Shareholder Report
Jul. 31, 2026
USD ($)
Holding
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $30 | 0.29% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Institutional Shares returned 3.94%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.71% and the ICE BofA 6-Month U.S. Treasury Bill Index, returned 3.89%.
What contributed to performance?
Asset allocation—namely, positions in U.S. Treasuries, commercial paper, and investment-grade corporate bonds—was the primary contributor to the Fund’s absolute performance. The Fund's cash position had no material impact on performance.
What detracted from performance?
At a time of positive returns for the broader fixed-income market, no aspect of the Fund’s positioning was a significant detractor.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Institutional Shares | Bloomberg U.S. Aggregate Bond Index | ICE BofA 6-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $10,009 | $9,989 | $10,001 |
Sep 16 | $10,017 | $9,983 | $10,010 |
Oct 16 | $10,026 | $9,906 | $10,016 |
Nov 16 | $10,035 | $9,672 | $10,018 |
Dec 16 | $10,048 | $9,686 | $10,023 |
Jan 17 | $10,057 | $9,705 | $10,030 |
Feb 17 | $10,077 | $9,770 | $10,036 |
Mar 17 | $10,078 | $9,765 | $10,035 |
Apr 17 | $10,088 | $9,840 | $10,043 |
May 17 | $10,109 | $9,916 | $10,049 |
Jun 17 | $10,119 | $9,906 | $10,059 |
Jul 17 | $10,130 | $9,949 | $10,069 |
Aug 17 | $10,141 | $10,038 | $10,083 |
Sep 17 | $10,152 | $9,990 | $10,090 |
Oct 17 | $10,154 | $9,996 | $10,100 |
Nov 17 | $10,165 | $9,983 | $10,107 |
Dec 17 | $10,171 | $10,029 | $10,118 |
Jan 18 | $10,174 | $9,913 | $10,129 |
Feb 18 | $10,187 | $9,819 | $10,136 |
Mar 18 | $10,192 | $9,882 | $10,150 |
Apr 18 | $10,208 | $9,809 | $10,165 |
May 18 | $10,237 | $9,879 | $10,182 |
Jun 18 | $10,246 | $9,867 | $10,199 |
Jul 18 | $10,265 | $9,869 | $10,216 |
Aug 18 | $10,296 | $9,932 | $10,235 |
Sep 18 | $10,316 | $9,868 | $10,250 |
Oct 18 | $10,327 | $9,790 | $10,269 |
Nov 18 | $10,349 | $9,849 | $10,290 |
Dec 18 | $10,365 | $10,030 | $10,312 |
Jan 19 | $10,410 | $10,136 | $10,336 |
Feb 19 | $10,432 | $10,131 | $10,355 |
Mar 19 | $10,467 | $10,325 | $10,380 |
Apr 19 | $10,480 | $10,328 | $10,402 |
May 19 | $10,514 | $10,511 | $10,427 |
Jun 19 | $10,547 | $10,643 | $10,455 |
Jul 19 | $10,570 | $10,666 | $10,475 |
Aug 19 | $10,601 | $10,943 | $10,503 |
Sep 19 | $10,621 | $10,885 | $10,521 |
Oct 19 | $10,641 | $10,917 | $10,548 |
Nov 19 | $10,659 | $10,912 | $10,560 |
Dec 19 | $10,677 | $10,904 | $10,577 |
Jan 20 | $10,705 | $11,114 | $10,593 |
Feb 20 | $10,721 | $11,314 | $10,621 |
Mar 20 | $10,630 | $11,247 | $10,676 |
Apr 20 | $10,729 | $11,447 | $10,676 |
May 20 | $10,772 | $11,501 | $10,674 |
Jun 20 | $10,792 | $11,573 | $10,676 |
Jul 20 | $10,810 | $11,746 | $10,680 |
Aug 20 | $10,817 | $11,651 | $10,681 |
Sep 20 | $10,811 | $11,645 | $10,683 |
Oct 20 | $10,816 | $11,593 | $10,684 |
Nov 20 | $10,821 | $11,707 | $10,686 |
Dec 20 | $10,824 | $11,723 | $10,688 |
Jan 21 | $10,828 | $11,639 | $10,689 |
Feb 21 | $10,830 | $11,471 | $10,691 |
Mar 21 | $10,822 | $11,327 | $10,693 |
Apr 21 | $10,825 | $11,417 | $10,694 |
May 21 | $10,838 | $11,454 | $10,694 |
Jun 21 | $10,830 | $11,535 | $10,694 |
Jul 21 | $10,832 | $11,664 | $10,695 |
Aug 21 | $10,835 | $11,641 | $10,696 |
Sep 21 | $10,837 | $11,541 | $10,697 |
Oct 21 | $10,829 | $11,537 | $10,697 |
Nov 21 | $10,820 | $11,572 | $10,697 |
Dec 21 | $10,823 | $11,542 | $10,698 |
Jan 22 | $10,804 | $11,293 | $10,693 |
Feb 22 | $10,795 | $11,167 | $10,691 |
Mar 22 | $10,756 | $10,857 | $10,686 |
