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.
| Term | Class A Shares | Class C Shares | Class I Shares |
|---|---|---|---|
| Ticker | BGVAX | BIUCX | BBGVX |
| Inception Date | 10.09.1992 | 02.01.2001 | 10.09.1992 |
| Investment Min. | $1,000 | $1,000 | $1,000,000 |
| Subsequent Investment Min.2 | N/A | N/A | N/A |
| Max. Up Front Sales Charge | 2% | N/A | N/A |
| Max. Deferred Sales Charge | N/A | 1% | N/A |
2If subsequent investments are made as part of an AIP, the minimum is $25.
Co-Portfolio Manager
Co-Portfolio Manager
Performance
| Term | QTR | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception |
|---|---|---|---|---|---|---|---|
| A Shares with 2.00% Sales Charge | -2.81% | -0.77% | -3.49% | -4.04% | -0.30% | 0.23% | 3.39% |
| A Shares without Sales Charge | -0.79% | 1.20% | -1.54% | -3.39% | 0.11% | 0.43% | 3.45% |
| Institutional Shares | -0.73% | 1.33% | -1.40% | -3.17% | 0.34% | 0.68% | 3.71% |
| Lipper Intermediate U.S. Gov't Median | -1.55% | 1.17% | -2.33% | -4.16% | 0.18% | 0.71% | 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 06.30.2023
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.
| Name | Value |
|---|---|
| 0-1 Yr. | 1.0 |
| 1-2 Yr. | 10.0 |
| 2-3 Yr. | 18.0 |
| 3-5 Yr. | 35.0 |
| 5-10 Yr. | 34.0 |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
| Name | Value |
|---|---|
| Number of Holdings | 85 |
| Average Life | 5.60 Years |
| Effective Duration | 4.27 Years |
| Annual Turnover | 12% |
| Composition | Fund | Index |
|---|---|---|
| Corporate | 2.1% | 0.0% |
| Financial Institutions | 1.7% | 0.0% |
| Utility | 0.4% | 0.0% |
| Government Related | 14.3% | 3.2% |
| Agency | 13.6% | 3.2% |
| Local Authority | 0.7% | 0.0% |
| Securitized | 69.2% | 0.0% |
| ABS | 1.9% | 0.0% |
| CMBS | 20.1% | 0.0% |
| CMO | 17.1% | 0.0% |
| MBS Passthrough | 30.0% | 0.0% |
| Treasury | 14.0% | 96.9% |
| Treasury | 14.0% | 96.9% |
| [Cash] | 0.4% | 0.0% |
| [Cash] | 0.4% | 0.0% |
| # | Company Name | Value |
|---|---|---|
| 1 | U.S. Treasury 0.25% 30-9-25 | 6.87% |
| 2 | FNMA 6.25% 15-5-29 | 6.49% |
| 3 | U.S. Treasury 1.125% 15-2-31 | 6.11% |
| 4 | FNMA 7.125% 15-1-30 | 3.52% |
| 5 | FHLMC REMIC Series K-061 3.347% 25-11-26 | 2.78% |
| 6 | Federal Home Loan Bank System 1.2% 30-12-24 | 2.74% |
| 7 | FNMA-Aces, Series 2015-M17, Class A2 | 2.29% |
| 8 | FNMA REMIC Trust 2017-M7 | 2.18% |
| 9 | FNMA REMIC Trust 2018-M10 | 2.16% |
| 10 | FHLMC, Series 4601, Class NJ | 2.14% |
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Growth of $10,000 as of 06.30.2023
The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 06.30.2023. It includes the reinvestment of dividends and capital gains.
Distribution
| Month | Class A Shares | Class C Shares | Class Inst'l Shares |
|---|---|---|---|
| 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 |
| January 2023 | $0.0173 | $0.0121 | $0.0192 |
| December 2022 | $0.0173 | $0.0118 | $0.0191 |
| November 2022 | $0.0173 | $0.0121 | $0.0191 |
| October 2022 | $0.0168 | $0.0114 | $0.0186 |
| September 2022 | $0.0162 | $0.0109 | $0.0180 |
| Share Class | Without Waivers | With Waivers |
|---|---|---|
| Class A | 2.93% | 3.14% |
| Class C | 2.25% | 2.46% |
| Class I | 3.24% | 3.45% |
Intermediate U.S. Government Fund
Materials
Fixed Income Funds
Insights
09.21.2023 • Andrew Richman, CTFA
Fed Reiterates-Higher for Longer
While the Federal Reserve (Fed) met expectations with a pause/skip this meeting, the real story was the upward movement in both the Fed Funds rate this year and next year. The consensus is now for one more 25 basis point hike in 2023 with the Fed funds rate median at 5.60%.
09.07.2023 • Shane Burke
An Updated Look at the FOMC and Yield Curve
An Updated Look at the FOMC and Yield Curve
09.06.2023 • Charles Wittmann, CFA®
- One of the risks in seeking higher dividend yields in non-financial companies can be the increased balance sheet leverage that correlates with higher dividend yield. - For many companies, the cost of this leverage is rising with interest rates, potentially placing pressure on cash flows to pay future dividends as interest expense may take a greater share of corporate cash flow. - We believe that owning stocks with strong balance sheets has the potential to minimize this risk as we endeavor to generate attractive above-average total returns with below-average risk for clients.
08.02.2023 • Andrew Richman, CTFA
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
Fitch Lowers Long-Term U.S. Debt Rating from AAA to AA+
08.01.2023 • Charles Wittmann, CFA®
The Lead - "Long-Term Dividends"
- What are the investing environment conditions that can cause dividend payers to lag on a short-term basis? - Looking back at Bloomberg data over the past twenty years, when dividend payers outperformed the Russell 1000 Value, non-earners underperformed and vice versa (56% of the time). - Over the twenty year period, dividend payer’s quarterly outperformance outweighed underperformance in contrast to non-earners. - In our quest to generate above-average returns with below-average risk for our clients, our approach is to take advantage of the long-term benefits of dividend payers that grow their dividends and seek to create value now and in the future.
07.25.2023 • Andrew DiZio, CFA®
Real Estate Returns Following Fed Rate Hike Cycles
Over the last 15 months, the Federal Reserve (Fed) has meaningfully raised the benchmark fed funds rate in an effort to tamp down inflation. The Fed paused its hiking campaign during the June meeting, but issued an outlook suggesting additional rate increases are to be expected. Regardless of whether the Fed has finished raising rates, we believe the end of the tightening cycle is near and view now as a prudent time to examine the performance of Real Estate Investment Trust (REIT) stocks following historical periods of fed funds increases.
Contact
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The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
