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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.27

$20.8 M

0.00%

$0.00

0.56%

Vitals

YTD Return

2.0%

1 yr return

-5.4%

3 Yr Avg Return

-3.6%

5 Yr Avg Return

-2.4%

Net Assets

$20.8 M

Holdings in Top 10

27.5%

52 WEEK LOW AND HIGH

$8.3
$7.88
$8.74

Expenses

OPERATING FEES

Expense Ratio 0.56%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.27

$20.8 M

0.00%

$0.00

0.56%

MDSIX - Profile

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return -3.6%
  • 5 Yr Annualized Total Return -1.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.38%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Integrity Short Term Government Fund
  • Fund Family Name
    MD Sass
  • Inception Date
    Jun 30, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Lipkee Lu

Fund Description

To achieve its investment objective, the Fund invests at least 95% of its assets in U.S. Government and agency mortgage-backed securities (“MBS”) and other securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities (including Ginnie Mae, Fannie Mae and Freddie Mac, as defined below), and collateralized mortgage obligations (“CMOs”), backed by U.S. Government and agency MBS. Some of the Fund’s investments may be backed by the full faith and credit of the U.S. Government, while others may be supported only by the discretionary authority of the U.S. Government or only by the credit of the issuing agency or instrumentality.

Under normal market conditions, the target dollar-weighted average effective duration for the Fund is expected to range between one and three years. Duration is a measure of a fixed income security's price sensitivity to changes in interest rates. Duration takes into account a security's cash flows over time, including the possibility that a security might be prepaid by the issuer or redeemed by the holder prior to its stated maturity date. In contrast, maturity measures only the time until final payment is due. The duration of the Fund's portfolio is expressed in years and measures the portfolio's change in value for changes in interest rates. The Fund may also invest in U.S. Treasury bills. The securities held by the Fund may be fixed or variable rate obligations. The Fund may also purchase securities on a when-issued or delayed-delivery basis.

To construct the Fund’s investment portfolio, the Fund’s investment sub-adviser, M.D. Sass Investors Services, Inc. (“M.D. Sass” or “Sub-Adviser”), utilizes a process based on rigorous quantitative tests. These tests include projecting underlying mortgage prepayment rates under a variety of interest rate scenarios and demographic trends, with regard to any given security’s sensitivity to cash flow risk. The nature of such testing is to measure homeowner refinancing/prepayment behavior, relative to mortgage rate changes, and other factors influencing such behavior. The Sub-Adviser’s process is primarily structured to create value through intensive (i.e. bottom-up) security selection, portfolio construction and relative value trading. Top-down macro issues and factors are incorporated into the process when considered by the Sub-Adviser to be appropriate.

The Sub-Adviser may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate, or when other investment opportunities exist that may have more attractive yields. The Fund may engage in frequent and active trading of securities as a part of its principal investment strategy.

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MDSIX - Performance

Return Ranking - Trailing

Period MDSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% 0.0% 25.4% 5.95%
1 Yr -5.4% -8.9% -0.6% 66.67%
3 Yr -3.6%* -6.1% 0.5% 91.36%
5 Yr -2.4%* -27.5% 1.6% 90.79%
10 Yr -2.0%* -14.9% 1.2% 85.07%

* Annualized

Return Ranking - Calendar

Period MDSIX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.0% -10.4% -1.0% 68.67%
2021 -1.5% -3.3% 2.5% 73.49%
2020 -0.5% -0.6% 1.9% 92.41%
2019 0.0% -1.0% 1.4% 85.71%
2018 -0.3% -27.5% 0.3% 81.58%

Total Return Ranking - Trailing

Period MDSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -76.5% 2.1% 4.76%
1 Yr -5.4% -8.9% -0.6% 66.67%
3 Yr -3.6%* -6.1% 0.5% 91.36%
5 Yr -1.7%* -27.5% 1.6% 84.21%
10 Yr -0.6%* -14.9% 1.2% 25.37%

* Annualized

Total Return Ranking - Calendar

Period MDSIX Return Category Return Low Category Return High Rank in Category (%)
2022 -8.0% -10.7% -0.9% 68.67%
2021 -1.5% -64.0% -0.1% 72.29%
2020 -0.5% -0.6% 1.9% 92.41%
2019 0.1% -1.0% 1.4% 83.12%
2018 0.4% -27.5% 0.4% 1.32%

NAV & Total Return History


MDSIX - Holdings

Concentration Analysis

MDSIX Category Low Category High MDSIX % Rank
Net Assets 20.8 M 1.74 M 24.9 B 96.43%
Number of Holdings 159 8 1432 53.01%
Net Assets in Top 10 7.71 M -2.46 B 13.3 B 96.39%
Weighting of Top 10 27.48% 17.0% 100.0% 73.33%

