0001104659-18-043515.txt : 20180702 0001104659-18-043515.hdr.sgml : 20180702 20180702155315 ACCESSION NUMBER: 0001104659-18-043515 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20180430 FILED AS OF DATE: 20180702 DATE AS OF CHANGE: 20180702 EFFECTIVENESS DATE: 20180702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS CENTRAL INDEX KEY: 0001227155 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21339 FILM NUMBER: 18932597 BUSINESS ADDRESS: STREET 1: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 800-548-7786 MAIL ADDRESS: STREET 1: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 0001227155 S000004148 Government Portfolio C000011654 Administrative Class MGOXX C000011655 Advisory Class MAYXX C000011656 Institutional Class MVRXX C000011657 Investor Class MVVXX C000011658 Participant Class MPCXX C000011659 Institutional Select Class MGSXX C000017907 Cash Management Class MSGXX C000167931 Select Class 0001227155 S000004149 Government Securities Portfolio C000011660 Administrative Class MGAXX C000011661 Advisory Class MVAXX C000011662 Institutional Class MUIXX C000011663 Investor Class MVIXX C000011664 Participant Class MGIPXX C000011665 Institutional Select Class MSVXX C000017908 Cash Management Class MCHXX 0001227155 S000004150 Money Market Portfolio C000011667 Advisory Class MVSXX C000011668 Institutional Class MPUXX C000011669 Investor Class MIOXX C000011670 Participant Class MMNXX C000011671 Institutional Select Class MMRXX C000017909 Cash Management Class MSHXX 0001227155 S000004151 Prime Portfolio C000011673 Advisory Class MAVXX C000011674 Institutional Class MPFXX C000011677 Institutional Select Class MPEXX C000017910 Cash Management Class MSPXX 0001227155 S000004152 Tax Exempt Portfolio C000011680 Institutional Class MTXXX C000011683 Institutional Select Class MXSXX C000017911 Cash Management Class MTMXX 0001227155 S000004153 Treasury Portfolio C000011684 Administrative Class MTTXX C000011685 Advisory Class MAOXX C000011686 Institutional Class MISXX C000011687 Investor Class MTNXX C000011688 Participant Class MTCXX C000011689 Institutional Select Class MTSXX C000017912 Cash Management Class MREXX C000167932 Select Class 0001227155 S000004154 Treasury Securities Portfolio C000011690 Administrative Class MAMXX C000011691 Advisory Class MVYXX C000011692 Institutional Class MSUXX C000011693 Investor Class MNVXX C000011694 Participant Class MPRXX C000011695 Institutional Select Class MSSXX C000017913 Cash Management Class MHSXX C000167933 Select Class N-CSRS 1 a18-13101_9ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21339

 

Morgan Stanley Institutional Liquidity Funds

(Exact name of registrant as specified in charter)

 

522 Fifth Avenue, New York, New York

 

10036

(Address of principal executive offices)

 

(Zip code)

 

John H. Gernon
522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

212-296-0289

 

 

Date of fiscal year end:

October 31,

 

 

Date of reporting period:

April 30, 2018

 

 


 

Item 1 - Report to Shareholders

 


INVESTMENT MANAGEMENT

Morgan Stanley Institutional Liquidity Funds

Money Market Portfolio

Prime Portfolio

Government Portfolio

Government Securities Portfolio

Treasury Portfolio

Treasury Securities Portfolio

Tax-Exempt Portfolio

Semi-Annual Report

April 30, 2018



2018 Semi-Annual Report

April 30, 2018

Table of Contents

Shareholders' Letter

    

2

    

Performance Summary

    

3

    

Expense Examples

    

4

    

Portfolio of Investments:

  

Money Market Portfolio

    

6

    

Prime Portfolio

    

9

    

Government Portfolio

    

12

    

Government Securities Portfolio

    

17

    

Treasury Portfolio

    

19

    

Treasury Securities Portfolio

    

21

    

Tax-Exempt Portfolio

    

22

    

Statements of Assets and Liabilities

    

25

    

Statements of Operations

    

29

    

Statements of Changes in Net Assets

    

31

    

Financial Highlights

    

38

    

Notes to Financial Statements

    

53

    

Privacy Notice

    

60

    

Trustee and Officer Information

    

63

    

This report is authorized for distribution only when preceded or accompanied by prospectuses of the Morgan Stanley Institutional Liquidity Funds (the "Trust"). To receive a prospectus and/or Statement of Additional Information (SAI), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (888) 378-1630. Please read the prospectus carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/liquidity.

There is no assurance that a Fund will achieve its investment objective. The Trust is subject to market risk, which is the possibility that market values of securities owned by the Trust will decline and, therefore, the value of the Trust's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Trust. Please see the prospectus for more complete information on investment risks.


1


2018 Semi-Annual Report

April 30, 2018

Shareholders' Letter (unaudited)

Dear Shareholders:

We are pleased to present the Morgan Stanley Institutional Liquidity Funds ("the Trust") Semi-Annual Report for the period ended April 30, 2018. The Trust currently offers seven funds (Money Market, Prime, Government, Government Securities, Treasury, Treasury Securities and Tax-Exempt), which together are designed to provide flexible cash management options. The Trust's funds provide investors with a means to help them meet specific cash investment needs, whether they need a rated fund, capital preservation, or tax-efficient returns.

Sincerely,

John H. Gernon
President and Principal Executive Officer

May 2018


2


2018 Semi-Annual Report

April 30, 2018

Performance Summary (unaudited)

The seven-day current and seven-day effective yields (effective yield assumes an annualization of the current yield with all dividends reinvested) as of April 30, 2018, were as follows:

   

Subsidized Yields

  
    Institutional
Class		   Institutional Select
Class		   Investor
Class		   Administrative
Class		   Advisory
Class		   Participant
Class		   Cash Management
Class		   Select
Class		  
    7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		  

Fund:

  

Money Market

    

1.95

%

    

1.97

%

    

1.90

%

    

1.92

%

    

N/A

      

N/A

      

N/A

      

N/A

      

1.71

%

    

1.72

%

    

1.46

%

    

1.47

%

    

1.80

%

    

1.82

%

    

—

      

—

    

Prime

    

1.95

%

    

1.97

%

    

1.90

%

    

1.92

%

    

N/A

      

N/A

      

N/A

      

N/A

      

1.70

%

    

1.71

%

    

N/A

      

N/A

      

1.80

%

    

1.82

%

    

—

      

—

    

Government

    

1.61

%

    

1.62

%

    

1.56

%

    

1.57

%

    

1.51

%

    

1.52

%

    

1.46

%

    

1.47

%

    

1.36

%

    

1.37

%

    

1.11

%

    

1.11

%

    

1.46

%

    

1.47

%

    

0.81

%

    

0.81

%

  
Government
Securities		    

1.50

%

    

1.52

%

    

1.46

%

    

1.47

%

    

1.41

%

    

1.42

%

    

1.35

%

    

1.36

%

    

1.25

%

    

1.26

%

    

1.25

%

    

1.26

%

    

1.35

%

    

1.36

%

    

—

      

—

    

Treasury

    

1.59

%

    

1.61

%

    

1.54

%

    

1.56

%

    

1.49

%

    

1.51

%

    

1.44

%

    

1.45

%

    

1.34

%

    

1.35

%

    

1.09

%

    

1.10

%

    

1.44

%

    

1.45

%

    

0.79

%

    

0.80

%

  
Treasury
Securities		    

1.58

%

    

1.59

%

    

1.53

%

    

1.54

%

    

1.48

%

    

1.49

%

    

1.43

%

    

1.44

%

    

1.33

%

    

1.33

%

    

1.08

%

    

1.08

%

    

1.43

%

    

1.44

%

    

0.77

%

    

0.78

%

  

Tax-Exempt

    

1.54

%

    

1.55

%

    

1.48

%

    

1.49

%

    

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

1.39

%

    

1.40

%

    

—

      

—

    
   

Non-Subsidized Yields

  
    Institutional
Class		   Institutional Select
Class		   Investor
Class		   Administrative
Class		   Advisory
Class		   Participant
Class		   Cash Management
Class		   Select
Class		  
    7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		  

Fund:

  

Money Market

    

1.85

%

    

1.87

%

    

1.80

%

    

1.82

%

    

N/A

      

N/A

      

N/A

      

N/A

      

1.60

%

    

1.61

%

    

1.35

%

    

1.36

%

    

1.70

%

    

1.72

%

    

—

      

—

    

Prime

    

1.89

%

    

1.90

%

    

1.84

%

    

1.85

%

    

N/A

      

N/A

      

N/A

      

N/A

      

1.64

%

    

1.65

%

    

N/A

      

N/A

      

1.74

%

    

1.75

%

    

—

      

—

    

Government

    

1.56

%

    

1.57

%

    

1.51

%

    

1.52

%

    

1.46

%

    

1.47

%

    

1.41

%

    

1.42

%

    

1.31

%

    

1.32

%

    

1.06

%

    

1.06

%

    

1.41

%

    

1.42

%

    

0.76

%

    

0.76

%

  
Government
Securities		    

1.49

%

    

1.50

%

    

1.44

%

    

1.45

%

    

1.39

%

    

1.40

%

    

1.34

%

    

1.35

%

    

1.24

%

    

1.25

%

    

0.99

%

    

1.00

%

    

1.34

%

    

1.35

%

    

—

      

—

    

Treasury

    

1.56

%

    

1.58

%

    

1.51

%

    

1.52

%

    

1.46

%

    

1.47

%

    

1.41

%

    

1.42

%

    

1.31

%

    

1.32

%

    

1.06

%

    

1.07

%

    

1.41

%

    

1.42

%

    

0.76

%

    

0.77

%

  
Treasury
Securities		    

1.57

%

    

1.58

%

    

1.52

%

    

1.53

%

    

1.47

%

    

1.48

%

    

1.42

%

    

1.43

%

    

1.32

%

    

1.33

%

    

1.07

%

    

1.07

%

    

1.42

%

    

1.43

%

    

0.77

%

    

0.77

%

  

Tax-Exempt

    

1.37

%

    

1.38

%

    

1.32

%

    

1.33

%

    

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

1.22

%

    

1.23

%

    

—

      

—

    

The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown.

Government, Government Securities, Treasury and Treasury Securities Portfolios are STABLE NAV FUNDS. You could lose money by investing in these Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in these Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. Money Market, Prime and Tax-Exempt Portfolios are FLOATING NAV FUNDS. You could lose money by investing in these Funds. Because the share price of these Funds will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Funds may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Funds' Liquidity falls below required minimums because of market conditions or other factors. An investment in these Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. Please read the Trust's prospectuses carefully before you invest or send money.

The Tax-Exempt Portfolio may invest a portion of its total assets in bonds that may subject certain investors to the federal Alternative Minimum Tax (AMT). Investors should consult their tax adviser for further information on tax implications.

Yield quotation more closely reflects the current earnings of the Funds than the total return. As with all money market funds, yields will fluctuate as market conditions change and the seven-day yields are not necessarily indicative of future performance.


3


2018 Semi-Annual Report

April 30, 2018

Expense Examples (unaudited)

As a shareholder of a Fund, you incur ongoing costs, which might include advisory fees, administration plan fees, service and shareholder administration plan fees, distribution plan fees, shareholder services fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2018 and held for the entire six-month period.

Actual Expenses

The table on the following page provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table on the following page provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the information for each class in the table is useful in comparing ongoing costs, and will not help you determine the relative total cost of owning different funds that have transactional costs, such as sales charges (loads) or exchange fees.


4


2018 Semi-Annual Report

April 30, 2018

Expense Examples (unaudited) (cont'd)

    Beginning
Account
Value
11/1/17		   Actual Ending
Account
Value
4/30/18		   Hypothetical
Ending Account
Value		   Actual
Expenses
Paid
During
Period*		   Hypothetical
Expenses Paid
During Period*		   Net
Expense
Ratio
During
Period**		  

Money Market Portfolio Institutional Class

  

$

1,000.00

    

$

1,007.70

    

$

1,024.10

    

$

0.70

    

$

0.70

      

0.14

%

  

Money Market Portfolio Institutional Select Class

    

1,000.00

      

1,007.44

      

1,023.85

      

0.95

      

0.95

      

0.19

    

Money Market Portfolio Advisory Class

    

1,000.00

      

1,006.44

      

1,022.86

      

1.94

      

1.96

      

0.39

    

Money Market Portfolio Participant Class

    

1,000.00

      

1,005.20

      

1,021.62

      

3.18

      

3.21

      

0.64

    

Money Market Portfolio Cash Management Class

    

1,000.00

      

1,007.05

      

1,023.36

      

1.44

      

1.45

      

0.29

    

Prime Portfolio Institutional Class

    

1,000.00

      

1,007.55

      

1,024.05

      

0.75

      

0.75

      

0.15

    

Prime Portfolio Institutional Select Class

    

1,000.00

      

1,007.50

      

1,023.80

      

1.00

      

1.00

      

0.20

    

Prime Portfolio Advisory Class

    

1,000.00

      

1,006.39

      

1,022.81

      

1.99

      

2.01

      

0.40

    

Prime Portfolio Cash Management Class

    

1,000.00

      

1,006.80

      

1,023.31

      

1.49

      

1.51

      

0.30

    

Government Portfolio Institutional Class

    

1,000.00

      

1,006.23

      

1,023.95

      

0.85

      

0.85

      

0.17

    

Government Portfolio Institutional Select Class

    

1,000.00

      

1,005.98

      

1,023.70

      

1.09

      

1.10

      

0.22

    

Government Portfolio Investor Class

    

1,000.00

      

1,005.73

      

1,023.46

      

1.34

      

1.35

      

0.27

    

Government Portfolio Administrative Class

    

1,000.00

      

1,005.48

      

1,023.21

      

1.59

      

1.61

      

0.32

    

Government Portfolio Advisory Class

    

1,000.00

      

1,004.98

      

1,022.71

      

2.09

      

2.11

      

0.42

    

Government Portfolio Participant Class

    

1,000.00

      

1,003.74

      

1,021.47

      

3.33

      

3.36

      

0.67

    

Government Portfolio Cash Management Class

    

1,000.00

      

1,005.48

      

1,023.21

      

1.59

      

1.61

      

0.32

    

Government Portfolio Select Class

    

1,000.00

      

1,002.24

      

1,019.98

      

4.82

      

4.86

      

0.97

    

Government Securities Portfolio Institutional Class

    

1,000.00

      

1,005.88

      

1,023.80

      

0.99

      

1.00

      

0.20

    

Government Securities Portfolio Institutional Select Class

    

1,000.00

      

1,005.64

      

1,023.55

      

1.24

      

1.25

      

0.25

    

Government Securities Portfolio Investor Class

    

1,000.00

      

1,005.39

      

1,023.31

      

1.49

      

1.51

      

0.30

    

Government Securities Portfolio Administrative Class

    

1,000.00

      

1,005.13

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Government Securities Portfolio Advisory Class

    

1,000.00

      

1,004.63

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Government Securities Portfolio Participant Class

    

1,000.00

      

1,004.63

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Government Securities Portfolio Cash Management Class

    

1,000.00

      

1,005.13

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Portfolio Institutional Class

    

1,000.00

      

1,006.24

      

1,023.80

      

0.99

      

1.00

      

0.20

    

Treasury Portfolio Institutional Select Class

    

1,000.00

      

1,005.99

      

1,023.55

      

1.24

      

1.25

      

0.25

    

Treasury Portfolio Investor Class

    

1,000.00

      

1,005.74

      

1,023.31

      

1.49

      

1.51

      

0.30

    

Treasury Portfolio Administrative Class

    

1,000.00

      

1,005.49

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Portfolio Advisory Class

    

1,000.00

      

1,004.99

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Treasury Portfolio Participant Class

    

1,000.00

      

1,003.75

      

1,021.32

      

3.48

      

3.51

      

0.70

    

Treasury Portfolio Cash Management Class

    

1,000.00

      

1,005.49

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Portfolio Select Class

    

1,000.00

      

1,002.25

      

1,019.84

      

4.96

      

5.01

      

1.00

    

Treasury Securities Portfolio Institutional Class

    

1,000.00

      

1,006.08

      

1,023.80

      

0.99

      

1.00

      

0.20

    

Treasury Securities Portfolio Institutional Select Class

    

1,000.00

      

1,005.84

      

1,023.55

      

1.24

      

1.25

      

0.25

    

Treasury Securities Portfolio Investor Class

    

1,000.00

      

1,005.59

      

1,023.31

      

1.49

      

1.51

      

0.30

    

Treasury Securities Portfolio Administrative Class

    

1,000.00

      

1,005.33

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Securities Portfolio Advisory Class

    

1,000.00

      

1,004.84

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Treasury Securities Portfolio Participant Class

    

1,000.00

      

1,003.59

      

1,021.32

      

3.48

      

3.51

      

0.70

    

Treasury Securities Portfolio Cash Management Class

    

1,000.00

      

1,005.34

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Securities Portfolio Select Class

    

1,000.00

      

1,002.10

      

1,019.84

      

4.96

      

5.01

      

1.00

    

Tax-Exempt Portfolio Institutional Class

    

1,000.00

      

1,005.31

      

1,023.90

      

0.89

      

0.90

      

0.18

    

Tax-Exempt Portfolio Institutional Select Class

    

1,000.00

      

1,005.04

      

1,023.65

      

1.14

      

1.15

      

0.23

    

Tax-Exempt Portfolio Cash Management Class

    

1,000.00

      

1,004.56

      

1,023.16

      

1.64

      

1.66

      

0.33

    

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 181/365 (to reflect the most recent one-half year period).

**  Annualized.


5



2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (4.0%)

  

Domestic Banks (0.9%)

  

Citibank NA,

  

2.10%, 6/14/18

  

$

3,000

    

$

3,000

    

2.20%, 6/14/18

    

5,000

      

5,001

    
     

8,001

    

International Banks (3.1%)

  

Bank of Montreal

  

2.27%, 6/14/18

    

5,000

      

5,001

    

Canadian Imperial Bank of Commerce

  

1.53%, 6/20/18

    

3,600

      

3,599

    

DZ Bank AG Deutsche Zentral-Genossenschaftbank

  

2.26%, 6/21/18

    

10,000

      

10,004

    

Mizuho Bank Ltd.

  

2.34%, 7/9/18

    

5,000

      

5,003

    

Oversea Chinese Banking Corp.

  

1.90%, 6/14/18

    

5,000

      

4,999

    
     

28,606

    

Total Certificates of Deposit (Cost $36,596)

    

36,607

    

Commercial Paper (a) (17.7%)

  

Automobiles (0.6%)

  

Toyota Credit Canada, Inc.

  

2.24%, 6/18/18

    

5,000

      

4,987

    

Insurance (0.7%)

  

MetLife Short Term Funding LLC

  

2.11%, 6/13/18

    

6,000

      

5,985

    

International Banks (16.4%)

  

Australia & New Zealand Bank

  

2.21%, 6/14/18

    

15,000

      

14,965

    

Commonwealth Bank of Australia

  

2.21%, 6/19/18

    

15,000

      

14,959

    

Danske Corp.

  

2.20%, 6/14/18 (b)

    

12,000

      

11,970

    

DBS Bank Ltd.,

  

1.91%, 6/14/18

    

10,000

      

9,975

    

2.21%, 6/13/18

    

5,000

      

4,988

    

DNB Bank ASA

  

2.58%, 8/24/18

    

3,610

      

3,583

    

Landesbank Hessen-Thuringen

  

2.31%, 6/20/18

    

10,000

      

9,973

    

Mizuho Bank Ltd.

  

2.31%, 6/15/18

    

20,000

      

19,951

    

Royal Bank of Canada

  

2.27%, 6/18/18

    

5,000

      

4,986

    

Sumitomo Mitsui Trust Bank Ltd.,

  

2.23%, 6/14/18

    

10,000

      

9,976

    

2.35%, 7/6/18 - 7/11/18

    

20,000

      

19,918

    

Suncorp-Metway Ltd.

  

2.32%, 6/21/18

    

5,000

      

4,985

    
    Face
Amount
(000)		   Value
(000)		  

United Overseas Bank Ltd.,

  

1.91%, 6/12/18

  

$

5,000

    

$

4,988

    

2.35%, 9/10/18

    

10,000

      

9,912

    

2.58%, 8/24/18

    

5,140

      

5,101

    
     

150,230

    

Total Commercial Paper (Cost $161,161)

    

161,202

    

Floating Rate Notes (c) (31.4%)

  

Automobiles (4.0%)

  
Toyota Motor Credit,
1 Month USD LIBOR + 0.38%, 2.28%,
10/12/18 - 10/15/18		    

10,000

      

10,002

    
Toyota Motor Finance Australia Ltd.,
1 Month USD LIBOR + 0.43%, 2.33%, 10/24/18		    

5,000

      

5,003

    
Toyota Motor Finance Australia,
1 Month USD LIBOR + 0.26%, 2.16%, 11/20/18		    

12,000

      

11,994

    
Toyota Motor Finance Netherlands,
3 Month USD LIBOR + 0.18%, 2.48%, 12/19/18		    

10,000

      

10,003

    
     

37,002

    

Diversified Financial Services (3.2%)

  

Collateralized Commercial Paper Co. LLC,

  

1 Month USD LIBOR + 0.22%, 2.11%, 7/18/18

    

2,000

      

2,000

    

3 Month USD LIBOR + 0.12%, 2.41%, 6/25/18

    

5,000

      

5,004

    

Collateralized Commercial Paper II Co. LLC,

  
1 Month USD LIBOR + 0.21%, 2.11%,
7/24/18 - 7/25/18 (b)		    

7,000

      

7,001

    
1 Month USD LIBOR + 0.36%, 2.26%,
10/18/18 (b)		    

10,000

      

10,000

    
1 Month USD LIBOR + 0.39%, 2.29%,
10/18/18 (b)		    

5,000

      

5,001

    
     

29,006

    

Domestic Banks (3.0%)

  

Bank of America NA,

  

1 Month USD LIBOR + 0.19%, 2.09%, 8/24/18

    

10,000

      

9,996

    

3 Month USD LIBOR + 0.10%, 2.35%, 10/16/18

    

5,000

      

5,000

    

HSBC Bank USA NA,

  

1 Month USD LIBOR + 0.43%, 2.32%, 10/16/18

    

5,000

      

5,002

    

U.S. Bank NA,

  

1 Month USD LIBOR + 0.18%, 2.08%, 8/27/18

    

7,000

      

6,998

    
     

26,996

    

International Banks (21.2%)

  

ASB Finance Ltd. London,

  

3 Month USD LIBOR + 0.11%, 2.41%, 6/28/18

    

6,000

      

6,004

    

Australia & New Zealand Bank,

  
3 Month USD LIBOR + 0.19%, 2.48%,
12/21/18 (b)		    

15,000

      

14,999

    

Bank of Montreal,

  

3 Month USD LIBOR + 0.40%, 2.58%, 6/18/18

    

1,867

      

1,868

    

BNP Paribas SA,

  

1 Month USD LIBOR + 0.18%, 2.08%, 7/25/18

    

2,000

      

2,000

    

1 Month USD LIBOR + 0.43%, 2.34%, 10/16/18

    

7,000

      

7,003

    

BNZ International Funding Ltd.,

  

1 Month USD LIBOR + 0.18%, 2.07%, 7/18/18 (b)

    

5,000

      

5,000

    

3 Month USD LIBOR + 0.15%, 2.26%, 6/14/18 (b)

    

3,000

      

3,001

    

The accompanying notes are an integral part of the financial statements.
6


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (cont'd)

  

Canadian Imperial Bank of Commerce,

  

1 Month USD LIBOR + 0.42%, 2.32%, 9/21/18

  

$

5,000

    

$

5,002

    

Credit Suisse AG,

  
1 Month USD LIBOR + 0.21%, 2.11%,
7/24/18 - 7/25/18		    

10,000

      

10,001

    

1 Month USD LIBOR + 0.26%, 2.15%, 8/17/18

    

3,000

      

3,000

    

1 Month USD LIBOR + 0.26%, 2.16%, 7/18/18

    

13,000

      

13,004

    

3 Month USD LIBOR + 0.10%, 2.44%, 9/21/18

    

10,000

      

10,001

    

Erste Abwicklungsanstalt,

  
1 Month USD LIBOR + 0.34%, 2.24%,
10/17/18 (b)		    

5,000

      

5,001

    

HSBC Bank PLC,

  

1 Month USD LIBOR + 0.16%, 2.06%, 8/10/18 (b)

    

5,000

      

4,999

    

Oversea-Chinese Banking Corp.,

  

1 Month USD LIBOR + 0.17%, 2.06%, 7/17/18 (b)

    

5,000

      

5,000

    
3 Month USD LIBOR + 0.10%, 2.35%,
6/22/18 - 6/26/18 (b)		    

7,000

      

7,003

    

Royal Bank of Canada,

  

1 Month USD LIBOR + 0.18%, 2.07%, 7/18/18

    

12,631

      

12,632

    

3 Month USD LIBOR + 0.13%, 2.20%, 6/12/18

    

6,700

      

6,702

    

3 Month USD LIBOR + 0.17%, 2.25%, 9/21/18

    

3,000

      

3,001

    

3 Month USD LIBOR + 0.10%, 2.40%, 6/26/18

    

3,000

      

3,002

    

3 Month USD LIBOR + 0.13%, 2.44%, 10/4/18

    

7,270

      

7,277

    

Skandinaviska Enskida Banken AB,

  

1 Month USD LIBOR + 0.31%, 2.21%, 11/20/18

    

15,000

      

15,000

    

Svenska Handelsbanken AB,

  

1 Month USD LIBOR + 0.17%, 2.07%, 8/24/18

    

7,000

      

6,998

    

1 Month USD LIBOR + 0.18%, 2.08%, 8/24/18

    

5,000

      

4,999

    

1 Month USD LIBOR + 0.23%, 2.13%, 11/19/18

    

5,000

      

4,998

    

Toronto Dominion Bank,

  

1 Month USD LIBOR + 0.18%, 2.08%, 8/16/18 (b)

    

10,000

      

9,998

    

UBS AG London,

  

3 Month USD LIBOR + 0.13%, 2.44%, 9/20/18 (b)

    

5,000

      

5,005

    

3 Month USD LIBOR + 0.13%, 2.46%, 9/18/18 (b)

    

10,000

      

10,000

    

Westpac Banking Corp.,

  

1 Month USD LIBOR + 0.19%, 2.09%, 8/20/18 (b)

    

1,678

      

1,678

    
     

194,176

    

Total Floating Rate Notes (Cost $287,146)

    

287,180

    

Repurchase Agreements (33.8%)

  
ABN Amro Securities LLC, (1.79%, dated 4/30/18,
due 5/1/18; proceeds $18,001; fully
collateralized by various Corporate Bonds,
1.50% - 7.88% due 9/17/18 - 8/1/46;
valued at $18,901)		    

18,000

      

