A: PMTXX
|
R: PRXXX
|
Y: PRYXX
|
Table of Contents
|
|
10 Largest Holdings
|
|
|
(As a percentage of total investments)*
|
|
|
1.
|
U.S. Treasury Floating Rate Notes, 0.204%, 1/31/22
|
12.54%
|
2.
|
U.S. Treasury Floating Rate Notes, 0.27%, 7/31/21
|
11.44
|
3.
|
U.S. Treasury Floating Rate Notes, 0.35%, 10/31/21
|
9.73
|
4.
|
Federal National Mortgage Association, 1.375%, 10/7/21
|
8.65
|
5.
|
U.S. Treasury Floating Rate Notes, 0.164%, 4/30/22
|
7.42
|
6.
|
Federal National Mortgage Association, 0.28%, 5/6/22
|
5.36
|
7.
|
U.S. Treasury Bills, 8/26/21
|
4.82
|
8.
|
Federal National Mortgage Association, 1.25%, 8/17/21
|
4.14
|
9.
|
Federal National Mortgage Association, 0.27%, 3/16/22
|
3.22
|
10.
|
Federal Home Loan Mortgage Corp., 1.125%, 8/12/21
|
2.89
|
* Excludes temporary cash investments and all derivative contracts except for options purchased. The
|
Fund is actively managed, and current holdings may be different. The holdings listed should not be
|
considered recommendations to buy or sell any securities.
|
Class
|
6/30/21
|
12/31/20
|
A
|
$1.00
|
$1.00
|
R
|
$1.00
|
$1.00
|
Y
|
$1.00
|
$1.00
|
|
Net Investment
|
Short-Term
|
Long-Term
|
Class
|
Income
|
Capital Gains
|
Capital Gains
|
A
|
$0.0001
|
$ —
|
$ —
|
R
|
$0.0001
|
$ —
|
$ —
|
Y
|
$0.0001
|
$ —
|
$ —
|
Class
|
7-Day Annualized*
|
7-Day Effective**
|
A
|
0.01%
|
0.01%
|
R
|
0.01%
|
0.01%
|
Y
|
0.01%
|
0.01%
|
Class
|
Gross
|
A
|
0.79%
|
R
|
1.08%
|
Y
|
0.53%
|
Share Class
|
A
|
R
|
Y
|
Beginning Account
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Value on 1/1/21
|
|
|
|
Ending Account
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Value on 6/30/21
|
|
|
|
Expenses Paid
|
$0.10
|
$0.30
|
$0.20
|
During Period*
|
|
|
|
* Expenses are equal to the Fund’s annualized expense ratio of 0.02%, 0.06%, and 0.04% for Class A,
|
Class R and Class Y shares, respectively, multiplied by the average account value over the period,
|
multiplied by 181/365 (to reflect the one-half year period).
|
Share Class
|
A
|
R
|
Y
|
Beginning Account
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Value on 1/1/21
|
|
|
|
Ending Account
|
$1,024.70
|
$1,024.50
|
$1,024.60
|
Value on 6/30/21
|
|
|
|
Expenses Paid
|
$0.10
|
$0.30
|
$0.20
|
During Period*
|
|
|
|
* Expenses are equal to the Fund’s annualized expense ratio of 0.02%, 0.06%, and 0.04% for Class A,
|
Class R and Class Y shares, respectively, multiplied by the average account value over the period,
|
multiplied by 181/365 (to reflect the one-half year period).
