Products & Performance Morgan Stanley Liquidity Funds US Dollar Treasury Liquidity Fund
US Dollar Treasury Liquidity Fund
Share Class :
 
ISIN: LU0875336629
Products & Performance Morgan Stanley Liquidity Funds US Dollar Treasury Liquidity Fund
US Dollar Treasury Liquidity Fund
ISIN: LU0875336629
Share Class :

US Dollar Treasury Liquidity Fund

SHARE CLASS :
ISIN: LU0875336629
 
 
 
 
Fund Facts
Money Market Fund Type: Public Debt Constant Net Asset Value (PDCNAV)
Fund Launch Date:1 30-Oct-2008
Fund Base Currency: USD
Net Asset Value
(per share):
as of 02-Jul-2020 		1.00 USD
Mark to Market NAV:*
as of 02-Jul-2020 		1.0001 USD
Difference between Market NAV and Transactional NAV: 0.0001 USD
Valuation Daily
Settlement T+0
Dealing Deadline

9.00pm GMT / 4.00pm EST
Fund Codes
CUSIP: L64887448
ISIN: LU0875336629
Bloomberg: MSLDLQI LX
Fees, Expenses & Minimums2
Ongoing Charges: 0.20 %
TER (per annum): 0.20 %
Minimum Initial Investment: 1,000,000 USD
Minimum Subsequent Investment: 0 USD

Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.
Total expenses ("TER") charged to the share class for the current reporting month, calculated net of any waivers and expressed as an annualised percentage of average net assets for the month.
Investment Objective
To provide liquidity and an attractive rate of income relative to short term interest rates, to the extent consistent with the preservation of capital.
Investment Horizon
Targeted for investors with surplus cash deposits who seek liquidity from their investments with same day accessibility.
Investment Process

The Fund will seek to achieve its investment objective by investing in high quality short-term money market instruments, comprising transferable debt securities issued by the United States Government denominated in US dollars, including but not limited to: treasury bills and notes, repurchase agreements, as well as cash deposits.

 
Fund Highlights

Security:

  • Rated AAAm by S&P
  • Rated Aaa-mf by Moody’s
  • Rated AAAmmf by Fitch

 

IMMFA:

Member of the Institutional Money Market Fund Association

 

Liquidity:

Competitive trading deadlines and same-day access

 

Yield:
Competitive rate of return
 
 
 
Pricing & Performance

Past Performance is not a reliable indicator of future results. The net performance data shown is calculated net of annual fees. The gross performance data shown does not take into account the fees charged on the fund, had fees and charges been taken into account, the returns would have been lower.

Average Annual Total Returns As of 31-May-2020
 
 TIMEFRAME:
 
2016 2017 2018 2019 2020
Share Class IN USD (%) 0.07 0.28 1.07 2.06 1.39
Average Annual Total Returns

TIMEFRAME Institutional Distributing
2016 0.07
2017 0.28
2018 1.07
2019 2.06
2020 1.39
 
 
Average Annualised Monthly Yield (%)
 
 
    Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019 Sep 2019 Aug 2019 Jul 2019
Fund (gross) 0.25 0.25 0.30 0.79 1.64 1.64 1.67 1.70 1.88 2.15 2.13 2.41
Fund (net) 0.05 0.05 0.10 0.59 1.44 1.44 1.47 1.50 1.68 1.95 1.93 2.21
 
 
 
Risk and Reward Profile As of 19-Feb-2020
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards
 
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in money market securities and the fund's simulated and/or realised return has experienced low rises and falls historically.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • While it is intended that the distributing share classes will maintain a share price of $1, this may not be achieved due to the creditworthiness of the issuers of investments held or changes in interest rates.
  • Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in money market securities and the fund's simulated and/or realised return has experienced low rises and falls historically.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • While it is intended that the distributing share classes will maintain a share price of $1, this may not be achieved due to the creditworthiness of the issuers of investments held or changes in interest rates.
  • Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
 
 
Risk Profile
Short-term rating of investment (S&P/Moody's)

Min A1/P1

Min 50% A1+/P1
Currency Risk No
Maximum weighted average maturity (WAM) 60 days
Maximum maturity of individual security 397 days

Currency risk: The fund does not intend to use currency swaps to purchase securities that are denominated in a currency other than the base currency of the fund.


Daily Market NAV
Download

Ratings
Fitch AAAmmf
Moody's Aaa-mf
S&P AAAm
 
 
Composition 3 As of 26-Jun-2020
 
Daily/Weekly Liquid Assets
Download

A1/P1 A1+/P1 A2/P2 Total
0 - 1 week -- 25.73 -- 25.73
1 week - 1 month -- 15.28 -- 15.28
1 month - 3 months -- 33.70 -- 33.70
3 months - 6 months -- 18.68 -- 18.68
6 months - 1 year -- 6.61 -- 6.61
1 year + -- -- -- --
  Fund
Treasury Bill 54.33
Tri-Party Repo 23.99
Government Bond 12.44
Treasury Note 8.74
Cash 0.50
 
May not sum to 100% due to rounding. Breakdown by Rating/Final Maturity (%) reflects the final maturity date for the underlying securities in the portfolio.
 


