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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
  • Fund
    Assets
    $182 Million
    as of 06/30/2024
  • Dividend
    Frequency
    Declared Daily/ Paid Monthly
  • Portfolio
    Manager(s)
      Tom 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.

Returns
as of 08/31/2024

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 1 YR 3 YR 5 YR10 YR20 YR30 YR Since Fund
Inception
8/1/1991
Ultra Short Government Fund 3.35% 0.53% 5.29% 3.16% 2.22% 1.56% 1.50% 2.23% 2.34%
ICE BofA US 6-Month Treasury Bill Index 3.64% 0.52% 5.66% 3.36% 2.38% 1.75% 1.82% 2.71% 2.85%

Growth of a $10,000 Investment Since Inception
as of 08/31/2024

Calendar Year Returns
as of 08/31/2024

Year Ultra Short Government Fund ICE BofA US 6-Month Treasury Bill Index Relative Results
2023 4.97% 5.14% -0.17%
2022 1.24% 1.34% -0.10%
2021 0.02% 0.09% -0.07%
2020 1.01% 1.05% -0.04%
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
as of 08/31/2024

Since Fund Inception (8/1/1991) Ultra Short Government Fund ICE BofA US 6-Month Treasury Bill IndexRelative Results
Cumulative Return 115.16% 153.38% -38.22%
Average Annual Return 2.34% 2.85% -0.51%

Yields
as of 08/31/2024

Distribution Yield 5.09%
30-Day SEC Yield (Subsidized) 4.71%
30-Day SEC Yield (Unubsidized) 4.48%

Morningstar Ratings™
as of 8/31/2024

Rating / Number of funds in the category

Category: Ultrashort Bond
3 YR 5 YR Overall Rating

out of 204

out of 186

out of 204
Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 8/31/2024

Ranking / Number of funds in the category / Percentile Ranking

Category: Ultrashort Bond
1 YR 3 YR 5 YR
245 / 251
97
117 / 204
57
137 / 186
73
Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2024

Gross Expense Ratio 0.51%
Net Expense Ratio 0.33%
Contractual Expiration Date 7/31/2025
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Volatility Measures
as of 06/30/2024

Versus ICE BofA US 6-Month Treasury Bill Index 5 Year
R-Squared 90.65
Beta 0.88
Alpha 0.13
Upside Capture Ratio 91.50
Downside Capture Ratio -32.40
Standard Deviation 0.62
Sharpe Ratio 0.08

Portfolio

Asset Allocation
% of Net Assets as of 06/30/2024

FIXED INCOME BREAKDOWN
% of Net Assets as of 06/30/2024

U.S. Treasury / Government /Government Related 97.2
Asset-Backed Securities 0.5

Credit Quality
% of Portfolio as of 06/30/2024

Fund
U.S. Treasury 98.4
U.S. Government Agency MBS 0.0
AAA 0.5
AA 0.0
A 0.0
BBB 0.0
BB 0.0
B 0.0
CCC 0.0
Not Rated 0.0
Cash Equivalents 1.1

Characteristics
as of 06/30/2024

Avg. Effective Maturity (yrs) 0.4
Avg. Effective Duration (yrs) 0.4
Yield to Maturity (%) 5.3
Yield to Worst (%) 5.3
Average Coupon (%) 3.8
No. of Fixed Income Issuers 9
Annual Turnover (%) 31

