N-CSRS 1 a19-10315_1ncsrs.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, 2019

 

 

 

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, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission ("SEC"), paper copies of the Fund's Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports") will no longer be sent by mail, unless you specifically request paper copies of the Shareholder Reports from the Fund or from your financial intermediary, such as a broker-dealer or a bank. Instead, the Shareholder Reports will be made available on the Fund's website, https://www.morganstanley.com/im/liquidityshareholderreports and you will be notified by mail each time a Shareholder Report is posted and provided with a website link to access the Shareholder Report. If you already elected to receive Shareholder Reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive Shareholder Reports and other communications from the Fund electronically anytime by contacting your financial intermediary or, if you are a direct investor, please follow the instructions on the envelope.

Beginning on January 1, 2019, you may elect to receive all future Shareholder Reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your Shareholder Reports. If you invest directly with the Fund, please follow the instructions on the envelope to let the Fund know you wish to continue receiving paper copies of your Shareholder Reports. Your election to receive Shareholder Reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a fund.


2019 Semi-Annual Report

April 30, 2019

Table of Contents

Shareholders' Letter

    

2

    

Performance Summary

    

3

    

Expense Examples

    

4

    

Portfolio of Investments:

  

Money Market Portfolio

    

6

    

Prime Portfolio

    

10

    

Government Portfolio

    

14

    

Government Securities Portfolio

    

20

    

Treasury Portfolio

    

22

    

Treasury Securities Portfolio

    

24

    

Tax-Exempt Portfolio

    

25

    

Statements of Assets and Liabilities

    

27

    

Statements of Operations

    

31

    

Statements of Changes in Net Assets

    

33

    

Financial Highlights

    

40

    

Notes to Financial Statements

    

55

    

Privacy Notice

    

61

    

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 information about the Trust including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: https://www.morganstanley.com/im/liquidityshareholderreports.

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


2019 Semi-Annual Report

April 30, 2019

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, 2019. 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 2019


2


2019 Semi-Annual Report

April 30, 2019

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, 2019 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		    

2.53

%

    

2.57

%

    

2.48

%

    

2.51

%

    

N/A

      

N/A

      

N/A

      

N/A

      

2.29

%

    

2.31

%

    

2.03

%

    

2.05

%

    

2.38

%

    

2.41

%

    

—

      

—

    

Prime

    

2.53

%

    

2.56

%

    

2.48

%

    

2.51

%

    

N/A

      

N/A

      

N/A

      

N/A

      

2.28

%

    

2.31

%

    

N/A

      

N/A

      

2.38

%

    

2.41

%

    

—

      

—

    

Government

    

2.34

%

    

2.37

%

    

2.29

%

    

2.32

%

    

2.24

%

    

2.27

%

    

2.19

%

    

2.21

%

    

2.09

%

    

2.11

%

    

1.84

%

    

1.86

%

    

2.19

%

    

2.21

%

    

1.54

%

    

1.55

%

  
Government
Securities		    

2.28

%

    

2.30

%

    

2.22

%

    

2.25

%

    

2.17

%

    

2.20

%

    

2.12

%

    

2.15

%

    

2.02

%

    

2.04

%

    

2.02

%

    

2.04

%

    

2.13

%

    

2.15

%

    

—

      

—

    

Treasury

    

2.32

%

    

2.34

%

    

2.27

%

    

2.29

%

    

2.22

%

    

2.24

%

    

2.17

%

    

2.19

%

    

2.07

%

    

2.09

%

    

1.82

%

    

1.83

%

    

2.17

%

    

2.19

%

    

1.52

%

    

1.53

%

  
Treasury
Securities		    

2.26

%

    

2.29

%

    

2.21

%

    

2.24

%

    

2.16

%

    

2.19

%

    

2.11

%

    

2.13

%

    

2.01

%

    

2.03

%

    

1.76

%

    

1.78

%

    

2.11

%

    

2.13

%

    

1.46

%

    

1.47

%

  

Tax-Exempt

    

2.05

%

    

2.07

%

    

2.01

%

    

2.03

%

    

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

1.90

%

    

1.92

%

    

—

      

—

    
   

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		    

2.47

%

    

2.50

%

    

2.42

%

    

2.45

%

    

N/A

      

N/A

      

N/A

      

N/A

      

2.23

%

    

2.25

%

    

1.97

%

    

1.99

%

    

2.32

%

    

2.35

%

    

—

      

—

    

Prime

    

2.48

%

    

2.51

%

    

2.43

%

    

2.46

%

    

N/A

      

N/A

      

N/A

      

N/A

      

2.24

%

    

2.26

%

    

N/A

      

N/A

      

2.33

%

    

2.36

%

    

—

      

—

    

Government

    

2.31

%

    

2.33

%

    

2.26

%

    

2.28

%

    

2.21

%

    

2.23

%

    

2.16

%

    

2.18

%

    

2.06

%

    

2.08

%

    

1.81

%

    

1.82

%

    

2.16

%

    

2.18

%

    

1.50

%

    

1.52

%

  
Government
Securities		    

2.25

%

    

2.27

%

    

2.20

%

    

2.22

%

    

2.15

%

    

2.17

%

    

2.10

%

    

2.12

%

    

2.00

%

    

2.02

%

    

1.75

%

    

1.76

%

    

2.10

%

    

2.12

%

    

—

      

—

    

Treasury

    

2.30

%

    

2.33

%

    

2.25

%

    

2.27

%

    

2.20

%

    

2.22

%

    

2.15

%

    

2.17

%

    

2.05

%

    

2.07

%

    

1.80

%

    

1.82

%

    

2.15

%

    

2.17

%

    

1.50

%

    

1.51

%

  
Treasury
Securities		    

2.25

%

    

2.28

%

    

2.20

%

    

2.23

%

    

2.16

%

    

2.18

%

    

2.10

%

    

2.13

%

    

2.00

%

    

2.02

%

    

1.75

%

    

1.77

%

    

2.10

%

    

2.13

%

    

1.46

%

    

1.47

%

  

Tax-Exempt

    

1.94

%

    

1.96

%

    

1.89

%

    

1.91

%

    

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

1.79

%

    

1.80

%

    

—

      

—

    

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 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. Morgan Stanley and its affiliates (the "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 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


2019 Semi-Annual Report

April 30, 2019

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, 2019 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


2019 Semi-Annual Report

April 30, 2019

Expense Examples (unaudited) (cont'd)

    Beginning
Account
Value
11/1/18		   Actual Ending
Account
Value
4/30/19		   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

    

$

1,012.77

    

$

1,024.00

    

$

0.80

    

$

0.80

      

0.16

%

  

Money Market Portfolio Institutional Select Class

    

1,000.00

      

1,012.52

      

1,023.75

      

1.05

      

1.05

      

0.21

    

Money Market Portfolio Advisory Class

    

1,000.00

      

1,011.42

      

1,022.76

      

2.04

      

2.06

      

0.41

    

Money Market Portfolio Participant Class

    

1,000.00

      

1,010.17

      

1,021.52

      

3.29

      

3.31

      

0.66

    

Money Market Portfolio Cash Management Class

    

1,000.00

      

1,011.92

      

1,023.26

      

1.55

      

1.56

      

0.31

    

Prime Portfolio Institutional Class

    

1,000.00

      

1,012.66

      

1,024.00

      

0.80

      

0.80

      

0.16

    

Prime Portfolio Institutional Select Class

    

1,000.00

      

1,012.41

      

1,023.75

      

1.05

      

1.05

      

0.21

    

Prime Portfolio Advisory Class

    

1,000.00

      

1,011.51

      

1,022.76

      

2.04

      

2.06

      

0.41

    

Prime Portfolio Cash Management Class

    

1,000.00

      

1,011.91

      

1,023.26

      

1.55

      

1.56

      

0.31

    

Government Portfolio Institutional Class

    

1,000.00

      

1,011.26

      

1,023.95

      

0.85

      

0.85

      

0.17

    

Government Portfolio Institutional Select Class

    

1,000.00

      

1,011.01

      

1,023.70

      

1.10

      

1.10

      

0.22

    

Government Portfolio Investor Class

    

1,000.00

      

1,010.76

      

1,023.46

      

1.35

      

1.35

      

0.27

    

Government Portfolio Administrative Class

    

1,000.00

      

1,010.51

      

1,023.21

      

1.60

      

1.61

      

0.32

    

Government Portfolio Advisory Class

    

1,000.00

      

1,010.01

      

1,022.71

      

2.09

      

2.11

      

0.42

    

Government Portfolio Participant Class

    

1,000.00

      

1,008.76

      

1,021.47

      

3.34

      

3.36

      

0.67

    

Government Portfolio Cash Management Class

    

1,000.00

      

1,010.51

      

1,023.21

      

1.60

      

1.61

      

0.32

    

Government Portfolio Select Class

    

1,000.00

      

1,007.25

      

1,019.98

      

4.83

      

4.86

      

0.97

    

Government Securities Portfolio Institutional Class

    

1,000.00

      

1,011.01

      

1,023.80

      

1.00

      

1.00

      

0.20

    

Government Securities Portfolio Institutional Select Class

    

1,000.00

      

1,010.75

      

1,023.55

      

1.25

      

1.25

      

0.25

    

Government Securities Portfolio Investor Class

    

1,000.00

      

1,010.50

      

1,023.31

      

1.50

      

1.51

      

0.30

    

Government Securities Portfolio Administrative Class

    

1,000.00

      

1,010.25

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Government Securities Portfolio Advisory Class

    

1,000.00

      

1,009.75

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Government Securities Portfolio Participant Class

    

1,000.00

      

1,009.75

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Government Securities Portfolio Cash Management Class

    

1,000.00

      

1,010.25

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Portfolio Institutional Class

    

1,000.00

      

1,011.19

      

1,023.85

      

0.95

      

0.95

      

0.19

    

Treasury Portfolio Institutional Select Class

    

1,000.00

      

1,010.94

      

1,023.60

      

1.20

      

1.20

      

0.24

    

Treasury Portfolio Investor Class

    

1,000.00

      

1,010.69

      

1,023.36

      

1.45

      

1.45

      

0.29

    

Treasury Portfolio Administrative Class

    

1,000.00

      

1,010.44

      

1,023.11

      

1.69

      

1.71

      

0.34

    

Treasury Portfolio Advisory Class

    

1,000.00

      

1,009.94

      

1,022.61

      

2.19

      

2.21

      

0.44

    

Treasury Portfolio Participant Class

    

1,000.00

      

1,008.69

      

1,021.37

      

3.44

      

3.46

      

0.69

    

Treasury Portfolio Cash Management Class

    

1,000.00

      

1,010.44

      

1,023.11

      

1.69

      

1.71

      

0.34

    

Treasury Portfolio Select Class

    

1,000.00

      

1,007.18

      

1,019.89

      

4.93

      

4.96

      

0.99

    

Treasury Securities Portfolio Institutional Class

    

1,000.00

      

1,010.92

      

1,023.80

      

1.00

      

1.00

      

0.20

    

Treasury Securities Portfolio Institutional Select Class

    

1,000.00

      

1,010.67

      

1,023.55

      

1.25

      

1.25

      

0.25

    

Treasury Securities Portfolio Investor Class

    

1,000.00

      

1,010.42

      

1,023.31

      

1.50

      

1.51

      

0.30

    

Treasury Securities Portfolio Administrative Class

    

1,000.00

      

1,010.17

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Securities Portfolio Advisory Class

    

1,000.00

      

1,009.67

      

1,022.56

      

2.24

      

2.26

      

0.45

    

Treasury Securities Portfolio Participant Class

    

1,000.00

      

1,008.42

      

1,021.32

      

3.49

      

3.51

      

0.70

    

Treasury Securities Portfolio Cash Management Class

    

1,000.00

      

1,010.17

      

1,023.06

      

1.74

      

1.76

      

0.35

    

Treasury Securities Portfolio Select Class

    

1,000.00

      

1,006.92

      

1,019.84

      

4.98

      

5.01

      

1.00

    

Tax-Exempt Portfolio Institutional Class

    

1,000.00

      

1,007.39

      

1,024.05

      

0.75

      

0.75

      

0.15

    

Tax-Exempt Portfolio Institutional Select Class

    

1,000.00

      

1,007.16

      

1,023.80

      

1.00

      

1.00

      

0.20

    

Tax-Exempt Portfolio Cash Management Class

    

1,000.00

      

1,006.54

      

1,023.31

      

1.49

      

1.51

      

0.30

    

*  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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (2.5%)

  

Domestic Banks (1.8%)

  

HSBC Bank USA NA,

  

2.65%, 9/18/19

  

$

15,000

    

$

15,002

    

2.78%, 9/4/19

    

24,080

      

24,090

    

U.S. Bank NA

  

2.91%, 7/23/19

    

10,400

      

10,411

    
     

49,503

    

International Banks (0.7%)

  

Bank of Nova Scotia

  

2.82%, 9/20/19

    

9,000

      

9,008

    

Toronto Dominion Bank,

  

2.62%, 6/14/19

    

6,250

      

6,251

    

2.73%, 8/7/19

    

5,500

      

5,502

    
     

20,761

    

Total Certificates of Deposit (Cost $70,223)

    

70,264

    

Commercial Paper (a) (26.6%)

  

Asset-Backed Diversified Financial Services (1.2%)

  

Collateralized Commercial Paper Co. LLC

  

2.64%, 12/20/19

    

15,000

      

14,742

    

Collateralized Commercial Paper II Co. LLC,

  

2.92%, 7/8/19

    

5,000

      

4,976

    

2.96%, 9/19/19

    

15,000

      

14,847

    
     

34,565

    

Asset-Backed Insurance (4.6%)

  

MetLife Short Term Funding LLC,

  

2.69%, 7/8/19

    

20,000

      

19,903

    

2.70%, 8/12/19 - 8/19/19

    

24,000

      

23,818

    

2.73%, 6/17/19

    

36,300

      

36,180

    

2.75%, 6/24/19

    

25,700

      

25,602

    

2.76%, 7/15/19

    

10,000

      

9,947

    

2.78%, 7/22/19

    

11,600

      

11,532

    
     

126,982

    

Automobile (0.3%)

  

Toyota Motor Credit Corp.,

  

2.70%, 8/27/19 - 8/28/19

    

10,000

      

9,918

    

Computer Technology (3.5%)

  

Apple, Inc.,

  

2.61%, 9/18/19 (b)

    

35,000

      

34,653

    

2.61%, 9/19/19

    

38,300

      

37,918

    

2.79%, 9/16/19

    

25,000

      

24,756

    
     

97,327

    

Diversified Financial Services (3.7%)

  

Citigroup Global Markets, Inc.,

  

2.65%, 12/19/19

    

20,000

      

19,663

    

2.75%, 12/17/19 (b)

    

50,000

      

49,163

    

Ontario Teachers Financial Trust,

  

2.61%, 9/17/19

    

25,000

      

24,754

    

2.70%, 12/2/19

    

4,670

      

4,598

    

2.81%, 9/19/19

    

5,000

      

4,950

    
     

103,128

    
    Face
Amount
(000)		   Value
(000)		  

Domestic Bank (1.8%)

  

JP Morgan Securities LLC,

  

2.65%, 9/18/19

  

$

25,000

    

$

24,743

    

2.94%, 7/2/19

    

10,000

      

9,956

    

2.98%, 6/19/19

    

15,000

      

14,947

    
     

49,646

    

Food & Beverage (2.1%)

  

Coca-Cola Co.,

  

2.61%, 9/9/19

    

18,000

      

17,832

    

3.02%, 9/25/19

    

15,000

      

14,843

    

Nestle Cap Corp.

  

2.64%, 9/18/19

    

25,000

      

24,758

    
     

57,433

    

International Banks (9.4%)

  
BPCE SA,  

2.86%, 7/1/19

    

25,000

      

24,895

    

3.00%, 6/19/19 (b)

    

30,000

      

29,898

    

Credit Suisse AG

  

2.69%, 9/23/19 (b)

    

50,000

      

49,479

    

DBS Bank Ltd.,

  

2.64%, 9/19/19 - 9/25/19

    

65,000

      

64,324

    

2.94%, 6/20/19

    

15,000

      

14,947

    

Natixis NY

  

2.69%, 8/1/19

    

25,000

      

24,838

    

Skandinaviska Enskilda Banken AB

  

3.00%, 6/21/19

    

6,350

      

6,328

    

Sumitomo Mitsui Banking Corp.

  

2.84%, 6/20/19

    

25,000

      

24,912

    

Suncorp Group Ltd.,

  

2.61%, 10/16/19

    

10,000

      

9,871

    

2.64%, 10/8/19

    

10,000

      

9,878

    

Toronto Dominion Bank

  

2.84%, 10/18/19

    

1,300

      

1,284

    
     

260,654

    

Total Commercial Paper (Cost $739,441)

    

739,653

    

Corporate Bonds (1.0%)

  

International Banks (1.0%)

  

ABN AMRO Bank NV

  

1.80%, 9/20/19 (b)

    

5,773

      

5,752

    

ING Bank NV

  

2.50%, 10/1/19 (b)

    

1,205

      

1,204

    

Mizuho Bank Ltd.

  

2.65%, 9/25/19 (b)

    

7,808

      

7,807

    

Sumitomo Mitsui Trust Bank Ltd.

  

1.95%, 9/19/19 (b)

    

12,908

      

12,868

    

Total Corporate Bonds (Cost $27,631)

    

27,631

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Floating Rate Notes (c) (25.1%)

  

Asset-Backed Diversified Financial Services (0.7%)

  

Collateralized Commercial Paper FLEX Cp. LLC,

  
1 Month USD LIBOR + 0.17%,
2.65%, 1/27/20 (b)		  

$

10,000

    

$

9,999

    

Collateralized Commercial Paper II Co. LLC,

  
1 Month USD LIBOR + 0.33%,
2.82%, 7/23/19 (b)		    

10,000

      

10,006

    
     

20,005

    

Automobiles (0.5%)

  

Toyota Motor Credit Corp.,

  
1 Month USD LIBOR + 0.27%,
2.74%, 10/11/19		    

15,000

      

15,011

    
     

15,011

    

Domestic Banks (6.7%)

  

HSBC Bank USA NA,

  

1 Month USD LIBOR + 0.17%, 2.65%, 12/27/19

    

15,000

      

15,003

    

1 Month USD LIBOR + 0.19%, 2.67%, 6/24/19

    

5,000

      

5,001

    

1 Month USD LIBOR + 0.30%, 2.79%, 10/22/19

    

25,000

      

25,021

    

ING U.S. Funding LLC,

  

1 Month USD LIBOR + 0.17%, 2.66%, 1/3/20 (b)

    

50,000

      

50,000

    

1 Month USD LIBOR + 0.37%, 2.85%, 10/4/19

    

15,000

      

15,017

    

1 Month USD LIBOR + 0.37%, 2.87%, 10/1/19

    

25,000

      

25,029

    

U.S. Bank NA

  

2.78%, 7/24/19

    

40,000

      

40,025

    

Wells Fargo Bank NA,

  

3 Month USD LIBOR + 0.16%, 2.76%, 6/24/19

    

10,000

      

10,003

    
     

185,099

    

International Banks (17.2%)

  

ANZ New Zealand International Ltd.,

  
1 Month USD LIBOR + 0.31%, 2.82%,
6/21/19 (b)		    

5,000

      

5,002

    

ASB Finance Ltd. London,

  
1 Month USD LIBOR + 0.30%, 2.78%,
6/24/19 (b)		    

15,000

      

15,007

    

Bank of Montreal,

  

3 Month USD LIBOR + 0.33%, 2.93%, 6/12/19

    

5,000

      

5,002

    

Bank of Nova Scotia,

  

1 Month USD LIBOR + 0.38%, 2.85%, 12/9/19

    

10,000

      

10,016

    

Canadian Imperial Bank of Commerce,

  
1 Month USD LIBOR + 0.36%, 2.84%,
9/26/19 (b)		    

10,000

      

10,011

    

Credit Suisse AG,

  

SOFR + 0.24%, 2.72%, 10/1/19

    

35,000

      

35,009

    

SOFR + 0.43%, 2.86%, 5/2/19

    

5,000

      

5,000

    

SOFR + 0.45%, 2.88%, 7/12/19

    

10,000

      

10,006

    

SOFR + 0.45%, 2.89%, 7/12/19

    

10,000

      

10,006

    

HSBC Bank PLC,

  
3 Month USD LIBOR + 0.17%, 2.77%,
6/24/19 (b)		    

10,000

      

10,003

    
1 Month USD LIBOR + 0.30%, 2.79%,
7/22/19 (b)		    

8,000

      

8,005

    
3 Month USD LIBOR + 0.20%, 2.80%,
9/25/19 (b)		    

5,000

      

5,004

    
    Face
Amount
(000)		   Value
(000)		  

National Australia Bank Ltd.,

  
1 Month USD LIBOR + 0.33%, 2.81%,
9/24/19 (b)		  

$

10,000

    

$

10,009

    

Nordea Bank AB,

  

1 Month USD LIBOR + 0.18%, 2.66%, 6/25/19

    

15,000

      

15,002

    

3 Month USD LIBOR + 0.28%, 2.86%, 10/10/19

    

5,000

      

5,007

    

Royal Bank of Canada,

  

3 Month USD LIBOR + 0.06%, 2.66%, 6/24/19

    

15,000

      

15,002

    

3 Month USD LIBOR + 0.06%, 2.67%, 6/26/19

    

20,000

      

20,003

    

3 Month USD LIBOR + 0.07%, 2.68%, 6/26/19

    

15,000

      

15,002

    

3 Month USD LIBOR + 0.08%, 2.69%, 6/26/19

    

6,000

      

6,001

    

Sumitomo Mitsui Trust Bank Ltd.,

  
3 Month USD LIBOR + 0.91%, 3.51%,
10/18/19 (b)		    

3,700

      