18,000

    
BMO Capital Markets Corp., (1.79%, dated 4/30/18,
due 5/1/18; proceeds $5,000; fully collateralized
by various Corporate Bonds, 2.00% - 7.50%
due 9/4/18 - 2/1/41; valued at $5,251)		    

5,000

      

5,000

    
BMO Capital Markets Corp., (1.90%, dated 4/12/18,
due 6/12/18; proceeds $15,048; fully
collateralized by various Corporate Bonds,
1.50% - 8.25% due 9/10/18 - 11/1/46;
valued at $15,750) (Demand 5/7/18)		    

15,000

      

15,000

    
    Face
Amount
(000)		   Value
(000)		  
BNP Paribas Prime Brokerage, Inc., (1.92%,
dated 4/30/18, due 5/1/18; proceeds $33,002;
fully collateralized by various Corporate Bonds,
4.75% - 11.25% due 1/15/19 - 12/15/25;
valued at $34,982)		  

$

33,000

    

$

33,000

    
BNP Paribas Prime Brokerage, Inc., (2.46% (c),
dated 1/25/18, due 10/25/18; proceeds
$5,093; fully collateralized by various Corporate
Bonds, 5.63% - 10.00% due 3/15/20 - 3/15/26;
valued at $5,378) (Demand 5/29/18)		    

5,000

      

5,000

    
Citigroup Global Markets, Inc., (1.84%, dated
4/30/18, due 5/1/18; proceeds $13,001;
fully collateralized by various Common Stocks;
valued at $13,650)		    

13,000

      

13,000

    
Credit Suisse Securities USA, (2.64% (c), dated
4/10/18, due 12/21/18; proceeds $10,187;
fully collateralized by various Corporate Bonds,
5.50% - 5.75% due 8/1/22 - 4/15/25; valued
at $10,603) (Demand 6/21/18)		    

10,000

      

10,000

    
HSBC Securities USA, Inc., (1.79%, dated 4/30/18,
due 5/1/18; proceeds $22,001; fully
collateralized by various Corporate Bonds,
4.25% - 7.75% due 10/21/25 - 9/15/45;
valued at $23,104)		    

22,000

      

22,000

    
HSBC Securities USA, Inc., (1.89%, dated 4/30/18,
due 5/1/18; proceeds $10,001; fully
collateralized by various Corporate Bonds,
7.50% - 9.88% due 11/15/22 - 12/1/24; valued
at $10,603)		    

10,000

      

10,000

    
ING Financial Markets LLC, (1.79%, dated 4/30/18,
due 5/1/18; proceeds $15,001; fully
collateralized by various Corporate Bonds,
1.80% - 5.15% due 5/14/18 - 2/14/50;
valued at $15,750)		    

15,000

      

15,000

    
ING Financial Markets LLC, (1.92%, dated 4/30/18,
due 5/1/18; proceeds $7,000; fully collateralized
by various Corporate Bonds, 5.75% - 10.75%
due 2/15/20 - 1/15/43; valued at $7,421)		    

7,000

      

7,000

    
JP Morgan Securities LLC, (2.41% (c), dated
4/16/18, due 1/22/19; proceeds $14,263; fully
collateralized by a Corporate Bond, 8.25% due
4/15/25; valued at $14,844) (Demand 5/22/18)		    

14,000

      

14,000

    
Mizuho Securities USA, Inc., (1.79%, dated 4/30/18,
due 5/1/18; proceeds $20,001; fully
collateralized by various Common Stocks;
valued at $21,000)		    

20,000

      

20,000

    
Scotia Capital USA, Inc., (1.89%, dated 4/30/18,
due 5/1/18; proceeds $47,002; fully
collateralized by various Corporate Bonds,
3.88% - 8.63% due 2/1/19 - 11/1/23; valued
at $49,833)		    

47,000

      

47,000

    
SG Americas Securities, (1.86%, dated 4/30/18,
due 5/1/18; proceeds $30,002; fully
collateralized by various Common Stocks;
valued at $31,500)		    

30,000

      

30,000

    

The accompanying notes are an integral part of the financial statements.
7


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Wells Fargo Securities LLC, (Interest in $1,700,000
joint repurchase agreement, 1.74% dated
4/30/18 under which Wells Fargo Securities LLC,
will repurchase the securities provided as
collateral for $1,700,082 on 5/1/18. The
securities provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government agency securities
with various maturities to 3/1/48; valued
at $1,750,777)		  

$

20,000

    

$

20,000

    
Wells Fargo Securities LLC, (1.84%, dated 4/30/18,
due 5/1/18; proceeds $5,000; fully collateralized
by various Common Stocks; valued at $5,250)		    

5,000

      

5,000

    
Wells Fargo Securities LLC, (2.67%, dated 3/21/18,
due 6/13/18; proceeds $10,062; fully
collateralized by a Commercial Paper, 0.00%
due 6/15/18; valued at $10,500)		    

10,000

      

10,000

    
Wells Fargo Securities LLC, (2.69%, dated 3/22/18,
due 6/14/18; proceeds $10,063; fully
collateralized by a Corporate Bond, 7.40%
due 4/1/37; valued at $10,595)		    

10,000

      

10,000

    

Total Repurchase Agreements (Cost $309,000)

    

309,000

    

Time Deposits (9.9%)

  

International Banks (9.9%)

  

Credit Agricole CIB (Grand Cayman)

  

1.68%, 5/1/18

    

45,000

      

45,000

    

Natixis (Grand Cayman)

  

1.68%, 5/1/18

    

45,000

      

45,000

    

Total Time Deposits (Cost $90,000)

    

90,000

    

Total Investments (96.8%) (Cost $883,903) (d)

    

883,989

    

Other Assets in Excess of Liabilities (3.2%)

    

29,662

    

Net Assets (100.0%)

  

$

913,651

    

(a)  The rates shown are the effective yields at the date of purchase.

(b)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(c)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d)  At April 30, 2018, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $113,000 and the aggregate gross unrealized depreciation is approximately $27,000, resulting in net unrealized appreciation of approximately $86,000.

LIBOR  London Interbank Offered Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

35.0

%

  

Floating Rate Notes

    

32.5

    

Commercial Paper

    

18.2

    

Time Deposits

    

10.2

    

Other*

    

4.1

    

Total Investments

    

100.0

%

  

*  Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.
8


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (4.1%)

  

Domestic Banks (1.2%)

  

Citibank NA,

  

2.10%, 6/14/18

  

$

22,000

    

$

22,002

    

2.20%, 6/14/18

    

45,000

      

45,010

    
     

67,012

    

International Banks (2.9%)

  

Bank of Montreal

  

2.27%, 6/14/18

    

45,000

      

45,009

    

DZ Bank AG Deutsche Zentral-Genossenschaftbank

  

2.26%, 6/21/18

    

65,000

      

65,028

    

Mizuho Bank Ltd.

  

2.34%, 7/9/18

    

45,000

      

45,023

    

Oversea Chinese Banking Corp.

  

1.90%, 6/14/18

    

10,000

      

9,998

    
     

165,058

    

Total Certificates of Deposit (Cost $232,000)

    

232,070

    

Commercial Paper (a) (11.5%)

  

Insurance (0.6%)

  

MetLife Short Term Funding LLC

  

2.26%, 6/19/18

    

34,029

      

33,935

    

International Banks (10.9%)

  

Danske Corp.

  

2.20%, 6/14/18 (b)

    

110,000

      

109,726

    

DBS Bank Ltd.,

  

1.91%, 6/14/18

    

90,000

      

89,774

    

2.21%, 6/13/18

    

45,000

      

44,890

    

Mizuho Bank Ltd.

  

2.31%, 6/15/18

    

80,000

      

79,803

    

Royal Bank of Canada

  

2.27%, 6/18/18

    

30,000

      

29,918

    

Sumitomo Mitsui Trust Bank Ltd.,

  

2.23%, 6/14/18

    

40,000

      

39,903

    

2.35%, 7/6/18 - 7/11/18

    

130,000

      

129,472

    

Suncorp-Metway Ltd.

  

2.32%, 6/21/18

    

20,000

      

19,940

    

United Overseas Bank Ltd.,

  

1.91%, 6/12/18

    

30,000

      

29,928

    

2.35%, 9/10/18

    

50,000

      

49,558

    
     

622,912

    

Total Commercial Paper (Cost $656,735)

    

656,847

    

Floating Rate Notes (c) (35.9%)

  

Automobiles (4.7%)

  

Toyota Motor Credit,

  
1 Month USD LIBOR + 0.38%, 2.28%,
10/12/18 - 10/15/18		    

90,000

      

90,020

    

Toyota Motor Finance Australia Ltd.,

  

1 Month USD LIBOR + 0.43%, 2.33%, 10/24/18

    

45,000

      

45,021

    

Toyota Motor Finance Australia,

  

1 Month USD LIBOR + 0.26%, 2.16%, 11/20/18

    

88,000

      

87,958

    

Toyota Motor Finance Netherlands,

  

3 Month USD LIBOR + 0.18%, 2.48%, 12/19/18

    

45,000

      

45,012

    
     

268,011

    
    Face
Amount
(000)		   Value
(000)		  

Diversified Financial Services (3.7%)

  

Collateralized Commercial Paper Co. LLC,

  

1 Month USD LIBOR + 0.22%, 2.11%, 7/18/18

  

$

20,000

    

$

20,004

    
3 Month USD LIBOR + 0.12%, 2.41%,
6/25/18 - 6/26/18		    

70,000

      

70,050

    

Collateralized Commercial Paper II Co. LLC,

  
1 Month USD LIBOR + 0.21%, 2.11%,
7/24/18 - 7/25/18 (b)		    

40,000

      

40,005

    
1 Month USD LIBOR + 0.36%, 2.26%,
10/18/18 (b)		    

65,000

      

65,001

    
1 Month USD LIBOR + 0.39%, 2.29%,
10/18/18 (b)		    

15,000

      

15,002

    
     

210,062

    

Domestic Banks (3.4%)

  

Bank of America NA,

  

1 Month USD LIBOR + 0.19%, 2.09%, 8/24/18

    

90,000

      

89,965

    

3 Month USD LIBOR + 0.10%, 2.35%, 10/16/18

    

20,000

      

20,002

    

HSBC Bank USA NA,

  

1 Month USD LIBOR + 0.43%, 2.32%, 10/16/18

    

45,000

      

45,016

    

U.S. Bank NA,

  

1 Month USD LIBOR + 0.18%, 2.08%, 8/27/18

    

43,000

      

42,987

    
     

197,970

    

International Banks (24.1%)

  

ASB Finance Ltd. London,

  

3 Month USD LIBOR + 0.11%, 2.41%, 6/28/18

    

94,000

      

94,068

    

Australia & New Zealand Bank,

  
3 Month USD LIBOR + 0.19%, 2.48%,
12/21/18 (b)		    

85,000

      

84,997

    

BNP Paribas SA,

  

1 Month USD LIBOR + 0.18%, 2.08%, 7/25/18

    

30,000

      

30,001

    

BNZ International Funding Ltd.,

  

1 Month USD LIBOR + 0.18%, 2.07%, 7/18/18 (b)

    

45,000

      

45,005

    

3 Month USD LIBOR + 0.15%, 2.26%, 6/14/18 (b)

    

17,000

      

17,007

    

Canadian Imperial Bank of Commerce,

  

1 Month USD LIBOR + 0.42%, 2.32%, 9/21/18

    

25,000

      

25,008

    

Credit Suisse AG,

  
1 Month USD LIBOR + 0.21%, 2.11%,
7/24/18 - 7/25/18		    

115,000

      

115,014

    

1 Month USD LIBOR + 0.26%, 2.15%, 8/17/18

    

17,000

      

17,000

    

1 Month USD LIBOR + 0.26%, 2.16%, 7/18/18

    

37,000

      

37,010

    

3 Month USD LIBOR + 0.10%, 2.44%, 9/21/18

    

65,000

      

65,009

    

Erste Abwicklungsanstalt,

  
1 Month USD LIBOR + 0.34%, 2.24%,
10/17/18 (b)		    

45,000

      

45,008

    

HSBC Bank PLC,

  

1 Month USD LIBOR + 0.16%, 2.06%, 8/10/18 (b)

    

70,000

      

69,987

    

Oversea-Chinese Banking Corp.,

  

1 Month USD LIBOR + 0.17%, 2.06%, 7/17/18 (b)

    

45,000

      

44,998

    

1 Month USD LIBOR + 0.17%, 2.07%, 7/26/18 (b)

    

38,000

      

37,999

    
3 Month USD LIBOR + 0.10%, 2.35%,
6/22/18 - 6/26/18 (b)		    

58,000

      

58,022

    

Royal Bank of Canada,

  

3 Month USD LIBOR + 0.17%, 2.25%, 9/21/18

    

27,000

      

27,005

    

3 Month USD LIBOR + 0.10%, 2.40%, 6/26/18

    

27,000

      

27,019

    

The accompanying notes are an integral part of the financial statements.
9


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (cont'd)

  

Skandinaviska Enskida Banken AB,

  

1 Month USD LIBOR + 0.31% , 2.21%, 11/20/18

  

$

110,000

    

$

110,002

    

Svenska Handelsbanken AB,

  

1 Month USD LIBOR + 0.17%, 2.07%, 8/24/18

    

143,000

      

142,957

    

1 Month USD LIBOR + 0.18%, 2.08%, 8/24/18

    

70,000

      

69,981

    

1 Month USD LIBOR + 0.23%, 2.13%, 11/19/18

    

35,000

      

34,985

    

Toronto Dominion Bank,

  
1 Month USD LIBOR + 0.18%, 2.08%,
8/16/18 (b)		    

65,000

      

64,987

    

UBS AG London,

  
3 Month USD LIBOR + 0.13%, 2.44%,
9/20/18 (b)		    

60,000

      

60,058

    
3 Month USD LIBOR + 0.13%, 2.46%,
9/18/18 (b)		    

50,000

      

49,999

    
     

1,373,126

    

Total Floating Rate Notes (Cost $2,048,986)

    

2,049,169

    

Repurchase Agreements (33.1%)

  
ABN Amro Securities LLC, (1.79%, dated 4/30/18,
due 5/1/18; proceeds $121,006; fully
collateralized by various Corporate Bonds,
1.25% - 9.40% due 5/18/18 - 8/31/64 and
U.S. Government agency securities,
3.43% - 5.25% due 9/15/39 - 5/15/53;
valued at $127,078)		    

121,000

      

121,000

    
BMO Capital Markets Corp., (1.79%, dated
4/30/18, due 5/1/18; proceeds $30,001; fully
collateralized by various Corporate Bonds,
1.63% - 5.50% due 4/8/19 - 12/15/32;
valued at $31,500)		    

30,000

      

30,000

    
BMO Capital Markets Corp., (1.90%, dated
4/12/18, due 6/12/18; proceeds $85,274;
fully collateralized by various Corporate Bonds,
1.25% - 9.13% due 1/15/19 - 1/15/42; valued
at $89,250) (Demand 5/7/18)		    

85,000

      

85,000

    
BNP Paribas Prime Brokerage, Inc., (1.92%, dated
4/30/18, due 5/1/18; proceeds $193,010;
fully collateralized by various Corporate Bonds,
3.88% - 12.75% due 11/15/18 - 4/1/45;
valued at $204,591)		    

193,000

      

193,000

    
BNP Paribas Prime Brokerage, Inc., (2.46% (c),
dated 1/25/18, due 10/25/18; proceeds
$56,026; fully collateralized by various
Corporate Bonds, 3.95% - 13.00% due
5/22/18 - 1/27/28 (d); valued at $59,153)
(Demand 5/29/18)		    

55,000

      

55,000

    
Citigroup Global Markets, Inc., (1.84%, dated
4/30/18, due 5/1/18; proceeds $82,004;
fully collateralized by various Common Stocks;
valued at $86,100)		    

82,000

      

82,000

    
Credit Suisse Securities USA, (2.64% (c), dated
4/10/18, due 12/21/18; proceeds $40,748;
fully collateralized by various Corporate Bonds,
4.50% - 9.88% due 10/15/21 - 11/15/66;
valued at $42,403) (Demand 6/21/18)		    

40,000

      

40,000

    
HSBC Securities USA, Inc., (1.79%, dated
4/30/18, due 5/1/18; proceeds $48,002; fully
collateralized by various Corporate Bonds,
2.90% - 7.11% due 9/15/20 - 11/15/46;
valued at $50,404)		    

48,000

      

48,000

    
    Face
Amount
(000)		   Value
(000)		  
HSBC Securities USA, Inc., (1.89%, dated 4/30/18,
due 5/1/18; proceeds $113,006; fully
collateralized by various Corporate Bonds,
5.25% - 12.00% due 4/15/20 - 12/1/25;
valued at $119,782)		  

$

113,000

    

$

113,000

    
ING Financial Markets LLC, (1.79%, dated 4/30/18,
due 5/1/18; proceeds $85,004; fully
collateralized by various Corporate Bonds,
1.85% - 6.45% due 10/9/18 - 3/1/48; valued
at $89,238)		    

85,000

      

85,000

    
ING Financial Markets LLC, (1.92%, dated 4/30/18,
due 5/1/18; proceeds $43,002; fully
collateralized by various Corporate Bonds,
4.63% - 9.50% due 5/1/20 - 1/15/43; valued
at $45,552)		    

43,000

      

43,000

    
JP Morgan Securities LLC, (2.41% (c), dated
4/16/18, due 1/22/19; proceeds $61,127;
fully collateralized by various Corporate Bonds,
5.75% - 10.88% due 2/1/20 - 2/15/28; valued
at $63,604) (Demand 5/22/18)		    

60,000

      

60,000

    
Mizuho Securities USA, Inc., (1.79%, dated
4/30/18, due 5/1/18; proceeds $130,006;
fully collateralized by various Common Stocks
and Preferred Stocks; valued at $136,500)		    

130,000

      

130,000

    
Scotia Capital USA, Inc., (1.89%, dated 4/30/18,
due 5/1/18; proceeds $278,015; fully
collateralized by various Corporate Bonds,
4.25% - 8.63% due 2/1/19 - 9/15/24; valued
at $294,824)		    

278,000

      

278,000

    
SG Americas Securities, (1.86%, dated 4/30/18,
due 5/1/18; proceeds $212,011; fully
collateralized by various Common Stocks;
valued at $222,592)		    

212,000

      

212,000

    
Wells Fargo Securities LLC, (Interest in $1,700,000
joint repurchase agreement, 1.74% dated
4/30/18 under which Wells Fargo Securities
LLC, will repurchase the securities provided as
collateral for $1,700,082 on 5/1/18. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party agent,
were various U.S. Government agency securities
with various maturities to 3/1/48; valued
at $1,750,777)		    

105,000

      

105,000

    
Wells Fargo Securities LLC, (1.84%, dated
4/30/18, due 5/1/18; proceeds $45,002;
fully collateralized by various Common Stocks;
valued at $47,250)		    

45,000

      

45,000

    
Wells Fargo Securities LLC, (2.67%, dated
3/21/18, due 6/13/18; proceeds $80,498;
fully collateralized by various Corporate Bonds,
3.84% - 10.50% due 3/15/20 - 11/15/66;
valued at $84,795)		    

80,000

      

80,000

    
Wells Fargo Securities LLC, (2.69%, dated 3/22/18,
due 6/14/18; proceeds $80,502; fully
collateralized by various Commercial Papers,
0.00% due 5/11/18 - 8/23/18 and Corporate
Bonds, 5.88% - 10.25% due 3/15/20 - 2/15/28;
valued at $84,457)		    

80,000

      

80,000

    

Total Repurchase Agreements (Cost $1,885,000)

    

1,885,000

    

The accompanying notes are an integral part of the financial statements.
10


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Time Deposits (15.4%)

  

International Banks (15.4%)

  

Credit Agricole CIB (Grand Cayman)

  

1.68%, 5/1/18

  

$

285,000

    

$

285,000

    

Lloyds Bank PLC

  

1.69%, 5/1/18

    

130,000

      

130,000

    

National Bank of Canada (Montreal Branch)

  

1.68%, 5/1/18

    

176,000

      

176,000

    

Natixis (Grand Cayman)

  

1.68%, 5/1/18

    

285,000

      

285,000

    

Total Time Deposits (Cost $876,000)

    

876,000

    

Total Investments (100.0%) (Cost $5,698,721) (e)

    

5,699,086

    

Liabilities in Excess of Other Assets (0.0%) (f)

    

(345

)

  

Net Assets (100.0%)

  

$

5,698,741

    

(a)  The rates shown are the effective yields at the date of purchase.

(b)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(c)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of April 30, 2018.

(e)  At April 30, 2018, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $606,000 and the aggregate gross unrealized depreciation is approximately $241,000, resulting in net unrealized appreciation of approximately $365,000.

(f)  Amount is less than 0.05%.

LIBOR  London Interbank Offered Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Floating Rate Notes

    

35.9

%

  

Repurchase Agreements

    

33.1

    

Time Deposits

    

15.4

    

Commercial Paper

    

11.5

    

Other*

    

4.1

    

Total Investments

    

100.0

%

  

*  Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.
11



2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (52.9%)

  
ABN Amro Securities LLC, (Interest in
$450,000 joint repurchase agreement,
1.71% dated 4/30/18 under which
ABN Amro Securities LLC, will repurchase
the securities provided as collateral for
$450,021 on 5/1/18. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government obligations
with various maturities to 2/15/45;
valued at $458,914)		  

$

200,000

    

$

200,000

    
ABN Amro Securities LLC, (Interest in
$1,000,000 joint repurchase agreement,
1.73% dated 4/30/18 under which
ABN Amro Securities LLC, will repurchase
the securities provided as collateral for
$1,000,048 on 5/1/18. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party
agent, were various U.S. Government
agency securities and U.S. Government
obligations with various maturities to
3/20/68; valued at $1,028,749)		    

750,000

      

750,000

    
Bank of Montreal, (1.70%, dated 4/30/18,
due 5/1/18; proceeds $350,017; fully
collateralized by various U.S. Government
obligations, 0.13% - 3.63% due
11/30/18 - 2/15/48; valued at $356,853)		    

350,000

      

350,000

    
Bank of Montreal, (1.71%, dated 4/25/18,
due 6/14/18; proceeds $250,594; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.88% due
5/15/18 - 2/15/47; valued at $254,860)
(Demand 5/7/18)		    

250,000

      

250,000

    
Bank of Montreal, (1.72%, dated 4/12/18,
due 6/14/18; proceeds $300,903; fully
collateralized by various U.S. Government
obligations, 1.00% - 3.00% due
7/31/18 - 5/15/47; valued at $305,878)
(Demand 5/7/18)		    

300,000

      

300,000

    
Bank of Montreal, (1.73%, dated 3/22/18,
due 6/14/18; proceeds $301,211; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.50% due
5/31/18 - 5/15/47; valued at $306,016)
(Demand 5/7/18)		    

300,000

      

300,000

    
Bank of Montreal, (1.73%, dated 4/10/18,
due 6/14/18; proceeds $100,312; fully
collateralized by various U.S. Government
obligations, 0.13% - 2.75% due
8/31/20 - 8/15/47; valued at $101,984)
(Demand 5/7/18)		    

100,000

      

100,000

    
Bank of Nova Scotia, (1.70%, dated 3/29/18,
due 6/14/18; proceeds $853,091; fully
collateralized by various U.S. Government
agency securities, 1.76% - 6.50% due
11/1/20 - 5/15/58; valued at $875,521)
(Demand 5/7/18)		    

850,000

      

850,000

    
    Face
Amount
(000)		   Value
(000)		  
Barclays Capital, Inc., (1.71%, dated 4/30/18,
due 5/1/18; proceeds $100,005; fully
collateralized by various U.S. Government
obligations, 1.75% - 9.00% due
11/15/18 - 2/15/45; valued at $101,977)		  

$

100,000

    

$

100,000

    
BMO Capital Markets Corp., (1.71%,
dated 4/30/18, due 5/1/18; proceeds
$200,010; fully collateralized by a U.S.
Government agency security, 0.00%
due 10/9/19 and various U.S. Government
obligations, 0.00% - 2.88% due
9/20/18 - 11/15/46; valued at $204,076)		    

200,000

      

200,000

    
BNP Paribas, (1.71%, dated 3/29/18,
due 6/14/18; proceeds $351,280; fully
collateralized by various U.S. Government
agency securities, 2.28% - 6.50% due
8/1/18 - 5/1/56 and U.S. Government
obligations, 0.00% - 3.75% due
5/15/18 - 2/15/28; valued at $360,049)
(Demand 5/7/18)		    

350,000

      

350,000

    
BNP Paribas, (Interest in $2,100,000 joint
repurchase agreement, 1.71% dated
4/30/18 under which BNP Paribas, will
repurchase the securities provided as
collateral for $2,100,100 on 5/1/18.
The securities provided as collateral at the
end of the period held with BNY Mellon,
tri-party agent, were various U.S. Government
obligations with various maturities to
8/15/46; valued at $2,142,267)		    

1,100,000

      

1,100,000

    
BNP Paribas, (1.73%, dated 3/22/18, due
6/14/18; proceeds $220,888; fully
collateralized by various U.S. Government
agency securities, 2.28% - 4.00% due
3/1/26 - 1/1/48 and U.S. Government
obligations, 0.00% - 2.75% due
8/16/18 - 8/15/31; valued at $226,015)
(Demand 5/7/18)		    

220,000

      

220,000

    
BNP Paribas, (Interest in $300,000 joint
repurchase agreement, 1.73% dated
4/30/18 under which BNP Paribas, will
repurchase the securities provided as
collateral for $300,014 on 5/1/18. The
securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government
agency securities and U.S. Government
obligations with various maturities to 5/1/48;
valued at $308,924)		    

50,000

      

50,000

    
BNP Paribas, (1.76%, dated 4/26/18,
due 6/14/18; proceeds $451,078; fully
collateralized by various U.S. Government
agency securities, 2.50% - 6.50% due
6/1/24 - 4/1/52; valued at $463,404)
(Demand 5/7/18)		    

450,000

      

450,000

    
BNP Paribas, (1.77%, dated 3/22/18,
due 6/14/18; proceeds $301,239; fully
collateralized by various U.S. Government
agency securities, 0.00% - 7.50% due
5/30/18 - 6/1/56 and U.S. Government
obligations, 0.00% - 2.00% due
9/20/18 - 2/15/22; valued at $308,139)
(Demand 5/7/18)		    

300,000

      

300,000

    

The accompanying notes are an integral part of the financial statements.
12


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Canadian Imperial Bank, (1.72%, dated 4/30/18,
due 5/1/18; proceeds $500,024; fully
collateralized by various U.S. Government
obligations, 0.13% - 3.63% due
4/15/20 - 11/15/46; valued at $509,971)		  

$

500,000

    