Apr 22 | $10,749 | $10,445 | $10,689 |
May 22 | $10,766 | $10,512 | $10,702 |
Jun 22 | $10,743 | $10,347 | $10,694 |
Jul 22 | $10,777 | $10,600 | $10,704 |
Aug 22 | $10,793 | $10,301 | $10,718 |
Sep 22 | $10,779 | $9,856 | $10,735 |
Oct 22 | $10,802 | $9,728 | $10,753 |
Nov 22 | $10,849 | $10,086 | $10,792 |
Dec 22 | $10,891 | $10,040 | $10,838 |
Jan 23 | $10,957 | $10,349 | $10,874 |
Feb 23 | $10,978 | $10,082 | $10,906 |
Mar 23 | $11,014 | $10,338 | $10,964 |
Apr 23 | $11,072 | $10,400 | $11,001 |
May 23 | $11,111 | $10,287 | $11,028 |
Jun 23 | $11,139 | $10,250 | $11,081 |
Jul 23 | $11,204 | $10,243 | $11,127 |
Aug 23 | $11,258 | $10,178 | $11,177 |
Sep 23 | $11,291 | $9,919 | $11,227 |
Oct 23 | $11,349 | $9,763 | $11,278 |
Nov 23 | $11,418 | $10,205 | $11,336 |
Dec 23 | $11,490 | $10,595 | $11,395 |
Jan 24 | $11,539 | $10,566 | $11,445 |
Feb 24 | $11,574 | $10,417 | $11,485 |
Mar 24 | $11,623 | $10,513 | $11,536 |
Apr 24 | $11,671 | $10,248 | $11,582 |
May 24 | $11,721 | $10,421 | $11,637 |
Jun 24 | $11,781 | $10,520 | $11,686 |
Jul 24 | $11,854 | $10,766 | $11,748 |
Aug 24 | $11,915 | $10,920 | $11,810 |
Sep 24 | $11,975 | $11,067 | $11,871 |
Oct 24 | $12,011 | $10,792 | $11,909 |
Nov 24 | $12,045 | $10,906 | $11,953 |
Dec 24 | $12,092 | $10,728 | $12,005 |
Jan 25 | $12,150 | $10,785 | $12,047 |
Feb 25 | $12,192 | $11,022 | $12,086 |
Mar 25 | $12,238 | $11,026 | $12,127 |
Apr 25 | $12,283 | $11,070 | $12,169 |
May 25 | $12,329 | $10,990 | $12,206 |
Jun 25 | $12,373 | $11,159 | $12,249 |
Jul 25 | $12,420 | $11,130 | $12,289 |
Aug 25 | $12,478 | $11,263 | $12,346 |
Sep 25 | $12,523 | $11,386 | $12,390 |
Oct 25 | $12,568 | $11,457 | $12,433 |
Nov 25 | $12,611 | $11,528 | $12,471 |
Dec 25 | $12,655 | $11,511 | $12,518 |
Jan 26 | $12,698 | $11,523 | $12,553 |
Feb 26 | $12,737 | $11,712 | $12,587 |
Mar 26 | $12,754 | $11,506 | $12,620 |
Apr 26 | $12,795 | $11,519 | $12,656 |
May 26 | $12,838 | $11,554 | $12,691 |
Jun 26 | $12,866 | $11,582 | $12,722 |
Jul 26 | $12,909 | $11,431 | $12,767 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.94% | 3.57% | 2.59% |
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.71 | (0.40) | 1.35 |
ICE BofA 6-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.89 | 3.61 | 2.47 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $961,614,365 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 228 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,239,508 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 52% |
Portfolio composition
Maturity allocation
Asset Type | Percent of
Net Assets |
|---|---|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.2% |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.2 |
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.6 |
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Percent of
Net Assets | |
|---|---|
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6% |
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.9 |
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.7 |
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 |
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.4 |
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.8 |
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 62.4 |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $51 | 0.50% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Investor A Shares returned 3.63%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.71% and the ICE BofA 6-Month U.S. Treasury Bill Index, returned 3.89%.