3,714

    

Svenska Handelsbanken AB,

  

3 Month USD LIBOR + 0.07%, 2.67%, 6/28/19

    

10,000

      

10,002

    

3 Month USD LIBOR + 0.14%, 2.75%, 9/27/19

    

15,000

      

15,009

    

1 Month USD LIBOR + 0.30%, 2.78%, 6/24/19

    

15,000

      

15,006

    

1 Month USD LIBOR + 0.31%, 2.80%, 8/21/19

    

50,000

      

50,037

    

1 Month USD LIBOR + 0.31%, 2.80%, 8/23/19

    

1,900

      

1,901

    

Toronto Dominion Bank,

  
3 Month USD LIBOR + 0.07%, 2.68%,
6/26/19 (b)		    

15,000

      

15,002

    

1 Month USD LIBOR + 0.30%, 2.79%, 7/22/19

    

15,000

      

15,007

    
3 Month USD LIBOR + 0.20%, 2.80%,
9/25/19 (b)		    

10,000

      

10,008

    
1 Month USD LIBOR + 0.34%, 2.83%,
8/23/19 (b)		    

15,000

      

15,012

    

UBS AG London,

  
1 Month USD LIBOR + 0.16%, 2.64%,
1/17/20 (b)		    

20,000

      

19,999

    
1 Month USD LIBOR + 0.16%, 2.65%,
1/23/20 (b)		    

20,000

      

19,998

    
3 Month USD LIBOR + 0.10%, 2.70%,
6/24/19 (b)		    

35,000

      

35,005

    
1 Month USD LIBOR + 0.26%, 2.74%,
8/28/19 (b)		    

11,000

      

11,006

    
1 Month USD LIBOR + 0.42%, 2.91%,
6/20/19 (b)		    

10,761

      

10,768

    

Westpac Banking Corp.,

  
1 Month USD LIBOR + 0.33%, 2.81%,
9/18/19 (b)		    

15,000

      

15,014

    
     

476,585

    

Total Floating Rate Notes (Cost $696,388)

    

696,700

    

Repurchase Agreements (30.3%)

  
ABN Amro Securities LLC, (2.52%, dated 4/30/19,
due 5/1/19; proceeds $15,001; fully
collateralized by a U.S. Government agency
security, 4.00% due 12/1/40 and various
Corporate Bonds, 0.88% - 8.00%
due 7/12/19 - 12/1/48 (d); valued at $15,748)		    

15,000

      

15,000

    
BMO Capital Markets Corp., (2.52%,
dated 3/21/19, due 6/20/19; proceeds
$25,159; fully collateralized by various
Corporate Bonds, 1.50% - 9.40%
due 7/29/19 - 10/17/96 (d); valued at
$26,250) (Demand 5/7/19)		    

25,000

      

25,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
BMO Capital Markets Corp., (2.52%, dated 4/8/19,
due 5/8/19; proceeds $35,074; fully
collateralized by a U.S. Government agency
security, 0.00% due 10/9/19 and various
Corporate Bonds, 1.25% - 8.25%
due 6/17/19 - 10/17/96 (d);
valued at $36,739) (Demand 5/7/19)		  

$

35,000

    

$

35,000

    
BMO Capital Markets Corp., (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$62,004; fully collateralized by a
U.S. Government agency security, 0.00%
due 10/9/19 and various Corporate Bonds,
1.25% - 9.25% due 6/17/19 - 10/17/96 (d);
valued at $65,126)		    

62,000

      

62,000

    
BNP Paribas Prime Brokerage, Inc., (2.65%,
dated 4/30/19, due 5/1/19; proceeds
$81,006; fully collateralized by various
Corporate Bonds, 4.75% - 12.50%
due 10/1/19 - 3/1/27 (d); valued at $85,987)		    

81,000

      

81,000

    
BNP Paribas Prime Brokerage, Inc., (2.86% (c),
dated 3/12/19, due 3/16/20; proceeds
$36,029; fully collateralized by various
Corporate Bonds, 4.75% - 10.50%
due 5/1/20 - 1/27/28 (d); valued at $37,089)
(Demand 6/12/19)		    

35,000

      

35,000

    
BNP Paribas Prime Brokerage, Inc., (2.95% (c),
dated 4/18/19, due 1/21/20; proceeds
$20,456; fully collateralized by various
Corporate Bonds, 5.07% - 13.00%
due 12/15/20 - 5/1/67; valued at $21,665)
(Demand 5/1/19)		    

20,000

      

20,000

    
HSBC Securities USA, Inc., (2.62%, dated 4/30/19,
due 5/1/19; proceeds $29,002; fully
collateralized by various Corporate Bonds,
5.13% - 7.50% due 2/15/24 - 4/1/37;
valued at $30,695)		    

29,000

      

29,000

    
ING Financial Markets LLC, (2.52%, dated 4/30/19,
due 5/1/19; proceeds $37,003; fully
collateralized by various Corporate Bonds,
1.63% - 5.88% due 8/12/19 - 11/15/48 (d);
valued at $38,863)		    

37,000

      

37,000

    
ING Financial Markets LLC, (2.62%, dated 4/30/19,
due 5/1/19; proceeds $10,001; fully
collateralized by various Corporate Bonds,
5.30% - 6.00% due 1/27/25 - 1/27/28;
valued at $10,563)		    

10,000

      

10,000

    
JP Morgan Securities LLC, (2.99% (c), dated 4/5/19,
due 12/2/19; proceeds $14,280; fully
collateralized by various Corporate Bonds,
4.88% - 12.50% due 1/15/21 - 5/15/27 ;
valued at $14,872) (Demand 5/6/19)		    

14,000

      

14,000

    
JP Morgan Securities LLC, (2.99% (c),
dated 4/22/18, due 7/22/19; proceeds
$10,076; fully collateralized by various
Corporate Bonds, 4.50% - 12.50%
due 10/1/20 - 9/30/27; valued at $10,608)
(Demand 5/24/19)		    

10,000

      

10,000

    
    Face
Amount
(000)		   Value
(000)		  
JP Morgan Securities LLC, (3.00% (c),
dated 4/22/19, due 7/22/19; proceeds
$10,076; fully collateralized by various
Corporate Bonds, 4.88% - 12.50%
due 4/15/21 - 6/15/26; valued at $10,555)
(Demand 5/23/19)		  

$

10,000

    

$

10,000

    
Merrill Lynch Pierce Fenner & Smith, (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$50,004; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $52,500)		    

50,000

      

50,000

    
Merrill Lynch Pierce Fenner & Smith, (2.62%,
dated 4/30/19, due 5/1/19; proceeds
$15,001; fully collateralized by various
Corporate Bonds, 4.75% - 7.13%
due 5/1/21 - 5/1/23; valued at $15,818)		    

15,000

      

15,000

    
Mizuho Securities USA, Inc., (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$25,002; fully collateralized by a U.S.
Government obligation, 3.00% due 10/31/25
and various Common Stocks and Preferred
Stocks; valued at $25,927)		    

25,000

      

25,000

    
Natixis SA, (Interest in $2,200,000 joint repurchase
agreement, 2.77% dated 4/30/19 under which
Natixis SA, will repurchase the securities provided
as collateral for $2,200,169 on 5/1/19.
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 11/1/48; valued at
$2,252,901)		    

156,000

      

156,000

    
RBC Capital Markets LLC, (2.52%, dated 4/25/19,
due 5/2/19; proceeds $20,010; fully
collateralized by various U.S. Government
agency securities, 2.60% - 4.50%
due 8/1/22 - 10/20/48 and various
Corporate Bonds, 1.80% - 5.80%
due 7/13/21 - 11/15/45; valued at $20,803)		    

20,000

      

20,000

    
Scotia Capital USA, Inc., (2.62%, dated 4/30/19,
due 5/1/19; proceeds $100,007; fully
collateralized by various Corporate Bonds,
3.75% - 8.38% due 6/1/19 - 9/15/24;
valued at $106,038)		    

100,000

      

100,000

    
SG Americas Securities, (2.53%, dated 4/30/19,
due 5/1/19; proceeds $15,001; fully
collateralized by a Convertible Bond, 3.25%
due 8/1/39 and various Common Stocks;
valued at $15,807)		    

15,000

      

15,000

    
Wells Fargo Securities LLC, (2.52%, dated 4/30/19,
due 5/1/19; proceeds $27,002; fully
collateralized by various Corporate Bonds,
1.50% - 6.63% due 10/18/19 - 5/15/44;
valued at $28,350)		    

27,000

      

27,000

    
Wells Fargo Securities LLC, (2.57%, dated 4/30/19,
due 5/1/19; proceeds $5,000; fully
collateralized by various Common Stocks and
Preferred Stocks; valued at $5,250)		    

5,000

      

5,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Wells Fargo Securities LLC, (Interest in $1,165,000
joint repurchase agreement, 2.77% dated
4/30/19 under which Wells Fargo Securities LLC,
will repurchase the securities provided as
collateral for $1,165,090 on 5/1/19. 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 11/1/48 (d);
valued at $1,200,071)		  

$

1,000

    

$

1,000

    
Wells Fargo Securities LLC, (2.81%, dated 3/19/19,
due 6/19/19; proceeds $20,144; fully
collateralized by various Corporate Bonds,
3.75% - 5.40% due 1/14/20 - 8/1/25;
valued at $21,048)		    

20,000

      

20,000

    
Wells Fargo Securities LLC, (3.01%, dated 3/20/19,
due 6/20/19; proceeds $25,192; fully
collateralized by various Corporate Bonds,
4.25% - 11.25% due 6/1/21 - 2/1/29 (d);
valued at $26,500)		    

25,000

      

25,000

    

Total Repurchase Agreements (Cost $842,000)

    

842,000

    

Time Deposits (13.8%)

  

Domestic Bank (5.0%)

  

Bank of New York Mellon (The)

  

2.38%, 5/1/19

    

138,000

      

138,000

    

International Banks (8.8%)

  

Credit Agricole CIB (Grand Cayman)

  

2.38%, 5/1/19

    

138,000

      

138,000

    

Mizuho Bank Ltd.

  

2.44%, 5/1/19

    

106,000

      

106,000

    
     

244,000

    

Total Time Deposits (Cost $382,000)

    

382,000

    

Total Investments (99.3%) (Cost $2,757,683) (e)

    

2,758,248

    

Other Assets in Excess of Liabilities (0.7%)

    

18,619

    

Net Assets (100.0%)

  

$

2,776,867

    

(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, 2019. 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, 2019.

(e)  At April 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $597,000 and the aggregate gross unrealized depreciation is approximately $32,000, resulting in net unrealized appreciation of approximately $565,000.

LIBOR  London Interbank Offered Rate.

SOFR  Secured Overnight Financing Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

30.5

%

  

Commercial Paper

    

26.8

    

Floating Rate Notes

    

25.3

    

Time Deposits

    

13.9

    

Other*

    

3.5

    

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.
9


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (1.8%)

  

Domestic Banks (1.8%)

  

Citibank NA

  

2.62%, 9/18/19

  

$

50,000

    

$

50,008

    

HSBC Bank USA NA,

  

2.65%, 9/18/19

    

85,000

      

85,010

    

2.78%, 9/4/19

    

63,825

      

63,852

    

Total Certificates of Deposit (Cost $198,832)

    

198,870

    

Commercial Paper (a) (23.8%)

  

Asset-Backed Diversified Financial Services (1.9%)

  

Collateralized Commercial Paper Co. LLC

  

2.64%, 12/20/19

    

20,000

      

19,656

    

Collateralized Commercial Paper FLEX Cp. LLC,

  

2.68%, 9/18/19

    

47,362

      

46,883

    

2.72%, 12/19/19

    

35,000

      

34,402

    

Collateralized Commercial Paper II Co. LLC

  

2.96%, 9/19/19

    

105,000

      

103,931

    
     

204,872

    

Asset-Backed Insurance (4.5%)

  

MetLife Short Term Funding LLC,

  

2.69%, 7/9/19

    

141,000

      

140,310

    

2.70%, 8/12/19 - 8/19/19

    

42,900

      

42,570

    

2.75%, 6/17/19 - 6/24/19

    

221,000

      

220,207

    

2.76%, 7/15/19

    

25,000

      

24,867

    

2.78%, 7/22/19

    

60,000

      

59,649

    
     

487,603

    

Automobiles (1.3%)

  

Toyota Motor Credit Corp.,

  

2.70%, 8/27/19 - 8/28/19

    

140,000

      

138,845

    

Computer Technology (1.3%)

  

Apple, Inc.

  

2.79%, 9/16/19

    

135,000

      

133,682

    

Diversified Financial Services (3.8%)

  

Citigroup Global Markets, Inc.

  

2.65%, 12/19/19

    

80,000

      

78,649

    

National Securities Clearing Corp.

  

2.68%, 7/1/19

    

50,000

      

49,787

    

Ontario Teachers Financial Trust,

  

2.60%, 11/4/19 - 12/11/19

    

75,000

      

73,934

    

2.61%, 9/17/19 - 1/10/20

    

125,000

      

123,560

    

2.63%, 9/23/19

    

59,000

      

58,394

    

2.81%, 9/19/19

    

15,000

      

14,850

    

2.84%, 8/7/19

    

15,000

      

14,897

    
     

414,071

    

Domestic Bank (0.9%)

  

JP Morgan Securities LLC

  

2.94%, 7/2/19

    

100,000

      

99,557

    

Food & Beverage (0.8%)

  

Nestle Cap Corp.

  

2.64%, 9/18/19

    

90,000

      

89,129

    
    Face
Amount
(000)		   Value
(000)		  

International Banks (9.3%)

  
BPCE SA,  

2.86%, 7/1/19

  

$

120,000

    

$

119,495

    

3.00%, 6/19/19 (b)

    

35,000

      

34,882

    

Credit Suisse AG

  

2.69%, 9/23/19 (b)

    

125,000

      

123,696

    

DBS Bank Ltd.,

  

2.64%, 9/19/19 - 9/25/19

    

335,000

      

331,498

    

2.94%, 6/20/19

    

85,000

      

84,698

    

Natixis NY

  

2.69%, 8/1/19

    

125,000

      

124,190

    

Sumitomo Mitsui Banking Corp.

  

2.84%, 6/20/19

    

125,000

      

124,561

    

Suncorp Group Ltd.

  

2.64%, 10/8/19

    

50,000

      

49,388

    

Suncorp-Metway Ltd.

  

2.76%, 7/29/19

    

13,000

      

12,913

    
     

1,005,321

    

Total Commercial Paper (Cost $2,572,316)

    

2,573,080

    

Corporate Bonds (0.5%)

  

International Banks (0.5%)

  

ANZ New Zealand International Ltd.

  

2.60%, 9/23/19 (b)

    

40,120

      

40,102

    

Commonwealth Bank of Australia

  

2.30%, 9/6/19

    

16,964

      

16,946

    

Total Corporate Bonds (Cost $57,034)

    

57,048

    

Floating Rate Notes (c) (28.2%)

  

Asset-Backed Diversified Financial Services (0.7%)

  

Collateralized Commercial Paper FLEX Cp. LLC,

  
1 Month USD LIBOR + 0.17%,
2.65%, 1/27/20 (b)		    

75,000

      

74,992

    

Automobiles (1.0%)

  

Toyota Credit Canada, Inc.,

  

1 Month USD LIBOR + 0.17%, 2.64%, 1/3/20

    

50,000

      

49,996

    

Toyota Motor Credit Corp.,

  
1 Month USD LIBOR + 0.27%,
2.74%, 10/11/19		    

60,000

      

60,044

    
     

110,040

    

Domestic Banks (7.9%)

  

HSBC Bank USA NA,

  
1 Month USD LIBOR + 0.17%,
2.65%, 12/27/19		    

105,000

      

105,020

    

1 Month USD LIBOR + 0.19%, 2.67%, 6/24/19

    

30,000

      

30,009

    

3 Month USD LIBOR + 0.08%, 2.68%, 6/24/19

    

50,000

      

50,007

    
1 Month USD LIBOR + 0.30%,
2.79%, 10/22/19		    

75,000

      

75,062

    

ING U.S. Funding LLC,

  
1 Month USD LIBOR + 0.17%,
2.66%, 1/3/20 (b)		    

150,000

      

149,999

    

1 Month USD LIBOR + 0.37%, 2.85%, 10/4/19

    

50,000

      

50,058

    

1 Month USD LIBOR + 0.37%, 2.87%, 10/1/19

    

125,000

      

125,143

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Domestic Banks (cont'd)

  

U.S. Bank NA,

  

2.75%, 7/23/19

  

$

50,000

    

$

50,019

    

2.78%, 7/24/19

    

135,000

      

135,083

    

Wells Fargo Bank NA,

  

3 Month USD LIBOR + 0.16%, 2.76%, 6/24/19

    

80,000

      

80,028

    
     

850,428

    

International Banks (18.6%)

  

ANZ New Zealand International Ltd.,

  
1 Month USD LIBOR + 0.31%,
2.82%, 6/21/19 (b)		    

45,000

      

45,021

    

ASB Finance Ltd. London,

  
1 Month USD LIBOR + 0.30%,
2.78%, 6/24/19 (b)		    

80,000

      

80,037

    

Bank of Montreal,

  

3 Month USD LIBOR + 0.33%, 2.93%, 6/12/19

    

25,000

      

25,009

    

Bank of Nova Scotia,

  

1 Month USD LIBOR + 0.38%, 2.85%, 12/9/19

    

40,000

      

40,063

    

Canadian Imperial Bank of Commerce,

  
1 Month USD LIBOR + 0.36%,
2.84%, 9/26/19 (b)		    

65,000

      

65,072

    
1 Month USD LIBOR + 0.35%,
2.85%, 10/1/19 (b)		    

50,000

      

50,055

    

3 Month USD LIBOR + 0.41%, 3.04%, 9/20/19

    

33,800

      

33,850

    

Credit Suisse AG,

  

SOFR + 0.45%, 2.88%, 7/12/19

    

145,000

      

145,091

    

SOFR + 0.45%, 2.89%, 7/12/19

    

100,000

      

100,063

    

HSBC Bank PLC,

  
3 Month USD LIBOR + 0.17%,
2.77%, 6/24/19 (b)		    

35,000

      

35,010

    
1 Month USD LIBOR + 0.30%,
2.79%, 7/22/19 (b)		    

42,000

      

42,026

    
3 Month USD LIBOR + 0.20%,
2.80%, 9/25/19 (b)		    

30,000

      

30,024

    

National Australia Bank Ltd.,

  
1 Month USD LIBOR + 0.33%,
2.81%, 9/24/19 (b)		    

75,000

      

75,070

    

Nordea Bank AB,

  

1 Month USD LIBOR + 0.18%, 2.66%, 6/25/19

    

85,000

      

85,012

    

Royal Bank of Canada,

  

3 Month USD LIBOR + 0.06%, 2.66%, 6/24/19

    

135,000

      

135,017

    

3 Month USD LIBOR + 0.08%, 2.69%, 6/26/19

    

44,000

      

44,007

    

Svenska Handelsbanken AB,

  

3 Month USD LIBOR + 0.07%, 2.67%, 6/28/19

    

40,000

      

40,007

    

3 Month USD LIBOR + 0.14%, 2.75%, 9/27/19

    

50,000

      

50,031

    

1 Month USD LIBOR + 0.30%, 2.78%, 6/24/19

    

75,000

      

75,030

    

1 Month USD LIBOR + 0.31%, 2.80%, 8/21/19

    

225,000

      

225,165

    

Toronto Dominion Bank,

  

1 Month USD LIBOR + 0.30%, 2.79%, 7/22/19

    

100,000

      

100,048

    
3 Month USD LIBOR + 0.20%,
2.80%, 9/25/19 (b)		    

50,000

      

50,040

    
1 Month USD LIBOR + 0.34%,
2.83%, 8/23/19 (b)		    

65,000

      

65,054

    
    Face
Amount
(000)		   Value
(000)		  

UBS AG London,

  
1 Month USD LIBOR + 0.16%,
2.64%, 1/17/20 (b)		  

$

80,000

    

$

79,997

    
1 Month USD LIBOR + 0.16%,
2.65%, 1/23/20 (b)		    

80,000

      

79,993

    
3 Month USD LIBOR + 0.10%,
2.70%, 6/24/19 (b)		    

150,000

      

150,022

    

Westpac Banking Corp.,

  
1 Month USD LIBOR + 0.33%,
2.81%, 9/18/19 (b)		    

65,000

      

65,059

    
     

2,010,873

    

Total Floating Rate Notes (Cost $3,044,887)

    

3,046,333

    

Repurchase Agreements (33.5%)

  
ABN AMRO Securities LLC, (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$50,004; fully collateralized by various
U.S. Government agency securities,
3.50% - 4.00% due 12/1/40 - 5/20/48 and
various Corporate Bonds, 0.88% - 8.00%
due 5/2/19 - 9/1/50 (d); valued at $52,314)		    

50,000

      

50,000

    
BMO Capital Markets Corp., (2.52%,
dated 3/21/19, due 6/20/19; proceeds
$125,796; fully collateralized by a U.S.
Government agency security, 0.00%
due 10/9/19 and various Corporate Bonds,
1.45% - 9.40% due 6/14/19 - 10/17/96 (d);
valued at $131,268) (Demand 5/7/19)		    

125,000

      

125,000

    
BMO Capital Markets Corp., (2.52%,
dated 4/8/19, due 5/8/19; proceeds
$115,242; fully collateralized by a U.S.
Government agency security, 0.00%
due 10/9/19 and various Corporate Bonds,
1.25% - 8.75% due 6/14/19 - 10/17/96 (d);
valued at $120,720) (Demand 5/7/19)		    

115,000

      