$

500,000

    
Canadian Imperial Bank, (1.73%, dated 4/30/18,
due 5/1/18; proceeds $1,000,048; fully
collateralized by various U.S. Government
agency securities, 2.00% - 8.50% due
10/1/19 - 4/1/48 and U.S. Government
obligations, 0.75% - 4.38% due
2/15/19 - 5/15/47; valued at $1,029,714)		    

1,000,000

      

1,000,000

    
Citibank NA, (1.70%, dated 4/26/18, due
5/3/18; proceeds $500,165; fully
collateralized by various U.S. Government
agency securities, 2.00% - 9.50% due
8/15/18 - 2/20/68 and U.S. Government
obligations, 0.00% - 8.00% due
5/3/18 - 11/15/46; valued at $511,304)		    

500,000

      

500,000

    
Citigroup Global Markets, Inc., (1.68%, dated
4/26/18, due 5/3/18; proceeds $350,114;
fully collateralized by various U.S. Government
obligations, 1.44% - 2.00% due
1/31/20 - 2/15/25; valued at $356,989)		    

350,000

      

350,000

    
Credit Agricole Corp., (1.69%, dated 4/30/18,
due 5/1/18; proceeds $300,014; fully
collateralized by a U.S. Government obligation,
2.88% due 4/30/25; valued at $306,000)		    

300,000

      

300,000

    
Credit Agricole Corp., (Interest in $2,050,000
joint repurchase agreement, 1.71% dated
4/30/18 under which Credit Agricole Corp.,
will repurchase the securities provided as
collateral for $2,050,097 on 5/1/18. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to
5/15/44; valued at $2,090,712)		    

1,175,000

      

1,175,000

    
Credit Agricole Corp., (Interest in $1,000,000
joint repurchase agreement, 1.73% dated
4/30/18 under which Credit Agricole Corp.,
will repurchase the securities provided as
collateral for $1,000,048 on 5/1/18. The
securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government
agency securities with various maturities to
11/20/47; valued at $1,026,891)		    

960,000

      

960,000

    
Deutsche Bank Securities, Inc., (1.72%, dated
4/30/18, due 5/1/18; proceeds $200,010;
fully collateralized by various U.S. Government
obligations, 0.00% - 4.25% due
5/15/20 - 5/15/39; valued at $204,100)		    

200,000

      

200,000

    
Deutsche Bank Securities, Inc., (1.72%,
dated 4/30/18, due 5/1/18; proceeds
$250,012; fully collateralized by various
U.S. Government obligations, 0.00% - 3.63%
due 10/15/18 - 4/15/28; valued at $255,307)		    

250,000

      

250,000

    
Deutsche Bank Securities, Inc., (1.73%, dated
4/30/18, due 5/1/18; proceeds $350,017;
fully collateralized by various U.S. Government
agency securities, 0.00% - 7.25% due
1/17/20 - 9/15/65; valued at $357,243)		    

350,000

      

350,000

    
    Face
Amount
(000)		   Value
(000)		  
Goldman Sachs & Co., (1.40%, dated 4/30/18,
due 5/1/18; proceeds $193,008; fully
collateralized by various U.S. Government
obligations, 0.00% due 11/15/19 - 2/15/46;
valued at $196,936)		  

$

193,000

    

$

193,000

    
HSBC Securities USA, Inc., (1.71%, dated
4/30/18, due 5/1/18; proceeds $200,010;
fully collateralized by a U.S. Government
obligation, 2.75% due 8/15/47; valued at
$204,003)		    

200,000

      

200,000

    
HSBC Securities USA, Inc., (1.71%, dated
4/30/18, due 5/7/18; proceeds $250,083;
fully collateralized by a U.S. Government
obligation, 2.88% due 4/30/25; valued at
$255,005)		    

250,000

      

250,000

    
HSBC Securities USA, Inc., (1.72%, dated
4/30/18, due 5/1/18; proceeds $150,007;
fully collateralized by a U.S. Government
agency security, 4.00% due 10/1/47;
valued at $154,502)		    

150,000

      

150,000

    
ING Financial Markets LLC, (1.70%, dated
4/30/18, due 5/1/18; proceeds $500,032;
fully collateralized by various U.S. Government
obligations, 1.25% - 3.00% due
7/31/23 - 2/15/47; valued at $510,009)		    

500,008

      

500,008

    
ING Financial Markets LLC, (1.72%, dated
4/30/18, due 5/1/18; proceeds $700,048;
fully collateralized by various U.S. Government
obligations, 0.75% - 2.88% due
3/31/19 - 8/15/46; valued at $714,015)		    

700,015

      

700,015

    
ING Financial Markets LLC, (1.84%, dated
3/22/18, due 6/14/18; proceeds $416,782;
fully collateralized by various U.S. Government
agency securities, 2.00% - 8.50% due
11/1/18 - 3/1/48 and a U.S. Government
obligation, 1.88% due 2/28/22; valued at
$427,400)		    

415,000

      

415,000

    
ING Financial Markets LLC, (1.84%, dated
3/23/18, due 6/14/18; proceeds $88,373;
fully collateralized by various U.S. Government
agency securities, 2.00% - 7.50% due
4/1/20 - 1/1/48 and a U.S. Government
obligation, 0.75% due 9/30/18; valued at
$90,637)		    

88,000

      

88,000

    
ING Financial Markets LLC, (1.84%, dated
3/23/18, due 6/14/18; proceeds $212,899;
fully collateralized by various U.S. Government
agency securities, 2.00% - 6.00% due
7/1/19 - 2/1/48 and a U.S. Government
obligation, 0.75% due 9/30/18; valued at
$218,479)		    

212,000

      

212,000

    
ING Financial Markets LLC, (1.84%, dated
3/26/18, due 6/15/18; proceeds $401,656;
fully collateralized by various U.S. Government
agency securities, 2.50% - 6.50% due
3/1/23 - 4/1/48 and a U.S. Government
obligation, 1.88% due 2/28/22; valued at
$412,047)		    

400,000

      

400,000

    
JP Morgan Securities LLC, (1.70%, dated
4/30/18, due 5/1/18; proceeds $1,000,047;
fully collateralized by various U.S. Government
obligations, 0.38% - 8.00% due
4/30/19 - 8/15/42; valued at $1,020,003)		    

1,000,000

      

1,000,000

    

The accompanying notes are an integral part of the financial statements.
13


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
JP Morgan Securities LLC, (1.71%, dated
4/30/18, due 5/1/18; proceeds $300,014;
fully collateralized by various U.S. Government
agency securities, 0.00% - 6.15% due
5/25/18 - 9/15/39; valued at $306,142)		  

$

300,000

    

$

300,000

    
JP Morgan Securities LLC, (1.72%, dated
4/30/18, due 5/1/18; proceeds $300,014;
fully collateralized by various U.S. Government
agency securities, 2.84% - 3.93% due
8/1/27 - 3/1/48; valued at $309,000)		    

300,000

      

300,000

    
JP Morgan Securities LLC, (1.72%, dated
4/30/18, due 5/1/18; proceeds $500,024;
fully collateralized by various U.S. Government
agency securities, 2.41% - 6.40% due
1/1/20 - 3/1/48; valued at $515,001)		    

500,000

      

500,000

    
Merrill Lynch Pierce Fenner & Smith, (1.72%,
dated 4/30/18, due 5/1/18; proceeds
$100,005; fully collateralized by various
U.S. Government agency securities,
2.99% - 5.25% due 11/8/27 - 9/15/39;
valued at $102,228)		    

100,000

      

100,000

    
Merrill Lynch Pierce Fenner & Smith, (Interest in
$400,000 joint repurchase agreement, 1.73%
dated 4/30/18 under which Merrill Lynch
Pierce Fenner & Smith, will repurchase the
securities provided as collateral for $400,019
on 5/1/18. The securities provided as
collateral at the end of the period held with
BNY Mellon, tri-party agent, were various U.S.
Government agency securities with various
maturities to 6/1/57; valued at $412,067)		    

400,000

      

400,000

    
Merrill Lynch Pierce Fenner & Smith, (1.73%,
dated 4/30/18, due 5/1/18; proceeds
$477,523; fully collateralized by a U.S.
Government obligation, 1.88% due
1/31/22; valued at $487,050)		    

477,500

      

477,500

    
Merrill Lynch Pierce Fenner & Smith, (1.75%,
dated 3/29/18, due 6/14/18; proceeds
$501,872; fully collateralized by various
U.S. Government agency securities,
2.78% - 4.50% due 11/1/28 - 5/1/48;
valued at $515,062) (Demand 5/7/18)		    

500,000

      

500,000

    
Metlife Insurance Company, (1.73%, dated
4/30/18, due 5/1/18; proceeds $500,027;
fully collateralized by various U.S.
Government obligations, 0.01% - 1.50% due
5/31/18 - 5/31/19; valued at $510,003)		    

500,003

      

500,003

    
Natixis, (Interest in $2,550,000 joint repurchase
agreement, 1.71% dated 4/30/18 under
which Natixis, will repurchase the securities
provided as collateral for $2,550,121 on
5/1/18. The securities provided as collateral
at the end of the period held with BNY Mellon,
tri-party agent, were various U.S. Government
obligations with various maturities to
11/15/47; valued at $2,601,744)		    

1,550,000

      

1,550,000

    
    Face
Amount
(000)		   Value
(000)		  
Natixis, (Interest in $1,650,000 joint repurchase
agreement, 1.73% dated 4/30/18 under
which Natixis, will repurchase the securities
provided as collateral for $1,650,079 on
5/1/18. The securities provided as collateral
at the end of the period held with BNY Mellon,
tri-party agent, were various U.S. Government
agency securities and U.S. Government
obligations with various maturities to
2/15/48; valued at $1,684,589)		  

$

1,419,000

    

$

1,419,000

    
Nomura Securities, (1.70%, dated 4/26/18,
due 5/3/18; proceeds $380,126; fully
collateralized by various U.S. Government
agency securities, 2.20% - 9.00% due
9/1/18 - 3/20/61 and U.S. Government
obligations, 0.00% - 2.25% due
10/31/18 - 2/15/31; valued at $391,194)		    

380,000

      

380,000

    
Nomura Securities, (1.74%, dated 4/30/18,
due 5/1/18; proceeds $100,005; fully
collateralized by various U.S. Government
agency securities, 3.00% - 4.50% due
4/1/28 - 5/15/59 and U.S. Government
obligations, 1.13% - 2.25% due
2/28/21 - 11/15/27; valued at $102,764)		    

100,000

      

100,000

    
Norinchukin Bank, (1.83%, dated 4/26/18,
due 6/15/18; proceeds $225,572; fully
collateralized by a U.S. Government
obligation, 2.63% due 11/15/20; valued at
$229,501)		    

225,000

      

225,000

    
Norinchukin Bank, (1.84%, dated 3/22/18,
due 6/13/18; proceeds $502,121; fully
collateralized by various U.S. Government
obligations, 0.13% - 3.63% due
4/15/19 - 4/15/28; valued at $510,003)		    

500,000

      

500,000

    
Prudential Legacy Insurance Company of
New Jersey, (1.75%, dated 4/30/18,
due 5/1/18; proceeds $701,565; fully
collateralized by various U.S. Government
obligations, 0.01% - 3.00% due
6/30/24 - 11/15/45; valued at $715,562)		    

701,531

      

701,531

    
RBC Dominion Securities, (1.72%, dated
4/17/18, due 6/14/18; proceeds
$300,831; fully collateralized by various
U.S. Government obligations, 0.75% - 4.75%
due 8/31/18 - 2/15/47; valued at $305,910)
(Demand 5/7/18)		    

300,000

      

300,000

    
RBC Dominion Securities, (1.73%, dated
4/30/18, due 5/1/18; proceeds $100,005;
fully collateralized by a U.S. Government
agency security, 3.50% due 5/20/47; valued
at $103,289)		    

100,000

      

100,000

    
Royal Bank of Canada, (1.72%, dated 4/5/18,
due 6/13/18; proceeds $2,759,066; fully
collateralized by various U.S. Government
agency securities, 2.00% - 8.00% due
2/1/20 - 9/15/57; valued at $2,833,016)
(Demand 5/7/18)		    

2,750,000

      

2,750,000

    
Royal Bank of Canada, (1.73%, dated 4/30/18,
due 5/1/18; proceeds $800,038; fully
collateralized by various U.S. Government
agency securities, 2.00% - 7.50% due
11/1/21 - 4/1/48; valued at $823,445)		    

800,000

      

800,000

    

The accompanying notes are an integral part of the financial statements.
14


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
TD Securities USA LLC, (1.75%, dated 4/30/18,
due 5/1/18; proceeds $450,022; fully
collateralized by various U.S. Government
agency securities, 2.50% - 4.50%
due 8/1/26 - 3/20/48; valued at $463,551)		  

$

450,000

    

$

450,000

    
Wells Fargo Bank NA, (1.74%, dated 4/30/18,
due 5/1/18; proceeds $500,024; fully
collateralized by various U.S. Government
agency securities, 3.50% due
5/1/47 - 8/1/47; valued at $515,057)		    

500,000

      

500,000

    
Wells Fargo Securities LLC, (Interest in
$1,700,000 joint repurchase agreement,
1.74% dated 4/30/18 under which
Wells Fargo Securities LLC, will repurchase
the securities provided as collateral for
$1,700,082 on 5/1/18. The securities
provided as collateral at the end of the period
held with BNY Mellon, tri-party agent, were
various U.S. Government agency securities
with various maturities to 3/1/48; valued at
$1,750,777)		    

1,575,000

      

1,575,000

    
Wells Fargo Securities LLC, (1.79%, dated
3/23/18, due 6/14/18; proceeds $110,454;
fully collateralized by various U.S. Government
agency securities, 0.00% - 4.50% due
11/1/47 - 5/1/48; valued at $113,331)		    

110,000

      

110,000

    
Wells Fargo Securities LLC, (1.79%, dated
3/26/18, due 6/14/18; proceeds $250,994;
fully collateralized by various U.S. Government
agency securities, 0.00% - 4.50% due
1/1/33 - 5/1/48; valued at $257,940)		    

250,000

      

250,000

    

Total Repurchase Agreements (Cost $30,351,057)

    

30,351,057

    

U.S. Agency Securities (38.8%)

  

Federal Farm Credit Bank,

  
1 Month USD LIBOR - 0.15%, 1.75%,
6/19/18 (a)		    

80,000

      

79,999

    
1 Month USD LIBOR - 0.145%, 1.75%,
1/9/19 (a)		    

200,000

      

200,000

    
1 Month USD LIBOR - 0.135%, 1.76%,
3/8/19 (a)		    

100,000

      

99,997

    
1 Month USD LIBOR - 0.14%, 1.77%,
6/28/18 (a)		    

50,000

      

50,000

    
1 Month USD LIBOR - 0.126%, 1.77%,
5/13/19 (a)		    

125,000

      

125,000

    
1 Month USD LIBOR - 0.11%, 1.78%,
9/4/18 (a)		    

100,000

      

100,000

    
1 Month USD LIBOR - 0.10%, 1.80%,
8/30/19 (a)		    

180,000

      

179,993

    
1 Month USD LIBOR - 0.09%, 1.81%,
10/22/18 - 8/16/19 (a)		    

425,000

      

425,004

    
1 Month USD LIBOR - 0.08%, 1.81%,
11/12/19 (a)		    

270,000

      

270,000

    
1 Month USD LIBOR - 0.08%, 1.82%,
11/9/18 - 12/16/19 (a)		    

336,000

      

335,991

    
1 Month USD LIBOR - 0.09%, 1.82%,
5/30/19 (a)		    

300,000

      

299,984

    
1 Month USD LIBOR - 0.07%, 1.82%,
4/18/19 (a)		    

75,000

      

75,000

    
    Face
Amount
(000)		   Value
(000)		  
1 Month USD LIBOR - 0.06%, 1.83%,
4/3/19 (a)		  

$

50,830

    

$

50,857

    
1 Month USD LIBOR - 0.07%, 1.83%,
9/12/19 - 12/18/19 (a)		    

315,000

      

314,992

    
1 Month USD LIBOR - 0.06%, 1.84%,
12/26/19 (a)		    

250,000

      

249,992

    
1 Month USD LIBOR - 0.05%, 1.85%,
3/29/19 (a)		    

250,000

      

249,994

    
1 Month USD LIBOR - 0.04%, 1.86%,
5/1/20 (a)(b)		    

200,000

      

200,000

    
3 Month USD LIBOR + 0.05%, 1.89%,
10/18/19 (a)		    

100,000

      

99,971

    
1 Month USD LIBOR + 0.03%, 1.91%,
7/5/18 (a)		    

145,000

      

145,000

    
1 Month USD LIBOR + 0.03%, 1.93%,
5/29/18 (a)		    

180,000

      

180,000

    
1 Month USD LIBOR + 0.11%, 2.01%,
8/29/18 (a)		    

140,000

      

140,000

    
3 Month USD LIBOR - 0.17%, 2.12%,
6/26/19 (a)		    

100,000

      

100,000

    
1 Month USD LIBOR + 0.22%, 2.12%,
10/21/19 (a)		    

175,000

      

175,751

    

Federal Home Loan Bank,

  
3 Month USD LIBOR - 0.15%, 1.64%,
11/7/19 (a)		    

75,000

      

75,112

    

1.68%, 5/25/18 - 6/8/18 (c)

    

2,901,000

      

2,896,778

    
1 Month USD LIBOR - 0.175%, 1.72%,
6/8/18 (a)		    

200,000

      

200,000

    

1.73%, 6/13/18 - 6/14/18 (c)

    

547,125

      

545,996

    
1 Month USD LIBOR - 0.155%, 1.74%,
6/22/18 (a)		    

150,000

      

150,000

    
1 Month USD LIBOR - 0.15%, 1.75%,
5/25/18 - 10/26/18 (a)		    

356,000

      

356,000

    
1 Month USD LIBOR - 0.14%, 1.76%,
7/24/18 - 11/20/18 (a)		    

1,700,000

      

1,699,997

    
1 Month USD LIBOR - 0.135%, 1.77%,
12/27/18 (a)		    

350,000

      

350,000

    
1 Month USD LIBOR - 0.13%, 1.77%,
10/25/18 - 2/25/19 (a)		    

815,000

      

815,000

    
1 Month USD LIBOR - 0.13%, 1.78%,
10/30/18 (a)		    

250,000

      

250,000

    
1 Month USD LIBOR - 0.12%, 1.78%,
8/23/18 - 2/20/19 (a)		    

340,000

      

340,000

    
1 Month USD LIBOR - 0.115%, 1.78%,
1/25/19 (a)		    

395,000

      

395,000

    
1 Month USD LIBOR - 0.11%, 1.79%,
10/22/18 - 4/22/19 (a)		    

730,000

      

729,985

    
1 Month USD LIBOR - 0.105%, 1.79%,
1/24/19 (a)		    

340,000

      

340,000

    
1 Month USD LIBOR - 0.105%, 1.80%,
1/11/19 (a)		    

525,000

      

525,000

    
1 Month USD LIBOR - 0.10%, 1.80%,
12/21/18 - 12/27/18 (a)		    

570,000

      

569,981

    

1.80%, 6/20/18 (c)

    

200,000

      

199,501

    
1 Month USD LIBOR - 0.08%, 1.80%,
2/4/19 (a)		    

252,500

      

252,500

    
1 Month USD LIBOR - 0.09%, 1.81%,
11/8/18 - 7/19/19 (a)		    

450,000

      

450,000

    

The accompanying notes are an integral part of the financial statements.
15


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Agency Securities (cont'd)

  
1 Month USD LIBOR - 0.08%, 1.82%,
11/13/18 - 7/25/19 (a)		  

$

1,579,000

    

$

1,579,000

    
1 Month USD LIBOR - 0.07%, 1.83%,
2/25/19 (a)		    

303,600

      

303,630

    
1 Month USD LIBOR - 0.07%, 1.84%,
1/28/20 (a)		    

220,050

      

219,961

    
3 Month USD LIBOR - 0.17%, 1.86%,
6/5/18 (a)		    

390,000

      

389,998

    

1.87%, 8/27/18 - 9/6/18 (c)

    

551,000

      

547,546

    

1.89%, 9/10/18 (c)

    

300,000

      

297,943

    

1.93%, 9/26/18 (c)

    

465,000

      

461,349

    

1.94%, 9/21/18 (c)

    

200,000

      

198,467

    

1.96%, 9/27/18 (c)

    

1,611,000

      

1,598,083

    
3 Month USD LIBOR - 0.34%, 1.99%,
4/9/19 - 4/12/19 (a)		    

700,000

      

700,000

    
3 Month USD LIBOR - 0.32%, 2.02%,
7/10/19 (a)		    

500,000

      

500,000

    

Federal National Mortgage Association

  

1.75%, 6/13/18 (c)

    

175,000

      

174,636

    

Total U.S. Agency Securities (Cost $22,258,988)

    

22,258,988

    

U.S. Treasury Securities (8.7%)

  

U.S. Treasury Bills,

  

1.70%, 6/14/18 (d)

    

1,227,000

      

1,224,490

    

1.87%, 9/6/18 (d)

    

2,033,000

      

2,019,769

    

1.89%, 9/13/18 (d)

    

1,000,000

      

993,062

    

1.94%, 9/27/18 (d)

    

292,000

      

289,713

    

1.96%, 9/20/18 (d)

    

350,000

      

347,351

    

U.S. Treasury Note

  

1.70%, 5/31/18

    

150,000

      

149,912

    

Total U.S. Treasury Securities (Cost $5,024,297)

    

5,024,297

    

Total Investments (100.4%) (Cost $57,634,342) (e)(f)

    

57,634,342

    

Liabilities in Excess of Other Assets (–0.4%)

    

(227,305

)

  

Net Assets (100.0%)

  

$

57,407,037

    

(a)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(b)  All or a portion of the security is subject to delayed delivery.

(c)  Purchased on a discount basis. The interest rates shown have been adjusted to reflect a money market equivalent yield.

(d)  Rate shown is the yield to maturity at April 30, 2018.

(e)  Securities are available for collateral in connection with securities purchased on a forward commitment basis.

(f)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

LIBOR  London Interbank Offered Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

52.7

%

  

U.S. Agency Securities

    

38.6

    

U.S. Treasury Securities

    

8.7

    

Total Investments

    

100.0

%

  

The accompanying notes are an integral part of the financial statements.
16


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Government Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreement (11.0%)

  
Federal Reserve Bank of New York, (1.50%,
dated 4/30/18, due 5/1/18; proceeds
$1,710,071; fully collateralized by various
U.S. Government obligations, 3.13% - 5.25%
due 11/15/28 - 11/15/41; valued at
$1,714,996) (Cost $1,710,000)		  

$

1,710,000

    

$

1,710,000

    

U.S. Agency Securities (76.9%)

  

Federal Farm Credit Bank,

  

1.63%, 5/17/18 (a)

    

90,000

      

89,935

    

1.64%, 5/3/18 (a)

    

50,000

      

49,995

    

1.67%, 5/24/18 (a)

    

25,000

      

24,974

    
1 Month USD LIBOR - 0.18%, 1.73%,
6/28/18 (b)		    

75,000

      

74,999

    
1 Month USD LIBOR - 0.15%, 1.75%,
6/19/18 (b)		    

20,000

      

20,000

    
1 Month USD LIBOR - 0.14%, 1.76%,
7/10/18 (b)		    

35,000

      

35,000

    
1 Month USD LIBOR - 0.135%, 1.76%,
3/8/19 (b)		    

77,000

      

76,997

    
1 Month USD LIBOR - 0.14%, 1.77%,
6/28/18 (b)		    

25,000

      

25,000

    
1 Month USD LIBOR - 0.126%, 1.77%,
5/13/19 (b)		    

100,000

      

100,000

    
1 Month USD LIBOR - 0.11%, 1.78%,
9/4/18 (b)		    

50,000

      

50,000

    
1 Month USD LIBOR - 0.12%, 1.79%,
11/30/18 (b)		    

35,000

      

35,000

    
1 Month USD LIBOR - 0.10%, 1.80%,
8/30/19 - 9/25/19 (b)		    

170,000

      

169,960

    
1 Month USD LIBOR - 0.08%, 1.81%,
11/12/19 (b)		    

100,000

      

100,000

    
1 Month USD LIBOR - 0.08%, 1.82%,
11/9/18 - 12/16/19 (b)		    

134,000

      

133,996

    
1 Month USD LIBOR - 0.07%, 1.83%,
9/12/19 - 12/18/19 (b)		    

85,000

      

84,998

    
1 Month USD LIBOR - 0.06%, 1.84%,
12/26/19 (b)		    

150,000

      

149,995

    
1 Month USD LIBOR - 0.05%, 1.85%,
3/29/19 (b)		    

25,000

      

24,999

    
3 Month USD LIBOR + 0.05%, 1.89%,
10/18/19 (b)		    

26,700

      

26,692

    
1 Month USD LIBOR + 0.03%, 1.91%,
7/5/18 (b)		    

40,000

      

40,000

    
1 Month USD LIBOR + 0.07%, 1.96%,
10/22/18 (b)		    

25,000

      

25,019

    
1 Month USD LIBOR + 0.09%, 1.99%,
5/25/18 (b)		    

11,500

      

11,502

    
1 Month USD LIBOR + 0.11%, 2.01%,
8/29/18 (b)		    

125,000

      

125,000

    
1 Month USD LIBOR + 0.18%, 2.07%,
2/25/19 (b)		    

40,700

      

40,787

    
1 Month USD LIBOR + 0.20%, 2.09%,
6/18/18 (b)		    

47,400

      

47,421

    
3 Month USD LIBOR - 0.17%, 2.12%,
6/26/19 (b)		    

25,000

      

25,000

    
3 Month USD LIBOR - 0.20%, 2.13%,
7/6/18 (b)		    

50,000

      

50,000

    
    Face
Amount
(000)		   Value
(000)		  

Federal Home Loan Bank,

  

1.58%, 5/1/18 (a)

  

$

947,500

    

$

947,500

    

1.63%, 5/9/18 - 5/11/18 (a)

    

1,151,000

      

1,150,485

    

1.64%, 5/29/18 (a)

    

200,000

      

199,745

    

1.65%, 5/15/18 (a)

    

400,000

      

399,743

    

1.66%, 6/4/18 (a)

    

1,075,000

      

1,073,317

    

1.67%, 5/16/18 - 5/23/18 (a)

    

2,600,000

      

2,597,781

    

1.68%, 5/18/18 - 6/6/18 (a)

    

1,295,000

      

1,293,669

    

1.69%, 5/24/18 - 5/30/18 (a)

    

650,000

      

649,159

    

1.70%, 6/1/18 (a)

    

250,000

      

249,635

    
1 Month USD LIBOR - 0.17%, 1.72%,
6/1/18 (b)		    

140,000

      

140,000

    
1 Month USD LIBOR - 0.175%, 1.72%,
6/8/18 (b)		    

72,000

      

72,000

    

1.74%, 5/10/18 (a)

    

50,000

      

49,978

    
1 Month USD LIBOR - 0.155%, 1.74%,
6/22/18 (b)		    

95,000

      

95,000

    
1 Month USD LIBOR - 0.15%, 1.75%,
5/25/18 (b)		    

46,000

      

46,000

    
1 Month USD LIBOR - 0.14%, 1.76%,
7/24/18 - 10/19/18 (b)		    

290,000

      

289,996

    
1 Month USD LIBOR - 0.13%, 1.77%,
11/20/18 - 2/25/19 (b)		    

150,000

      

150,000

    
1 Month USD LIBOR - 0.11%, 1.79%,
10/22/18 (b)		    

200,000

      

200,000

    
1 Month USD LIBOR - 0.105%, 1.79%,
1/24/19 (b)		    

100,000

      

100,000

    
1 Month USD LIBOR - 0.105%, 1.80%,
1/11/19 (b)		    

100,000

      

100,000

    
1 Month USD LIBOR - 0.08%, 1.80%,
2/4/19 (b)		    

75,000

      

75,000

    
1 Month USD LIBOR - 0.09%, 1.81%,
11/8/18 (b)		    

50,000

      

50,000

    
1 Month USD LIBOR - 0.08%, 1.82%,
11/23/18 - 3/20/19 (b)		    

73,000

      

73,000

    
3 Month USD LIBOR - 0.17%, 1.86%,
6/5/18 (b)		    

65,000

      

65,000

    

Tennessee Valley Authority

  

1.67%, 5/8/18 (a)

    

228,000

      

227,926

    

Total U.S. Agency Securities (Cost $11,932,203)

    

11,932,203

    

U.S. Treasury Securities (12.1%)

  

U.S. Treasury Bills,

  

1.65%, 5/17/18 (c)

    

500,000

      

499,638

    

1.69%, 6/7/18 (c)

    

676,000

      

674,846

    

1.68%, 5/31/18 (c)

    

429,000

      

428,412

    

1.72%, 5/3/18 (c)

    

270,000

      

269,975

    

Total U.S. Treasury Securities (Cost $1,872,871)

    

1,872,871

    

Total Investments (100.0%) (Cost $15,515,074) (d)

    

15,515,074

    

Liabilities in Excess of Other Assets (0.0%) (e)

    

(1,356

)

  

Net Assets (100.0%)

  

$

15,513,718

    

The accompanying notes are an integral part of the financial statements.
17


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Government Securities Portfolio

(a)  Purchased on a discount basis. The interest rates shown have been adjusted to reflect a money market equivalent yield.