What contributed to performance?
Asset allocation—namely, positions in U.S. Treasuries, commercial paper, and investment-grade corporate bonds—was the primary contributor to the Fund’s absolute performance. The Fund's cash position had no material impact on performance.
What detracted from performance?
At a time of positive returns for the broader fixed-income market, no aspect of the Fund’s positioning was a significant detractor.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Investor A Shares | Bloomberg U.S. Aggregate Bond Index | ICE BofA 6-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $10,006 | $9,989 | $10,001 |
Sep 16 | $10,012 | $9,983 | $10,010 |
Oct 16 | $10,028 | $9,906 | $10,016 |
Nov 16 | $10,035 | $9,672 | $10,018 |
Dec 16 | $10,035 | $9,686 | $10,023 |
Jan 17 | $10,042 | $9,705 | $10,030 |
Feb 17 | $10,059 | $9,770 | $10,036 |
Mar 17 | $10,067 | $9,765 | $10,035 |
Apr 17 | $10,075 | $9,840 | $10,043 |
May 17 | $10,083 | $9,916 | $10,049 |
Jun 17 | $10,091 | $9,906 | $10,059 |
Jul 17 | $10,100 | $9,949 | $10,069 |
Aug 17 | $10,109 | $10,038 | $10,083 |
Sep 17 | $10,118 | $9,990 | $10,090 |
Oct 17 | $10,127 | $9,996 | $10,100 |
Nov 17 | $10,137 | $9,983 | $10,107 |
Dec 17 | $10,140 | $10,029 | $10,118 |
Jan 18 | $10,141 | $9,913 | $10,129 |
Feb 18 | $10,142 | $9,819 | $10,136 |
Mar 18 | $10,155 | $9,882 | $10,150 |
Apr 18 | $10,169 | $9,809 | $10,165 |
May 18 | $10,186 | $9,879 | $10,182 |
Jun 18 | $10,202 | $9,867 | $10,199 |
Jul 18 | $10,220 | $9,869 | $10,216 |
Aug 18 | $10,238 | $9,932 | $10,235 |
Sep 18 | $10,256 | $9,868 | $10,250 |
Oct 18 | $10,275 | $9,790 | $10,269 |
Nov 18 | $10,284 | $9,849 | $10,290 |
Dec 18 | $10,308 | $10,030 | $10,312 |
Jan 19 | $10,341 | $10,136 | $10,336 |
Feb 19 | $10,362 | $10,131 | $10,355 |
Mar 19 | $10,395 | $10,325 | $10,380 |
Apr 19 | $10,416 | $10,328 | $10,402 |
May 19 | $10,448 | $10,511 | $10,427 |
Jun 19 | $10,479 | $10,643 | $10,455 |
Jul 19 | $10,489 | $10,666 | $10,475 |
Aug 19 | $10,519 | $10,943 | $10,503 |
Sep 19 | $10,537 | $10,885 | $10,521 |
Oct 19 | $10,565 | $10,917 | $10,548 |
Nov 19 | $10,571 | $10,912 | $10,560 |
Dec 19 | $10,587 | $10,904 | $10,577 |
Jan 20 | $10,614 | $11,114 | $10,593 |
Feb 20 | $10,639 | $11,314 | $10,621 |
Mar 20 | $10,546 | $11,247 | $10,676 |
Apr 20 | $10,643 | $11,447 | $10,676 |
May 20 | $10,684 | $11,501 | $10,674 |
Jun 20 | $10,702 | $11,573 | $10,676 |
Jul 20 | $10,707 | $11,746 | $10,680 |
Aug 20 | $10,711 | $11,651 | $10,681 |
Sep 20 | $10,714 | $11,645 | $10,683 |
Oct 20 | $10,717 | $11,593 | $10,684 |
Nov 20 | $10,708 | $11,707 | $10,686 |
Dec 20 | $10,710 | $11,723 | $10,688 |
Jan 21 | $10,711 | $11,639 | $10,689 |
Feb 21 | $10,712 | $11,471 | $10,691 |
Mar 21 | $10,712 | $11,327 | $10,693 |
Apr 21 | $10,713 | $11,417 | $10,694 |
May 21 | $10,714 | $11,454 | $10,694 |
Jun 21 | $10,714 | $11,535 | $10,694 |
Jul 21 | $10,714 | $11,664 | $10,695 |
Aug 21 | $10,714 | $11,641 | $10,696 |
Sep 21 | $10,704 | $11,541 | $10,697 |
Oct 21 | $10,693 | $11,537 | $10,697 |
Nov 21 | $10,693 | $11,572 | $10,697 |
Dec 21 | $10,683 | $11,542 | $10,698 |
Jan 22 | $10,673 | $11,293 | $10,693 |
Feb 22 | $10,652 | $11,167 | $10,691 |
Mar 22 | $10,621 | $10,857 | $10,686 |
Apr 22 | $10,613 | $10,445 | $10,689 |
May 22 | $10,628 | $10,512 | $10,702 |
Jun 22 | $10,603 | $10,347 | $10,694 |
Jul 22 | $10,623 | $10,600 | $10,704 |