115,000

    
BMO Capital Markets Corp., (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$53,004; fully collateralized by a U.S.
Government agency security, 0.00%
due 10/9/19 and various Corporate Bonds,
1.25% - 9.25% due 6/7/19 - 2/1/45 (d);
valued at $55,670)		    

53,000

      

53,000

    
BNP Paribas Prime Brokerage, Inc., (2.65%,
dated 4/30/19, due 5/1/19; proceeds
$294,022; fully collateralized by various
Corporate Bonds, 3.95% - 13.00%
due 10/1/19 - 11/1/41 (d);
valued at $311,846)		    

294,000

      

294,000

    
BNP Paribas Prime Brokerage, Inc., (2.95% (c),
dated 4/18/19, due 1/21/20; proceeds
$71,595; fully collateralized by various
Corporate Bonds, 3.95% - 11.88%
due 3/25/20 - 4/8/68; valued at $76,032)
(Demand 5/1/19)		    

70,000

      

70,000

    
BNP Paribas Securities Corp., (2.86% (c),
dated 3/14/19, due 3/16/20; proceeds
$164,683; fully collateralized by various
Corporate Bonds, 3.88% - 10.13%
due 5/13/19 - 12/15/41 (d);
valued at $169,691) (Demand 6/12/19)		    

160,000

      

160,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
HSBC Securities USA, Inc., (2.62%, dated 4/30/19,
due 5/1/19; proceeds $15,001; fully
collateralized by various Corporate Bonds,
6.25% - 7.50% due 2/15/24 - 6/15/25;
valued at $15,916)		  

$

15,000

    

$

15,000

    
ING Financial Markets LLC, (2.52%, dated 4/30/19,
due 5/1/19; proceeds $170,012; fully
collateralized by a U.S. Government agency
security, 4.00% due 6/1/48 and various
Corporate Bonds, 1.63% - 7.88%
due 6/17/19 - 4/1/54; valued at $178,520)		    

170,000

      

170,000

    
ING Financial Markets LLC, (2.62%, dated 4/30/19,
due 5/1/19; proceeds $40,003; fully
collateralized by various Corporate Bonds,
5.30% - 6.00% due 10/27/21 - 1/27/28;
valued at $42,380)		    

40,000

      

40,000

    
JP Morgan Securities LLC, (2.99% (c), dated 4/5/19,
due 12/2/19; proceeds $61,200; fully
collateralized by various Corporate Bonds,
4.00% - 9.88% due 5/1/19 - 9/15/39;
valued at $63,702) (Demand 5/6/19)		    

60,000

      

60,000

    
JP Morgan Securities LLC, (2.99% (c),
dated 4/22/19, due 7/22/19; proceeds
$40,302; fully collateralized by various
Corporate Bonds, 5.38% - 12.50%
due 7/1/22 - 6/15/24; valued at $42,402)
(Demand 5/24/19)		    

40,000

      

40,000

    
JP Morgan Securities LLC, (3.00% (c),
dated 4/22/19, due 7/22/19; proceeds
$60,455; fully collateralized by various
Corporate Bonds, 5.75% - 9.25%
due 10/15/20 - 4/15/25; valued at $63,596)
(Demand 5/23/19)		    

60,000

      

60,000

    
Merrill Lynch Pierce Fenner & Smith, Inc.,
(2.52%, dated 4/30/19, due 5/1/19; proceeds
$190,013; fully collateralized by various
Common Stocks; valued at $199,500)		    

190,000

      

190,000

    
Merrill Lynch Pierce Fenner & Smith, Inc.,
(2.62%, dated 4/30/19, due 5/1/19; proceeds
$60,004; fully collateralized by various
Corporate Bonds, 4.00% - 8.38%
due 6/24/19 - 5/1/27; valued at $63,600)		    

60,000

      

60,000

    
Mizuho Securities USA LLC, (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$100,007; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $105,000)		    

100,000

      

100,000

    
Natixis SA, (Interest in $1,124,000 joint repurchase
agreement, 2.77% dated 4/30/19 under which
Natixis SA, will repurchase the securities
provided as collateral for $1,124,086 on
5/1/19. 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 11/1/48;
valued at $2,252,901)		    

1,124,000

      

1,124,000

    
    Face
Amount
(000)		   Value
(000)		  
RBC Capital Markets LLC, (2.52%, dated 4/25/19,
due 5/2/19; proceeds $100,049; fully
collateralized by various U.S. Government
agency securities, 3.50% - 5.00%
due 11/1/47 - 10/20/48 and various
Corporate Bonds, 2.02% - 9.63%
due 5/3/19 - 3/15/50; valued at $104,648)
(Demand 5/1/19)		  

$

100,000

    

$

100,000

    
Scotia Capital USA, Inc., (2.62%, dated 4/30/19,
due 5/1/19; proceeds $400,029; fully
collateralized by various Corporate Bonds,
2.95% - 8.38% due 6/1/19 - 3/15/25;
valued at $423,847)		    

400,000

      

400,000

    
SG Americas Securities LLC, (2.53%,
dated 4/30/19, due 5/1/19; proceeds
$127,009; fully collateralized by various
Common Stocks and a Preferred Stock;
valued at $133,350)		    

127,000

      

127,000

    
Wells Fargo Securities LLC, (2.52%,
dated 4/30/19, due 5/1/19; proceeds
$73,005; fully collateralized by various
Corporate Bonds, 2.20% - 6.00%
due 5/15/19 - 7/1/47; valued at $76,685)		    

73,000

      

73,000

    
Wells Fargo Securities LLC, (2.57%,
dated 4/30/19, due 5/1/19; proceeds
$44,003; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $46,200)		    

44,000

      

44,000

    
Wells Fargo Securities LLC, (Interest in
$1,165,000 joint repurchase agreement,
2.77% dated 4/30/19 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$1,165,090 on 5/1/19. 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 11/1/48;
valued at $1,200,071)		    

1,000

      

1,000

    
Wells Fargo Securities LLC, (2.81%,
dated 3/19/19, due 6/19/19; proceeds
$90,646; fully collateralized by various
Corporate Bonds, 1.40% - 5.40%
due 5/20/19 - 3/5/29; valued at $94,508)		    

90,000

      

90,000

    
Wells Fargo Securities LLC, (3.01%,
dated 3/20/19, due 6/20/19; proceeds
$60,462; fully collateralized by various
Corporate Bonds, 0.00% - 9.75%
due 5/13/19 - 12/1/45 (d);
valued at $63,120)		    

60,000

      

60,000

    

Total Repurchase Agreements (Cost $3,621,000)

    

3,621,000

    

Time Deposits (11.5%)

  

Domestic Bank (5.0%)

  

Bank of New York Mellon (The)

  

2.38%, 5/1/19

    

541,000

      

541,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (6.5%)

  

Credit Agricole CIB (Grand Cayman)

  

2.38%, 5/1/19

  

$

541,000

    

$

541,000

    

Mizuho Bank Ltd.

  

2.44%, 5/1/19

    

162,000

      

162,000

    
     

703,000

    

Total Time Deposits (Cost $1,244,000)

    

1,244,000

    

Total Investments (99.3%) (Cost $10,738,069) (e)

    

10,740,331

    

Other Assets in Excess of Liabilities (0.7%)

    

80,460

    

Net Assets (100.0%)

  

$

10,820,791

    

(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, 2019. 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, 2019.

(e)  At April 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,354,000 and the aggregate gross unrealized depreciation is approximately $92,000, resulting in net unrealized appreciation of approximately $2,262,000.

LIBOR  London Interbank Offered Rate.

SOFR  Secured Overnight Financing Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

33.7

%

  

Floating Rate Notes

    

28.4

    

Commercial Paper

    

24.0

    

Time Deposits

    

11.6

    

Other*

    

2.3

    

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.
13


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (59.5%)

  
ABN Amro Securities LLC, (Interest in $600,000
joint repurchase agreement, 2.76% dated
4/30/19 under which ABN Amro Securities
LLC, will repurchase the securities provided
as collateral for $600,046 on 5/1/19. 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 10/1/48;
valued at $618,172)		  

$

451,000

    

$

451,000

    
Bank of America NA, (2.75%, dated 4/30/19,
due 5/1/19; proceeds $100,008; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50% due
5/20/43 - 1/20/47; valued at $102,957)		    

100,000

      

100,000

    
Bank of Montreal, (2.44%, dated 4/30/19,
due 6/28/19; proceeds $251,000; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.00% due 5/23/19 -
2/15/46 (a); valued at $254,897)
(Demand 5/7/19)		    

250,000

      

250,000

    
Bank of Montreal, (2.55%, dated 4/25/19,
due 7/24/19; proceeds $35,223; fully
collateralized by various U.S. Government
agency securities, 1.54% - 4.00% due
8/25/24 - 8/20/68; valued at $36,750)
(Demand 5/7/19)		    

35,000

      

35,000

    
Barclays Bank PLC, (2.50% (b), dated 3/6/19,
due 5/7/19; proceeds $200,861; fully
collateralized by various U.S. Government
agency securities, 0.00% - 4.50% due
4/20/36 - 8/20/64 (a); valued at $210,435)
(Demand 5/1/19)		    

200,000

      

200,000

    
BMO Capital Markets Corp., (2.55%, dated
4/18/19, due 5/20/19; proceeds $50,113;
fully collateralized by various U.S. Government
agency securities, 0.00% - 9.00% due
3/15/21 - 3/20/69 (a); valued at $52,497)
(Demand 5/7/19)		    

50,000

      

50,000

    
BMO Capital Markets Corp., (2.55%, dated
4/25/19, due 7/24/19; proceeds $150,956;
fully collateralized by various U.S. Government
agency securities, 0.00% - 12.68% due
11/1/22 - 3/20/69 (a); valued at $157,083)
(Demand 5/7/19)		    

150,000

      

150,000

    
BNP Paribas, (2.45%, dated 2/7/19, due
5/1/19; proceeds $351,977; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.38% due 5/23/19 -
5/15/48; valued at $356,570)		    

350,000

      

350,000

    
BNP Paribas, (2.46%, dated 2/6/19, due
5/1/19; proceeds $502,870; fully
collateralized by various U.S. Government
agency securities, 0.00% - 6.00%
due 5/1/25 - 6/1/51 and U.S. Government
obligations, 0.00% - 8.13% due 5/16/19 -
8/15/48 (a); valued at $512,985)		    

500,000

      

500,000

    
    Face
Amount
(000)		   Value
(000)		  
BNP Paribas, (2.46%, dated 3/21/19, due
6/20/19; proceeds $150,933; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.88% due 5/23/19 -
2/15/46; valued at $153,133)
(Demand 5/7/19)		  

$

150,000

    

$

150,000

    
BNP Paribas, (2.46%, dated 4/22/19, due
7/22/19; proceeds $251,555; fully
collateralized by a U.S. Government agency
security, 5.00% due 6/20/48 and various
U.S. Government obligations, 0.00% - 8.75%
due 8/22/19 - 5/15/45 (a); valued at
$257,252) (Demand 5/7/19)		    

250,000

      

250,000

    
BNP Paribas, (2.47%, dated 3/21/19, due
6/20/19; proceeds $1,006,244; fully
collateralized by various U.S. Government
agency securities, 0.00% - 7.50% due
10/1/19 - 9/20/48 and U.S. Government
obligations, 0.00% - 8.75% due 5/16/19 -
8/15/48; valued at $1,020,785)
(Demand 5/7/19)		    

1,000,000

      

1,000,000

    
BNP Paribas, (2.54% (b), dated 11/19/18,
due 6/4/19; proceeds $101,390; fully
collateralized by various U.S. Government
agency securities, 0.00% - 7.00% due
9/1/26 - 11/20/48 (a); valued at $104,054)
(Demand 5/1/19)		    

100,000

      

100,000

    
BNP Paribas, (Interest in $1,900,000 joint
repurchase agreement, 2.75% dated 4/30/19
under which BNP Paribas, will repurchase the
securities provided as collateral for
$1,900,145 on 5/1/19. 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 2/15/48; valued at
$1,937,020)		    

1,500,000

      

1,500,000

    
BNP Paribas, (Interest in $350,000 joint
repurchase agreement, 2.77% dated 4/30/19
under which BNP Paribas, will repurchase the
securities provided as collateral for $350,027
on 5/1/19. 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 10/1/48; valued at $360,596)		    

350,000

      

350,000

    
Canadian Imperial Bank of Commerce, (2.45%,
dated 2/8/19, due 5/1/19; proceeds
$201,116; fully collateralized by various U.S.
Government obligations, 0.00% - 6.25%
due 12/31/20 - 2/15/48; valued at $204,013)		    

200,000

      

200,000

    
Canadian Imperial Bank of Commerce, (2.47%,
dated 3/21/19, due 5/20/19; proceeds
$677,779; fully collateralized by various U.S.
Government agency securities, 3.00% - 5.00%
due 10/1/28 - 12/1/48 and a U.S.
Government obligation, 2.50% due 2/28/26;
valued at $695,735) (Demand 5/7/19)		    

675,000

      

675,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Citibank NA, (2.45%, dated 4/25/19, due 5/2/19;
proceeds $500,238; fully collateralized by
various U.S. Government agency securities,
0.00% - 8.50% due 5/30/19 - 4/1/56 and
U.S. Government obligations, 0.00% - 8.75%
due 7/18/19 - 2/15/47 (a); valued at
$510,234)		  

$

500,000

    

$

500,000

    
Credit Agricole Corp., (2.45%, dated 4/25/19,
due 5/2/19; proceeds $150,071; fully
collateralized by various U.S. Government
agency securities, 3.50% - 4.00% due
10/1/46 - 8/1/47; valued at $154,448)		    

150,000

      

150,000

    
Credit Agricole Corp., (2.72%, dated 4/30/19,
due 5/1/19; proceeds $144,011; fully
collateralized by various U.S. Government
obligations, 0.13% - 2.63% due 4/15/20 -
6/30/23; valued at $147,274)		    

144,000

      

144,000

    
Credit Agricole Corp., (Interest in $2,300,000
joint repurchase agreement, 2.72% dated
4/30/19 under which Credit Agricole Corp.,
will repurchase the securities provided as
collateral for $2,300,174 on 5/1/19. The
securities provided as collateral at the end of
the period held with BNY Mellon, triparty
agent, were various U.S. Government
obligations with various maturities to 1/15/27;
valued at $2,344,481)		    

1,700,000

      

1,700,000

    
Credit Agricole Corp., (Interest in $850,000 joint
repurchase agreement, 2.75% dated 4/30/19
under which Credit Agricole Corp., will
repurchase the securities provided as
collateral for $850,065 on 5/1/19. The
securities provided as collateral at the end of
the period held with BNY Mellon, triparty agent,
were various U.S. Government agency
securities with various maturities to 11/1/48;
valued at $874,432)		    

787,000

      

787,000

    
Credit Suisse Securities USA, (2.45%, dated
4/26/19, due 5/3/19; proceeds $200,095;
fully collateralized by various U.S. Government
agency securities, 2.00% - 6.50% due
5/20/29 - 12/20/48 and U.S. Government
obligations, 0.00% - 1.38% due 6/20/19 -
11/15/33 (a); valued at $206,439)		    

200,000

      

200,000

    
Daiwa Capital Markets America, Inc., (2.45%,
dated 4/25/19, due 5/2/19; proceeds
$2,000,953; fully collateralized by various
U.S. Government agency securities, 0.00% -
6.50% due 6/21/19 - 12/1/48 and U.S.
Government obligations, 0.00% - 6.50%
due 5/15/19 - 5/15/47 (a); valued at
$2,050,873)		    

2,000,000

      

2,000,000

    
Fixed Income Clearing Corp., (2.30%, dated
4/30/19, due 5/1/19; proceeds $575,037;
fully collateralized by various U.S. Government
obligations, 1.38% - 2.88% due 11/20/15 -
11/30/20; valued at $586,502)		    

575,000

      

575,000

    
Fixed Income Clearing Corp., (2.75%, dated
4/30/19, due 5/1/19; proceeds $1,900,145;
fully collateralized by various U.S. Government
obligations, 2.00% - 3.00% due 3/31/25 -
10/31/25; valued at $1,938,001)		    

1,900,000

      

1,900,000

    
    Face
Amount
(000)		   Value
(000)		  
Goldman Sachs & Co. LLC, (2.50%, dated
4/30/19, due 5/7/19; proceeds $100,049;
fully collateralized by various U.S. Government
agency securities, 2.50% - 8.50% due
7/1/24 - 9/1/48 (a); valued at $102,012)		  

$

100,000

    

$

100,000

    
ING Financial Markets LLC, (2.51%, dated
3/21/19, due 6/19/19; proceeds $402,510;
fully collateralized by various U.S. Government
agency securities, 2.24% - 7.00% due
4/1/20 - 7/1/52 (a); valued at $412,202)		    

400,000

      

400,000

    
ING Financial Markets LLC, (2.51%, dated
3/21/19, due 6/19/19; proceeds $503,138;
fully collateralized by various U.S. Government
agency securities, 2.50% - 6.50% due
7/1/24 - 11/1/48 (a); valued at $515,060)		    

500,000

      

500,000

    
ING Financial Markets LLC, (2.51%, dated
3/22/19, due 6/20/19; proceeds $201,255;
fully collateralized by various U.S. Government
agency securities, 2.50% - 5.00% due
6/1/27 - 4/1/52 (a); valued at $206,125)		    

200,000

      

200,000

    
ING Financial Markets LLC, (2.51%, dated
3/27/19, due 9/19/19; proceeds $227,761;
fully collateralized by various U.S. Government
agency securities, 3.00% - 7.00% due
12/1/25 - 7/1/56 (a); valued at $231,718)		    

225,000

      

225,000

    
JP Morgan Securities LLC, (2.45%, dated
4/25/19, due 5/2/19; proceeds $1,500,715;
fully collateralized by various U.S. Government
agency securities, 0.00% - 7.50% due
7/26/19 - 5/1/58 and a U.S. Government
obligation, 2.88% due 5/15/28 (a); valued
at $1,541,277)		    

1,500,000

      

1,500,000

    
JP Morgan Securities LLC, (2.50% (b), dated
2/26/19, due 5/7/19; proceeds $150,729;
fully collateralized by various U.S. Government
agency securities, 0.00% - 6.00% due
9/25/25 - 12/16/58 (a); valued at $157,828)
(Demand 5/1/19)		    

150,000

      

150,000

    
JP Morgan Securities LLC, (2.54% (b), dated
2/26/19, due 5/7/19; proceeds $100,494;
fully collateralized by various U.S. Government
agency securities, 0.00% - 6.50% due
6/25/28 - 12/16/58 (a); valued at $105,222)
(Demand 5/1/19)		    

100,000

      

100,000

    
JP Morgan Securities LLC, (2.75%, dated
4/30/19, due 5/1/19; proceeds $407,031;
fully collateralized by a U.S. Government
obligation, 3.00% due 10/31/25; valued at
$415,000)		    

407,000

      

407,000

    
JP Morgan Securities LLC, (2.76%, dated
4/30/19, due 5/1/19; proceeds $800,061;
fully collateralized by various U.S. Government
agency securities, 0.00% - 5.50% due
8/7/19 - 4/6/45 and a U.S. Government
obligation, 2.00% due 11/15/26; valued at
$816,141)		    

800,000

      

800,000

    
JP Morgan Securities LLC, (2.77%, dated
4/30/19, due 5/1/19; proceeds $1,270,098;
fully collateralized by various U.S. Government
agency securities, 1.50% - 6.50% due
6/1/21 - 7/1/56 and a U.S. Government
obligation, 1.13% due 7/31/21 (a); valued at
$1,306,394)		    

1,270,000

      

1,270,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Merrill Lynch Pierce Fenner & Smith, Inc.,
(2.47%, dated 3/21/19, due 6/20/19;
proceeds $503,122; fully collateralized by
various U.S. Government agency securities,
2.48% - 5.00% due 2/1/26 - 9/1/48 (a);
valued at $514,703) (Demand 5/7/19)		  

$

500,000

    

$

500,000

    
Merrill Lynch Pierce Fenner & Smith, Inc.,
(Interest in $900,000 joint repurchase
agreement, 2.75% dated 4/30/19 under
which Merrill Lynch Pierce Fenner & Smith,
will repurchase the securities provided as
collateral for $900,069 on 5/1/19. 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 11/1/48;
valued at $927,042)		    

900,000

      

900,000

    
Mizuho Securities USA LLC, (2.58% (b), dated
10/4/18, due 6/4/19; proceeds $101,744;
fully collateralized by various U.S. Government
agency securities, 0.00% - 7.50% due
2/25/20 - 11/25/51 and a U.S. Government
obligation, 2.88% due 7/31/25 (a); valued at
$104,975) (Demand 5/1/19)		    

100,000

      

100,000

    
Mizuho Securities USA LLC, (2.58% (b), dated
10/23/18, due 6/4/19; proceeds $50,804;
fully collateralized by various U.S. Government
agency securities, 2.11% - 11.99% due
1/25/21 - 4/25/46; valued at $52,514)
(Demand 5/1/19)		    

50,000

      

50,000

    
Mizuho Securities USA LLC, (2.58% (b), dated
1/23/19, due 6/4/19; proceeds $100,947;
fully collateralized by various U.S. Government
agency securities, 0.00% - 8.61% due
1/25/26 - 8/25/47; valued at $104,957)
(Demand 5/1/19)		    

100,000

      

100,000

    
Mizuho Securities USA LLC, (2.63% (b), dated
4/23/19, due 6/4/19; proceeds $50,153;
fully collateralized by various U.S.
Government obligations, 2.75% - 2.88%
due 9/30/23 - 2/28/25; valued at $50,964)
(Demand 5/23/19)		    

50,000

      

50,000

    
Natixis SA, (2.42%, dated 4/12/19, due
5/10/19; proceeds $100,188; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.38% due 6/20/19 -
11/15/42; valued at $102,031) (Demand
5/7/19)		    

