Na @Na 2.47%
Fnma 20Yr Pool#Ma4202 1.500% 01-Dec-2040 2.08%
Fnma 30Yr Pool#Ca7224 2.000% 01-Oct-2050 2.08%
Fhlmc 30Yr Pool#Qb4916 2.000% 01-Nov-2050 1.89%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Growth of $10,000 as of 06.30.2022

The Growth of $10,000 chart is hypothetical based upon the performance of A Shares at NAV for the period ended 06/30/2022. It includes the reinvestment of dividends and capital gains.

Glossary of Terms


Monthly Dividend Distribution as of 08.31.2022

Month Class A Shares Class C Shares Class Inst'l Shares
August 2022 $0.0163 $0.0106 $0.0182
July 2022 $0.0161 $0.0104 $0.0180
June 2022 $0.0161 $0.0106 $0.0179
May 2022 $0.0160 $0.0102 $0.0179
April 2022 $0.0161 $0.0105 $0.0179
March 2022 $0.0161 $0.0102 $0.0181
February 2022 $0.0157 $0.0103 $0.0175
January 2022 $0.0164 $0.0103 $0.0185
December 2021 $0.0166 $0.0105 $0.0187
November 2021 $0.0162 $0.0102 $0.0182
October 2021 $0.0174 $0.0111 $0.0194
September 2021 $0.0164 $0.0103 $0.0184

30-Day SEC Yield as of 08.31.2022

Without Waivers With Waivers
Class A 1.87% 2.04%
Class C 1.15% 1.33%
Class I 2.16% 2.34%


Fact Sheet
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