(b)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(c)  Rate shown is the yield to maturity at April 30, 2018.

(d)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

(e)  Amount is less than 0.05%.

LIBOR  London Interbank Offered Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

U.S. Agency Securities

    

76.9

%

  

U.S. Treasury Securities

    

12.1

    

Repurchase Agreement

    

11.0

    

Total Investments

    

100.0

%

  

The accompanying notes are an integral part of the financial statements.
18



2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (51.4%)

  
ABN Amro Securities LLC, (Interest in
$450,000 joint repurchase agreement,
1.71% dated 4/30/18 under which
ABN Amro Securities LLC, will repurchase
the securities provided as collateral for
$450,021 on 5/1/18. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to
2/15/45; valued at $458,914)		  

$

250,000

    

$

250,000

    
Bank of Montreal, (1.72%, dated 4/12/18, due
6/14/18; proceeds $200,602; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.38% due
6/7/18 - 5/15/44; valued at $204,083)
(Demand 5/7/18)		    

200,000

      

200,000

    
Bank of Montreal, (1.73%, dated 3/22/18, due
6/14/18; proceeds $200,807; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.38% due
5/31/18 - 2/15/43; valued at $203,935)
(Demand 5/7/18)		    

200,000

      

200,000

    
Bank of Nova Scotia, (1.69%, dated 3/29/18,
due 6/14/18; proceeds $1,053,795; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.63% due
9/15/18 - 2/15/47; valued at $1,070,864)
(Demand 5/7/18)		    

1,050,000

      

1,050,000

    
BNP Paribas, (1.66% (a), dated 1/24/18, due
6/14/18; proceeds $704,551; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.75% due
5/31/18 - 8/15/46; valued at $714,219)
(Demand 5/7/18)		    

700,000

      

700,000

    
BNP Paribas, (Interest in $2,100,000 joint
repurchase agreement, 1.71% dated
4/30/18 under which BNP Paribas, will
repurchase the securities provided as
collateral for $2,100,100 on 5/1/18.
The securities provided as collateral at the
end of the period held with BNY Mellon,
tri-party agent, were various U.S. Government
obligations with various maturities to 8/15/46;
valued at $2,142,267)		    

1,000,000

      

1,000,000

    
BNP Paribas, (1.72%, dated 3/22/18, due
6/14/18; proceeds $401,605; fully
collateralized by various U.S. Government
obligations, 0.00% - 2.75% due
12/31/18 - 5/15/47; valued at $407,978)
(Demand 5/7/18)		    

400,000

      

400,000

    
BNP Paribas, (1.76%, dated 3/22/18, due
6/14/18; proceeds $301,232; fully
collateralized by various U.S. Government
obligations, 0.00% - 9.13% due
5/15/18 - 8/15/46; valued at $306,397)
(Demand 5/7/18)		    

300,000

      

300,000

    
Citigroup Global Markets, Inc., (1.68%, dated
4/26/18, due 5/3/18; proceeds $100,033;
fully collateralized by various U.S. Government
obligations, 1.25% - 3.00% due
3/31/19 - 11/15/44; valued at $102,014)		    

100,000

      

100,000

    
    Face
Amount
(000)		   Value
(000)		  
Credit Agricole Corp., (Interest in $2,050,000
joint repurchase agreement, 1.71% dated
4/30/18 under which Credit Agricole Corp.,
will repurchase the securities provided as
collateral for $2,050,097 on 5/1/18. The
securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to
5/15/44; valued at $2,090,712)		  

$

687,000

    

$

687,000

    
Deutsche Bank Securities, Inc., (1.72%,
dated 4/30/18, due 5/1/18; proceeds
$300,014; fully collateralized by various
U.S. Government obligations, 0.00% due
11/15/18 - 11/15/45; valued at $305,899)		    

300,000

      

300,000

    
Goldman Sachs & Co., (1.40%, dated 4/30/18,
due 5/1/18; proceeds $57,002; fully
collateralized by various U.S. Government
obligations, 0.00% due 2/15/38 - 8/15/41;
valued at $58,200)		    

57,000

      

57,000

    
HSBC Securities USA, Inc., (1.71%, dated
4/30/18, due 5/7/18; proceeds $250,083;
fully collateralized by various U.S. Government
obligations, 2.75% - 2.88% due
4/30/25 - 8/15/47; valued at $255,002)		    

250,000

      

250,000

    
ING Financial Markets LLC, (1.70%, dated
4/30/18, due 5/1/18; proceeds $300,018;
fully collateralized by various U.S. Government
obligations, 1.38% - 3.13% due
1/15/20 - 5/15/43; valued at $306,005)		    

300,004

      

300,004

    
Natixis, (Interest in $2,550,000 joint repurchase
agreement, 1.71% dated 4/30/18 under
which Natixis, will repurchase the securities
provided as collateral for $2,550,121 on
5/1/18. The securities provided as collateral
at the end of the period held with BNY Mellon,
tri-party agent, were various U.S. Government
obligations with various maturities to
11/15/47; valued at $2,601,744)		    

1,000,000

      

1,000,000

    
Norinchukin Bank, (1.83%, dated 4/26/18, due
6/15/18; proceeds $25,064; fully
collateralized by a U.S. Government
obligation, 2.63% due 11/15/20; valued at
$25,501)		    

25,000

      

25,000

    
Prudential Legacy Insurance Company of
New Jersey, (1.75%, dated 4/30/18, due
5/1/18; proceeds $390,907; fully
collateralized by various U.S. Government
obligations, 0.01% due 5/15/27 - 11/15/45;
valued at $398,705)		    

390,888

      

390,888

    
RBC Dominion Securities, (1.72%, dated
4/17/18, due 6/14/18; proceeds $200,554;
fully collateralized by various U.S. Government
obligations, 0.13% - 3.38% due
10/31/18 - 11/15/27; valued at $204,035)
(Demand 5/7/18)		    

200,000

      

200,000

    
Wells Fargo Securities LLC, (Interest in $50,000
joint repurchase agreement, 1.72% dated
4/30/18 under which Wells Fargo Securities
LLC, will repurchase the securities provided
as collateral for $50,002 on 5/1/18. The
securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to
1/15/21; valued at $51,000)		    

50,000

      

50,000

    

The accompanying notes are an integral part of the financial statements.
19


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Wells Fargo Securities LLC, (1.78%, dated
3/23/18, due 6/14/18; proceeds $401,642;
fully collateralized by various U.S. Government
obligations, 0.00% - 8.75% due
7/19/18 - 2/15/47; valued at $408,035)		  

$

400,000

    

$

400,000

    
Wells Fargo Securities LLC, (1.78%, dated
3/26/18, due 6/14/18; proceeds $376,483;
fully collateralized by various U.S. Government
obligations, 0.00% - 5.00% due
5/24/18 - 2/15/48; valued at $382,472)		    

375,000

      

375,000

    

Total Repurchase Agreements (Cost $8,234,892)

    

8,234,892

    

U.S. Treasury Securities (48.6%)

  

U.S. Treasury Bills,

  

1.65%, 7/26/18 (b)

    

140,000

      

139,461

    

1.68%, 5/31/18 (b)

    

413,000

      

412,434

    

1.69%, 6/7/18 (b)

    

1,153,000

      

1,151,035

    

1.70%, 6/14/18 (b)

    

694,000

      

692,581

    

1.84%, 8/23/18 (b)

    

46,000

      

45,738

    

1.86%, 8/30/18 (b)

    

75,000

      

74,542

    

1.87%, 9/6/18 (b)

    

872,000

      

866,325

    

1.89%, 9/13/18 (b)

    

270,000

      

268,127

    

1.94%, 9/27/18 (b)

    

754,000

      

748,084

    

1.99%, 9/20/18 (b)

    

528,000

      

523,955

    

U.S. Treasury Notes,

  

0.88%, 5/31/18

    

150,000

      

149,921

    

1.13%, 6/15/18

    

100,000

      

99,952

    
3 Month Treasury Money Market Yield + 0.00%,
1.84%, 1/31/20 (a)		    

150,000

      

149,931

    
3 Month Treasury Money Market Yield + 0.05%,
1.89%, 10/31/19 (a)		    

396,780

      

396,954

    
3 Month Treasury Money Market Yield + 0.06%,
1.90%, 7/31/19 (a)		    

528,000

      

528,469

    
3 Month Treasury Money Market Yield + 0.07%,
1.91%, 4/30/19 (a)		    

575,000

      

575,542

    
3 Month Treasury Money Market Yield + 0.14%,
1.98%, 1/31/19 (a)		    

459,000

      

459,391

    
3 Month Treasury Money Market Yield + 0.17%,
2.01%, 7/31/18 - 10/31/18 (a)		    

511,000

      

511,250

    

Total U.S. Treasury Securities (Cost $7,793,692)

    

7,793,692

    

Total Investments (100.0%) (Cost $16,028,584) (c)

    

16,028,584

    

Liabilities in Excess of Other Assets (0.0%) (d)

    

(6,868

)

  

Net Assets (100.0%)

  

$

16,021,716

    

(a)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(b)  Rate shown is the yield to maturity at April 30, 2018.

(c)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

(d)  Amount is less than 0.05%.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

51.4

%

  

U.S. Treasury Securities

    

48.6

    

Total Investments

    

100.0

%

  

The accompanying notes are an integral part of the financial statements.
20


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Treasury Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Treasury Securities (100.0%)

  

U.S. Treasury Bills,

  

1.64%, 5/17/18 - 7/26/18 (a)

  

$

1,720,000

    

$

1,717,760

    

1.65%, 5/3/18 - 5/31/18 (a)

    

2,791,500

      

2,790,442

    

1.65%, 5/31/18 (a)(b)

    

850,000

      

848,911

    

1.66%, 5/10/18 (a)

    

600,000

      

599,754

    

1.68%, 6/7/18 (a)

    

1,708,000

      

1,705,110

    

1.69%, 5/24/18 - 6/14/18 (a)

    

2,278,000

      

2,274,544

    

1.79%, 7/19/18 (a)

    

523,060

      

521,040

    

1.84%, 8/30/18 (a)

    

200,000

      

198,790

    

1.86%, 8/2/18 (a)(b)

    

200,000

      

199,077

    

1.87%, 9/6/18 (a)

    

709,000

      

704,385

    

1.89%, 9/13/18 (a)

    

370,000

      

367,433

    

1.94%, 9/27/18 (a)

    

1,449,000

      

1,437,624

    

1.98%, 9/20/18 (a)

    

722,000

      

716,488

    

U.S. Treasury Notes,

  

0.75%, 8/31/18

    

75,000

      

74,725

    

0.88%, 5/31/18

    

130,000

      

129,933

    

1.13%, 6/15/18

    

90,000

      

89,957

    

1.50%, 8/31/18

    

100,000

      

99,875

    
3 Month Treasury Money Market Yield + 0.00%,
1.84%, 1/31/20 (c)		    

50,000

      

49,957

    
3 Month Treasury Money Market Yield + 0.05%,
1.89%, 10/31/19 (c)		    

276,780

      

276,927

    
3 Month Treasury Money Market Yield + 0.06%,
1.90%, 7/31/19 (c)		    

375,000

      

375,433

    
3 Month Treasury Money Market Yield + 0.07%,
1.91%, 4/30/19 (c)		    

785,000

      

785,793

    
3 Month Treasury Money Market Yield + 0.14%,
1.98%, 1/31/19 (c)		    

411,000

      

411,383

    
3 Month Treasury Money Market Yield + 0.17%,
2.01%, 7/31/18 - 10/31/18 (c)		    

1,614,331

      

1,615,133

    

2.38%, 5/31/18

    

180,000

      

180,112

    

Total Investments (100.0%) (Cost $18,170,586) (d)(e)

    

18,170,586

    

Other Assets in Excess of Liabilities (0.0%) (f)

    

2,920

    

Net Assets (100.0%)

  

$

18,173,506

    

(a)  Rate shown is the yield to maturity at April 30, 2018.

(b)  All or a portion of the security is subject to delayed delivery.

(c)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d)  Securities are available for collateral in connection with securities purchased on a forward commitment basis.

(e)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

(f)  Amount is less than 0.05%.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

U.S. Treasury Securities

    

100.0

%

  

The accompanying notes are an integral part of the financial statements.
21


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Tax-Exempt Instruments (100.0%)

  

Weekly Variable Rate Bonds (a) (60.3%)

  
Austin, TX, Water & Wastewater System Ser 2008
1.76%, 5/15/31		  

$

3,200

    

$

3,200

    
California Health Facilities Financing Authority,
Kaiser Permanente Ser 2006 C
1.78%, 6/1/41		    

10,000

      

10,000

    
Colorado Springs, CO,
Utilities System Sub Lien Ser 2005 A
1.78%, 11/1/35		    

1,935

      

1,935

    
Utilities System Sub Lien Ser 2008 A
1.72%, 11/1/38		    

5,375

      

5,375

    
Columbia, SC, Waterworks & Sewer System
Ser 2009
1.75%, 2/1/38		    

2,830

      

2,830

    
Delaware Health Facilities Authority,
Christiana Care Health Services Ser 2010 B
1.75%, 10/1/40		    

5,000

      

5,000

    
District of Columbia, The Pew Charitable Trusts
Ser 2008 A
1.75%, 4/1/38		    

1,600

      

1,600

    
District of Columbia Water & Sewer Authority,
Public Utility SE
1.71%, 10/1/50		    

3,335

      

3,335

    
Public Utility Ser 2014 B-2
1.73%, 10/1/50		    

4,200

      

4,200

    
Emery County, UT, PacifiCorp Ser 1994
1.81%, 11/1/24		    

11,000

      

11,000

    
Gainesville, FL,
Utilities System 2007 Ser A
1.73%, 10/1/36		    

5,000

      

5,000

    
Utilities System 2008 Ser B
1.78%, 10/1/38		    

2,000

      

2,000

    
Utilities System 2012 Ser B
1.73%, 10/1/42		    

3,475

      

3,475

    
Houston, TX,
Combined Utility System First Lien Ser 2004 B-2
1.74%, 5/15/34		    

5,000

      

5,000

    
Combined Utility System First Lien Ser 2004 B-5
1.74%, 5/15/34		    

5,300

      

5,300

    
Indiana Finance Authority, Trinity Health Ser 2008 D-1
1.74%, 12/1/34		    

2,350

      

2,350

    
King County, WA, Junior Lien Sewer Ser 2001 B
1.75%, 1/1/32		    

5,500

      

5,500

    
Massachusetts Department of Transportation,
Metropolitan Highway System Contract Assistance
Ser 2010 A-3
1.82%, 1/1/39		    

1,000

      

1,000

    
Massachusetts Water Resources Authority,
Gen Ser 2008 A-3
1.76%, 8/1/37		    

1,000

      

1,000

    
Multi-Modal Sub 1999 Ser B
1.81%, 8/1/28		    

1,000

      

1,000

    
Metropolitan Washington Airports Authority, DC,
Airport System Subser 2010 C-2
1.73%, 10/1/39		    

6,200

      

6,200

    
Missouri Health & Educational Facilities Authority,
BJC Health System Ser 2008 A
1.74%, 5/15/38		    

7,600

      

7,600

    
    Face
Amount
(000)		   Value
(000)		  
Nebraska Investment Finance Authority,
Single Family Housing Bonds Ser 2017 C
1.73%, 9/1/47		  

$

3,505

    

$

3,505

    
New York City Municipal Water Finance Authority,
NY, Second General Fiscal 2010 Ser CC
1.75%, 6/15/41		    

2,335

      

2,335

    
New York City, NY, Fiscal 2012 Subser G-3
1.75%, 4/1/42		    

5,000

      

5,000

    
New York State Energy Research & Development
Authority Facilities,
Consolidated Edison Co., Ser 2005 Subser A-2
1.69%, 5/1/39 (b)		    

8,600

      

8,600

    

1.69%, 5/1/39

    

400

      

400

    
New York State Housing Finance Agency,
10 Barclay Street 2004 Ser A
1.75%, 11/15/37		    

1,900

      

1,900

    
625 West 57th Street Ser 2015 A-1
1.75%, 5/1/49		    

11,000

      

11,000

    
North Texas Tollway Authority, TX, Ser 2009 D
1.80%, 1/1/49		    

1,600

      

1,600

    
Orlando Utilities Commission, FL,
Utility System Ser 2008-1
1.75%, 10/1/33		    

1,000

      

1,000

    
Utility System Ser 2008-2
1.74%, 10/1/33		    

3,170

      

3,170

    
Utility System Ser 2015-B
1.75%, 10/1/39		    

4,100

      

4,100

    
Texas, Veterans Ser 2015 B
1.73%, 6/1/46		    

8,850

      

8,850

    
Texas Transportation Commission,
Mobility Fund Ser 2006-B
1.76%, 4/1/36		    

2,425

      

2,425

    
State Highway Fund First Tier Revenue Bonds
Ser 2014 B-1
1.78%, 4/1/32		    

1,000

      

1,000

    
Utah Water Finance Agency, Ser 2008 B
1.77%, 10/1/37		    

6,345

      

6,345

    
Washington Suburban Sanitary District, MD, 2015
Ser B-3 BANs
1.76%, 6/1/23		    

7,500

      

7,500

    
     

162,630

    

Daily Variable Rate Bonds (a) (32.7%)

  
Gulf Coast Industrial Development Authority,
TX, Exxon Mobil Project Ser 2012
1.55%, 11/1/41		    

12,000

      

12,000

    
Harris County Cultural Education Facilities
Financing Corporation, TX, Methodist Hospital
System Ser 2008 C-1
1.62%, 12/1/24		    

11,475

      

11,475

    
Indiana Finance Authority, Environmental Refunding
Duke Energy Indiana, Inc., Ser 2009 A-5
1.55%, 10/1/40		    

3,100

      

3,100

    
JP Morgan Chase & Co., NY, Battery Park City
Authority Junior Ser C PUTTERs Ser 5012
1.61%, 11/1/19 (c)		    

12,000

      

12,000

    
Mississippi Business Finance Corporation,
Chevron USA Ser 2010 G
1.55%, 11/1/35		    

12,000

      

12,000

    

The accompanying notes are an integral part of the financial statements.
22


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Daily Variable Rate Bonds (a) (cont'd)

  
New York City Municipal Water Finance Authority, NY,
Water & Sewer System Fiscal 2014 Subser AA-6
1.55%, 6/15/48		  

$

7,000

    

$

7,000

    
Water & Sewer System Fiscal 2015 Subser BB-4
1.54%, 6/15/50		    

3,400

      

3,400

    
New York City Transitional Finance Authority, NY,
Future Tax Fiscal 2010 Ser G Subser G-5
1.56%, 5/1/34		    

10,300

      

10,300

    
New York City, NY, Fiscal 2008 Ser J Subser J-3
1.56%, 8/1/23		    

7,000

      

7,000

    
Triborough Bridge & Tunnel Authority, NY,
Ser 2002 F
1.59%, 11/1/32		    

9,800

      

9,800

    
     

88,075

    

Commercial Paper (5.5%)

  
District of Columbia Water & Sewer Authority,
Ser 2018 B
1.68%, 5/1/18		    

1,800

      

1,800

    
Gainesville, FL, Utilities System 1992 Ser C
1.70%, 5/17/18		    

1,400

      

1,400

    
Honolulu City & County, HI, Hawaii General Obligation
Commercial Paper Notes Ser B-1
1.70%, 5/23/18		    

4,600

      

4,600

    
Houston, TX,
Combined Utility System Ser 2010 B-1
1.69%, 6/12/18		    

1,000

      

1,000

    
Combined Utility System, Commercial Paper Notes,
Series B-4
1.80%, 6/19/18		    

1,800

      

1,800

    
Indiana Finance Authority, Trinity Health
Ser 2008 D-2
1.71%, 5/8/18		    

1,000

      

1,000

    
Metropolitan Washington Airports Authority,
DC, Dulles Toll Road Second Senior Lien
Commercial Paper Notes Ser 1
1.67%, 5/24/18		    

1,000

      

1,000

    
New York State Power Authority, Ser 1
1.73%, 5/22/18		    

1,000

      

1,000

    
San Antonio, TX, Electric & Gas Systems Ser B
1.73%, 6/6/18		    

1,300

      

1,300

    
     

14,900

    

Municipal Bonds & Notes (1.5%)

  
Massachusetts,
2007 Ser A		  
3 Month USD LIBOR x 0.67 + 0.46%, 1.65%,
11/1/18 (a)		    

1,000

      

1,000

    
Ser 2017-18 B RANs
2.00%, 5/21/18		    

1,700

      

1,700

    
Ser 2017-18 C RANs
2.00%, 6/25/18		    

360

      

360

    
Texas, Ser 2017 TRANs
4.00%, 8/30/18		    

1,000

      

1,008

    
    Face
Amount
(000)		   Value
(000)		  
Utah County, UT, IHC Health Services, Inc.,
Ser 2016 A
3.00%, 5/15/18		  

$

100

    

$

100

    
     

4,168

    

Total Investments (100.0%) (Cost $269,773) (d)(e)

    

269,773

    

Liabilities in Excess of Other Assets (0.0%) (f)

    

(49

)

  

Net Assets (100.0%)

  

$

269,724

    

(a)  Floating or Variable rate securities: The rates disclosed are as of April 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(b)  All or a portion of the security is subject to delayed delivery.

(c)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(d)  Securities are available for collateral in connection with securities purchased on a forward commitment basis.

(e)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

(f)  Amount is less than 0.05%.

BANs  Bond Anticipation Notes.

LIBOR  London Interbank Offered Rate.

PUTTERs  Puttable Tax-Exempt Receipts.

RANs  Revenue Anticipation Notes.

TRANs  Tax and Revenue Anticipation Notes.

USD  United States Dollar.

The accompanying notes are an integral part of the financial statements.
23


2018 Semi-Annual Report

April 30, 2018

Portfolio of Investments (unaudited) (cont'd)

Tax-Exempt Portfolio

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Weekly Variable Rate Bonds

    

60.3

%

  

Daily Variable Rate Bonds

    

32.7

    

Commercial Paper

    

5.5

    

Other*

    

1.5

    

Total Investments

    

100.0

%

  

*  Industries and/or investment types representing less than 5% of total investments.