100,000

      

100,000

    
Natixis SA, (2.48% (b), dated 4/1/19, due
5/7/19; proceeds $100,248; fully
collateralized by various U.S. Government
agency securities, 0.00% - 6.00% due
5/15/25 - 8/1/48 and U.S. Government
obligations, 0.00% - 3.38% due 6/20/19 -
5/15/46 (a); valued at $102,126)
(Demand 5/1/19)		    

100,000

      

100,000

    
    Face
Amount
(000)		   Value
(000)		  
Natixis SA, (Interest in $2,275,000 joint
repurchase agreement, 2.75% dated 4/30/19
under which Natixis SA, will repurchase the
securities provided as collateral for
$2,275,174 on 5/1/19. 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 11/15/48; valued
at $2,319,912)		  

$

1,330,000

    

$

1,330,000

    
Natixis SA, (Interest in $2,200,000 joint
repurchase agreement, 2.77% dated 4/30/19
under which Natixis SA, will repurchase the
securities provided as collateral for
$2,200,169 on 5/1/19. 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 11/1/48; valued at $2,252,901)		    

798,000

      

798,000

    
Nomura Securities International, Inc., (2.76%,
dated 4/30/19, due 5/1/19; proceeds
$1,000,077; fully collateralized by various
U.S. Government agency securities, 2.00% -
7.50% due 6/1/19 - 8/1/56 and U.S.
Government obligations, 0.00% - 3.38%
due 5/15/19 - 11/15/48 (a); valued
at $1,027,705)		    

1,000,000

      

1,000,000

    
Norinchukin Bank, (2.50%, dated 4/16/19,
due 7/17/19; proceeds $100,639; fully
collateralized by a U.S. Government obligation,
2.63% due 11/15/20; valued at $102,001)		    

100,000

      

100,000

    
Norinchukin Bank, (2.54%, dated 3/20/19,
due 6/20/19; proceeds $503,246; fully
collateralized by various U.S. Government
obligations, 0.38% - 1.13% due 1/15/21 -
1/15/27; valued at $510,001)		    

500,000

      

500,000

    
Northwestern Mutual Life Insurance Company,
(2.77%, dated 4/30/19, due 5/1/19;
proceeds $840,550; fully collateralized by
various U.S. Government obligations,
2.38% - 6.38% due 3/15/21 - 8/15/27;
valued at $857,295)		    

840,485

      

840,485

    
Prudential Insurance Company of America,
(2.77%, dated 4/30/19, due 5/1/19;
proceeds $286,847; fully collateralized by
various U.S. Government obligations,
2.75% - 3.00% due 11/15/42 - 8/15/48;
valued at $292,562)		    

286,825

      

286,825

    
Prudential Legacy Insurance Company of
New Jersey, (2.77%, dated 4/30/19, due
5/1/19; proceeds $831,564; fully
collateralized by various U.S. Government
obligations, 0.01% due 5/15/27 - 11/15/45;
valued at $848,130)		    

831,500

      

831,500

    
RBC Dominion Securities, (2.46%, dated
3/21/19, due 5/20/19; proceeds
$1,204,920; fully collateralized by various
U.S. Government obligations, 0.00% - 6.50%
due 8/15/19 - 11/15/48; valued at
$1,223,283) (Demand 5/7/19)		    

1,200,000

      

1,200,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
RBC Dominion Securities, (2.47%, dated
3/21/19, due 6/20/19; proceeds $301,873;
fully collateralized by various U.S. Government
agency securities, 3.50% - 4.50% due
10/20/45 - 6/20/48 and a U.S. Government
obligation, 1.75% due 4/30/22; valued
at $309,487) (Demand 5/7/19)		  

$

300,000

    

$

300,000

    
RBC Dominion Securities, (2.58%, dated
4/22/19, due 5/22/19; proceeds $50,108;
fully collateralized by various U.S. Government
agency securities, 3.50% - 4.50%
due 6/15/39 - 6/20/48 and U.S.
Government obligations, 2.50% - 2.88%
due 10/31/23 - 5/15/46; valued at $51,250)
(Demand 5/7/19)		    

50,000

      

50,000

    
Royal Bank of Canada, (2.47%, dated 3/21/19,
due 6/19/19; proceeds $2,867,599; fully
collateralized by various U.S. Government
agency securities, 2.17% - 6.00% due
7/1/23 - 12/15/56 (a); valued at $2,935,451)
(Demand 5/7/19)		    

2,850,000

      

2,850,000

    
Royal Bank of Canada, (2.58%, dated 4/22/19,
due 5/22/19; proceeds $50,108; fully
collateralized by various U.S. Government
agency securities, 1.11% - 9.00% due
9/15/26 - 11/1/48 (a); valued at $52,462)
(Demand 5/7/19)		    

50,000

      

50,000

    
Wells Fargo Securities LLC, (Interest in
$1,150,000 joint repurchase agreement,
2.75% dated 4/30/19 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$1,150,088 on 5/1/19. 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 11/15/48;
valued at $1,173,955)		    

600,000

      

600,000

    
Wells Fargo Securities LLC, (Interest in
$1,165,000 joint repurchase agreement,
2.77% dated 4/30/19 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$1,165,090 on 5/1/19. 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 11/1/48;
valued at $1,200,071)		    

1,163,000

      

1,163,000

    

Total Repurchase Agreements (Cost $33,718,810)

    

33,718,810

    

U.S. Agency Securities (26.2%)

  
Federal Farm Credit Bank,
1 Month USD LIBOR - 0.11%, 2.37%,
9/6/19 (b)		    

200,000

      

200,000

    
1 Month USD LIBOR - 0.12%, 2.38%,
8/2/19 (b)		    

265,000

      

264,998

    
1 Month USD LIBOR - 0.11%, 2.38%,
9/30/19 (b)		    

45,000

      

45,000

    
1 Month USD LIBOR - 0.10%, 2.38%,
8/30/19 (b)		    

180,000

      

179,998

    
    Face
Amount
(000)		   Value
(000)		  
1 Month USD LIBOR - 0.09%, 2.39%,
8/16/19 - 1/27/20 (b)		  

$

375,000

    

$

375,000

    
1 Month USD LIBOR - 0.08%, 2.39%,
7/15/19 (b)		    

71,000

      

70,999

    
1 Month USD LIBOR - 0.08%, 2.40%,
11/12/19 - 12/16/19 (b)		    

365,000

      

365,000

    
3 Month USD LIBOR - 0.18%,
2.40%, 4/29/20 (b)		    

50,000

      

50,000

    
1 Month USD LIBOR - 0.08%,
2.41%, 9/26/19 (b)		    

70,000

      

70,000

    
3 Month USD LIBOR - 0.20%,
2.41%, 6/15/20 (b)		    

100,000

      

100,000

    
1 Month USD LIBOR - 0.07%,
2.41%, 4/27/20 (b)		    

134,000

      

133,997

    
1 Month USD LIBOR - 0.07%,
2.42%, 9/12/19 - 12/18/19 (b)		    

315,000

      

314,998

    
1 Month USD LIBOR - 0.06%,
2.42%, 12/26/19 (b)		    

250,000

      

249,997

    
1 Month USD LIBOR - 0.06%,
2.43%, 7/20/20 (b)		    

128,000

      

127,996

    
1 Month USD LIBOR - 0.05%,
2.43%, 7/11/19 - 8/27/20 (b)		    

510,000

      

509,902

    
1 Month USD LIBOR - 0.05%,
2.44%, 1/22/20 (b)		    

285,000

      

284,997

    
3 Month USD LIBOR - 0.17%,
2.44%, 6/26/19 (b)		    

100,000

      

100,000

    
3 Month USD LIBOR + 0.05%,
2.45%, 10/18/19 - 10/21/20 (b)		    

380,000

      

379,971

    
3 Month USD LIBOR + 0.06%,
2.45%, 7/22/20 (b)		    

85,000

      

85,000

    
3 Month USD LIBOR + 0.06%,
2.46%, 10/15/20 (b)		    

75,000

      

74,997

    
1 Month USD LIBOR - 0.04%,
2.46%, 5/1/20 (b)		    

200,000

      

200,000

    
3 Month USD LIBOR + 0.07%,
2.46%, 7/24/20 (b)		    

140,000

      

139,995

    
3 Month USD LIBOR - 0.15%,
2.47%, 9/18/20 (b)		    

218,000

      

218,000

    
1 Month USD LIBOR + 0.00%,
2.47%, 10/7/20 (b)		    

145,000

      

144,958

    
1 Month USD LIBOR - 0.01%,
2.48%, 7/20/20 (b)		    

175,000

      

174,984

    
3 Month USD LIBOR + 0.07%,
2.48%, 5/1/20 (b)(c)		    

140,000

      

139,994

    
1 Month USD LIBOR + 0.01%,
2.49%, 8/28/20 (b)		    

325,000

      

325,000

    
1 Month USD LIBOR + 0.01%,
2.50%, 8/19/20 (b)		    

52,500

      

52,477

    
3 Month USD LIBOR + 0.03%,
2.50%, 2/6/20 (b)		    

40,000

      

40,000

    
1 Month USD LIBOR + 0.03%,
2.50%, 8/25/20 (b)		    

80,000

      

79,994

    
1 Month USD LIBOR + 0.03%,
2.51%, 1/22/21 (b)		    

270,000

      

269,960

    
1 Month USD LIBOR + 0.04%,
2.52%, 2/11/21 (b)		    

345,000

      

345,000

    
1 Month USD LIBOR + 0.05%,
2.53%, 9/10/20 (b)		    

344,000

      

344,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Agency Securities (cont'd)

  
3 Month USD LIBOR + 0.11%,
2.57%, 1/15/21 (b)		  

$

60,000

    

$

60,000

    
3 Month USD LIBOR - 2.92%,
2.59%, 10/7/20 - 12/17/20 (b)		    

200,000

      

199,981

    
1 Month USD LIBOR + 0.16%,
2.64%, 1/25/21 (b)		    

49,000

      

49,092

    
1 Month USD LIBOR + 0.22%,
2.71%, 10/21/19 (b)		    

175,000

      

175,241

    
Federal Home Loan Bank,
3 Month USD LIBOR - 0.32%,
2.26%, 7/10/19 (b)		    

500,000

      

500,000

    
3 Month USD LIBOR - 0.28%,
2.33%, 9/27/19 (b)		    

540,000

      

540,000

    
1 Month USD LIBOR - 0.10%,
2.39%, 10/23/19 (b)		    

75,000

      

75,000

    
1 Month USD LIBOR - 0.09%,
2.40%, 7/19/19 (b)		    

250,000

      

250,000

    
1 Month USD LIBOR - 0.08%,
2.40%, 7/25/19 (b)		    

100,000

      

100,000

    

2.42%, 8/19/19

    

230,000

      

229,962

    
1 Month USD LIBOR - 0.07%, 2.42%,
2/20/20 (b)		    

30,000

      

29,999

    
1 Month USD LIBOR - 0.06%, 2.43%,
2/20/20 (b)		    

250,000

      

250,000

    

2.43%, 7/24/19 (d)

    

300,000

      

298,310

    
3 Month USD LIBOR - 0.16%,
2.47%, 5/28/19 (b)		    

40,000

      

40,005

    
1 Month USD LIBOR - 0.01%,
2.47%, 8/28/20 (b)		    

230,000

      

230,000

    

2.47%, 5/29/19 - 10/15/19 (d)

    

550,000

      

546,164

    
3 Month USD LIBOR + 0.03%,
2.49%, 10/9/19 (b)		    

225,000

      

225,000

    

2.49%, 5/22/19 - 9/6/19 (d)

    

1,200,660

      

1,196,054

    
3 Month USD LIBOR + 0.04%,
2.50%, 5/15/19 (b)		    

175,000

      

175,000

    
3 Month USD LIBOR + 0.02%,
2.50%, 8/27/19 (b)		    

200,000

      

200,000

    

2.50%, 5/17/19

    

290,000

      

289,994

    

2.50%, 5/21/19 (d)

    

250,000

      

249,655

    
3 Month USD LIBOR + 0.05%,
2.51%, 1/17/20 (b)		    

45,000

      

45,000

    

2.52%, 6/4/19 (d)

    

55,000

      

54,871

    
3 Month USD LIBOR + 0.07%, 2.53%,
11/15/19 - 3/27/20 (b)		    

615,000

      

615,000

    

2.53%, 6/19/19 - 7/2/19 (d)

    

1,245,000

      

1,240,205

    
3 Month USD LIBOR + 0.08%,
2.54%, 7/24/20 (b)		    

100,000

      

100,000

    
3 Month USD LIBOR + 0.11%, 2.57%,
10/1/20 (b)		    

155,000

      

155,000

    
3 Month USD LIBOR - 0.15%,
2.59%, 11/7/19 (b)		    

75,000

      

75,038

    
3 Month USD LIBOR + 0.11%, 2.59%,
6/10/20 (b)		    

63,000

      

63,000

    
Federal National Mortgage Association,
3 Month USD LIBOR + 0.07%, 2.53%,
10/30/19 (b)		    

75,000

      

75,000

    
    Face
Amount
(000)		   Value
(000)		  
3 Month USD LIBOR + 0.10%, 2.56%,
4/30/20 (b)		  

$

80,000

    

$

80,000

    
3 Month USD LIBOR + 0.12%, 2.58%,
7/30/19 (b)		    

25,000

      

25,002

    

Total U.S. Agency Securities (Cost $14,894,785)

    

14,894,785

    

U.S. Treasury Securities (14.5%)

  
U.S. Treasury Bills,
2.53%, 7/18/19 - 8/1/19 (e)		    

1,000,000

      

994,184

    

2.54%, 6/20/19 (e)

    

200,000

      

199,314

    

2.57%, 7/5/19 (e)

    

600,000

      

597,286

    
U.S. Treasury Notes,
3 Month Treasury Money Market Yield + 0.00%,
2.42%, 1/31/20 (b)		    

517,000

      

517,065

    
3 Month Treasury Money Market Yield + 0.03%,
2.45%, 4/30/20 (b)		    

605,000

      

605,105

    
3 Month Treasury Money Market Yield + 0.04%,
2.46%, 7/31/20 (b)		    

579,000

      

578,954

    
3 Month Treasury Money Market Yield + 0.05%,
2.46%, 10/31/20 (b)		    

1,160,000

      

1,159,812

    
3 Month Treasury Money Market Yield + 0.12%,
2.53%, 1/31/21 (b)		    

549,000

      

548,705

    

0.75%, 7/15/19

    

500,000

      

498,213

    

0.88%, 5/15/19

    

50,000

      

49,968

    

1.25%, 5/31/19 - 6/30/19

    

790,000

      

788,422

    

1.63%, 6/30/19

    

415,000

      

414,380

    

3.13%, 5/15/19

    

1,258,000

      

1,258,284

    

Total U.S. Treasury Securities (Cost $8,209,692)

    

8,209,692

    

Total Investments (100.2%) (Cost $56,823,287) (f)(g)

    

56,823,287

    

Liabilities in Excess of Other Assets (–0.2%)

    

(124,405

)

  

Net Assets (100.0%)

  

$

56,698,882

    

(a)  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, 2019.

(b)  Floating or variable rate securities: The rates disclosed are as of April 30, 2019. 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)  All or a portion of the security is subject to delayed delivery.

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

(e)  Rate shown is the yield to maturity at April 30, 2019.

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

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

LIBOR  London Interbank Offered Rate.

USD  United States Dollar.

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Government Portfolio

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

59.3

%

  

U.S. Agency Securities

    

26.2

    

U.S. Treasury Securities

    

14.5

    

Total Investments

    

100.0

%

  

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Government Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Agency Securities (64.6%)

  
Federal Farm Credit Bank,
1 Month USD LIBOR - 0.10%, 2.38%,
9/25/19 (a)		  

$

100,000

    

$

99,989

    
1 Month USD LIBOR - 0.08%, 2.40%,
11/12/19 - 12/16/19 (a)		    

55,000

      

55,000

    
1 Month USD LIBOR - 0.08%, 2.41%,
9/26/19 (a)		    

30,000

      

30,000

    
3 Month USD LIBOR - 0.20%, 2.41%,
6/15/20 (a)		    

5,000

      

5,000

    
1 Month USD LIBOR - 0.07%, 2.42%,
9/12/19 - 12/18/19 (a)		    

85,000

      

84,999

    
1 Month USD LIBOR - 0.06%, 2.42%,
12/26/19 (a)		    

150,000

      

149,998

    
1 Month USD LIBOR - 0.05%, 2.43%,
5/29/20 (a)		    

5,000

      

5,000

    
3 Month USD LIBOR - 0.17%, 2.44%,
6/26/19 (a)		    

25,000

      

25,000

    
3 Month USD LIBOR + 0.05%, 2.45%,
10/18/19 - 10/21/20 (a)		    

41,700

      

41,697

    
1 Month USD LIBOR - 0.01%, 2.48%,
7/20/20 (a)		    

12,000

      

11,999

    
3 Month USD LIBOR + 0.07%, 2.48%,
5/1/20 (a)(b)		    

9,000

      

9,000

    
1 Month USD LIBOR + 0.01%, 2.49%,
8/28/20 (a)		    

20,000

      

20,000

    

2.49%, 5/31/19 - 6/3/19 (c)

    

130,000

      

129,713

    
1 Month USD LIBOR + 0.03%, 2.50%,
8/25/20 (a)		    

10,000

      

9,999

    
1 Month USD LIBOR + 0.04%, 2.52%,
2/11/21 (a)		    

20,000

      

20,000

    
Federal Home Loan Bank,
3 Month USD LIBOR - 0.28%, 2.33%,
9/27/19 (a)		    

9,000

      

9,000

    

2.40%, 5/8/19 (c)

    

29,349

      

29,335

    

2.41%, 5/24/19 (c)

    

370,000

      

369,432

    

2.42%, 8/19/19

    

17,000

      

16,997

    
1 Month USD LIBOR - 0.07%, 2.42%,
2/20/20 (a)		    

17,000

      

16,999

    

2.43%, 7/22/19 (c)

    

25,000

      

24,863

    

2.44%, 5/22/19 - 6/21/19 (c)

    

422,125

      

420,803

    
1 Month USD LIBOR - 0.01%, 2.47%,
8/28/20 (a)		    

15,000

      

15,000

    

2.47%, 10/1/19 (c)

    

40,000

      

39,586

    

2.48%, 5/2/19 (c)

    

20,000

      

19,999

    
3 Month USD LIBOR + 0.03%, 2.49%,
10/9/19 (a)		    

18,000

      

18,000

    
3 Month USD LIBOR + 0.04%, 2.50%,
5/15/19 - 6/21/19 (a)		    

40,000

      

40,000

    
3 Month USD LIBOR + 0.02%, 2.50%,
8/27/19 (a)		    

45,000

      

45,000

    
3 Month USD LIBOR + 0.07%, 2.53%,
3/27/20 (a)		    

40,000

      

40,000

    

2.53%, 5/31/19 - 6/6/19 (c)

    

151,000

      

150,658

    
3 Month USD LIBOR + 0.11%, 2.57%,
10/1/20 (a)		    

13,000

      

13,000

    

5.38%, 5/15/19

    

16,000

      

16,018

    
    Face
Amount
(000)		   Value
(000)		  
Tennessee Valley Authority
2.42%, 5/21/19 (c)		  

$

175,000

    

$

174,765

    

Total U.S. Agency Securities (Cost $2,156,849)

    

2,156,849

    

U.S. Treasury Securities (35.4%)

  
U.S. Treasury Bills,
2.44%, 7/25/19 (d)		    

125,000

      

124,294

    

2.46%, 5/21/19 - 6/27/19 (d)

    

219,200

      

218,673

    

2.48%, 6/20/19 (d)

    

285,000

      

284,038

    

2.51%, 7/5/19 (d)

    

50,000

      

49,778

    
U.S. Treasury Notes,
3 Month Treasury Money Market Yield + 0.04%,
2.46%, 7/31/20 (a)		    

75,000

      

74,974

    
3 Month Treasury Money Market Yield + 0.05%,
2.46%, 10/31/20 (a)		    

13,000

      

12,989

    
3 Month Treasury Money Market Yield + 0.06%,
2.48%, 7/31/19 (a)		    

100,000

      

100,010

    
3 Month Treasury Money Market Yield + 0.12%,
2.53%, 1/31/21 (a)		    

32,000

      

31,984

    

0.88%, 7/31/19

    

50,000

      

49,807

    

1.25%, 5/31/19 - 6/30/19

    

75,000

      

74,898

    

1.38%, 7/31/19

    

40,000

      

39,895

    

1.63%, 6/30/19

    

100,000

      

99,858

    

3.13%, 5/15/19

    

20,000

      

20,005

    

Total U.S. Treasury Securities (Cost $1,181,203)

    

1,181,203

    

Total Investments (100.0%) (Cost $3,338,052) (e)(f)

    

3,338,052

    

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

    

(27

)

  

Net Assets (100.0%)

  

$

3,338,025

    

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2019. 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, 2019.

(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.

(g)  Amount is less than 0.05%.

LIBOR  London Interbank Offered Rate.

USD  United States Dollar.

