SEI DIT Treasury Files Form N-CR
Last month, the first "Form N-CR" filing of 2019 was disclosed for the SEI Daily Income Trust Treasury Fund, which received a "Capital Contribution" from adviser SEI Investments Management Corporation. The March 8, 2019 filing is in the amount of $56,455.32, and explains the reason as, "The support, in the form of a capital contribution, related to the Treasury Fund's historical losses. While the amount of the losses did not increase recently, more recent redemptions in the Treasury Fund have caused the historical losses to become more material to the net asset value than when the Fund had greater assets. The amount of the support is equal to the difference between the Treasury Fund's net assets and the net asset value per share of $1.0000 multiplied by the number of shares outstanding." (Crane Data's latest Money Fund Intelligence XLS shows SEI Daily Inc Trust Treas Fund F (SEPXX) as just $55 million as of 3/31.) Note that this filing and the handful of previous filings are minor "tweaks" to fund balances, and do not appear to represent any substantial money fund "bailouts." For previous `Crane Data News on Form N-CR filings, see: "MFS U.S. Govt MMF Files Form N-CR" (8/2/18), "Northern on Reforms, Ultra-Short Strategies; First Form N-CR Filings" (12/24/15) and "Dechert Examines Upcoming Form N-CR and Disclosure Requirements" (5/21/15). See too to our Links of the Day: "First American on Form N-CR" (7/22/15) and "Invesco Primer on Form N-CR" (7/14/15). Law-firm Dechert described Form N-CR in a May 2015 publication, "U.S. Money Market Fund Reform: Form N-CR and Related Website Disclosure Compliance Deadline Quickly Approaching." They wrote, "On July 23, 2014, the SEC approved sweeping amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940. Among other requirements, the SEC adopted new Rule 30b1-8 under the 1940 Act, which will require a money market fund to report information to the SEC regarding certain material events on Form N-CR. Under this new reporting requirement, a money market fund must provide a brief summary of a Material Event within one business day of the occurrence of that Material Event and, for certain Material Events, the fund also must provide a follow-up report that includes more complete information within four business days. Any filings made on Form N-CR will become immediately public on the SEC's EDGAR website. Money market funds will be required to file Form N-CR with the SEC for any Material Events occurring on or after July 14, 2015."