Summary of Tax-Exempt Instruments by State/Territory

State/Territory

   Value
(000)		   Percent of
Net Assets		  

New York

  

$

79,735

      

29.6

%

  

Texas

    

55,958

      

20.7

    

Florida

    

20,145

      

7.5

    

District of Columbia

    

18,135

      

6.7

    

Utah

    

17,445

      

6.5

    

Mississippi

    

12,000

      

4.4

    

California

    

10,000

      

3.7

    

Missouri

    

7,600

      

2.8

    

Maryland

    

7,500

      

2.8

    

Colorado

    

7,310

      

2.7

    

Indiana

    

6,450

      

2.4

    

Massachusetts

    

6,060

      

2.2

    

Washington

    

5,500

      

2.0

    

Delaware

    

5,000

      

1.9

    

Hawaii

    

4,600

      

1.7

    

Nebraska

    

3,505

      

1.3

    

South Carolina

    

2,830

      

1.1

    
   

$

269,773

      

100.0

%

  

The accompanying notes are an integral part of the financial statements.
24



2018 Semi-Annual Report

April 30, 2018

Statements of Assets and Liabilities (unaudited)

    Money Market
Portfolio
(000)		   Prime
Portfolio
(000)		   Government
Portfolio
(000)		   Government
Securities
Portfolio
(000)		  

Assets:

  

Investments in Securities of Unaffiliated Issuers, at Cost

  

$

883,903

    

$

5,698,721

    

$

57,634,342

    

$

15,515,074

    

Total Investments in Securities, at Value(1)

    

883,989

      

5,699,086

      

57,634,342

      

15,515,074

    

Cash

    

564

      

660

      

702

      

2,507

    

Interest Receivable

    

587

      

3,600

      

24,279

      

2,037

    

Receivable for Investments Sold

    

28,954

      

—

      

—

      

—

    

Receivable for Fund Shares Sold

    

—

      

—

      

238

      

—

    

Other Assets

    

150

      

538

      

1,890

      

1,015

    

Total Assets

    

914,244

      

5,703,884

      

57,661,451

      

15,520,633

    

Liabilities:

  

Dividends Payable

    

242

      

3,708

      

44,100

      

101

    

Payable for Custodian Fees

    

27

      

65

      

601

      

268

    

Payable for Advisory Fees

    

44

      

443

      

5,194

      

1,929

    

Payable for Professional Fees

    

42

      

40

      

46

      

41

    

Payable for Administration Fees

    

40

      

258

      

2,261

      

687

    

Payable for Fund Shares Redeemed

    

65

      

107

      

—

      

6

    

Payable for Transfer Agency Fees

    

68

      

131

      

66

      

8

    

Payable for Investments Purchased

    

—

      

—

      

200,000

      

—

    

Payable for Administration Plan Fees — Institutional Select Class

    

—

@

    

—

@

    

40

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

—

      

—

      

116

      

—

@

  

Payable for Administration Plan Fees — Administrative Class

    

—

      

—

      

18

      

—

@

  
Payable for Service and Shareholder Administration Plan Fees —
Advisory Class		    

—

@

    

—

@

    

215

      

8

    
Payable for Distribution Plan and Shareholder Service Plan Fees —
Participant Class		    

—

@

    

—

      

303

      

3,409

    
Payable for Distribution Plan and Shareholder Service Plan Fees —
Cash Management Class		    

2

      

2

      

4

      

—

@

  
Payable for Distribution Plan and Shareholder Service Plan Fees —
Select Class		    

—

      

—

      

—

@

    

—

    

Other Liabilities

    

63

      

389

      

1,450

      

458

    

Total Liabilities

    

593

      

5,143

      

254,414

      

6,915

    

Net Assets

  

$

913,651

    

$

5,698,741

    

$

57,407,037

    

$

15,513,718

    

Net Assets Consist Of:

  

Paid-in-Capital

  

$

913,522

    

$

5,698,522

    

$

57,407,577

    

$

15,513,443

    

Accumulated Undistributed Net Investment Income (Loss)

    

37

      

(326

)

    

(84

)

    

11

    

Accumulated Net Realized Gain (Loss)

    

6

      

180

      

(456

)

    

264

    
Unrealized Appreciation (Depreciation) on:
Investments		    

86

      

365

      

—

      

—

    

Net Assets

  

$

913,651

    

$

5,698,741

    

$

57,407,037

    

$

15,513,718

    
(1) Including:
Repurchase Agreements, at Value		  

$

309,000

    

$

1,885,000

    

$

30,351,057

    

$

1,710,000

    

The accompanying notes are an integral part of the financial statements.
25


2018 Semi-Annual Report

April 30, 2018

Statements of Assets and Liabilities (unaudited) (cont'd)

    Money Market
Portfolio
(000)		   Prime
Portfolio
(000)		   Government
Portfolio
(000)		   Government
Securities
Portfolio
(000)		  

INSTITUTIONAL CLASS:

  

Net Assets

  

$

898,269

    

$

5,669,521

    

$

52,849,646

    

$

110,079

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

897,917,606

      

5,667,118,129

      

52,849,620,662

      

110,065,499

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0004

    

$

1.0004

    

$

1.000

    

$

1.000

    

INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

50

    

$

11,709

    

$

828,743

    

$

50

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

50,000

      

11,707,889

      

828,742,539

      

50,000

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0002

    

$

1.0001

    

$

1.000

    

$

1.000

    

INVESTOR CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

1,703,668

    

$

50

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

—

      

—

      

1,703,666,849

      

50,000

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

156,684

    

$

50

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

—

      

—

      

156,685,780

      

50,000

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADVISORY CLASS:

  

Net Assets

  

$

52

    

$

50

    

$

1,048,149

    

$

30,471

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

52,205

      

50,001

      

1,048,168,747

      

30,470,460

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0006

    

$

1.0000

    

$

1.000

    

$

1.000

    

PARTICIPANT CLASS:

  

Net Assets

  

$

50

    

$

—

    

$

792,902

    

$

15,371,222

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

50,000

      

—

      

792,898,919

      

15,370,936,775

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0002

    

$

—

    

$

1.000

    

$

1.000

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

15,230

    

$

17,461

    

$

27,195

    

$

1,796

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

15,227,939

      

17,457,619

      

27,194,733

      

1,795,821

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0002

    

$

1.0002

    

$

1.000

    

$

1.000

    

SELECT CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

50

    

$

—

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

—

      

—

      

50,000

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

—

    

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
26


2018 Semi-Annual Report

April 30, 2018

Statements of Assets and Liabilities (unaudited)

    Treasury
Portfolio
(000)		   Treasury
Securities
Portfolio
(000)		   Tax-Exempt
Portfolio
(000)		  

Assets:

  

Investments in Securities of Unaffiliated Issuers, at Cost

  

$

16,028,584

    

$

18,170,586

    

$

269,773

    

Total Investments in Securities, at Value(1)

    

16,028,584

      

18,170,586

      

269,773

    

Cash

    

648

      

13,310

      

47

    

Interest Receivable

    

9,232

      

3,180

      

407

    

Receivable for Investments Sold

    

—

      

1,048,368

      

—

    

Other Assets

    

741

      

766

      

103

    

Total Assets

    

16,039,205

      

19,236,210

      

270,330

    

Liabilities:

  

Dividends Payable

    

13,748

      

10,633

      

54

    

Payable for Custodian Fees

    

176

      

238

      

6

    

Payable for Advisory Fees

    

1,945

      

2,162

      

—

@

  

Payable for Professional Fees

    

41

      

42

      

40

    

Payable for Administration Fees

    

673

      

753

      

8

    

Payable for Fund Shares Redeemed

    

42

      

290

      

12

    

Payable for Transfer Agency Fees

    

29

      

35

      

66

    

Payable for Investments Purchased

    

—

      

1,047,988

      

400

    

Payable for Administration Plan Fees — Institutional Select Class

    

11

      

10

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

1

      

3

      

—

    

Payable for Administration Plan Fees — Administrative Class

    

—

@

    

—

@

    

—

    

Payable for Service and Shareholder Administration Plan Fees — Advisory Class

    

106

      

—

@

    

—

    

Payable for Distribution Plan and Shareholder Service Plan Fees — Participant Class

    

197

      

—

@

    

—

    

Payable for Distribution Plan and Shareholder Service Plan Fees — Cash Management Class

    

4

      

7

      

2

    

Payable for Distribution Plan and Shareholder Service Plan Fees — Select Class

    

—

@

    

—

@

    

—

    

Other Liabilities

    

516

      

543

      

18

    

Total Liabilities

    

17,489

      

1,062,704

      

606

    

Net Assets

  

$

16,021,716

    

$

18,173,506

    

$

269,724

    

Net Assets Consist Of:

  

Paid-in-Capital

  

$

16,021,439

    

$

18,173,662

    

$

269,801

    

Accumulated Undistributed Net Investment Income (Loss)

    

140

      

63

      

(59

)

  

Accumulated Net Realized Gain (Loss)

    

137

      

(219

)

    

(18

)

  

Net Assets

  

$

16,021,716

    

$

18,173,506

    

$

269,724

    
(1) Including:
Repurchase Agreements, at Value		  

$

8,234,892

    

$

—

    

$

—

    

The accompanying notes are an integral part of the financial statements.
27


2018 Semi-Annual Report

April 30, 2018

Statements of Assets and Liabilities (unaudited) (cont'd)

    Treasury
Portfolio
(000)		   Treasury
Securities
Portfolio
(000)		   Tax-Exempt
Portfolio
(000)		  

INSTITUTIONAL CLASS:

  

Net Assets

  

$

14,689,815

    

$

17,831,514

    

$

254,219

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

14,689,397,996

      

17,831,639,972

      

254,217,066

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.0000

    

INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

273,239

    

$

240,471

    

$

50

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

273,236,437

      

240,474,324

      

50,000

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.0000

    

INVESTOR CLASS:

  

Net Assets

  

$

15,851

    

$

38,561

    

$

—

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

15,850,658

      

38,561,187

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

2,566

    

$

3,362

    

$

—

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

2,565,893

      

3,362,237

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADVISORY CLASS:

  

Net Assets

  

$

520,059

    

$

4,413

    

$

—

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

520,042,782

      

4,412,587

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

PARTICIPANT CLASS:

  

Net Assets

  

$

490,915

    

$

238

    

$

—

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

490,904,216

      

237,980

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

29,221

    

$

54,897

    

$

15,455

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

29,216,479

      

54,899,441

      

15,454,141

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.0000

    

SELECT CLASS:

  

Net Assets

  

$

50

    

$

50

    

$

—

    
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)		    

50,000

      

50,000

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
28


2018 Semi-Annual Report

April 30, 2018

Statements of Operations (unaudited)

    Money Market
Portfolio
(000)		   Prime
Portfolio
(000)		   Government
Portfolio
(000)		   Government
Securities
Portfolio
(000)		  

Investment Income:

  

Interest

  

$

7,209

    

$

47,923

    

$

345,457

    

$

126,179

    

Expenses:

  

Advisory Fees (Note B)

    

633

      

4,240

      

36,271

      

13,775

    

Administration Fees (Note C)

    

211

      

1,413

      

12,090

      

4,592

    

Registration and Filing Fees

    

33

      

42

      

76

      

221

    

Custodian Fees (Note F)

    

31

      

66

      

395

      

156

    

Administration Plan Fees — Institutional Select Class (Note D)

    

—

@

    

—

@

    

478

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

—

      

—

      

136

      

—

@

  

Administration Plan Fees — Administrative Class (Note D)

    

—

      

—

      

119

      

—

@

  

Service and Shareholder Administration Plan Fees — Advisory Class (Note D)

    

—

@

    

—

@

    

1,461

      

45

    

Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)

    

—

@

    

—

      

2,179

      

45,612

    

Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D)

    

12

      

13

      

20

      

1

    

Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D)

    

—

      

—

      

—

@

    

—

    

Trustees' Fees and Expenses

    

9

      

61

      

606

      

237

    

Professional Fees

    

47

      

48

      

46

      

47

    

Pricing Fees

    

4

      

13

      

4

      

5

    

Transfer Agency Fees (Note E)

    

53

      

102

      

66

      

9

    

Shareholder Reporting Fees

    

5

      

5

      

40

      

27

    

Other Expenses

    

23

      

48

      

299

      

123

    

Total Expenses

    

1,061

      

6,051

      

54,286

      

64,850

    

Waiver of Advisory Fees (Note B)

    

(444

)

    

(1,863

)

    

(9,253

)

    

(825

)

  

Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)

    

—

      

—

      

—

      

(22,806

)

  

Net Expenses

    

617

      

4,188

      

45,033

      

41,219

    

Net Investment Income

    

6,592

      

43,735

      

300,424

      

84,960

    

Realized Gain (Loss):

  

Investments Sold

    

6

      

(52

)

    

103

      

99

    

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

53

      

(60

)

    

—

      

—

    

Net Increase in Net Assets Resulting from Operations

  

$

6,651

    

$

43,623

    

$

300,527

    

$

85,059

    

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
29


2018 Semi-Annual Report

April 30, 2018

Statements of Operations (unaudited)

    Treasury
Portfolio
(000)		   Treasury
Securities
Portfolio
(000)		   Tax-Exempt
Portfolio
(000)		  

Investment Income:

  

Interest

  

$

115,476

    

$

131,027

    

$

1,373

    

Expenses:

  

Advisory Fees (Note B)

    

11,892

      

13,836

      

163

    

Administration Fees (Note C)

    

3,964

      

4,612

      

54

    

Registration and Filing Fees

    

58

      

59

      

32

    

Custodian Fees (Note F)

    

127

      

153

      

6

    

Administration Plan Fees — Institutional Select Class (Note D)

    

67

      

60

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

10

      

23

      

—

    

Administration Plan Fees — Administrative Class (Note D)

    

2

      

1

      

—

    

Service and Shareholder Administration Plan Fees — Advisory Class (Note D)

    

759

      

2

      

—

    

Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)

    

1,200

      

1

      

—

@

  

Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D)

    

29

      

51

      

13

    

Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D)

    

—

@

    

—

@

    

—

    

Trustees' Fees and Expenses

    

188

      

233

      

3

    

Professional Fees

    

46

      

45

      

46

    

Pricing Fees

    

2

      

1

      

2

    

Transfer Agency Fees (Note E)

    

29

      

35

      

52

    

Shareholder Reporting Fees

    

15

      

16

      

4

    

Other Expenses

    

120

      

126

      

12

    

Total Expenses

    

18,508

      

19,254

      

387

    

Waiver of Advisory Fees (Note B)

    

(788

)

    

(667

)

    

(163

)

  

Waiver of Administration Fees (Note C)

    

—

      

—

      

(15

)

  

Net Expenses

    

17,720

      

18,587

      

209

    

Net Investment Income

    

97,756

      

112,440

      

1,164

    

Realized Gain (Loss):

  

Investments Sold

    

315

      

(69

)

    

(1

)

  

Net Increase in Net Assets Resulting from Operations

  

$

98,071

    

$

112,371

    

$

1,163

    

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
30


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets

    Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		   Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

6,592

    

$

4,748

    

$

43,735

    

$

37,166

    

Net Realized Gain (Loss)

    

6

      

30

      

(52

)

    

217

    

Net Change in Unrealized Appreciation (Depreciation)

    

53

      

20

      

(60

)

    

388

    

Net Increase in Net Assets Resulting from Operations

    

6,651

      

4,798

      

43,623

      

37,771

    

Distributions from and/or in Excess of:

  

Institutional Class:

  

Net Investment Income

    

(6,516

)

    

(4,516

)

    

(43,814

)

    

(36,918

)

  

Institutional Select Class:

  

Net Investment Income

    

(—

@)

    

(1

)

    

(14

)

    

(84

)

  

Advisory Class:

  

Net Investment Income

    

(—

@)

    

(—

@)

    

(—

@)

    

(—

@)

  

Participant Class:

  

Net Investment Income

    

(—

@)

    

(—

@)

    

—

      

—

    

Cash Management Class:

  

Net Investment Income

    

(109

)

    

(231

)

    

(122

)

    

(164

)

  

Total Distributions

    

(6,625

)

    

(4,748

)

    

(43,950

)

    

(37,166

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

1,666,525

      

1,901,249

      

17,739,550

      

23,527,509

    

Distributions Reinvested

    

5,161

      

3,815

      

27,251

      

21,031

    

Redeemed

    

(1,394,812

)

    

(1,733,866

)

    

(16,702,315

)

    

(20,816,446

)

  

Institutional Select Class:

  

Subscribed

    

—

      

—

@

    

15,345

      

50,049

    

Distributions Reinvested

    

—

      

—

      

13

      

46

    

Redeemed

    

—

      

(—

@)

    

(3,700

)

    

(60,087

)

  

Advisory Class:

  

Subscribed

    

—

      

50

      

—

      

995

    

Distributions Reinvested

    

—

@

    

—

@

    

—

      

—

    

Redeemed

    

—

      

—

      

—

      

(5,417

)

  

Participant Class:

  

Redeemed

    

—

      

(3

)

    

—

      

—

    

Cash Management Class:

  

Subscribed

    

3,772

      

24,372

      

20,071

      

13,150

    

Distributions Reinvested

    

107

      

224

      

116

      

161

    

Redeemed

    

(6,629

)

    

(36,276

)

    

(17,535

)

    

(17,670

)

  

Net Increase in Net Assets Resulting from Capital Share Transactions

    

274,124

      

159,565

      

1,078,796

      

2,713,321

    

Total Increase in Net Assets

    

274,150

      

159,615

      

1,078,469

      

2,713,926

    

Net Assets:

  

Beginning of Period

    

639,501

      

479,886

      

4,620,272

      

1,906,346

    

End of Period

  

$

913,651

    

$

639,501

    

$

5,698,741

    

$

4,620,272

    
Accumulated Undistributed Net Investment Income (Loss)
Included in End of Period Net Assets		  

$

37

    

$

70

    

$

(326

)

  

$

(111

)

  

The accompanying notes are an integral part of the financial statements.
31


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets (cont'd)

    Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		   Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

1,665,924

      

1,900,523

      

17,732,063

      

23,516,762

    

Shares Issued on Distributions Reinvested

    

5,159

      

3,813

      

27,240

      

21,021

    

Shares Redeemed

    

(1,394,298

)

    

(1,733,231

)

    

(16,695,287

)

    

(20,806,966

)

  

Net Increase in Institutional Class Shares Outstanding

    

276,785

      

171,105

      

1,064,016

      

2,730,817

    

Institutional Select Class:

  

Shares Subscribed

    

—

      

—

@@

    

15,345

      

50,025

    

Shares Issued on Distributions Reinvested

    

—

      

—

      

13

      

46

    

Shares Redeemed

    

—

      

(—

@@)

    

(3,700

)

    

(60,051

)

  

Net Increase (Decrease) in Institutional Select Class Shares Outstanding

    

—

      

—

      

11,658

      

(9,980

)

  

Advisory Class:

  

Shares Subscribed

    

—

      

50

      

—

      

996

    

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

—

      

—

    

Shares Redeemed

    

—

      

—

      

—

      

(5,417

)

  

Net Increase (Decrease) in Advisory Class Shares Outstanding

    

—

@@

    

50

      

—

      

(4,421

)

  

Participant Class:

  

Shares Redeemed

    

—

      

(3

)

    

—

      

—

    

Net Decrease in Participant Class Shares Outstanding

    

—

      

(3

)

    

—

      

—

    

Cash Management Class:

  

Shares Subscribed

    

3,772

      

24,370

      

20,068

      

13,146

    

Shares Issued on Distributions Reinvested

    

107

      

224

      

116

      

161

    

Shares Redeemed

    

(6,629

)

    

(36,271

)

    

(17,531

)

    

(17,667

)

  

Net Increase (Decrease) in Cash Management Class Shares Outstanding

    

(2,750

)

    

(11,677

)

    

2,653

      

(4,360

)

  

@    Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
32


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		   Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

300,424

    

$

315,824

    

$

84,960

    

$

71,971

    

Net Realized Gain (Loss)

    

103

      

(264

)

    

99

      

164

    

Net Increase in Net Assets Resulting from Operations

    

300,527

      

315,560

      

85,059

      

72,135

    

Distributions from and/or in Excess of:

  

Institutional Class:

  

Net Investment Income

    

(277,269

)

    

(298,807

)

    

(505

)

    

(486

)

  

Institutional Select Class:

  

Net Investment Income

    

(11,205

)

    

(9,618

)

    

(—

@)

    

(—

@)

  

Investor Class:

  

Net Investment Income

    

(1,957

)

    

(376

)

    

(—

@)

    

(—

@)

  

Administrative Class:

  

Net Investment Income

    

(857

)

    

(1,227

)

    

(—

@)

    

(—

@)

  

Advisory Class:

  

Net Investment Income

    

(5,776

)

    

(4,828

)

    

(169

)

    

(72

)

  

Participant Class:

  

Net Investment Income

    

(3,210

)

    

(660

)

    

(84,277

)

    

(71,403

)

  

Cash Management Class:

  

Net Investment Income

    

(150

)

    

(308

)

    

(9

)

    

(10

)

  

Select Class:

  

Net Investment Income

    

(—

@)

    

(—

@)

    

—

      

—

    

Total Distributions

    

(300,424

)

    

(315,824

)

    

(84,960

)

    

(71,971

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

328,980,819

      

623,480,818

      

333,810

      

1,502,735

    

Distributions Reinvested

    

104,871

      

114,503

      

206

      

222

    

Redeemed

    

(316,317,064

)

    

(633,397,182

)

    

(276,826

)

    

(1,515,860

)

  

Institutional Select Class:

  

Subscribed

    

4,572,962

      

11,923,724

      

—

      

—

    

Distributions Reinvested

    

1,235

      

1,736

      

—

      

—

    

Redeemed

    

(5,735,947

)

    

(11,555,854

)

    

—

      

—

    

Investor Class:

  

Subscribed

    

2,153,233

      

434,968

      

—

      

—

    

Distributions Reinvested

    

281

      

376

      

—

      

—

    

Redeemed

    

(529,165

)

    

(395,608

)

    

—

      

—

    

Administrative Class:

  

Subscribed

    

201,712

      

2,335,592

      

—

      

—

    

Distributions Reinvested

    

609

      

1,063

      

—

      

—

    

Redeemed

    

(215,347

)

    

(2,190,830

)

    

—

      

—

    

Advisory Class:

  

Subscribed

    

3,181,117

      

3,505,541

      

55,837

      

105,185

    

Distributions Reinvested

    

465

      

390

      

—

      

—

    

Redeemed

    

(3,329,398

)

    

(3,462,372

)

    

(65,043

)

    

(65,558

)

  

Participant Class:

  

Subscribed

    

724,920

      

1,378,387

      

57,992,129

      

107,869,714

    

Distributions Reinvested

    

6

      

3

      

84,277

      

71,561

    

Redeemed

    

(851,690

)

    

(460,460

)

    

(60,471,410

)

    

(113,945,512

)

  

Cash Management Class:

  

Subscribed

    

24,667

      

86,394

      

—

      

10,000

    

Distributions Reinvested

    

144

      

280

      

9

      

10

    

Redeemed

    

(26,149

)

    

(189,781

)

    

(310

)

    

(13,228

)

  
Net Increase (Decrease) in Net Assets Resulting from
Capital Share Transactions		    

12,942,281

      

(8,388,312

)

    

(2,347,321

)

    

(5,980,731

)

  

Total Increase (Decrease) in Net Assets

    

12,942,384

      

(8,388,576

)

    

(2,347,222

)

    

(5,980,567

)

  

Net Assets:

  

Beginning of Period

    

44,464,653

      

52,853,229

      

17,860,940

      

23,841,507

    

End of Period

  

$

57,407,037

    

$

44,464,653

    

$

15,513,718

    

$

17,860,940

    
Accumulated Undistributed Net Investment Income (Loss)
Included in End of Period Net Assets		  

$

(84

)

  

$

(84

)

  

$

11

    

$

11

    

The accompanying notes are an integral part of the financial statements.
33


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets (cont'd)

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		   Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

328,980,819

      

623,480,818

      

333,810

      

1,502,735

    

Shares Issued on Distributions Reinvested

    

104,871

      

114,503

      

206

      

222

    

Shares Redeemed

    

(316,317,064

)

    

(633,397,182

)

    

(276,826

)

    

(1,515,860

)

  

Net Increase (Decrease) in Institutional Class Shares Outstanding

    

12,768,626

      

(9,801,861

)

    

57,190

      

(12,903

)

  

Institutional Select Class:

  

Shares Subscribed

    

4,572,962

      

11,923,724

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

1,235

      

1,736

      

—

      

—

    

Shares Redeemed

    

(5,735,947

)

    

(11,555,854

)

    

—

      

—

    

Net Increase (Decrease) in Institutional Select Class Shares Outstanding

    

(1,161,750

)

    

369,606

      

—

      

—

    

Investor Class:

  

Shares Subscribed

    

2,153,233

      

434,968

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

281

      

376

      

—

      

—

    

Shares Redeemed

    

(529,165

)

    

(395,608

)

    

—

      

—

    

Net Increase in Investor Class Shares Outstanding

    

1,624,349

      

39,736

      

—

      

—

    

Administrative Class:

  

Shares Subscribed

    

201,712

      

2,335,592

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

609

      

1,063

      

—

      

—

    

Shares Redeemed

    

(215,347

)

    

(2,190,830

)

    

—

      

—

    

Net Increase (Decrease) in Administrative Class Shares Outstanding

    

(13,026

)

    

145,825

      

—

      

—

    

Advisory Class:

  

Shares Subscribed

    

3,181,117

      

3,505,541

      

55,837

      

105,185

    

Shares Issued on Distributions Reinvested

    

465

      

390

      

—

      

—

    

Shares Redeemed

    

(3,329,398

)

    

(3,462,372

)

    

(65,043

)

    

(65,558

)

  

Net Increase (Decrease) in Advisory Class Shares Outstanding

    

(147,816

)

    

43,559

      

(9,206

)

    

39,627

    

Participant Class:

  

Shares Subscribed

    

724,920

      

1,378,387

      

57,992,129

      

107,869,714

    

Shares Issued on Distributions Reinvested

    

6

      

3

      

84,277

      

71,561

    

Shares Redeemed

    

(851,690

)

    

(460,460

)

    

(60,471,410

)

    

(113,945,512

)

  

Net Increase (Decrease) in Participant Class Shares Outstanding

    

(126,764

)

    

917,930

      

(2,395,004

)

    

(6,004,237

)

  

Cash Management Class:

  

Shares Subscribed

    

24,667

      

86,394

      

—

      

10,000

    

Shares Issued on Distributions Reinvested

    

144

      

280

      

9

      

10

    

Shares Redeemed

    

(26,149

)

    

(189,781

)

    

(310

)

    

(13,228

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(1,338

)

    

(103,107

)

    

(301

)

    

(3,218

)

  

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
34


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		   Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

97,756

    

$

97,967

    

$

112,440

    

$

113,204

    

Net Realized Gain (Loss)

    

315

      

(185

)

    

(69

)

    

(154

)

  

Net Increase in Net Assets Resulting from Operations

    

98,071

      

97,782

      

112,371

      

113,050

    

Distributions from and/or in Excess of:

  

Institutional Class:

  

Net Investment Income

    

(91,028

)

    

(93,222

)

    

(110,411

)

    

(111,087

)

  

Institutional Select Class:

  

Net Investment Income

    

(1,598

)

    

(1,754

)

    

(1,405

)

    

(1,354

)

  

Investor Class:

  

Net Investment Income

    

(108

)

    

(103

)

    

(247

)

    

(317

)

  

Administrative Class:

  

Net Investment Income

    

(16

)

    

(20

)

    

(7

)

    

(—

@)

  

Advisory Class:

  

Net Investment Income

    

(2,994

)

    

(2,162

)

    

(8

)

    

(13

)

  

Participant Class:

  

Net Investment Income

    

(1,802

)

    

(402

)

    

(1

)

    

(1

)

  

Cash Management Class:

  

Net Investment Income

    

(210

)

    

(304

)

    

(361

)

    

(432

)

  

Select Class:

  

Net Investment Income

    

(—

@)

    

(—

@)

    

(—

@)

    

(—

@)

  

Total Distributions

    

(97,756

)

    

(97,967

)

    

(112,440

)

    

(113,204

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

75,325,583

      

154,058,421

      

56,628,544

      

97,952,384

    

Distributions Reinvested

    

34,215

      

34,638

      

55,239

      

48,521

    

Redeemed

    

(73,094,238

)

    

(159,980,614

)

    

(57,012,553

)

    

(99,222,446

)

  

Institutional Select Class:

  

Subscribed

    

781,387

      

1,374,546

      

45,619

      

206,311

    

Distributions Reinvested

    

410

      

612

      

1,080

      

1,314

    

Redeemed

    

(824,727

)

    

(1,328,921

)

    

(46,069

)

    

(245,555

)

  

Investor Class:

  

Subscribed

    

10,141

      

32,449

      

5,646

      

37,111

    

Distributions Reinvested

    

107

      

103

      

226

      

311

    

Redeemed

    

(20,640

)

    