|
Principal
|
|
|
|
Amount ($)
|
|
Value
|
|
|
UNAFFILIATED ISSUERS — 64.8%
|
|
|
|
U.S. GOVERNMENT AND AGENCY
|
|
|
|
OBLIGATIONS — 64.8% of Net Assets
|
|
|
250,000
|
Federal Farm Credit Banks, 0.08% (1 Month USD LIBOR +
|
|
|
|
1 bps), 8/16/21
|
$ 250,008
|
|
835,000(a)
|
Federal Farm Credit Banks, 0.083% (1 Month USD LIBOR +
|
|
|
|
0 bps), 10/18/21
|
835,000
|
|
290,000(a)
|
Federal Farm Credit Banks, 0.145% (3 Month USD LIBOR +
|
|
|
|
1 bps), 9/20/21
|
290,096
|
|
1,000,000(a)
|
Federal Farm Credit Banks, 0.246% (1 Month USD LIBOR +
|
|
|
|
16 bps), 10/4/21
|
1,000,673
|
|
1,500,000
|
Federal Farm Credit Banks, 0.11% (SOFRRATE +
|
|
|
|
6 bps), 12/8/22
|
1,500,432
|
|
695,000
|
Federal Home Loan Banks, 1.125%, 7/14/21
|
695,269
|
|
2,000,000
|
Federal Home Loan Banks, 1.625%, 11/19/21
|
2,011,597
|
|
4,790,000
|
Federal Home Loan Banks, 1.875%, 7/7/21
|
4,791,430
|
|
2,175,000
|
Federal Home Loan Banks, 1.875%, 11/29/21
|
2,191,431
|
|
980,000
|
Federal Home Loan Banks, 2.375%, 9/10/21
|
984,369
|
|
4,500,000
|
Federal Home Loan Banks, 3.0%, 10/12/21
|
4,537,473
|
|
5,387,000
|
Federal Home Loan Mortgage Corp., 1.125%, 8/12/21
|
5,393,652
|
|
5,000,000(a)
|
Federal National Mortgage Association, 0.17%
|
|
|
|
(SOFRRATE + 12 bps), 7/29/22
|
5,005,727
|
|
1,000,000(a)
|
Federal National Mortgage Association, 0.25%
|
|
|
|
(SOFRRATE + 20 bps), 12/16/21
|
1,000,372
|
|
6,000,000(a)
|
Federal National Mortgage Association, 0.27%
|
|
|
|
(SOFRRATE + 22 bps), 3/16/22
|
6,008,264
|
|
2,285,000(a)
|
Federal National Mortgage Association, 0.28%
|
|
|
|
(SOFRRATE + 23 bps), 7/6/21
|
2,284,994
|
|
10,000,000(a)
|
Federal National Mortgage Association, 0.28%
|
|
|
|
(SOFRRATE + 23 bps), 5/6/22
|
10,018,845
|
|
200,000(a)
|
Federal National Mortgage Association, 0.41%
|
|
|
|
(SOFRRATE + 36 bps), 1/20/22
|
200,389
|
|
7,722,000
|
Federal National Mortgage Association, 1.25%, 8/17/21
|
7,733,834
|
|
16,118,000
|
Federal National Mortgage Association, 1.375%, 10/7/21
|
16,172,874
|
|
1,129,000
|
Federal National Mortgage Association, 1.875%, 4/5/22
|
1,144,313
|
|
1,156,000
|
Federal National Mortgage Association, 2.25%, 4/12/22
|
1,175,617
|
|
3,000,000
|
Federal National Mortgage Association, 2.625%, 1/11/22
|
3,040,662
|
|
9,000,000(b)
|
U.S. Treasury Bills, 8/26/21
|
8,999,880
|
|
3,000,000(b)
|
U.S. Treasury Bills, 9/2/21
|
2,999,919
|
|
5,000,000(a)
|
U.S. Treasury Floating Rate Notes, 0.105% (3 Month U.S.
|
|
|
|
Treasury Bill Money Market Yield + 6 bps), 7/31/22
|
5,000,410
|
|
5,000,000(a)
|
U.S. Treasury Floating Rate Notes, 0.105% (3 Month U.S.
|
|
|
|
Treasury Bill Money Market Yield + 6 bps), 10/31/22
|
5,000,030
|
Principal
|
|
|
|
Amount ($)
|
|
Value
|
|
|
U.S. GOVERNMENT AND AGENCY
|
|
|
|
OBLIGATIONS — (continued)
|
|
|
13,850,000(a)
|
U.S. Treasury Floating Rate Notes, 0.164% (3 Month U.S.
|
|
|
|
Treasury Bill Money Market Yield + 11 bps), 4/30/22
|
$ 13,858,070
|
|
23,415,000(a)
|
U.S. Treasury Floating Rate Notes, 0.204% (3 Month U.S.
|
|
|
|
Treasury Bill Money Market Yield + 15 bps), 1/31/22
|
23,430,832
|
|
21,385,000(a)
|
U.S. Treasury Floating Rate Notes, 0.27% (3 Month U.S.
|
|
|
|
Treasury Bill Money Market Yield + 22 bps), 7/31/21
|
21,387,626
|
|
18,170,000(a)
|
U.S. Treasury Floating Rate Notes, 0.35% (3 Month U.S.