Top 10 Holdings

  1. Morgan Stanley Instl Lqudty Govt Instl 7.48%
  2. United States Treasury Notes 0.63% 4.78%
  3. Government National Mortgage Association 2.5% 4.42%
  4. United States Treasury Bills 0% 4.00%
  5. United States Treasury Notes 1% 3.97%
  6. Federal National Mortgage Association 2% 3.32%
  7. Federal National Mortgage Association 2% 3.21%
  8. Government National Mortgage Association 2.4% 3.19%
  9. Fresb Mortgage Trust 2.37% 3.12%
  10. Federal National Mortgage Association 4% 2.98%

Asset Allocation

Weighting Return Low Return High MDSIX % Rank
Bonds
92.23% 82.13% 115.04% 71.08%
Cash
7.48% -15.04% 17.87% 28.92%
Other
0.28% 0.00% 2.95% 2.41%
Stocks
0.00% 0.00% 0.00% 72.29%
Preferred Stocks
0.00% 0.00% 0.00% 72.29%
Convertible Bonds
0.00% 0.00% 0.00% 72.29%

Bond Sector Breakdown

Weighting Return Low Return High MDSIX % Rank
Securitized
83.84% 0.00% 100.00% 12.05%
Government
8.66% 0.00% 99.96% 84.34%
Cash & Equivalents
7.50% 0.00% 16.80% 30.12%
Derivative
0.00% 0.00% 1.16% 72.29%
Corporate
0.00% 0.00% 34.19% 75.90%
Municipal
0.00% 0.00% 6.22% 83.13%

Bond Geographic Breakdown

Weighting Return Low Return High MDSIX % Rank
US
92.23% 81.77% 115.04% 69.88%
Non US
0.00% 0.00% 12.26% 72.29%

MDSIX - Expenses

Operational Fees

MDSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.56% 0.03% 1.80% 55.95%
Management Fee 0.30% 0.03% 0.80% 34.94%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.05% 0.45% 18.87%

Sales Fees

MDSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 4.75% N/A
Deferred Load N/A 0.50% 1.00% N/A

Trading Fees

MDSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 0.25% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MDSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 466.00% 40.00%

MDSIX - Distributions

Dividend Yield Analysis

MDSIX Category Low Category High MDSIX % Rank
Dividend Yield 0.00% 0.00% 5.47% 71.43%

Dividend Distribution Analysis

MDSIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

MDSIX Category Low Category High MDSIX % Rank
Net Income Ratio 2.38% -0.78% 3.29% 2.47%

Capital Gain Distribution Analysis

MDSIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Semi-Annually Annually

Distributions History

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MDSIX - Fund Manager Analysis

Managers

Lipkee Lu


Start Date

Tenure

Tenure Rank

Jun 30, 2011

10.93

10.9%

Prior to joining M.D. Sass in 2009, Mr. Lu served as Vice President/Senior Portfolio Manager at AllianceBernstein with direct responsibility for $5 billion in Total Return fixed income assets with a focus on Structured products. He led the global structured product effort, including MBS/CMBS/ABS for the Fixed Income group and also covered interest rates and other liquid derivatives at the firm. Previously, he was Head of Structured Product Research where he was a Senior Vice President and Portfolio Manager of the mortgage REIT at Deerfield Capital Management. Mr. Lu started his career at Zurich Scudder Kemper where he was Co-Portfolio Manager of the long-short Freddie Mae Money Manager Program. He holds an M.B.A. in Quantitative Finance from the University of Chicago, and an M.S. degree in Finance and Statistics and a B.A. with concentration in Economics, Political Science and International Relations from the University of Wisconsin. Mr. Lu has 22 years of investment experience.

Nancy Persoons


Start Date

Tenure

Tenure Rank

Jun 30, 2011

10.93

10.9%

Ms. Persoons serves as a Vice President and Fixed Income Portfolio Manager of M.D. Sass Investors Services, Inc.. Prior to joiningM.D. Sass Investors Services, Inc. in 1989, Ms. Persoons was on the Fixed Income trading desk at Prudential-Bache Securities. She holds a B.A., Economics and Business, State University of New York, Plattsburgh.

Steve Clancy


Start Date

Tenure

Tenure Rank

Sep 28, 2012

9.68

9.7%

Mr. Clancy serves as a Vice President and Fixed Income Portfolio Manager of MDSIS. Prior to joining M.D. Sass Investors Services, Inc. in 2012, Mr. Clancy served as Vice President/Portfolio Manager at Dwight Asset Management. Mr. Clancy holds a B.A. in Mathematics and Economics from Cornell University and also holds the CFA designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.49 32.44 10.15 7.33