 
 
 

For market NAV data prior to July 2017, please click here.

Please visit our Glossary page for fund related terms and definitions.

Performance data quoted is based on average annualized returns and net of fee.

Past performance is not a reliable indicator of future results. The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested. Returns may increase or decrease as a result of currency fluctuations. Performance data for funds with less than one year's track record is not shown. Performance is calculated net of fees. YTD performance data is not annualised. Performance of other share classes, when offered, may differ. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and key investor information document (KIID) contains this and other information about the fund. Please read the prospectus and KIID carefully before you invest.

Past performance should not be construed as a guarantee of future performance.  Performance of the Morgan Stanley Liquidity Funds is calculated net of fees.

It is important you read the legal information page before proceeding as it explains in which countries the Morgan Stanley Liquidity Funds are authorised for sale and where this website is directed.

IMPORTANT RATINGS DISCLOSURES

Ratings represent the opinions of the rating agency as to the quality of the securities they rate. Standard & Poor's, Moody's, Fitch and NAIC ratings rate the investment quality of the fund's shares. Independent rating agency ratings include, but are not limited to, a regular analysis of a fund's liquidity, diversification, operational policies and internal controls, its management characteristics and the creditworthiness of its assets.

Ratings are not intended as a recommendation and are subject to change. Ratings are relative and subjective and are not absolute standards of quality. The portfolio's credit quality does not remove market risk.

Fitch Rating's money market fund ratings are an opinion as to the capacity of a money market fund to preserve principal and provide shareholder liquidity. Money market fund ratings are distinguished from the long-term credit-rating scale by the ‘mmf’ rating subscript and range from ‘AAAmmf’ to ‘Bmmf’. For more information, please visit: https://www.fitchratings.com/creditdesk/public/ratings_defintions/index.cfm. Moody's Investors Services Inc.'s money market fund ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. As such, these ratings incorporate Moody's assessment of a fund's published investment objectives and policies, the creditworthiness of the assets held by the fund, the liquidity profile of the fund's assets relative to the fund's investor base, the assets' susceptibility to market risk, as well as the management characteristics of the fund. For more information, please visit: https://v3.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. Standard & Poor's money market fund ratings are forward-looking opinions about a fixed-income fund's capacity to maintain stable principal (net asset value). When assigning a principal stability rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments maturity structure and management's ability and policies to maintain the fund's stable net asset value. For more information, please visit: https://www.understandingratings.com. The Institutional Money Market Funds Association (IMMFA) funds are European money market funds triple-A rated by one or more of the ratings agencies such as Fitch Ratings, Standard & Poor's and Moody's Investor Service to ensure continued compliance with rating criteria. Only this type of fund is awarded the lowest susceptibility to interest-rate volatility. For complete information on the methodology used by IMMFA please visit: https://www.immfa.org

The Fund also maintains a high quality credit profile by continuously performing a strict credit quality assessment on each Issuer and the money market instruments, securitizations and ABCPs in which it invests pursuant to its credit quality assessment procedure as further described in the prospectus of the Fund.

1 'Fund launch date' refers to the launch of Morgan Stanley Funds p.l.c. US Dollar Treasury Liquidity Fund, which merged into Morgan Stanley Liquidity Funds on June 17, 2013.

2 The Minimum Initial Investment/Minimum Subsequent Investment amounts may be in US Dollars (or the Euro or Sterling equivalent of the US Dollar amount). For more information please see the Charges and Expenses section of the prospectus.

3 May not sum to 100% due to rounding.

* The Mark to Market NAV is a calculation of the underlying aggregate value of the securities in a fund's portfolio using current market quotes or other performance metrics. It is important to note this is being provided for informational use only and investors cannot transact on the mark to market NAV. The Morgan Stanley Liquidity funds continue to operate at a stable net asset value in their distributing shares utilising amortised cost accounting.

Each Fund is authorised to invest up to 100% of its assets in Money Market Instruments issued or guaranteed separately or jointly by a Sovereign Entity and by any other member states of the OECD and their central authorities or central banks subject to certain conditions. Please see Prospectus for further details.

External credit ratings solicited and paid for by the Manager of the Funds. 

The Fund is not a guaranteed investment and is different from an investment in deposits. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the NAV per share. The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested.

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products.

The services described on this website may not be available in all jurisdictions or to all persons. For further details, please see our Terms of Use.


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