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, 2021
Item 1 - Report to Shareholders
INVESTMENT MANAGEMENT
Morgan Stanley Institutional Liquidity Funds
ESG Money Market Portfolio
Prime Portfolio
Government Portfolio
Government Securities Portfolio
Treasury Portfolio
Treasury Securities Portfolio
Tax-Exempt Portfolio
Semi-Annual Report
April 30, 2021
2021 Semi-Annual Report
April 30, 2021
Table of Contents
|
Shareholders' Letter |
2 |
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|
Performance Summary |
3 |
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|
Expense Examples |
4 |
||||||
|
Portfolio of Investments: |
|||||||
|
ESG Money Market Portfolio |
6 |
||||||
|
Prime Portfolio |
9 |
||||||
|
Government Portfolio |
12 |
||||||
|
Government Securities Portfolio |
19 |
||||||
|
Treasury Portfolio |
20 |
||||||
|
Treasury Securities Portfolio |
22 |
||||||
|
Tax-Exempt Portfolio |
23 |
||||||
|
Statements of Assets and Liabilities |
25 |
||||||
|
Statements of Operations |
29 |
||||||
|
Statements of Changes in Net Assets |
31 |
||||||
|
Financial Highlights |
38 |
||||||
|
Notes to Financial Statements |
53 |
||||||
|
Privacy Notice |
60 |
||||||
|
Trustee and Officer Information |
63 |
||||||
This report is authorized for distribution only when preceded or accompanied by prospectuses of the Morgan Stanley Institutional Liquidity Funds (the "Trust"). To receive a prospectus and/or Statement of Additional Information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (888) 378-1630. Please read the prospectus carefully before you invest or send money.
Additionally, you can access fund information about the Trust including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: 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
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Shareholders' Letter
Dear Shareholders:
We are pleased to present the Morgan Stanley Institutional Liquidity Funds (the "Trust") Semi-Annual Report for the period ended April 30, 2021. The Trust currently offers seven funds (ESG 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 2021
2
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Performance Summary
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, 2021 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: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ESG Money Market |
0.05 |
% |
0.05 |
% |
0.05 |
% |
0.05 |
% |
N/A |
N/A |
N/A |
N/A |
0.05 |
% |
0.05 |
% |
0.05 |
% |
0.05 |
% |
0.05 |
% |
0.05 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||||||
|
Prime |
0.06 |
% |
0.06 |
% |
0.06 |
% |
0.06 |
% |
N/A |
N/A |
N/A |
N/A |
0.06 |
% |
0.06 |
% |
N/A |
N/A |
0.06 |
% |
0.06 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||||||||
|
Government |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
0.03 |
% |
|||||||||||||||||||||||||||||||||||
|
Government Securities |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||
|
Treasury |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||||
|
Treasury Securities |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||||
|
Tax-Exempt |
0.01 |
% |
0.01 |
% |
0.01 |
% |
0.01 |
% |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
0.01 |
% |
0.01 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||||||||||
|
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: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ESG Money Market |
–0.02 |
% |
–0.02 |
% |
–0.07 |
% |
–0.07 |
% |
N/A |
N/A |
N/A |
N/A |
–0.27 |
% |
–0.27 |
% |
–0.52 |
% |
–0.52 |
% |
–0.17 |
% |
–0.17 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||||||
|
Prime |
–0.01 |
% |
–0.01 |
% |
–0.06 |
% |
–0.06 |
% |
N/A |
N/A |
N/A |
N/A |
–0.25 |
% |
–0.25 |
% |
N/A |
N/A |
–0.16 |
% |
–0.16 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||||||||
|
Government |
–0.14 |
% |
–0.14 |
% |
–0.19 |
% |
–0.19 |
% |
–0.24 |
% |
–0.24 |
% |
–0.29 |
% |
–0.29 |
% |
–0.39 |
% |
–0.39 |
% |
–0.64 |
% |
–0.64 |
% |
–0.29 |
% |
–0.29 |
% |
–0.94 |
% |
–0.93 |
% |
|||||||||||||||||||||||||||||||||||
|
Government Securities |
–0.17 |
% |
–0.17 |
% |
–0.22 |
% |
–0.22 |
% |
–0.27 |
% |
–0.27 |
% |
–0.32 |
% |
–0.32 |
% |
–0.42 |
% |
–0.42 |
% |
–0.67 |
% |
–0.67 |
% |
–0.32 |
% |
–0.32 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||
|
Treasury |
–0.16 |
% |
–0.16 |
% |
–0.21 |
% |
–0.21 |
% |
–0.26 |
% |
–0.26 |
% |
–0.31 |
% |
–0.31 |
% |
–0.41 |
% |
–0.41 |
% |
–0.66 |
% |
–0.66 |
% |
–0.31 |
% |
–0.31 |
% |
–0.96 |
% |
–0.96 |
% |
|||||||||||||||||||||||||||||||||||
|
Treasury Securities |
–0.16 |
% |
–0.16 |
% |
–0.21 |
% |
–0.21 |
% |
–0.26 |
% |
–0.26 |
% |
–0.31 |
% |
–0.31 |
% |
–0.41 |
% |
–0.41 |
% |
–0.66 |
% |
–0.66 |
% |
–0.31 |
% |
–0.31 |
% |
–0.96 |
% |
–0.96 |
% |
|||||||||||||||||||||||||||||||||||
|
Tax-Exempt |
–0.26 |
% |
–0.26 |
% |
–0.31 |
% |
–0.31 |
% |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
–0.41 |
% |
–0.41 |
% |
— |
— |
|||||||||||||||||||||||||||||||||||||||||||||
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. ESG 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
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Expense Examples
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, 2021 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
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Expense Examples (cont'd)
|
Beginning Account Value 11/1/20 |
Actual Ending Account Value 4/30/21 |
Hypothetical Ending Account Value |
Actual Expenses Paid During Period* |
Hypothetical Expenses Paid During Period* |
Net Expense Ratio During Period** |
||||||||||||||||||||||
|
ESG Money Market Portfolio Institutional Class |
$ |
1,000.00 |
$ |
1,000.36 |
$ |
1,024.18 |
$ |
0.75 |
$ |
0.76 |
0.15 |
% |
|||||||||||||||
|
ESG Money Market Portfolio Institutional Select Class |
1,000.00 |
1,000.06 |
1,023.98 |
0.95 |
0.96 |
0.19 |
|||||||||||||||||||||
|
ESG Money Market Portfolio Advisory Class |
1,000.00 |
1,000.06 |
1,023.88 |
1.05 |
1.06 |
0.21 |
|||||||||||||||||||||
|
ESG Money Market Portfolio Participant Class |
1,000.00 |
999.96 |
1,023.88 |
1.05 |
1.06 |
0.21 |
|||||||||||||||||||||
|
ESG Money Market Portfolio Cash Management Class |
1,000.00 |
1,000.07 |
1,023.88 |
1.05 |
1.06 |
0.21 |
|||||||||||||||||||||
|
Prime Portfolio Institutional Class |
1,000.00 |
1,000.49 |
1,024.23 |
0.70 |
0.71 |
0.14 |
|||||||||||||||||||||
|
Prime Portfolio Institutional Select Class |
1,000.00 |
1,000.16 |
1,023.98 |
0.95 |
0.96 |
0.19 |
|||||||||||||||||||||
|
Prime Portfolio Advisory Class |
1,000.00 |
1,000.17 |
1,023.88 |
1.05 |
1.06 |
0.21 |
|||||||||||||||||||||
|
Prime Portfolio Cash Management Class |
1,000.00 |
1,000.07 |
1,023.88 |
1.05 |
1.06 |
0.21 |
|||||||||||||||||||||
|
Government Portfolio Institutional Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Institutional Select Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Investor Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Administrative Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Advisory Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Participant Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Cash Management Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Portfolio Select Class |
1,000.00 |
1,000.13 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Institutional Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Institutional Select Class |
1,000.00 |
1,000.04 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Investor Class |
1,000.00 |
1,000.04 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Administrative Class |
1,000.00 |
1,000.04 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Advisory Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Participant Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Government Securities Portfolio Cash Management Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Portfolio Institutional Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Institutional Select Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Investor Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Administrative Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Advisory Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Participant Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Cash Management Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Portfolio Select Class |
1,000.00 |
1,000.04 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Institutional Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Institutional Select Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Investor Class |
1,000.00 |
1,000.04 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Administrative Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Advisory Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Participant Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Cash Management Class |
1,000.00 |
1,000.05 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Treasury Securities Portfolio Select Class |
1,000.00 |
1,000.04 |
1,024.53 |
0.40 |
0.40 |
0.08 |
|||||||||||||||||||||
|
Tax-Exempt Portfolio Institutional Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Tax-Exempt Portfolio Institutional Select Class |
1,000.00 |
1,000.04 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
|
Tax-Exempt Portfolio Cash Management Class |
1,000.00 |
1,000.05 |
1,024.43 |
0.50 |
0.50 |
0.10 |
|||||||||||||||||||||
* 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 182***/365 (to reflect the most recent one-half year period).
** Annualized.
*** Adjusted to reflect non-business day accruals.
5
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
ESG Money Market Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Certificates of Deposit (10.0%) |
|||||||||||
|
Domestic Bank (0.8%) |
|||||||||||
|
Citibank NA |
|||||||||||
|
0.27%, 6/14/21 |
$ |
25,000 |
$ |
25,005 |
|||||||
|
International Banks (9.2%) |
|||||||||||
|
Credit Suisse NY, |
|||||||||||
|
0.28%, 6/4/21 - 6/24/21 |
45,000 |
45,007 |
|||||||||
|
0.29%, 10/8/21 |
75,000 |
75,004 |
|||||||||
|
0.31%, 9/24/21 |
40,000 |
40,006 |
|||||||||
|
Oversea Chinese Banking Corporation Ltd., |
|||||||||||
|
0.20%, 11/5/21 |
25,000 |
25,000 |
|||||||||
|
0.30%, 8/13/21 |
75,000 |
75,033 |
|||||||||
|
Sumitomo Mitsui Trust Bank Ltd., |
|||||||||||
|
0.06%, 5/5/21 |
25,000 |
25,000 |
|||||||||
|
285,050 |
|||||||||||
|
Total Certificates of Deposit (Cost $310,000) |
310,055 |
||||||||||
|
Commercial Paper (a) (23.9%) |
|||||||||||
|
Consumer, Non-Cyclical (5.0%) |
|||||||||||
|
LVMH Moet Hennessy Louis Vuitton Inc., |
|||||||||||
|
0.22%, 6/18/21 - 7/9/21 |
153,700 |
153,678 |
|||||||||
|
International Banks (18.9%) |
|||||||||||
|
Canadian Imperial Bank of Commerce |
|||||||||||
|
0.20%, 12/7/21 - 12/16/21 |
75,000 |
74,916 |
|||||||||
|
Federation des Caisses Desjardins du Quebec, |
|||||||||||
|
0.05%, 5/7/21 |
25,000 |
25,000 |
|||||||||
|
0.06%, 5/6/21 |
35,000 |
35,000 |
|||||||||
|
Goldman Sachs International |
|||||||||||
|
0.21%, 9/22/21 |
2,500 |
2,498 |
|||||||||
|
Oversea Chinese Banking Corporation Ltd., |
|||||||||||
|
0.20%, 11/5/21 |
25,000 |
24,976 |
|||||||||
|
0.28%, 7/15/21 |
35,000 |
34,992 |
|||||||||
|
Royal Bank of Canada |
|||||||||||
|
0.30%, 11/30/21 |
65,000 |
64,940 |
|||||||||
|
Suncorp-Metway Ltd., |
|||||||||||
|
0.20%, 9/15/21 |
75,000 |
74,916 |
|||||||||
|
0.21%, 9/21/21 (b) |
50,000 |
49,941 |
|||||||||
|
Svenska Handelsbanken AB, |
|||||||||||
|
0.28%, 12/21/21 |
25,000 |
24,972 |
|||||||||
|
0.30%, 12/8/21 |
40,000 |
39,958 |
|||||||||
|
Toronto Dominion Bank |
|||||||||||
|
0.05%, 5/7/21 |
50,000 |
49,999 |
|||||||||
|
United Overseas Bank Ltd., |
|||||||||||
|
0.28%, 8/20/21 |
50,000 |
49,977 |
|||||||||
|
0.30%, 11/23/21 |
30,000 |
29,968 |
|||||||||
|
582,053 |
|||||||||||
|
Total Commercial Paper (Cost $735,589) |
735,731 |
||||||||||
|
Corporate Bond (0.3%) |
|||||||||||
|
International Banks (0.3%) |
|||||||||||
|
Nationwide Building Society |
|||||||||||
| 2.45%, 7/27/21 (b) (Cost $7,838) |
7,800 |
7,841 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Floating Rate Notes (c) (14.5%) |
|||||||||||
|
Domestic Bank (0.7%) |
|||||||||||
|
Bank of America NA |
|||||||||||
|
0.27%, 1/14/22 |
$ |
20,000 |
$ |
20,020 |
|||||||
|
International Banks (13.8%) |
|||||||||||
|
Bank of Montreal, |
|||||||||||
|
3 Month USD LIBOR + 0.11%, 0.30%, 12/15/21 |
30,000 |
30,019 |
|||||||||
|
National Australia Bank Ltd., |
|||||||||||
|
SOFR + 0.20%, 1.24%, 4/22/22 (b) |
75,000 |
75,011 |
|||||||||
|
Royal Bank of Canada, |
|||||||||||
|
3 Month USD LIBOR + 0.11%, 0.29%, 12/14/21 (b) |
40,000 |
40,026 |
|||||||||
|
3 Month USD LIBOR + 0.11%, 0.30%, 12/16/21 |
25,000 |
25,016 |
|||||||||
|
Sumitomo Mitsui Banking Corp., |
|||||||||||
|
3 Month USD LIBOR + 0.06%, 0.26%, 6/23/21 |
18,000 |
18,002 |
|||||||||
|
Svenska Handelsbanken AB, |
|||||||||||
|
3 Month USD LIBOR + 0.08%, 0.26%, 12/14/21 (b) |
20,000 |
20,008 |
|||||||||
|
Toronto Dominion Bank, |
|||||||||||
|
SOFR + 0.20%, 0.21%, 2/16/22 (b) |
20,000 |
20,007 |
|||||||||
|
3 Month USD LIBOR + 0.13%, 0.33%, 7/1/21 (b) |
48,000 |
48,013 |
|||||||||
|
UBS AG London, |
|||||||||||
|
SOFR + 0.21%, 0.22%, 8/11/21 (b) |
100,000 |
100,002 |
|||||||||
|
3 Month USD LIBOR + 0.10%, 0.29%, 9/3/21 (b) |
50,000 |
50,000 |
|||||||||
|
426,104 |
|||||||||||
|
Total Floating Rate Notes (Cost $446,000) |
446,124 |
||||||||||
|
Repurchase Agreements (33.5%) |
|||||||||||
|
ABN Amro Securities LLC, (Interest in $1,000,000 joint repurchase agreement, 0.02% dated 4/30/21 under which ABN Amro Securities LLC, will repurchase the securities provided as collateral for $1,000,002 on 5/3/21. 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 4/1/51; valued at $1,029,644) |
185,000 |
185,000 |
|||||||||
|
ABN Amro Securities LLC, (0.25%, dated 4/30/21, due 5/3/21; proceeds $25,001; fully collateralized by U.S. Government agency securities, 3.50% due 4/20/48, and various Corporate Bonds, 0.00% - 8.25% due 7/15/21 - 3/22/61 (d); valued at $26,123) |
25,000 |
25,000 |
|||||||||
|
Bank of America Securities, Inc., (0.37% (c), dated 9/2/20, due 7/4/21; proceeds $75,235; fully collateralized by various U.S. Government obligations due 5/18/21 - 11/4/21; and various Common Stocks and Preferred Stocks valued at $78,662) (Demand 5/3/21) |
75,000 |
75,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
6
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
ESG Money Market Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
BMO Capital Markets Corp., (0.21%, dated 1/19/21, due 7/19/21; proceeds $15,016; fully collateralized by various Corporate Bonds, 0.50% - 7.25% due 2/21/22 - 1/25/52; valued at $15,975) (Demand 5/7/21) |
$ |
15,000 |
$ |
15,000 |
|||||||
|
BNP Paribas Prime Brokerage, Inc., (0.35%, dated 4/30/21, due 5/3/21; proceeds $50,001; fully collateralized by various Corporate Bonds, 2.86% - 11.00% due 11/15/21 - 5/15/68 (d); valued at $52,899) |
50,000 |
50,000 |
|||||||||
|
BNP Paribas Prime Brokerage, Inc., (0.42%, dated 3/23/21, due 6/28/21; proceeds $50,057; fully collateralized by various Corporate Bonds, 3.63% - 11.50% due 6/1/23 - 9/24/73 (d); valued at $53,054) |
50,000 |
50,000 |
|||||||||
|
BNP Paribas Securities Corp., (0.40%, dated 3/22/21, due 6/21/21; proceeds $50,051; fully collateralized by various Corporate Bonds, 2.63% - 11.50% due 11/15/21 - 4/15/31; valued at $53,000) |
50,000 |
50,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (0.14%, dated 4/26/21, due 5/3/21; proceeds $100,003; fully collateralized by various U.S. Government obligation, 0.00% - 3.63% due 10/7/21 - 2/15/44 and various Corporate Bonds, 1.10% - 6.88% due 7/26/21 - 3/22/61 (d); valued at $104,527) |
100,000 |
100,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (0.17%, dated 3/4/21, due 5/4/21; proceeds $35,010; fully collateralized by various U.S. Government obligation, 0.00% - 2.63% due 5/6/21 - 2/15/32 and various Corporate Bonds, 0.40% - 6.75% due 4/19/22 - 6/15/50 (d); valued at $36,369) |
35,000 |
35,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (0.17%, dated 3/16/21, due 5/17/21; proceeds $15,004; fully collateralized by various U.S. Government obligation, 0.00% - 1.00% due 11/15/21 - 2/15/48 and various Corporate Bonds, 0.93% - 7.50% due 1/17/23 - 11/1/46 (d); valued at $15,505) (Demand 5/7/21) |
15,000 |
15,000 |
|||||||||
|
ING Financial Markets LLC, (0.13%, dated 4/30/21, due 5/3/21; proceeds $31,000; fully collateralized by various Corporate Bonds, 1.30% - 6.90% due 6/15/22 - 5/1/50; valued at $32,550) |
31,000 |
31,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.20%, dated 4/30/21, due 5/3/21; proceeds $100,002; fully collateralized by various Common Stocks and Preferred Stocks; valued at $105,000) |
100,000 |
100,000 |
|||||||||
|
RBC Capital Markets LLC, (0.16%, dated 4/28/21, due 5/5/21; proceeds $23,001; fully collateralized by various Corporate Bonds, 1.11% - 5.95% due 4/15/22 - 4/20/67 (d); valued at $24,150) |
23,000 |
23,000 |
|||||||||
|
Scotia Capital USA, Inc., (0.40%, dated 4/30/21, due 5/3/21; proceeds $100,003; fully collateralized by various Corporate Bonds, 0.33% - 9.38% due 5/10/21 - 2/25/50 (d); valued at $105,481) |
100,000 |
100,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Societe Generale, (0.18%, dated 4/30/21, due 5/3/21; proceeds $70,001; fully collateralized by various Corporate Bonds, 0.25% - 8.60% due 6/24/21 - 4/22/51; valued at $73,502) |
$ |
70,000 |
$ |
70,000 |
|||||||
|
Societe Generale, (0.19%, dated 3/17/21, due 6/17/21; proceeds $25,012; fully collateralized by various Common Stocks and Preferred Stocks; valued at $26,263) (Demand 5/7/21) |
25,000 |
25,000 |
|||||||||
|
Societe Generale, (0.27%, dated 4/30/21, due 5/3/21; proceeds $55,001; fully collateralized by various Corporate Bonds, 2.69% - 11.50% due 11/15/21 - 9/30/39 (d); valued at $58,302) |
55,000 |
55,000 |
|||||||||
|
TD Securities (USA) LLC, (0.15%, dated 4/30/21, due 5/3/21; proceeds $30,000; fully collateralized by various Corporate Bonds, 2.25% - 4.95% due 2/1/32 - 6/1/47; valued at $31,501) |
30,000 |
30,000 |
|||||||||
|
Total Repurchase Agreements (Cost $1,034,000) |
1,034,000 |
||||||||||
|
Time Deposits (17.8%) |
|||||||||||
|
International Banks (17.8%) |
|||||||||||
|
DNB Bank ASA (New York Branch) |
|||||||||||
|
0.02%, 5/3/21 |
150,000 |
150,000 |
|||||||||
|
Mizuho Bank Ltd., |
|||||||||||
|
0.05%, 5/3/21 |
50,000 |
50,000 |
|||||||||
|
National Bank of Canada (Montreal Branch) |
|||||||||||
|
0.05%, 5/3/21 |
150,000 |
150,000 |
|||||||||
|
Natixis (New York Branch) |
|||||||||||
|
0.02%, 5/3/21 |
50,000 |
50,000 |
|||||||||
|
Skandinaviska Enskilda Banken AB |
|||||||||||
|
0.02%, 5/3/21 |
150,000 |
150,000 |
|||||||||
|
Total Time Deposits (Cost $550,000) |
550,000 |
||||||||||
|
Total Investments (100.0%) (Cost $3,083,427) (e) |
3,083,751 |
||||||||||
|
Other Assets in Excess of Liabilities (0.0%) (f) |
608 |
||||||||||
|
Net Assets (100.0%) |
$ |
3,084,359 |
|||||||||
(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, 2021. 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, 2021.
The accompanying notes are an integral part of the financial statements.
7
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
ESG Money Market Portfolio
(e) At April 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $372,000 and the aggregate gross unrealized depreciation is approximately $48,000, resulting in net unrealized appreciation of approximately $324,000.
(f) Amount is less than 0.05%.
LIBOR London Interbank Offered Rate.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
Repurchase Agreements |
33.5 |
% |
|||||
|
Commercial Paper |
23.9 |
||||||
|
Time Deposits |
17.8 |
||||||
|
Floating Rate Notes |
14.5 |
||||||
|
Certificates of Deposit |
10.1 |
||||||
|
Other* |
0.2 |
||||||
|
Total Investments |
100.0 |
% |
|||||
* Industries and/or investment types representing less than 5% of total investments.
The accompanying notes are an integral part of the financial statements.