(28,028

)

    

(30,491

)

    

(41,249

)

  

Administrative Class:

  

Subscribed

    

186

      

3,891

      

3,312

      

94

    

Distributions Reinvested

    

12

      

11

      

—

      

—

    

Redeemed

    

(1,972

)

    

(1,404

)

    

(77

)

    

(17

)

  

Advisory Class:

  

Subscribed

    

1,364,724

      

3,017,474

      

21,299

      

124,949

    

Distributions Reinvested

    

82

      

72

      

—

      

—

@

  

Redeemed

    

(1,423,248

)

    

(2,982,902

)

    

(18,692

)

    

(176,153

)

  

Participant Class:

  

Subscribed

    

345,562

      

602,329

      

371

      

781

    

Distributions Reinvested

    

4

      

4

      

1

      

1

    

Redeemed

    

(339,119

)

    

(120,756

)

    

(441

)

    

(1,164

)

  

Cash Management Class:

  

Subscribed

    

11,839

      

29,712

      

35,620

      

83,491

    

Distributions Reinvested

    

205

      

296

      

358

      

429

    

Redeemed

    

(29,686

)

    

(45,374

)

    

(61,933

)

    

(102,097

)

  
Net Increase (Decrease) in Net Assets Resulting from
Capital Share Transactions		    

2,140,827

      

(5,333,441

)

    

(372,941

)

    

(1,332,984

)

  

Total Increase (Decrease) in Net Assets

    

2,141,142

      

(5,333,626

)

    

(373,010

)

    

(1,333,138

)

  

Net Assets:

  

Beginning of Period

    

13,880,574

      

19,214,200

      

18,546,516

      

19,879,654

    

End of Period

  

$

16,021,716

    

$

13,880,574

    

$

18,173,506

    

$

18,546,516

    
Accumulated Undistributed Net Investment Income
Included in End of Period Net Assets		  

$

140

    

$

140

    

$

63

    

$

63

    

The accompanying notes are an integral part of the financial statements.
35


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets (cont'd)

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		   Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

75,325,583

      

154,058,421

      

56,628,544

      

97,952,384

    

Shares Issued on Distributions Reinvested

    

34,215

      

34,638

      

55,239

      

48,521

    

Shares Redeemed

    

(73,094,238

)

    

(159,980,614

)

    

(57,012,553

)

    

(99,222,446

)

  

Net Increase (Decrease) in Institutional Class Shares Outstanding

    

2,265,560

      

(5,887,555

)

    

(328,770

)

    

(1,221,541

)

  

Institutional Select Class:

  

Shares Subscribed

    

781,387

      

1,374,546

      

45,619

      

206,311

    

Shares Issued on Distributions Reinvested

    

410

      

612

      

1,080

      

1,314

    

Shares Redeemed

    

(824,727

)

    

(1,328,921

)

    

(46,069

)

    

(245,555

)

  

Net Increase (Decrease) in Institutional Select Class Shares Outstanding

    

(42,930

)

    

46,237

      

630

      

(37,930

)

  

Investor Class:

  

Shares Subscribed

    

10,141

      

32,449

      

5,646

      

37,111

    

Shares Issued on Distributions Reinvested

    

107

      

103

      

226

      

311

    

Shares Redeemed

    

(20,640

)

    

(28,028

)

    

(30,491

)

    

(41,249

)

  

Net Increase (Decrease) in Investor Class Shares Outstanding

    

(10,392

)

    

4,524

      

(24,619

)

    

(3,827

)

  

Administrative Class:

  

Shares Subscribed

    

186

      

3,891

      

3,312

      

94

    

Shares Issued on Distributions Reinvested

    

12

      

11

      

—

      

—

    

Shares Redeemed

    

(1,972

)

    

(1,404

)

    

(77

)

    

(17

)

  

Net Increase (Decrease) in Administrative Class Shares Outstanding

    

(1,774

)

    

2,498

      

3,235

      

77

    

Advisory Class:

  

Shares Subscribed

    

1,364,724

      

3,017,474

      

21,299

      

124,949

    

Shares Issued on Distributions Reinvested

    

82

      

72

      

—

      

—

@@

  

Shares Redeemed

    

(1,423,248

)

    

(2,982,902

)

    

(18,692

)

    

(176,153

)

  

Net Increase (Decrease) in Advisory Class Shares Outstanding

    

(58,442

)

    

34,644

      

2,607

      

(51,204

)

  

Participant Class:

  

Shares Subscribed

    

345,562

      

602,329

      

371

      

781

    

Shares Issued on Distributions Reinvested

    

4

      

4

      

1

      

1

    

Shares Redeemed

    

(339,119

)

    

(120,756

)

    

(441

)

    

(1,164

)

  

Net Increase (Decrease) in Participant Class Shares Outstanding

    

6,447

      

481,577

      

(69

)

    

(382

)

  

Cash Management Class:

  

Shares Subscribed

    

11,839

      

29,712

      

35,620

      

83,491

    

Shares Issued on Distributions Reinvested

    

205

      

296

      

358

      

429

    

Shares Redeemed

    

(29,686

)

    

(45,374

)

    

(61,933

)

    

(102,097

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(17,642

)

    

(15,366

)

    

(25,955

)

    

(18,177

)

  

@    Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
36


2018 Semi-Annual Report

April 30, 2018

Statements of Changes in Net Assets

    Tax-Exempt
Portfolio		  
    Six Months Ended
April 30, 2018
(unaudited)
(000)		   Year Ended
October 31,
2017
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

1,164

    

$

824

    

Net Realized Gain (Loss)

    

(1

)

    

3

    

Net Increase in Net Assets Resulting from Operations

    

1,163

      

827

    

Distributions from and/or in Excess of:

  

Institutional Class:

  

Net Investment Income

    

(1,087

)

    

(715

)

  

Institutional Select Class:

  

Net Investment Income

    

(—

@)

    

(—

@)

  

Participant Class:

  

Net Investment Income

    

(—

@)

    

—

    

Cash Management Class:

  

Net Investment Income

    

(77

)

    

(109

)

  

Total Distributions

    

(1,164

)

    

(824

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

302,747

      

257,560

    

Distributions Reinvested

    

887

      

568

    

Redeemed

    

(193,622

)

    

(173,195

)

  

Advisory Class:

  

Redeemed

    

—

      

(—

@)

  

Cash Management Class:

  

Subscribed

    

1,390

      

5,939

    

Distributions Reinvested

    

76

      

107

    

Redeemed

    

(6,787

)

    

(15,965

)

  

Net Increase in Net Assets Resulting from Capital Share Transactions

    

104,691

      

75,014

    

Total Increase in Net Assets

    

104,690

      

75,017

    

Net Assets:

  

Beginning of Period

    

165,034

      

90,017

    

End of Period

  

$

269,724

    

$

165,034

    

Accumulated Net Investment Loss Included in End of Period Net Assets

  

$

(59

)

  

$

(59

)

  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

302,747

      

257,560

    

Shares Issued on Distributions Reinvested

    

887

      

568

    

Shares Redeemed

    

(193,622

)

    

(173,195

)

  

Net Increase in Institutional Class Shares Outstanding

    

110,012

      

84,933

    

Advisory Class:

  

Shares Redeemed

    

—

      

(—

@@)

  

Net Decrease in Advisory Class Shares Outstanding

    

—

      

(—

@@)

  

Cash Management Class:

  

Shares Subscribed

    

1,390

      

5,939

    

Shares Issued on Distributions Reinvested

    

76

      

107

    

Shares Redeemed

    

(6,787

)

    

(15,965

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(5,321

)

    

(9,919

)

  

@    Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
37



2018 Semi-Annual Report

April 30, 2018

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Money Market Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0004

    

$

0.0078

(2)

  

$

(0.0001

)(3)

  

$

(0.0077

)

  

$

1.0004

      

0.77

%(8)

  

Year Ended 10/31/17

    

1.0002

      

0.0105

(2)

    

(0.0001

)(3)

    

(0.0102

)

    

1.0004

      

1.05

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0041

(2)

    

0.0002

(3)

    

(0.0041

)

    

1.0002

      

0.43

%

  

Year Ended 10/31/15

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.14

%

  

Year Ended 10/31/14

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.06

%

  

Year Ended 10/31/13

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.10

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0002

    

$

0.0075

(2)

  

$

(0.0001

)(3)

  

$

(0.0074

)

  

$

1.0002

      

0.74

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0100

(2)

    

(0.0001

)(3)

    

(0.0097

)

    

1.0002

      

1.00

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0036

(2)

    

0.0000

(3)

    

(0.0036

)

    

1.0000

      

0.36

%

  

Year Ended 10/31/15

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.09

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/13

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.05

%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0006

    

$

0.0065

(2)

  

$

(0.0001

)(3)

  

$

(0.0064

)

  

$

1.0006

      

0.64

%(8)

  

Year Ended 10/31/17

    

1.0004

      

0.0080

(2)

    

0.0001

(3)

    

(0.0079

)

    

1.0006

      

0.81

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0017

(2)

    

0.0004

(3)

    

(0.0017

)

    

1.0004

      

0.22

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0002

    

$

0.0052

(2)

  

$

(0.0000

)(3)

  

$

(0.0052

)

  

$

1.0002

      

0.52

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0055

(2)

    

(0.0001

)(3)

    

(0.0052

)

    

1.0002

      

0.55

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0002

(2)(3)

    

0.0000

(3)

    

(0.0002

)(3)

    

1.0000

      

0.02

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0001

    

$

0.0070

(2)

  

$

0.0000

(3)

  

$

(0.0069

)

  

$

1.0002

      

0.70

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0090

(2)

    

(0.0002

)(3)

    

(0.0087

)

    

1.0001

      

0.89

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0026

(2)

    

0.0000

(3)

    

(0.0026

)

    

1.0000

      

0.26

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

(0.000

)(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

The accompanying notes are an integral part of the financial statements.
38


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income (Loss)
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Money Market Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

898,269

      

0.14

%(9)

    

0.25

%(9)

    

1.57

%(9)

    

1.46

%(9)

  

Year Ended 10/31/17

    

621,369

      

0.10

%

    

0.32

%

    

1.06

%

    

0.84

%

  

Year Ended 10/31/16(1)

    

450,127

      

0.12

%

    

0.22

%

    

0.41

%

    

0.31

%

  

Year Ended 10/31/15

    

3,383,757

      

0.13

%

    

0.22

%

    

0.14

%

    

0.05

%

  

Year Ended 10/31/14

    

2,215,637

      

0.17

%

    

0.22

%

    

0.06

%

    

0.01

%

  

Year Ended 10/31/13

    

2,487,337

      

0.16

%

    

0.22

%

    

0.11

%

    

0.05

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.19

%(4)(9)

    

0.30

%(9)

    

1.52

%(9)

    

1.41

%(9)

  

Year Ended 10/31/17

    

50

      

0.15

%(4)

    

0.37

%

    

1.01

%

    

0.79

%

  

Year Ended 10/31/16(1)

    

50

      

0.17

%(4)

    

0.27

%

    

0.36

%

    

0.26

%

  

Year Ended 10/31/15

    

50

      

0.18

%(4)

    

0.27

%

    

0.09

%

    

0.00

%(5)

  

Year Ended 10/31/14

    

50

      

0.21

%(4)

    

0.27

%

    

0.02

%

    

(0.04

)%

  

Year Ended 10/31/13

    

100

      

0.21

%

    

0.27

%

    

0.06

%

    

0.00

%(5)

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

52

      

0.39

%(4)(9)

    

0.50

%(9)

    

1.32

%(9)

    

1.21

%(9)

  

Year Ended 10/31/17

    

52

      

0.35

%(4)

    

0.57

%

    

0.81

%

    

0.59

%

  

Year Ended 10/31/16(1)

    

2

      

0.37

%(4)

    

0.47

%

    

0.16

%

    

0.06

%

  

Year Ended 10/31/15

    

493

      

0.26

%(4)

    

0.47

%

    

0.01

%

    

(0.20

)%

  

Year Ended 10/31/14

    

437

      

0.22

%(4)

    

0.47

%

    

0.01

%

    

(0.24

)%

  

Year Ended 10/31/13

    

2,252

      

0.25

%(4)

    

0.47

%

    

0.02

%

    

(0.20

)%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.64

%(4)(9)

    

0.75

%(9)

    

1.07

%(9)

    

0.96

%(9)

  

Year Ended 10/31/17

    

50

      

0.60

%(4)

    

0.82

%

    

0.56

%

    

0.34

%

  

Year Ended 10/31/16(1)

    

53

      

0.53

%(4)

    

0.72

%

    

0.00

%(5)

    

(0.19

)%

  

Year Ended 10/31/15

    

620

      

0.26

%(4)

    

0.72

%

    

0.01

%

    

(0.45

)%

  

Year Ended 10/31/14

    

1,981

      

0.22

%(4)

    

0.72

%

    

0.01

%

    

(0.49

)%

  

Year Ended 10/31/13

    

4,555

      

0.24

%(4)

    

0.72

%

    

0.03

%

    

(0.45

)%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

15,230

      

0.29

%(4)(9)

    

0.40

%(9)

    

1.42

%(9)

    

1.31

%(9)

  

Year Ended 10/31/17

    

17,980

      

0.25

%(4)

    

0.47

%

    

0.91

%

    

0.69

%

  

Year Ended 10/31/16(1)

    

29,654

      

0.27

%(4)

    

0.37

%

    

0.26

%

    

0.16

%

  

Year Ended 10/31/15

    

23,473

      

0.26

%(4)

    

0.37

%

    

0.01

%

    

(0.10

)%

  

Year Ended 10/31/14

    

28,575

      

0.22

%(4)

    

0.37

%

    

0.01

%

    

(0.14

)%

  

Year Ended 10/31/13

    

29,850

      

0.27

%(4)

    

0.37

%

    

0.00

%(5)

    

(0.10

)%

  

The accompanying notes are an integral part of the financial statements.
39


2018 Semi-Annual Report

April 30, 2018

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Prime Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0005

    

$

0.0077

(2)

  

$

(0.0002

)(3)

  

$

(0.0076

)

  

$

1.0004

      

0.75

%(8)

  

Year Ended 10/31/17

    

1.0002

      

0.0109

(2)

    

(0.0005

)(3)

    

(0.0101

)

    

1.0005

      

1.05

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0036

(2)

    

0.0002

(3)

    

(0.0036

)

    

1.0002

      

0.38

%

  

Year Ended 10/31/15

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.07

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Year Ended 10/31/13

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.09

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0000

    

$

0.0074

(2)

  

$

0.0001

(3)

  

$

(0.0074

)

  

$

1.0001

      

0.75

%(8)

  

Year Ended 10/31/17

    

1.0005

      

0.0104

(2)

    

(0.0033

)

    

(0.0076

)

    

1.0000

      

0.71

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0031

(2)

    

0.0005

(3)

    

(0.0031

)

    

1.0005

      

0.36

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0000

    

$

0.0064

(2)

  

$

0.0000

(3)

  

$

(0.0064

)

  

$

1.0000

      

0.64

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0086

(2)

    

(0.0038

)

    

(0.0048

)

    

1.0000

      

0.49

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0013

(2)

    

0.0000

(3)

    

(0.0013

)

    

1.0000

      

0.13

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0003

    

$

0.0069

(2)

  

$

(0.0001

)(3)

  

$

(0.0069

)

  

$

1.0002

      

0.68

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0094

(2)

    

(0.0005

)(3)

    

(0.0086

)

    

1.0003

      

0.90

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0022

(2)

    

0.000

(3)

    

(0.0022

)

    

1.0000

      

0.22

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

The accompanying notes are an integral part of the financial statements.
40


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

   Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Prime Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

5,669,521

      

0.15

%(9)

    

0.21

%(9)

    

1.56

%(9)

    

1.50

%(9)

  

Year Ended 10/31/17

    

4,605,363

      

0.12

%

    

0.23

%

    

1.09

%

    

0.98

%

  

Year Ended 10/31/16(1)

    

1,872,676

      

0.18

%

    

0.21

%

    

0.34

%

    

0.31

%

  

Year Ended 10/31/15

    

18,646,743

      

0.18

%

    

0.21

%

    

0.07

%

    

0.04

%

  

Year Ended 10/31/14

    

20,114,751

      

0.17

%

    

0.21

%

    

0.04

%

    

0.00

%(5)

  

Year Ended 10/31/13

    

25,176,395

      

0.16

%

    

0.21

%

    

0.09

%

    

0.04

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

11,709

      

0.20

%(4)(9)

    

0.26

%(9)

    

1.51

%(9)

    

1.45

%(9)

  

Year Ended 10/31/17

    

50

      

0.17

%(4)

    

0.28

%

    

1.04

%

    

0.93

%

  

Year Ended 10/31/16(1)

    

10,036

      

0.23

%(4)

    

0.26

%

    

0.29

%

    

0.26

%

  

Year Ended 10/31/15

    

237,736

      

0.20

%(4)

    

0.26

%

    

0.05

%

    

(0.01

)%

  

Year Ended 10/31/14

    

704,917

      

0.18

%(4)

    

0.26

%

    

0.03

%

    

(0.05

)%

  

Year Ended 10/31/13

    

225,497

      

0.21

%

    

0.26

%

    

0.04

%

    

(0.01

)%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.40

%(4)(9)

    

0.46

%(9)

    

1.31

%(9)

    

1.25

%(9)

  

Year Ended 10/31/17

    

50

      

0.37

%(4)

    

0.48

%

    

0.84

%

    

0.73

%

  

Year Ended 10/31/16(1)

    

4,471

      

0.41

%(4)

    

0.46

%

    

0.11

%

    

0.06

%

  

Year Ended 10/31/15

    

229,592

      

0.22

%(4)

    

0.46

%

    

0.03

%

    

(0.21

)%

  

Year Ended 10/31/14

    

150,947

      

0.19

%(4)

    

0.46

%

    

0.02

%

    

(0.25

)%

  

Year Ended 10/31/13

    

32,791

      

0.22

%(4)

    

0.46

%

    

0.03

%

    

(0.21

)%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

17,461

      

0.30

%(4)(9)

    

0.36

%(9)

    

1.41

%(9)

    

1.35

%(9)

  

Year Ended 10/31/17

    

14,809

      

0.27

%(4)

    

0.38

%

    

0.94

%

    

0.83

%

  

Year Ended 10/31/16(1)

    

19,163

      

0.32

%(4)

    

0.36

%

    

0.20

%

    

0.16

%

  

Year Ended 10/31/15

    

23,375

      

0.22

%(4)

    

0.36

%

    

0.03

%

    

(0.11

)%

  

Year Ended 10/31/14

    

8,288

      

0.20

%(4)

    

0.36

%

    

0.01

%

    

(0.15

)%

  

Year Ended 10/31/13

    

1,830

      

0.24

%(4)

    

0.36

%

    

0.01

%

    

(0.11

)%

  

The accompanying notes are an integral part of the financial statements.
41


2018 Semi-Annual Report

April 30, 2018

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Government Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.62

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.001

      

(0.007

)

    

1.000

      

0.65

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.002

(2)

    

(0.000

)(3)

    

(0.002

)

    

1.000

      

0.23

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.60

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.000

(3)

    

(0.006

)

    

1.000

      

0.60

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.002

(2)

    

(0.000

)(3)

    

(0.002

)

    

1.000

      

0.18

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.57

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.001

      

(0.006

)

    

1.000

      

0.55

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.14

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.55

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.50

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.10

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

(0.000

)(3)

  

$

(0.005

)

  

$

1.000

      

0.50

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

0.000

(3)

    

(0.004

)

    

1.000

      

0.40

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.004

(2)

  

$

(0.000

)(3)

  

$

(0.004

)

  

$

1.000

      

0.37

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.001

(2)

    

0.001

      

(0.002

)

    

1.000

      

0.19

%

  

Year Ended 10/31/16(1)

    

1.000

      

(0.000

)(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

(0.000

)(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.55

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.50

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.10

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.05

%

  

Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.002

(2)

  

$

(0.000

)(3)

  

$

(0.002

)

  

$

1.000

      

0.22

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

For the Period Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.001

)

    

(0.000

)(3)

    

1.000

      

0.01

%(8)

  

The accompanying notes are an integral part of the financial statements.
42


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income (Loss)
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Government Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

52,849,646

      

0.17

%(9)

    

0.21

%(9)

    

1.26

%(9)

    

1.22

%(9)

  

Year Ended 10/31/17

    

40,080,925

      

0.18

%

    

0.21

%

    

0.63

%

    

0.60

%

  

Year Ended 10/31/16(1)

    

49,883,028

      

0.17

%

    

0.21

%

    

0.22

%

    

0.18

%

  

Year Ended 10/31/15

    

38,645,857

      

0.08

%

    

0.21

%

    

0.04

%

    

(0.09

)%

  

Year Ended 10/31/14

    

29,191,916

      

0.04

%

    

0.21

%

    

0.04

%

    

(0.13

)%

  

Year Ended 10/31/13

    

21,692,448

      

0.08

%

    

0.21

%

    

0.04

%

    

(0.09

)%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

828,743

      

0.22

%(4)(9)

    

0.26

%(9)

    

1.21

%(9)

    

1.17

%(9)

  

Year Ended 10/31/17

    

1,990,491

      

0.23

%(4)

    

0.26

%

    

0.58

%

    

0.55

%

  

Year Ended 10/31/16(1)

    

1,620,891

      

0.22

%(4)

    

0.26

%

    

0.17

%

    

0.13

%

  

Year Ended 10/31/15

    

556,034

      

0.08

%(4)

    

0.26

%

    

0.04

%

    

(0.14

)%

  

Year Ended 10/31/14

    

744,944

      

0.04

%(4)

    

0.26

%

    

0.04

%

    

(0.18

)%

  

Year Ended 10/31/13

    

270,517

      

0.08

%(4)

    

0.26

%

    

0.04

%

    

(0.14

)%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1,703,668

      

0.27

%(4)(9)

    

0.31

%(9)

    

1.16

%(9)

    

1.12

%(9)

  

Year Ended 10/31/17

    

79,317

      

0.28

%(4)

    

0.31

%

    

0.53

%

    

0.50

%

  

Year Ended 10/31/16(1)

    

39,589

      

0.26

%(4)

    

0.31

%

    

0.13

%

    

0.08

%

  

Year Ended 10/31/15

    

42,230

      

0.08

%(4)

    

0.31

%

    

0.04

%

    

(0.19

)%

  

Year Ended 10/31/14

    

65,642

      

0.04

%(4)

    

0.31

%

    

0.04

%

    

(0.23

)%

  

Year Ended 10/31/13

    

50,578

      

0.08

%(4)

    

0.31

%

    

0.04

%

    

(0.19

)%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

156,684

      

0.32

%(4)(9)

    

0.36

%(9)

    

1.11

%(9)

    

1.07

%(9)

  

Year Ended 10/31/17

    

169,710

      

0.33

%(4)

    

0.36

%

    

0.48

%

    

0.45

%

  

Year Ended 10/31/16(1)

    

23,887

      

0.32

%(4)

    

0.36

%

    

0.07

%

    

0.03

%

  

Year Ended 10/31/15

    

497

      

0.08

%(4)

    

0.36

%

    

0.04

%

    

(0.24

)%

  

Year Ended 10/31/14

    

17,251

      

0.04

%(4)

    

0.36

%

    

0.04

%

    

(0.28

)%

  

Year Ended 10/31/13

    

17,298

      

0.08

%(4)

    

0.36

%

    

0.04

%

    

(0.24

)%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1,048,149

      

0.42

%(4)(9)

    

0.46

%(9)

    

1.01

%(9)

    

0.97

%(9)

  

Year Ended 10/31/17

    

1,195,962

      

0.43

%(4)

    

0.46

%

    

0.38

%

    

0.35

%

  

Year Ended 10/31/16(1)

    

1,152,411

      

0.35

%(4)

    

0.46

%

    

0.04

%

    

(0.07

)%

  

Year Ended 10/31/15

    

2,172,211

      

0.08

%(4)

    

0.46

%

    

0.04

%

    

(0.34

)%

  

Year Ended 10/31/14

    

1,032,529

      

0.04

%(4)

    

0.46

%

    

0.04

%

    

(0.38

)%

  

Year Ended 10/31/13

    

305,971

      

0.08

%(4)

    

0.46

%

    

0.04

%

    

(0.34

)%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

792,902

      

0.67

%(4)(9)

    

0.71

%(9)

    

0.76

%(9)

    

0.72

%(9)

  

Year Ended 10/31/17

    

919,665

      

0.68

%(4)

    

0.71

%

    

0.13

%

    

0.10

%

  

Year Ended 10/31/16(1)

    

1,733

      

0.43

%(4)

    

0.71

%

    

(0.04

)%

    

(0.32

)%

  

Year Ended 10/31/15

    

50

      

0.08

%(4)

    

0.71

%

    

0.04

%

    

(0.59

)%

  

Year Ended 10/31/14

    

50

      

0.04

%(4)

    

0.71

%

    

0.04

%

    

(0.63

)%

  

Year Ended 10/31/13

    

100

      

0.08

%(4)

    

0.71

%

    

0.04

%

    

(0.59

)%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

27,195

      

0.32

%(4)(9)

    

0.36

%(9)

    

1.11

%(9)

    

1.07

%(9)

  

Year Ended 10/31/17

    

28,533

      

0.33

%(4)

    

0.36

%

    

0.48

%

    

0.45

%

  

Year Ended 10/31/16(1)

    

131,640

      

0.30

%(4)

    

0.36

%

    

0.09

%

    

0.03

%

  

Year Ended 10/31/15

    

143,092

      

0.08

%(4)

    

0.36

%

    

0.04

%

    

(0.24

)%

  

Year Ended 10/31/14

    

160,921

      

0.04

%(4)

    

0.36

%

    

0.04

%

    

(0.28

)%

  

Year Ended 10/31/13

    

52,948

      

0.08

%(4)

    

0.36

%

    

0.04

%

    

(0.24

)%

  

Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.97

%(4)(9)

    

1.01

%(9)

    

0.46

%(9)

    

0.42

%(9)

  

Year Ended 10/31/17

    

50

      

0.79

%(4)

    

1.01

%

    

0.02

%

    

(0.20

)%

  

For the Period Ended 10/31/16(1)

    

50

      

0.43

%(4)(9)

    

1.01

%(9)

    

(0.04

)%(9)

    

(0.62

)%(9)

  

The accompanying notes are an integral part of the financial statements.
43


2018 Semi-Annual Report

April 30, 2018

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Government Securities Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

0.000

(3)

  

$

(0.006

)

  

$

1.000

      

0.59

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.000

(3)

    

(0.006

)

    

1.000

      

0.60

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.002

(2)

    

(0.001

)

    

(0.001

)

    

1.000

      

0.14

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

0.000

(3)

  

$

(0.006

)

  

$

1.000

      

0.56

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.000

(3)

    

(0.006

)

    

1.000

      

0.55

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.10

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

0.000

(3)

