Intermediate-Term Bond Portfolio

Overview

Investment Objective

The Fund's objective is to seek high total investment return through a combination of current income and capital appreciation.

Investment Strategy

The Portfolio is 100% invested in the Loomis Sayles Core Plus Fund (NERNX). The Fund's strategy is a benchmark aware, relative return strategy that tactically allocates to different fixed income sectors in an attempt to outperform the Bloomberg Barclays US Aggregate Bond Index. The portfolio management team seeks to build and manage a portfolio that will perform well on a benchmark-relative and, secondarily, on an absolute basis in the market environment it anticipates over the short to intermediate term. The primary factors for broad sector positioning are the Portfolio Managers' expected performance of sectors in the benchmark and the incremental performance or diversification benefits the portfolio managers anticipate from opportunistic allocations to securities that are not included in the Fund's benchmark. In addition, the portfolio managers will look at individual security selection, position size and overall duration contribution to the portfolio. Guidelines provide the flexibility to invest up to 20% of the portfolio in assets below investment grade, as well as up to 10% in non-US dollar denominated bonds. The Fund may also invest in other out of benchmark sectors including emerging market debt, TIPS, Yankee and 144A bonds. Duration is managed within two years relative to the Index.

Investment Risks

The Fund is subject to Below Investment Grade Fixed-Income Securities Risk, Credit/Counterparty Risk, Currency Risk, Derivatives Risk, Emerging Markets Risk, Foreign Securities Risk, Interest Rate Risk, Leverage Risk, Liquidity Risk, Management Risk, Market/Issuer Risk, Mortgage-Related and Asset-Backed Securities Risk. These risks are discussed under Explanations of Investment Risk Factors - Loomis Sayles Investment Risks, Appendix A.

Average Annual Returns - Updated Monthly as of 11/30/2025

Annual Investment Returns

Historical Prices

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