|
|
|
|
Treasury Bill Money Market Yield + 30 bps), 10/31/21
|
18,183,347
|
|
1,700,000
|
U.S. Treasury Note, 1.25%, 10/31/21
|
1,706,257
|
|
5,000,000
|
U.S. Treasury Note, 1.5%, 10/31/21
|
5,023,978
|
|
2,000,000
|
U.S. Treasury Note, 2.0%, 10/31/21
|
2,012,291
|
|
1,000,000
|
U.S. Treasury Note, 2.875%, 10/15/21
|
1,007,935
|
|
|
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS |
||
|
(Cost $186,877,896)
|
$186,877,896
|
|
|
TEMPORARY CASH INVESTMENTS — 35.3% |
||
|
of Net Assets
|
|
|
|
REPURCHASE AGREEMENTS — 35.3%
|
|
|
25,480,000
|
$25,480,000 Merrill Lynch, Pierce, Fenner & Smith, Inc.,
|
|
|
|
0,05%, dated 6/30/21 plus accrued interest on
|
|
|
|
7/1/21 collateralized by $25,989,600 Government |
||
|
National Mortgage Association,
|
|
|
|
2.38%-4.08%, 3/15/48-6/15/61
|
$ 25,480,000
|
|
25,480,000
|
$25,480,000 RBC Capital Markets LLC, 0,05%,
|
|
|
|
dated 6/30/21 plus accrued interest on 7/1/21
|
|
|
|
collateralized by the following:
|
|
|
|
$7,268,081 Freddie Mac Giant, 2%-5%, 7/1/48-5/1/51, |
||
|
$10,905,931 Federal National Mortgage Association, |
||
|
2.215%-4.5%, 4/1/35-2/1/51,
|
|
|
|
$7,815,625 Government National Mortgage Association,
|
|
|
|
2.5%-6%, 11/20/33-11/20/50
|
25,480,000
|
|
25,480,000
|
$25,480,000 ScotiaBank, 0.05%, dated 6/30/21
|
|
|
|
plus accrued interest on 7/1/21 collateralized by
|
|
|
|
$25,989,702 U.S. Treasury Notes, 2.25%, 2/15/27
|
25,480,000
|
|
12,740,000
|
$12,740,000 TD Securities USA LLC, 0.055%
|
|
|
|
dated 6/30/21 plus accrued interest on 7/1/21
|
|
|
|
collateralized by $12,994,970 Federal Farm Credit Banks
|
|
|
|
Consolidated Systemwide Bonds, 0.09%, 4/10/2023
|
12,740,000
|
Principal
|
|
|
|
Amount ($)
|
|
Value
|
|
|
REPURCHASE AGREEMENTS — (continued)
|
|
|
12,740,000
|
$12,740,000 TD Securities USA LLC, 0.055%
|
|
|
|
dated 6/30/21 plus accrued interest on 7/1/21
|
|
|
|
collateralized by $12,994,824 U.S. Treasury Notes, |
||
|
1.875%, 2/15/2041
|
$ 12,740,000
|
|
|
|
$101,920,000
|
|
|
TOTAL TEMPORARY CASH INVESTMENTS
|
|
|
|
(Cost $101,920,000)
|
$101,920,000
|
|
|
TOTAL INVESTMENT IN SECURITIES OF
|
|
|
|
UNAFFILIATED ISSUERS — 100.1%
|
|
|
|
(Cost $288,797,896)
|
$288,797,896
|
|
|
OTHER ASSETS & LIABILITIES — (0.1)%
|
$ (170,055)
|
|
|
NET ASSETS — 100.0%
|
$288,627,841
|
bps
|
Basis Points.
|
LIBOR
|
London Interbank Offered Rate.
|
SOFRRATE
|
Secured Overnight Financing Rate.
