Fund overview
Prioritizing liquidity and capital preservation
The 100% Treasury Money Market Fund seeks current income exempt from most state and local individual income taxes while preserving capital and liquidity by investing in high-quality, short-term money market instruments that consist of U.S. Treasury obligations.

The long-tenured team of portfolio managers and traders follows a well-defined investment process that has evolved over more than 20 years of money market fund management.

Key differentiators

  • Actively manages funds, prioritizing investors’ need for liquidity and capital preservation, while the pursuit of excess yield is secondary
  • Implements a bottom-up security selection process driven by fundamental research and relative value recommendations
  • Uses proprietary risk models, including both quantitative and qualitative factors, to identify opportunities and manage risks

Performance

Average annual returns

Average annual returns

(as of 6/30/2024)
12/3/1990
1M
3M
YTD
1Y
3Y
5Y
10Y
Inception
Fund
0.42
1.29
2.61
5.29
2.97
2.02
1.37
2.32
Lipper U.S. Treasury Money Market Funds
0.40
1.23
2.47
5.03
2.80
1.86
1.20
-
Expenses (as of 6/1/2024)
Gross Expense Ratio
0.23 %
Net Expense Ratio
0.20 %

One-month, three-month and year-to-date returns are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Yields will fluctuate. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains.

Net asset value (NAV) is the value of one share of the fund excluding any sales charges.

Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the fund's current prospectus.

The manager has contractually committed, through 5/31/2025, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 0.2%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. The manager may also voluntarily waive or reimburse additional fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. Without these reductions, the fund's seven-day current yield would have been 5.12%. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

Calendar year

Calendar year

For regulatory reasons, we are unable to show performance until there is a 12 month performance record.

Yield summary

Yields

Yield (as of 7/12/2024) Statistic
Daily factor 0.000141125
1-day yield 5.15%
7-day current yield 5.15%
7-day current unsubsidized yield 5.12%
7-day effective yield 5.28%
30-day current 5.16%
30-day effective 5.28%
Daily weighted average maturity 50 Days

The 7-day current yield is an annualized net yield that describes the annualized income earned over a 7-day period.

The 7-day effective yield is annualized net yield that describes the amount one is expected to earn over a 1-year period assuming that dividends are reinvested at the average rate of the last 7-days.

Composition

Maturity

Portfolio maturity schedule (%)

(as of 6/30/2024)
Maturity Range
WAL
WAM
1-7 days
9.00% 19.00%
8-29 days
22.00% 22.00%
30-89 days
44.00% 44.00%
90-179 days
12.00% 11.00%
180-269 days
3.00% 2.00%
270+ days
10.00% 2.00%

Maturity distribution is subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding.

Holdings

Top 10 holdings

(as of 6/30/2024)
Security
Fund
U.S. Treasuries
6.94%
U.S. Treasuries
6.17%
U.S. Treasuries
6.16%
U.S. Treasuries
5.62%
U.S. Treasuries
5.33%
U.S. Treasuries
5.07%
U.S. Treasuries
5.04%
U.S. Treasuries
3.93%
U.S. Treasuries
3.26%
U.S. Treasuries
2.80%
Top 10 represents 50.31% of total net assets
Portfolio composition

Portfolio composition

(as of 6/30/2024)
Credit Assets
Allocation
Treasury debt
100.00%

Portfolio composition and maturity distribution are subject to change and may have changed since the date specified. Percent total may not add to 100% due to rounding

Documents

Literature Details Frequency
Fact Sheet Roberts & Ryan Monthly Download
Regulatory Document Details Date
Annual Report Roberts & Ryan, Service, A, Administrator, Institutional 1/31/2024 Download
Full Prospectus Roberts & Ryan 6/1/2024 Download
Statement of Additional Information Roberts & Ryan, Service, A, Administrator, Institutional 6/1/2024 Download
Summary Prospectus Roberts & Ryan 6/1/2024 Download
Our team
Meet the investment team

The team philosophy adheres to disciplined active management to provide clients with consistent, competitive risk-adjusted returns to meet their liquidity needs.

Contact Us

We look forward to helping you with your investment needs

 

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
 

Weighted average maturity (WAM): An average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest-rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest-rate changes. WAM is subject to change and may have changed since the date specified.
 

Weighted average life (WAL): An average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. The calculation of WAL allows for the maturities of certain securities with demand features to be shortened but, unlike the calculation of WAM, does not allow shortening of the maturities of certain securities with periodic interest-rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.