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Government Securities Portfolio

Portfolio Composition

Classification

   Percentage of
Total Investments		  

U.S. Agency Securities

    

64.6

%

  

U.S. Treasury Securities

    

35.4

    

Total Investments

    

100.0

%

  

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (53.3%)

  
ABN Amro Securities LLC, (Interest in
$250,000 joint repurchase agreement,
2.74% dated 4/30/19 under which ABN
Amro Securities LLC, will repurchase the
securities provided as collateral for
$250,019 on 5/1/19. 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 8/15/47; valued
at $254,905)		  

$

250,000

    

$

250,000

    
Bank of Montreal, (2.44%, dated 4/30/19, due
6/28/19; proceeds $150,600; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.88% due 5/23/19 -
2/15/43; valued at $153,001) (Demand
5/7/19)		    

150,000

      

150,000

    
Bank of Nova Scotia, (2.75%, dated 4/30/19,
due 5/1/19; proceeds $640,049; fully
collateralized by various U.S. Government
obligations, 0.00% - 8.75% due 10/3/19 -
2/15/44; valued at $653,194)		    

640,000

      

640,000

    
BNP Paribas, (2.45%, dated 2/7/19, due
5/1/19; proceeds $150,847; fully collateral
ized by various U.S. Government obligations,
0.00% - 8.13% due 5/16/19 - 5/15/46;
valued at $153,124)		    

150,000

      

150,000

    
BNP Paribas, (2.46%, dated 3/21/19, due
6/20/19; proceeds $352,176; fully
collateralized by various U.S. Government
obligations, 0.00% - 8.13% due 5/23/19 -
5/15/48; valued at $357,498) (Demand
5/7/19)		    

350,000

      

350,000

    
BNP Paribas, (Interest in $1,900,000 joint
repurchase agreement, 2.75% dated
4/30/19 under which BNP Paribas, will
repurchase the securities provided as
collateral for $1,900,145 on 5/1/19. 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
2/15/48; valued at $1,937,020)		    

400,000

      

400,000

    
Canadian Imperial Bank of Commerce, (2.45%,
dated 2/8/19, due 5/1/19; proceeds
$100,558; fully collateralized by various
U.S. Government obligations, 0.75% - 6.25%
due 12/31/20 - 5/15/48; valued at
$102,029)		    

100,000

      

100,000

    
Credit Agricole Corp., (2.43%, dated 4/25/19,
due 5/2/19; proceeds $100,047; fully
collateralized by various U.S. Government
obligations, 0.13% - 3.38% due 11/15/19 -
1/15/22; valued at $101,988)		    

100,000

      

100,000

    
    Face
Amount
(000)		   Value
(000)		  
Credit Agricole Corp., (Interest in $2,300,000
joint repurchase agreement, 2.72% dated
4/30/19 under which Credit Agricole Corp.,
will repurchase the securities provided as
collateral for $2,300,174 on 5/1/19. The
securities provided as collateral at the end of
the period held with BNY Mellon, triparty
agent, were various U.S. Government
obligations with various maturities to
1/15/27; valued at $2,344,481)		  

$

600,000

    

$

600,000

    
Fixed Income Clearing Corp., (2.30%, dated
4/30/19, due 5/1/19; proceeds $175,011;
fully collateralized by various U.S. Government
obligations, 1.38% - 2.75% due 9/30/20 -
10/31/20; valued at $178,504)		    

175,000

      

175,000

    
Fixed Income Clearing Corp., (2.75%, dated
4/30/19, due 5/1/19; proceeds $800,061;
fully collateralized by various U.S. Government
obligations, 2.00% - 2.63% due 2/15/25 -
3/31/25; valued at $816,001)		    

800,000

      

800,000

    
JP Morgan Securities LLC, (2.48%, dated
4/26/19, due 7/26/19; proceeds $191,191;
fully collateralized by a U.S. Government
obligation, 1.75% due 11/30/21; valued at
$193,415)		    

190,000

      

190,000

    
JP Morgan Securities LLC, (2.75%, dated
4/30/19, due 5/1/19; proceeds $648,050;
fully collateralized by a U.S. Government
obligation, 2.38% due 4/30/26; valued at
$661,000)		    

648,000

      

648,000

    
Merrill Lynch Pierce Fenner & Smith, Inc.,
(2.45%, dated 2/14/19, due 5/1/19;
proceeds $251,293; fully collateralized by
various U.S. Government obligations, 0.00% -
4.25% due 3/31/23 - 5/15/39; valued at
$255,064)		    

250,000

      

250,000

    
Merrill Lynch Pierce Fenner & Smith, Inc.,
(2.73%, dated 4/30/19, due 5/1/19;
proceeds $197,715; fully collateralized by
various U.S. Government obligations, 1.75% -
5.25% due 2/28/22 - 11/15/28; valued at
$201,570)		    

197,700

      

197,700

    
Metropolitan Life Insurance Co., (2.76%, dated
4/30/19, due 5/1/19; proceeds $300,027;
fully collateralized by various U.S. Government
obligations, 0.01% - 4.75% due 2/15/37 -
2/15/46; valued at $306,004)		    

300,004

      

300,004

    
Natixis SA, (2.42%, dated 4/12/19, due
5/10/19; proceeds $150,282; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.38% due 8/15/19 -
11/15/45; valued at $152,983) (Demand
5/7/19)		    

150,000

      

150,000

    
Natixis SA, (Interest in $2,275,000 joint
repurchase agreement, 2.75% dated 4/30/19
under which Natixis SA, will repurchase the
securities provided as collateral for
$2,275,174 on 5/1/19. 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 11/15/48; valued at
$2,319,912)		    

912,000

      

912,000

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Norinchukin Bank, (2.50%, dated 4/16/19,
due 7/17/19; proceeds $100,639; fully collat
eralized by a U.S. Government obligation,
2.63% due 11/15/20; valued at $102,001)		  

$

100,000

    

$

100,000

    
Norinchukin Bank, (2.54%, dated 3/20/19, due
6/21/19; proceeds $503,281; fully
collateralized by a U.S. Government
obligation, 0.38% due 1/15/27; valued at
$510,003)		    

500,000

      

500,000

    
Prudential Insurance Company of America,
(2.77%, dated 4/30/19, due 5/1/19;
proceeds $268,045; fully collateralized by
various U.S. Government obligations, 0.01% -
2.88% due 5/15/20 - 11/15/46; valued at
$273,384)		    

268,024

      

268,024

    
RBC Dominion Securities, (2.46%, dated
3/21/19, due 5/20/19; proceeds $803,280;
fully collateralized by various U.S. Government
obligations, 0.00% - 4.50% due 7/5/19 -
8/15/48; valued at $816,389) (Demand
5/7/19)		    

800,000

      

800,000

    
RBC Dominion Securities, (2.73%, dated
4/30/19, due 5/1/19; proceeds $250,019;
fully collateralized by various U.S. Government
obligations, 0.00% - 3.00% due 6/20/19 -
8/15/48; valued at $255,398)		    

250,000

      

250,000

    
Societe Generale, (2.45%, dated 4/26/19, due
5/28/19; proceeds $50,109; fully
collateralized by a U.S. Government
obligation, 0.00% due 8/15/19; valued at
$51,000)		    

50,000

      

50,000

    
Wells Fargo Securities LLC, (Interest in
$1,150,000 joint repurchase agreement,
2.75% dated 4/30/19 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$1,150,088 on 5/1/19. 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 11/15/48; valued at
$1,173,955)		    

550,000

      

550,000

    

Total Repurchase Agreements (Cost $8,880,728)

    

8,880,728

    

U.S. Treasury Securities (46.7%)

  

U.S. Treasury Bills,

  

2.52%, 6/27/19 (a)

    

250,000

      

249,029

    

2.53%, 7/18/19 - 8/29/19 (a)

    

1,147,230

      

1,139,548

    

2.54%, 6/20/19 (a)

    

1,200,464

      

1,196,342

    

2.57%, 7/5/19 (a)

    

225,000

      

223,982

    

U.S. Treasury Notes,

  

0.75%, 7/15/19

    

75,000

      

74,736

    

0.88%, 5/15/19

    

100,000

      

99,939

    

1.25%, 5/31/19 - 6/30/19

    

820,000

      

818,694

    

1.63%, 6/30/19

    

200,000

      

199,697

    
3 Month Treasury Money Market Yield + 0.00%,
2.42%, 1/31/20 (b)		    

636,000

      

636,011

    
3 Month Treasury Money Market Yield + 0.03%,
2.45%, 4/30/20 (b)		    

977,000

      

977,172

    
    Face
Amount
(000)		   Value
(000)		  
3 Month Treasury Money Market Yield + 0.04%,
2.46%, 7/31/20 (b)		  

$

782,000

    

$

781,845

    
3 Month Treasury Money Market Yield + 0.05%,
2.46%, 10/31/19 - 10/31/20 (b)		    

756,780

      

756,564

    

2.50%, 9/30/19

    

100,000

      

99,385

    
3 Month Treasury Money Market Yield + 0.12%,
2.53%, 1/31/21 (b)		    

164,000

      

163,917

    

3.13%, 5/15/19

    

355,135

      

355,215

    

Total U.S. Treasury Securities (Cost $7,772,076)

    

7,772,076

    

Total Investments (100.0%) (Cost $16,652,804) (c)

    

16,652,804

    

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

    

700

    

Net Assets (100.0%)

  

$

16,653,504

    

(a)  Rate shown is the yield to maturity at April 30, 2019.

(b)  Floating or variable rate securities: The rates disclosed are as of April 30, 2019. 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)  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

    

53.3

%

  

U.S. Treasury Securities

    

46.7

    

Total Investments

    

100.0

%

  

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Treasury Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Treasury Securities (99.9%)

  

U.S. Treasury Bills,

  

2.42%, 5/9/19 - 5/16/19 (a)

  

$

190,000

    

$

189,872

    

2.44%, 5/14/19 - 6/25/19 (a)

    

4,939,460

      

4,928,289

    

2.45%, 5/7/19 - 6/4/19 (a)

    

1,350,000

      

1,348,340

    

2.46%, 6/20/19 - 7/25/19 (a)

    

3,289,901

      

3,276,739

    

2.47%, 6/27/19 (a)

    

2,280,000

      

2,271,277

    

2.48%, 7/5/19 (a)

    

1,600,000

      

1,592,972

    

2.50%, 6/11/19 (a)

    

190,680

      

190,149

    

2.52%, 8/1/19 (a)

    

225,000

      

223,588

    

2.53%, 8/29/19 (a)

    

400,000

      

396,724

    

U.S. Treasury Notes,

  

0.75%, 7/15/19

    

225,000

      

224,200

    

0.88%, 5/15/19 - 7/31/19

    

170,000

      

169,735

    

1.13%, 5/31/19

    

115,000

      

114,874

    

1.25%, 5/31/19 - 6/30/19

    

608,464

      

607,699

    

1.50%, 5/31/19

    

820,000

      

819,351

    

1.63%, 7/31/19

    

150,000

      

149,701

    
3 Month Treasury Money Market Yield + 0.00%,
2.42%, 1/31/20 (b)		    

1,416,000

      

1,416,025

    
3 Month Treasury Money Market Yield + 0.03%,
2.45%, 4/30/20 (b)		    

1,003,000

      

1,003,175

    
3 Month Treasury Money Market Yield + 0.04%,
2.46%, 7/31/20 (b)		    

520,000

      

519,915

    
3 Month Treasury Money Market Yield + 0.05%,
2.46%, 10/31/19 - 10/31/20 (b)		    

351,780

      

351,712

    
3 Month Treasury Money Market Yield + 0.06%,
2.48%, 7/31/19 (b)		    

700,000

      

700,064

    

1.00%, 9/30/19

    

40,000

      

39,754

    
3 Month Treasury Money Market Yield + 0.12%,
2.53%, 1/31/21 (b)		    

366,000

      

365,820

    

3.13%, 5/15/19

    

826,000

      

826,199

    

3.63%, 8/15/19

    

80,000

      

80,274

    

Total Investments (99.9%) (Cost $21,806,448) (c)

    

21,806,448

    

Other Assets in Excess of Liabilities (0.1%)

    

11,164

    

Net Assets (100.0%)

  

$

21,817,612

    

(a)  Rate shown is the yield to maturity at April 30, 2019.

(b)  Floating or variable rate securities: The rates disclosed are as of April 30, 2019. 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)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

U.S. Treasury Securities

    

100.0

%

  

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Tax-Exempt Instruments (102.5%)

  

Weekly Variable Rate Bonds (a) (61.6%)

  
Austin, TX, Water & Wastewater System Ser 2008
2.32%, 5/15/31		  

$

19,830

    

$

19,830

    
Colorado Springs, CO, Utilities System Sub Lien
Ser 2008 A
2.34%, 11/1/38		    

6,430

      

6,430

    
Colorado Springs, CO, Utilities System Sub Lien
Ser 2005 A
2.35%, 11/1/35		    

21,305

      

21,305

    
Columbia, SC, Waterworks & Sewer System
Ser 2009
2.30%, 2/1/38		    

6,200

      

6,200

    
Delaware Health Facilities Authority, Christiana
Care Health Services Ser 2010 B
2.28%, 10/1/40		    

20,000

      

20,000

    
District of Columbia, The Pew Charitable Trusts
Ser 2008 A
2.37%, 4/1/38		    

22,365

      

22,365

    
District of Columbia Water & Sewer Authority,
Public Utility Ser 2014 B-2
2.34%, 10/1/50		    

7,175

      

7,175

    
Public Utility Ser B-1
2.38%, 10/1/50		    

6,170

      

6,170

    
Gainesville, FL, Utilities System 2012 Ser B
2.15%, 10/1/42 (b)		    

15,265

      

15,265

    
Hennepin County, MN, Ser 2018 B
2.33%, 12/1/38		    

10,000

      

10,000

    
Houston, TX,
Airport Sub Lien Ser 2010 (AMT)
2.45%, 7/1/30		    

12,000

      

12,000

    
Combined Utility System First Lien Ser 2004 B-2
2.33%, 5/15/34		    

10,300

      

10,300

    
Combined Utility System First Lien Ser 2004 B-5
2.32%, 5/15/34		    

10,000

      

10,000

    
Indiana Finance Authority, Trinity Health
Ser 2008 D-1
2.33%, 12/1/34		    

10,545

      

10,545

    
King County, WA, Junior Lien Sewer Ser 2001 B
2.30%, 1/1/32		    

6,600

      

6,600

    
Nebraska Investment Finance Authority, Single
Family Housing Bonds Ser 2017 C
2.10%, 9/1/47		    

23,500

      

23,500

    
New York City Transitional Finance Authority, NY,
Future Tax Fiscal 2013 Ser C-5
2.40%, 11/1/41		    

28,000

      

28,000

    
New York State Energy Research & Development
Authority Facilities, NY, Consolidated Edison Co.,
Ser 2005 Subser A-2
2.11%, 5/1/39		    

9,700

      

9,700

    
New York State Housing Finance Agency,
10 Barclay Street 2004 Ser A
2.30%, 11/15/37		    

3,400

      

3,400

    
Orlando Utilities Commission, FL,
Utility System Ser 2008-2
2.38%, 10/1/33		    

10,000

      

10,000

    
Utility System Ser 2015-B
2.41%, 10/1/39		    

15,000

      

15,000

    
    Face
Amount
(000)		   Value
(000)		  
RBC Municipal Products Trust Inc, MA, Partners
Healthcare System Adjustable Ser 2019 T-2
Floater Certificates Ser 2018-E-130
2.33%, 11/1/23 (c)		  

$

8,000

    

$

8,000

    
RBC Municipal Products Trust Inc, NY, New York
City Municipal Water Finance Authority
Adjustable Ser 2019-CC Floater Certificates
Ser 2018-E-129
2.33%, 11/15/22 (c)		    

28,000

      

28,000

    
RBC Municipal Products Trust Inc, OH, Kettering
Health Network Obligation Group Adjustable
Ser 2019 B Floater Certificates Ser 2019-E-132
2.33%, 10/1/24 (b)(c)		    

18,000

      

18,000

    
Tender Option Bond Trust, DC, District of Columbia
Housing Finance Agency, Multi-Family Housing
Ser 2014 A Puttable Floating Rate Receipts
Ser 2019-BAML 8001
2.40%, 8/1/47 (c)		    

25,000

      

25,000

    
Texas Transportation Commission, State Highway
Fund First Tier Revenue Bonds, Ser 2014 B-1
2.42%, 4/1/32		    

20,000

      

20,000

    
Utah Water Finance Agency, Ser 2008 B
2.47%, 10/1/37		    

7,070

      

7,070

    
Washington Suburban Sanitary District, MD, 2015
Ser B-3 BANs
2.18%, 6/1/23		    

5,200

      

5,200

    

Total Weekly Variable Rate Bonds (Cost $385,055)

    

385,055

    

Daily Variable Rate Bonds (a) (25.5%)

  
East Baton Rouge Parish, LA, Exxon Mobil Corp
Ser 2010 A
2.31%, 8/1/35		    

10,000

      

10,000

    
Gulf Coast Industrial Development Authority, TX,
ExxonMobil Corporation Ser 2012
2.30%, 11/1/41		    

20,000

      

20,000

    
Harris County Health Facilities Development
Corporation, TX, Methodist Hospital System
Ser 2008 A-1
2.30%, 12/1/41		    

25,000

      

25,000

    
JP Morgan Chase & Co, PA, Pittsburgh Water &
Sewer System Ser A PUTTERs Ser 5020
2.34%, 6/1/20 (c)		    

10,000

      

10,000

    
JP Morgan Chase & Co., NY, Battery Park City
Authority Junior Ser C PUTTERs Ser 5012
2.34%, 11/1/19 (c)		    

19,000

      

19,000

    
Mississippi Business Finance Corporation,
Chevron USA Ser 2010 G
2.25%, 11/1/35		    

24,780

      

24,780

    
New York City, NY, Fiscal 2019 Ser D Subser D-4
2.30%, 12/1/47		    

22,600

      

22,600

    
Triborough Bridge & Tunnel Authority, NY, Sub
Ser 2005 B-3
2.27%, 1/1/32 (c)		    

27,930

      

27,930

    

Total Daily Variable Rate Bonds (Cost $159,310)

    

159,310

    

Commercial Paper (9.5%)

  
Dallas, TX, Waterworks and Sewer System
Commercial Paper Notes, Ser D-1
1.78%, 5/16/19		    

13,200

      

13,199

    
Omaha Public Power District, NE, Ser A
1.60%, 5/21/19		    

11,000

      

10,997

    

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


2019 Semi-Annual Report

April 30, 2019

Portfolio of Investments (unaudited) (cont'd)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Commercial Paper (cont'd)

  
Port Authority of Houston of Harris County Texas
1.70%, 6/6/19		  

$

18,400

    

$

18,395

    
San Antonio, TX, Water System Ser 2019 A-1
1.80%, 8/5/19		    

17,000

      

17,000

    
Total Commercial Paper (Cost $59,600)    

59,591

    

Municipal Bond & Note (3.6%)

  
Texas, Veterans Ser 2012
4.00%, 8/29/19 (Cost $22,160)		    

22,000

      

22,160

    

Quarterly Variable Rate Bond (a) (1.4%)

  
Franklin County, OH, CHE Trinity Health Credit
Group Ser 2013OH
1.70%, 12/1/46 (Cost $9,000)		    

9,000

      

9,000

    

Floating Rate Note (a) (0.9%)

  
Kansas Department of Transportation, Highway
Ser 2014 B-5
2.08%, 9/1/19 (Cost $5,503)		    

5,500

      

5,504

    

Total Investments (102.5%) (Cost $640,628) (d)(e)

    

640,620

    

Liabilities in Excess of Other Assets (–2.5%)

    

(15,568

)

  

Net Assets (100.0%)

  

$

625,052

    

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2019. 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)  At April 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,000 and the aggregate gross unrealized depreciation is approximately $9,000, resulting in net unrealized depreciation of approximately $8,000.

AMT  Alternative Minimum Tax.

BANs  Bond Anticipation Notes.