|
(a) |
Floating rate note. Coupon rate, reference index and spread shown at June 30, 2021. |
(b) |
Security issued with a zero coupon. Income is recognized through accretion of discount. |
Aggregate gross unrealized appreciation for all investments in which
|
|
there is an excess of value over tax cost
|
$ —
|
Aggregate gross unrealized depreciation for all investments in which
|
|
there is an excess of tax cost over value
|
(218)
|
Net unrealized appreciation
|
$(218)
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
U.S. Government and
|
|
|
|
|
Agency Obligation
|
$ —
|
$186,877,896
|
$ —
|
$186,877,896
|
Repurchase Agreements
|
—
|
101,920,000
|
—
|
101,920,000
|
Total
|
$ —
|
$288,797,896
|
$ —
|
$288,797,896
|
ASSETS:
|
|
Investments in unaffiliated issuers, at value (cost $288,797,896)
|
$288,797,896
|
Cash
|
835,544
|
Receivables —
|
|
Fund shares sold
|
163,264
|
Interest
|
317,375
|
Due from the Adviser
|
155,507
|
Other assets
|
46,472
|
Total assets
|
$290,316,058
|
LIABILITIES:
|
|
Payables —
|
|
Fund shares repurchased
|
$ 1,385,483
|
Distributions
|
1,206
|
Trustees’ fees
|
217
|
Professional fees
|
37,702
|
Transfer agent fees
|
40,766
|
Shareowner communications expense
|
44,490
|
Due to affiliates
|
|
Management fees
|
98,888
|
Other due to affiliates
|
2,884
|
Accrued expenses
|
76,581
|
Total liabilities
|
$ 1,688,217
|
NET ASSETS:
|
|
Paid-in capital
|
$288,546,192
|
Distributable earnings
|
81,649
|
Net assets
|
$288,627,841
|
NET ASSET VALUE PER SHARE:
|
|
No par value (unlimited number of shares authorized)
|
|
Class A (based on $234,794,363/234,860,813 shares)
|
$ 1.00
|
Class R (based on $1,512,648/1,512,506 shares)
|
$ 1.00
|
Class Y (based on $52,320,830/52,326,145 shares)
|
$ 1.00
|
INVESTMENT INCOME:
|
|
|
Interest from unaffiliated issuers
|
$102,413
|
|
Total investment income
|
|
$ 102,413
|
EXPENSES:
|
|
|
Management fees
|
$506,278
|
|
Administrative expense
|
102,553
|
|
Transfer agent fees
|
|
|
Class A
|
90,431
|
|
Class R
|
608
|
|
Class Y
|
496
|
|
Distribution fees
|
|
|
Class A
|
177,642
|
|
Class R
|
3,910
|
|
Shareowner communications expense
|
49,838
|
|
Custodian fees
|
15,983
|
|
Registration fees
|
32,700
|
|
Professional fees
|
28,802
|
|
Printing expense
|
9,835
|
|
Trustees’ fees
|
5,158
|
|
Insurance expense
|
89
|
|
Miscellaneous
|
3,369
|
|
Total expenses
|
|
$1,027,692
|
Less fees waived and expenses reimbursed
|
|
|
by the Adviser
|
|
(989,099)
|
Net expenses
|
|
$ 38,593
|
Net investment income
|
|
$ 63,820
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
|
|
Net realized gain (loss) on investments
|
|
$ 1,527
|
Net increase in net assets resulting from operations
|
|
$ 65,347
|
|
Six Months
|
|
|
Ended
|
Year
|
|
6/30/21
|
Ended
|
|
(unaudited)
|
12/31/20
|
FROM OPERATIONS:
|
|
|
Net investment income (loss)
|
$ 63,820
|
$ 489,485
|
Net realized gain (loss) on investments
|
1,527
|
19,614
|
Net increase in net assets resulting from operations
|
$ 65,347
|
$ 509,099
|
DISTRIBUTIONS TO SHAREOWNERS:
|
|
|
Class A ($0.0001 and $0.0020 per share, respectively)
|
$ (11,851)
|
$ (395,370)
|
Class R ($0.0001 and $0.0012 per share, respectively)
|
(79)
|
(1,200)
|
Class Y ($0.0001 and $0.0022 per share, respectively)
|
(2,540)
|
(94,677)
|
Total distributions to shareowners
|
$ (14,470)
|
$ (491,247)
|
FROM FUND SHARE TRANSACTIONS:
|
|
|
Net proceeds from sales of shares
|
$ 76,525,298
|
$ 257,625,793
|
Reinvestment of distributions
|
12,108
|
397,362
|
Cost of shares repurchased
|
(95,541,839)
|
(190,719,800)
