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Intermediate U.S. Government Fund

Mutual Funds

Intermediate U.S. Government Fund

Overall Morningstar Rating™
Morningstar Category: Intermediate Core Bond

4 Star Overall Rating

Based on risk-adjusted BBGVX returns among 220 funds as of 01.31.2024.

Overview

I
Shares

BBGVX

Inception
Date

10.09.1992

Investment
Min.

$1,000,000

Subsequent
Investment Min.1

N/A

Max. Up Front
Sales Charge

N/A

Max. Deferred
Sales Charge

N/A

1If subsequent investments are made as part of an AIP, the minimum is $25.

Philosophy & 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

Term Class A Shares Class C Shares Class I Shares
Ticker BGVAXBIUCXBBGVX
Inception Date 10.09.199202.01.200110.09.1992
Investment Min. $1,000$1,000$1,000,000
Subsequent Investment Min.2 N/AN/AN/A
Max. Up Front Sales Charge 2%N/AN/A
Max. Deferred Sales Charge N/A1%N/A

2If subsequent investments are made as part of an AIP, the minimum is $25.

Intermediate U.S. Government Fund

Management

View professional designations disclosures

Photo of Jeffrey  Ormsby

Jeffrey Ormsby, CFA®

Co-Portfolio Manager

Photo of Michael  Sun

Michael Sun, CFA®

Co-Portfolio Manager

Performance

Fund Performance as of 12.31.2023

Term QTR YTD 1 Year 3 Years 5 Years 10 Years Since Inception
A Shares with 2.00% Sales Charge 2.94% 2.33% 2.33% -3.26% -0.01% 0.55% 3.43%
A Shares without Sales Charge 5.04% 4.36% 4.36% -2.59% 0.40% 0.75% 3.50%
Institutional Shares 4.98% 4.62% 4.62% -2.35% 0.63% 0.99% 3.75%
Lipper Intermediate U.S. Gov't Median 6.30% 3.98% 3.98% -3.33% 0.37% 0.99% 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.

Characteristics

Quality Breakdown as of 12.31.2023

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 12.31.2023

Name Value
0-1 Yr. 9.0
1-2 Yr. 6.0
2-3 Yr. 12.0
3-5 Yr. 35.0
5-10 Yr. 35.0

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

Summary Statistics as of 12.31.2023

Name Value
Number of Holdings 89
Average Life 5.64 Years
Effective Duration 4.28 Years
Annual Turnover 9%

Portfolio Composition as of 12.31.2023

Composition Fund Index
Corporate 2.1% 0.0%
    Financial Institutions 1.7% 0.0%
    Utility 0.4% 0.0%
Government Related 13.9% 2.7%
    Agency 13.2% 2.7%
    Local Authority 0.7% 0.0%
Securitized 73.4% 0.0%
    MBS 0.6% 0.0%
    ABS 1.9% 0.0%
    CMBS 19.7% 0.0%
    CMO 19.2% 0.0%
    MBS Passthrough 32.0% 0.0%
Treasury 8.3% 97.3%
    Treasury 8.3% 97.3%
[Cash] 2.2% 0.0%
    [Cash] 2.2% 0.0%

Top Ten Holdings as of 12.31.2023

# Company Name Value
1 Fnma 6.25% 15-May-2029 6.43%
2 U.S. Treasury 1.125% 15-Feb-2031 5.56%
3 Fnma 7.125% 15-Jan-2030 3.44%
4 Fhlmc Remic Series K-061 3.347% 25-Nov-2026 2.79%
5 Federal Home Loan Bank System 1.2% 30-Dec-2024 2.79%
6 Fnma-Aces, Series 2015-M17, Class A2 2.28%
7 Fnma Remic Trust 2018-M10 2.16%
8 Fnma Remic Trust 2017-M7 2.15%
9 Fhlmc, Series 4601, Class Nj 2.01%
10 U.S. Treasury 0.25% 30-Sep-2025 1.96%

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

Growth of $10,000 as of 12.31.2023

The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 12.31.2023. It includes the reinvestment of dividends and capital gains.

Distribution

Monthly Dividend Distribution as of 01.31.2024

Month Class A Shares Class C Shares Class Inst'l Shares
January 2024 $0.0251 $0.0197 $0.0270
December 2023 $0.0195 $0.0140 $0.0214
November 2023 $0.0195 $0.0143 $0.0212
October 2023 $0.0194 $0.0141 $0.0211
September 2023 $0.0189 $0.0137 $0.0206
August 2023 $0.0182 $0.0128 $0.0200
July 2023 $0.0178 $0.0123 $0.0196
June 2023 $0.0173 $0.0120 $0.0191
May 2023 $0.0172 $0.0118 $0.0190
April 2023 $0.0171 $0.0117 $0.0189
March 2023 $0.0172 $0.0117 $0.0191
February 2023 $0.0170 $0.0120 $0.0186

30-Day SEC Yield as of 01.31.2024

Share Class Without Waivers With Waivers
Class A 2.84% 3.00%
Class C 2.16% 2.33%
Class I 3.15% 3.32%

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