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Ultra Short Government Fund (SAFEX)

Fund Facts

  • Ticker
    SAFEX
  • CUSIP
    94904P401
  • Fund
    Inception
    08/01/1991
  • Class
    Inception
    08/01/1991
  • Net
    Assets
    $86 Million
    as of 06/30/2020
  • Dividend
    Frequency
    Declared Daily/ Paid Monthly
  • Portfolio
    Manager(s)
      Thomas Carney, CFA
    Nolan Anderson

Investment Approach

The investment objective of the Ultra Short Government Fund is current income consistent with the preservation of capital and maintenance of liquidity.

Strategy and Process

Ultra short, high-quality portfolio

The fund is built with at least 80% U.S. government debt and 20% or less investment-grade credit.

Income and liquidity maintenance

The portfolio seeks to provide a higher total return than cash with less interest rate exposure than longer-term bond funds.

Capital preservation focused

The fund provides income consistent with the preservation of capital.

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.

Historical Returns
as of 08/31/2020

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR Since Fund
Inception
8/1/1991
Ultra Short Government Fund 0.97% -0.05% 1.54% 1.81% 1.21% 0.61% 2.34%
ICE BofAML US 6-Month Treasury Bill Index 0.98% 0.01% 1.70% 1.94% 1.44% 0.81% 2.89%

Growth of a $10,000 Investment Since Inception
as of 08/31/2020

Summary of Returns

Year Ultra Short Government Fund ICE BofAML US 6-Month Treasury Bill IndexRelative Results
2019 2.39% 2.57% -0.18%
2018 1.77% 1.92% -0.15%
2017 0.76% 0.95% -0.19%
2016 0.15% 0.67% -0.52%
2015 0.01% 0.22% -0.21%
2014 0.01% 0.12% -0.11%
2013 0.01% 0.18% -0.17%
2012 0.03% 0.17% -0.14%
2011 0.03% 0.27% -0.24%
2010 0.07% 0.36% -0.29%
2009 0.30% 0.58% -0.28%
2008 2.00% 3.58% -1.58%
2007 4.88% 5.61% -0.73%
2006 4.47% 4.81% -0.34%
2005 2.47% 3.10% -0.63%
2004 0.72% 1.22% -0.50%
2003 0.55% 1.29% -0.74%
2002 1.18% 2.21% -1.03%
2001 3.54% 5.21% -1.67%
2000 5.74% 6.51% -0.77%
1999 4.44% 4.64% -0.20%
1998 4.89% 5.58% -0.69%
1997 5.01% 5.57% -0.56%
1996 4.83% 5.31% -0.48%
1995 5.25% 6.54% -1.29%
1994 3.66% 3.88% -0.22%
1993 2.84% 3.39% -0.55%
1992 3.55% 4.27% -0.72%
1991 (08/01/1991) 2.05% 3.00% -0.95%
Swipe/scroll vertically for full history

Since Inception Returns

Since Fund Inception (8/1/1991) Ultra Short Government Fund ICE BofAML US 6-Month Treasury Bill IndexRelative Results
Cumulative Return 95.93% 129.10% -33.17%
Average Annual Return 2.34% 2.89% -0.55%

Yields
as of 08/31/2020

Distribution Yield 0.63%
30-Day SEC Yield (Subsidized) 0.26%
30-Day SEC Yield (Unubsidized) -0.17%

Morningstar Ratings™
as of 08/31/2020

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Short Government   
out of 87

out of 0

out of 0
  
out of 87
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 08/31/2020

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Short Government 82 / 90
88
65 / 87
77
n/a n/a
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2020

Gross Expense Ratio 0.71%
Net Expense Ratio 0.20%
Contractual Expiration Date 7/31/2021
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Portfolio

Asset Allocation
% of Net Assets as of 06/30/2020

Credit Quality
% of Portfolio as of 06/30/2020

U.S. Treasury 80.8
U.S. Government Agency Mortgage Related Securities (b) 0.0
AAA 7.2
AA 3.2
A 3.6
BBB 0.2
BB 0.0
B 0.0
CCC 0.0
Non-Rated 0.0
Cash Equivalents 5.0