|
Net increase (decrease) in net assets resulting
|
|
|
from Fund share transactions
|
$ (19,004,433)
|
$ 67,303,355
|
Net increase (decrease) in net assets
|
$ (18,953,556)
|
$ 67,321,207
|
NET ASSETS:
|
|
|
Beginning of period
|
$307,581,397
|
$ 240,260,190
|
End of period
|
$288,627,841
|
$ 307,581,397
|
|
Six Months
|
Six Months
|
|
|
|
Ended
|
Ended
|
|
|
|
6/30/21
|
6/30/21
|
Year Ended
|
Year Ended
|
|
Shares
|
Amount
|
12/31/20
|
12/31/20
|
|
(unaudited)
|
(unaudited)
|
Shares |
Amount
|
Class A
|
|
|
|
|
Shares sold
|
55,545,453
|
$ 55,549,024
|
232,828,184
|
$ 232,840,618
|
Reinvestment of distributions
|
15,423
|
11,851
|
395,370
|
395,370
|
Less shares repurchased
|
(78,025,799)
|
(78,025,800)
|
(173,074,246)
|
(173,074,247)
|
Net increase/ (decrease)
|
(22,464,923)
|
$(22,464,925)
|
60,149,308
|
$ 60,161,741
|
Class R
|
|
|
|
|
Shares sold
|
137,516
|
$ 137,516
|
1,666,294
|
$ 1,666,381
|
Reinvestment of distributions
|
73
|
73
|
1,200
|
1,200
|
Less shares repurchased
|
(450,099)
|
(450,099)
|
(727,340)
|
(727,340)
|
Net increase/ (decrease)
|
(312,510)
|
$ (312,510)
|
940,154
|
$ 940,241
|
Class Y
|
|
|
|
|
Shares sold
|
20,838,758
|
$ 20,838,758
|
23,116,488
|
$ 23,118,794
|
Reinvestment of distributions
|
183
|
184
|
792
|
792
|
Less shares repurchased
|
(17,065,940)
|
(17,065,940)
|
(16,918,213)
|
(16,918,213)
|
Net increase
|
3,773,001
|
$ 3,773,002
|
6,199,027
|
$ 6,201,373
|
|
Six Months
|
|
|
|
|
|
|
Ended
|
Year
|
Year
|
Year
|
Year
|
Year
|
|
6/30/21
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
(unaudited)
|
12/31/20
|
12/31/19
|
12/31/18
|
12/31/17
|
12/31/16*
|
Class A
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
|
Net investment income (loss) (a)
|
$ 0.000(b)
|
$ 0.002
|
$ 0.015
|
$ 0.012
|
$ 0.003
|
$ 0.000(b)
|
Distributions to shareowners:
|
|
|
|
|
|
|
Net investment income
|
$ (0.000)(b)
|
$ (0.002)(c)
|
$ (0.015)(c)
|
$ (0.012)(c)
|
$ (0.003)
|
$ 0.000(b)(c)
|
Net increase (decrease) in net asset value
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Net asset value, end of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Total return (d)
|
0.00%(e
|
0.20%
|
1.50%
|
1.21%
|
0.27%
|
0.01%
|
Ratio of net expenses to average net assets
|
0.02%(f)
|
0.25%
|
0.69%
|
0.66%
|
0.62%
|
0.34%
|
Ratio of net investment income (loss) to average net assets
|
0.05%(f)
|
0.16%
|
1.50%
|
1.20%
|
0.26%
|
0.01%
|
Net assets, end of period (in thousands)
|
$234,794
|
$257,214
|
$197,032
|
$210,290
|
$217,256
|
$251,143
|
Ratios with no waiver of fees and assumption of expenses by
|
|
|
|
|
|
|
the Adviser and no reduction for fees paid indirectly:
|
|
|
|
|
|
|
Total expenses to average net assets
|
0.74%(f)
|
0.79%
|
0.84%
|
0.81%
|
0.80%
|
0.82%
|
Net investment income (loss) to average net assets
|
(0.67)%(f)
|
(0.38)%
|
1.35%
|
1.05%
|
0.08%
|
(0.46)%
|
*
|
The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
|
(a)
|
The per-share data presented above is based on the average shares outstanding for the period presented.
|
(b)
|
Amount rounds to less than $0.001 or $(0.001) per share.
|
(c)
|
The amount of distributions made to shareowners during the period were in excess of the net investment income earned by the Fund during the period. A portion of the accumulated net investment income was
distributed to shareowners during the period.
|
(d)
|
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and
no sales charges. Total return would be reduced if sales charges were taken into account.
|
(e)
|
Not annualized.