PUTTERs  Puttable Tax-Exempt Receipts.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Weekly Variable Rate Bonds

    

60.1

%

  

Daily Variable Rate Bonds

    

24.9

    

Commercial Paper

    

9.3

    

Other*

    

5.7

    

Total Investments

    

100.0

%

  

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

State/Territory   Value
(000)		   Percent of
Net Assets		  

Texas

  

$

187,884

      

30.1

%

  

New York

    

138,630

      

22.2

    

District of Columbia

    

60,710

      

9.7

    

Florida

    

40,265

      

6.4

    

Nebraska

    

34,497

      

5.5

    

Colorado

    

27,735

      

4.4

    

Ohio

    

27,000

      

4.3

    

Mississippi

    

24,780

      

4.0

    

Delaware

    

20,000

      

3.2

    

Indiana

    

10,545

      

1.7

    

Louisiana

    

10,000

      

1.6

    

Minnesota

    

10,000

      

1.6

    

Pennsylvania

    

10,000

      

1.6

    

Massachusetts

    

8,000

      

1.3

    

Utah

    

7,070

      

1.1

    

Washington

    

6,600

      

1.1

    

South Carolina

    

6,200

      

1.0

    

Kansas

    

5,504

      

0.9

    

Maryland

    

5,200

      

0.8

    
   

$

640,620

      

102.5

%

  

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


2019 Semi-Annual Report

April 30, 2019

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

  

$

2,757,683

    

$

10,738,069

    

$

56,823,287

    

$

3,338,052

    

Total Investments in Securities, at Value(1)

    

2,758,248

      

10,740,331

      

56,823,287

      

3,338,052

    

Cash

    

383

      

280

      

803

      

7,177

    

Receivable for Investments Sold

    

16,839

      

80,228

      

—

      

—

    

Interest Receivable

    

2,728

      

8,691

      

80,407

      

2,817

    

Other Assets

    

173

      

545

      

2,086

      

829

    

Total Assets

    

2,778,371

      

10,830,075

      

56,906,583

      

3,348,875

    

Liabilities:

  

Payable for Investments Purchased

    

—

      

—

      

139,994

      

9,000

    

Dividends Payable

    

909

      

7,176

      

56,705

      

60

    

Payable for Advisory Fees

    

206

      

899

      

5,215

      

361

    

Payable for Fund Shares Redeemed

    

136

      

289

      

648

      

4

    

Payable for Administration Fees

    

115

      

449

      

2,271

      

143

    

Payable for Professional Fees

    

41

      

58

      

48

      

45

    

Payable for Transfer Agency Fees

    

25

      

43

      

33

      

3

    

Payable for Custodian Fees

    

9

      

14

      

163

      

14

    

Payable for Administration Plan Fees — Institutional Select Class

    

—

@

    

—

@

    

17

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

—

      

—

      

212

      

—

@

  

Payable for Administration Plan Fees — Administrative Class

    

—

      

—

      

16

      

—

@

  
Payable for Service and Shareholder Administration Plan Fees —
Advisory Class		    

—

@

    

—

@

    

222

      

7

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

—

@

    

—

      

318

      

701

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

2

      

2

      

1

      

—

@

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

—

      

—

      

—

@

    

—

    

Other Liabilities

    

61

      

354

      

1,838

      

512

    

Total Liabilities

    

1,504

      

9,284

      

207,701

      

10,850

    

Net Assets

  

$

2,776,867

    

$

10,820,791

    

$

56,698,882

    

$

3,338,025

    

Net Assets Consist of:

  

Paid-in-Capital

  

$

2,776,207

    

$

10,818,292

    

$

56,699,560

    

$

3,337,758

    

Total Distributable Earnings (Accumulated Loss)

    

660

      

2,499

      

(678

)

    

267

    

Net Assets

  

$

2,776,867

    

$

10,820,791

    

$

56,698,882

    

$

3,338,025

    
(1) Including:
Repurchase Agreements, at Value		  

$

842,000

    

$

3,621,000

    

$

33,718,810

    

$

—

    

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


2019 Semi-Annual Report

April 30, 2019

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

  

$

2,764,502

    

$

10,793,079

    

$

51,578,450

    

$

38,631

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

2,762,684,589

      

10,785,563,905

      

51,578,534,144

      

38,616,952

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0007

    

$

1.0007

    

$

1.000

    

$

1.000

    

INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

50

    

$

11,202

    

$

397,440

    

$

50

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

50,208

      

11,196,710

      

397,440,084

      

50,186

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0005

    

$

1.0005

    

$

1.000

    

$

1.000

    

INVESTOR CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

2,536,429

    

$

695

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

—

      

—

      

2,536,443,631

      

694,794

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

126,946

    

$

50

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

—

      

—

      

126,949,076

      

50,178

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADVISORY CLASS:

  

Net Assets

  

$

50

    

$

50

    

$

1,243,364

    

$

35,395

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

50,157

      

50,193

      

1,243,391,141

      

35,395,380

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0009

    

$

1.0003

    

$

1.000

    

$

1.000

    

PARTICIPANT CLASS:

  

Net Assets

  

$

50

    

$

—

    

$

810,065

    

$

3,262,558

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

50,171

      

—

      

810,066,546

      

3,262,282,108

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0005

    

$

—

    

$

1.000

    

$

1.000

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

12,215

    

$

16,460

    

$

6,138

    

$

646

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

12,209,237

      

16,451,615

      

6,137,858

      

645,041

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0004

    

$

1.0005

    

$

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)		    

—

      

—

      

50,128

      

—

    

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.
28


2019 Semi-Annual Report

April 30, 2019

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

  

$

16,652,804

    

$

21,806,448

    

$

640,628

    

Total Investments in Securities, at Value(1)

    

16,652,804

      

21,806,448

      

640,620

    

Cash

    

110

      

7,478

      

12

    

Interest Receivable

    

19,118

      

23,230

      

1,547

    

Other Assets

    

782

      

876

      

147

    

Total Assets

    

16,672,814

      

21,838,032

      

642,326

    

Liabilities:

  

Payable for Investments Purchased

    

—

      

—

      

17,021

    

Dividends Payable

    

15,710

      

15,775

      

97

    

Payable for Advisory Fees

    

1,737

      

2,499

      

14

    

Payable for Fund Shares Redeemed

    

62

      

471

      

23

    

Payable for Administration Fees

    

661

      

875

      

23

    

Payable for Professional Fees

    

43

      

47

      

48

    

Payable for Transfer Agency Fees

    

15

      

19

      

22

    

Payable for Custodian Fees

    

26

      

52

      

2

    

Payable for Administration Plan Fees — Institutional Select Class

    

11

      

4

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

1

      

—

@

    

—

    

Payable for Administration Plan Fees — Administrative Class

    

—

@

    

—

@

    

—

    

Payable for Service and Shareholder Administration Plan Fees — Advisory Class

    

111

      

3

      

—

    

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

    

364

      

—

@

    

—

    

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

    

2

      

3

      

1

    

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

    

—

@

    

—

@

    

—

    

Other Liabilities

    

567

      

672

      

23

    

Total Liabilities

    

19,310

      

20,420

      

17,274

    

Net Assets

  

$

16,653,504

    

$

21,817,612

    

$

625,052

    

Net Assets Consist of:

  

Paid-in-Capital

  

$

16,653,241

    

$

21,817,247

    

$

625,120

    

Total Distributable Earnings (Accumulated Loss)

    

263

      

365

      

(68

)

  

Net Assets

  

$

16,653,504

    

$

21,817,612

    

$

625,052

    
(1) Including:
Repurchase Agreements, at Value		  

$

8,880,728

    

$

—

    

$

—

    

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


2019 Semi-Annual Report

April 30, 2019

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

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

INSTITUTIONAL CLASS:

  

Net Assets

  

$

14,900,691

    

$

21,684,590

    

$

617,512

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

14,900,289,496

      

21,684,200,626

      

617,516,802

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.0000

    

INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

271,623

    

$

90,923

    

$

50

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

271,620,502

      

90,922,609

      

50,126

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.0000

    

INVESTOR CLASS:

  

Net Assets

  

$

16,827

    

$

50

    

$

—

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

16,826,269

      

50,181

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

3,490

    

$

3,284

    

$

—

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

3,490,278

      

3,284,179

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADVISORY CLASS:

  

Net Assets

  

$

540,549

    

$

14,296

    

$

—

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

540,533,449

      

14,295,846

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

PARTICIPANT CLASS:

  

Net Assets

  

$

901,363

    

$

346

    

$

—

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

901,350,829

      

345,683

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

18,911

    

$

24,073

    

$

7,490

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

18,906,623

      

24,073,224

      

7,490,340

    

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)		    

50,125

      

50,122

      

—

    

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.
30


2019 Semi-Annual Report

April 30, 2019

Statements of Operations (unaudited)

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

Investment Income:

  

Interest

  

$

31,011

    

$

126,194

    

$

650,022

    

$

41,133

    

Expenses:

  

Advisory Fees (Note B)

    

1,745

      

7,112

      

40,117

      

2,557

    

Administration Fees (Note C)

    

582

      

2,371

      

13,372

      

852

    

Professional Fees

    

54

      

54

      

47

      

53

    

Transfer Agency Fees (Note E)

    

52

      

95

      

73

      

9

    

Custodian Fees (Note F)

    

41

      

89

      

481

      

28

    

Registration Fees

    

37

      

40

      

91

      

216

    

Trustees' Fees and Expenses

    

25

      

109

      

735

      

41

    

Shareholder Reporting Fees

    

13

      

13

      

25

      

19

    

Administration Plan Fees — Institutional Select Class (Note D)

    

—

@

    

3

      

103

      

1

    

Administration Plan Fees — Investor Class (Note D)

    

—

      

—

      

1,212

      

—

@

  

Administration Plan Fees — Administrative Class (Note D)

    

—

      

—

      

105

      

—

@

  

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

    

—

@

    

—

@

    

1,258

      

42

    

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

    

—

@

    

—

      

1,918

      

8,334

    

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

    

10

      

14

      

7

      

1

    

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

    

—

      

—

      

—

@

    

—

    

Pricing Fees

    

5

      

12

      

8

      

2

    

Other Expenses

    

21

      

53

      

324

      

52

    

Expenses Before Non Operating Expenses

    

2,585

      

9,965

      

59,876

      

12,207

    

Bank Overdraft Expense

    

2

      

—

      

—

      

—

    

Total Expenses

    

2,587

      

9,965

      

59,876

      

12,207

    

Waiver of Advisory Fees (Note B)

    

(748

)

    

(2,507

)

    

(10,540

)

    

(421

)

  

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

    

—

      

—

      

—

      

(4,167

)

  

Net Expenses

    

1,839

      

7,458

      

49,336

      

7,619

    

Net Investment Income

    

29,172

      

118,736

      

600,686

      

33,514

    

Realized Gain (Loss):

  

Investments Sold

    

30

      

157

      

(38

)

    

(15

)

  

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

482

      

1,962

      

—

      

—

    

Net Increase in Net Assets Resulting from Operations

  

$

29,684

    

$

120,855

    

$

600,648

    

$

33,499

    

@  Amount is less than $500.

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


2019 Semi-Annual Report

April 30, 2019

Statements of Operations (unaudited)

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

Investment Income:

  

Interest

  

$

216,686

    

$

256,628

    

$

4,287

    

Expenses:

  

Advisory Fees (Note B)

    

13,366

      

16,099

      

393

    

Administration Fees (Note C)

    

4,455

      

5,366

      

131

    

Professional Fees

    

50

      

47

      

54

    

Transfer Agency Fees (Note E)

    

35

      

42

      

44

    

Custodian Fees (Note F)

    

150

      

197

      

8

    

Registration Fees

    

57

      

55

      

44

    

Trustees' Fees and Expenses

    

229

      

286

      

6

    

Shareholder Reporting Fees

    

11

      

18

      

5

    

Administration Plan Fees — Institutional Select Class (Note D)

    

69

      

26

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

7

      

6

      

—

    

Administration Plan Fees — Administrative Class (Note D)

    

2

      

3

      

—

    

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

    

648

      

30

      

—

    

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

    

2,390

      

1

      

—

    

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

    

15

      

26

      

7

    

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

    

—

@

    

—

@

    

—

    

Pricing Fees

    

2

      

1

      

3

    

Other Expenses

    

112

      

120

      

18

    

Total Expenses

    

21,598

      

22,323

      

713

    

Waiver of Advisory Fees (Note B)

    

(1,811

)

    

(765

)

    

(312

)

  

Net Expenses

    

19,787

      

21,558

      

401

    

Net Investment Income

    

196,899

      

235,070

      

3,886

    

Realized Gain (Loss):

  

Investments Sold

    

(51

)

    

229

      

—

    

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

—

      

—

      

(9

)

  

Net Increase in Net Assets Resulting from Operations

  

$

196,848

    

$

235,299

    

$

3,877

    

@  Amount is less than $500.

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets

    Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		   Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

29,172

    

$

20,888

    

$

118,736

    

$

116,294

    

Net Realized Gain

    

30

      

39

      

157

      

190

    

Net Change in Unrealized Appreciation (Depreciation)

    

482

      

50

      

1,962

      

(125

)

  

Net Increase in Net Assets Resulting from Operations

    

29,684

      

20,977

      

120,855

      

116,359

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(29,018

)

    

(20,672

)

    

(118,379

)

    

(115,943

)

  

Institutional Select Class

    

(1

)

    

(1

)

    

(140

)

    

(243

)

  

Advisory Class

    

(1

)

    

(1

)

    

(1

)

    

(1

)

  

Participant Class

    

—

@

    

(1

)

    

—

      

—

    

Cash Management Class

    

(152

)

    

(260

)

    

(216

)

    

(338

)

  

Total Dividends and Distributions to Shareholders

    

(29,172

)

    

(20,935

)

    

(118,736

)

    

(116,525

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

4,347,392

      

4,666,048

      

30,678,309

      

43,474,677

    

Distributions Reinvested

    

23,839

      

16,541

      

76,243

      

71,204

    

Redeemed

    

(3,317,014

)

    

(3,594,224

)

    

(27,642,932

)

    

(40,471,729

)

  

Institutional Select Class:

  

Subscribed

    

—

      

—

      

7,255

      

230,931

    

Distributions Reinvested

    

—

@

    

—

      

130

      

142

    

Redeemed

    

—

      

—

      

(16,596

)

    

(210,715

)

  

Advisory Class:

  

Subscribed

    

—

      

—

      

—

      

726

    

Distributions Reinvested

    

—

@

    

—

@

    

—

@

    

—

    

Redeemed

    

—

      

(2

)

    

—

      

(726

)

  

Participant Class:

  

Distributions Reinvested

    

—

@

    

—

      

—

      

—

    

Cash Management Class:

  

Subscribed

    

—

      

7,386

      

—

      

31,277

    

Distributions Reinvested

    

152

      

257

      

212

      

330

    

Redeemed

    

(1,938

)

    

(11,625

)

    

(5,352

)

    

(24,820

)

  

Net Increase in Net Assets Resulting from Capital Share Transactions

    

1,052,431

      

1,084,381

      

3,097,269

      

3,101,297

    

Total Increase in Net Assets

    

1,052,943

      

1,084,423

      

3,099,388

      

3,101,131

    

Net Assets:

  

Beginning of Period

    

1,723,924

      

639,501

      

7,721,403

      

4,620,272

    

End of Period

  

$

2,776,867

    

$

1,723,924

    

$

10,820,791

    

$

7,721,403

    

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets (cont'd)

    Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		   Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

4,344,958

      

4,664,032

      

30,660,857

      

43,453,537

    

Shares Issued on Distributions Reinvested

    

23,825

      

16,534

      

76,195

      

71,170

    

Shares Redeemed

    

(3,315,116

)

    

(3,592,681

)

    

(27,627,176

)

    

(40,452,122

)

  

Net Increase in Institutional Class Shares Outstanding

    

1,053,667

      

1,087,885

      

3,109,876

      

3,072,585

    

Institutional Select Class:

  

Shares Subscribed

    

—

      

—

      

7,253

      

230,880

    

Shares Issued on Distributions Reinvested

    

—

@@

    

—

      

130

      

142

    

Shares Redeemed

    

—

      

—

      

(16,591

)

    

(210,667

)

  

Net Increase (Decrease) in Institutional Select Class Shares Outstanding

    

—

@@

    

—

      

(9,208

)

    

20,355

    

Advisory Class:

  

Shares Subscribed

    

—

      

—

      

—

      

726

    

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

—

@@

    

—

    

Shares Redeemed

    

—

      

(2

)

    

—

      

(726

)

  

Net Increase (Decrease) in Advisory Class Shares Outstanding

    

—

@@

    

(2

)

    

—

@@

    

—

    

Participant Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

      

—

      

—

    

Cash Management Class:

  

Shares Subscribed

    

—

      

7,384

      

—

      

31,270

    

Shares Issued on Distributions Reinvested

    

151

      

257

      

212

      

330

    

Shares Redeemed

    

(1,937

)

    

(11,623

)

    

(5,350

)

    

(24,814

)

  

Net Increase (Decrease) in Cash Management Class Shares Outstanding

    

(1,786

)

    

(3,982

)

    

(5,138

)

    

6,786

    

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		   Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

600,686

    

$

790,459

    

$

33,514

    

$

130,139

    

Net Realized Gain (Loss)

    

(38

)

    

3

      

(15

)

    

106

    

Net Increase in Net Assets Resulting from Operations

    

600,648

      

790,462

      

33,499

      

130,245

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(551,514

)

    

(728,745

)

    

(407

)

    

(988

)

  

Institutional Select Class

    

(4,540

)

    

(16,138

)

    

(35

)

    

(1

)

  

Investor Class

    

(26,219

)

    

(19,159

)

    

(7

)

    

(2

)

  

Administrative Class

    

(1,470

)

    

(2,268

)

    

(1

)

    

(1

)

  

Advisory Class

    

(10,115

)

    

(15,110

)

    

(326

)

    

(388

)

  

Participant Class

    

(6,734

)

    

(8,671

)

    

(32,726

)

    

(128,738

)

  

Cash Management Class

    

(94

)

    

(368

)

    

(12

)

    

(21

)

  

Select Class

    

(—

@)

    

(—

@)

    

—

      

—

    

Total Dividends and Distributions to Shareholders

    

(600,686

)

    

(790,459

)

    

(33,514

)

    

(130,139

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

334,896,799

      

652,089,473

      

93,203

      

491,225

    

Distributions Reinvested

    

262,309

      

294,217

      

281

      

360

    

Redeemed

    

(326,480,687

)

    

(649,564,571

)

    

(88,705

)

    

(510,623

)

  

Institutional Select Class:

  

Subscribed

    

4,805,343

      

9,093,640

      

100,000

      

—

    

Distributions Reinvested

    

1,341

      

2,570

      

—

@

    

—

    

Redeemed

    

(5,159,761

)

    

(10,336,186

)

    

(100,000

)

    

—

    

Investor Class:

  

Subscribed

    

2,803,592

      

4,916,812

      

2,209

      

1,312

    

Distributions Reinvested

    

850

      

825

      

7

      

1

    

Redeemed

    

(2,694,707

)

    

(2,570,247

)

    

(1,981

)

    

(903

)

  

Administrative Class:

  

Subscribed

    

209,649

      

440,868

      

—

      

—

    

Distributions Reinvested

    

1,088

      

1,532

      

—

@

    

—

    

Redeemed

    

(265,187

)

    

(430,713

)

    

—

      

—

    

Advisory Class:

  

Subscribed

    

2,297,275

      

5,739,851

      

34,942

      

98,515

    

Distributions Reinvested

    

951

      

1,609

      

—

@

    

—

    

Redeemed

    

(2,137,817

)

    

(5,854,462

)

    

(35,490

)

    

(102,248

)

  

Participant Class:

  

Subscribed

    

809,056

      

1,416,243

      

19,431,543

      

82,677,954

    

Distributions Reinvested

    

15

      

18

      

32,726

      

128,739

    

Redeemed

    

(769,991

)

    

(1,564,938

)

    

(18,982,178

)

    

(97,792,444

)

  

Cash Management Class:

  

Subscribed

    

—

      

36,892

      

—

      

—

    

Distributions Reinvested

    

85

      

353

      

12

      

21

    

Redeemed

    

(10,174

)

    

(49,551

)

    

(750

)

    

(734

)

  

Select Class:

  

Distributions Reinvested

    

—

@

    

—

      

—

      

—

    

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

    

8,570,029

      

3,664,235

      

485,819

      

(15,008,825

)

  

Total Increase (Decrease) in Net Assets

    

8,569,991

      

3,664,238

      

485,804

      

(15,008,719

)

  

Net Assets:

  

Beginning of Period

    

48,128,891

      

44,464,653

      

2,852,221

      

17,860,940

    

End of Period

  

$

56,698,882

    

$

48,128,891

    

$

3,338,025

    

$

2,852,221

    

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets (cont'd)

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		   Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

334,896,799

      

652,089,473

      

93,203

      

491,225

    

Shares Issued on Distributions Reinvested

    

262,309

      

294,217

      

281

      

360

    

Shares Redeemed

    

(326,480,687

)

    

(649,564,571

)

    

(88,705

)

    

(510,623

)

  

Net Increase (Decrease) in Institutional Class Shares Outstanding

    

8,678,421

      

2,819,119

      

4,779

      

(19,038

)

  

Institutional Select Class:

  

Shares Subscribed

    

4,805,343

      

9,093,640

      

100,000

      

—

    

Shares Issued on Distributions Reinvested

    

1,341

      

2,570

      

—

@@

    

—

    

Shares Redeemed

    

(5,159,761

)

    

(10,336,186

)

    

(100,000

)

    

—

    

Net Increase (Decrease) in Institutional Select Class Shares Outstanding

    

(353,077

)

    

(1,239,976

)

    

—

@@

    

—

    

Investor Class:

  

Shares Subscribed

    

2,803,592

      

4,916,812

      

2,209

      

1,312

    

Shares Issued on Distributions Reinvested

    

850

      

825

      

7

      

1

    

Shares Redeemed

    

(2,694,707

)

    

(2,570,247

)

    

(1,981

)

    

(903

)

  

Net Increase in Investor Class Shares Outstanding

    

109,735

      

2,347,390

      

235

      

410

    

Administrative Class:

  

Shares Subscribed

    

209,649

      

440,868

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

1,088

      

1,532

      

—

@@

    

—

    

Shares Redeemed

    

(265,187

)

    

(430,713

)

    

—

      

—

    

Net Increase (Decrease) in Administrative Class Shares Outstanding

    

(54,450

)

    

11,687

      

—

      

—

    

Advisory Class:

  

Shares Subscribed

    

2,297,275

      

5,739,851

      

34,942

      

98,515

    

Shares Issued on Distributions Reinvested

    

951

      

1,609

      

—

@@

    

—

    

Shares Redeemed

    

(2,137,817

)

    

(5,854,462

)

    

(35,490

)

    

(102,248

)

  

Net Increase (Decrease) in Advisory Class Shares Outstanding

    

160,409

      

(113,002

)

    

(548

)

    

(3,733

)

  

Participant Class:

  

Shares Subscribed

    

809,056

      

1,416,243

      

19,431,543

      

82,677,954

    

Shares Issued on Distributions Reinvested

    

15

      

18

      

32,726

      

128,739

    

Shares Redeemed

    

(769,991

)

    

(1,564,938

)

    

(18,982,178

)

    

(97,792,444

)

  

Net Increase (Decrease) in Participant Class Shares Outstanding

    

39,080

      

(148,677

)

    

482,091

      

(14,985,751

)

  

Cash Management Class:

  

Shares Subscribed

    

—

      

36,892

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

85

      

353

      

12

      

21

    

Shares Redeemed

    

(10,174

)

    

(49,551

)

    

(750

)

    

(734

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(10,089

)

    

(12,306

)

    

(738

)

    

(713

)

  

Select Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

      

—

      

—

    

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		   Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

196,899

    

$

228,478

    

$

235,070

    

$

292,724

    

Net Realized Gain (Loss)

    

(51

)

    

352

      

229

      

223

    