8
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
Prime Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Certificates of Deposit (7.1%) |
|||||||||||
|
Domestic Bank (1.0%) |
|||||||||||
|
Citibank NA |
|||||||||||
|
0.27%, 6/14/21 |
$ |
145,000 |
$ |
145,033 |
|||||||
|
International Banks (6.1%) |
|||||||||||
|
Credit Suisse NY, |
|||||||||||
|
0.22%, 11/29/21 |
175,000 |
174,910 |
|||||||||
|
0.28%, 6/4/21 - 6/24/21 |
210,000 |
210,032 |
|||||||||
|
0.29%, 10/8/21 |
175,000 |
175,008 |
|||||||||
|
0.31%, 9/24/21 |
97,000 |
97,015 |
|||||||||
|
KBC Bank NV |
|||||||||||
|
0.06%, 5/3/21 |
100,000 |
100,000 |
|||||||||
|
Sumitomo Mitsui Trust Bank Ltd., |
|||||||||||
|
0.06%, 5/5/21 |
175,000 |
175,000 |
|||||||||
|
931,965 |
|||||||||||
|
Total Certificates of Deposit (Cost $1,077,000) |
1,076,998 |
||||||||||
|
Commercial Paper (a) (31.1%) |
|||||||||||
|
Asset-Backed Diversified Financial Services (3.9%) |
|||||||||||
|
Chesham Finance LLC, |
|||||||||||
|
0.10%, 5/3/21 |
451,500 |
451,498 |
|||||||||
|
Collateralized Commercial Paper FLEX Co. LLC, |
|||||||||||
|
0.22%, 11/5/21 |
30,000 |
29,971 |
|||||||||
|
0.32%, 11/10/21 |
25,000 |
24,975 |
|||||||||
|
0.34%, 12/1/21 - 12/6/21 |
38,000 |
37,957 |
|||||||||
|
Collateralized Commercial Paper V Co. LLC, |
|||||||||||
|
0.22%, 10/29/21 |
50,000 |
49,953 |
|||||||||
|
594,354 |
|||||||||||
|
Consumer, Non-Cyclical (3.9%) |
|||||||||||
|
LVMH Moet Hennessy Louis Vuitton Inc., |
|||||||||||
|
0.21%, 7/19/21 |
38,400 |
38,391 |
|||||||||
|
0.22%, 6/18/21 - 7/12/21 |
561,043 |
560,962 |
|||||||||
|
599,353 |
|||||||||||
|
Insurance (0.2%) |
|||||||||||
|
Pricoa Short Term Funding LLC |
|||||||||||
|
0.27%, 7/2/21 |
35,000 |
34,992 |
|||||||||
|
International Banks (23.1%) |
|||||||||||
|
Barclays Bank PLC, |
|||||||||||
|
0.18%, 8/9/21 (b) |
200,000 |
199,891 |
|||||||||
|
0.20%, 5/12/21 - 5/18/21 (b) |
320,000 |
319,993 |
|||||||||
|
Canadian Imperial Bank of Commerce, |
|||||||||||
|
0.20%, 12/7/21 - 12/16/21 |
525,000 |
524,408 |
|||||||||
|
Federation des Caisses Desjardins du Quebec, |
|||||||||||
|
0.05%, 5/7/21 |
75,000 |
74,999 |
|||||||||
|
0.06%, 5/6/21 |
100,000 |
99,999 |
|||||||||
|
FMS Wertmanagement, |
|||||||||||
|
0.16%, 6/21/21 |
25,000 |
24,997 |
|||||||||
|
0.28%, 9/7/21 |
104,400 |
104,348 |
|||||||||
|
Goldman Sachs International, |
|||||||||||
|
0.30%, 9/16/21 - 9/20/21 |
400,000 |
399,713 |
|||||||||
|
Mizuho Bank Ltd., |
|||||||||||
|
0.19%, 6/17/21 |
45,625 |
45,618 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Royal Bank of Canada |
|||||||||||
|
0.30%, 11/30/21 |
$ |
195,000 |
$ |
194,819 |
|||||||
|
Skandinaviska Enskilda Banken AB, |
|||||||||||
|
0.19%, 11/3/21 |
75,000 |
74,935 |
|||||||||
|
0.20%, 11/18/21 (b) |
300,000 |
299,719 |
|||||||||
|
Sumitomo Mitsui Trust Bank Ltd., |
|||||||||||
|
0.19%, 6/24/21 |
25,000 |
24,996 |
|||||||||
|
Suncorp-Metway Ltd., |
|||||||||||
|
0.20%, 9/22/21 |
45,000 |
44,947 |
|||||||||
|
Svenska Handelsbanken AB, |
|||||||||||
|
0.28%, 12/21/21 |
124,000 |
123,860 |
|||||||||
|
0.30%, 12/8/21 |
360,000 |
359,625 |
|||||||||
|
Toronto Dominion Bank |
|||||||||||
|
0.05%, 5/7/21 |
150,000 |
149,998 |
|||||||||
|
Toyota Credit Canada, Inc. |
|||||||||||
|
0.23%, 1/18/22 |
95,000 |
94,844 |
|||||||||
|
UBS AG London |
|||||||||||
|
0.22%, 12/1/21 (b) |
200,000 |
199,956 |
|||||||||
|
United Overseas Bank Ltd., |
|||||||||||
|
0.30%, 11/23/21 |
135,000 |
134,856 |
|||||||||
|
3,496,521 |
|||||||||||
|
Total Commercial Paper (Cost $4,724,135) |
4,725,220 |
||||||||||
|
Floating Rate Notes (c) (12.7%) |
|||||||||||
|
Domestic Bank (0.5%) |
|||||||||||
|
Bank of America NA |
|||||||||||
|
0.27%, 1/14/22 |
80,000 |
80,081 |
|||||||||
|
Insurance (0.7%) |
|||||||||||
|
Metropolitan Life Global Funding I, |
|||||||||||
|
SOFR + 0.50%, 0.51%, 5/28/21 (b) |
100,000 |
100,025 |
|||||||||
|
International Banks (11.5%) |
|||||||||||
|
Bank of Montreal, |
|||||||||||
|
3 Month USD LIBOR + 0.11%, 0.30%, 12/15/21 |
145,000 |
145,093 |
|||||||||
|
Credit Suisse NY |
|||||||||||
|
FEDL01+0.52%, 0.58%, 5/28/21 |
50,000 |
50,015 |
|||||||||
|
Royal Bank of Canada, |
|||||||||||
|
3 Month USD LIBOR + 0.11%, 0.29%, 12/14/21 (b) |
160,000 |
160,103 |
|||||||||
|
3 Month USD LIBOR + 0.11%, 0.30%, 12/16/21 |
200,000 |
200,129 |
|||||||||
|
3 Month USD LIBOR + 0.11%, 0.30%, 12/16/21 (b) |
75,000 |
75,049 |
|||||||||
|
Skandinaviska Enskilda Banken AB, |
|||||||||||
|
3 Month USD LIBOR + 0.43%, 0.62%, 5/17/21 (b) |
18,500 |
18,503 |
|||||||||
|
Svenska Handelsbanken AB, |
|||||||||||
|
3 Month USD LIBOR + 0.08%, 0.26%, 12/14/21 (b) |
80,000 |
80,032 |
|||||||||
|
Toronto Dominion Bank, |
|||||||||||
|
SOFR + 0.20%, 0.21%, 2/16/22 (b) |
220,000 |
220,073 |
|||||||||
|
SOFR + 0.20%, 0.26%, 2/16/22 |
140,000 |
140,047 |
|||||||||
|
3 Month USD LIBOR + 0.13%, 0.33%, 7/1/21 (b) |
190,000 |
190,051 |
|||||||||
The accompanying notes are an integral part of the financial statements.
9
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Prime Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
International Banks (cont'd) |
|||||||||||
|
UBS AG London, |
|||||||||||
|
SOFR + 0.21%, 0.22%, 8/11/21 (b) |
$ |
300,000 |
$ |
300,005 |
|||||||
|
3 Month USD LIBOR + 0.10%, 0.29%, 9/3/21 (b) |
175,000 |
175,000 |
|||||||||
|
1,754,100 |
|||||||||||
|
Total Floating Rate Notes (Cost $1,933,515) |
1,934,206 |
||||||||||
|
Repurchase Agreements (35.0%) |
|||||||||||
|
ABN Amro Securities LLC, (Interest in $1,000,000 joint repurchase agreement, 0.02% dated 4/30/21 under which ABN Amro Securities LLC, will repurchase the securities provided as collateral for $1000,002 on 5/3/21. 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 4/1/51; valued at $1,029,644) |
775,000 |
775,000 |
|||||||||
|
ABN Amro Securities LLC, (0.25%, dated 4/30/21, due 5/3/21; proceeds $49,001; fully collateralized by a U.S. Government agency security, 3.50% due 4/20/48 and various Corporate Bonds, 0.38% - 8.25% due 2/3/22 - 3/22/61; valued at $51,255) |
49,000 |
49,000 |
|||||||||
|
BMO Capital Markets Corp., (0.15% dated, 4/30/21, due 5/3/21; proceeds $149,002; fully collateralized by various U.S. Government agency securities, 2.00% - 4.50% due 7/1/31 - 3/15/59, and various Corporate Bonds, 0.51% - 9.63% due 10/25/21 - 12/15/67 (d); valued at $156,663) |
149,000 |
149,000 |
|||||||||
|
BMO Capital Markets Corp., (0.21%, dated 1/19/21, due 7/19/21; proceeds $85,090; fully collateralized by various Corporate Bonds, 0.79% - 6.68% due 9/22/21 - 1/25/52; valued at $89,400) (Demand 5/7/21) |
85,000 |
85,000 |
|||||||||
|
BNP Paribas Prime Brokerage, Inc., (0.35%, dated 4/30/21, due 5/3/21; proceeds $485,014; fully collateralized by various Corporate Bonds, 1.04% - 12.00% due 2/15/23 - 10/15/97 (d); valued at $513,166) |
485,000 |
485,000 |
|||||||||
|
BNP Paribas Prime Brokerage, Inc., (0.42%, dated 3/23/21, due 6/28/21; proceeds $210,238; fully collateralized by various Corporate Bonds, 2.23% - 11.50% due 7/15/22 - 9/15/79 (d); valued at $222,616) |
210,000 |
210,000 |
|||||||||
|
BNP Paribas Prime Brokerage, Inc., (0.42%, dated 4/19/21, due 6/28/21; proceeds $30,025; fully collateralized by various Corporate Bonds, 7.00% - 7.75% due 9/1/25 - 9/30/26; valued at $31,826) |
30,000 |
30,000 |
|||||||||
|
BNP Paribas Securities Corp., (Interest in $2,050,000 joint repurchase agreement, 0.01% dated 4/30/21 under which BNP Paribas Securities Corp., will repurchase the securities provided as collateral for $2,050,002 on 5/3/21. 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 11/20/67 (d); valued at $2,092,758) |
419,000 |
419,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Credit Agricole Corporate and Investment Bank, (0.14%, dated 4/26/21, due 5/3/21; proceeds $540,015; fully collateralized by various U.S. Government obligations, 0.00% - 3.00% due 5/15/21 - 2/15/50 and various Corporate Bonds, 0.40% - 7.75% due 6/24/21 - 9/16/62 (d); valued at $565,580) |
$ |
540,000 |
$ |
540,000 |
|||||||
|
Credit Agricole Corporate and Investment Bank, (0.14%, dated 4/30/21, due 5/7/21; proceeds $192,005; fully collateralized by various U.S. Government obligations, 0.00% - 0.75% due 5/15/21 - 2/15/42 and various Corporate Bonds, 0.40% - 7.75% due 6/24/21 - 2/1/61 (d); valued at $201,317) |
192,000 |
192,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (0.17%, dated 3/4/21, due 5/4/21; proceeds $5,001; fully collateralized by a U.S. Government obligation, 0.00% due 10/7/21 and various Corporate Bonds, 2.65% - 4.20% due 2/6/27 - 1/22/30; valued at $5,250) |
5,000 |
5,000 |
|||||||||
|
JP Morgan Securities LLC, (0.27% (c), dated 3/18/21, due 5/7/21; proceeds $90,034; fully collateralized by various Corporate Bonds, 0.00% - 3.38% due 6/22/23 - 1/15/31 (d); and various Common Stocks and Preferred Stocks valued at $96,093) (Demand 5/3/21) |
90,000 |
90,000 |
|||||||||
|
JP Morgan Securities LLC, (0.30% (c), dated 7/8/20, due 5/7/21; proceeds $300,758; fully collateralized by various Corporate Bonds, 3.50% - 11.50% due 6/15/21 - 1/22/78 (d); valued at $318,066) (Demand 5/3/21) |
300,000 |
300,000 |
|||||||||
|
JP Morgan Securities LLC, (0.43% (c), dated 9/1/20, due 7/4/21; proceeds $100,366; fully collateralized by various Corporate Bonds, 0.00% - 1.25% due 6/22/23 - 12/15/25 (d); and various Common Stocks and Preferred Stocks valued at $107,570) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
JP Morgan Securities LLC, (0.43% (c), dated 9/4/20, due 7/4/21; proceeds $100,362; fully collateralized by various Corporate Bonds, 0.00% - 3.13% due 9/15/22 - 12/15/25 (d); and various Common Stocks and Preferred Stocks valued at $106,457) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.20%, dated 4/30/21, due 5/3/21; proceeds $135,002; fully collateralized by various Common Stocks and Preferred Stocks; valued at $141,750) |
135,000 |
135,000 |
|||||||||
|
RBC Capital Markets LLC, (0.16%, dated 4/28/21, due 5/5/21; proceeds $100,003; fully collateralized by various Corporate Bonds, 0.53% - 10.20% due 5/13/21 - 5/17/66; valued at $105,000) |
100,000 |
100,000 |
|||||||||
|
Scotia Capital USA, Inc., (0.40%, dated 4/30/21, due 5/3/21; proceeds $400,013; fully collateralized by various Corporate Bonds, 3.50% - 8.38% due 6/1/21 - 6/15/25; valued at $424,001) |
400,000 |
400,000 |
|||||||||
|
Societe Generale, (0.18%, dated 4/30/21, due 5/3/21; proceeds $65,001; fully collateralized by various Corporate Bonds, 0.25% - 7.83% due 6/25/21 - 6/1/38; valued at $68,252) |
65,000 |
65,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
10
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Prime Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
Societe Generale, (0.19%, dated 3/17/21, due 6/17/21; proceeds $320,155; fully collateralized by various Common Stocks and Preferred Stocks; valued at $336,163) (Demand 5/7/21) |
$ |
320,000 |
$ |
320,000 |
|||||||
|
Societe Generale, (0.27%, dated 4/30/21, due 5/3/21; proceeds $345,008; fully collateralized by various Corporate Bonds, 0.00% - 13.00% due 9/15/21 - 3/26/79 (d); valued at $365,654) |
345,000 |
345,000 |
|||||||||
|
TD Securities (USA) LLC, (0.15%, dated 4/30/21, due 5/3/21; proceeds $25,000; fully collateralized by various Corporate Bonds, 2.25% - 4.75% due 2/1/32 - 2/15/44; valued at $26,251) |
25,000 |
25,000 |
|||||||||
|
Wells Fargo Securities LLC, (0.15%, dated 4/30/21, due 5/3/21; proceeds $95,001; fully collateralized by various Corporate Bonds, 2.40% - 9.45% due 8/1/21 - 9/30/59 (d); valued at $99,750) |
95,000 |
95,000 |
|||||||||
|
Wells Fargo Securities LLC, (0.39%, dated 2/4/21, due 5/4/21; proceeds $175,169; fully collateralized by various Corporate Bonds, 0.00% - 6.50% due 5/13/21 - 3/17/62 (d); valued at $183,751) |
175,000 |
175,000 |
|||||||||
|
Wells Fargo Securities LLC, (0.40%, dated 4/23/21, due 7/22/21; proceeds $10,010; fully collateralized by various Common Stocks and Preferred Stocks; valued at $10,500) |
10,000 |
10,000 |
|||||||||
|
Wells Fargo Securities LLC, (0.44%, dated 2/5/21, due 5/5/21; proceeds $35,038; fully collateralized by various Common Stocks and Preferred Stocks; valued at $36,750) |
35,000 |
35,000 |
|||||||||
|
Wells Fargo Securities LLC, (0.44%, dated 3/5/21, due 6/3/21; proceeds $80,088; fully collateralized by various Common Stocks and Preferred Stocks; valued at $84,000) |
80,000 |
80,000 |
|||||||||
|
Total Repurchase Agreements (Cost $5,314,000) |
5,314,000 |
||||||||||
|
Time Deposits (14.1%) |
|||||||||||
|
International Banks (14.1%) |
|||||||||||
|
Canadian Imperial Bank of Commerce |
|||||||||||
|
0.02%, 5/3/21 |
100,000 |
100,000 |
|||||||||
|
DNB Bank ASA (New York Branch) |
|||||||||||
|
0.02%, 5/3/21 |
109,000 |
109,000 |
|||||||||
|
Mizuho Bank Ltd., |
|||||||||||
|
0.05%, 5/3/21 |
550,000 |
550,000 |
|||||||||
|
National Bank of Canada (Montreal Branch) |
|||||||||||
|
0.05%, 5/3/21 |
687,000 |
687,000 |
|||||||||
|
Natixis (New York Branch) |
|||||||||||
|
0.02%, 5/3/21 |
350,000 |
350,000 |
|||||||||
|
Skandinaviska Enskilda Banken AB |
|||||||||||
|
0.02%, 5/3/21 |
350,000 |
350,000 |
|||||||||
|
Total Time Deposits (Cost $2,146,000) |
2,146,000 |
||||||||||
|
Total Investments (100.0%) (Cost $15,194,650) (e) |
15,196,424 |
||||||||||
|
Other Assets in Excess of Liabilities (0.0%) (f) |
1,281 |
||||||||||
|
Net Assets (100.0%) |
$ |
15,197,705 |
|||||||||
(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, 2021. 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, 2021.
(e) At April 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,941,000 and the aggregate gross unrealized depreciation is approximately $167,000, resulting in net unrealized appreciation of approximately $1,774,000.
(f) Amount is less than 0.05%.
FEDL U.S. Federal Funds Effective Rate.
LIBOR London Interbank Offered Rate.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
Repurchase Agreements |
35.0 |
% |
|||||
|
Commercial Paper |
31.1 |
||||||
|
Time Deposits |
14.1 |
||||||
|
Floating Rate Notes |
12.7 |
||||||
|
Certificates of Deposit |
7.1 |
||||||
|
Total Investments |
100.0 |
% |
|||||
The accompanying notes are an integral part of the financial statements.
11
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (51.6%) |
|||||||||||
|
ABN Amro Securities LLC, (Interest in $700,000 joint repurchase agreement, 0.01% dated 4/30/21 under which ABN Amro Securities LLC, will repurchase the securities provided as collateral for $700,001 on 5/3/21. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were various U.S. Government obligations with various maturities to 5/15/50; valued at $714,000) |
$ |
339,000 |
$ |
339,000 |
|||||||
|
Bank of America Securities, Inc., (0.04%, dated 3/18/21, due 9/23/21; proceeds $500,105; fully collateralized by various U.S. Government obligations, 0.00% due 5/15/44 - 11/15/48 (a); valued at $510,000) (Demand 5/7/21) |
500,000 |
500,000 |
|||||||||
|
Bank of America Securities, Inc., (0.04%, dated 3/22/21, due 9/24/21; proceeds $550,114; fully collateralized by various U.S. Government obligations, 0.00% due 11/15/39 - 8/15/50 (a); valued at $561,000) (Demand 5/7/21) |
550,000 |
550,000 |
|||||||||
|
Bank of Montreal, (0.03%, dated 4/16/21, due 5/17/21; proceeds $250,006; fully collateralized by various U.S. Government agency securities, 2.00% - 3.00% due 10/1/50 - 5/15/60 (a); valued at $257,500) (Demand 5/7/21) |
250,000 |
250,000 |
|||||||||
|
Bank of Montreal, (0.20%, dated 3/22/21, due 6/21/21; proceeds $75,038; fully collateralized by various U.S. Government agency securities, 1.44% - 3.62% due 1/1/31 - 3/20/51 (a); valued at $77,250) (Demand 5/7/21) |
75,000 |
75,000 |
|||||||||
|
Bank of Montreal, (0.20%, dated 3/29/21, due 6/21/21; proceeds $50,023; fully collateralized by various U.S. Government agency securities, 1.50% - 3.00% due 4/1/36 - 11/20/49 (a); valued at $51,500) (Demand 5/7/21) |
50,000 |
50,000 |
|||||||||
|
Bank of Montreal, (0.20%, dated 4/6/21, due 5/6/21; proceeds $50,008; fully collateralized by various U.S. Government agency securities, 1.50% - 3.00% due 1/25/51 - 4/20/51 (a); valued at $51,500) |
50,000 |
50,000 |
|||||||||
|
Bank of Montreal, (0.20%, dated 4/30/21, due 5/3/21; proceeds $50,001; fully collateralized by various U.S. Government agency securities, 2.50% - 3.00% due 1/16/51 - 4/20/51 and U.S. Government obligations, 1.25% - 3.00% due 8/15/48 - 5/15/50; valued at $51,448) |
50,000 |
50,000 |
|||||||||
|
Bank of Montreal, (0.21%, dated 3/15/21, due 6/17/21; proceeds $75,041; fully collateralized by various U.S. Government agency securities, 1.06% - 5.98% due 10/20/46 - 11/20/70; valued at $78,610) (Demand 5/7/21) |
75,000 |
75,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Bank of Montreal, (0.23%, dated 1/29/21, due 5/3/21; proceeds $50,030; fully collateralized by various U.S. Government agency securities, 1.50% - 3.00% due 4/1/36 (a); valued at $51,500) |
$ |
50,000 |
$ |
50,000 |
|||||||
|
Barclays Bank PLC, (0.01%, dated 4/26/21, due 5/3/21; proceeds $500,001; fully collateralized by various U.S. Government agency securities, 1.50% - 2.50% due 5/1/36 - 1/1/51; valued at $515,001) |
500,000 |
500,000 |
|||||||||
|
Barclays Bank PLC, (0.03%, dated 4/1/21, due 5/3/21; proceeds $500,013; fully collateralized by various U.S. Government agency securities, 2.00% - 3.00% due 5/1/36 - 2/1/51; valued at $515,014) |
500,000 |
500,000 |
|||||||||
|
Barclays Bank PLC, (0.13% (b), dated 3/6/19, due 5/7/21; proceeds $200,573; fully collateralized by various U.S. Government agency securities, 2.50% - 4.50% due 11/1/34 - 12/1/50 (a); valued at $206,025) (Demand 5/3/21) |
200,000 |
200,000 |
|||||||||
|
Barclays Bank PLC, (0.13% (b), dated 2/20/20, due 5/7/21; proceeds $100,160; fully collateralized by various U.S. Government agency securities, 2.50% - 4.00% due 7/1/44 - 4/1/51; valued at $103,013) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
BMO Capital Markets Corp., (0.20%, dated 3/22/21, due 6/21/21; proceeds $75,038; fully collateralized by various U.S. Government agency securities, 0.08% - 6.18% due 5/25/29 - 1/20/71 (a); valued at $78,750) (Demand 5/7/21) |
75,000 |
75,000 |
|||||||||
|
BMO Capital Markets Corp., (0.20%, dated 4/22/21, due 7/29/21; proceeds $100,054; fully collateralized by various U.S. Government agency securities, 0.46% - 8.22% due 3/25/29 - 4/25/51 (a); valued at $105,000) (Demand 5/7/21) |
100,000 |
100,000 |
|||||||||
|
BMO Capital Markets Corp., (0.20%, dated 4/30/21, due 5/3/21; proceeds $100,002; fully collateralized by various U.S. Government agency securities, 0.00% - 7.02% due 5/15/23 - 2/20/71 (a); valued at $105,000) |
100,000 |
100,000 |
|||||||||
|
BMO Capital Markets Corp., (0.21%, dated 3/15/21, due 6/17/21; proceeds $100,055; fully collateralized by various U.S. Government agency securities, 0.00% - 7.02% due 9/25/23 - 2/20/71 (a); valued at $105,000) (Demand 5/7/21) |
100,000 |
100,000 |
|||||||||
|
BMO Capital Markets Corp., (0.23%, dated 1/29/21, due 5/3/21; proceeds $100,060; fully collateralized by various U.S. Government agency securities, 0.00% - 6.10% due 7/25/23 - 1/20/71 (a); valued at $104,964) |
100,000 |
100,000 |
|||||||||
|
BNP Paribas Securities Corp., (0.01%, dated 4/26/21, due 5/3/21; proceeds $1,200,002; fully collateralized by various U.S. Government obligations, 0.00% - 8.13% due 5/15/21 - 5/15/50 (a); valued at $1,224,000) |
1,200,000 |
1,200,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
12
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
BNP Paribas Securities Corp., (0.20%, dated 4/29/21, due 5/6/21; proceeds $600,001; fully collateralized by various U.S. Government agency securities, 1.95% - 3.00% due 8/13/40 and U.S. Government obligations, 0.00% - 8.13% due 5/15/21 - 5/15/50 (a); valued at $612,000) |
$ |
600,000 |
$ |
600,000 |
|||||||
|
BNP Paribas Securities Corp., (Interest in $2,050,000 joint repurchase agreement, 0.01% dated 4/30/21 under which BNP Paribas Securities Corp., will repurchase the securities provided as collateral for $2,050,002 on 5/3/21. 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 11/20/67 (a); valued at $2,092,758) |