Aug 22 | $10,637 | $10,301 | $10,718 |
Sep 22 | $10,632 | $9,856 | $10,735 |
Oct 22 | $10,642 | $9,728 | $10,753 |
Nov 22 | $10,687 | $10,086 | $10,792 |
Dec 22 | $10,737 | $10,040 | $10,838 |
Jan 23 | $10,789 | $10,349 | $10,874 |
Feb 23 | $10,808 | $10,082 | $10,906 |
Mar 23 | $10,852 | $10,338 | $10,964 |
Apr 23 | $10,896 | $10,400 | $11,001 |
May 23 | $10,933 | $10,287 | $11,028 |
Jun 23 | $10,969 | $10,250 | $11,081 |
Jul 23 | $11,019 | $10,243 | $11,127 |
Aug 23 | $11,071 | $10,178 | $11,177 |
Sep 23 | $11,112 | $9,919 | $11,227 |
Oct 23 | $11,156 | $9,763 | $11,278 |
Nov 23 | $11,221 | $10,205 | $11,336 |
Dec 23 | $11,290 | $10,595 | $11,395 |
Jan 24 | $11,348 | $10,566 | $11,445 |
Feb 24 | $11,380 | $10,417 | $11,485 |
Mar 24 | $11,426 | $10,513 | $11,536 |
Apr 24 | $11,460 | $10,248 | $11,582 |
May 24 | $11,518 | $10,421 | $11,637 |
Jun 24 | $11,563 | $10,520 | $11,686 |
Jul 24 | $11,632 | $10,766 | $11,748 |
Aug 24 | $11,690 | $10,920 | $11,810 |
Sep 24 | $11,747 | $11,067 | $11,871 |
Oct 24 | $11,780 | $10,792 | $11,909 |
Nov 24 | $11,823 | $10,906 | $11,953 |
Dec 24 | $11,867 | $10,728 | $12,005 |
Jan 25 | $11,910 | $10,785 | $12,047 |
Feb 25 | $11,949 | $11,022 | $12,086 |
Mar 25 | $12,004 | $11,026 | $12,127 |
Apr 25 | $12,034 | $11,070 | $12,169 |
May 25 | $12,077 | $10,990 | $12,206 |
Jun 25 | $12,130 | $11,159 | $12,249 |
Jul 25 | $12,174 | $11,130 | $12,289 |
Aug 25 | $12,217 | $11,263 | $12,346 |
Sep 25 | $12,270 | $11,386 | $12,390 |
Oct 25 | $12,301 | $11,457 | $12,433 |
Nov 25 | $12,341 | $11,528 | $12,471 |
Dec 25 | $12,381 | $11,511 | $12,518 |
Jan 26 | $12,421 | $11,523 | $12,553 |
Feb 26 | $12,457 | $11,712 | $12,587 |
Mar 26 | $12,471 | $11,506 | $12,620 |
Apr 26 | $12,510 | $11,519 | $12,656 |
May 26 | $12,549 | $11,554 | $12,691 |
Jun 26 | $12,588 | $11,582 | $12,722 |
Jul 26 | $12,615 | $11,431 | $12,767 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.63% | 3.32% | 2.35% |
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.71 | (0.40) | 1.35 |
ICE BofA 6-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.89 | 3.61 | 2.47 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $961,614,365 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 228 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,239,508 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 52% |
Portfolio composition
Maturity allocation
Asset Type | Percent of
Net Assets |
|---|---|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.2% |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.2 |
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.6 |
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Percent of
Net Assets | |
|---|---|
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6% |
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.9 |
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.7 |
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 |
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.4 |
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.8 |
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 62.4 |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $21 | 0.20% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Class K Shares returned 4.14%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.71% and the ICE BofA 6-Month U.S. Treasury Bill Index, returned 3.89%.