|
(f)
|
Annualized. |
|
Six Months
|
|
|
|
|
|
Ended
|
Year
|
Year
|
Year
|
|
|
6/30/21
|
Ended
|
Ended
|
Ended
|
8/1/17* to
|
|
(unaudited)
|
12/31/20
|
12/31/19
|
12/31/18
|
12/31/17
|
Class R
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
Net investment income (loss) (a)
|
$ 0.000(b)
|
$ 0.001
|
$ 0.010
|
$ 0.009
|
$ 0.000(b)
|
Net realized and unrealized gain (loss) on investments
|
0.000
|
0.000
|
0.001
|
(0.001)
|
0.000
|
Net increase (decrease) from investment operations
|
$ 0.000
|
$ 0.001
|
$ 0.011
|
$ 0.008
|
$ 0.000
|
Distributions to shareowners:
|
|
|
|
|
|
Net investment income
|
$(0.000)(b)
|
$(0.001)(c)
|
$(0.011)(c)
|
$(0.008)(c)
|
$(0.000)(b)
|
Net increase (decrease) in net asset value
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Net asset value, end of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Total return (d)
|
0.00%(e)
|
0.12%
|
1.08%
|
0.78%
|
0.03%(e)
|
Ratio of net expenses to average net assets
|
0.06%(f)
|
0.30%
|
1.12%
|
1.08%
|
1.02%(f)
|
Ratio of net investment income (loss) to average net assets
|
0.01%(f)
|
0.09%
|
1.03%
|
0.85%
|
0.10%(f)
|
Net assets, end of period (in thousands)
|
$ 1,513
|
$ 1,825
|
$ 885
|
$ 553
|
$ 151
|
Ratios with no waiver of fees and assumption of expenses by
|
|
|
|
|
|
the Adviser and no reduction for fees paid indirectly:
|
|
|
|
|
|
Total expenses to average net assets
|
1.10%(f)
|
1.08%
|
1.12%
|
1.08%
|
1.03%(f)
|
Net investment income (loss) to average net assets
|
(1.03)%(f)
|
(0.69)%
|
1.03%
|
0.85%
|
0.09%(f)
|
*
|
Class R shares commenced operations on August 1, 2017.
|
(a)
|
The per-share data presented above is based on the average shares outstanding for the period presented.
|
(b)
|
Amount rounds to less than $0.001 or $(0.001) per share.
|
(c)
|
The amount of distributions made to shareowners during the period were in excess of the net investment income earned by the Fund during the period. A portion of the accumulated net
|
|
investment income was distributed to shareowners during the period.
|
(d)
|
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
|
(e)
|
Not annualized.
|
(f)
|
Annualized. |
|
Six Months
|
|
|
|
|
|
|
Ended
|
Year
|
Year
|
Year
|
Year
|
Year
|
|
6/30/21
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
(unaudited)
|
12/31/20
|
12/31/19
|
12/31/18
|
12/31/17
|
12/31/16*
|
Class Y
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
|
Net investment income (loss) (a)
|
$ 0.000(b)
|
$ 0.002
|
$ 0.017
|
$ 0.013
|
$ 0.004
|
$ 0.000(b)
|
Net realized and unrealized gain (loss) on investments
|
0.000
|
0.000
|
0.000
|
0.001
|
0.000
|
0.000
|
Net increase (decrease) from investment operations
|
$ 0.000
|
$ 0.002
|
$ 0.017
|
$ 0.014
|
$0.0004
|
$ 0.000
|
Distributions to shareowners:
|
|
|
|
|
|
|
Net investment income
|
$(0.000)(b)
|
$ (0.002)(c)
|
$ (0.017)(c)
|
$ (0.014)(c)
|
$ (0.004)
|
$ 0.000(b)(c)
|
Net increase (decrease) in net asset value
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Net asset value, end of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Total return (d)
|
0.00%(e)
|
0.22%
|
1.67%
|
1.34%
|
0.37%
|
0.01%
|
Ratio of net expenses to average net assets
|
0.04%(f)
|
0.24%
|
0.52%
|
0.54%
|
0.51%
|
0.34%
|
Ratio of net investment income (loss) to average net assets
|
0.03%(f)
|
0.19%
|
1.66%
|
1.30%
|
0.36%
|
0.01%
|
Net assets, end of period (in thousands)
|
$52,321
|
$48,542
|
$42,343
|
$37,356
|
$49,178
|
$63,703
|
Ratios with no waiver of fees and assumption of expenses by
|
|
|
|
|
|
|
the Adviser and no reduction for fees paid indirectly:
|
|
|
|
|
|
|
Total expenses to average net assets
|
0.48%(f)
|
0.53%
|
0.52%
|
0.54%
|
0.51%
|
0.50%
|
Net investment income (loss) to average net assets
|
(0.41)%(f)
|
(0.10)%
|
1.66%
|
1.30%
|
0.36%
|
(0.15)%
|
*
|
The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
|
(a)
|
The per-share data presented above is based on the average shares outstanding for the period presented.