Maturity Distribution
% of Portfolio as of 06/30/2024

Cash Equivalents 1.1
Less than 1 Year 98.9
1 - 3 Years 0.0

Duration Distribution
% of Portfolio as of 06/30/2024

0 - 1 Years 100.0
1 - 3 Years 0.0

Distributions

RECORD DATE EX DATE PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
N/A 08/30/24 09/03/24 0.0432 n/a n/a 0.0432 10.00
N/A 06/28/24 07/01/24 0.0377 n/a n/a 0.0377 9.99
N/A 05/31/24 06/03/24 0.0446 n/a n/a 0.0446 9.99
N/A 04/30/24 05/01/24 0.0407 n/a n/a 0.0407 9.99
N/A 03/28/24 04/01/24 0.0421 n/a n/a 0.0421 9.99
N/A 02/29/24 03/01/24 0.0395 n/a n/a 0.0395 9.99
N/A 01/31/24 02/01/24 0.0408 n/a n/a 0.0408 10.00
N/A 12/29/23 01/02/24 0.0437 n/a n/a 0.0437 10.00
N/A 11/30/23 12/01/23 0.0407 n/a n/a 0.0407 9.99
N/A 10/31/23 11/01/23 0.0403 n/a n/a 0.0403 9.98
N/A 09/29/23 10/02/23 0.0409 n/a n/a 0.0409 9.98
N/A 08/31/23 09/01/23 0.0405 n/a n/a 0.0405 9.98
N/A 07/31/23 08/01/23 0.0377 n/a n/a 0.0377 9.98
N/A 06/30/23 07/03/23 0.0415 n/a n/a 0.0415 9.98
N/A 05/31/23 06/01/23 0.0383 n/a n/a 0.0383 9.98
N/A 04/28/23 05/01/23 0.0339 n/a n/a 0.0339 9.98
N/A 03/31/23 04/03/23 0.0398 n/a n/a 0.0398 9.99
N/A 02/28/23 03/01/23 0.0339 n/a n/a 0.0339 9.98
N/A 01/31/23 02/01/23 0.0328 n/a n/a 0.0328 9.98
N/A 12/30/22 01/02/23 0.0374 n/a n/a 0.0374 9.98
N/A 11/30/22 12/01/22 0.0250 n/a n/a 0.0250 9.98
N/A 10/31/22 11/01/22 0.0187 n/a n/a 0.0187 9.98
N/A 09/30/22 10/01/22 0.0201 n/a n/a 0.0201 9.98
N/A 08/31/22 09/01/22 0.0153 n/a n/a 0.0153 9.99
N/A 07/29/22 08/01/22 0.0086 n/a n/a 0.0086 9.98
N/A 06/30/22 07/01/22 0.0044 n/a n/a 0.0044 9.99
N/A 05/31/22 06/01/22 0.0026 n/a n/a 0.0026 9.99
N/A 04/29/22 05/02/22 0.0018 n/a n/a 0.0018 9.99
N/A 03/31/22 04/01/22 0.0009 n/a n/a 0.0009 9.99
N/A 02/28/22 03/01/22 0.0006 n/a n/a 0.0006 9.99
N/A 01/31/22 02/01/22 0.0003 n/a n/a 0.0003 9.99
N/A 12/31/21 01/03/22 0.0028 n/a n/a 0.0028 9.99
N/A 11/30/21 12/01/21 0.0002 n/a n/a 0.0002 10.00
N/A 10/29/21 11/01/21 0.0004 n/a n/a 0.0004 10.00
N/A 09/30/21 10/01/21 0.0006 n/a n/a 0.0006 10.00
N/A 08/31/21 09/01/21 0.0007 n/a n/a 0.0007 10.00
N/A 07/30/21 08/02/21 0.0008 n/a n/a 0.0008 10.00
N/A 06/30/21 07/01/21 0.0010 n/a n/a 0.0010 10.00
N/A 05/28/21 06/01/21 0.0012 n/a n/a 0.0012 10.00
N/A 04/30/21 05/03/21 0.0014 n/a n/a 0.0014 10.00
N/A 03/31/21 03/31/21 0.0010 n/a n/a 0.0010 10.00
N/A 02/26/21 02/26/21 0.0012 n/a n/a 0.0012 10.00
N/A 01/29/21 01/29/21 0.0011 n/a n/a 0.0011 10.00
N/A 12/31/20 12/31/20 0.0017 n/a n/a 0.0017 10.00
12/15/20 12/16/20 12/16/20 n/a 0.0018 0.000100 0.0019 10.00
N/A 11/30/20 11/30/20 0.0026 n/a n/a 0.0026 10.01
N/A 10/30/20 10/30/20 0.0032 n/a n/a 0.0032 10.01
N/A 09/30/20 09/30/20 0.0042 n/a n/a 0.0042 10.01
N/A 08/31/20 08/31/20 0.0053 n/a n/a 0.0053 10.01