1,606,000 |
1,606,000 |
|||||||||
|
BNP Paribas Securities Corp., (0.25% (b), dated 4/8/20, due 6/4/21; proceeds $300,879; fully collateralized by various U.S. Government agency securities, 0.00% - 8.89% due 5/15/22 - 3/25/61 and U.S. Government obligations, 0.00% - 7.50% due 5/20/21 - 5/15/48 (a); valued at $312,685) (Demand 5/3/21) |
300,000 |
300,000 |
|||||||||
|
BNP Paribas Securities Corp., (0.25% (b), dated 9/2/20, due 6/4/21; proceeds $100,191; fully collateralized by various U.S. Government agency securities, 0.38% - 6.59% due 1/11/22 - 3/25/51 and U.S. Government obligations, 0.00% - 0.13% due 1/15/22 - 8/15/46 (a); valued at $104,649) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
BNP Paribas Securities Corp., (0.25% (b), dated 3/23/21, due 6/29/21; proceeds $100,068; fully collateralized by various U.S. Government agency securities, 2.00% - 6.42% due 3/20/40 - 2/25/51 and U.S. Government obligations, 0.00% - 6.63% due 5/15/21 - 5/15/50 (a); valued at $102,659) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
Canadian Imperial Bank of Commerce, (0.01%, dated 4/22/21, due 5/21/21; proceeds $500,004; fully collateralized by various U.S. Government obligations, 1.25% - 4.63% due 6/30/22 - 5/15/48 (a); valued at $510,000) (Demand 5/7/21) |
500,000 |
500,000 |
|||||||||
|
Canadian Imperial Bank of Commerce, (0.01%, dated 4/30/21, due 5/3/21; proceeds $200,000; fully collateralized by various U.S. Government agency securities, 2.00% - 6.00% due 11/1/29 - 5/20/69 and U.S. Government obligations, 0.00% - 4.38% due 8/26/21 - 5/15/40 (a); valued at $205,749) |
200,000 |
200,000 |
|||||||||
|
Canadian Imperial Bank of Commerce, (0.04%, dated 3/25/21, due 6/25/21; proceeds $400,036; fully collateralized by various U.S. Government agency securities, 2.00% - 6.00% due 2/1/25 - 8/20/69 (a); valued at $412,000) (Demand 5/7/21) |
400,000 |
400,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Canadian Imperial Bank of Commerce, (0.12%, dated 2/24/21, due 8/24/21; proceeds $40,024; fully collateralized by various U.S. Government agency securities, 0.40% - 8.85% due 9/15/30 - 1/20/65 (a) and U.S. Government obligation, 0.63% due 5/15/30; valued at $41,595) |
$ |
40,000 |
$ |
40,000 |
|||||||
|
Citibank NA, (0.01%, dated 4/29/21, due 5/6/21; proceeds $500,001; fully collateralized by various U.S. Government agency securities, 0.00% - 9.00% due 10/12/21 - 9/15/65 (a) and U.S. Government obligations, 0.00% - 3.63% due 5/27/21 - 8/15/40; valued at $510,179) |
500,000 |
500,000 |
|||||||||
|
Citigroup Global Markets Holdings, Inc., (0.01%, dated 4/27/21, due 5/4/21; proceeds $1,000,002; fully collateralized by various U.S. Government agency securities, 2.00% - 4.00% due 3/20/51 - 4/20/51; valued at $1,030,000) |
1,000,000 |
1,000,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (Interest in $1,200,000 joint repurchase agreement, 0.01% dated 4/30/21 under which Credit Agricole Corporate and Investment Bank, will repurchase the securities provided as collateral for $1,200,001 on 5/3/21. 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 11/30/25; valued at $1,224,000) |
700,000 |
700,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,025,000; fully collateralized by various U.S. Government obligations, 0.63% - 3.78% due 4/15/32 - 2/15/48 (a); valued at $1,045,500) |
1,025,000 |
1,025,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (Interest in $1,300,000 joint repurchase agreement, 0.01% dated 4/30/21 under which Credit Agricole Corporate and Investment Bank, will repurchase the securities provided as collateral for $1,300,001 on 5/3/21. 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 4/1/51; valued at $1,339,000) |
1,300,000 |
1,300,000 |
|||||||||
|
Credit Suisse AG, (0.19% (b), dated 12/23/20, due 6/21/21; proceeds $150,143; fully collateralized by various U.S. Government agency securities, 0.00% - 6.50% due 10/25/31 - 11/25/59 (a); valued at $157,549) (Demand 5/23/21) |
150,000 |
150,000 |
|||||||||
|
Daiwa Capital Markets America, Inc., (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,500,001; fully collateralized by various U.S. Government agency securities, 1.50% - 6.50% due 3/1/22 - 3/1/52 and U.S. Government obligations, 0.00% - 3.00% due 5/31/21 - 2/15/48 (a); valued at $1,541,812) |
1,500,000 |
1,500,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
13
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
Deutsche Bank Securities, Inc., (0.00%, dated 4/30/21, due 5/3/21; proceeds $200,000; fully collateralized by various U.S. Government obligations, 0.75% - 1.25% due 4/30/26 - 4/30/28; valued at $204,000) |
$ |
200,000 |
$ |
200,000 |
|||||||
|
Deutsche Bank Securities, Inc., (0.00%, dated 4/30/21, due 5/3/21; proceeds $500,000; fully collateralized by various U.S. Government obligations, 0.13% - 0.75% due 1/15/24 - 7/15/28; valued at $510,000) |
500,000 |
500,000 |
|||||||||
|
Deutsche Bank Securities, Inc., (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,700,001; fully collateralized by various U.S. Government agency securities, 0.00% - 5.75% due 5/13/21 - 7/15/32 and U.S. Government obligations, 0.13% - 3.13% due 11/30/21 - 2/15/31; valued at $1,734,000) |
1,700,000 |
1,700,000 |
|||||||||
|
Deutsche Bank Securities, Inc., (0.01%, dated 4/30/21, due 5/3/21; proceeds $750,001; fully collateralized by various U.S. Government obligations, 0.00% - 5.25% due 7/15/21 - 2/15/51; valued at $765,000) |
750,000 |
750,000 |
|||||||||
|
Federal Reserve Bank of New York, (0.00%, dated 4/30/21, due 5/3/21; proceeds $1,900,000; fully collateralized by a U.S. Government obligations, 3.63% due 8/15/43; valued at $1,900,000) |
1,900,000 |
1,900,000 |
|||||||||
|
Fixed Income Clearing Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $2,750,001; fully collateralized by various U.S. Government obligations, 0.00% - 4.50% due 5/31/21 - 8/15/45 (a); valued at $2,805,000) |
2,750,000 |
2,750,000 |
|||||||||
|
Fixed Income Clearing Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $2,750,002; fully collateralized by various U.S. Government obligations, 0.13% - 3.38% due 7/15/21 - 11/15/48 (a); valued at $2,805,001) |
2,750,001 |
2,750,001 |
|||||||||
|
Fixed Income Clearing Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $4,250,002; fully collateralized by various U.S. Government obligations, 0.13% - 2.88% due 6/30/23 - 2/15/24; valued at $4,335,000) |
4,250,000 |
4,250,000 |
|||||||||
|
Goldman Sachs & Co. LLC, (0.01%, dated 4/30/21, due 5/4/21; proceeds $750,001; fully collateralized by various U.S. Government agency securities, 3.10% - 7.50% due 9/15/22 - 10/15/47 and U.S. Government obligations, 0.00% - 2.25% due 8/15/21 - 2/15/47 (a); valued at $765,044) |
750,000 |
750,000 |
|||||||||
|
ING Financial Markets LLC, (0.01%, dated 4/30/21, due 5/3/21; proceeds $100,000; fully collateralized by various U.S. Government agency securities, 1.50% - 4.00% due 12/1/35 - 3/1/51; valued at $103,000) |
100,000 |
100,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/29/21, due 5/6/21; proceeds $400,000; fully collateralized by various U.S. Government agency securities, 1.88% - 2.99% due 2/13/24 - 2/11/36 and U.S. Government obligation, 0.13% due 9/30/22; valued at $408,000) |
$ |
400,000 |
$ |
400,000 |
|||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/29/21, due 5/6/21; proceeds $1,640,002; fully collateralized by various U.S. Government obligations, 0.13% - 2.50% due 8/31/21 - 10/15/25; valued at $1,672,801) |
1,640,000 |
1,640,000 |
|||||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/30/21, due 5/3/21; proceeds $50,000; fully collateralized by various U.S. Government agency securities, 0.00% - 5.70% due 4/5/22 - 12/14/44 and U.S. Government obligation, 2.75% due 4/30/23; valued at $51,000) |
50,000 |
50,000 |
|||||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/27/21, due 5/4/21; proceeds $3,000,006; fully collateralized by various U.S. Government obligations, 0.00% - 2.75% due 5/13/21 - 1/15/26; valued at $3,060,005) |
3,000,000 |
3,000,000 |
|||||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/30/21, due 5/3/21; proceeds $850,001; fully collateralized by various U.S. Government agency securities, 0.00% - 6.25% due 1/13/22 - 5/1/51 (a); valued at $870,142) |
850,000 |
850,000 |
|||||||||
|
JP Morgan Securities LLC, (0.04%, dated 4/30/21, due 5/3/21; proceeds $250,001; fully collateralized by various U.S. Government agency securities, 0.00% - 6.63% due 8/25/26 - 9/16/62 (a); valued at $262,501) |
250,000 |
250,000 |
|||||||||
|
JP Morgan Securities LLC, (0.13% (b), dated 2/26/19, due 5/7/21; proceeds $150,434; fully collateralized by various U.S. Government agency securities, 0.10% - 6.48% due 8/25/26 - 9/16/62 (a); valued at $157,519) (Demand 5/3/21) |
150,000 |
150,000 |
|||||||||
|
JP Morgan Securities LLC, (0.13% (b), dated 7/25/19, due 7/30/21; proceeds $100,266; fully collateralized by various U.S. Government agency securities, 0.20% - 6.48% due 8/20/35 - 3/16/61 (a); valued at $105,012) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
JP Morgan Securities LLC, (0.27% (b), dated 1/27/20, due 7/30/21; proceeds $225,928; fully collateralized by various U.S. Government agency securities, 0.00% - 6.68% due 8/20/35 - 3/16/61 (a); valued at $236,308) (Demand 5/3/21) |
225,000 |
225,000 |
|||||||||
|
JP Morgan Securities LLC, (0.27% (b), dated 2/7/20, due 7/30/21; proceeds $50,202; fully collateralized by various U.S. Government agency securities, 0.10% - 6.48% due 11/25/33 - 3/16/62 (a); valued at $52,513) (Demand 5/3/21) |
50,000 |
50,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
14
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 10/4/18, due 6/4/21; proceeds $100,568; fully collateralized by various U.S. Government agency securities, 0.04% - 6.53% due 3/20/40 - 3/16/63 (a); valued at $105,000) (Demand 5/3/21) |
$ |
100,000 |
$ |
100,000 |
|||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 10/23/18, due 6/4/21; proceeds $50,279; fully collateralized by a U.S. Government obligation, 0.13% due 11/30/22; valued at $51,000) (Demand 5/3/21) |
50,000 |
50,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 1/23/19, due 6/4/21; proceeds $100,504; fully collateralized by various U.S. Government agency securities, 1.00% - 5.00% due 8/20/39 - 3/20/51 (a); valued at $105,000) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 4/23/19, due 6/4/21; proceeds $50,226; fully collateralized by various U.S. Government obligations, 0.13% due 6/30/22 - 11/30/22; valued at $51,000) (Demand 5/3/21) |
50,000 |
50,000 |
|||||||||
|
Mizuho Securities USA LLC, 0.21% (b), dated 5/20/19, due 6/4/21; proceeds $100,435; fully collateralized by various U.S. Government agency securities, 1.00% - 5.00% due 2/20/42 - 3/20/51; valued at $105,000) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 5/22/19, due 6/4/21; proceeds $100,434; fully collateralized by various U.S. Government agency securities, 1.00% - 5.00% due 1/20/45 - 4/20/51 (a); valued at $105,000) (Demand 5/3/21) |
100,000 |
100,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 11/12/19, due 6/4/21; proceeds $150,499; fully collateralized by various U.S. Government agency securities, 0.21% - 6.08% due 4/01/36 - 1/16/61 (a); valued at $156,148) (Demand 5/3/21) |
150,000 |
150,000 |
|||||||||
|
Mizuho Securities USA LLC, (0.21% (b), dated 12/16/19, due 6/4/21; proceeds $351,095; fully collateralized by various U.S. Government agency securities, 0.00% - 9.11% due 5/25/24 - 5/25/53; valued at $364,870) (Demand 5/3/21) |
350,000 |
350,000 |
|||||||||
|
MUFG Securities (Canada), Ltd, (0.01%, dated 4/30/21, due 5/3/21; proceeds $450,000; fully collateralized by various U.S. Government agency securities, 1.50% - 5.00% due 4/1/31 - 5/1/51 (a); valued at $463,500) |
450,000 |
450,000 |
|||||||||
|
MUFG Securities Americas, Inc., (0.05% (b), dated 1/27/21, due 6/4/21; proceeds $250,044; fully collateralized by various U.S. Government agency securities, 1.50% - 6.00% due 1/1/24 - 4/1/51 (a); valued at $257,618) (Demand 5/3/2021) |
250,000 |
250,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Natixis SA, (Interest in $300,000 joint repurchase agreement, 0.01% dated 4/30/21 under which Natixis SA, will repurchase the securities provided as collateral for $300,000 on 5/3/21. 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 9/15/65 (a); valued at $306,529) |
$ |
300,000 |
$ |
300,000 |
|||||||
|
Natixis SA, (Interest in $1,400,000 joint repurchase agreement, 0.01% dated 4/30/21 under which Natixis SA, will repurchase the securities provided as collateral for $1,400,001 on 5/3/21. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were various U.S. Government obligations with various maturities to 5/15/50 (a); valued at $1,428,000) |
1,400,000 |
1,400,000 |
|||||||||
|
Natixis SA, (0.11% (b), dated 4/1/19, due 5/7/21; proceeds $75,176; fully collateralized by various U.S. Government agency securities, 3.00% - 38.72% due 4/25/35 - 3/20/50 and U.S. Government obligation, 0.13% - 3.63% due 5/11/21 - 5/15/50 (a); valued at $78,053) (Demand 5/3/21) |
75,000 |
75,000 |
|||||||||
|
Nomura Securities International, Inc., (0.01%, dated 4/30/21, due 5/3/21; proceeds $2,700,002; fully collateralized by various U.S. Government agency securities, 0.06% - 1.50% due 9/8/22 - 1/15/30 and U.S. Government obligation, 0.13% - 7.63% due 5/6/21 - 8/15/48 (a); valued at $2,754,000) |
2,700,000 |
2,700,000 |
|||||||||
|
Norinchukin Bank, (0.05%, dated 4/23/21, due 6/23/21; proceeds $300,025; fully collateralized by a U.S. Government obligation, 3.63% due 4/15/28; valued at $306,002) |
300,000 |
300,000 |
|||||||||
|
Norinchukin Bank, (0.05%, dated 3/16/21, due 06/28/21; proceeds $1,050,092; fully collateralized by various U.S. Government obligations, 1.50% - 3.62% due 8/15/26 - 4/15/28; valued at $1,070,989) |
1,050,000 |
1,050,000 |
|||||||||
|
Norinchukin Bank, (0.07%, dated 3/19/21, due 6/17/21; proceeds $150,026; fully collateralized by a U.S. Government obligation, 3.63% due 4/15/28; valued at $152,999) |
150,000 |
150,000 |
|||||||||
|
Norinchukin Bank, (0.08%, dated 3/16/21, due 6/16/21; proceeds $300,061; fully collateralized by various U.S. Government obligations, 2.38% - 3.63% due 5/15/27 - 4/15/28; valued at $306,014) |
300,000 |
300,000 |
|||||||||
|
Norinchukin Bank, (0.08%, dated 3/18/21, due 6/18/21; proceeds $225,046; fully collateralized by a U.S. Government obligation, 3.63% due 4/15/28; valued at $229,496) |
225,000 |
225,000 |
|||||||||
|
Northwestern Mutual Life Insurance Company, (0.06%, dated 4/30/21, due 5/3/21; proceeds $800,004; fully collateralized by various U.S. Government agency securities, 3.00% - 4.00% due 9/1/42 - 12/1/46; valued at $824,000) |
800,000 |
800,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
15
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
Prudential Insurance Company of America, (0.03%, dated 4/30/21, due 5/3/21; proceeds $354,407; fully collateralized by various U.S. Government obligations, 0.01% due 8/15/31 - 8/15/47; valued at $361,494) |
$ |
354,406 |
$ |
354,406 |
|||||||
|
Prudential Legacy Insurance Company of New Jersey, (0.03%, dated 4/30/21, due 5/3/21; proceeds $867,296; fully collateralized by various U.S. Government agency securities, 0.00% - 0.01% due 5/15/36 - 5/15/44; valued at $884,640) |
867,294 |
867,294 |
|||||||||
|
RBC Dominion Securities, (0.05%, dated 3/18/21, due 9/23/21; proceeds $350,092; fully collateralized by various U.S. Government agency securities, 0.13% - 6.25% due 5/27/21 - 11/15/50; valued at $357,000) (Demand 5/7/21) |
350,000 |
350,000 |
|||||||||
|
RBC Dominion Securities, (0.05%, dated 3/22/21, due 9/24/21; proceeds $750,194; fully collateralized by various U.S. Government agency securities, 2.00% - 5.50% due 6/1/25 - 1/20/51 and U.S. Government obligation, 0.13% - 6.25% due 5/27/21 - 2/15/51 (a); valued at $769,456) (Demand 5/7/21) |
750,000 |
750,000 |
|||||||||
|
RBC Dominion Securities, (0.06%, dated 3/18/21, due 9/23/21; proceeds $1,000,315; fully collateralized by various U.S. Government agency securities, 2.00% - 4.50% due 8/15/40 - 3/1/51 and U.S. Government obligation, 0.13% - 4.75% due 5/27/21 - 11/15/50 (a); valued at $1,026,078) (Demand 5/7/21) |
1,000,000 |
1,000,000 |
|||||||||
|
Royal Bank of Canada, (0.07%, dated 2/11/21, due 8/10/21; proceeds $750,263; fully collateralized by various U.S. Government agency securities, 2.00% - 5.55% due 1/1/24 - 6/1/60 (a); valued at $772,500) (Demand 5/7/21) |
750,000 |
750,000 |
|||||||||
|
Royal Bank of Canada, (0.07%, dated 3/18/21, due 12/17/21; proceeds $2,451,305; fully collateralized by various U.S. Government agency securities, 1.50% - 8.50% due 11/1/22 - 6/1/60 (a); valued at $2,523,500) (Demand 5/7/21) |
2,450,000 |
2,450,000 |
|||||||||
|
Royal Bank of Canada, (0.07%, dated 3/30/21, due 1/27/22; proceeds $480,283; fully collateralized by various U.S. Government agency securities, 2.00% - 7.00% due 7/1/30 - 3/1/52 (a); valued at $494,400) (Demand 5/7/21) |
480,000 |
480,000 |
|||||||||
|
Royal Bank of Canada, (0.07%, dated 4/1/21, due 1/26/22; proceeds $1,000,583; fully collateralized by various U.S. Government agency securities, 1.50% - 8.50% due 8/1/23 - 4/1/51 (a); valued at $1,030,000) (Demand 5/7/21) |
1,000,000 |
1,000,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Royal Bank of Canada, (0.07%, dated 4/6/21, due 2/4/22; proceeds $650,384; fully collateralized by various U.S. Government agency securities, 1.82% - 4.50% due 12/1/35 - 3/1/56 (a); valued at $669,500) (Demand 5/7/21) |
$ |
650,000 |
$ |
650,000 |
|||||||
|
Royal Bank of Canada, (0.08%, dated 2/9/21, due 8/6/21; proceeds $250,099; fully collateralized by various U.S. Government agency securities, 2.00% - 5.00% due 12/1/35 - 6/1/60 (a); valued at $257,500) (Demand 5/7/21) |
250,000 |
250,000 |
|||||||||
|
Royal Bank of Canada, (0.08%, dated 2/10/21, due 11/5/21; proceeds $350,208; fully collateralized by various U.S. Government agency securities, 1.50% - 9.00% due 12/1/22 - 6/1/60 (a); valued at $360,500) (Demand 5/7/21) |
350,000 |
350,000 |
|||||||||
|
Societe Generale, (0.01%, dated 4/26/21, due 5/3/21; proceeds $400,000; fully collateralized by various U.S. Government obligations, 0.13% - 5.38% due 7/15/21 - 2/15/51; valued at $408,000) |
400,000 |
400,000 |
|||||||||
|
Societe Generale, (0.01%, dated 4/27/21, due 5/4/21; proceeds $1,500,003; fully collateralized by various U.S. Government obligations, 0.08% - 8.13% due 5/13/21 - 2/15/51 (a); valued at $1,530,003) |
1,500,000 |
1,500,000 |
|||||||||
|
Societe Generale, (0.01%, dated 4/28/21, due 5/5/21; proceeds $500,001; fully collateralized by various U.S. Government obligations, 0.08% - 8.13% due 5/15/21 - 2/15/51 (a); valued at $510,001) |
500,000 |
500,000 |
|||||||||
|
Societe Generale, (0.01%, dated 4/29/21, due 5/6/21; proceeds $1,250,002; fully collateralized by various U.S. Government obligations, 0.13% - 8.00% due 5/18/21 - 11/15/47 (a); valued at $1,275,002) |
1,250,000 |
1,250,000 |
|||||||||
|
Societe Generale, (0.01%, dated 4/30/21, due 5/7/21; proceeds $500,001; fully collateralized by various U.S. Government obligations, 0.13% - 8.00% due 5/4/21 - 2/15/51 (a); valued at $510,001) |
500,000 |
500,000 |
|||||||||
|
Sumitomo Mitsui Banking Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $500,000; fully collateralized by various U.S. Government agency securities, 2.00% - 4.00% due 8/1/46 - 12/20/50; valued at $515,000) |
500,000 |
500,000 |
|||||||||
|
Sumitomo Mitsui Banking Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,800,002; fully collateralized by various U.S. Government obligations, 0.25% - 3.00% due 7/31/21 - 2/15/50; valued at $1,836,002) |
1,800,000 |
1,800,000 |
|||||||||
|
TD Securities (USA) LLC, (0.01%, dated 4/28/21, due 5/5/21; proceeds $500,001; fully collateralized by various U.S. Government agency securities, 2.00% - 8.50% due 4/15/22 - 4/20/51 and U.S. Government obligation, 2.25% - 2.38% due 2/15/27 - 5/15/27; valued at $513,899) |
500,000 |