|
(b)
|
Amount rounds to less than $0.001 or $(0.001) per share.
|
(c)
|
The amount of distributions made to shareowners during the period were in excess of the net investment income earned by the Fund during the period. A portion of the accumulated net investment income was distributed to shareowners
during the period.
|
(d)
|
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
|
(e)
|
Not annualized.
|
(f)
|
Annualized.
|
|
2020
|
Distributions paid from:
|
|
Ordinary income
|
$491,247
|
Total
|
$491,247
|
|
2020
|
Distributable earnings (loss):
|
|
Undistributed ordinary income
|
$30,990
|
Unrealized appreciation/(depreciation)
|
(218)
|
Total
|
$30,772
|
Shareowner Communications:
|
|
Class A
|
$49,280
|
Class R
|
404
|
Class Y
|
154
|
Total
|
$49,838
|
Trustees
Thomas J. Perna, Chairman
John E. Baumgardner, Jr.
Diane Durnin
Benjamin M. Friedman
Lisa M. Jones
Craig C. MacKay
Lorraine H. Monchak
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
|
Officers
Lisa M. Jones, President
and Chief Executive Officer
Anthony J. Koenig, Jr., Treasurer
and Chief Financial and Accounting Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
|
Call us for:
|
|
Account Information, including existing accounts,
|
|
new accounts, prospectuses, applications
|
|
and service forms
|
1-800-225-6292
|
FactFoneSM for automated fund yields, prices,
|
|
account information and transactions
|
1-800-225-4321
|
Retirement plans information
|
1-800-622-0176
|
Our toll-free fax
|
1-800-225-4240
|
|
|
Our internet e-mail address
|
us.askamundi@amundi.com
|
(for general questions about Amundi only)
|
|
SECTION II - POLICY
|
||
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
|
I. AUDIT SERVICES
|
Services that are directly
|
o Accounting research assistance
|
related to performing the
|
o SEC consultation, registration
|
|
independent audit of the Funds
|
statements, and reporting
|
|
o Tax accrual related matters
|
||
o Implementation of new accounting standards
|
||
o Compliance letters (e.g. rating agency letters)
|
||
o Regulatory reviews and assistance
|
||
regarding financial matters
|
||
o Semi-annual reviews (if requested)
|
||
o Comfort letters for closed end offerings
|
||
II. AUDIT-RELATED
|
Services which are not
|
o AICPA attest and agreed-upon procedures
|
SERVICES
|
prohibited under Rule
|
o Technology control assessments
|
210.2-01(C)(4) (the “Rule”)
|
o Financial reporting control assessments
|
|
and are related extensions of
|
o Enterprise security architecture
|
|
the audit services support the
|
assessment
|
|
audit, or use the knowledge/expertise
|
||
gained from the audit procedures as a
|
||
foundation to complete the project.
|
||
In most cases, if the Audit-Related
|
||
Services are not performed by the
|
||
Audit firm, the scope of the Audit
|
||
Services would likely increase.
|
||
The Services are typically well-defined
|
||
and governed by accounting
|
||
professional standards (AICPA,
|
||
SEC, etc.)
|
||
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
|
o “One-time” pre-approval
|
o A summary of all such
|
|
for the audit period for all
|
services and related fees
|
|
pre-approved specific service
|
reported at each regularly
|
|
subcategories. Approval of the
|
scheduled Audit Committee
|
|
independent auditors as
|
meeting.
|
|
auditors for a Fund shall
|
||
constitute pre approval for
|
||
these services.
|
||
o “One-time” pre-approval
|
o A summary of all such
|
|
for the fund fiscal year within
|
services and related fees
|
|
a specified dollar limit
|
(including comparison to
|
|
for all pre-approved
|
specified dollar limits)
|
|
specific service subcategories
|
reported quarterly.
