UAT Short Duration (3 Year) Municipal Bond Overview Overview The Short Duration (3 Year) Municipal Bond strategy seeks to provide capital preservation and low interest rate volatility Primary BenchmarkBloomberg 3 Year Municipal Bond IndexStrategy FactsStrategy Inception: 4/1/1993 Composite Inception: 4/1/1993Strategy Highlights The Municipal Bond team follows a disciplined, research-driven, risk-managed process to identify attractive relative value within the investment grade municipal universe Portfolio managers and credit research analysts select securities based on a rigorous internal quantitative and qualitative review. Security selection seeks to exploit sector, state and individual security relative value opportunities Interest rate risk is managed by targeting duration exposure within close proximity to the benchmark The maturity structure is actively adjusted relative to the benchmark to take advantage of current and anticipated changes to the shape of the yield curve Tax implications, including tax loss harvesting can play an integral role in the relative value analysis conducted to evaluate investment alternatives Typical Portfolio Construction Typical range of maturities: 1 – 5 Years Typical average duration: 2.5 – 3 Years Credit Quality: Investment Grade, Average of AA+ Sectors: Core Municipal Portfolio Management Dawn Mangerson Portfolio Manager, Head of Municipal Portfolio Management Read bio Pramila Agrawal Portfolio Manager, Director of Custom Income Strategies Read bio The Short Duration (3 Year) Municipal Bond Composite includes all discretionary accounts with market values greater than $5 million managed by Loomis Sayles with guidelines prescribing investment in primarily U.S. Dollar denominated municipal and taxable bonds with target duration of 1 to 3 years and has a benchmark of the Bloomberg 3 Year Municipal Bond Index or similar index which reflect the Composite investment strategy and duration target. Taxable securities may be an integral component of these portfolios and may have comprised as much as 50% of an individual portfolio’s investment allocation. The Composite inception date is April 1, 1993. The Composite was created in 2003. Performance Primary Benchmark: Bloomberg 3 Year Municipal Bond Index Quarter-End Performance as of 9/30/2024CumulativeGrossNetIndex3 monthN/AN/AN/A Year-to-dateN/AN/AN/ATrailing Performance as of 9/30/2024Annualized Total ReturnGrossNetIndex10 years Since Inception 4/1/1993 Period PerformanceYearGrossNetIndex20232.64%2.35%3.46% 2022-2.91%-3.18%-3.39% 20210.02%-0.26%0.40% 20202.63%2.31%2.97% 20193.44%3.11%3.67% 20181.56%1.23%1.76% 20171.61%1.28%1.56% 2016-0.17%-0.49%0.08% 20151.46%1.05%1.18% 20141.64%1.23%1.22% Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Current performance may be lower or higher than quoted. Returns are shown in US dollars and are annualized for one and multi-year periods. Gross returns are net of trading costs. Net returns are gross returns less effective management fees. There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return. Monthly Characteristics Monthly as of -1/-1/-1 Currency Distribution @ERROR% Duration Distribution @ERROR% Sector Distribution (Fixed) * 0.0% Country Distribution @ERROR% Maturity Distribution @ERROR% Credit Quality @ERROR% 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%. Quarterly Characteristics Quarterly as of -1/-1/-1 Currency DistributionFundIndex @ERROR%0.0% Duration DistributionFundIndex @ERROR%@ERROR% Sector Distribution (Fixed) *FundIndex 0.0%0.0% 0.0%0.0% Country DistributionFundIndex @ERROR%0.0% Maturity DistributionFundIndex @ERROR%@ERROR% Credit QualityFundIndex@ERROR%0.0% 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%. Holdings Top Ten Holdingsas of 9/30/2024% Assets @ERROR% Top 10 holdings may not be representative of current or future holdings and will evolve over time. x < Page: / > Download PDF