500,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
16
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
Wells Fargo Securities LLC, (0.01%, dated 4/29/21, due 5/6/21; proceeds $250,000; fully collateralized by a U.S. Government agency security, 2.00% due 4/1/36 valued at $257,500) |
$ |
250,000 |
$ |
250,000 |
|||||||
|
Wells Fargo Securities LLC, (Interest in $65,000 joint repurchase agreement, 0.01% dated 4/30/21 under which Wells Fargo Securities LLC, will repurchase the securities provided as collateral for $65,000 on 5/3/21. 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 11/1/50; valued at $66,801) |
48,000 |
48,000 |
|||||||||
|
Total Repurchase Agreements (Cost $62,849,701) |
62,849,701 |
||||||||||
|
U.S. Agency Securities (11.5%) |
|||||||||||
|
Federal Farm Credit Bank, |
|||||||||||
|
0.05%, 8/16/21 (c) |
30,000 |
29,996 |
|||||||||
|
SOFR + 0.07%, 0.08%, 8/20/21 (b) |
40,000 |
40,000 |
|||||||||
|
SOFR + 0.08%, 0.09%, 6/10/21 - 7/9/21 (b) |
72,500 |
72,491 |
|||||||||
|
0.08%, 12/22/21 (c) |
75,000 |
74,961 |
|||||||||
|
SOFR + 0.10%, 0.11%, 5/7/21 (b) |
49,000 |
49,000 |
|||||||||
|
0.12%, 10/12/21 - 10/29/21 (c) |
144,000 |
143,921 |
|||||||||
|
0.13%, 9/28/21 - 11/2/21 (c) |
305,000 |
304,968 |
|||||||||
|
0.14%, 7/20/21 - 7/28/21 (c) |
15,000 |
14,995 |
|||||||||
|
1 Month USD LIBOR + 0.02%, 0.14%, 9/17/21 (b) |
23,500 |
23,493 |
|||||||||
|
SOFR + 0.13%, 0.14%, 2/11/22 - 3/9/22 (b) |
182,000 |
182,000 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.14%, 0.16%, 9/17/21 (b) |
153,350 |
153,270 |
|||||||||
|
1 Month USD LIBOR + 0.08%, 0.19%, 8/13/21 - 8/25/21 (b) |
350,000 |
350,000 |
|||||||||
|
1 Month USD LIBOR + 0.09%, 0.20%, 8/30/21 - 9/13/21 (b) |
113,000 |
113,000 |
|||||||||
|
SOFR + 0.19%, 0.20%, 11/18/21 - 7/14/22 (b) |
145,000 |
145,000 |
|||||||||
|
1 Month USD LIBOR + 0.10%, 0.21%, 7/28/21 - 12/23/21 (b) |
795,000 |
795,000 |
|||||||||
|
1 Month USD LIBOR + 0.11%, 0.22%, 7/9/21 - 12/10/21 (b) |
332,000 |
332,000 |
|||||||||
|
3 Month USD LIBOR - 3.00%, 0.25%, 11/29/21 (b) |
100,000 |
100,000 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.26%, 0.28%, 5/17/21 - 6/17/21(b) |
273,000 |
272,999 |
|||||||||
|
SOFR + 0.32%, 0.33%, 1/12/22 (b) |
200,000 |
200,000 |
|||||||||
|
0.50%, 6/16/21 (c) |
35,000 |
35,019 |
|||||||||
|
Federal Home Loan Bank, |
|||||||||||
|
SOFR + 0.02%, 0.03%, 5/19/21 (b) |
615,000 |
615,000 |
|||||||||
|
0.04%, 10/29/21 (c) |
160,000 |
159,991 |
|||||||||
|
0.07%, 6/4/21 (c) |
470,000 |
469,999 |
|||||||||
|
SOFR + 0.08%, 0.09%, 6/11/21 - 7/23/21 (b) |
454,000 |
453,977 |
|||||||||
|
SOFR + 0.10%, 0.11%, 7/9/21 (b) |
75,000 |
75,000 |
|||||||||
|
SOFR + 0.12%, 0.13%, 2/10/22 - 2/28/22 (b) |
994,800 |
994,800 |
|||||||||
|
0.13%, 6/15/21 - 10/13/21 (c) |
496,140 |
496,135 |
|||||||||
|
SOFR + 0.35%, 0.36%, 3/28/22 (b) |
500,000 |
500,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Federal Home Loan Mortgage Corp., |
|||||||||||
|
SOFR + 0.10%, 0.11%, 9/9/22 (b) |
$ |
250,000 |
$ |
250,000 |
|||||||
|
SOFR + 0.15%, 0.16%, 3/4/22 (b) |
307,000 |
307,000 |
|||||||||
|
SOFR + 0.18%, 0.19%, 12/13/21 (b) |
350,000 |
350,000 |
|||||||||
|
SOFR + 0.20%, 0.21%, 3/11/22 (b) |
340,000 |
340,000 |
|||||||||
|
SOFR + 0.26%, 0.27%, 5/5/22 (b) |
548,000 |
548,000 |
|||||||||
|
SOFR + 0.30%, 0.31%, 10/25/21 (b) |
174,000 |
174,000 |
|||||||||
|
SOFR + 0.32%, 0.33%, 9/23/21 - 9/30/21 (b) |
950,000 |
950,000 |
|||||||||
|
Federal National Mortgage Association, |
|||||||||||
|
SOFR + 0.11%, 0.12%, 3/4/22 (b) |
125,000 |
125,000 |
|||||||||
|
SOFR + 0.16%, 0.17%, 9/16/21 (b) |
150,000 |
150,000 |
|||||||||
|
SOFR + 0.20%, 0.21%, 12/16/21 (b) |
650,000 |
650,000 |
|||||||||
|
SOFR + 0.22%, 0.23%, 3/16/22 - 5/9/22 (b) |
1,168,000 |
1,168,000 |
|||||||||
|
SOFR + 0.30%, 0.31%, 4/28/22 (b) |
295,000 |
295,000 |
|||||||||
|
SOFR + 0.31%, 0.32%, 10/25/21 - 1/24/22 (b) |
400,000 |
400,000 |
|||||||||
|
SOFR + 0.32%, 0.33%, 4/27/22 (b) |
100,000 |
100,000 |
|||||||||
|
SOFR + 0.35%, 0.36%, 4/7/22 (b) |
250,000 |
250,000 |
|||||||||
|
SOFR + 0.36%, 0.37%, 1/20/22 (b) |
400,000 |
400,000 |
|||||||||
|
SOFR + 0.39%, 0.40%, 4/15/22 (b) |
200,000 |
200,000 |
|||||||||
|
Tennessee Valley Authority |
|||||||||||
|
0.02%, 5/19/21 (c) |
62,000 |
61,999 |
|||||||||
|
U.S. International Development Finance Corporation, |
|||||||||||
|
0.09%, 8/13/27 - 7/5/38 (b) |
15,000 |
15,000 |
|||||||||
|
0.10%, 12/15/26 - 1/20/35 (b) |
10,768 |
10,768 |
|||||||||
|
0.12%, 6/20/28 - 7/5/38 (b) |
24,500 |
24,500 |
|||||||||
|
Total U.S. Agency Securities (Cost $13,966,282) |
13,966,282 |
||||||||||
|
U.S. Treasury Securities (37.9%) |
|||||||||||
|
U.S. Treasury Bills, |
|||||||||||
|
0.01%, 5/25/21 (d) |
561,325 |
561,320 |
|||||||||
|
0.02%, 7/27/21 (d) |
226,560 |
226,542 |
|||||||||
|
0.03%, 8/24/21 (d) |
1,474,100 |
1,473,969 |
|||||||||
|
0.04%, 7/1/21 - 10/28/21 (d) |
5,267,845 |
5,267,121 |
|||||||||
|
0.04%, 10/21/21 (d)(e) |
200,000 |
199,959 |
|||||||||
|
0.05%, 6/1/21 - 10/7/21 (d) |
7,830,162 |
7,829,079 |
|||||||||
|
0.06%, 6/17/21 - 6/29/21 (d)(e) |
5,535,182 |
5,534,714 |
|||||||||
|
0.07%, 5/6/21 - 10/14/21 (d) |
9,168,667 |
9,167,996 |
|||||||||
|
0.08%, 5/18/21 - 4/21/22 (d) |
5,270,075 |
5,268,778 |
|||||||||
|
0.09%, 6/3/21 - 8/5/21 (d) |
3,879,544 |
3,879,146 |
|||||||||
|
0.10%, 5/13/21 - 5/27/21 (d) |
2,331,270 |
2,331,148 |
|||||||||
|
U.S. Treasury Notes, |
|||||||||||
|
3 Month Treasury Money Market Yield + 0.06%, 0.08%, 10/31/22 (b) |
1,100,000 |
1,099,917 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.11%, 0.13%, 4/30/22 (b) |
375,000 |
375,275 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.30%, 0.32%, 10/31/21 (b) |
100,000 |
100,000 |
|||||||||
|
0.13%, 4/30/22 |
250,000 |
250,116 |
|||||||||
|
1.13%, 9/30/21 |
179,157 |
179,931 |
|||||||||
|
1.38%, 1/31/22 |
115,000 |
116,124 |
|||||||||
|
1.50%, 9/30/21 - 1/31/22 |
375,000 |
377,850 |
|||||||||
|
1.63%, 12/31/21 |
100,000 |
101,038 |
|||||||||
|
1.88%, 1/31/22 - 3/31/22 |
902,000 |
914,846 |
|||||||||
|
2.00%, 8/31/21 |
100,000 |
100,632 |
|||||||||
The accompanying notes are an integral part of the financial statements.
17
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
U.S. Treasury Securities (cont'd) |
|||||||||||
|
2.13%, 9/30/21 |
$ |
65,000 |
$ |
65,534 |
|||||||
|
2.25%, 4/15/22 |
100,000 |
102,043 |
|||||||||
|
2.50%, 2/15/22 |
170,000 |
173,264 |
|||||||||
|
2.63%, 12/15/21 |
200,000 |
203,134 |
|||||||||
|
2.88%, 10/15/21 |
220,000 |
222,790 |
|||||||||
|
Total U.S. Treasury Securities (Cost $46,122,266) |
46,122,266 |
||||||||||
|
Total Investments (101.0%) (Cost $122,938,249) (f)(g) |
122,938,249 |
||||||||||
|
Liabilities in Excess of Other Assets (-1.0%) |
(1,178,028 |
) |
|||||||||
|
Net Assets (100.0%) |
$ |
121,760,221 |
|||||||||
(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, 2021.
(b) Floating or variable rate securities: The rates disclosed are as of April 30, 2021. 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) 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, 2021.
(e) All or a portion of the security is subject to delayed delivery.
(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.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
Repurchase Agreements |
51.1 |
% |
|||||
|
U.S. Treasury Securities |
37.5 |
||||||
|
U.S. Agency Securities |
11.4 |
||||||
|
Total Investments |
100.0 |
% |
|||||
The accompanying notes are an integral part of the financial statements.
18
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
Government Securities Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
U.S. Agency Securities (27.3%) |
|||||||||||
|
Federal Farm Credit Bank, |
|||||||||||
|
0.01%, 5/3/21 - 6/29/21 (a) |
$ |
97,000 |
$ |
97,000 |
|||||||
|
0.02%, 5/12/21 - 8/31/21 (a) |
33,000 |
32,999 |
|||||||||
|
0.03%, 9/17/21 (a) |
12,000 |
11,999 |
|||||||||
|
0.04%, 5/13/21 - 9/7/21 (a) |
87,000 |
86,991 |
|||||||||
|
0.05%, 7/30/21 - 8/25/21 (a) |
110,000 |
109,986 |
|||||||||
|
0.06%, 8/6/21 - 8/23/21 (a) |
33,000 |
32,994 |
|||||||||
|
0.07%, 7/28/21 (a) |
18,000 |
17,997 |
|||||||||
|
0.08%, 12/22/21 - 1/7/22 (a) |
30,000 |
29,984 |
|||||||||
|
SOFR + 0.08%, 0.09%, 6/10/21 - 7/9/21 (b) |
62,000 |
61,989 |
|||||||||
|
0.09%, 7/14/21 (a) |
90,000 |
89,984 |
|||||||||
|
0.10%, 8/30/21 (a) |
17,690 |
17,684 |
|||||||||
|
0.11%, 10/28/21 (a) |
5,000 |
4,997 |
|||||||||
|
1 Month USD LIBOR + 0.00%, 0.11%, 8/9/21 (b) |
100,000 |
100,016 |
|||||||||
|
0.12%, 9/2/21 - 12/6/21 (a) |
29,000 |
28,985 |
|||||||||
|
0.13%, 11/2/21 |
20,000 |
19,999 |
|||||||||
|
0.13%, 8/3/21 (a) |
10,020 |
10,017 |
|||||||||
|
1 Month USD LIBOR + 0.02%, 0.14%, 9/17/21 (b) |
10,000 |
9,997 |
|||||||||
|
Daily FCPR - 3.05%, 0.20%, 3/9/22 (b) |
50,000 |
49,996 |
|||||||||
|
1 Month USD LIBOR + 0.10%, 0.21%, 8/5/21 (b) |
15,000 |
15,000 |
|||||||||
|
1 Month USD LIBOR + 0.11%, 0.22%, 7/9/21 - 12/10/21 (b) |
15,000 |
15,000 |
|||||||||
|
Federal Home Loan Bank, |
|||||||||||
|
0.01%, 5/14/21 - 6/29/21 (a) |
357,700 |
357,695 |
|||||||||
|
SOFR + 0.01%, 0.02%, 7/26/21 - 11/17/21 (b) |
300,000 |
300,000 |
|||||||||
|
0.02%, 6/22/21 |
100,000 |
100,000 |
|||||||||
|
SOFR + 0.02%, 0.03%, 5/19/21 - 8/23/21 (b) |
250,000 |
250,000 |
|||||||||
|
0.03%, 5/10/21 - 5/20/21 (a) |
350,000 |
349,996 |
|||||||||
|
0.03%, 9/21/21 - 10/29/21 |
70,000 |
69,998 |
|||||||||
|
0.04%, 5/27/21 - 6/2/21 (a) |
155,000 |
154,996 |
|||||||||
|
0.04%, 9/29/21 |
100,000 |
100,000 |
|||||||||
|
0.05%, 8/13/21 (a) |
11,000 |
10,998 |
|||||||||
|
0.07%, 5/4/21 (a) |
50,000 |
50,000 |
|||||||||
|
0.07%, 6/4/21 - 2/11/22 |
75,000 |
74,995 |
|||||||||
|
SOFR + 0.08%, 0.09%, 6/11/21 (b) |
15,000 |
15,000 |
|||||||||
|
0.09%, 7/23/21 (a) |
12,000 |
11,998 |
|||||||||
|
SOFR + 0.09%, 0.10%, 10/5/22 (b) |
100,000 |
100,000 |
|||||||||
|
SOFR + 0.12%, 0.13%, 2/10/22 - 2/28/22 (b) |
18,000 |
18,000 |
|||||||||
|
0.13%, 6/15/21 |
18,000 |
18,000 |
|||||||||
|
Tennessee Valley Authority, |
|||||||||||
|
0.01%, 5/5/21 - 5/12/21 (a) |
263,000 |
262,999 |
|||||||||
|
Total U.S. Agency Securities (Cost $3,088,289) |
3,088,289 |
||||||||||
|
U.S. Treasury Securities (75.0%) |
|||||||||||
|
U.S. Treasury Bills, |
|||||||||||
|
0.01%, 6/15/21 - 6/22/21 (c) |
625,000 |
624,991 |
|||||||||
|
0.03%, 5/4/21 - 8/24/21 (c) |
3,020,735 |
3,020,666 |
|||||||||
|
0.04%, 5/11/21 - 10/21/21 (c) |
1,885,835 |
1,885,760 |
|||||||||
|
0.05%, 7/1/21 - 8/26/21 (c) |
550,000 |
549,942 |
|||||||||
|
0.06%, 6/29/21 - 9/16/21 (c)(d) |
575,000 |
574,935 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
0.07%, 6/1/21 - 4/21/22 (c)(d) |
$ |
400,000 |
$ |
399,937 |
|||||||
|
0.08%, 5/6/21 (c) |
325,000 |
324,998 |
|||||||||
|
0.09%, 7/8/21 - 7/29/21 (c) |
100,000 |
99,982 |
|||||||||
|
U.S. Treasury Bond, |
|||||||||||
|
8.00%, 11/15/21 |
73,000 |
76,098 |
|||||||||
|
U.S. Treasury Notes, |
|||||||||||
|
3 Month Treasury Money Market Yield + 0.06%, 0.08%, 10/31/22 (b) |
143,000 |
142,995 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.11%, 0.13%, 4/30/22 (b) |
225,000 |
225,202 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.15%, 0.17%, 1/31/22 (b) |
25,000 |
25,023 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.22%, 0.24%, 7/31/21 (b) |
15,000 |
14,999 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.30%, 0.32%, 10/31/21 (b) |
203,000 |
203,179 |
|||||||||
|
1.75%, 2/28/22 |
100,000 |
101,374 |
|||||||||
|
1.88%, 1/31/22 |
100,000 |
101,339 |
|||||||||
|
2.13%, 9/30/21 - 12/31/21 |
75,000 |
75,893 |
|||||||||
|
2.50%, 2/15/22 |
30,000 |
30,576 |
|||||||||
|
Total U.S. Treasury Securities (Cost $8,477,889) |
8,477,889 |
||||||||||
|
Total Investments (102.3%) (Cost $11,566,178) (e)(f) |
11,566,178 |
||||||||||
|
Liabilities in Excess of Other Assets (-2.3%) |
(265,529 |
) |
|||||||||
|
Net Assets (100.0%) |
$ |
11,300,649 |
|||||||||
(a) Purchased on a discount basis. The interest rates shown have been adjusted to reflect a money market equivalent yield.
(b) Floating or variable rate securities: The rates disclosed are as of April 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(c) Rate shown is the yield to maturity at April 30, 2021.
(d) All or a portion of the security is subject to delayed delivery.
(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.
FCPR Federal Reserve Bank Prime Loan Rate U.S.
LIBOR London Interbank Offered Rate.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
U.S. Treasury Securities |
73.3 |
% |
|||||
|
U.S. Agency Securities |
26.7 |
||||||
|
Total Investments |
100.0 |
% |
|||||
The accompanying notes are an integral part of the financial statements.
19
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
Treasury Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (33.3%) |
|||||||||||
|
ABN Amro Securities LLC, (Interest in $700,000 joint repurchase agreement, 0.01% dated 4/30/21 under which ABN Amro Securities LLC, will repurchase the securities provided as collateral for $700,001 on 5/30/21. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were various U.S. Government obligations with various maturities to 5/15/50 (a); valued at $714,000) |
$ |
361,000 |
$ |
361,000 |
|||||||
|
Bank of Nova Scotia, (0.01%, dated 4/30/21, due 5/3/21; proceeds $500,000; fully collateralized by various U.S. Government obligations, 0.13% - 8.00% due 10/31/21 - 8/15/50 (a); valued at $510,000) |
500,000 |
500,000 |
|||||||||
|
Barclays Bank PLC, (0.01%, dated 4/30/21, due 5/3/21 proceeds $250,000; fully collateralized by a U.S. Government obligation, 2.88% - 4.38% due 11/15/39 - 8/15/45; valued at $255,000) |
250,000 |
250,000 |
|||||||||
|
BNP Paribas Securities Corp., (Interest in $750,000 joint repurchase agreement, 0.01% dated 4/30/21 under which BNP Paribas Securities Corp., will repurchase the securities provided as collateral for $750,000 on 5/3/21. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were various U.S. Government obligations with various maturities to 5/15/48 (a); valued at $765,000) |
750,000 |
750,000 |
|||||||||
|
BNP Paribas Securities Corp., (0.01%, dated 4/29/21, due 5/6/21; proceeds $350,001; fully collateralized by various U.S. Government obligations, 0.00% - 3.38% due 5/20/21 - 11/15/47; valued at $357,000) |
350,000 |
350,000 |
|||||||||
|
Canadian Imperial Bank of Commerce, (0.01%, dated 4/22/21, due 5/27/21; proceeds $300,003; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 9/30/21 - 2/15/51 (a); valued at $306,000) (Demand 5/7/21) |
300,000 |
300,000 |
|||||||||
|
Credit Agricole Corporate and Investment Bank, (Interest in $1,200,000 joint repurchase agreement, 0.01% dated 4/30/21 under which Credit Agricole Corporate and Investment Bank, will repurchase the securities provided as collateral for $1,200,001 on 5/3/21. 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 11/30/25; valued at $1,224,000) |
500,000 |
500,000 |
|||||||||
|
Federal Reserve Bank of New York, (0.00%, dated 4/30/21, due 5/3/21; proceeds $1,000,000; fully collateralized by various U.S. Government obligations, 0.13% - 2.25% due 8/15/23 - 2/15/27; valued at $1,000,000) |
1,000,000 |
1,000,000 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Fixed Income Clearing Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,500,001; fully collateralized by various U.S. Government obligations, 0.38% - 2.75% due 2/15/24 - 5/15/24; valued at $1,530,000) |
$ |
1,500,000 |
$ |
1,500,000 |
|||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/29/21, due 5/6/21; proceeds $1,600,002; fully collateralized by various U.S. Government obligations, 0.25% - 2.63% due 5/20/21 - 2/28/26; valued at $1,632,001) |
1,600,000 |
1,600,000 |
|||||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,220,001; fully collateralized by various U.S. Government obligations, 0.00% - 2.75% due 6/30/21 - 10/31/22; valued at $1,244,401) |
1,220,000 |
1,220,000 |
|||||||||
|
JP Morgan Securities LLC, (0.01%, dated 4/27/21, due 5/4/21; proceeds $1,000,002; fully collateralized by various U.S. Government obligations, 0.13% - 2.75% due 7/31/21 - 7/15/23; valued at $1,020,002) |
1,000,000 |
1,000,000 |
|||||||||
|
Metlife Insurance Company, (0.03%, dated 4/30/21, due 5/3/21; proceeds $200,004; fully collateralized by various U.S. Government obligations, 0.01% - 0.13% due 2/28/23 - 2/15/46; valued at $204,003) |
200,003 |
200,003 |
|||||||||
|
Norinchukin Bank, (0.05%, dated 4/23/21, due 6/23/21; proceeds $90,008; fully collateralized by a U.S. Government obligation, 3.63% due 4/15/28; valued at $91,798) |
90,000 |
90,000 |
|||||||||
|
Norinchukin Bank, (0.07%, dated 3/19/21, due 6/17/21; proceeds $250,044; fully collateralized by various U.S. Government obligations, 2.38% - 3.63% due 5/15/27 - 4/15/28; valued at $254,991) |
250,000 |
250,000 |
|||||||||
|
Norinchukin Bank, (0.08%, dated 3/18/21, due 6/18/21; proceeds $200,041; fully collateralized by a U.S. Government obligation, 3.63% due 4/15/28; valued at $204,010) |
200,000 |
200,000 |
|||||||||
|
RBC Dominion Securities, (0.01%, dated 4/30/21, due 5/3/21; proceeds $150,000; fully collateralized by various U.S. Government obligations, 0.00% - 6.00% due 5/27/21 - 8/15/46 (a); valued at $153,000) |
150,000 |
150,000 |
|||||||||
|
RBC Dominion Securities, (0.05%, dated 3/18/21, due 9/23/21; proceeds $400,105; fully collateralized by various U.S. Government obligations, 0.25% - 6.25% due 8/15/23 - 5/15/50 (a); valued at $408,000) (Demand 5/7/21) |
400,000 |
400,000 |
|||||||||
|
Societe Generale, (0.01%, dated 4/26/21, due 5/3/21; proceeds $400,000; fully collateralized by various U.S. Government obligations, 0.00% - 8.00% due 5/15/21 - 8/15/47; valued at $408,000) |
400,000 |
400,000 |
|||||||||
The accompanying notes are an integral part of the financial statements.
20
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Treasury Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Repurchase Agreements (cont'd) |
|||||||||||
|
Sumitomo Mitsui Banking Corp., (0.01%, dated 4/30/21, due 5/3/21; proceeds $1,450,001; fully collateralized by various U.S. Government obligations, 0.25% - 3.00% due 5/31/22 - 2/15/50; valued at $1,479,001) |
$ |
1,450,000 |
$ |
1,450,000 |
|||||||
|
Total Repurchase Agreements (Cost $12,471,003) |
12,471,003 |
||||||||||
|
U.S. Treasury Securities (68.0%) |
|||||||||||
|
U.S. Treasury Bills, |
|||||||||||
|
0.02%, 5/4/21 - 7/8/21 (b) |
1,345,000 |
1,344,989 |
|||||||||
|
0.03%, 6/1/21 - 8/24/21 (b) |
1,955,000 |
1,954,886 |
|||||||||
|
0.04%, 5/6/21 - 7/20/21 (b) |
4,581,885 |
4,581,703 |
|||||||||
|
0.05%, 5/27/21 - 10/28/21 (b) |
4,434,839 |
4,434,282 |
|||||||||
|
0.06%, 6/29/21 - 10/14/21 (b)(c) |
3,182,581 |
3,182,163 |
|||||||||
|
0.07%, 5/25/21 - 4/21/22 (b) |
2,275,062 |
2,274,694 |
|||||||||
|
0.07%, 8/3/21 (b)(c) |
150,000 |
149,972 |
|||||||||
|
0.08%, 5/20/21 - 6/17/21 (b) |
1,710,810 |
1,710,683 |
|||||||||
|
0.09%, 5/11/21 - 6/3/21 (b) |
1,225,001 |
1,224,944 |
|||||||||
|
U.S. Treasury Notes, |
|||||||||||
|
3 Month Treasury Money Market Yield + 0.06%, 0.08%, 10/31/22 (d) |
700,000 |
699,947 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.15%, 0.17%, 1/31/22 (d) |
925,000 |
924,532 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.22%, 0.24%, 7/31/21 (d) |
606,000 |
606,015 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.30%, 0.32%, 10/31/21 (d) |
1,703,000 |
1,703,824 |
|||||||||
|
0.38%, 3/31/22 |
50,000 |
50,134 |
|||||||||
|
1.50%, 1/31/22 |
50,000 |
50,527 |
|||||||||
|
1.63%, 6/30/21 |
50,000 |
50,129 |
|||||||||
|
1.75%, 11/30/21 - 2/28/22 |
252,800 |
255,878 |
|||||||||
|
1.88%, 2/28/22 |
150,000 |
152,219 |
|||||||||
|
2.13%, 9/30/21 |
25,000 |
25,205 |
|||||||||
|
2.25%, 4/15/22 |
30,000 |
30,613 |
|||||||||
|
2.88%, 11/15/21 |
100,000 |
101,503 |
|||||||||
|
Total U.S. Treasury Securities (Cost $25,508,842) |
25,508,842 |
||||||||||
|
Total Investments (101.3%) (Cost $37,979,845) (e)(f) |
37,979,845 |
||||||||||
|
Liabilities in Excess of Other Assets (-1.3%) |
(495,246 |
) |
|||||||||
|
Net Assets (100.0%) |
$ |
37,484,599 |
|||||||||
(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, 2021.