What contributed to performance?
Asset allocation—namely, positions in U.S. Treasuries, commercial paper, and investment-grade corporate bonds—was the primary contributor to the Fund’s absolute performance. The Fund's cash position had no material impact on performance.
What detracted from performance?
At a time of positive returns for the broader fixed-income market, no aspect of the Fund’s positioning was a significant detractor.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Class K Shares | Bloomberg U.S. Aggregate Bond Index | ICE BofA 6-Month U.S. Treasury Bill Index | |
|---|---|---|---|
Aug 16 | $10,009 | $9,989 | $10,001 |
Sep 16 | $10,018 | $9,983 | $10,010 |
Oct 16 | $10,037 | $9,906 | $10,016 |
Nov 16 | $10,047 | $9,672 | $10,018 |
Dec 16 | $10,050 | $9,686 | $10,023 |
Jan 17 | $10,059 | $9,705 | $10,030 |
Feb 17 | $10,079 | $9,770 | $10,036 |
Mar 17 | $10,090 | $9,765 | $10,035 |
Apr 17 | $10,101 | $9,840 | $10,043 |
May 17 | $10,112 | $9,916 | $10,049 |
Jun 17 | $10,124 | $9,906 | $10,059 |
Jul 17 | $10,135 | $9,949 | $10,069 |
Aug 17 | $10,147 | $10,038 | $10,083 |
Sep 17 | $10,159 | $9,990 | $10,090 |
Oct 17 | $10,172 | $9,996 | $10,100 |
Nov 17 | $10,184 | $9,983 | $10,107 |
Dec 17 | $10,191 | $10,029 | $10,118 |
Jan 18 | $10,195 | $9,913 | $10,129 |
Feb 18 | $10,199 | $9,819 | $10,136 |
Mar 18 | $10,215 | $9,882 | $10,150 |
Apr 18 | $10,231 | $9,809 | $10,165 |
May 18 | $10,260 | $9,879 | $10,182 |
Jun 18 | $10,269 | $9,867 | $10,199 |
Jul 18 | $10,290 | $9,869 | $10,216 |
Aug 18 | $10,321 | $9,932 | $10,235 |
Sep 18 | $10,341 | $9,868 | $10,250 |
Oct 18 | $10,352 | $9,790 | $10,269 |
Nov 18 | $10,375 | $9,849 | $10,290 |
Dec 18 | $10,391 | $10,030 | $10,312 |
Jan 19 | $10,437 | $10,136 | $10,336 |
Feb 19 | $10,460 | $10,131 | $10,355 |
Mar 19 | $10,485 | $10,325 | $10,380 |
Apr 19 | $10,509 | $10,328 | $10,402 |
May 19 | $10,544 | $10,511 | $10,427 |
Jun 19 | $10,577 | $10,643 | $10,455 |
Jul 19 | $10,600 | $10,666 | $10,475 |
Aug 19 | $10,623 | $10,943 | $10,503 |
Sep 19 | $10,644 | $10,885 | $10,521 |
Oct 19 | $10,675 | $10,917 | $10,548 |
Nov 19 | $10,683 | $10,912 | $10,560 |
Dec 19 | $10,702 | $10,904 | $10,577 |
Jan 20 | $10,731 | $11,114 | $10,593 |
Feb 20 | $10,759 | $11,314 | $10,621 |
Mar 20 | $10,668 | $11,247 | $10,676 |
Apr 20 | $10,769 | $11,447 | $10,676 |
May 20 | $10,813 | $11,501 | $10,674 |
Jun 20 | $10,833 | $11,573 | $10,676 |
Jul 20 | $10,842 | $11,746 | $10,680 |
Aug 20 | $10,848 | $11,651 | $10,681 |
Sep 20 | $10,854 | $11,645 | $10,683 |
Oct 20 | $10,859 | $11,593 | $10,684 |
Nov 20 | $10,864 | $11,707 | $10,686 |
Dec 20 | $10,868 | $11,723 | $10,688 |
Jan 21 | $10,872 | $11,639 | $10,689 |
Feb 21 | $10,865 | $11,471 | $10,691 |
Mar 21 | $10,868 | $11,327 | $10,693 |
Apr 21 | $10,871 | $11,417 | $10,694 |
May 21 | $10,875 | $11,454 | $10,694 |
Jun 21 | $10,878 | $11,535 | $10,694 |
Jul 21 | $10,881 | $11,664 | $10,695 |
Aug 21 | $10,884 | $11,641 | $10,696 |
Sep 21 | $10,876 | $11,541 | $10,697 |
Oct 21 | $10,878 | $11,537 | $10,697 |
Nov 21 | $10,870 | $11,572 | $10,697 |
Dec 21 | $10,863 | $11,542 | $10,698 |
Jan 22 | $10,855 | $11,293 | $10,693 |
Feb 22 | $10,837 | $11,167 | $10,691 |
Mar 22 | $10,808 | $10,857 | $10,686 |
Apr 22 | $10,802 | $10,445 | $10,689 |
May 22 | $10,820 | $10,512 | $10,702 |