Net Increase in Net Assets Resulting from Operations

    

196,848

      

228,830

      

235,299

      

292,947

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(179,958

)

    

(211,455

)

    

(233,188

)

    

(288,028

)

  

Institutional Select Class

    

(3,033

)

    

(4,233

)

    

(1,118

)

    

(3,182

)

  

Investor Class

    

(151

)

    

(211

)

    

(122

)

    

(584

)

  

Administrative Class

    

(31

)

    

(38

)

    

(46

)

    

(26

)

  

Advisory Class

    

(5,187

)

    

(6,709

)

    

(238

)

    

(82

)

  

Participant Class

    

(8,326

)

    

(5,408

)

    

(2

)

    

(3

)

  

Cash Management Class

    

(213

)

    

(424

)

    

(356

)

    

(819

)

  

Select Class

    

(—

@)

    

(—

@)

    

(—

@)

    

(—

@)

  

Total Dividends and Distributions to Shareholders

    

(196,899

)

    

(228,478

)

    

(235,070

)

    

(292,724

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

82,494,761

      

144,454,302

      

63,749,006

      

123,848,813

    

Distributions Reinvested

    

82,679

      

77,551

      

128,641

      

141,519

    

Redeemed

    

(81,469,530

)

    

(143,163,314

)

    

(61,836,134

)

    

(122,508,055

)

  

Institutional Select Class:

  

Subscribed

    

803,299

      

1,719,123

      

25,289

      

99,037

    

Distributions Reinvested

    

526

      

1,055

      

1,054

      

3,043

    

Redeemed

    

(863,230

)

    

(1,705,319

)

    

(124,979

)

    

(152,365

)

  

Investor Class:

  

Subscribed

    

19,929

      

18,119

      

2,226

      

8,134

    

Distributions Reinvested

    

95

      

210

      

62

      

563

    

Redeemed

    

(12,643

)

    

(35,126

)

    

(41,561

)

    

(32,554

)

  

Administrative Class:

  

Subscribed

    

1,031

      

409

      

10,085

      

5,238

    

Distributions Reinvested

    

27

      

29

      

—

@

    

—

    

Redeemed

    

(67

)

    

(2,278

)

    

(9,179

)

    

(2,987

)

  

Advisory Class:

  

Subscribed

    

1,802,918

      

2,785,307

      

135,340

      

96,223

    

Distributions Reinvested

    

565

      

457

      

—

@

    

—

    

Redeemed

    

(1,729,998

)

    

(2,897,200

)

    

(133,533

)

    

(85,540

)

  

Participant Class:

  

Subscribed

    

1,446,944

      

1,055,373

      

296

      

661

    

Distributions Reinvested

    

2

      

8

      

2

      

3

    

Redeemed

    

(1,334,651

)

    

(750,783

)

    

(186

)

    

(737

)

  

Cash Management Class:

  

Subscribed

    

—

      

13,166

      

—

@

    

66,925

    

Distributions Reinvested

    

212

      

415

      

347

      

812

    

Redeemed

    

(3,589

)

    

(38,155

)

    

(27,462

)

    

(97,403

)

  

Select Class:

  

Distributions Reinvested

    

—

@

    

—

      

—

@

    

—

    

Net Increase in Net Assets Resulting from Capital Share Transactions

    

1,239,280

      

1,533,349

      

1,879,314

      

1,391,330

    

Total Increase in Net Assets

    

1,239,229

      

1,533,701

      

1,879,543

      

1,391,553

    

Net Assets:

  

Beginning of Period

    

15,414,275

      

13,880,574

      

19,938,069

      

18,546,516

    

End of Period

  

$

16,653,504

    

$

15,414,275

    

$

21,817,612

    

$

19,938,069

    

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets (cont'd)

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		   Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

82,494,761

      

144,454,302

      

63,749,006

      

123,848,813

    

Shares Issued on Distributions Reinvested

    

82,679

      

77,551

      

128,641

      

141,519

    

Shares Redeemed

    

(81,469,530

)

    

(143,163,314

)

    

(61,836,134

)

    

(122,508,055

)

  

Net Increase in Institutional Class Shares Outstanding

    

1,107,910

      

1,368,539

      

2,041,513

      

1,482,277

    

Institutional Select Class:

  

Shares Subscribed

    

803,299

      

1,719,123

      

25,289

      

99,037

    

Shares Issued on Distributions Reinvested

    

526

      

1,055

      

1,054

      

3,043

    

Shares Redeemed

    

(863,230

)

    

(1,705,319

)

    

(124,979

)

    

(152,365

)

  

Net Increase (Decrease) in Institutional Select Class Shares Outstanding

    

(59,405

)

    

14,859

      

(98,636

)

    

(50,285

)

  

Investor Class:

  

Shares Subscribed

    

19,929

      

18,119

      

2,226

      

8,134

    

Shares Issued on Distributions Reinvested

    

95

      

210

      

62

      

563

    

Shares Redeemed

    

(12,643

)

    

(35,126

)

    

(41,561

)

    

(32,554

)

  

Net Increase (Decrease) in Investor Class Shares Outstanding

    

7,381

      

(16,797

)

    

(39,273

)

    

(23,857

)

  

Administrative Class:

  

Shares Subscribed

    

1,031

      

409

      

10,085

      

5,238

    

Shares Issued on Distributions Reinvested

    

27

      

29

      

—

@@

    

—

    

Shares Redeemed

    

(67

)

    

(2,278

)

    

(9,179

)

    

(2,987

)

  

Net Increase (Decrease) in Administrative Class Shares Outstanding

    

991

      

(1,840

)

    

906

      

2,251

    

Advisory Class:

  

Shares Subscribed

    

1,802,918

      

2,785,307

      

135,340

      

96,223

    

Shares Issued on Distributions Reinvested

    

565

      

457

      

—

@@

    

—

    

Shares Redeemed

    

(1,729,998

)

    

(2,897,200

)

    

(133,533

)

    

(85,540

)

  

Net Increase (Decrease) in Advisory Class Shares Outstanding

    

73,485

      

(111,436

)

    

1,807

      

10,683

    

Participant Class:

  

Shares Subscribed

    

1,446,944

      

1,055,373

      

296

      

661

    

Shares Issued on Distributions Reinvested

    

2

      

8

      

2

      

3

    

Shares Redeemed

    

(1,334,651

)

    

(750,783

)

    

(186

)

    

(737

)

  

Net Increase (Decrease) in Participant Class Shares Outstanding

    

112,295

      

304,598

      

112

      

(73

)

  

Cash Management Class:

  

Shares Subscribed

    

—

      

13,166

      

—

@@

    

66,925

    

Shares Issued on Distributions Reinvested

    

212

      

415

      

347

      

812

    

Shares Redeemed

    

(3,589

)

    

(38,155

)

    

(27,462

)

    

(97,403

)

  

Net Increase (Decrease) in Cash Management Class Shares Outstanding

    

(3,377

)

    

(24,574

)

    

(27,115

)

    

(29,666

)

  

Select Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

      

—

@@

    

—

    

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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


2019 Semi-Annual Report

April 30, 2019

Statements of Changes in Net Assets

    Tax-Exempt
Portfolio		  
    Six Months Ended
April 30, 2019
(unaudited)
(000)		   Year Ended
October 31,
2018
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

3,886

    

$

3,429

    

Net Change in Unrealized Appreciation (Depreciation)

    

(9

)

    

1

    

Net Increase in Net Assets Resulting from Operations

    

3,877

      

3,430

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(3,824

)

    

(3,271

)

  

Institutional Select Class

    

(—

@)

    

(1

)

  

Cash Management Class

    

(62

)

    

(157

)

  

Total Dividends and Distributions to Shareholders

    

(3,886

)

    

(3,429

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

533,548

      

794,575

    

Distributions Reinvested

    

3,310

      

2,741

    

Redeemed

    

(411,052

)

    

(449,812

)

  

Institutional Select Class:

  

Distributions Reinvested

    

—

@

    

—

    

Cash Management Class:

  

Subscribed

    

—

      

3,625

    

Distributions Reinvested

    

59

      

157

    

Redeemed

    

(4,373

)

    

(12,752

)

  

Net Increase in Net Assets Resulting from Capital Share Transactions

    

121,492

      

338,534

    

Total Increase in Net Assets

    

121,483

      

338,535

    

Net Assets:

  

Beginning of Period

    

503,569

      

165,034

    

End of Period

  

$

625,052

    

$

503,569

    

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

533,548

      

794,574

    

Shares Issued on Distributions Reinvested

    

3,310

      

2,741

    

Shares Redeemed

    

(411,052

)

    

(449,809

)

  

Net Increase in Institutional Class Shares Outstanding

    

125,806

      

347,506

    

Institutional Select Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

    

Cash Management Class:

  

Shares Subscribed

    

—

      

3,624

    

Shares Issued on Distributions Reinvested

    

59

      

157

    

Shares Redeemed

    

(4,373

)

    

(12,751

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(4,314

)

    

(8,970

)

  

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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


2019 Semi-Annual Report

April 30, 2019

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		  

Money Market Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0004

    

$

0.0126

(2)

  

$

0.0001

(3)

  

$

(0.0124

)

  

$

1.0007

      

1.28

%(8)

  

Year Ended 10/31/18

    

1.0004

      

0.0190

(2)

    

(0.0007

)

    

(0.0183

)

    

1.0004

      

1.84

%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0002

    

$

0.0122

(2)

  

$

0.0002

(3)

  

$

(0.0121

)

  

$

1.0005

      

1.25

%(8)

  

Year Ended 10/31/18

    

1.0002

      

0.0185

(2)

    

(0.0007

)

    

(0.0178

)

    

1.0002

      

1.79

%

  

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

%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0007

    

$

0.0112

(2)

  

$

0.0002

    

$

(0.0112

)

  

$

1.0009

      

1.14

%(8)

  

Year Ended 10/31/18

    

1.0006

      

0.0165

(2)

    

(0.0006

)

    

(0.0158

)

    

1.0007

      

1.60

%

  

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

%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0003

    

$

0.0099

(2)

  

$

0.0002

(3)

  

$

(0.0099

)

  

$

1.0005

      

1.02

%(8)

  

Year Ended 10/31/18

    

1.0002

      

0.0140

(2)

    

(0.0006

)

    

(0.0133

)

    

1.0003

      

1.34

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0002

    

$

0.0117

(2)

  

$

0.0002

(3)

  

$

(0.0117

)

  

$

1.0004

      

1.19

%(8)

  

Year Ended 10/31/18

    

1.0001

      

0.0175

(2)

    

(0.0006

)

    

(0.0168

)

    

1.0002

      

1.70

%

  

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

%

  

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


2019 Semi-Annual Report

April 30, 2019

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to
Average Net
Assets Excluding
Non-Operating
Expenses		   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)		  

Money Market Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

2,764,502

      

0.16

%(9)

    

0.16

%(9)

    

0.22

%(9)

    

2.51

%(9)

    

2.45

%(9)

  

Year Ended 10/31/18

    

1,709,776

      

0.15

%

    

N/A

      

0.25

%

    

1.91

%

    

1.81

%

  

Year Ended 10/31/17

    

621,369

      

0.10

%

    

N/A

      

0.32

%

    

1.06

%

    

0.84

%

  

Year Ended 10/31/16(1)

    

450,127

      

0.12

%

    

N/A

      

0.22

%

    

0.41

%

    

0.31

%

  

Year Ended 10/31/15

    

3,383,757

      

0.13

%

    

N/A

      

0.22

%

    

0.14

%

    

0.05

%

  

Year Ended 10/31/14

    

2,215,637

      

0.17

%

    

N/A

      

0.22

%

    

0.06

%

    

0.01

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.21

%(4)(9)

    

0.21

%(4)(9)

    

0.27

%(9)

    

2.46

%(9)

    

2.40

%(9)

  

Year Ended 10/31/18

    

50

      

0.20

%(4)

    

N/A

      

0.30

%

    

1.86

%

    

1.76

%

  

Year Ended 10/31/17

    

50

      

0.15

%(4)

    

N/A

      

0.37

%

    

1.01

%

    

0.79

%

  

Year Ended 10/31/16(1)

    

50

      

0.17

%(4)

    

N/A

      

0.27

%

    

0.36

%

    

0.26

%

  

Year Ended 10/31/15

    

50

      

0.18

%(4)

    

N/A

      

0.27

%

    

0.09

%

    

0.00

%(5)

  

Year Ended 10/31/14

    

50

      

0.21

%(4)

    

N/A

      

0.27

%

    

0.02

%

    

(0.04

)%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.41

%(4)(9)

    

0.41

%(4)(9)

    

0.47

%(9)

    

2.26

%(9)

    

2.20

%(9)

  

Year Ended 10/31/18

    

50

      

0.40

%(4)

    

N/A

      

0.50

%

    

1.66

%

    

1.56

%

  

Year Ended 10/31/17

    

52

      

0.35

%(4)

    

N/A

      

0.57

%

    

0.81

%

    

0.59

%

  

Year Ended 10/31/16(1)

    

2

      

0.37

%(4)

    

N/A

      

0.47

%

    

0.16

%

    

0.06

%

  

Year Ended 10/31/15

    

493

      

0.26

%(4)

    

N/A

      

0.47

%

    

0.01

%

    

(0.20

)%

  

Year Ended 10/31/14

    

437

      

0.22

%(4)

    

N/A

      

0.47

%

    

0.01

%

    

(0.24

)%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.66

%(4)(9)

    

0.66

%(4)(9)

    

0.72

%(9)

    

2.01

%(9)

    

1.95

%(9)

  

Year Ended 10/31/18

    

50

      

0.65

%(4)

    

N/A

      

0.75

%

    

1.41

%

    

1.31

%

  

Year Ended 10/31/17

    

50

      

0.60

%(4)

    

N/A

      

0.82

%

    

0.56

%

    

0.34

%

  

Year Ended 10/31/16(1)

    

53

      

0.53

%(4)

    

N/A

      

0.72

%

    

0.00

%(5)

    

(0.19

)%

  

Year Ended 10/31/15

    

620

      

0.26

%(4)

    

N/A

      

0.72

%

    

0.01

%

    

(0.45

)%

  

Year Ended 10/31/14

    

1,981

      

0.22

%(4)

    

N/A

      

0.72

%

    

0.01

%

    

(0.49

)%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

12,215

      

0.31

%(4)(9)

    

0.31

%(4)(9)

    

0.37

%(9)

    

2.36

%(9)

    

2.30

%(9)

  

Year Ended 10/31/18

    

13,998

      

0.30

%(4)

    

N/A

      

0.40

%

    

1.76

%

    

1.66

%

  

Year Ended 10/31/17

    

17,980

      

0.25

%(4)

    

N/A

      

0.47

%

    

0.91

%

    

0.69

%

  

Year Ended 10/31/16(1)

    

29,654

      

0.27

%(4)

    

N/A

      

0.37

%

    

0.26

%

    

0.16

%

  

Year Ended 10/31/15

    

23,473

      

0.26

%(4)

    

N/A

      

0.37

%

    

0.01

%

    

(0.10

)%

  

Year Ended 10/31/14

    

28,575

      

0.22

%(4)

    

N/A

      

0.37

%

    

0.01

%

    

(0.14

)%

  

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


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

1.0005

    

$

0.0127

(2)

  

$

(0.0001

)(3)

  

$

(0.0124

)

  

$

1.0007

      

1.27

%(8)

  

Year Ended 10/31/18

    

1.0005

      

0.0186

(2)

    

(0.0004

)(3)

    

(0.0182

)

    

1.0005

      

1.84

%

  

Year Ended 10/31/17

    

1.0002

      

0.0109

(2)

    

(0.0005

)

    

(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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0003

    

$

0.0122

(2)

  

$

0.0001

(3)

  

$

(0.0121

)

  

$

1.0005

      

1.24

%(8)

  

Year Ended 10/31/18

    

1.0000

      

0.0181

(2)

    

(0.0001

)(3)

    

(0.0177

)

    

1.0003

      

1.82

%

  

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

      

(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

%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0000

    

$

0.0112

(2)

  

$

0.0002

(3)

  

$

(0.0111

)

  

$

1.0003

      

1.15

%(8)

  

Year Ended 10/31/18

    

1.0000

      

0.0161

(2)

    

(0.0004

)(3)

    

(0.0157

)

    

1.0000

      

1.58

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0003

    

$

0.0116

(2)

  

$

0.0002

(3)

  

$

(0.0116

)

  

$

1.0005

      

1.19

%(8)

  

Year Ended 10/31/18

    

1.0003

      

0.0171

(2)

    

(0.0004

)(3)

    

(0.0167

)

    

1.0003

      

1.69

%

  

Year Ended 10/31/17

    

1.0000

      

0.0094

(2)

    

(0.0005

)

    

(0.0086

)

    

1.0003

      

0.90

%

  

Year Ended 10/31/16(1)

    

1.0000

      

0.0022

(2)

    

0.0000

(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

%

  

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


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

10,793,079

      

0.16

%(9)

    

0.21

%(9)

    

2.50

%(9)

    

2.45

%(9)

  

Year Ended 10/31/18

    

7,679,347

      

0.15

%

    

0.21

%

    

1.87

%

    

1.81

%

  

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)

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

11,202

      

0.21

%(4)(9)

    

0.26

%(9)

    

2.45

%(9)

    

2.40

%(9)

  

Year Ended 10/31/18

    

20,410

      

0.20

%(4)

    

0.26

%

    

1.82

%

    

1.76

%

  

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

)%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.41

%(4)(9)

    

0.46

%(9)

    

2.26

%(9)

    

2.20

%(9)

  

Year Ended 10/31/18

    

50

      

0.40

%(4)

    

0.46

%

    

1.62

%

    

1.56

%

  

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

)%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

16,460

      

0.31

%(4)(9)

    

0.36

%(9)

    

2.35

%(9)

    

2.30

%(9)

  

Year Ended 10/31/18

    

21,596

      

0.30

%(4)

    

0.36

%

    

1.72

%

    

1.66

%

  

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

)%

  

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


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.13

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.016

(2)

    

(0.001

)

    

(0.015

)

    

1.000

      

1.55

%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.10

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.015

(2)

    

0.000

(3)

    

(0.015

)

    

1.000

      

1.50

%

  

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

%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.08

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.015

(2)

    

(0.001

)

    

(0.014

)

    

1.000

      

1.45

%

  

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

%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

(0.000

)(3)

  

$

(0.011

)

  

$

1.000

      

1.05

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

0.000

(3)

    

(0.014

)

    

1.000

      

1.40

%

  

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

%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.00

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.013

(2)

    

0.000

(3)

    

(0.013

)

    

1.000

      

1.30

%

  

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

%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.009

(2)

  

$

0.000

(3)

  

$

(0.009

)

  

$

1.000

      

0.88

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.011

(2)

    

(0.001

)

    

(0.010

)

    

1.000

      

1.04

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.05

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

0.000

(3)

    

(0.014

)

    

1.000

      

1.40

%

  

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

%

  

Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.007

(2)

  

$

0.000

(3)

  

$

(0.007

)

  

$

1.000

      

0.73

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.008

(2)

    

(0.001

)

    

(0.007

)

    

1.000

      

0.74

%

  

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.
44


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

51,578,450

      

0.17

%(9)

    

0.21

%(9)

    

2.26

%(9)

    

2.22

%(9)

  

Year Ended 10/31/18

    

42,900,056

      

0.17

%

    

0.21

%

    

1.55

%

    

1.51

%

  

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

)%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

397,440

      

0.22

%(4)(9)

    

0.26

%(9)

    

2.21

%(9)

    

2.17

%(9)

  

Year Ended 10/31/18

    

750,517

      

0.22

%(4)

    

0.26

%

    

1.50

%

    

1.46

%

  

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

)%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

2,536,429

      

0.27

%(4)(9)

    

0.31

%(9)

    

2.16

%(9)

    

2.12

%(9)

  

Year Ended 10/31/18

    

2,426,700

      

0.27

%(4)

    

0.31

%

    

1.45

%

    

1.41

%

  

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

)%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

126,946

      

0.32

%(4)(9)

    

0.36

%(9)

    

2.11

%(9)

    

2.07

%(9)

  

Year Ended 10/31/18

    

181,397

      

0.32

%(4)

    

0.36

%

    

1.40

%

    

1.36

%

  

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

)%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1,243,364

      

0.42

%(4)(9)

    

0.46

%(9)

    

2.01

%(9)

    

1.97

%(9)

  

Year Ended 10/31/18

    

1,082,958

      

0.42

%(4)

    

0.46

%

    

1.30

%

    

1.26

%

  

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

)%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

810,065

      

0.67

%(4)(9)

    

0.71

%(9)

    

1.76

%(9)

    

1.72

%(9)

  

Year Ended 10/31/18

    

770,987

      

0.67

%(4)

    

0.71

%

    

1.05

%

    

1.01

%

  

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

)%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

6,138

      

0.32

%(4)(9)

    

0.36

%(9)

    

2.11

%(9)

    

2.07

%(9)

  

Year Ended 10/31/18

    

16,226

      

0.32

%(4)

    

0.36

%

    

1.40

%

    

1.36

%

  

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

)%

  

Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.97

%(4)(9)

    

1.01

%(9)

    

1.46

%(9)

    

1.42

%(9)

  

Year Ended 10/31/18

    

50

      

0.97

%(4)

    

1.01

%

    

0.75

%

    

0.71

%

  

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.
45


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.10

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.013

(2)

    

0.002

      

(0.015

)

    

1.000

      

1.47

%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.07

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.012

(2)

    

0.002

      

(0.014

)

    

1.000

      

1.43

%

  

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

%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

(0.001

)

  

$

(0.010

)

  

$

1.000

      

1.05

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.012

(2)

    

0.002

      

(0.014

)

    

1.000

      

1.37

%

  

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

%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.02

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.011

(2)