(b) Rate shown is the yield to maturity at April 30, 2021.
(c) All or a portion of the security is subject to delayed delivery.
(d) Floating or variable rate securities: The rates disclosed are as of April 30, 2021. 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.
(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.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
U.S. Treasury Securities |
67.2 |
% |
|||||
|
Repurchase Agreements |
32.8 |
||||||
|
Total Investments |
100.0 |
% |
|||||
The accompanying notes are an integral part of the financial statements.
21
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
Treasury Securities Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
U.S. Treasury Securities (109.2%) |
|||||||||||
|
U.S. Treasury Bills, |
|||||||||||
|
0.02%, 5/25/21 - 7/8/21 (a) |
$ |
9,470,000 |
$ |
9,469,786 |
|||||||
|
0.03%, 5/4/21 - 10/7/21 (a) |
13,449,291 |
13,448,856 |
|||||||||
|
0.03%, 8/31/21 (a)(b) |
725,000 |
724,938 |
|||||||||
|
0.04%, 5/18/21 - 10/28/21 (a) |
16,983,098 |
16,982,225 |
|||||||||
|
0.05%, 6/29/21 - 7/13/21 (a)(b) |
5,045,160 |
5,044,823 |
|||||||||
|
0.06%, 5/6/21 - 9/16/21 (a) |
7,187,281 |
7,186,853 |
|||||||||
|
0.07%, 6/1/21 - 4/21/22 (a)(b) |
6,324,990 |
6,324,551 |
|||||||||
|
U.S. Treasury Bond, |
|||||||||||
|
8.00%, 11/15/21 |
259,000 |
269,979 |
|||||||||
|
U.S. Treasury Notes, |
|||||||||||
|
3 Month Treasury Money Market Yield + 0.06%, 0.08%, 10/31/22 (c) |
1,000,000 |
999,924 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.15%, 0.17%, 1/31/22 (c) |
600,000 |
599,700 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.22%, 0.24%, 7/31/21 (c) |
140,000 |
140,006 |
|||||||||
|
3 Month Treasury Money Market Yield + 0.30%, 0.32%, 10/31/21 (c) |
1,455,000 |
1,455,862 |
|||||||||
|
1.13%, 6/30/21 - 9/30/21 |
225,000 |
225,895 |
|||||||||
|
1.38%, 1/31/22 |
100,000 |
100,981 |
|||||||||
|
1.50%, 9/30/21 |
400,000 |
402,395 |
|||||||||
|
1.63%, 6/30/21 - 12/31/21 |
250,000 |
251,022 |
|||||||||
|
1.75%, 11/30/21 |
250,000 |
252,395 |
|||||||||
|
2.00%, 5/31/21 |
120,000 |
120,178 |
|||||||||
|
2.50%, 2/15/22 |
55,263 |
56,323 |
|||||||||
|
2.63%, 6/15/21 |
150,000 |
150,461 |
|||||||||
|
2.88%, 11/15/21 |
75,000 |
76,132 |
|||||||||
|
Total Investments (109.2%) (Cost $64,283,285) (d)(e) |
64,283,285 |
||||||||||
|
Liabilities in Excess of Other Assets (-9.2%) |
(5,422,828 |
) |
|||||||||
|
Net Assets (100.0%) |
$ |
58,860,457 |
|||||||||
(a) Rate shown is the yield to maturity at April 30, 2021.
(b) All or a portion of the security is subject to delayed delivery.
(c) Floating or variable rate securities: The rates disclosed are as of April 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(d) Securities are available for collateral in connection with securities purchased on a forward commitment basis.
(e) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
U.S. Treasury Securities |
100.0 |
% |
|||||
|
Total Investments |
100.0 |
% |
|||||
The accompanying notes are an integral part of the financial statements.
22
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments
Tax-Exempt Portfolio
|
Face Amount (000) |
Value (000) |
||||||||||
|
Tax-Exempt Instruments (99.8%) |
|||||||||||
|
Weekly Variable Rate Bonds (a) (55.7%) |
|||||||||||
|
Austin, TX, Water & Wastewater System Ser 2008 0.07%, 5/7/21 |
$ |
13,000 |
$ |
13,000 |
|||||||
|
Colorado Springs, CO, Utilities System Sub Lien Ser 2005 A 0.06%, 5/7/21 |
13,000 |
13,000 |
|||||||||
|
East Baton Rouge Parish, LA, Exxon Mobil Corp Ser 2010 B 0.04%, 5/3/21 |
13,000 |
13,000 |
|||||||||
|
Gainesville, FL, Utilities System 2008 Ser B 0.07%, 5/7/21 |
13,000 |
13,000 |
|||||||||
|
Metropolitan Water District of Southern California, SC, Water Ser 2017 E 0.31%, 5/7/21 |
8,000 |
8,002 |
|||||||||
|
New York State Energy Research & Development Authority Facilities, NY, Consolidated Edison Co., Ser 2005 Subser A-2 0.05%, 5/1/39 |
10,000 |
10,000 |
|||||||||
|
Orlando Utilities Commission, FL, Utility System Ser 2015-B 0.06%, 5/7/21 |
13,000 |
13,000 |
|||||||||
|
RBC Municipal Products Trust Inc., Various States Certificates E-141 0.09%, 5/7/21 (b) |
13,000 |
13,000 |
|||||||||
|
RBC Municipal Products Trust Inc., MO, Health and Educational Facilities Authority of The State of Missouri SSM Health Ser 2019 A Floater Certificates Ser 2019-C17 0.11%, 5/7/21 (b) |
6,000 |
6,000 |
|||||||||
|
RBC Municipal Products Trust Inc., NY, New York City Variable Ser 2006 Subser I-5 Floater Certificates Ser 2019-E133 0.09%, 5/7/21 (b) |
5,000 |
5,000 |
|||||||||
|
RBC Municipal Products Trust Inc., SC, Partners Healthcare System Adjustable Ser 2019 T-2 Floater Certificates Ser 2018-E-130 0.26%, 5/7/21 (b) |
3,000 |
3,000 |
|||||||||
|
Tender Option Bond Trust, TX, Harris County Cultural Education Facilities Financing Corporation Baylor College of Medicine Ser B Puttable Floating Rate Receipts Ser 2019-BAML 5012 0.11%, 5/7/21 (b) |
13,200 |
13,200 |
|||||||||
|
Utah Water Finance Agency, UT, Ser 2008 B 0.09%, 5/7/21 |
13,000 |
13,000 |
|||||||||
|
Washington Suburban Sanitary District, MD, 2015 Ser B-3 BANs 0.07%, 5/7/21 |
13,000 |
13,000 |
|||||||||
|
Total Weekly Variable Rate Bonds (Cost $149,200) |
149,202 |
||||||||||
|
Daily Variable Rate Bonds (a) (26.7%) |
|||||||||||
|
Franklin County, OH, CHE Trinity Health Credit Group Ser 2013 0.10%, 5/3/21 |
7,650 |
7,650 |
|||||||||
|
Face Amount (000) |
Value (000) |
||||||||||
|
Idaho Health Facilities Authority Hospital Revenue Bonds, ID, CHE Trinity Health Credit Group, Series 2013 0.10%, 5/3/21 |
$ |
4,300 |
$ |
4,300 |
|||||||
|
Indiana Finance Authority, Environmental Refunding Duke Energy Indiana Inc Ser 2009 A-4 0.05%, 5/3/21 |
13,000 |
13,000 |
|||||||||
|
Mississippi Business Finance Corp., MS, Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project) Series 2007 C 0.03%, 5/3/21 |
12,500 |
12,500 |
|||||||||
|
New York City Municipal Water Finance Authority, NY, Water & Sewer System Fiscal 2014 Subser AA-4 0.03%, 5/3/21 |
11,300 |
11,300 |
|||||||||
|
New York City Transitional Finance Authority, NY, Future Tax Fiscal 2003 Ser A Subser A4 0.04%, 5/3/21 |
13,000 |
13,000 |
|||||||||
|
University of California Regents, Ser 2013 AL-3 0.02%, 5/3/21 |
9,800 |
9,800 |
|||||||||
|
Total Daily Variable Rate Bonds (Cost $71,550) |
71,550 |
||||||||||
|
Commercial Paper (c) (5.5%) |
|||||||||||
|
Lincoln Nebraska Electric System Revenue, NE, Ser 1995 0.13, 5/19/21 |
6,000 |
6,000 |
|||||||||
|
Montgomery County, MD, Ser 2010 A BANs 0.09%, 5/5/21 |
8,800 |
8,800 |
|||||||||
|
Total Commercial Paper (Cost $14,800) |
14,800 |
||||||||||
|
Municipal Bonds & Notes (4.9%) |
|||||||||||
|
State of Texas, TX, TRANs, Ser 2020 4.00%, 8/26/21 (Cost $13,154) |
13,000 |
13,161 |
|||||||||
|
Closed-End Investment Companies (a) (4.9%) |
|||||||||||
|
Nuveen AMT-Free Municipal Credit Income Fund, OT, Ser 1 0.12%, 5/7/21 (b) (Cost $13,000) |
13,000 |
13,000 |
|||||||||
|
Floating Rate Notes (a) (2.1%) |
|||||||||||
|
New York City Trust Cultural Resources Revenue, NY, American Museum of Natural History Ser 2014 B1 0.16%, 5/7/21 (Cost $5,500) |
5,500 |
5,500 |
|||||||||
|
Total Investments (99.8%) (Cost $267,204) (d) |
267,213 |
||||||||||
|
Other Assets in Excess of Liabilities (0.2%) |
460 |
||||||||||
|
Net Assets (100.0%) |
$ |
267,673 |
|||||||||
The accompanying notes are an integral part of the financial statements.
23
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Portfolio of Investments (cont'd)
Tax-Exempt Portfolio
(a) Floating or variable rate securities: The rates disclosed are as of April 30, 2021. 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) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(c) The rates shown are the effective yields at the date of purchase.
(d) At April 30, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $9,000 and the aggregate gross unrealized depreciation is approximately $0, resulting in net unrealized appreciation of approximately $9,000.
AMT Alternative Minimum Tax.
BANs Bond Anticipation Notes.
TRANs Tax and Revenue Anticipation Notes.
Portfolio Composition
|
Classification |
Percentage of Total Investments |
||||||
|
Weekly Variable Rate Bonds |
55.8 |
% |
|||||
|
Daily Variable Rate Bonds |
26.8 |
||||||
|
Other* |
11.9 |
||||||
|
Commercial Paper |
5.5 |
||||||
|
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 |
$ |
46,361 |
17.3 |
% |
|||||||
|
New York |
44,800 |
16.7 |
|||||||||
|
Others |
27,800 |
10.4 |
|||||||||
|
Florida |
26,000 |
9.7 |
|||||||||
|
California |
17,802 |
6.6 |
|||||||||
|
Colorado |
13,000 |
4.8 |
|||||||||
|
Indiana |
13,000 |
4.9 |
|||||||||
|
Louisiana |
13,000 |
4.9 |
|||||||||
|
Maryland |
13,000 |
4.9 |
|||||||||
|
Utah |
13,000 |
4.9 |
|||||||||
|
Mississippi |
12,500 |
4.7 |
|||||||||
|
Ohio |
7,650 |
2.9 |
|||||||||
|
Missouri |
6,000 |
2.2 |
|||||||||
|
Oklahoma |
6,000 |
2.2 |
|||||||||
|
Idaho |
4,300 |
1.6 |
|||||||||
|
South Carolina |
3,000 |
1.1 |
|||||||||
|
$ |
267,213 |
99.8 |
% |
||||||||
The accompanying notes are an integral part of the financial statements.
24
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Assets and Liabilities
|
ESG Money Market Portfolio (000) |
Prime Portfolio (000) |
Government Portfolio (000) |
Government Securities Portfolio (000) |
||||||||||||||||
|
Assets: |
|||||||||||||||||||
|
Investments in Securities of Unaffiliated Issuers, at Cost |
$ |
3,083,427 |
$ |
15,194,650 |
$ |
122,938,249 |
$ |
11,566,178 |
|||||||||||
|
Total Investments in Securities, at Value(1) |
3,083,751 |
15,196,424 |
122,938,249 |
11,566,178 |
|||||||||||||||
|
Cash |
292 |
249 |
693 |
4,665 |
|||||||||||||||
|
Interest Receivable |
640 |
2,553 |
14,654 |
4,207 |
|||||||||||||||
|
Receivable for Investments Sold |
— |
— |
199,967 |
— |
|||||||||||||||
|
Due from Adviser |
— |
— |
918 |
215 |
|||||||||||||||
|
Other Assets |
294 |
1,439 |
6,229 |
1,629 |
|||||||||||||||
|
Total Assets |
3,084,977 |
15,200,665 |
123,160,710 |
11,576,894 |
|||||||||||||||
|
Liabilities: |
|||||||||||||||||||
|
Payable for Investments Purchased |
— |
— |
1,389,937 |
274,998 |
|||||||||||||||
|
Payable for Administration Fees |
137 |
656 |
5,150 |
487 |
|||||||||||||||
|
Dividends Payable |
21 |
278 |
1,725 |
9 |
|||||||||||||||
|
Payable for Advisory Fees |
220 |
1,159 |
— |
— |
|||||||||||||||
|
Payable for Custodian Fees |
52 |
192 |
752 |
55 |
|||||||||||||||
|
Payable for Professional Fees |
46 |
39 |
54 |
35 |
|||||||||||||||
|
Payable for Transfer Agency Fees |
27 |
53 |
35 |
6 |
|||||||||||||||
|
Payable for Portfolio Shares Redeemed |
3 |
17 |
16 |
— |
|||||||||||||||
|
Payable for Administration Plan Fees — Institutional Select Class |
— |
@ |
— |
@ |
— |
— |
|||||||||||||
|
Payable for Service and Shareholder Administration Plan Fees — Advisory Class |
— |
@ |
— |
@ |
— |
— |
|||||||||||||
|
Payable for Distribution Plan and Shareholder Service Plan Fees — Participant Class |
— |
@ |
— |
— |
— |
||||||||||||||
|
Payable for Distribution Plan and Shareholder Service Plan Fees — Cash Management Class |
— |
@ |
— |
@ |
— |
— |
|||||||||||||
|
Other Liabilities |
112 |
566 |
2,820 |
655 |
|||||||||||||||
|
Total Liabilities |
618 |
2,960 |
1,400,489 |
276,245 |
|||||||||||||||
|
Net Assets |
$ |
3,084,359 |
$ |
15,197,705 |
$ |
121,760,221 |
$ |
11,300,649 |
|||||||||||
|
Net Assets Consist of: |
|||||||||||||||||||
|
Paid-in-Capital |
$ |
3,083,764 |
$ |
15,205,423 |
$ |
121,761,403 |
$ |
11,300,265 |
|||||||||||
|
Total Distributable Earnings (Accumulated Loss) |
595 |
(7,718 |
) |
(1,182 |
) |
384 |
|||||||||||||
|
Net Assets |
$ |
3,084,359 |
$ |
15,197,705 |
$ |
121,760,221 |
$ |
11,300,649 |
|||||||||||
|
(1) Including: Repurchase Agreements, at Value |
$ |
1,034,000 |
$ |
5,314,000 |
$ |
62,849,701 |
$ |
— |
|||||||||||
The accompanying notes are an integral part of the financial statements.
25
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Assets and Liabilities (cont'd)
|
ESG Money Market Portfolio (000) |
Prime Portfolio (000) |
Government Portfolio (000) |
Government Securities Portfolio (000) |
||||||||||||||||
|
INSTITUTIONAL CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
3,075,468 |
$ |
15,178,952 |
$ |
101,864,771 |
$ |
1,100,216 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
3,072,533,222 |
15,176,048,153 |
101,865,411,565 |
1,100,194,352 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.0010 |
$ |
1.0002 |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
INSTITUTIONAL SELECT CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
51 |
$ |
13,225 |
$ |
14,452,582 |
$ |
51 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
51,220 |
13,227,342 |
14,452,443,204 |
51,046 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.0007 |
$ |
0.9998 |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
INVESTOR CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
— |
$ |
— |
$ |
1,646,182 |
$ |
51 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
— |
— |
1,646,255,444 |
50,952 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
— |
$ |
— |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
ADMINISTRATIVE CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
— |
$ |
— |
$ |
196,696 |
$ |
51 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
— |
— |
196,700,608 |
50,921 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
— |
$ |
— |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
ADVISORY CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
51 |
$ |
51 |
$ |
1,827,905 |
$ |
32,728 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
51,023 |
51,054 |
1,827,946,546 |
32,727,413 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.0011 |
$ |
0.9998 |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
PARTICIPANT CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
51 |
$ |
— |
$ |
1,767,529 |
$ |
10,167,196 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
50,892 |
— |
1,767,542,044 |
10,166,812,184 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.0007 |
$ |
— |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
CASH MANAGEMENT CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
8,738 |
$ |
5,477 |
$ |
4,505 |
$ |
356 |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
8,731,922 |
5,476,466 |
4,504,908 |
355,764 |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.0007 |
$ |
1.0000 |
$ |
1.000 |
$ |
1.000 |
|||||||||||
|
SELECT CLASS: |
|||||||||||||||||||
|
Net Assets |
$ |
— |
$ |
— |
$ |
51 |
$ |
— |
|||||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
— |
— |
50,597 |
— |
|||||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
— |
$ |
— |
$ |
1.000 |
$ |
— |
|||||||||||
@ Amount is less than $500.
The accompanying notes are an integral part of the financial statements.
26
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Assets and Liabilities
|
Treasury Portfolio (000) |
Treasury Securities Portfolio (000) |
Tax-Exempt Portfolio (000) |
|||||||||||||
|
Assets: |
|||||||||||||||
|
Investments in Securities of Unaffiliated Issuers, at Cost |
$ |
37,979,845 |
$ |
64,283,285 |
$ |
267,204 |
|||||||||
|
Total Investments in Securities, at Value(1) |
37,979,845 |
64,283,285 |
267,213 |
||||||||||||
|
Cash |
889 |
15,855 |
26 |
||||||||||||
|
Interest Receivable |
3,754 |
18,016 |
369 |
||||||||||||
|
Receivable for Investments Sold |
149,973 |
224,985 |
— |
||||||||||||
|
Due from Adviser |
272 |
866 |
15 |
||||||||||||
|
Other Assets |
2,820 |
3,817 |
155 |
||||||||||||
|
Total Assets |
38,137,553 |
64,546,824 |
267,778 |
||||||||||||
|
Liabilities: |
|||||||||||||||
|
Payable for Investments Purchased |
649,964 |
5,682,067 |
— |
||||||||||||
|
Payable for Administration Fees |
1,609 |
2,608 |
— |
||||||||||||
|
Payable for Custodian Fees |
302 |
385 |
6 |
||||||||||||
|
Dividends Payable |
143 |
164 |
1 |
||||||||||||
|
Payable for Professional Fees |
44 |
37 |
42 |
||||||||||||
|
Payable for Transfer Agency Fees |
19 |
22 |
23 |
||||||||||||
|
Payable for Portfolio Shares Redeemed |
1 |
6 |
— |
@ |
|||||||||||
|
Other Liabilities |
872 |
1,078 |
33 |
||||||||||||
|
Total Liabilities |
652,954 |
5,686,367 |
105 |
||||||||||||
|
Net Assets |
$ |
37,484,599 |
$ |
58,860,457 |
$ |
267,673 |
|||||||||
|
Net Assets Consist of: |
|||||||||||||||
|
Paid-in-Capital |
$ |
37,485,824 |
$ |
58,861,465 |
$ |
267,688 |
|||||||||
|
Total Accumulated Loss |
(1,225 |
) |
(1,008 |
) |
(15 |
) |
|||||||||
|
Net Assets |
$ |
37,484,599 |
$ |
58,860,457 |
$ |
267,673 |
|||||||||
|
(1) Including: Repurchase Agreements, at Value |
$ |
12,471,003 |
$ |
— |
$ |
— |
|||||||||
The accompanying notes are an integral part of the financial statements.
27
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Assets and Liabilities (cont'd)
|
Treasury Portfolio (000) |
Treasury Securities Portfolio (000) |
Tax-Exempt Portfolio (000) |
|||||||||||||
|
INSTITUTIONAL CLASS: |
|||||||||||||||
|
Net Assets |
$ |
20,742,190 |
$ |
55,857,570 |
$ |
262,882 |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
20,743,150,611 |
55,858,591,775 |
262,848,742 |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
1.0001 |
|||||||||
|
INSTITUTIONAL SELECT CLASS: |
|||||||||||||||
|
Net Assets |
$ |
12,582,366 |
$ |
2,973,919 |
$ |
51 |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
12,582,336,834 |
2,973,877,509 |
50,736 |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
1.0001 |
|||||||||
|
INVESTOR CLASS: |
|||||||||||||||
|
Net Assets |
$ |
38,216 |
$ |
51 |
$ |
— |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
38,216,765 |
50,943 |
— |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
— |
|||||||||
|
ADMINISTRATIVE CLASS: |
|||||||||||||||
|
Net Assets |
$ |
3,276 |
$ |
1,769 |
$ |
— |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
3,275,962 |
1,769,486 |
— |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
— |
|||||||||
|
ADVISORY CLASS: |
|||||||||||||||
|
Net Assets |
$ |
677,072 |
$ |
16,081 |
$ |
— |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
677,096,540 |
16,084,155 |
— |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
— |
|||||||||
|
PARTICIPANT CLASS: |
|||||||||||||||
|
Net Assets |
$ |
3,423,952 |
$ |
471 |
$ |
— |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
3,424,051,748 |
470,562 |
— |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
— |
|||||||||
|
CASH MANAGEMENT CLASS: |
|||||||||||||||
|
Net Assets |
$ |
17,476 |
$ |
10,545 |
$ |
4,740 |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
17,473,457 |
10,547,025 |
4,739,562 |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
1.0002 |
|||||||||
|
SELECT CLASS: |
|||||||||||||||
|
Net Assets |
$ |
51 |
$ |
51 |
$ |
— |
|||||||||
|
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's) |
50,570 |
50,554 |
— |
||||||||||||
|
Net Asset Value, Offering and Redemption Price Per Share |
$ |
1.000 |
$ |
1.000 |
$ |
— |
|||||||||
@ Amount is less than $500.
The accompanying notes are an integral part of the financial statements.