Jun 22 | $10,797 | $10,347 | $10,694 |
Jul 22 | $10,821 | $10,600 | $10,704 |
Aug 22 | $10,838 | $10,301 | $10,718 |
Sep 22 | $10,835 | $9,856 | $10,735 |
Oct 22 | $10,848 | $9,728 | $10,753 |
Nov 22 | $10,896 | $10,086 | $10,792 |
Dec 22 | $10,950 | $10,040 | $10,838 |
Jan 23 | $11,006 | $10,349 | $10,874 |
Feb 23 | $11,028 | $10,082 | $10,906 |
Mar 23 | $11,076 | $10,338 | $10,964 |
Apr 23 | $11,124 | $10,400 | $11,001 |
May 23 | $11,164 | $10,287 | $11,028 |
Jun 23 | $11,204 | $10,250 | $11,081 |
Jul 23 | $11,258 | $10,243 | $11,127 |
Aug 23 | $11,313 | $10,178 | $11,177 |
Sep 23 | $11,358 | $9,919 | $11,227 |
Oct 23 | $11,405 | $9,763 | $11,278 |
Nov 23 | $11,475 | $10,205 | $11,336 |
Dec 23 | $11,548 | $10,595 | $11,395 |
Jan 24 | $11,599 | $10,566 | $11,445 |
Feb 24 | $11,635 | $10,417 | $11,485 |
Mar 24 | $11,685 | $10,513 | $11,536 |
Apr 24 | $11,734 | $10,248 | $11,582 |
May 24 | $11,796 | $10,421 | $11,637 |
Jun 24 | $11,845 | $10,520 | $11,686 |
Jul 24 | $11,919 | $10,766 | $11,748 |
Aug 24 | $11,982 | $10,920 | $11,810 |
Sep 24 | $12,043 | $11,067 | $11,871 |
Oct 24 | $12,080 | $10,792 | $11,909 |
Nov 24 | $12,127 | $10,906 | $11,953 |
Dec 24 | $12,163 | $10,728 | $12,005 |
Jan 25 | $12,222 | $10,785 | $12,047 |
Feb 25 | $12,265 | $11,022 | $12,086 |
Mar 25 | $12,312 | $11,026 | $12,127 |
Apr 25 | $12,358 | $11,070 | $12,169 |
May 25 | $12,406 | $10,990 | $12,206 |
Jun 25 | $12,464 | $11,159 | $12,249 |
Jul 25 | $12,486 | $11,130 | $12,289 |
Aug 25 | $12,559 | $11,263 | $12,346 |
Sep 25 | $12,604 | $11,386 | $12,390 |
Oct 25 | $12,651 | $11,457 | $12,433 |
Nov 25 | $12,696 | $11,528 | $12,471 |
Dec 25 | $12,741 | $11,511 | $12,518 |
Jan 26 | $12,785 | $11,523 | $12,553 |
Feb 26 | $12,824 | $11,712 | $12,587 |
Mar 26 | $12,843 | $11,506 | $12,620 |
Apr 26 | $12,885 | $11,519 | $12,656 |
May 26 | $12,930 | $11,554 | $12,691 |
Jun 26 | $12,959 | $11,582 | $12,722 |
Jul 26 | $13,004 | $11,431 | $12,767 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.14% | 3.63% | 2.66% |
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.71 | (0.40) | 1.35 |
ICE BofA 6-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.89 | 3.61 | 2.47 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $961,614,365 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 228 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $1,239,508 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 52% |
Portfolio composition
Maturity allocation
Asset Type | Percent of
Net Assets |
|---|---|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.2% |
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.2 |
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.3 |
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.6 |
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44.1 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Percent of
Net Assets | |
|---|---|
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.6% |
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.9 |
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.7 |
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.2 |
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.4 |
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.8 |
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 62.4 |