Short-Term Treasury Portfolio
Short-Term Treasury Portfolio seeks to earn high current income, consistent with safety and liquidity of principal.
Under normal market conditions, the Portfolio invests at least 80% of its assets in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. The remainder of the Portfolio’s assets may be invested in U.S. government agency securities, which include debt obligations issued and/or guaranteed as to principal and interest by the U.S. government or its agencies, sponsored enterprises or instrumentalities.
Reasons to Consider
Minimal Volatility - Invests primarily in U.S. Treasury securities with a dollar-weighted average portfolio maturity and duration of zero to three years, and whose repayment is guaranteed by the full-faith-and-credit of the United States government.
Liquidity - Allows you access to your investment for any reason and in any amount. For complete liquidity, without any interest penalties for early withdrawal, you can use your Short-Term Treasury Portfolio account to replenish your bank checking account any time you wish or as needed.
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. Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted. It can be obtained by calling (800) 531-5142. All results are historical and assume the reinvestment of dividends and capital gains.
Historical Performance: Annual Returns Since Inception
Average Annual Total Returns (as of September 30, 2019)
YTD 1 Year 5 Years 10 Years 15 Years Inception Class I 1.46% 1.91% .33% -.13% .70% 2.36% FTSE 3-Month U.S. Treasury Bill Index 1.78% 2.36% .96% .52% 1.32% 3.16% Expense Ratios Class I Gross Expense Ratio 1.23% Net Expense Ratio .67%
Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement effective through June 1, 2020, the Portfolio’s investment adviser has contractually agreed to waive a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. The Agreement may be terminated or amended only with the approval of the Fund’s Board of Trustees.
DIVIDENDS & DISTRIBUTIONS
Record Date: Tuesday, December 3, 2019
Reinvestment Date: Wednesday, December 4, 2019
Class I Ordinary Income Dividends $1.07076 Capital Gain Distributions (long-term) - Qualified Dividends (included in Ordinary Income Dividends) TBD Reinvestment Price $64.97 Dividends Earned on U.S. Treasury Securities TBD
FEES & EXPENSES
The table below describes the fees and expenses you would pay if you buy and hold shares of Short-Term Treasury Portfolio.
(fees paid directly from your investment)
Class I Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) None Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original purchase price or sale proceeds) None Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.19% Distribution and/or Service (12b-1) Fees None Other Operating Expenses .04% Total Annual Fund Operating Expenses 1.23% Fee Waivers and Expense Limitation1 (.56%) Total Annual Fund Operating Expenses After Fee Waivers and Expense Limitation .67%
1Pursuant to an Advisory Fee Waiver and Expense Assumption Agreement effective through June 1, 2020, the Portfolio’s investment adviser has contractually agreed to waive a portion of its Management Fee payable by the Portfolio so that the Management Fee paid by the Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets. The Agreement may be terminated or amended only with the approval of the Fund’s Board of Trustees.
Portfolio Documents Date of Document Summary Prospectus May 31, 2019 Fact Sheet September 30, 2019 Annual Returns Since Inception September 30, 2019