Portfolio Characteristics
as of 06/30/2020

Yield To Worst 0.3%
Yield To Maturity 0.3%
Number of Fixed Income Issuers (Including U.S. Treasury Bills, if applicable) 28
Annual Turnover*
46%

*as of most recent Annual Report

Fixed Income Characteristics
as of 06/30/2020

Average Maturity 0.4 Years
Average Effective Maturity 0.4 Years
Average Duration 0.3 Years
Average Effective Duration 0.4 Years
Average Coupon 1.8

Maturity Distribution
% of Portfolio as of 06/30/2020

Cash Equivalents 5.0
Less than 1 Year 93.8
1 - 3 Years 1.2

Duration Distribution
% of Portfolio as of 06/30/2020

0 - 1 Years 99.2
1 - 3 Years 0.8

Distributions

RECORD DATE EX & PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
06/16/20 06/17/20 n/a 0.000035 n/a 0.000035 10.02
12/16/19 12/17/19 n/a 0.0062 n/a 0.0062 10.00
06/17/19 06/18/19 n/a 0.0007 n/a 0.0007 10.02
12/28/15 12/29/15 n/a 0.000020 n/a 0.000020 1.00

Literature

Fact Sheet Commentary Summary Prospectus
Annual Report Semi-Annual Report Prospectus SAI XBRL*

Risks

An investment in the Fund involves certain risks, including, among others, the following:

Market Risk
As with any mutual fund, investment return and principal value will fluctuate, depending on general market conditions and other factors.  Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases such as the COVID-19 pandemic) which can lead to increased market volatility and negative impacts on local and global financial markets, and the duration and severity of the impact of these risks on markets cannot be reasonably estimated.  

Interest Rate Risk
Debt securities are subject to interest rate risk because the prices of debt securities tend to move in the opposite direction of interest rates.  When interest rates rise, debt security prices fall.  When interest rates fall, debt security prices rise.  Changing interest rates may have sudden and unpredictable effects in the markets and on the Fund›s investments.  In general, debt securities with longer maturities are more sensitive to changes in interest rates.

Credit Risk
The risk that the issuer of a debt security will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer›s ability to make such payments will cause the price of that security to fall. 

Call Risk
Certain debt securities may be called (redeemed) at the option of the issuer at a specified price before reaching their stated maturity date. Call risk is the risk, especially during periods of falling interest rates, that an issuer will call or repay a higher-yielding bond debt security before its maturity date, forcing the Fund to reinvest in bonds with lower interest rates than the original obligations.

Liquidity Risk
Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to, among other things, events relating to the issuer of the securities (e.g., changes to the market's perception of the credit quality of the issuer), market events, economic conditions, investor perceptions or lack of market participants. The Fund may be unable to sell illiquid securities on short notice or only at a price below current value.

Mortgage-Backed (and Other Asset-Backed) Securities Risk
Mortgage-backed securities (and other asset-backed securities) are generally structured for the securities holders to receive periodic payments as the securities issuer receives payments on the mortgages (or loans) in an underlying asset pool. Sometimes these securities are issued in separate tranches, which can mean the securities holders of one tranche receive payment in full before the securities holders of another tranche receive payments. Also sometimes credit support is provided for these securities, which can mean the securities issuer, an affiliated party or a third party provides additional assets, or makes additional promises, with respect to payment to the securities holders. Risks to the securities holders can include (i) the underlying asset pool may not pay as expected (which could mean sooner or later than expected), (ii) the securities issuer may have insufficient cash to make payment on the securities generally, or on certain tranches of the securities and (iii) the credit support may be insufficient to make payment on the securities.

Government-Sponsored Enterprises Risk
Obligations of U.S. Government agencies and authorities (such as Fannie Mae and Freddie Mac) are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Failure to Meet Investment Objective
There can be no assurance that the Fund will meet its investment objective.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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