28
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Operations
|
ESG Money Market Portfolio (000) |
Prime Portfolio (000) |
Government Portfolio (000) |
Government Securities Portfolio (000) |
||||||||||||||||
|
Investment Income: |
|||||||||||||||||||
|
Interest |
$ |
3,961 |
$ |
18,066 |
$ |
57,978 |
$ |
4,265 |
|||||||||||
|
Expenses: |
|||||||||||||||||||
|
Advisory Fees (Note B) |
2,684 |
12,268 |
79,543 |
7,393 |
|||||||||||||||
|
Administration Fees (Note C) |
895 |
4,089 |
26,514 |
2,464 |
|||||||||||||||
|
Registration Fees |
99 |
425 |
1,438 |
331 |
|||||||||||||||
|
Professional Fees |
77 |
84 |
60 |
76 |
|||||||||||||||
|
Transfer Agency Fees (Note E) |
59 |
88 |
66 |
11 |
|||||||||||||||
|
Custodian Fees (Note F) |
55 |
204 |
757 |
58 |
|||||||||||||||
|
Trustees' Fees and Expenses |
26 |
119 |
555 |
49 |
|||||||||||||||
|
Shareholder Reporting Fees |
15 |
16 |
56 |
17 |
|||||||||||||||
|
Administration Plan Fees — Institutional Select Class (Note D) |
— |
@ |
4 |
3,159 |
— |
@ |
|||||||||||||
|
Administration Plan Fees — Investor Class (Note D) |
— |
— |
811 |
— |
@ |
||||||||||||||
|
Administration Plan Fees — Administrative Class (Note D) |
— |
— |
128 |
— |
@ |
||||||||||||||
|
Service and Shareholder Administration Plan Fees — Advisory Class (Note D) |
— |
@ |
— |
@ |
1,598 |
46 |
|||||||||||||
|
Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |
— |
@ |
— |
4,286 |
23,148 |
||||||||||||||
|
Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) |
7 |
4 |
3 |
— |
@ |
||||||||||||||
|
Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) |
— |
— |
— |
@ |
— |
||||||||||||||
|
Pricing Fees |
4 |
19 |
12 |
5 |
|||||||||||||||
|
Other Expenses |
41 |
105 |
343 |
62 |
|||||||||||||||
|
Total Expenses |
3,962 |
17,425 |
119,329 |
33,660 |
|||||||||||||||
|
Waiver of Advisory Fees (Note B) |
(1,308 |
) |
(5,756 |
) |
(64,471 |
) |
(6,417 |
) |
|||||||||||
|
Waiver of Administration Fees (Note C) |
— |
— |
(965 |
) |
(277 |
) |
|||||||||||||
|
Waiver of Administration Plan Fees — Institutional Select Class (Note D) |
(— |
@) |
(— |
@) |
(3,159 |
) |
(— |
@) |
|||||||||||
|
Waiver of Administration Plan Fees — Investor Class (Note D) |
— |
— |
(811 |
) |
(— |
@) |
|||||||||||||
|
Waiver of Administration Plan Fees — Administrative Class (Note D) |
— |
— |
(128 |
) |
(— |
@) |
|||||||||||||
|
Waiver of Service and Shareholder Administration Plan Fees — Advisory Class (Note D) |
(— |
@) |
(— |
@) |
(1,598 |
) |
(46 |
) |
|||||||||||
|
Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |
(— |
@) |
— |
(4,286 |
) |
(23,148 |
) |
||||||||||||
|
Waiver of Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) |
(4 |
) |
(2 |
) |
(3 |
) |
(— |
@) |
|||||||||||
|
Waiver of Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) |
— |
— |
(— |
@) |
— |
||||||||||||||
|
Net Expenses |
2,650 |
11,667 |
43,908 |
3,772 |
|||||||||||||||
|
Net Investment Income |
1,311 |
6,399 |
14,070 |
493 |
|||||||||||||||
|
Realized Gain: |
|||||||||||||||||||
|
Investments Sold |
553 |
2,827 |
144 |
49 |
|||||||||||||||
|
Change in Unrealized Appreciation (Depreciation): |
|||||||||||||||||||
|
Investments |
(657 |
) |
(2,161 |
) |
— |
— |
|||||||||||||
|
Net Realized Gain and Change in Unrealized Appreciation (Depreciation) |
(104 |
) |
666 |
— |
— |
||||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
$ |
1,207 |
$ |
7,065 |
$ |
14,214 |
$ |
542 |
|||||||||||
@ Amount is less than $500.
The accompanying notes are an integral part of the financial statements.
29
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Operations (cont'd)
|
Treasury Portfolio (000) |
Treasury Securities Portfolio (000) |
Tax-Exempt Portfolio (000) |
|||||||||||||
|
Investment Income: |
|||||||||||||||
|
Interest |
$ |
19,528 |
$ |
25,405 |
$ |
168 |
|||||||||
|
Expenses: |
|||||||||||||||
|
Advisory Fees (Note B) |
26,777 |
41,738 |
229 |
||||||||||||
|
Administration Fees (Note C) |
8,926 |
13,913 |
76 |
||||||||||||
|
Registration Fees |
871 |
1,283 |
56 |
||||||||||||
|
Professional Fees |
65 |
80 |
58 |
||||||||||||
|
Transfer Agency Fees (Note E) |
36 |
41 |
36 |
||||||||||||
|
Custodian Fees (Note F) |
296 |
392 |
6 |
||||||||||||
|
Trustees' Fees and Expenses |
209 |
290 |
4 |
||||||||||||
|
Shareholder Reporting Fees |
20 |
42 |
4 |
||||||||||||
|
Administration Plan Fees — Institutional Select Class (Note D) |
2,658 |
841 |
— |
@ |
|||||||||||
|
Administration Plan Fees — Investor Class (Note D) |
18 |
— |
@ |
— |
|||||||||||
|
Administration Plan Fees — Administrative Class (Note D) |
2 |
1 |
— |
||||||||||||
|
Service and Shareholder Administration Plan Fees — Advisory Class (Note D) |
809 |
28 |
— |
||||||||||||
|
Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |
7,258 |
1 |
— |
||||||||||||
|
Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) |
13 |
8 |
4 |
||||||||||||
|
Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) |
— |
@ |
— |
@ |
— |
||||||||||
|
Pricing Fees |
4 |
3 |
1 |
||||||||||||
|
Other Expenses |
132 |
167 |
32 |
||||||||||||
|
Total Expenses |
48,094 |
58,828 |
506 |
||||||||||||
|
Waiver of Advisory Fees (Note B) |
(19,320 |
) |
(34,395 |
) |
(229 |
) |
|||||||||
|
Waiver of Administration Fees (Note C) |
(273 |
) |
(932 |
) |
(70 |
) |
|||||||||
|
Expenses Reimbursed by Adviser (Note B) |
— |
— |
(51 |
) |
|||||||||||
|
Waiver of Administration Plan Fees — Institutional Select Class (Note D) |
(2,658 |
) |
(841 |
) |
(— |
@) |
|||||||||
|
Waiver of Administration Plan Fees — Investor Class (Note D) |
(18 |
) |
(— |
@) |
— |
||||||||||
|
Waiver of Administration Plan Fees — Administrative Class (Note D) |
(2 |
) |
(1 |
) |
— |
||||||||||
|
Waiver of Service and Shareholder Administration Plan Fees — Advisory Class (Note D) |
(809 |
) |
(28 |
) |
— |
||||||||||
|
Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |
(7,258 |
) |
(1 |
) |
— |
||||||||||
|
Waiver of Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) |
(13 |
) |
(8 |
) |
(4 |
) |
|||||||||
|
Waiver of Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) |
(— |
@) |
(— |
@) |
— |
||||||||||
|
Net Expenses |
17,743 |
22,622 |
152 |
||||||||||||
|
Net Investment Income |
1,785 |
2,783 |
16 |
||||||||||||
|
Realized Gain: |
|||||||||||||||
|
Investments Sold |
29 |
33 |
3 |
||||||||||||
|
Change in Unrealized Appreciation (Depreciation): |
|||||||||||||||
|
Investments |
— |
— |
5 |
||||||||||||
|
Net Realized Gain and Change in Unrealized Appreciation (Depreciation) |
— |
— |
8 |
||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
$ |
1,814 |
$ |
2,816 |
$ |
24 |
|||||||||
@ Amount is less than $500.
The accompanying notes are an integral part of the financial statements.
30
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets
|
ESG Money Market Portfolio |
Prime Portfolio |
||||||||||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||||||||
|
Increase (Decrease) in Net Assets: |
|||||||||||||||||||
|
Operations: |
|||||||||||||||||||
|
Net Investment Income |
$ |
1,311 |
$ |
32,296 |
$ |
6,399 |
$ |
135,619 |
|||||||||||
|
Net Realized Gain (Loss) |
553 |
(429 |
) |
2,827 |
(12,346 |
) |
|||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) |
(657 |
) |
141 |
(2,161 |
) |
833 |
|||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
1,207 |
32,008 |
7,065 |
124,106 |
|||||||||||||||
|
Dividends and Distributions to Shareholders: |
|||||||||||||||||||
|
Institutional Class |
(1,310 |
) |
(32,214 |
) |
(6,396 |
) |
(135,430 |
) |
|||||||||||
|
Institutional Select Class |
(— |
@) |
(— |
@) |
(3 |
) |
(106 |
) |
|||||||||||
|
Advisory Class |
(— |
@) |
(— |
@) |
(— |
@) |
(— |
@) |
|||||||||||
|
Participant Class |
(— |
@) |
(— |
@) |
— |
— |
|||||||||||||
|
Cash Management Class |
(1 |
) |
(82 |
) |
(— |
@) |
(88 |
) |
|||||||||||
|
Total Dividends and Distributions to Shareholders |
(1,311 |
) |
(32,296 |
) |
(6,399 |
) |
(135,624 |
) |
|||||||||||
|
Capital Share Transactions:(1) |
|||||||||||||||||||
|
Institutional Class: |
|||||||||||||||||||
|
Subscribed |
5,341,024 |
14,077,249 |
34,501,631 |
92,837,198 |
|||||||||||||||
|
Distributions Reinvested |
1,056 |
25,164 |
4,008 |
77,370 |
|||||||||||||||
|
Redeemed |
(6,409,354 |
) |
(13,304,945 |
) |
(39,557,868 |
) |
(85,194,513 |
) |
|||||||||||
|
Institutional Select Class: |
|||||||||||||||||||
|
Subscribed |
— |
1 |
— |
19,254 |
|||||||||||||||
|
Distributions Reinvested |
— |
@ |
— |
@ |
3 |
106 |
|||||||||||||
|
Redeemed |
— |
(— |
@) |
(10,820 |
) |
(7,510 |
) |
||||||||||||
|
Advisory Class: |
|||||||||||||||||||
|
Distributions Reinvested |
— |
@ |
— |
@ |
— |
@ |
— |
@ |
|||||||||||
|
Participant Class: |
|||||||||||||||||||
|
Distributions Reinvested |
— |
@ |
— |
@ |
— |
— |
|||||||||||||
|
Cash Management Class: |
|||||||||||||||||||
|
Distributions Reinvested |
1 |
80 |
— |
@ |
86 |
||||||||||||||
|
Redeemed |
(47 |
) |
(3,085 |
) |
(97 |
) |
(8,032 |
) |
|||||||||||
|
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions |
(1,067,320 |
) |
794,464 |
(5,063,143 |
) |
7,723,959 |
|||||||||||||
|
Total Increase (Decrease) in Net Assets |
(1,067,424 |
) |
794,176 |
(5,062,477 |
) |
7,712,441 |
|||||||||||||
|
Net Assets: |
|||||||||||||||||||
|
Beginning of Period |
4,151,783 |
3,357,607 |
20,260,182 |
12,547,741 |
|||||||||||||||
|
End of Period |
$ |
3,084,359 |
$ |
4,151,783 |
$ |
15,197,705 |
$ |
20,260,182 |
|||||||||||
The accompanying notes are an integral part of the financial statements.
31
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets (cont'd)
|
ESG Money Market Portfolio |
Prime Portfolio |
||||||||||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||||||||
|
(1) Capital Share Transactions: |
|||||||||||||||||||
|
Institutional Class: |
|||||||||||||||||||
|
Shares Subscribed |
5,335,842 |
14,066,169 |
34,495,493 |
92,808,559 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
1,055 |
25,146 |
4,008 |
77,337 |
|||||||||||||||
|
Shares Redeemed |
(6,403,106 |
) |
(13,295,696 |
) |
(39,551,447 |
) |
(85,170,355 |
) |
|||||||||||
|
Net Increase (Decrease) in Institutional Class Shares Outstanding |
(1,066,209 |
) |
795,619 |
(5,051,946 |
) |
7,715,541 |
|||||||||||||
|
Institutional Select Class: |
|||||||||||||||||||
|
Shares Subscribed |
— |
— |
@@ |
— |
19,251 |
||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
— |
@@ |
3 |
106 |
|||||||||||||
|
Shares Redeemed |
— |
(— |
@@) |
(10,822 |
) |
(7,506 |
) |
||||||||||||
|
Net Increase (Decrease) in Institutional Select Class Shares Outstanding |
— |
@@ |
— |
@@ |
(10,819 |
) |
11,851 |
||||||||||||
|
Advisory Class: |
|||||||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
— |
@@ |
— |
@@ |
— |
@@ |
|||||||||||
|
Participant Class: |
|||||||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
— |
@@ |
— |
— |
|||||||||||||
|
Cash Management Class: |
|||||||||||||||||||
|
Shares Issued on Distributions Reinvested |
1 |
80 |
— |
@@ |
86 |
||||||||||||||
|
Shares Redeemed |
(47 |
) |
(3,085 |
) |
(97 |
) |
(8,042 |
) |
|||||||||||
|
Net Decrease in Cash Management Class Shares Outstanding |
(46 |
) |
(3,005 |
) |
(97 |
) |
(7,956 |
) |
|||||||||||
@ Amount is less than $500.
@@ Amount is less than 500 shares.
The accompanying notes are an integral part of the financial statements.
32
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets
|
Government Portfolio |
Government Securities Portfolio |
||||||||||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||||||||
|
Increase (Decrease) in Net Assets: |
|||||||||||||||||||
|
Operations: |
|||||||||||||||||||
|
Net Investment Income |
$ |
14,070 |
$ |
412,036 |
$ |
493 |
$ |
17,213 |
|||||||||||
|
Net Realized Gain |
144 |
1,369 |
49 |
79 |
|||||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
14,214 |
413,405 |
542 |
17,292 |
|||||||||||||||
|
Dividends and Distributions to Shareholders: |
|||||||||||||||||||
|
Institutional Class |
(11,765 |
) |
(378,137 |
) |
(28 |
) |
(2,482 |
) |
|||||||||||
|
Institutional Select Class |
(1,670 |
) |
(6,840 |
) |
(— |
@) |
(— |
@) |
|||||||||||
|
Investor Class |
(215 |
) |
(16,942 |
) |
(— |
@) |
(4 |
) |
|||||||||||
|
Administrative Class |
(23 |
) |
(1,087 |
) |
(— |
@) |
(— |
@) |
|||||||||||
|
Advisory Class |
(169 |
) |
(5,228 |
) |
(2 |
) |
(172 |
) |
|||||||||||
|
Participant Class |
(227 |
) |
(3,777 |
) |
(463 |
) |
(14,553 |
) |
|||||||||||
|
Cash Management Class |
(1 |
) |
(25 |
) |
(— |
@) |
(2 |
) |
|||||||||||
|
Select Class |
(— |
@) |
(— |
@) |
— |
— |
|||||||||||||
|
Total Dividends and Distributions to Shareholders |
(14,070 |
) |
(412,036 |
) |
(493 |
) |
(17,213 |
) |
|||||||||||
|
Capital Share Transactions:(1) |
|||||||||||||||||||
|
Institutional Class: |
|||||||||||||||||||
|
Subscribed |
432,115,357 |
717,026,309 |
2,718,830 |
3,355,621 |
|||||||||||||||
|
Distributions Reinvested |
4,102 |
182,362 |
15 |
339 |
|||||||||||||||
|
Redeemed |
(405,612,511 |
) |
(699,722,544 |
) |
(2,025,228 |
) |
(3,107,063 |
) |
|||||||||||
|
Institutional Select Class: |
|||||||||||||||||||
|
Subscribed |
16,250,103 |
24,763,829 |
— |
— |
|||||||||||||||
|
Distributions Reinvested |
1,619 |
5,274 |
— |
@ |
— |
@ |
|||||||||||||
|
Redeemed |
(12,262,125 |
) |
(14,657,152 |
) |
— |
— |
|||||||||||||
|
Investor Class: |
|||||||||||||||||||
|
Subscribed |
1,617,858 |
3,727,447 |
45 |
3,197 |
|||||||||||||||
|
Distributions Reinvested |
4 |
128 |
— |
4 |
|||||||||||||||
|
Redeemed |
(1,481,157 |
) |
(5,665,748 |
) |
(45 |
) |
(4,156 |
) |
|||||||||||
|
Administrative Class: |
|||||||||||||||||||
|
Subscribed |
152,943 |
311,297 |
— |
— |
|||||||||||||||
|
Distributions Reinvested |
10 |
449 |
— |
@ |
— |
@ |
|||||||||||||
|
Redeemed |
(117,662 |
) |
(337,310 |
) |
— |
— |
|||||||||||||
|
Advisory Class: |
|||||||||||||||||||
|
Subscribed |
3,201,540 |
6,487,598 |
22,887 |
98,668 |
|||||||||||||||
|
Distributions Reinvested |
32 |
553 |
— |
@ |
— |
@ |
|||||||||||||
|
Redeemed |
(2,517,590 |
) |
(6,306,479 |
) |
(30,063 |
) |
(96,805 |
) |
|||||||||||
|
Participant Class: |
|||||||||||||||||||
|
Subscribed |
904,220 |
2,108,643 |
59,160,480 |
56,137,833 |
|||||||||||||||
|
Distributions Reinvested |
— |
@ |
3 |
459 |
14,551 |
||||||||||||||
|
Redeemed |
(807,744 |
) |
(1,380,187 |
) |
(55,543,308 |
) |
(52,327,283 |
) |
|||||||||||
|
Cash Management Class: |
|||||||||||||||||||
|
Distributions Reinvested |
1 |
25 |
— |
@ |
1 |
||||||||||||||
|
Redeemed |
(200 |
) |
(235 |
) |
— |
— |
|||||||||||||
|
Select Class: |
|||||||||||||||||||
|
Distributions Reinvested |
— |
@ |
— |
@ |
— |
— |
|||||||||||||
|
Net Increase in Net Assets Resulting from Capital Share Transactions |
31,448,800 |
26,544,262 |
4,304,072 |
4,074,907 |
|||||||||||||||
|
Total Increase in Net Assets |
31,448,944 |
26,545,631 |
4,304,121 |
4,074,986 |
|||||||||||||||
|
Net Assets: |
|||||||||||||||||||
|
Beginning of Period |
90,311,277 |
63,765,646 |
6,996,528 |
2,921,542 |
|||||||||||||||
|
End of Period |
$ |
121,760,221 |
$ |
90,311,277 |
$ |
11,300,649 |
$ |
6,996,528 |
|||||||||||
The accompanying notes are an integral part of the financial statements.
33
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets (cont'd)
|
Government Portfolio |
Government Securities Portfolio |
||||||||||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||||||||
|
(1) Capital Share Transactions: |
|||||||||||||||||||
|
Institutional Class: |
|||||||||||||||||||
|
Shares Subscribed |
432,115,357 |
717,026,309 |
2,718,830 |
3,355,621 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
4,102 |
182,362 |
15 |
339 |
|||||||||||||||
|
Shares Redeemed |
(405,612,511 |
) |
(699,722,544 |
) |
(2,025,228 |
) |
(3,107,063 |
) |
|||||||||||
|
Net Increase in Institutional Class Shares Outstanding |
26,506,948 |
17,486,127 |
693,617 |
248,897 |
|||||||||||||||
|
Institutional Select Class: |
|||||||||||||||||||
|
Shares Subscribed |
16,250,103 |
24,763,829 |
— |
— |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
1,619 |
5,274 |
— |
@@ |
— |
@@ |
|||||||||||||
|
Shares Redeemed |
(12,262,125 |
) |
(14,657,152 |
) |
— |
— |
|||||||||||||
|
Net Increase in Institutional Select Class Shares Outstanding |
3,989,597 |
10,111,951 |
— |
@@ |
— |
@@ |
|||||||||||||
|
Investor Class: |
|||||||||||||||||||
|
Shares Subscribed |
1,617,858 |
3,727,447 |
45 |
3,197 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
4 |
128 |
— |
@@ |
4 |
||||||||||||||
|
Shares Redeemed |
(1,481,157 |
) |
(5,665,748 |
) |
(45 |
) |
(4,156 |
) |
|||||||||||
|
Net Increase (Decrease) in Investor Class Shares Outstanding |
136,705 |
(1,938,173 |
) |
— |
(955 |
) |
|||||||||||||
|
Administrative Class: |
|||||||||||||||||||
|
Shares Subscribed |
152,943 |
311,297 |
— |
— |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
10 |
449 |
— |
@@ |
— |
@@ |
|||||||||||||
|
Shares Redeemed |
(117,662 |
) |
(337,310 |
) |
— |
— |
|||||||||||||
|
Net Increase (Decrease) in Administrative Class Shares Outstanding |
35,291 |
(25,564 |
) |
— |
@@ |
— |
@@ |
||||||||||||
|
Advisory Class: |
|||||||||||||||||||
|
Shares Subscribed |
3,201,540 |
6,487,598 |
22,887 |
98,668 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
32 |
553 |
— |
@@ |
— |
@@ |
|||||||||||||
|
Shares Redeemed |
(2,517,590 |
) |
(6,306,479 |
) |
(30,063 |
) |
(96,805 |
) |
|||||||||||
|
Net Increase (Decrease) in Advisory Class Shares Outstanding |
683,982 |
181,672 |
(7,176 |
) |
1,863 |
||||||||||||||
|
Participant Class: |
|||||||||||||||||||
|
Shares Subscribed |
904,220 |
2,108,643 |
59,160,480 |
56,137,833 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
3 |
459 |
14,551 |
||||||||||||||
|
Shares Redeemed |
(807,744 |
) |
(1,380,187 |
) |
(55,543,308 |
) |
(52,327,283 |
) |
|||||||||||
|
Net Increase Decrease in Participant Class Shares Outstanding |
96,476 |
728,459 |
3,617,631 |
3,825,101 |
|||||||||||||||
|
Cash Management Class: |
|||||||||||||||||||
|
Shares Issued on Distributions Reinvested |
1 |
25 |
— |
@@ |
1 |
||||||||||||||
|
Shares Redeemed |
(200 |
) |
(235 |
) |
— |
— |
|||||||||||||
|
Net Increase (Decrease) in Cash Management Class Shares Outstanding |
(199 |
) |
(210 |
) |
— |
@@ |
1 |
||||||||||||
|
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.