|
|
o Specific approval is
|
|
needed to exceed the
|
|
pre-approved dollar limit for
|
|
these services (see general
|
|
Audit Committee approval policy
|
|
below for details on obtaining
|
|
specific approvals)
|
|
o Specific approval is
|
|
needed to use the Fund’s
|
|
auditors for Audit-Related
|
|
Services not denoted as
|
|
“pre-approved”, or
|
|
to add a specific service
|
|
subcategory as “pre-approved”
|
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE
|
SUBCATEGORIES
|
||
III. TAX SERVICES
|
Services which are not
|
o Tax planning and support
|
prohibited by the Rule,
|
o Tax controversy assistance
|
|
if an officer of the Fund
|
o Tax compliance, tax returns, excise
|
|
determines that using the
|
tax returns and support
|
|
Fund’s auditor to provide
|
o Tax opinions
|
|
these services creates
|
||
significant synergy in
|
||
the form of efficiency,
|
||
minimized disruption, or
|
||
the ability to maintain a
|
||
desired level of
|
||
confidentiality.
|
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
o “One-time” pre-approval
|
o A summary of
|
for the fund fiscal year
|
all such services and
|
within a specified dollar limit
|
related fees
|
(including comparison
|
|
to specified dollar
|
|
limits) reported
|
|
quarterly.
|
|
o Specific approval is
|
|
needed to exceed the
|
|
pre-approved dollar limits for
|
|
these services (see general
|
|
Audit Committee approval policy
|
|
below for details on obtaining
|
|
specific approvals)
|
|
o Specific approval is
|
|
needed to use the Fund’s
|
|
auditors for tax services not
|
|
denoted as pre-approved, or to
|
|
add a specific service subcategory as
|
|
“pre-approved”
|
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE
|
SUBCATEGORIES
|
||
IV. OTHER SERVICES
|
Services which are not
|
o Business Risk Management support
|
prohibited by the Rule,
|
o Other control and regulatory
|
|
A. SYNERGISTIC,
|
if an officer of the Fund
|
compliance projects
|
UNIQUE QUALIFICATIONS
|
determines that using the
|
|
Fund’s auditor to provide
|
||
these services creates
|
||
significant synergy in
|
||
the form of efficiency,
|
||
minimized disruption,
|
||
the ability to maintain a
|
||
desired level of
|
||
confidentiality, or where
|
||
the Fund’s auditors
|
||
posses unique or superior
|
||
qualifications to provide
|
||
these services, resulting
|
||
in superior value and
|
||
results for the Fund.
|
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
o “One-time” pre-approval
|
o A summary of
|
for the fund fiscal year within
|
all such services and
|
a specified dollar limit
|
related fees
|
(including comparison
|
|
to specified dollar
|
|
limits) reported
|
|
quarterly.
|
|
o Specific approval is
|
|
needed to exceed the
|
|
pre-approved dollar limits for
|
|
these services (see general
|
|
Audit Committee approval policy
|
|
below for details on obtaining
|
|
specific approvals)
|
|
o Specific approval is
|
|
needed to use the Fund’s
|
|
auditors for “Synergistic” or
|
|
“Unique Qualifications” Other
|
|
Services not denoted as
|
|
pre-approved to the left, or to
|
|
add a specific service
|
|
subcategory as “pre-approved”
|
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PROHIBITED SERVICE
|
SUBCATEGORIES
|
||
PROHIBITED SERVICES
|
Services which result
|
1. Bookkeeping or other services
|
in the auditors losing
|
related to the accounting records or
|
|
independence status
|
financial statements of the audit
|
|
under the Rule.
|
client*
|
|
2. Financial information systems design
|
||
and implementation*
|
||
3. Appraisal or valuation services,
|
||
fairness* opinions, or
|
||
contribution-in-kind reports
|
||
4. Actuarial services (i.e., setting
|
||
actuarial reserves versus actuarial
|
||
audit work)*
|
||
5. Internal audit outsourcing services*
|
||
6. Management functions or human
|
||
resources
|
||
7. Broker or dealer, investment
|
||
advisor, or investment banking services
|
||
8. Legal services and expert services
|
||
unrelated to the audit
|
||
9. Any other service that the Public
|
||
Company Accounting Oversight Board
|
||
determines, by regulation, is
|
||
impermissible
|
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
o These services are not to be
|
o A summary of all
|
performed with the exception of the(*)
|
services and related
|
services that may be permitted
|
fees reported at each
|
if they would not be subject to audit
|
regularly scheduled
|
procedures at the audit client (as
|
Audit Committee meeting
|
defined in rule 2-01(f)(4)) level
|
will serve as continual
|
the firm providing the service.
|
confirmation that has
|
not provided any
|
|
restricted services.
|
1
|
Last revised January 2021
|
2
|
Last revised January 2021
|
3
|
Last revised January 2021
|
4
|
Last revised January 2021
|
5
|
Last revised January 2021
|
6
|
Last revised January 2021
|
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