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Ultra Short Government Fund (SAFEX)

NAV
$10.00
as of 01/24/2020
1 Day Change
$0.00 /(0.02%)
as of 01/24/2020
YTD Return
0.13%
as of 01/24/2020
30-Day SEC Yield (%)
as of 12/31/2019
1.60%
Morningstar Rating™
Overall as of 12/31/2019
   
out of 94 funds
Based on risk-adjusted returns

Fund Facts

  • Ticker
    SAFEX
  • CUSIP
    94904P401
  • Fund
    Inception
    08/01/1991
  • Class
    Inception
    08/01/1991
  • Net
    Assets
    $63 Million
    as of 12/31/2019
  • Dividend
    Frequency
    Declared Daily/ Paid Monthly
  • Morningstar
    Category
    Short Government
  • 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 12/31/2019

Cumulative Returns

Average Annual Total Returns

YTD 1 MO 3 MO 1 YR 3 YR 5 YR10 YR Since Fund
Inception
8/1/1991
Ultra Short Government Fund 2.39% 0.13% 0.39% 2.39% 1.64% 1.01% 0.52% 2.36%
ICE BofAML US 6-Month Treasury Bill Index 2.57% 0.16% 0.54% 2.57% 1.81% 1.26% 0.74% 2.92%

Growth of a $10,000 Investment Since Inception
as of 12/31/2019

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 94.05% 126.89% -32.84%
Average Annual Return 2.36% 2.92% -0.56%

Morningstar Ratings™
as of 12/31/2019

Rating / Number of funds in the category

Category 3 YR 5 YR 10 YR Overall Rating
Short Government    
out of 94

out of 0

out of 0
   
out of 94

Morningstar Rankings™
as of 12/31/2019

Ranking / Number of funds in the category / Percentile Ranking

Category 1 YR 3 YR 5 YR 10 YR
Short Government 80 / 98
81
49 / 94
60
n/a n/a

Fees & Expenses
as of most recent prospectus dated 07/31/2019

Gross Expense Ratio 0.61%
Net Expense Ratio 0.20%
Contractual Expiration Date 7/31/2020
Distribution and/or service fee (12b-1) Fees None
Sales Charge None
Redemption Fee None

Portfolio

Asset Allocation
% of Net Assets as of 12/31/2019

Credit Quality
% of Portfolio as of 12/31/2019

U.S. Treasury 82.9
U.S. Government Agency Mortgage Related Securities (b) 0.0
AAA 7.6
AA 5.4
A 1.2
BBB 1.6
BB 0.0
B 0.0
CCC 0.0
Non-Rated 0.0
Cash Equivalents 1.3

Portfolio Characteristics
as of 12/31/2019

Number of Fixed Income Issuers (Including U.S. Treasury Bills, if applicable) 18
Annual Turnover*
148%

*as of most recent Annual Report

Fixed Income Characteristics
as of 12/31/2019

Average Maturity 0.4 years
Average Effective Maturity 0.4 years
Average Duration 0.4 years
Average Effective Duration 0.4 years
Average Coupon 2.0

Maturity Distribution
% of Portfolio as of 12/31/2019

Cash Equivalents 1.3
Less than 1 Year 97.6
1 - 3 Years 1.1

Duration Distribution
% of Portfolio as of 12/31/2019

0 - 1 Years 98.9
1 - 3 Years 1.1

Distributions

RECORD DATE EX & PAY DATE Income Capital Gain Short-Term Capital Gain Long-Term Total Distribution Reinvestment NAV
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 0.0000 n/a 0.0000 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, and it is possible to lose money by investing.

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

Credit Risk
The chance that the issuer of a 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 decline.

Call Risk
Call risk is the risk, especially during periods of falling interest rates, that a bond issuer will call or repay a higher-yielding bond before its maturity date, forcing the Fund to reinvest in bonds with lower interest rates than the original obligations.

Debt Securities Liquidity Risk
Debt 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 any 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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