34
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets
|
Treasury Portfolio |
Treasury Securities Portfolio |
||||||||||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||||||||
|
Increase (Decrease) in Net Assets: |
|||||||||||||||||||
|
Operations: |
|||||||||||||||||||
|
Net Investment Income |
$ |
1,785 |
$ |
102,639 |
$ |
2,783 |
$ |
166,232 |
|||||||||||
|
Net Realized Gain |
29 |
211 |
33 |
670 |
|||||||||||||||
|
Net Increase in Net Assets Resulting from Operations |
1,814 |
102,850 |
2,816 |
166,902 |
|||||||||||||||
|
Dividends and Distributions to Shareholders: |
|||||||||||||||||||
|
Institutional Class |
(1,073 |
) |
(90,457 |
) |
(2,613 |
) |
(161,203 |
) |
|||||||||||
|
Institutional Select Class |
(532 |
) |
(3,314 |
) |
(168 |
) |
(4,337 |
) |
|||||||||||
|
Investor Class |
(2 |
) |
(77 |
) |
(— |
@) |
(— |
@) |
|||||||||||
|
Administrative Class |
(— |
@) |
(17 |
) |
(— |
@) |
(9 |
) |
|||||||||||
|
Advisory Class |
(32 |
) |
(2,214 |
) |
(1 |
) |
(599 |
) |
|||||||||||
|
Participant Class |
(145 |
) |
(6,472 |
) |
(— |
@) |
(1 |
) |
|||||||||||
|
Cash Management Class |
(1 |
) |
(88 |
) |
(1 |
) |
(83 |
) |
|||||||||||
|
Select Class |
(— |
@) |
(— |
@) |
(— |
@) |
(— |
@) |
|||||||||||
|
Total Dividends and Distributions to Shareholders |
(1,785 |
) |
(102,639 |
) |
(2,783 |
) |
(166,232 |
) |
|||||||||||
|
Capital Share Transactions:(1) |
|||||||||||||||||||
|
Institutional Class: |
|||||||||||||||||||
|
Subscribed |
62,653,175 |
128,222,770 |
101,919,713 |
182,286,762 |
|||||||||||||||
|
Distributions Reinvested |
468 |
45,552 |
1,765 |
103,612 |
|||||||||||||||
|
Redeemed |
(64,177,667 |
) |
(120,632,428 |
) |
(91,710,591 |
) |
(160,535,181 |
) |
|||||||||||
|
Institutional Select Class: |
|||||||||||||||||||
|
Subscribed |
10,925,361 |
16,067,861 |
41,881 |
7,420,792 |
|||||||||||||||
|
Distributions Reinvested |
527 |
2,434 |
165 |
4,003 |
|||||||||||||||
|
Redeemed |
(8,351,089 |
) |
(6,302,140 |
) |
(1,186,255 |
) |
(3,705,644 |
) |
|||||||||||
|
Investor Class: |
|||||||||||||||||||
|
Subscribed |
18,379 |
64,814 |
— |
@ |
— |
||||||||||||||
|
Distributions Reinvested |
— |
@ |
41 |
— |
@ |
— |
@ |
||||||||||||
|
Redeemed |
(15,746 |
) |
(44,107 |
) |
— |
— |
|||||||||||||
|
Administrative Class: |
|||||||||||||||||||
|
Subscribed |
201 |
280 |
— |
@ |
1,919 |
||||||||||||||
|
Distributions Reinvested |
— |
@ |
15 |
— |
@ |
— |
@ |
||||||||||||
|
Redeemed |
(360 |
) |
(394 |
) |
(255 |
) |
(1,910 |
) |
|||||||||||
|
Advisory Class: |
|||||||||||||||||||
|
Subscribed |
1,813,435 |
4,247,106 |
178,382 |
556,532 |
|||||||||||||||
|
Distributions Reinvested |
4 |
340 |
1 |
431 |
|||||||||||||||
|
Redeemed |
(1,712,319 |
) |
(4,217,325 |
) |
(179,489 |
) |
(581,921 |
) |
|||||||||||
|
Participant Class: |
|||||||||||||||||||
|
Subscribed |
3,211,582 |
4,970,231 |
342 |
885 |
|||||||||||||||
|
Distributions Reinvested |
— |
@ |
— |
@ |
— |
@ |
1 |
||||||||||||
|
Redeemed |
(2,171,218 |
) |
(4,017,502 |
) |
(447 |
) |
(940 |
) |
|||||||||||
|
Cash Management Class: |
|||||||||||||||||||
|
Distributions Reinvested |
1 |
88 |
1 |
79 |
|||||||||||||||
|
Redeemed |
(88 |
) |
(411 |
) |
(565 |
) |
(7,729 |
) |
|||||||||||
|
Select Class: |
|||||||||||||||||||
|
Distributions Reinvested |
— |
@ |
— |
@ |
— |
@ |
— |
@ |
|||||||||||
|
Net Increase in Net Assets Resulting from Capital Share Transactions |
2,194,646 |
18,407,225 |
9,064,648 |
25,541,691 |
|||||||||||||||
|
Total Increase in Net Assets |
2,194,675 |
18,407,436 |
9,064,681 |
25,542,361 |
|||||||||||||||
|
Net Assets: |
|||||||||||||||||||
|
Beginning of Period |
35,289,924 |
16,882,488 |
49,795,776 |
24,253,415 |
|||||||||||||||
|
End of Period |
$ |
37,484,599 |
$ |
35,289,924 |
$ |
58,860,457 |
$ |
49,795,776 |
|||||||||||
The accompanying notes are an integral part of the financial statements.
35
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets (cont'd)
|
Treasury Portfolio |
Treasury Securities Portfolio |
||||||||||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||||||||
|
(1) Capital Share Transactions: |
|||||||||||||||||||
|
Institutional Class: |
|||||||||||||||||||
|
Shares Subscribed |
62,653,175 |
128,222,770 |
101,919,713 |
182,286,762 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
468 |
45,552 |
1,765 |
103,612 |
|||||||||||||||
|
Shares Redeemed |
(64,177,667 |
) |
(120,632,428 |
) |
(91,710,591 |
) |
(160,535,181 |
) |
|||||||||||
|
Net Increase (Decrease) in Institutional Class Shares Outstanding |
(1,524,024 |
) |
7,635,894 |
10,210,887 |
21,855,193 |
||||||||||||||
|
Institutional Select Class: |
|||||||||||||||||||
|
Shares Subscribed |
10,925,361 |
16,067,861 |
41,881 |
7,420,792 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
527 |
2,434 |
165 |
4,003 |
|||||||||||||||
|
Shares Redeemed |
(8,351,089 |
) |
(6,302,140 |
) |
(1,186,255 |
) |
(3,705,644 |
) |
|||||||||||
|
Net Increase in Institutional Select Class Shares Outstanding |
2,574,799 |
9,768,155 |
(1,144,209 |
) |
3,719,151 |
||||||||||||||
|
Investor Class: |
|||||||||||||||||||
|
Shares Subscribed |
18,379 |
64,814 |
— |
@@ |
— |
||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
41 |
— |
@@ |
— |
@@ |
||||||||||||
|
Shares Redeemed |
(15,746 |
) |
(44,107 |
) |
— |
— |
|||||||||||||
|
Net Increase in Investor Class Shares Outstanding |
2,633 |
20,748 |
— |
— |
@@ |
||||||||||||||
|
Administrative Class: |
|||||||||||||||||||
|
Shares Subscribed |
201 |
280 |
— |
@@ |
1,919 |
||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
15 |
— |
@@ |
— |
@@ |
||||||||||||
|
Shares Redeemed |
(360 |
) |
(394 |
) |
(255 |
) |
(1,910 |
) |
|||||||||||
|
Net Increase (Decrease) in Administrative Class Shares Outstanding |
(159 |
) |
(99 |
) |
(255 |
) |
9 |
||||||||||||
|
Advisory Class: |
|||||||||||||||||||
|
Shares Subscribed |
1,813,435 |
4,247,106 |
178,382 |
556,532 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
4 |
340 |
1 |
431 |
|||||||||||||||
|
Shares Redeemed |
(1,712,319 |
) |
(4,217,325 |
) |
(179,489 |
) |
(581,921 |
) |
|||||||||||
|
Net Increase (Decrease) in Advisory Class Shares Outstanding |
101,120 |
30,121 |
(1,106 |
) |
(24,958 |
) |
|||||||||||||
|
Participant Class: |
|||||||||||||||||||
|
Shares Subscribed |
3,211,582 |
4,970,231 |
342 |
885 |
|||||||||||||||
|
Shares Issued on Distributions Reinvested |
— |
@@ |
— |
@@ |
— |
@@ |
1 |
||||||||||||
|
Shares Redeemed |
(2,171,218 |
) |
(4,017,502 |
) |
(447 |
) |
(940 |
) |
|||||||||||
|
Net Increase (Decrease) in Participant Class Shares Outstanding |
1,040,364 |
952,729 |
(105 |
) |
(54 |
) |
|||||||||||||
|
Cash Management Class: |
|||||||||||||||||||
|
Shares Issued on Distributions Reinvested |
1 |
88 |
1 |
79 |
|||||||||||||||
|
Shares Redeemed |
(88 |
) |
(411 |
) |
(565 |
) |
(7,729 |
) |
|||||||||||
|
Net Decrease in Cash Management Class Shares Outstanding |
(87 |
) |
(323 |
) |
(564 |
) |
(7,650 |
) |
|||||||||||
|
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
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Statements of Changes in Net Assets
|
Tax-Exempt Portfolio |
|||||||||||
|
Six Months Ended April 30, 2021 (unaudited) (000) |
Year Ended October 31, 2020 (000) |
||||||||||
|
Increase (Decrease) in Net Assets: |
|||||||||||
|
Operations: |
|||||||||||
|
Net Investment Income |
$ |
16 |
$ |
3,183 |
|||||||
|
Net Realized Gain |
3 |
11 |
|||||||||
|
Net Change in Unrealized Appreciation (Depreciation) |
5 |
(38 |
) |
||||||||
|
Net Increase in Net Assets Resulting from Operations |
24 |
3,156 |
|||||||||
|
Dividends and Distributions to Shareholders: |
|||||||||||
|
Institutional Class |
(15 |
) |
(3,154 |
) |
|||||||
|
Institutional Select Class |
(— |
@) |
(— |
@) |
|||||||
|
Cash Management Class |
(— |
@) |
(29 |
) |
|||||||
|
Total Dividends and Distributions to Shareholders |
(15 |
) |
(3,183 |
) |
|||||||
|
Capital Share Transactions:(1) |
|||||||||||
|
Institutional Class: |
|||||||||||
|
Subscribed |
118,185 |
719,986 |
|||||||||
|
Distributions Reinvested |
11 |
2,470 |
|||||||||
|
Redeemed |
(221,763 |
) |
(968,135 |
) |
|||||||
|
Institutional Select Class: |
|||||||||||
|
Distributions Reinvested |
— |
@ |
—- |
@ |
|||||||
|
Cash Management Class: |
|||||||||||
|
Distributions Reinvested |
— |
@ |
28 |
||||||||
|
Redeemed |
(76 |
) |
(2,647 |
) |
|||||||
|
Net Decrease in Net Assets Resulting from Capital Share Transactions |
(103,643 |
) |
(248,298 |
) |
|||||||
|
Total Decrease in Net Assets |
(103,634 |
) |
(248,325 |
) |
|||||||
|
Net Assets: |
|||||||||||
|
Beginning of Period |
371,307 |
619,632 |
|||||||||
|
End of Period |
$ |
267,673 |
$ |
371,307 |
|||||||
|
(1) Capital Share Transactions: |
|||||||||||
|
Institutional Class: |
|||||||||||
|
Shares Subscribed |
118,169 |
719,898 |
|||||||||
|
Shares Issued on Distributions Reinvested |
11 |
2,469 |
|||||||||
|
Shares Redeemed |
(221,732 |
) |
(968,078 |
) |
|||||||
|
Net Decrease in Institutional Class Shares Outstanding |
(103,552 |
) |
(245,711 |
) |
|||||||
|
Institutional Select Class: |
|||||||||||
|
Shares Issued on Distributions Reinvested |
—- |
@@ |
— |
@@ |
|||||||
|
Cash Management Class: |
|||||||||||
|
Shares Issued on Distributions Reinvested |
—- |
@@ |
28 |
||||||||
|
Shares Redeemed |
(76 |
) |
(2,647 |
) |
|||||||
|
Net Decrease in Cash Management Class Shares Outstanding |
(76 |
) |
(2,619 |
) |
|||||||
@ Amount is less than $500.
@@ Amount is less than 500 shares.
The accompanying notes are an integral part of the financial statements.
37
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 |
||||||||||||||||||||||
|
ESG Money Market Portfolio: |
|||||||||||||||||||||||||||
|
Institutional Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0010 |
$ |
0.0004 |
(2)(3) |
$ |
(0.0000 |
)(3) |
$ |
(0.0004 |
)(3) |
$ |
1.0010 |
0.04 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0008 |
0.0087 |
(2) |
0.0005 |
(0.0090 |
) |
1.0010 |
0.92 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.0004 |
0.0239 |
(2) |
0.0005 |
(0.0240 |
) |
1.0008 |
2.46 |
% |
||||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0008 |
$ |
0.0002 |
(2)(3) |
$ |
(0.0001 |
)(3) |
$ |
(0.0002 |
)(3) |
$ |
1.0007 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0006 |
0.0082 |
(2) |
0.0005 |
(0.0085 |
) |
1.0008 |
0.87 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.0002 |
0.0233 |
(2) |
0.0006 |
(0.0235 |
) |
1.0006 |
2.41 |
% |
||||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0012 |
$ |
0.0001 |
(2)(3) |
$ |
(0.0001 |
)(3) |
$ |
(0.0001 |
)(3) |
$ |
1.0011 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0010 |
0.0065 |
(2) |
0.0005 |
(0.0068 |
) |
1.0012 |
0.70 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.0007 |
0.0213 |
(2) |
0.0005 |
(0.0215 |
) |
1.0010 |
2.20 |
% |
||||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0008 |
$ |
0.0001 |
(2)(3) |
$ |
(0.0001 |
)(3) |
$ |
(0.0001 |
)(3) |
$ |
1.0007 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0006 |
0.0049 |
(2) |
0.0005 |
(0.0052 |
) |
1.0008 |
0.54 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.0003 |
0.0188 |
(2) |
0.0005 |
(0.0190 |
) |
1.0006 |
1.94 |
% |
||||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0007 |
$ |
0.0001 |
(2)(3) |
$ |
(0.0000 |
)(3) |
$ |
(0.0001 |
)(3) |
$ |
1.0007 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0005 |
0.0073 |
(2) |
0.0004 |
(0.0075 |
) |
1.0007 |
0.78 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.0002 |
0.0223 |
(2) |
0.0005 |
(0.0225 |
) |
1.0005 |
2.30 |
% |
||||||||||||||||||
|
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 |
% |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
38
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 Interest 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) |
||||||||||||||||||||||
|
ESG Money Market Portfolio: |
|||||||||||||||||||||||||||
|
Institutional Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
3,075,468 |
0.15 |
%(9) |
N/A |
0.22 |
%(9) |
0.07 |
%(9) |
0.00 |
%(5)(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
4,142,846 |
0.13 |
% |
N/A |
0.22 |
% |
0.87 |
% |
0.78 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
3,345,665 |
0.16 |
% |
0.16 |
% |
0.22 |
% |
2.38 |
% |
2.32 |
% |
||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.19 |
%(4)(9) |
N/A |
0.27 |
%(9) |
0.03 |
%(9) |
(0.05 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.18 |
%(4) |
N/A |
0.27 |
% |
0.82 |
% |
0.73 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.21 |
%(4) |
0.21 |
%(4) |
0.27 |
% |
2.33 |
% |
2.27 |
% |
||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.21 |
%(4)(9) |
N/A |
0.47 |
%(9) |
0.01 |
%(9) |
(0.25 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.36 |
%(4) |
N/A |
0.47 |
% |
0.65 |
% |
0.54 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.41 |
%(4) |
0.41 |
%(4) |
0.47 |
% |
2.13 |
% |
2.07 |
% |
||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.21 |
%(4)(9) |
N/A |
0.72 |
%(9) |
0.01 |
%(9) |
(0.50 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.52 |
%(4) |
N/A |
0.72 |
% |
0.49 |
% |
0.29 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.66 |
%(4) |
0.66 |
%(4) |
0.72 |
% |
1.88 |
% |
1.82 |
% |
||||||||||||||||
|
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 |
)% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
8,738 |
0.21 |
%(4)(9) |
N/A |
0.37 |
%(9) |
0.01 |
%(9) |
(0.15 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
8,784 |
0.28 |
%(4) |
N/A |
0.37 |
% |
0.72 |
% |
0.63 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
11,789 |
0.31 |
%(4) |
0.31 |
%(4) |
0.37 |
% |
2.23 |
% |
2.17 |
% |
||||||||||||||||
|
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 |
% |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
39
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1.0001 |
$ |
0.0004 |
(2)(3) |
$ |
0.0001 |
(3) |
$ |
(0.0004 |
)(3) |
$ |
1.0002 |
0.05 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0008 |
0.0081 |
(2) |
0.0001 |
(3) |
(0.0089 |
) |
1.0001 |
0.83 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0005 |
0.0240 |
(2) |
0.0002 |
(3) |
(0.0239 |
) |
1.0008 |
2.45 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
0.9998 |
$ |
0.0002 |
(2)(3) |
$ |
0.0000 |
(3) |
$ |
(0.0002 |
)(3) |
$ |
0.9998 |
0.02 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0006 |
0.0076 |
(2) |
0.0001 |
(3) |
(0.0085 |
) |
0.9998 |
0.77 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0003 |
0.0233 |
(2) |
0.0004 |
(3) |
(0.0234 |
) |
1.0006 |
2.40 |
% |
|||||||||||||||||
|
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 |
% |
||||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
0.9997 |
$ |
0.0001 |
(2)(3) |
$ |
0.0001 |
(3) |
$ |
(0.0001 |
)(3) |
$ |
0.9998 |
0.02 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0003 |
0.0058 |
(2) |
0.0003 |
(3) |
(0.0067 |
) |
0.9997 |
0.61 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0000 |
0.0213 |
(2) |
0.0004 |
(3) |
(0.0214 |
) |
1.0003 |
2.19 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0000 |
$ |
0.0001 |
(2)(3) |
$ |
0.0000 |
(3) |
$ |
(0.0001 |
)(3) |
$ |
1.0000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0005 |
0.0066 |
(2) |
0.0004 |
(3) |
(0.0075 |
) |
1.0000 |
0.70 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0003 |
0.0223 |
(2) |
0.0003 |
(3) |
(0.0224 |
) |
1.0005 |
2.29 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
40
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
15,178,952 |
0.14 |
%(9) |
0.21 |
%(9) |
0.08 |
%(9) |
0.01 |
%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
20,230,517 |
0.13 |
% |
0.21 |
% |
0.81 |
% |
0.73 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
12,521,950 |
0.16 |
% |
0.21 |
% |
2.38 |
% |
2.33 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
13,225 |
0.19 |
%(4)(9) |
0.26 |
%(9) |
0.03 |
%(9) |
(0.04 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
24,041 |
0.18 |
%(4) |
0.26 |
% |
0.76 |
% |
0.68 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
12,203 |
0.21 |
%(4) |
0.26 |
% |
2.33 |
% |
2.28 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.21 |
%(4)(9) |
0.46 |
%(9) |
0.01 |
%(9) |
(0.24 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
51 |
0.36 |
%(4) |
0.46 |
% |
0.59 |
% |
0.49 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.41 |
%(4) |
0.46 |
% |
2.13 |
% |
2.08 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
5,477 |
0.21 |
%(4)(9) |
0.36 |
%(9) |
0.01 |
%(9) |
(0.14 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
5,573 |
0.28 |
%(4) |
0.36 |
% |
0.66 |
% |
0.58 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
13,537 |
0.31 |
%(4) |
0.36 |
% |
2.23 |
% |
2.18 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
The accompanying notes are an integral part of the financial statements.
41
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.005 |
(2) |
0.001 |
(0.006 |
) |
1.000 |
0.61 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.022 |
(2) |
0.000 |
(3) |
(0.022 |
) |
1.000 |
2.20 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.005 |
(2) |
0.001 |
(0.006 |
) |
1.000 |
0.57 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.15 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.55 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.10 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.52 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.05 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.47 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.019 |
(2) |
0.000 |
(3) |
(0.019 |
) |
1.000 |
1.95 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.001 |
(0.004 |
) |
1.000 |
0.38 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.017 |
(2) |
0.000 |
(3) |
(0.017 |
) |
1.000 |
1.69 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.52 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.05 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.001 |
(2) |
0.002 |
(0.003 |
) |
1.000 |
0.26 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.014 |
(2) |
0.000 |
(3) |
(0.014 |
) |
1.000 |
1.39 |
% |
|||||||||||||||||
|
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.
42
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 Interest Expenses |
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 4/30/21 (unaudited) |
$ |
101,864,771 |
0.08 |
%(9) |
N/A |
0.21 |
%(9) |
0.02 |
%(9) |
(0.11 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
75,357,703 |
0.17 |
% |
0.17 |
% |
0.21 |
% |
0.48 |
% |
0.44 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
57,870,416 |
0.17 |
% |
0.17 |
% |
0.21 |
% |
2.17 |
% |
2.13 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
42,900,056 |
0.17 |
% |
N/A |
0.21 |
% |
1.55 |
% |
1.51 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
40,080,925 |
0.18 |
% |
N/A |
0.21 |
% |
0.63 |
% |
0.60 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
49,883,028 |
0.17 |
% |
N/A |
0.21 |
% |
0.22 |
% |
0.18 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
14,452,582 |
0.08 |
%(4)(9) |
N/A |
0.26 |
%(9) |
0.02 |
%(9) |
(0.16 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
10,462,967 |
0.20 |
%(4) |
0.20 |
%(4) |
0.26 |
% |
0.45 |
% |
0.39 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
350,876 |
0.22 |
%(4) |
0.22 |
%(4) |
0.26 |
% |
2.12 |
% |
2.08 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
750,517 |
0.22 |
%(4) |
N/A |
0.26 |
% |
1.50 |
% |
1.46 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
1,990,491 |
0.23 |
%(4) |
N/A |
0.26 |
% |
0.58 |
% |
0.55 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
1,620,891 |
0.22 |
%(4) |
N/A |
0.26 |
% |
0.17 |
% |
0.13 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1,646,182 |
0.08 |
%(4)(9) |
N/A |
0.31 |
%(9) |
0.02 |
%(9) |
(0.21 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
1,509,475 |
0.25 |
%(4) |
0.25 |
%(4) |
0.31 |
% |
0.40 |
% |
0.34 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
3,447,615 |
0.27 |
%(4) |
0.27 |
%(4) |
0.31 |
% |
2.07 |
% |
2.03 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
2,426,700 |
0.27 |
%(4) |
N/A |
0.31 |
% |
1.45 |
% |
1.41 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
79,317 |
0.28 |
%(4) |
N/A |
0.31 |
% |
0.53 |
% |
0.50 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
39,589 |
0.26 |
%(4) |
N/A |
0.31 |
% |
0.13 |
% |
0.08 |
% |
|||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
196,696 |
0.08 |
%(4)(9) |
N/A |
0.36 |
%(9) |
0.02 |
%(9) |
(0.26 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
161,405 |
0.26 |
%(4) |
0.26 |
%(4) |
0.36 |
% |
0.39 |
% |
0.29 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
186,966 |
0.32 |
%(4) |
0.32 |
%(4) |
0.36 |
% |
2.02 |
% |
1.98 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
181,397 |
0.32 |
%(4) |
N/A |
0.36 |
% |
1.40 |
% |
1.36 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
169,710 |
0.33 |
%(4) |
N/A |
0.36 |
% |
0.48 |
% |
0.45 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
23,887 |
0.32 |
%(4) |
N/A |
0.36 |
% |
0.07 |
% |
0.03 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1,827,905 |
0.08 |
%(4)(9) |
N/A |
0.46 |
%(9) |
0.02 |
%(9) |
(0.36 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
1,143,921 |
0.30 |
%(4) |
0.30 |
%(4) |
0.46 |
% |
0.35 |
% |
0.19 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
962,234 |
0.42 |
%(4) |
0.42 |
%(4) |
0.46 |
% |
1.92 |
% |
1.88 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
1,082,958 |
0.42 |
%(4) |
N/A |
0.46 |
% |
1.30 |
% |
1.26 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
1,195,962 |
0.43 |
%(4) |
N/A |
0.46 |
% |
0.38 |
% |
0.35 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
1,152,411 |
0.35 |
%(4) |
N/A |
0.46 |
% |
0.04 |
% |
(0.07 |
)% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1,767,529 |
0.08 |
%(4)(9) |
N/A |
0.71 |
%(9) |
0.02 |
%(9) |
(0.61 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
1,671,051 |
0.36 |
%(4) |
0.36 |
%(4) |
0.71 |
% |
0.29 |
% |
(0.06 |
)% |
||||||||||||||||
|
Year Ended 10/31/19 |
942,575 |
0.67 |
%(4) |
0.67 |
%(4) |
0.71 |
% |
1.67 |
% |
1.63 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
770,987 |
0.67 |
%(4) |
N/A |
0.71 |
% |
1.05 |
% |
1.01 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
919,665 |
0.68 |
%(4) |
N/A |
0.71 |
% |
0.13 |
% |
0.10 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
1,733 |
0.43 |
%(4) |
N/A |
0.71 |
% |
(0.04 |
)% |
(0.32 |
)% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
4,505 |
0.08 |
%(4)(9) |
N/A |
0.36 |
%(9) |
0.02 |
%(9) |
(0.26 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
4,704 |
0.26 |
%(4) |
0.26 |
%(4) |
0.36 |
% |
0.39 |
% |
0.29 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
4,914 |
0.32 |
%(4) |
0.32 |
%(4) |
0.36 |
% |
2.02 |
% |
1.98 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
16,226 |
0.32 |
%(4) |
N/A |
0.36 |
% |
1.40 |
% |
1.36 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
28,533 |
0.33 |
%(4) |
N/A |
0.36 |
% |
0.48 |
% |
0.45 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
131,640 |
0.30 |
%(4) |
N/A |
0.36 |
% |
0.09 |
% |
0.03 |
% |
|||||||||||||||||
|
Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.08 |
%(4)(9) |
N/A |
1.01 |
%(9) |
0.02 |
%(9) |
(0.91 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.51 |
%(4) |
0.51 |
%(4) |
1.01 |
% |
0.14 |
% |
(0.36 |
)% |
||||||||||||||||
|
Year Ended 10/31/19 |
50 |
0.97 |
%(4) |
0.97 |
%(4) |
1.01 |
% |
1.37 |
% |
1.33 |
% |
||||||||||||||||
|
Year Ended 10/31/18 |
50 |
0.97 |
%(4) |
N/A |
1.01 |
% |
0.75 |
% |
0.71 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
50 |
0.79 |
%(4) |
N/A |
1.01 |
% |
0.02 |
% |
(0.20 |
)% |
|||||||||||||||||
|
For the Period Ended 10/31/16(1) |
50 |
0.43 |
%(4)(9) |
N/A |
1.01 |
%(9) |
(0.04 |
)%(9) |
(0.62 |
)%(9) |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
43
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.005 |
(2) |
0.001 |
(0.006 |
) |
1.000 |
0.61 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.14 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.002 |
(0.006 |
) |
1.000 |
0.58 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.08 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.002 |
(0.006 |
) |
1.000 |
0.55 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.03 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.52 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
1.98 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.47 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.019 |
(2) |
0.000 |
(3) |
(0.019 |
) |
1.000 |
1.88 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.47 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.019 |
(2) |
0.000 |
(3) |
(0.019 |
) |
1.000 |
1.88 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.01 |
%(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.53 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
1.99 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
44
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1,100,216 |
0.08 |
%(9) |
0.21 |
%(9) |
0.02 |
%(9) |
(0.11 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
406,598 |
0.18 |
% |
0.21 |
% |
0.46 |
% |
0.43 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
157,694 |
0.20 |
% |
0.23 |
% |
2.12 |
% |
2.09 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.08 |
%(4)(9) |
0.26 |
%(9) |
0.02 |
%(9) |
(0.16 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
51 |
0.21 |
%(4) |
0.27 |
% |
0.43 |
% |
0.37 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.25 |
%(4) |
0.28 |
% |
2.07 |
% |
2.04 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
|
Investor Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.08 |
%(4)(9) |
0.31 |
%(9) |
0.02 |
%(9) |
(0.21 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
51 |
0.24 |
%(4) |
0.31 |
% |
0.39 |
% |
0.32 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
1,006 |
0.30 |
%(4) |
0.33 |
% |
2.02 |
% |
1.99 |
% |
||||||||||||||
|
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 |
% |
||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.08 |
%(4)(9) |
0.36 |
%(9) |
0.02 |
%(9) |
(0.26 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
51 |
0.27 |
%(4) |
0.37 |
% |
0.37 |
% |
0.27 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.35 |
%(4) |
0.38 |
% |
1.97 |
% |
1.94 |
% |
||||||||||||||
|
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) |
||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
32,728 |
0.08 |
%(4)(9) |
0.46 |
%(9) |
0.02 |
%(9) |
(0.36 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
39,903 |
0.30 |
%(4) |
0.46 |
% |
0.34 |
% |
0.18 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
38,039 |
0.45 |
%(4) |
0.48 |
% |
1.87 |
% |
1.84 |
% |
||||||||||||||
|
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 |
)% |
||||||||||||||
|
Participant Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
10,167,196 |
0.08 |
%(4)(9) |
0.71 |
%(9) |
0.02 |
%(9) |
(0.61 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
6,549,518 |
0.29 |
%(4) |
0.71 |
% |
0.35 |
% |
(0.07 |
)% |
||||||||||||||
|
Year Ended 10/31/19 |
2,724,346 |
0.45 |
%(4) |
0.73 |
% |
1.87 |
% |
1.59 |
% |
||||||||||||||
|
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 |
)% |
||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
356 |
0.08 |
%(4)(9) |
0.36 |
%(9) |
0.02 |
%(9) |
(0.26 |
)%(9) |
|||||||||||||
|
Year Ended 10/31/20 |
356 |
0.26 |
%(4) |
0.36 |
% |
0.37 |
% |
0.27 |
% |
||||||||||||||
|
Year Ended 10/31/19 |
355 |
0.35 |
%(4) |
0.38 |
% |
1.97 |
% |
1.94 |
% |
||||||||||||||
|
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 |
)% |
||||||||||||||
The accompanying notes are an integral part of the financial statements.