  

$

(0.005

)

  

$

1.000

      

0.54

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.50

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.06

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

0.000

(3)

  

$

(0.005

)

  

$

1.000

      

0.51

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.45

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

0.000

(3)

  

$

(0.005

)

  

$

1.000

      

0.46

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

0.000

(3)

    

(0.004

)

    

1.000

      

0.35

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

0.000

(3)

  

$

(0.005

)

  

$

1.000

      

0.46

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

0.000

(3)

    

(0.004

)

    

1.000

      

0.36

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

0.000

(3)

  

$

(0.005

)

  

$

1.000

      

0.51

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.45

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

The accompanying notes are an integral part of the financial statements.
44


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Government Securities Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

110,079

      

0.20

%(9)

    

0.21

%(9)

    

1.17

%(9)

    

1.16

%(9)

  

Year Ended 10/31/17

    

52,889

      

0.20

%

    

0.22

%

    

0.57

%

    

0.55

%

  

Year Ended 10/31/16(1)

    

65,792

      

0.18

%

    

0.21

%

    

0.17

%

    

0.14

%

  

Year Ended 10/31/15

    

21,314

      

0.05

%

    

0.86

%

    

0.01

%

    

(0.80

)%

  

Year Ended 10/31/14

    

45,487

      

0.03

%

    

0.54

%

    

0.01

%

    

(0.50

)%

  

Year Ended 10/31/13

    

64,687

      

0.09

%

    

0.34

%

    

0.01

%

    

(0.24

)%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.25

%(4)(9)

    

0.26

%(9)

    

1.12

%(9)

    

1.11

%(9)

  

Year Ended 10/31/17

    

50

      

0.25

%(4)

    

0.27

%

    

0.52

%

    

0.50

%

  

Year Ended 10/31/16(1)

    

50

      

0.23

%(4)

    

0.26

%

    

0.12

%

    

0.09

%

  

Year Ended 10/31/15

    

50

      

0.05

%(4)

    

0.91

%

    

0.01

%

    

(0.85

)%

  

Year Ended 10/31/14

    

50

      

0.03

%(4)

    

0.59

%

    

0.01

%

    

(0.55

)%

  

Year Ended 10/31/13

    

100

      

0.09

%(4)

    

0.39

%

    

0.01

%

    

(0.29

)%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.30

%(4)(9)

    

0.31

%(9)

    

1.07

%(9)

    

1.06

%(9)

  

Year Ended 10/31/17

    

50

      

0.30

%(4)

    

0.32

%

    

0.47

%

    

0.45

%

  

Year Ended 10/31/16(1)

    

50

      

0.27

%(4)

    

0.31

%

    

0.08

%

    

0.04

%

  

Year Ended 10/31/15

    

50

      

0.05

%(4)

    

0.96

%

    

0.01

%

    

(0.90

)%

  

Year Ended 10/31/14

    

50

      

0.03

%(4)

    

0.64

%

    

0.01

%

    

(0.60

)%

  

Year Ended 10/31/13

    

100

      

0.09

%(4)

    

0.44

%

    

0.01

%

    

(0.34

)%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.35

%(4)(9)

    

0.36

%(9)

    

1.02

%(9)

    

1.01

%(9)

  

Year Ended 10/31/17

    

50

      

0.35

%(4)

    

0.37

%

    

0.42

%

    

0.40

%

  

Year Ended 10/31/16(1)

    

50

      

0.30

%(4)

    

0.35

%

    

0.05

%

    

0.00

%(5)

  

Year Ended 10/31/15

    

50

      

0.05

%(4)

    

1.01

%

    

0.01

%

    

(0.95

)%

  

Year Ended 10/31/14

    

50

      

0.03

%(4)

    

0.69

%

    

0.01

%

    

(0.65

)%

  

Year Ended 10/31/13

    

100

      

0.09

%(4)

    

0.49

%

    

0.01

%

    

(0.39

)%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

30,471

      

0.45

%(4)(9)

    

0.46

%(9)

    

0.92

%(9)

    

0.91

%(9)

  

Year Ended 10/31/17

    

39,676

      

0.45

%(4)

    

0.47

%

    

0.32

%

    

0.30

%

  

Year Ended 10/31/16(1)

    

50

      

0.31

%(4)

    

0.46

%

    

0.04

%

    

(0.11

)%

  

Year Ended 10/31/15

    

50

      

0.05

%(4)

    

1.11

%

    

0.01

%

    

(1.05

)%

  

Year Ended 10/31/14

    

50

      

0.03

%(4)

    

0.79

%

    

0.01

%

    

(0.75

)%

  

Year Ended 10/31/13

    

100

      

0.09

%(4)

    

0.59

%

    

0.01

%

    

(0.49

)%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

15,371,222

      

0.45

%(4)(9)

    

0.71

%(9)

    

0.92

%(9)

    

0.66

%(9)

  

Year Ended 10/31/17

    

17,766,128

      

0.44

%(4)

    

0.72

%

    

0.33

%

    

0.05

%

  

Year Ended 10/31/16(1)

    

23,770,200

      

0.34

%(4)

    

0.71

%

    

0.01

%

    

(0.36

)%

  

Year Ended 10/31/15

    

50

      

0.05

%(4)

    

1.36

%

    

0.01

%

    

(1.30

)%

  

Year Ended 10/31/14

    

50

      

0.03

%(4)

    

1.04

%

    

0.01

%

    

(1.00

)%

  

Year Ended 10/31/13

    

100

      

0.09

%(4)

    

0.84

%

    

0.01

%

    

(0.74

)%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1,796

      

0.35

%(4)(9)

    

0.36

%(9)

    

1.02

%(9)

    

1.01

%(9)

  

Year Ended 10/31/17

    

2,097

      

0.35

%(4)

    

0.37

%

    

0.42

%

    

0.40

%

  

Year Ended 10/31/16(1)

    

5,315

      

0.31

%(4)

    

0.36

%

    

0.04

%

    

(0.01

)%

  

Year Ended 10/31/15

    

1,426

      

0.05

%(4)

    

1.01

%

    

0.01

%

    

(0.95

)%

  

Year Ended 10/31/14

    

9,177

      

0.03

%(4)

    

0.69

%

    

0.01

%

    

(0.65

)%

  

Year Ended 10/31/13

    

5,911

      

0.09

%(4)

    

0.49

%

    

0.01

%

    

(0.39

)%

  

The accompanying notes are an integral part of the financial statements.
45


2018 Semi-Annual Report

April 30, 2018

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Treasury Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.62

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.000

(3)

    

(0.006

)

    

1.000

      

0.63

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.002

(2)

    

(0.000

)(3)

    

(0.002

)

    

1.000

      

0.19

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

0.000

(3)

  

$

(0.006

)

  

$

1.000

      

0.60

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.000

(3)

    

(0.006

)

    

1.000

      

0.58

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.002

(2)

    

(0.000

)(3)

    

(0.002

)

    

1.000

      

0.15

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.57

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.53

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.10

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

0.000

(3)

  

$

(0.006

)

  

$

1.000

      

0.55

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.48

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

0.000

(3)

    

(0.001

)

    

1.000

      

0.06

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

(0.000

)(3)

  

$

(0.005

)

  

$

1.000

      

0.50

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

0.000

(3)

    

(0.004

)

    

1.000

      

0.38

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.004

(2)

  

$

(0.000

)(3)

  

$

(0.004

)

  

$

1.000

      

0.37

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.001

(2)

    

0.001

      

(0.002

)

    

1.000

      

0.19

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.55

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.48

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.06

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.002

(2)

  

$

(0.000

)(3)

  

$

(0.002

)

  

$

1.000

      

0.22

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.04

%

  

For the Period Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.001

)

    

(0.000

)(3)

    

1.000

      

0.00

%(5)(8)

  

The accompanying notes are an integral part of the financial statements.
46


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income (Loss)
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Treasury Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

14,689,815

      

0.20

%(9)

    

0.21

%(9)

    

1.26

%(9)

    

1.25

%(9)

  

Year Ended 10/31/17

    

12,423,969

      

0.18

%

    

0.21

%

    

0.61

%

    

0.58

%

  

Year Ended 10/31/16(1)

    

18,311,699

      

0.17

%

    

0.21

%

    

0.19

%

    

0.15

%

  

Year Ended 10/31/15

    

16,333,431

      

0.05

%

    

0.21

%

    

0.03

%

    

(0.13

)%

  

Year Ended 10/31/14

    

16,880,789

      

0.03

%

    

0.21

%

    

0.03

%

    

(0.15

)%

  

Year Ended 10/31/13

    

7,979,992

      

0.07

%

    

0.21

%

    

0.03

%

    

(0.11

)%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

273,239

      

0.25

%(4)(9)

    

0.26

%(9)

    

1.21

%(9)

    

1.20

%(9)

  

Year Ended 10/31/17

    

316,164

      

0.23

%(4)

    

0.26

%

    

0.56

%

    

0.53

%

  

Year Ended 10/31/16(1)

    

269,931

      

0.21

%(4)

    

0.26

%

    

0.15

%

    

0.10

%

  

Year Ended 10/31/15

    

439,605

      

0.05

%(4)

    

0.26

%

    

0.03

%

    

(0.18

)%

  

Year Ended 10/31/14

    

434,565

      

0.03

%(4)

    

0.26

%

    

0.03

%

    

(0.20

)%

  

Year Ended 10/31/13

    

323,555

      

0.07

%(4)

    

0.26

%

    

0.03

%

    

(0.16

)%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

15,851

      

0.30

%(4)(9)

    

0.31

%(9)

    

1.16

%(9)

    

1.15

%(9)

  

Year Ended 10/31/17

    

26,243

      

0.28

%(4)

    

0.31

%

    

0.51

%

    

0.48

%

  

Year Ended 10/31/16(1)

    

21,719

      

0.26

%(4)

    

0.31

%

    

0.10

%

    

0.05

%

  

Year Ended 10/31/15

    

29,347

      

0.05

%(4)

    

0.31

%

    

0.03

%

    

(0.23

)%

  

Year Ended 10/31/14

    

52,366

      

0.03

%(4)

    

0.31

%

    

0.03

%

    

(0.25

)%

  

Year Ended 10/31/13

    

100

      

0.07

%(4)

    

0.31

%

    

0.03

%

    

(0.21

)%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

2,566

      

0.35

%(4)(9)

    

0.36

%(9)

    

1.11

%(9)

    

1.10

%(9)

  

Year Ended 10/31/17

    

4,340

      

0.33

%(4)

    

0.36

%

    

0.46

%

    

0.43

%

  

Year Ended 10/31/16(1)

    

1,842

      

0.32

%(4)

    

0.36

%

    

0.04

%

    

0.00

%(5)

  

Year Ended 10/31/15

    

50

      

0.05

%(4)

    

0.36

%

    

0.03

%

    

(0.28

)%

  

Year Ended 10/31/14

    

50

      

0.03

%(4)

    

0.36

%

    

0.03

%

    

(0.30

)%

  

Year Ended 10/31/13

    

50

      

0.07

%(4)

    

0.36

%

    

0.03

%

    

(0.26

)%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

520,059

      

0.45

%(4)(9)

    

0.46

%(9)

    

1.01

%(9)

    

1.00

%(9)

  

Year Ended 10/31/17

    

578,488

      

0.43

%(4)

    

0.46

%

    

0.36

%

    

0.33

%

  

Year Ended 10/31/16(1)

    

543,850

      

0.35

%(4)

    

0.46

%

    

0.01

%

    

(0.10

)%

  

Year Ended 10/31/15

    

996,049

      

0.05

%(4)

    

0.46

%

    

0.03

%

    

(0.38

)%

  

Year Ended 10/31/14

    

762,077

      

0.03

%(4)

    

0.46

%

    

0.03

%

    

(0.40

)%

  

Year Ended 10/31/13

    

287,694

      

0.07

%(4)

    

0.46

%

    

0.03

%

    

(0.36

)%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

490,915

      

0.70

%(4)(9)

    

0.71

%(9)

    

0.76

%(9)

    

0.75

%(9)

  

Year Ended 10/31/17

    

484,458

      

0.68

%(4)

    

0.71

%

    

0.11

%

    

0.08

%

  

Year Ended 10/31/16(1)

    

2,881

      

0.36

%(4)

    

0.71

%

    

0.00

%(5)

    

(0.35

)%

  

Year Ended 10/31/15

    

180

      

0.05

%(4)

    

0.71

%

    

0.03

%

    

(0.63

)%

  

Year Ended 10/31/14

    

89

      

0.03

%(4)

    

0.71

%

    

0.03

%

    

(0.65

)%

  

Year Ended 10/31/13

    

105

      

0.07

%(4)

    

0.71

%

    

0.03

%

    

(0.61

)%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

29,221

      

0.35

%(4)(9)

    

0.36

%(9)

    

1.11

%(9)

    

1.10

%(9)

  

Year Ended 10/31/17

    

46,862

      

0.33

%(4)

    

0.36

%

    

0.46

%

    

0.43

%

  

Year Ended 10/31/16(1)

    

62,228

      

0.30

%(4)

    

0.36

%

    

0.06

%

    

0.00

%(5)

  

Year Ended 10/31/15

    

55,377

      

0.05

%(4)

    

0.36

%

    

0.03

%

    

(0.28

)%

  

Year Ended 10/31/14

    

89,496

      

0.03

%(4)

    

0.36

%

    

0.03

%

    

(0.30

)%

  

Year Ended 10/31/13

    

104,164

      

0.07

%(4)

    

0.36

%

    

0.03

%

    

(0.26

)%

  

Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

1.00

%(9)

    

1.01

%(9)

    

0.46

%(9)

    

0.45

%(9)

  

Year Ended 10/31/17

    

50

      

0.78

%(4)

    

1.01

%

    

0.01

%

    

(0.22

)%

  

For the Period Ended 10/31/16(1)

    

50

      

0.38

%(4)(9)

    

1.01

%(9)

    

(0.02

)%(9)

    

(0.65

)%(9)

  

The accompanying notes are an integral part of the financial statements.
47


2018 Semi-Annual Report

April 30, 2018

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income (Loss)		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Treasury Securities Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

0.000

(3)

  

$

(0.006

)

  

$

1.000

      

0.61

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.006

(2)

    

0.000

(3)

    

(0.006

)

    

1.000

      

0.60

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.14

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

(0.000

)(3)

  

$

(0.006

)

  

$

1.000

      

0.58

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.55

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.000

)(3)

    

(0.001

)

    

1.000

      

0.10

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.006

(2)

  

$

0.000

(3)

  

$

(0.006

)

  

$

1.000

      

0.56

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.005

(2)

    

0.000

(3)

    

(0.005

)

    

1.000

      

0.50

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

0.001

      

(0.001

)

    

1.000

      

0.06

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

(0.000

)(3)

  

$

(0.005

)

  

$

1.000

      

0.53

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

0.000

(3)

    

(0.004

)

    

1.000

      

0.45

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.03

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

(0.000

)(3)

  

$

(0.005

)

  

$

1.000

      

0.48

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

(0.000

)(3)

    

(0.004

)

    

1.000

      

0.35

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.004

(2)

  

$

0.000

(3)

  

$

(0.004

)

  

$

1.000

      

0.36

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.002

(2)

    

0.000

(3)

    

(0.002

)

    

1.000

      

0.16

%

  

Year Ended 10/31/16(1)

    

1.000

      

(0.000

)(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.005

(2)

  

$

(0.000

)(3)

  

$

(0.005

)

  

$

1.000

      

0.53

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.004

(2)

    

0.000

(3)

    

(0.004

)

    

1.000

      

0.45

%

  

Year Ended 10/31/16(1)

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.000

    

$

0.002

(2)

  

$

0.000

(3)

  

$

(0.002

)

  

$

1.000

      

0.21

%(8)

  

Year Ended 10/31/17

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

For the Period Ended 10/31/16(1)

    

1.000

      

0.001

(2)

    

(0.001

)

    

(0.000

)(3)

    

1.000

      

0.00

%(5)(8)

  

The accompanying notes are an integral part of the financial statements.
48


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income (Loss)
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Treasury Securities Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

17,831,514

      

0.20

%(9)

    

0.21

%(9)

    

1.22

%(9)

    

1.21

%(9)

  

Year Ended 10/31/17

    

18,160,353

      

0.19

%

    

0.21

%

    

0.59

%

    

0.57

%

  

Year Ended 10/31/16(1)

    

19,382,045

      

0.17

%

    

0.21

%

    

0.15

%

    

0.11

%

  

Year Ended 10/31/15

    

14,113,772

      

0.02

%

    

0.21

%

    

0.01

%

    

(0.18

)%

  

Year Ended 10/31/14

    

5,352,337

      

0.02

%

    

0.21

%

    

0.02

%

    

(0.17

)%

  

Year Ended 10/31/13

    

3,371,706

      

0.07

%

    

0.22

%

    

0.01

%

    

(0.14

)%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

240,471

      

0.25

%(4)(9)

    

0.26

%(9)

    

1.17

%(9)

    

1.16

%(9)

  

Year Ended 10/31/17

    

239,841

      

0.24

%(4)

    

0.26

%

    

0.54

%

    

0.52

%

  

Year Ended 10/31/16(1)

    

277,773

      

0.21

%(4)

    

0.26

%

    

0.11

%

    

0.06

%

  

Year Ended 10/31/15

    

1,989,121

      

0.02

%(4)

    

0.26

%

    

0.01

%

    

(0.23

)%

  

Year Ended 10/31/14

    

143,946

      

0.02

%(4)

    

0.26

%

    

0.02

%

    

(0.22

)%

  

Year Ended 10/31/13

    

1,172

      

0.07

%(4)

    

0.27

%

    

0.01

%

    

(0.19

)%

  

Investor Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

38,561

      

0.30

%(4)(9)

    

0.31

%(9)

    

1.12

%(9)

    

1.11

%(9)

  

Year Ended 10/31/17

    

63,180

      

0.29

%(4)

    

0.31

%

    

0.49

%

    

0.47

%

  

Year Ended 10/31/16(1)

    

67,007

      

0.27

%(4)

    

0.31

%

    

0.05

%

    

0.01

%

  

Year Ended 10/31/15

    

50

      

0.02

%(4)

    

0.31

%

    

0.01

%

    

(0.28

)%

  

Year Ended 10/31/14

    

50

      

0.02

%(4)

    

0.31

%

    

0.02

%

    

(0.27

)%

  

Year Ended 10/31/13

    

100

      

0.07

%(4)

    

0.32

%

    

0.01

%

    

(0.24

)%

  

Administrative Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

3,362

      

0.35

%(4)(9)

    

0.36

%(9)

    

1.07

%(9)

    

1.06

%(9)

  

Year Ended 10/31/17

    

127

      

0.34

%(4)

    

0.36

%

    

0.44

%

    

0.42

%

  

Year Ended 10/31/16(1)

    

50

      

0.29

%(4)

    

0.36

%

    

0.03

%

    

(0.04

)%

  

Year Ended 10/31/15

    

50

      

0.02

%(4)

    

0.36

%

    

0.01

%

    

(0.33

)%

  

Year Ended 10/31/14

    

50

      

0.02

%(4)

    

0.36

%

    

0.02

%

    

(0.32

)%

  

Year Ended 10/31/13

    

100

      

0.07

%(4)

    

0.37

%

    

0.01

%

    

(0.29

)%

  

Advisory Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

4,413

      

0.45

%(4)(9)

    

0.46

%(9)

    

0.97

%(9)

    

0.96

%(9)

  

Year Ended 10/31/17

    

1,806

      

0.42

%(4)

    

0.46

%

    

0.36

%

    

0.32

%

  

Year Ended 10/31/16(1)

    

53,009

      

0.31

%(4)

    

0.46

%

    

0.01

%

    

(0.14

)%

  

Year Ended 10/31/15

    

11,150

      

0.02

%(4)

    

0.46

%

    

0.01

%

    

(0.43

)%

  

Year Ended 10/31/14

    

5,279

      

0.02

%(4)

    

0.46

%

    

0.02

%

    

(0.42

)%

  

Year Ended 10/31/13

    

100

      

0.07

%(4)

    

0.47

%

    

0.01

%

    

(0.39

)%

  

Participant Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

238

      

0.70

%(4)(9)

    

0.71

%(9)

    

0.72

%(9)

    

0.71

%(9)

  

Year Ended 10/31/17

    

307

      

0.62

%(4)

    

0.71

%

    

0.16

%

    

0.07

%

  

Year Ended 10/31/16(1)

    

689

      

0.33

%(4)

    

0.71

%

    

(0.01

)%

    

(0.39

)%

  

Year Ended 10/31/15

    

50

      

0.02

%(4)

    

0.71

%

    

0.01

%

    

(0.68

)%

  

Year Ended 10/31/14

    

50

      

0.02

%(4)

    

0.71

%

    

0.02

%

    

(0.67

)%

  

Year Ended 10/31/13

    

100

      

0.07

%(4)

    

0.72

%

    

0.01

%

    

(0.64

)%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

54,897

      

0.35

%(4)(9)

    

0.36

%(9)

    

1.07

%(9)

    

1.06

%(9)

  

Year Ended 10/31/17

    

80,852

      

0.34

%(4)

    

0.36

%

    

0.44

%

    

0.42

%

  

Year Ended 10/31/16(1)

    

99,031

      

0.29

%(4)

    

0.36

%

    

0.03

%

    

(0.04

)%

  

Year Ended 10/31/15

    

78,516

      

0.02

%(4)

    

0.36

%

    

0.01

%

    

(0.33

)%

  

Year Ended 10/31/14

    

96,708

      

0.02

%(4)

    

0.36

%

    

0.02

%

    

(0.32

)%

  

Year Ended 10/31/13

    

149,890

      

0.07

%(4)

    

0.37

%

    

0.01

%

    

(0.29

)%

  

Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

1.00

%(4)(9)

    

1.01

%(9)

    

0.42

%(9)

    

0.41

%(9)

  

Year Ended 10/31/17

    

50

      

0.76

%(4)

    

1.01

%

    

0.02

%

    

(0.23

)%

  

For the Period Ended 10/31/16(1)

    

50

      

0.34

%(4)(9)

    

1.01

%(9)

    

(0.02

)%(9)

    

(0.69

)%(9)

  

The accompanying notes are an integral part of the financial statements.
49


2018 Semi-Annual Report

April 30, 2018

Financial Highlights

   Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Tax-Exempt Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0000

    

$

0.0054

(2)

  

$

(0.0001

)(3)

  

$

(0.0053

)

  

$

1.0000

      

0.53

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0059

(2)

    

(0.0002

)(3)

    

(0.0057

)

    

1.0000

      

0.57

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0014

(2)

    

0.0026

      

(0.0040

)(7)

    

1.0000

      

0.40

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0000

    

$

0.0051

(2)

  

$

(0.0001

)(3)

  

$

(0.0050

)

  

$

1.0000

      

0.50

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0054

(2)

    

(0.0002

)(3)

    

(0.0052

)

    

1.0000

      

0.52

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0011

(2)

    

0.0027

      

(0.0038

)(7)

    

1.0000

      

0.37

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

1.0000

    

$

0.0046

(2)

  

$

(0.0001

)(3)

  

$

(0.0045

)

  

$

1.0000

      

0.46

%(8)

  

Year Ended 10/31/17

    

1.0000

      

0.0044

(2)

    

(0.0002

)(3)

    

(0.0042

)

    

1.0000

      

0.42

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0009

(2)

    

0.0022

      

(0.0031

)(7)

    

1.0000

      

0.31

%

  

Year Ended 10/31/15

    

1.000

      

0.000

(2)(3)

    

(0.000

)(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/14

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

Year Ended 10/31/13

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.01

%

  

The accompanying notes are an integral part of the financial statements.
50


2018 Semi-Annual Report

April 30, 2018

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of
Rebate from
Morgan
Stanley
Affiliates
to Average
Net Assets		  

Tax-Exempt Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

254,219

      

0.18

%(9)

    

0.34

%(9)

    

1.09

%(9)

    

0.93

%(9)

    

—

    

Year Ended 10/31/17

    

144,208

      

0.18

%

    

0.51

%

    

0.59

%

    

0.26

%

    

—

    

Year Ended 10/31/16(1)

    

59,273

      

0.11

%(6)

    

0.48

%

    

0.18

%(6)

    

(0.19

)%

    

0.00

%(5)

  

Year Ended 10/31/15

    

97,678

      

0.04

%(6)

    

0.38

%

    

0.01

%(6)

    

(0.33

)%

    

0.00

%(5)

  

Year Ended 10/31/14

    

110,401

      

0.07

%(6)

    

0.31

%

    

0.01

%(6)

    

(0.23

)%

    

0.00

%(5)

  

Year Ended 10/31/13

    

159,001

      

0.14

%(6)

    

0.25

%

    

0.01

%(6)

    

(0.10

)%

    

0.00

%(5)

  

Institutional Select Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

50

      

0.23

%(4)(9)

    

0.39

%(9)

    

1.04

%(9)

    

0.88

%(9)

    

—

    

Year Ended 10/31/17

    

50

      

0.23

%(4)

    

0.56

%

    

0.54

%

    

0.21

%

    

—

    

Year Ended 10/31/16(1)

    

50

      

0.14

%(4)(6)

    

0.53

%

    

0.15

%(6)

    

(0.24

)%

    

0.00

%(5)

  

Year Ended 10/31/15

    

50

      

0.04

%(4)(6)

    

0.43

%

    

0.01

%(6)

    

(0.38

)%

    

0.00

%(5)

  

Year Ended 10/31/14

    

50

      

0.07

%(4)(6)

    

0.36

%

    

0.01

%(6)

    

(0.28

)%

    

0.00

%(5)

  

Year Ended 10/31/13

    

100

      

0.14

%(4)(6)

    

0.30

%

    

0.01

%(6)

    

(0.15

)%

    

0.00

%(5)

  

Cash Management Class

  

Six Months Ended 4/30/18 (unaudited)

  

$

15,455

      

0.33

%(4)(9)

    

0.49

%(9)

    

0.94

%(9)

    

0.78

%(9)

    

—

    

Year Ended 10/31/17

    

20,776

      

0.33

%(4)

    

0.66

%

    

0.44

%

    

0.11

%

    

—

    

Year Ended 10/31/16(1)

    

30,694

      

0.20

%(4)(6)

    

0.63

%

    

0.09

%(6)

    

(0.34

)%

    

0.00

%(5)

  

Year Ended 10/31/15

    

25,927

      

0.04

%(4)(6)

    

0.53

%

    

0.01

%(6)

    

(0.48

)%

    

0.00

%(5)

  

Year Ended 10/31/14

    

38,103

      

0.07

%(4)(6)

    

0.46

%

    

0.01

%(6)

    

(0.38

)%

    

0.00

%(5)

  

Year Ended 10/31/13

    

32,704

      

0.14

%(4)(6)

    

0.40

%

    

0.01

%(6)

    

(0.25

)%

    

0.00

%(5)

  

The accompanying notes are an integral part of the financial statements.
51


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Highlights

(1)  Reflects prior period custodian out-of-pocket expenses that were reimbursed in September 2016. The amount of the reimbursement was immaterial on a per share basis and did not impact the total return of the Fund. The Ratio of Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets would be unchanged as the reimbursement of custodian fees was offset against expense waivers/reimbursements with no impact to net expenses or net investment income (loss).