N/A 07/31/20 07/31/20 0.0065 n/a n/a 0.0065 10.02
N/A 06/30/20 06/30/20 0.0078 n/a n/a 0.0078 10.02
06/16/20 06/17/20 06/17/20 n/a 0.000035 n/a 0.000035 10.02
N/A 05/29/20 05/29/20 0.0087 n/a n/a 0.0087 10.02
N/A 04/30/20 04/30/20 0.0140 n/a n/a 0.0140 10.03
N/A 03/31/20 03/31/20 0.0143 n/a n/a 0.0143 10.03
N/A 02/28/20 02/28/20 0.0138 n/a n/a 0.0138 10.01
N/A 01/31/20 01/31/20 0.0165 n/a n/a 0.0165 10.00
N/A 12/31/19 12/31/19 0.0168 n/a n/a 0.0168 10.00
12/16/19 12/17/19 12/17/19 n/a 0.0062 n/a 0.0062 10.00
N/A 11/29/19 11/29/19 0.0178 n/a n/a 0.0178 10.01
N/A 10/31/19 10/31/19 0.0187 n/a n/a 0.0187 10.02
N/A 09/30/19 09/30/19 0.0172 n/a n/a 0.0172 10.02
N/A 08/30/19 08/30/19 0.0206 n/a n/a 0.0206 10.02
N/A 07/31/19 07/31/19 0.0196 n/a n/a 0.0196 10.01
N/A 06/28/19 06/28/19 n/a n/a n/a n/a 10.02
06/17/19 06/18/19 06/18/19 n/a 0.0007 n/a 0.0007 10.02
N/A 05/31/19 05/31/19 0.0214 n/a n/a 0.0214 10.01
N/A 04/30/19 04/30/19 0.0197 n/a n/a 0.0197 10.01
N/A 03/29/19 03/29/19 0.0206 n/a n/a 0.0206 10.01
N/A 02/28/19 02/28/19 0.0189 n/a n/a 0.0189 10.00
N/A 01/31/19 01/31/19 0.0195 n/a n/a 0.0195 10.00
N/A 12/31/18 12/31/18 0.0191 n/a n/a 0.0191 10.00
N/A 11/30/18 11/30/18 0.0192 n/a n/a 0.0192 10.00
N/A 10/31/18 10/31/18 0.0174 n/a n/a 0.0174 10.00
N/A 09/28/18 09/28/18 0.0148 n/a n/a 0.0148 10.00
N/A 08/31/18 08/31/18 0.0183 n/a n/a 0.0183 10.00
N/A 07/31/18 07/31/18 0.0150 n/a n/a 0.0150 10.00
N/A 06/29/18 06/29/18 0.0153 n/a n/a 0.0153 10.00
N/A 05/31/18 05/31/18 0.0139 n/a n/a 0.0139 10.00
N/A 04/30/18 04/30/18 0.0125 n/a n/a 0.0125 10.00
N/A 03/29/18 03/29/18 0.0117 n/a n/a 0.0117 10.00
N/A 02/28/18 02/28/18 0.0095 n/a n/a 0.0095 10.00
N/A 01/31/18 01/31/18 0.0092 n/a n/a 0.0092 10.00
N/A 12/29/17 12/29/17 0.0086 n/a n/a 0.0086 10.00
N/A 11/30/17 11/30/17 0.0078 n/a n/a 0.0078 10.00
N/A 10/31/17 10/31/17 0.0073 n/a n/a 0.0073 10.00
N/A 09/29/17 09/29/17 0.0073 n/a n/a 0.0073 10.00
N/A 08/31/17 08/31/17 0.0068 n/a n/a 0.0068 10.00
N/A 07/31/17 07/31/17 0.0060 n/a n/a 0.0060 10.00
N/A 06/30/17 06/30/17 0.0074 n/a n/a 0.0074 9.99
N/A 05/31/17 05/31/17 0.0069 n/a n/a 0.0069 9.99
N/A 04/28/17 04/28/17 0.0049 n/a n/a 0.0049 10.00
N/A 03/31/17 03/31/17 0.0049 n/a n/a 0.0049 10.00
N/A 02/28/17 02/28/17 0.0040 n/a n/a 0.0040 10.00
N/A 01/31/17 01/31/17 0.0037 n/a n/a 0.0037 10.00
N/A 12/30/16 12/30/16 0.0020 n/a n/a 0.0020 10.00
12/28/15 12/29/15 12/29/15 n/a 0.000020 n/a 0.000020 1.00

Literature

Fact Sheet
(06/24)
Commentary
(06/24)
Summary Prospectus
(07/24)
Prospectus
(07/24)
SAI
(07/24)
Annual Report*
(03/24)
Portfolio Holdings
(06/23)
Semi-Annual Report*
(09/23)
Portfolio Holdings
(12/23)

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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