M.D. Sass Short Term US Government Agency Income Fund

Overview | Fund Facts & Characteristics | Performance & Statistics | Fact Sheets

Fund Facts & Characteristics as of 6/30/17

Fund Facts

Min. Quality* U.S. Gov't Agency
Effective Duration Range 1-3 Years
Inception Date 6/30/11


*Ratings of the Fund's investments.

 

Institutional Class

Ticker MDSIX
Cusip 89834E849
Gross Expense Ratio 0.67%
Net Expense Ratio 0.58%
Minimum Investment $10,000
Sub. Minimum Investment $1,000
30 Day SEC Yield 4.98%
30 Day SEC Yield - Unsub. 4.68%
Current Yield 5.29%
Weighted Average Coupon 2.75%

The Adviser has voluntarily agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (exclusive of interest, acquired fund fees and expenses, leverage and tax expenses, brokerage commissions, and extraordinary expenses) do not exceed 0.55% of the Fund's average daily net assets for the Institutional Class through at least September 28, 2018.

 

Bond Characteristics

 
Effective Duration 1.87 yrs
Weighted Average Maturity 2.68 yrs

Morningstar Rating

MDSIX 3-Star Overall Morningstar Rating™ as of 6/30/17 out of 105 Short-Term Government Funds

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the fund's three- and five-year Morningstar Rating™ metrics, which are based on risk-adjusted return performance.

 

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Click here for standardized performance.

Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-637-3863.

 

Effective Duration - A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.
Duration - Duration is a measure of bond price sensitivity to interest rate changes. For Mortgagebacked Securities, the calculation incorporate consensus model assumptions relating to future interest rates, market volatility, and (pre-) payment of principal of underlying borrowers.
Current Yield - Annual interest return as a percentage of market value.
30 Day SEC Yield - A standard yield calculation developed by the Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund's expenses.
Weighted Average Coupon - Market value weighted average of coupon rate of portfolio holdings.
Weighted Average Maturity - The average of the stated maturity dates of the fixed-income securities held in the fund.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. As of 6/30/17, the MD Sass Short Term US Government Agency Income Fund was rated 3-Stars against the following numbers of Short Government funds over the following time periods: 105 funds in the last three- and 95 funds in the last five-years. The M.D. Sass Equity Income Plus Fund (Institutional Class) was rated 2 stars against the following numbers of Option Writing Funds over the following time periods: 76 funds in the last three years.