    

0.002

      

(0.013

)

    

1.000

      

1.32

%

  

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

%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.099

(2)

  

$

0.001

    

$

(0.010

)

  

$

1.000

      

0.97

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.010

(2)

    

0.002

      

(0.012

)

    

1.000

      

1.22

%

  

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

%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

0.97

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.011

(2)

    

0.001

      

(0.012

)

    

1.000

      

1.22

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.03

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.011

(2)

    

0.002

      

(0.013

)

    

1.000

      

1.32

%

  

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

%

  

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


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

38,631

      

0.20

%(9)

    

0.22

%(9)

    

2.21

%(9)

    

2.19

%(9)

  

Year Ended 10/31/18

    

33,852

      

0.20

%

    

0.21

%

    

1.30

%

    

1.29

%

  

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

)%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.25

%(4)(9)

    

0.27

%(9)

    

2.16

%(9)

    

2.14

%(9)

  

Year Ended 10/31/18

    

50

      

0.25

%(4)

    

0.26

%

    

1.25

%

    

1.24

%

  

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

)%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

695

      

0.30

%(4)(9)

    

0.32

%(9)

    

2.11

%(9)

    

2.09

%(9)

  

Year Ended 10/31/18

    

460

      

0.30

%(4)

    

0.31

%

    

1.20

%

    

1.19

%

  

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

)%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.35

%(4)(9)

    

0.37

%(9)

    

2.06

%(9)

    

2.04

%(9)

  

Year Ended 10/31/18

    

50

      

0.35

%(4)

    

0.36

%

    

1.15

%

    

1.14

%

  

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

)%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

35,395

      

0.45

%(4)(9)

    

0.47

%(9)

    

1.96

%(9)

    

1.94

%(9)

  

Year Ended 10/31/18

    

35,943

      

0.45

%(4)

    

0.46

%

    

1.05

%

    

1.04

%

  

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

)%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

3,262,558

      

0.45

%(4)(9)

    

0.72

%(9)

    

1.96

%(9)

    

1.69

%(9)

  

Year Ended 10/31/18

    

2,780,482

      

0.45

%(4)

    

0.71

%

    

1.05

%

    

0.79

%

  

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

)%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

646

      

0.35

%(4)(9)

    

0.37

%(9)

    

2.06

%(9)

    

2.04

%(9)

  

Year Ended 10/31/18

    

1,384

      

0.35

%(4)

    

0.36

%

    

1.15

%

    

1.14

%

  

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

)%

  

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


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.12

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.015

(2)

    

0.000

(3)

    

(0.015

)

    

1.000

      

1.55

%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.09

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.015

(2)

    

0.000

(3)

    

(0.015

)

    

1.000

      

1.50

%

  

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

%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.001

    

$

(0.011

)

  

$

1.000

      

1.07

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

0.000

(3)

    

(0.014

)

    

1.000

      

1.45

%

  

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

%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

(0.001

)

  

$

(0.010

)

  

$

1.000

      

1.04

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

0.000

(3)

    

(0.014

)

    

1.000

      

1.39

%

  

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

%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

0.99

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.013

(2)

    

0.000

(3)

    

(0.013

)

    

1.000

      

1.29

%

  

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

%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.009

(2)

  

$

0.000

(3)

  

$

(0.009

)

  

$

1.000

      

0.87

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.010

(2)

    

0.000

(3)

    

(0.010

)

    

1.000

      

1.04

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.04

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

0.000

(3)

    

(0.014

)

    

1.000

      

1.39

%

  

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

%

  

Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.007

(2)

  

$

0.000

(3)

  

$

(0.007

)

  

$

1.000

      

0.72

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.007

(2)

    

0.000

(3)

    

(0.007

)

    

1.000

      

0.74

%

  

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.
48


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

14,900,691

      

0.19

%(9)

    

0.21

%(9)

    

2.24

%(9)

    

2.22

%(9)

  

Year Ended 10/31/18

    

13,792,827

      

0.19

%

    

0.21

%

    

1.53

%

    

1.51

%

  

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

)%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

271,623

      

0.24

%(4)(9)

    

0.26

%(9)

    

2.19

%(9)

    

2.17

%(9)

  

Year Ended 10/31/18

    

331,029

      

0.24

%(4)

    

0.26

%

    

1.48

%

    

1.46

%

  

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

)%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

16,827

      

0.29

%(4)(9)

    

0.31

%(9)

    

2.14

%(9)

    

2.12

%(9)

  

Year Ended 10/31/18

    

9,446

      

0.29

%(4)

    

0.31

%

    

1.43

%

    

1.41

%

  

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

)%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

3,490

      

0.34

%(4)(9)

    

0.36

%(9)

    

2.09

%(9)

    

2.07

%(9)

  

Year Ended 10/31/18

    

2,500

      

0.34

%(4)

    

0.36

%

    

1.38

%

    

1.36

%

  

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

)%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

540,549

      

0.44

%(4)(9)

    

0.46

%(9)

    

1.99

%(9)

    

1.97

%(9)

  

Year Ended 10/31/18

    

467,066

      

0.44

%(4)

    

0.46

%

    

1.28

%

    

1.26

%

  

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

)%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

901,363

      

0.69

%(4)(9)

    

0.71

%(9)

    

1.74

%(9)

    

1.72

%(9)

  

Year Ended 10/31/18

    

789,069

      

0.69

%(4)

    

0.71

%

    

1.03

%

    

1.01

%

  

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

)%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

18,911

      

0.34

%(4)(9)

    

0.36

%(9)

    

2.09

%(9)

    

2.07

%(9)

  

Year Ended 10/31/18

    

22,288

      

0.34

%(4)

    

0.36

%

    

1.38

%

    

1.36

%

  

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

)%

  

Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.99

%(4)(9)

    

1.01

%(9)

    

1.44

%(9)

    

1.42

%(9)

  

Year Ended 10/31/18

    

50

      

0.99

%

    

1.01

%

    

0.73

%

    

0.71

%

  

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.
49


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.09

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.015

(2)

    

(0.000

)(3)

    

(0.015

)

    

1.000

      

1.51

%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.011

(2)

  

$

0.000

(3)

  

$

(0.011

)

  

$

1.000

      

1.07

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.015

(2)

    

(0.000

)(3)

    

(0.015

)

    

1.000

      

1.46

%

  

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

%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.04

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

(0.000

)(3)

    

(0.014

)

    

1.000

      

1.41

%

  

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

%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.02

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

(0.000

)(3)

    

(0.014

)

    

1.000

      

1.36

%

  

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

%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

0.97

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.013

(2)

    

(0.000

)(3)

    

(0.013

)

    

1.000

      

1.26

%

  

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

%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.009

(2)

  

$

(0.001

)

  

$

(0.008

)

  

$

1.000

      

0.84

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.010

(2)

    

(0.000

)(3)

    

(0.010

)

    

1.000

      

1.00

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.010

(2)

  

$

0.000

(3)

  

$

(0.010

)

  

$

1.000

      

1.02

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.014

(2)

    

(0.000

)(3)

    

(0.014

)

    

1.000

      

1.36

%

  

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

%

  

Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.000

    

$

0.007

(2)

  

$

0.000

(3)

  

$

(0.007

)

  

$

1.000

      

0.69

%(8)

  

Year Ended 10/31/18

    

1.000

      

0.007

(2)

    

(0.000

)(3)

    

(0.007

)

    

1.000

      

0.70

%

  

Year Ended 10/31/17

    

1.000

      

0.000

(2)(3)

    

0.000

(3)

    

(0.000

)(3)

    

1.000

      

0.02

%

  

Year 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.
50


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

21,684,590

      

0.20

%(9)

    

0.21

%(9)

    

2.19

%(9)

    

2.18

%(9)

  

Year Ended 10/31/18

    

19,642,850

      

0.20

%

    

0.21

%

    

1.51

%

    

1.50

%

  

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

)%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

90,923

      

0.25

%(4)(9)

    

0.26

%(9)

    

2.14

%(9)

    

2.13

%(9)

  

Year Ended 10/31/18

    

189,558

      

0.25

%(4)

    

0.26

%

    

1.46

%

    

1.45

%

  

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

)%

  

Investor Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.30

%(4)(9)

    

0.31

%(9)

    

2.09

%(9)

    

2.08

%(9)

  

Year Ended 10/31/18

    

39,323

      

0.30

%(4)

    

0.31

%

    

1.41

%

    

1.40

%

  

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

)%

  

Administrative Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

3,284

      

0.35

%(4)(9)

    

0.36

%(9)

    

2.04

%(9)

    

2.03

%(9)

  

Year Ended 10/31/18

    

2,378

      

0.35

%(4)

    

0.36

%

    

1.36

%

    

1.35

%

  

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

)%

  

Advisory Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

14,296

      

0.45

%(4)(9)

    

0.46

%(9)

    

1.94

%(9)

    

1.93

%(9)

  

Year Ended 10/31/18

    

12,489

      

0.45

%(4)

    

0.46

%

    

1.26

%

    

1.25

%

  

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

)%

  

Participant Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

346

      

0.70

%(4)(9)

    

0.71

%(9)

    

1.69

%(9)

    

1.68

%(9)

  

Year Ended 10/31/18

    

234

      

0.70

%(4)

    

0.71

%

    

1.01

%

    

1.00

%

  

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

)%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

24,073

      

0.35

%(4)(9)

    

0.36

%(9)

    

2.04

%(9)

    

2.03

%(9)

  

Year Ended 10/31/18

    

51,187

      

0.35

%(4)

    

0.36

%

    

1.36

%

    

1.35

%

  

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

)%

  

Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

1.00

%(4)(9)

    

1.01

%(9)

    

1.39

%(9)

    

1.38

%(9)

  

Year Ended 10/31/18

    

50

      

1.00

%(4)

    

1.01

%

    

0.71

%

    

0.70

%

  

Year Ended 10/31/17

    

50

      

0.76

%(4)

    

1.01

%

    

0.02

%

    

(0.23

)%

  

Year 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.
51


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

1.0000

    

$

0.0074

(2)

  

$

0.0000

(3)

  

$

(0.0074

)

  

$

1.0000

      

0.74

%(8)

  

Year Ended 10/31/18

    

1.0000

      

0.0118

(2)

    

(0.0003

)(3)

    

(0.0115

)

    

1.0000

      

1.16

%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0000

    

$

0.0071

(2)

  

$

(0.0000

)(3)

  

$

(0.0071

)

  

$

1.0000

      

0.72

%(8)

  

Year Ended 10/31/18

    

1.0000

      

0.0113

(2)

    

(0.0003

)(3)

    

(0.0110

)

    

1.0000

      

1.10

%

  

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

%

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

1.0000

    

$

0.0066

(2)

  

$

(0.0000

)(3)

  

$

(0.0066

)

  

$

1.0000

      

0.65

%(8)

  

Year Ended 10/31/18

    

1.0000

      

0.0103

(2)

    

(0.0003

)(3)

    

(0.0100

)

    

1.0000

      

1.02

%

  

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

%

  

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


2019 Semi-Annual Report

April 30, 2019

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 4/30/19 (unaudited)

  

$

617,512

      

0.15

%(9)

    

0.27

%(9)

    

1.49

%(9)

    

1.37

%(9)

    

—

    

Year Ended 10/31/18

    

491,714

      

0.18

%

    

0.33

%

    

1.18

%

    

1.03

%

    

—

    

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)

  

Institutional Select Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

50

      

0.20

%(4)(9)

    

0.32

%(9)

    

1.44

%(9)

    

1.32

%(9)

    

—

    

Year Ended 10/31/18

    

50

      

0.23

%(4)

    

0.38

%

    

1.13

%

    

0.98

%

    

—

    

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)

  

Cash Management Class

  

Six Months Ended 4/30/19 (unaudited)

  

$

7,490

      

0.30

%(4)(9)

    

0.42

%(9)

    

1.34

%(9)

    

1.22

%(9)

    

—

    

Year Ended 10/31/18

    

11,805

      

0.33

%(4)

    

0.48

%

    

1.03

%

    

0.88

%

    

—

    

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)

  

The accompanying notes are an integral part of the financial statements.
53


2019 Semi-Annual Report

April 30, 2019

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.
54


2019 Semi-Annual Report

April 30, 2019

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, 2019. 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, 2019. 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, 2019. 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 these Funds to have a floating NAV, rounded to the fourth decimal place. In addition, these 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 these Funds. Government, Government Securities, Treasury and Treasury Securities Portfolios operate as "government money market funds," which allow these Funds to continue to seek a stable NAV. These Funds will not impose a liquidity fee or temporarily suspend redemptions in the event that 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; and (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.

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,


55


2019 Semi-Annual Report

April 30, 2019

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

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.

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, 2019:

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		  

$

—

    

$

70,264

    

$

—

    

$

70,264

    

Commercial Paper

    

—

      

739,653

      

—

      

739,653

    

Corporate Bonds

    

—

      

27,631

      

—

      

27,631

    

Floating Rate Notes

    

—

      

696,700

      

—

      

696,700

    
Repurchase
Agreements		    

—

      

842,000

      

—

      

842,000

    

Time Deposits

    

—

      

382,000

      

—

      

382,000

    

Total Assets

  

$

—

    

$

2,758,248

    

$

—

    

$

2,758,248

    


56


2019 Semi-Annual Report

April 30, 2019

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

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		  

$

—

    

$

198,870

    

$

—

    

$

198,870

    

Commercial Paper

    

—

      

2,573,080

      

—

      

2,573,080

    

Corporate Bonds

    

—

      

57,048

      

—

      

57,048

    

Floating Rate Notes

    

—

      

3,046,333

      

—

      

3,046,333

    
Repurchase
Agreements		    

—

      

3,621,000

      

—

      

3,621,000

    

Time Deposits

    

—

      

1,244,000

      

—

      

1,244,000

    

Total Assets

  

$

—

    

$

10,740,331

    

$

—

    

$

10,740,331

    

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		  

$

—

    

$

33,718,810

    

$

—

    

$

33,718,810

    
U.S. Agency
Securities		    

—

      

14,894,785

      

—

      

14,894,785

    
U.S. Treasury
Securities		    

—

      

8,209,692

      

—

      

8,209,692

    

Total Assets

  

$

—

    

$

56,823,287

    

$

—

    

$

56,823,287

    

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:

  
U.S. Agency
Securities		  

$

—

    

$

2,156,849

    

$

—

    

$

2,156,849

    
U.S. Treasury
Securities		    

—

      

1,181,203

      

—

      

1,181,203

    

Total Assets

  

$

—

    

$

3,338,052

    

$

—

    

$

3,338,052

    

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		  

$

—

    

$

8,880,728

    

$

—

    

$

8,880,728

    
U.S. Treasury
Securities		    

—

      

7,772,076

      

—

      

7,772,076

    

Total Assets

  

$

—

    

$

16,652,804

    

$

—

    

$

16,652,804

    

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		  

$

—

    

$

21,806,448

    

$

—

    

$

21,806,448

    

Total Assets

  

$

—

    

$

21,806,448

    

$

—

    

$

21,806,448

    

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		  

$

—

    

$

385,055

    

$

—

    

$

385,055

    
Daily Variable Rate
Bonds		    

—

      

159,310

      

—

      

159,310

    

Commercial Paper

    

—

      

59,591

      

—

      

59,591

    
Municipal Bond &
Note		    

—

      

22,160

      

—

      

22,160

    
Quarterly Variable
Rate Bond		    

—

      

9,000

      

—

      

9,000

    

Floating Rate Note

    

—

      

5,504

      

—

      

5,504

    

Total Assets

  

$

—

    

$

640,620

    

$

—

    

$

640,620

    

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

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.


57


2019 Semi-Annual Report

April 30, 2019

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

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: 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 fees, 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, 2019, the Funds had advisory fees waived and/or certain expenses reimbursed as follows:

Fund

   Advisory Fees
Waived and/or
Reimbursed
(000)		  

Money Market

  

$

748

    

Prime

    

2,507

    

Government

    

10,540

    

Government Securities

    

421

    

Treasury

    

1,811

    

Treasury Securities

    

765

    

Tax-Exempt

    

312

    

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. This arrangement had no effect for the six months ended April 30, 2019.


58


2019 Semi-Annual Report

April 30, 2019

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

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, 2019, this waiver amounted to approximately $2,500,000.

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, 2019, this waiver amounted to approximately $1,667,000.

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 DST Asset Manager Solutions, Inc. ("DST"). Pursuant to a Transfer Agency Agreement, the Trust pays DST a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

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.

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, 2018 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for


59


2019 Semi-Annual Report

April 30, 2019

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

tax purposes. The tax character of distributions paid during fiscal years 2018 and 2017 was as follows:

    2018
Distributions
Paid From:		   2017
Distributions
Paid From:		  

Fund

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

Money Market

  

$

20,935

    

$

—

    

$

—

    

$

4,748

    

$

—

    

$

—

    

Prime

    

116,525

      

—

      

—

      

37,166

      

—

      

—

    

Government

    

790,459

      

—

      

—

      

315,824

      

—

      

—

    
Government
Securities		    

130,139

      

—

      

—

      

71,971

      

—

      

—

    

Treasury

    

228,478

      

—

      

—

      

97,967

      

—

      

—

    

Treasury Securities

    

292,724

      

—

      

—

      

113,204

      

—

      

—

    

Tax-Exempt

    

—

      

3,429

      

—

      

1

      

823

      

—

    

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 primarily due to distribution redesignations, nondeductible expenses and an expired capital loss carryforward. These resulted in the following reclassifications among the Funds' components of net assets at October 31, 2018:




Fund		   Total
Distributable
Earnings (Loss)
(000)		   Paid-in-
Capital
(000)		  

Money Market

  

$

3

    

$

(3

)

  

Tax-Exempt

    

16

      

(16

)

  

At October 31, 2018, 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

  

$

612

    

$

—

    

$

—

    

Prime

    

5,910

      

—

      

—

    

Government

    

48,706

      

—

      

—

    

Government Securities

    

841

      

—

      

6

    

Treasury

    

16,686

      

—

      

18

    

Treasury Securities

    

17,186

      

—

      

6

    

Tax-Exempt

    

—

      

18

      

—

    

At October 31, 2018, the following Fund 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

  

$

555

    

In addition, during the year ended October 31, 2018, capital loss carryforwards of approximately $16,000 expired for federal income tax purposes for Tax-Exempt.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, 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, 2018, the following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:

Fund

   Capital Loss
Carryforward
Utilized
(000)		  

Government

  

$

3

    

Treasury

    

177

    

Treasury Securities

    

150

    

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, 2019, Tax-Exempt Portfolio engaged in cross-trade purchases of approximately $2,500,000 and sales of approximately $2,300,000, 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, 2019, 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

    

74.6

%

  

Prime

    

35.1

    

Government

    

31.5

    

Government Securities

    

97.9

    

Treasury

    

29.3

    

Treasury Securities

    

51.4

    

Tax-Exempt

    

84.9

    


60


Privacy Notice (unaudited)

FACTS

  

WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?

  

Why?

  

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

  

What?

   The types of personal information we collect and share depend on the product or service you have with us. This information can include:
n Social Security number and income
n investment experience and risk tolerance
n checking account number and wire transfer instructions		  

How?

  

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

  

 

Reasons we can share your personal information

  

Does MSIM share?

  

Can you limit this sharing?

  
For our everyday business purposes —
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		  

Yes

  

No

  
For our marketing purposes —
to offer our products and services to you		  

Yes

  

No

  

For joint marketing with other financial companies

  

No

  

We don't share

  
For our affiliates' everyday business purposes —
information about your transactions and experiences		  

Yes

  

No

  
For our affiliates' everyday business purposes —
information about your creditworthiness		  

No

  

We don't share

  

For our affiliates to market to you

  

No

  

We don't share

  

For non-affiliates to market to you

  

No

  

We don't share

  

Questions?  Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com


61


Privacy Notice (unaudited) (cont'd)

Who we are

  

Who is providing this notice?

  

Morgan Stanley Investment Management, Inc. and its affiliated registered investment advisers, registered broker-dealers, and registered and unregistered funds ("MSIM")

  

What we do

  

How does MSIM protect my personal information?

  

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.

  

How does MSIM collect my personal information?

   We collect your personal information, for example, when you
n open an account or make deposits or withdrawals from your account
n buy securities from us or make a wire transfer
n give us your contact information
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.		  

Why can't I limit all sharing?

   Federal law gives you the right to limit only
n sharing for affiliates' everyday business purposes — information about your creditworthiness
n affiliates from using your information to market to you
n sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.		  

Definitions

  

Affiliates

   Companies related by common ownership or control. They can be financial and nonfinancial companies.
n Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.		  

Nonaffiliates

   Companies not related by common ownership or control. They can be financial and nonfinancial companies.
n MSIM does not share with non-affiliates so they can market to you.		  

Joint marketing

   A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
n MSIM doesn't jointly market		  

Other Important Information

  

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.


62


2019 Semi-Annual Report

April 30, 2019

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

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
1155 Avenue of the Americas
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the 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. Morgan Stanley also delivers the Semi-Annual and Annual reports to fund shareholders and makes these reports available on its public website, https://www.morganstanley.com/im/liquidityshareholderreports. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Morgan Stanley public website. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. 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).

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 https://www.morganstanley.com/im/liquidityshareholderreports. 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 https://www.morganstanley.com/im/liquidityshareholderreports or call toll free 1 (888) 378-1630.


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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

© 2019 Morgan Stanley. Morgan Stanley Distribution, Inc.

MSILFSAN
2554057 EXP 06.30.20


 

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.

 

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

 

 

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

 

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 most recent fiscal half-year 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. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.

 

Not Applicable.

 

Item 13. 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 18, 2019

 

 

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 18, 2019

 

 

 

/s/ Francis Smith

 

Francis Smith

 

Principal Financial Officer

 

June 18, 2019