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.0005 per share.

(4)  Ratios of Expenses to Average Net Assets before and after Maximum Expense Ratios may vary among share classes by more or less than the administration plan, service and shareholder administration plan, distribution plan and/or shareholder services plan (the "plans") fees due to either (1) fluctuations in daily net asset amounts, (2) changes in the plans' fees during the period for each share class, (3) changes in the Funds' expense cap during the year, (4) waivers to the plans' fees for each share class, or (5) a combination of the previous points.

(5)  Amount is less than 0.005%.

(6)  The Ratio of Expenses and Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratios of Rebate from Morgan Stanley Affiliates to Average Net Assets."

(7)  Includes paid-in-capital distribution of $0.0022.

(8)  Not Annualized.

(9)  Annualized.

The accompanying notes are an integral part of the financial statements.
52



2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited)

Morgan Stanley Institutional Liquidity Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a Massachusetts business trust. The Trust is comprised of seven separate, active, diversified portfolios (individually referred to as a "Fund", collectively as the "Funds"). The Trust offers up to eight different classes of shares for certain Funds. Each Fund offers the Institutional Class, Institutional Select Class, Investor Class, Administrative Class, Advisory Class, Participant Class and Cash Management Class and the Select Class is only offered to Government, Treasury and Treasury Securities Portfolios. The Trust applies investment company accounting and reporting guidance. All classes of shares have identical voting rights (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares), dividend, liquidation and other rights.

The Investor Class and Administrative Class were fully redeemed during the month of October 2016 from the Money Market Portfolio, Prime Portfolio and Tax-Exempt Portfolio and there were no shares outstanding as of April 30, 2018. In addition, during the month of October 2016, the Participant Class was fully redeemed from the Prime Portfolio and Tax-Exempt Portfolio and there were no shares outstanding as of April 30, 2018. During the month of November 2016, the Advisory Class was fully redeemed from the Tax-Exempt Portfolio and there were no shares outstanding as of April 30, 2018. Accordingly, no financial highlights have been presented for these classes.

Money Market, Prime and Tax-Exempt Portfolios operate as "institutional money market funds," which require the Funds to have a floating NAV, rounded to the fourth decimal place. In addition, the Funds are permitted to impose a liquidity fee on redemptions or temporarily restrict redemptions if weekly liquid assets fall below required regulatory thresholds. These changes may affect the investment strategies, performance and operating expenses of the Funds. Government, Government Securities, Treasury and Treasury Securities Portfolios operate as "government money market funds," which allow the Funds to continue to seek a stable NAV. The Funds will not impose a liquidity fee or temporarily suspend redemptions in the event that the Funds' weekly liquid assets fall below specified regulatory thresholds.

For detailed descriptions of the investment objectives of each of the Funds and other related information, please refer to the prospectuses of the Trust. Generally, the investment objective of the Funds is to seek preservation of capital, daily liquidity and maximum current income (exempt from federal income tax in the case of Tax-Exempt Portfolio).

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are

consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Government, Government Securities, Treasury and Treasury Securities: Portfolio securities are valued at amortized cost which approximates fair value, in accordance with Rule 2a-7 under the Act. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity; (2) Money Market, Prime and Tax-Exempt: Portfolio securities are valued by an outside pricing service/ vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics; (3) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") determines that the price is not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures, established by and under the general supervision of the Trustees.

The Trustees have responsibility for determining in good faith the fair value of the investments, and the Trustees may appoint others, such as the Trust's Adviser or a valuation committee, to assist the Trustees in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

The Trust has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or


53


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited) (cont'd)

comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.

2.  Repurchase Agreements: Certain Funds may enter into repurchase agreements under which a Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank, as custodian for the Trust, takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Trust has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

Certain Funds may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the Trust's custodian for investment companies advised by the Trust's Adviser. The Fund will participate on a pro-rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Certain Fund's repurchase agreements are subject to Master Repurchase Agreements which are agreements between

the Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with the Trust, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

3.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances


54


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited) (cont'd)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value each Fund's investments as of April 30, 2018:

Money Market Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
Certificates of
Deposit		  

$

—

    

$

36,607

    

$

—

    

$

36,607

    

Commercial Paper

    

—

      

161,202

      

—

      

161,202

    

Floating Rate Notes

    

—

      

287,180

      

—

      

287,180

    
Repurchase
Agreements		    

—

      

309,000

      

—

      

309,000

    

Time Deposits

    

—

      

90,000

      

—

      

90,000

    

Total Assets

  

$

—

    

$

883,989

    

$

—

    

$

883,989

    

Prime Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
Certificates of
Deposit		  

$

—

    

$

232,070

    

$

—

    

$

232,070

    

Commercial Paper

    

—

      

656,847

      

—

      

656,847

    

Floating Rate Notes

    

—

      

2,049,169

      

—

      

2,049,169

    
Repurchase
Agreements		    

—

      

1,885,000

      

—

      

1,885,000

    

Time Deposits

    

—

      

876,000

      

—

      

876,000

    

Total Assets

  

$

—

    

$

5,699,086

    

$

—

    

$

5,699,086

    

Government Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
Repurchase
Agreements		  

$

—

    

$

30,351,057

    

$

—

    

$

30,351,057

    
U.S. Agency
Securities		    

—

      

22,258,988

      

—

      

22,258,988

    
U.S. Treasury
Securities		    

—

      

5,024,297

      

—

      

5,024,297

    

Total Assets

  

$

—

    

$

57,634,342

    

$

—

    

$

57,634,342

    

Government Securities Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
Repurchase
Agreement		  

$

—

    

$

1,710,000

    

$

—

    

$

1,710,000

    
U.S. Agency
Securities		    

—

      

11,932,203

      

—

      

11,932,203

    
U.S. Treasury
Securities		    

—

      

1,872,871

      

—

      

1,872,871

    

Total Assets

  

$

—

    

$

15,515,074

    

$

—

    

$

15,515,074

    

Treasury Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
Repurchase
Agreements		  

$

—

    

$

8,234,892

    

$

—

    

$

8,234,892

    
U.S. Treasury
Securities		    

—

      

7,793,692

      

—

      

7,793,692

    

Total Assets

  

$

—

    

$

16,028,584

    

$

—

    

$

16,028,584

    

Treasury Securities Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
U.S. Treasury
Securities		  

$

—

    

$

18,170,586

    

$

—

    

$

18,170,586

    

Total Assets

  

$

—

    

$

18,170,586

    

$

—

    

$

18,170,586

    

Tax-Exempt Portfolio

Investment Type

   Level 1
Unadjusted
quoted
prices
(000)		   Level 2
Other
significant
observable
inputs
(000)		   Level 3
Significant
unobservable
inputs
(000)		   Total
(000)		  

Assets:

  
Tax-Exempt
Instruments		  
Weekly Variable
Rate Bonds		  

$

—

    

$

162,630

    

$

—

    

$

162,630

    
Daily Variable
Rate Bonds		    

—

      

88,075

      

—

      

88,075

    

Commercial Paper

    

—

      

14,900

      

—

      

14,900

    
Municipal Bonds &
Notes		    

—

      

4,168

      

—

      

4,168

    

Total Assets

  

$

—

    

$

269,773

    

$

—

    

$

269,773

    


55


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited) (cont'd)

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Funds recognize transfers between the levels as of the end of the period. As of April 30, 2018, the Funds did not have any investments transfer between investment levels.

4.  When-Issued/Delayed Delivery Securities: Certain Funds purchase and sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

5.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6.  Dividends and Distributions to Shareholders: Dividends are accrued and declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

7.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized

and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, provides the Trust with advisory services under the terms of an Investment Advisory Agreement, paid monthly, at the annual rates of the average daily net assets indicated below:

Fund

  

Advisory Fees

  

Money Market

    

0.15

%

  

Prime

    

0.15

    

Government

    

0.15

    

Government Securities

    

0.15

    

Treasury

    

0.15

    

Treasury Securities

    

0.15

    

Tax-Exempt

    

0.15

    

The Adviser has agreed to reduce its advisory, its administration fees and/or reimburse each Fund so that total annual operating expenses of each share class, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed the maximum expense ratios:

   

Maximum Expense Ratios

  

Class

   Money
Market		  

Prime

  

Government

   Government
Securities		  

Institutional Class

    

0.20

%

    

0.20

%

    

0.20

%

    

0.20

%

  

Institutional Select Class

    

0.25

      

0.25

      

0.25

      

0.25

    

Investor Class

    

0.30

      

0.30

      

0.30

      

0.30

    

Administrative Class

    

0.35

      

0.35

      

0.35

      

0.35

    

Advisory Class

    

0.45

      

0.45

      

0.45

      

0.45

    

Participant Class

    

0.70

      

0.70

      

0.70

      

0.45

    

Cash Management Class

    

0.35

      

0.35

      

0.35

      

0.35

    

Select Class

    

—

      

—

      

1.00

      

—

    
   

Maximum Expense Ratios

  

Class

  

Treasury

   Treasury
Securities		  

Tax-Exempt

  

Institutional Class

    

0.20

%

    

0.20

%

    

0.20

%

  

Institutional Select Class

    

0.25

      

0.25

      

0.25

    

Investor Class

    

0.30

      

0.30

      

0.30

    

Administrative Class

    

0.35

      

0.35

      

0.35

    

Advisory Class

    

0.45

      

0.45

      

0.45

    

Participant Class

    

0.70

      

0.70

      

0.70

    

Cash Management Class

    

0.35

      

0.35

      

0.35

    

Select Class

    

1.00

      

1.00

      

—

    

The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Funds' prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Funds' Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable a Fund to maintain a minimum level of daily net investment income. For the six months ended April 30, 2018, the


56


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited) (cont'd)

Funds had advisory fees waived and/or certain expenses reimbursed as follows:

Fund

   Advisory Fees
Waived and/or
Reimbursed
(000)		  

Money Market

  

$

444

    

Prime

    

1,863

    

Government

    

9,253

    

Government Securities

    

825

    

Treasury

    

788

    

Treasury Securities

    

667

    

Tax-Exempt

    

163

    

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.05% of each Fund's average daily net assets (without giving effect to any fee waivers). Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Trust. The Administrator has agreed to reduce its administration fees to enable a Fund to maintain a minimum level of daily net investment income.

For the six months ended April 30, 2018, the Funds had administration fees waived as follows:

Fund

   Administration
Fees Waived
(000)		  

Tax-Exempt

  

$

15

    

D. Administration Plan, Service and Shareholder Administration Plan, Distribution Plan and Shareholder Services Plan Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the distributor of the Trust.

The Trust has entered into an Administration Plan with respect to its Institutional Select Class, Investor Class and Administrative Class shares pursuant to which each class of shares will pay the Distributor a monthly fee at an annual rate of up to 0.05%, 0.10% and 0.15%, of the average daily net assets of each such class of shares, respectively, to compensate certain financial intermediaries who provide administrative services to shareholders.

The Trust has also entered into a Service and Shareholder Administration Plan with respect to its Advisory Class shares pursuant to which its Advisory Class shares pays the Distributor a monthly fee at an annual rate of up to 0.25% of the average daily net assets of such class of shares, to compensate certain financial intermediaries who provide administrative services, personal and account maintenance services to shareholders.

The Trust has also entered into a Distribution Plan with respect to its Participant Class, Cash Management Class and

Select Class shares pursuant to which each class of shares will pay the Distributor a monthly distribution fee at an annual rate of up to 0.25%, 0.10% and 0.55% of the average daily net assets of such class of shares, respectively, to compensate certain service organizations for providing distribution related services to the Trust. The Distributor has agreed to waive for at least one year the distribution fee on the Participant Class of the Government Securities Portfolio to the extent it exceeds 0.10% of the average daily net assets on an annualized basis. For the six months ended April 30, 2018, this waiver amounted to approximately $13,684,000.

The Trust has also entered into a Shareholder Services Plan with respect to its Participant Class, Cash Management Class and Select Class shares pursuant to which each class of shares will pay the Distributor a monthly service fee at an annual rate of up to 0.25%, 0.05% and 0.25% of the average daily net assets of each such class of shares, respectively, to compensate service organizations for providing administrative services to shareholders. The Distributor has agreed to waive for at least one year the shareholder service fee on the Participant Class of the Government Securities Portfolio to the extent it exceeds 0.15% of the average daily net assets on an annualized basis. For the six months ended April 30, 2018, this waiver amounted to approximately $9,122,000.

The Distributor has agreed to reduce its distribution fees to enable a Fund to maintain a minimum level of daily net investment income for any class of shares in a Fund.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's Dividend Disbursing and Transfer Agent is Boston Financial Data Services, Inc. ("BFDS"). Pursuant to a Transfer Agency Agreement, the Trust pays BFDS a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust. Effective January 1, 2018, BFDS changed its name to DST Asset Manager Solutions, Inc.

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services without compensation to the Trust with respect to certain direct transactions with the Trust.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Federal Income Taxes: It is each Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.


57


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited) (cont'd)

FASB ASC 740-10 "Income Taxes — Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statements of Operations. The Funds file tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended October 31, 2017 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2017 and 2016 was as follows:

    2017
Distributions
Paid From:		   2016
Distributions
Paid From:		  

Fund

   Ordinary
Income
(000)		   Tax-
Exempt
Income
(000)		   Paid-in-
Capital
Gain
(000)		   Ordinary
Income
(000)		   Tax-
Exempt
Income
(000)		   Paid-in-
Capital
Gain
(000)		  

Money Market

  

$

4,748

    

$

—

    

$

—

    

$

16,286

    

$

—

    

$

—

    

Prime

    

37,166

      

—

      

—

      

55,736

      

—

      

—

    

Government

    

315,824

      

—

      

—

      

89,185

      

—

      

—

    

Government Securities

    

71,971

      

—

      

—

      

1,115

      

—

      

—

    

Treasury

    

97,967

      

—

      

—

      

36,178

      

—

      

—

    

Treasury Securities

    

113,204

      

—

      

—

      

26,922

      

—

      

—

    

Tax-Exempt

    

1

      

823

      

—

      

1

      

199

      

126

    

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are primarily due to differing book and tax treatments in the timing of the recognition of distribution payable and/or deferred compensation.

Permanent differences are generally due to distribution redesignations and/or gain on the sale of deferred compensation assets. These resulted in the following reclassifications among the Funds' components of net assets at October 31, 2017:

Fund

   Accumulated
Undistributed
(Distributions
in Excess of)
Net Investment
Income (Loss)
(000)		   Accumulated
Net Realized
Gain (Loss)
(000)		   Paid-in-
Capital
(000)		  

Money Market

  

$

30

    

$

(30

)

  

$

—

    

Prime

    

(15

)

    

15

      

—

    

Government

    

(14

)

    

14

      

—

    

Government Securities

    

(1

)

    

1

      

—

    

Treasury

    

(7

)

    

7

      

—

    

Treasury Securities

    

(4

)

    

4

      

—

    

Tax-Exempt

    

(1

)

    

1

      

—

    

At October 31, 2017, the components of distributable earnings on a tax basis were as follows:

Fund

   Undistributed
Ordinary
Income
(000)		   Tax-
Exempt
Income
(000)		   Undistributed
Long-term
Capital Gain
(000)		  

Money Market

  

$

307

    

$

—

    

$

—

    

Prime

    

2,696

      

—

      

15

    

Government

    

22,831

      

—

      

—

    

Government Securities

    

324

      

—

      

2

    

Treasury

    

7,714

      

—

      

—

    

Treasury Securities

    

7,042

      

—

      

—

    

Tax-Exempt

    

—

      

17

      

—

    

At October 31, 2017, the following Funds had available for federal income tax purposes unused short term capital losses that do not have an expiration date:

Fund

   Short-term
Losses (No
Expiration)
(000)		  

Government

  

$

558

    

Treasury

    

177

    

Treasury Securities

    

150

    

In addition, at October 31, 2017, the following Fund had available for federal income tax purposes unused capital losses which will expire on the indicated dates:

Fund

   2018
(000)		  

Tax-Exempt

  

$

16

    

To the extent that capital loss carryforwards are used to offset any future capital gains realized during the carryover period as provided by U.S. federal income tax regulations, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

During the year ended October 31, 2017, the following Fund utilized capital loss carryforwards for U.S. Federal income tax purposes of approximately:

Fund

   Capital Loss
Carryforward
Utilized
(000)		  

Tax-Exempt

  

$

4

    

H. Transactions with Affiliates: The Funds are permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended April 30, 2018, Tax-Exempt Portfolio engaged in cross-trade purchases of approximately $8,860,000 and sales


58


2018 Semi-Annual Report

April 30, 2018

Notes to Financial Statements (unaudited) (cont'd)

of approximately $200,000, which resulted in no net realized gains or losses.

The Trust has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Funds.

I. Other: At April 30, 2018, certain Funds had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on these Funds. These Funds and the aggregate percentage of such owners were as follows:

Fund

   Percentage of
Ownership		  

Money Market

    

74.3

%

  

Prime

    

56.3

    

Government

    

16.4

    

Government Securities

    

99.2

    

Treasury

    

24.6

    

Treasury Securities

    

26.9

    

Tax-Exempt

    

91.4

    


59


2018 Semi-Annual Report

April 30, 2018

Privacy Notice (unaudited)

MORGAN STANLEY INVESTMENT MANAGEMENT INC.
AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

We are required by federal law to provide you with a copy of our privacy policy annually. This policy applies to current and former individual investors in funds managed or sponsored by Morgan Stanley Investment Management Inc. ("MSIM") as well as current and former individual clients of MSIM. This policy is not applicable to partnerships, corporations, trusts or other non-individual clients or investors. Please note that we may amend this policy at any time, and will inform you of any changes as required by law.

WE RESPECT YOUR PRIVACY

We appreciate that you have provided us with your personal financial information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Notice describes what non-public personal information we collect about you, why we collect it, when we may share it with others and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you to affiliated companies in the Morgan Stanley family of companies ("other Morgan Stanley companies"). It also discloses how you may limit use of certain shared information for marketing purposes by other Morgan Stanley branded companies. Throughout this policy, we refer to the non-public information that personally identifies you or your accounts as "personal information."

1.  WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?

We obtain personal information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our Web sites and from third parties and other sources.

For example:

•  We may collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through subscription documents, applications and other forms you submit to us.

•  We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

•  We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

•  We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

•  If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies." Please consult the Terms of Use of these sites for more details.

2.  WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We may disclose personal information we collect about you to other Morgan Stanley companies and to non-affiliated third parties.

a. Information We Disclose to Other Morgan Stanley Companies.

We may disclose personal information to other Morgan Stanley companies for a variety of reasons, including to manage your account(s) effectively, to service and process your transactions, to let you know about products and services offered by us and other Morgan Stanley companies, to manage our business, and as otherwise required or permitted by law. Offers for products and services from other Morgan Stanley companies are developed under conditions designed to safeguard your personal information.


60


2018 Semi-Annual Report

April 30, 2018

Privacy Notice (unaudited) (cont'd)

b. Information We Disclose to Non-affiliated Third Parties.

We do not disclose personal information that we collect about you to non-affiliated third parties except to those who provide marketing services on our behalf, to financial institutions with whom we have joint marketing agreements, and as otherwise required or permitted by law. For example, we may disclose personal information to non-affiliated third parties for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with a non-affiliated third party, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose or as may be permitted or required by law.

3.  HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information.

4.  HOW CAN YOU LIMIT THE SHARING OF CERTAIN TYPES OF PERSONAL INFORMATION WITH OTHER MORGAN STANLEY COMPANIES?

We offer you choices as to whether we share with other Morgan Stanley companies the personal information that was collected to determine your eligibility for products and services you request ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with other Morgan Stanley companies ("opt-out"), we may still share personal information, including eligibility information, with those companies in circumstances excluded from the opt-out under applicable law, such as to process transactions or to service your account.

5.  HOW CAN YOU LIMIT THE USE OF CERTAIN TYPES OF PERSONAL INFORMATION BY OTHER MORGAN STANLEY COMPANIES FOR MARKETING?

By following the opt-out instructions in Section 6 below, you may limit other Morgan Stanley branded companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit Other Morgan Stanley Companies from using personal information about you that we may share with them for marketing their products and services to you, Other Morgan Stanley Companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the Other Morgan Stanley Company has its own relationship with you.

6.  HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

If you wish to limit our sharing of eligibility information about you with other Morgan Stanley companies or other Morgan Stanley companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

•  Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 6p.m.(EST)

•  Writing to us at the following address:

  DST Asset Manager Solutions, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121


61


2018 Semi-Annual Report

April 30, 2018

Privacy Notice (unaudited) (cont'd)

Your written request should include your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or if information used for Marketing (Section 5 above) or both. Written opt-out requests should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party.

Your opt-out preference will remain in effect with respect to this policy (as it may be amended) until you notify us otherwise. If you have a joint account, your direction for us not to share this information with other Morgan Stanley companies and for those other Morgan Stanley companies not to use your personal information for marketing will be applied to all account holders on that account. Please understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about Morgan Stanley products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

7.  WHAT IF AN AFFILIATED COMPANY BECOMES A NON-AFFILIATED THIRD PARTY?

If, at any time in the future, an affiliated company becomes a non-affiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to non-affiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a non-affiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONT

The following section supplements our policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above policy with respect to those clients only.

The state of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and non-affiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with non-affiliated third parties or other Morgan Stanley companies unless you provide us with your written consent to share such information ("opt-in").

If you wish to receive offers for investment products and services offered by or through other Morgan Stanley companies, please notify us in writing at the following address:

DST Asset Manager Solutions, Inc.
c/o Privacy Coordinator
P.O. Box 219804
Kansas City, Missouri 64121

Your authorization should include your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third party.

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

The following section supplements our policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to non-affiliated third parties except as permitted by applicable California law, and we will limit sharing such information with our affiliates to comply with California privacy laws that apply to us.


62


2018 Semi-Annual Report

April 30, 2018

Trustee and Officer Information (unaudited)

Trustees

Frank L. Bowman
Kathleen A. Dennis
Nancy C. Everett
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia Maleski
Michael E. Nugent, Chair of the Board
W. Allen Reed
Fergus Reid

Officers

John H. Gernon
President and Principal Executive Officer

Timothy J. Knierim
Chief Compliance Officer

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
30 Rockefeller Plaza
New York, New York 10112

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the Fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Each Fund also delivers the semi-annual and annual reports to shareholders and makes these reports available on its public website, www.morganstanley.com/liquidity. Each Fund also files a complete schedule of portfolio holdings with the SEC for the Trust's first and third fiscal quarters on Form N-Q and monthly holdings on Form N-MFP. The Funds do not deliver these reports to shareholders, nor are the first and third fiscal quarters posted to the Morgan Stanley public website. However, the holdings for each Fund are posted to the Morgan Stanley public website. You may obtain the Form N-Q filings (as well as the Form N-CSR, N-CSRS and N-MFP filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1 (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing to the SEC's Public Reference Section, Washington, D.C. 20549-1520.

The Trust's Statement of Additional Information contains additional information about the Trust, including its Trustees. It is available, without charge, by calling toll free at 1 (888) 378-1630.

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (888) 378-1630 or by visiting our website at www.morganstanley.com/liquidity. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of Morgan Stanley Institutional Liquidity Funds, Inc., which describes in detail the Fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/liquidity or call toll free 1 (888) 378-1630.


63



Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2018 Morgan Stanley. Morgan Stanley Distribution, Inc.

MSILFSAN
2128853 EXP 06.30.19



 

Item 2.  Code of Ethics.

 

Not applicable for semiannual reports.

 

Item 3.  Audit Committee Financial Expert.

 

Not applicable for semiannual reports.

 

Item 4. Principal Accountant Fees and Services

 

Not applicable for semiannual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semiannual reports.

 

Item 6.

 

(a) Refer to Item 1.

 

(b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable for semiannual reports.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

Applicable only to annual reports filed by closed-end funds.

 

Item 9. Closed-End Fund Repurchases

 

Applicable to reports filed by closed-end funds.

 

Item 10. Submission of Matters to a Vote of Security Holders

 

Not applicable.

 


 

Item 11. Controls and Procedures

 

(a)  The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

 

(b)  There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits

 

(a) Code of Ethics — Not applicable for semiannual reports.

 

(b) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto as part of EX-99.CERT.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Morgan Stanley Institutional Liquidity Funds

 

 

 

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 

June 19, 2018

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 

June 19, 2018

 

 

 

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 

June 19, 2018

 

 

 EX-99.CERT 2 a18-13101_9ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

EXHIBIT 12 B1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

CERTIFICATIONS

 

I, John H. Gernon, certify that:

 

1.              I have reviewed this report on Form N-CSR of Morgan Stanley Institutional Liquidity Funds;

 

2.              Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.              Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.              The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)             designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)             designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)              evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)             disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.              The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)             all significant deficiencies and material weaknesses in the design or operation of internal control  over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 


 

b)             any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: June 19, 2018

 

 

 

 

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 


 

EXHIBIT 12 B2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

CERTIFICATIONS

 

I, Francis Smith, certify that:

 

1.              I have reviewed this report on Form N-CSR of Morgan Stanley Institutional Liquidity Funds;

 

2.              Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.              Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.              The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)             designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)             designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)              evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)             disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.              The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)             all significant deficiencies and material weaknesses in the design or operation of internal control  over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 


 

b)             any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: June 19, 2018

 

 

 

 

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 

 EX-99.906CERT 3 a18-13101_9ex99d906cert.htm EX-99.906CERT

Exhibit 99.906CERT

 

SECTION 906 CERTIFICATION

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Morgan Stanley Institutional Liquidity Funds

 

In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended April 30, 2018 that is accompanied by this certification, the undersigned hereby certifies that:

 

1.                                      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.                                      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

 

Date: June 19, 2018

/s/ John H. Gernon

 

John H. Gernon

 

Principal Executive Officer

 

A signed original of this written statement required by Section 906 has been provided to Morgan Stanley Institutional Liquidity Funds and will be retained by Morgan Stanley Institutional Liquidity Funds and furnished to the Securities and Exchange Commission or its staff upon request.

 


 

SECTION 906 CERTIFICATION

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Morgan Stanley Institutional Liquidity Funds

 

In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended April 30, 2018 that is accompanied by this certification, the undersigned hereby certifies that:

 

1.                                      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.                                      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

 

Date: June 19, 2018

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to Morgan Stanley Institutional Liquidity Funds and will be retained by Morgan Stanley Institutional Liquidity Funds and furnished to the Securities and Exchange Commission or its staff upon request.

 

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