45
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.002 |
(0.006 |
) |
1.000 |
0.57 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.17 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.54 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.12 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.51 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.07 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.49 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.02 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.45 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.019 |
(2) |
0.000 |
(3) |
(0.019 |
) |
1.000 |
1.92 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.002 |
(2) |
0.002 |
(0.004 |
) |
1.000 |
0.36 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.016 |
(2) |
0.000 |
(3) |
(0.016 |
) |
1.000 |
1.66 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.49 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.02 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.000 |
(2)(3) |
0.002 |
(0.002 |
) |
1.000 |
0.25 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.013 |
(2) |
0.000 |
(3) |
(0.013 |
) |
1.000 |
1.36 |
% |
|||||||||||||||||
|
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.
46
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 Interest Expenses |
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 4/30/21 (unaudited) |
$ |
20,742,190 |
0.10 |
%(9) |
N/A |
0.21 |
%(9) |
0.01 |
%(9) |
(0.10 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
22,266,196 |
0.19 |
% |
0.19 |
% |
0.21 |
% |
0.37 |
% |
0.35 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
14,630,148 |
0.19 |
% |
N/A |
0.21 |
% |
2.15 |
% |
2.13 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
13,792,827 |
0.19 |
% |
N/A |
0.21 |
% |
1.53 |
% |
1.51 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
12,423,969 |
0.18 |
% |
N/A |
0.21 |
% |
0.61 |
% |
0.58 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
18,311,699 |
0.17 |
% |
N/A |
0.21 |
% |
0.19 |
% |
0.15 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
12,582,366 |
0.10 |
%(4)(9) |
N/A |
0.26 |
%(9) |
0.01 |
%(9) |
(0.15 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
10,007,559 |
0.21 |
%(4) |
0.21 |
%(4) |
0.26 |
% |
0.34 |
% |
0.29 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
239,361 |
0.24 |
%(4) |
N/A |
0.26 |
% |
2.10 |
% |
2.08 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
331,029 |
0.24 |
%(4) |
N/A |
0.26 |
% |
1.48 |
% |
1.46 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
316,164 |
0.23 |
%(4) |
N/A |
0.26 |
% |
0.56 |
% |
0.53 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
269,931 |
0.21 |
%(4) |
N/A |
0.26 |
% |
0.15 |
% |
0.10 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
38,216 |
0.10 |
%(4)(9) |
N/A |
0.31 |
%(9) |
0.01 |
%(9) |
(0.20 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
35,583 |
0.23 |
%(4) |
0.23 |
%(4) |
0.31 |
% |
0.33 |
% |
0.25 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
14,834 |
0.29 |
%(4) |
N/A |
0.31 |
% |
2.05 |
% |
2.03 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
9,446 |
0.29 |
%(4) |
N/A |
0.31 |
% |
1.43 |
% |
1.41 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
26,243 |
0.28 |
%(4) |
N/A |
0.31 |
% |
0.51 |
% |
0.48 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
21,719 |
0.26 |
%(4) |
N/A |
0.31 |
% |
0.10 |
% |
0.05 |
% |
|||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
3,276 |
0.10 |
%(4)(9) |
N/A |
0.36 |
%(9) |
0.01 |
%(9) |
(0.25 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
3,435 |
0.27 |
%(4) |
0.27 |
%(4) |
0.36 |
% |
0.29 |
% |
0.20 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
3,534 |
0.34 |
%(4) |
N/A |
0.36 |
% |
2.00 |
% |
1.98 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
2,500 |
0.34 |
%(4) |
N/A |
0.36 |
% |
1.38 |
% |
1.36 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
4,340 |
0.33 |
%(4) |
N/A |
0.36 |
% |
0.46 |
% |
0.43 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
1,842 |
0.32 |
%(4) |
N/A |
0.36 |
% |
0.04 |
% |
0.00 |
%(5) |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
677,072 |
0.10 |
%(4)(9) |
N/A |
0.46 |
%(9) |
0.01 |
%(9) |
(0.35 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
575,951 |
0.29 |
%(4) |
0.29 |
%(4) |
0.46 |
% |
0.26 |
% |
0.09 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
545,826 |
0.44 |
%(4) |
N/A |
0.46 |
% |
1.90 |
% |
1.88 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
467,066 |
0.44 |
%(4) |
N/A |
0.46 |
% |
1.28 |
% |
1.26 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
578,488 |
0.43 |
%(4) |
N/A |
0.46 |
% |
0.36 |
% |
0.33 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
543,850 |
0.35 |
%(4) |
N/A |
0.46 |
% |
0.01 |
% |
(0.10 |
)% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
3,423,952 |
0.10 |
%(4)(9) |
N/A |
0.71 |
%(9) |
0.01 |
%(9) |
(0.60 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
2,383,586 |
0.39 |
%(4) |
0.39 |
%(4) |
0.71 |
% |
0.17 |
% |
(0.15 |
)% |
||||||||||||||||
|
Year Ended 10/31/19 |
1,430,849 |
0.69 |
%(4) |
N/A |
0.71 |
% |
1.65 |
% |
1.63 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
789,069 |
0.69 |
%(4) |
N/A |
0.71 |
% |
1.03 |
% |
1.01 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
484,458 |
0.68 |
%(4) |
N/A |
0.71 |
% |
0.11 |
% |
0.08 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
2,881 |
0.36 |
%(4) |
N/A |
0.71 |
% |
0.00 |
%(5) |
(0.35 |
)% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
17,476 |
0.10 |
%(4)(9) |
N/A |
0.36 |
%(9) |
0.01 |
%(9) |
(0.25 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
17,563 |
0.27 |
%(4) |
0.27 |
%(4) |
0.36 |
% |
0.29 |
% |
0.20 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
17,886 |
0.34 |
%(4) |
N/A |
0.36 |
% |
2.00 |
% |
1.98 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
22,288 |
0.34 |
%(4) |
N/A |
0.36 |
% |
1.38 |
% |
1.36 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
46,862 |
0.33 |
%(4) |
N/A |
0.36 |
% |
0.46 |
% |
0.43 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
62,228 |
0.30 |
%(4) |
N/A |
0.36 |
% |
0.06 |
% |
0.00 |
%(5) |
|||||||||||||||||
|
Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.10 |
%(4)(9) |
N/A |
1.01 |
%(9) |
0.01 |
%(9) |
(0.90 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.51 |
%(4) |
0.51 |
%(4) |
1.01 |
% |
0.05 |
% |
(0.45 |
)% |
||||||||||||||||
|
Year Ended 10/31/19 |
50 |
0.99 |
%(4) |
N/A |
1.01 |
% |
1.35 |
% |
1.33 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
50 |
0.99 |
%(4) |
N/A |
1.01 |
% |
0.73 |
% |
0.71 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
50 |
0.78 |
%(4) |
N/A |
1.01 |
% |
0.01 |
% |
(0.22 |
)% |
|||||||||||||||||
|
For the Period Ended 10/31/16(1) |
50 |
0.38 |
%(4)(9) |
N/A |
1.01 |
%(9) |
(0.02 |
)%(9) |
(0.65 |
)%(9) |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
47
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.002 |
(0.006 |
) |
1.000 |
0.61 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.021 |
(2) |
0.000 |
(3) |
(0.021 |
) |
1.000 |
2.12 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.002 |
(0.006 |
) |
1.000 |
0.58 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.07 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.004 |
(2) |
0.001 |
(0.005 |
) |
1.000 |
0.55 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.020 |
(2) |
0.000 |
(3) |
(0.020 |
) |
1.000 |
2.01 |
% |
|||||||||||||||||
|
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 |
% |
||||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.52 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.019 |
(2) |
0.000 |
(3) |
(0.019 |
) |
1.000 |
1.96 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.002 |
(2) |
0.003 |
(0.005 |
) |
1.000 |
0.47 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.018 |
(2) |
0.000 |
(3) |
(0.018 |
) |
1.000 |
1.86 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.002 |
(2) |
0.002 |
(0.004 |
) |
1.000 |
0.37 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.016 |
(2) |
0.000 |
(3) |
(0.016 |
) |
1.000 |
1.61 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.003 |
(2) |
0.002 |
(0.005 |
) |
1.000 |
0.52 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.019 |
(2) |
0.000 |
(3) |
(0.019 |
) |
1.000 |
1.96 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.000 |
$ |
0.000 |
(2)(3) |
$ |
0.000 |
(3) |
$ |
(0.000 |
)(3) |
$ |
1.000 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.000 |
0.001 |
(2) |
0.001 |
(0.002 |
) |
1.000 |
0.25 |
% |
||||||||||||||||||
|
Year Ended 10/31/19 |
1.000 |
0.013 |
(2) |
0.000 |
(3) |
(0.013 |
) |
1.000 |
1.30 |
% |
|||||||||||||||||
|
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 |
% |
|||||||||||||||||
|
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
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 Interest Expenses |
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 4/30/21 (unaudited) |
$ |
55,857,570 |
0.08 |
%(9) |
N/A |
0.21 |
%(9) |
0.01 |
%(9) |
(0.12 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
45,646,654 |
0.18 |
% |
0.18 |
% |
0.21 |
% |
0.43 |
% |
0.40 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
23,790,835 |
0.20 |
% |
N/A |
0.21 |
% |
2.09 |
% |
2.08 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
19,642,850 |
0.20 |
% |
N/A |
0.21 |
% |
1.51 |
% |
1.50 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
18,160,353 |
0.19 |
% |
N/A |
0.21 |
% |
0.59 |
% |
0.57 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
19,382,045 |
0.17 |
% |
N/A |
0.21 |
% |
0.15 |
% |
0.11 |
% |
|||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
2,973,919 |
0.08 |
%(4)(9) |
N/A |
0.26 |
%(9) |
0.01 |
%(9) |
(0.17 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
4,118,125 |
0.21 |
%(4) |
0.21 |
%(4) |
0.26 |
% |
0.40 |
% |
0.35 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
398,934 |
0.25 |
%(4) |
N/A |
0.26 |
% |
2.04 |
% |
2.03 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
189,558 |
0.25 |
%(4) |
N/A |
0.26 |
% |
1.46 |
% |
1.45 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
239,841 |
0.24 |
%(4) |
N/A |
0.26 |
% |
0.54 |
% |
0.52 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
277,773 |
0.21 |
%(4) |
N/A |
0.26 |
% |
0.11 |
% |
0.06 |
% |
|||||||||||||||||
|
Investor Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.08 |
%(4)(9) |
N/A |
0.31 |
%(9) |
0.01 |
%(9) |
(0.22 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.25 |
%(4) |
0.25 |
%(4) |
0.31 |
% |
0.37 |
% |
0.31 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
51 |
0.30 |
%(4) |
N/A |
0.31 |
% |
1.99 |
% |
1.98 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
39,323 |
0.30 |
%(4) |
N/A |
0.31 |
% |
1.41 |
% |
1.40 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
63,180 |
0.29 |
%(4) |
N/A |
0.31 |
% |
0.49 |
% |
0.47 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
67,007 |
0.27 |
%(4) |
N/A |
0.31 |
% |
0.05 |
% |
0.01 |
% |
|||||||||||||||||
|
Administrative Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1,769 |
0.08 |
%(4)(9) |
N/A |
0.36 |
%(9) |
0.01 |
%(9) |
(0.27 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
2,024 |
0.27 |
%(4) |
0.27 |
%(4) |
0.36 |
% |
0.34 |
% |
0.25 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
2,015 |
0.35 |
%(4) |
N/A |
0.36 |
% |
1.94 |
% |
1.93 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
2,378 |
0.35 |
%(4) |
N/A |
0.36 |
% |
1.36 |
% |
1.35 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
127 |
0.34 |
%(4) |
N/A |
0.36 |
% |
0.44 |
% |
0.42 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
50 |
0.29 |
%(4) |
N/A |
0.36 |
% |
0.03 |
% |
(0.04 |
)% |
|||||||||||||||||
|
Advisory Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
16,081 |
0.08 |
%(4)(9) |
N/A |
0.46 |
%(9) |
0.01 |
%(9) |
(0.37 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
17,188 |
0.40 |
%(4) |
0.40 |
%(4) |
0.46 |
% |
0.21 |
% |
0.15 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
42,143 |
0.45 |
%(4) |
N/A |
0.46 |
% |
1.84 |
% |
1.83 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
12,489 |
0.45 |
%(4) |
N/A |
0.46 |
% |
1.26 |
% |
1.25 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
1,806 |
0.42 |
%(4) |
N/A |
0.46 |
% |
0.36 |
% |
0.32 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
53,009 |
0.31 |
%(4) |
N/A |
0.46 |
% |
0.01 |
% |
(0.14 |
)% |
|||||||||||||||||
|
Participant Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
471 |
0.08 |
%(4)(9) |
N/A |
0.71 |
%(9) |
0.01 |
%(9) |
(0.62 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
575 |
0.40 |
%(4) |
0.40 |
%(4) |
0.71 |
% |
0.21 |
% |
(0.10 |
)% |
||||||||||||||||
|
Year Ended 10/31/19 |
629 |
0.70 |
%(4) |
N/A |
0.71 |
% |
1.59 |
% |
1.58 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
234 |
0.70 |
%(4) |
N/A |
0.71 |
% |
1.01 |
% |
1.00 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
307 |
0.62 |
%(4) |
N/A |
0.71 |
% |
0.16 |
% |
0.07 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
689 |
0.33 |
%(4) |
N/A |
0.71 |
% |
(0.01 |
)% |
(0.39 |
)% |
|||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
10,545 |
0.08 |
%(4)(9) |
N/A |
0.36 |
%(9) |
0.01 |
%(9) |
(0.27 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
11,108 |
0.28 |
%(4) |
0.28 |
%(4) |
0.36 |
% |
0.33 |
% |
0.25 |
% |
||||||||||||||||
|
Year Ended 10/31/19 |
18,758 |
0.35 |
%(4) |
N/A |
0.36 |
% |
1.94 |
% |
1.93 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
51,187 |
0.35 |
%(4) |
N/A |
0.36 |
% |
1.36 |
% |
1.35 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
80,852 |
0.34 |
%(4) |
N/A |
0.36 |
% |
0.44 |
% |
0.42 |
% |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
99,031 |
0.29 |
%(4) |
N/A |
0.36 |
% |
0.03 |
% |
(0.04 |
)% |
|||||||||||||||||
|
Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.08 |
%(4)(9) |
N/A |
1.01 |
%(9) |
0.01 |
%(5)(9) |
(0.92 |
)%(9) |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.54 |
%(4) |
0.54 |
%(4) |
1.00 |
% |
0.07 |
% |
(0.39 |
)% |
||||||||||||||||
|
Year Ended 10/31/19 |
50 |
1.00 |
%(4) |
N/A |
1.01 |
% |
1.29 |
% |
1.28 |
% |
|||||||||||||||||
|
Year Ended 10/31/18 |
50 |
1.00 |
%(4) |
N/A |
1.01 |
% |
0.71 |
% |
0.70 |
% |
|||||||||||||||||
|
Year Ended 10/31/17 |
50 |
0.76 |
%(4) |
N/A |
1.01 |
% |
0.02 |
% |
(0.23 |
)% |
|||||||||||||||||
|
For the Period Ended 10/31/16(1) |
50 |
0.34 |
%(4)(9) |
N/A |
1.01 |
%(9) |
(0.02 |
)%(9) |
(0.69 |
)%(9) |
|||||||||||||||||
The accompanying notes are an integral part of the financial statements.
49
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
1.0001 |
$ |
0.0001 |
(2)(3) |
$ |
(0.0001 |
)(3) |
$ |
(0.0000 |
)(3) |
$ |
1.0001 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0001 |
0.0064 |
(2) |
(0.0004 |
)(3) |
(0.0060 |
) |
1.0001 |
0.60 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0000 |
0.0141 |
(2) |
0.0001 |
(3) |
(0.0141 |
) |
1.0001 |
1.43 |
% |
|||||||||||||||||
|
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 |
% |
||||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0001 |
$ |
0.0001 |
(2)(3) |
$ |
(0.0001 |
)(3) |
$ |
(0.0000 |
)(3) |
$ |
1.0001 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0001 |
0.0060 |
(2) |
(0.0004 |
)(3) |
(0.0056 |
) |
1.0001 |
0.56 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0000 |
0.0136 |
(2) |
0.0001 |
(3) |
(0.0136 |
) |
1.0001 |
1.38 |
% |
|||||||||||||||||
|
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 |
% |
||||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
1.0002 |
$ |
0.0001 |
(2)(3) |
$ |
(0.0001 |
)(3) |
$ |
(0.0000 |
)(3) |
$ |
1.0002 |
0.00 |
%(5)(8) |
||||||||||||
|
Year Ended 10/31/20 |
1.0001 |
0.0054 |
(2) |
(0.0003 |
)(3) |
(0.0050 |
) |
1.0002 |
0.51 |
% |
|||||||||||||||||
|
Year Ended 10/31/19 |
1.0000 |
0.0126 |
(2) |
0.0001 |
(3) |
(0.0126 |
) |
1.0001 |
1.27 |
% |
|||||||||||||||||
|
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 |
% |
||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
50
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 4/30/21 (unaudited) |
$ |
262,882 |
0.10 |
%(9) |
0.33 |
%(9) |
0.01 |
%(9) |
(0.22 |
)%(9) |
N/A |
||||||||||||||||
|
Year Ended 10/31/20 |
366,440 |
0.15 |
% |
0.29 |
% |
0.63 |
% |
0.49 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/19 |
612,147 |
0.15 |
% |
0.27 |
% |
1.40 |
% |
1.28 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/18 |
491,714 |
0.18 |
% |
0.33 |
% |
1.18 |
% |
1.03 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/17 |
144,208 |
0.18 |
% |
0.51 |
% |
0.59 |
% |
0.26 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
59,273 |
0.11 |
%(6) |
0.48 |
% |
0.18 |
%(6) |
(0.19 |
)% |
0.00 |
%(5) |
||||||||||||||||
|
Institutional Select Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
51 |
0.10 |
%(4)(9) |
0.38 |
%(9) |
0.01 |
%(9) |
(0.27 |
)%(9) |
N/A |
||||||||||||||||
|
Year Ended 10/31/20 |
51 |
0.18 |
%(4) |
0.34 |
% |
0.59 |
% |
0.43 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/19 |
50 |
0.20 |
%(4) |
0.32 |
% |
1.35 |
% |
1.23 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/18 |
50 |
0.23 |
%(4) |
0.38 |
% |
1.13 |
% |
0.98 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/17 |
50 |
0.23 |
%(4) |
0.56 |
% |
0.54 |
% |
0.21 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
50 |
0.14 |
%(4)(6) |
0.53 |
% |
0.15 |
%(6) |
(0.24 |
)% |
0.00 |
%(5) |
||||||||||||||||
|
Cash Management Class |
|||||||||||||||||||||||||||
|
Six Months Ended 4/30/21 (unaudited) |
$ |
4,740 |
0.10 |
%(4)(9) |
0.48 |
%(9) |
0.01 |
%(9) |
(0.37 |
)%(9) |
N/A |
||||||||||||||||
|
Year Ended 10/31/20 |
4,816 |
0.25 |
%(4) |
0.44 |
% |
0.53 |
% |
0.34 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/19 |
7,435 |
0.30 |
%(4) |
0.42 |
% |
1.25 |
% |
1.13 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/18 |
11,805 |
0.33 |
%(4) |
0.48 |
% |
1.03 |
% |
0.88 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/17 |
20,776 |
0.33 |
%(4) |
0.66 |
% |
0.44 |
% |
0.11 |
% |
N/A |
|||||||||||||||||
|
Year Ended 10/31/16(1) |
30,694 |
0.20 |
%(4)(6) |
0.63 |
% |
0.09 |
%(6) |
(0.34 |
)% |
0.00 |
%(5) |
||||||||||||||||
The accompanying notes are an integral part of the financial statements.
51
2021 Semi-Annual Report
April 30, 2021 (unaudited)
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 Ratio of 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 "Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets."
(7) Includes paid-in-capital distribution of $0.0022.
(8) Not annualized.
(9) Annualized.
The accompanying notes are an integral part of the financial statements.
52
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements
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 ESG Money Market Portfolio, Prime Portfolio and Tax-Exempt Portfolio and there were no shares outstanding as of April 30, 2021. 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, 2021. 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, 2021. Accordingly, no financial highlights have been presented for these classes.
ESG 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.
In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other Interbank Offered Rate ("IBOR") based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
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) ESG 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
53
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements (cont'd)
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, 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: FASB Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
54
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements (cont'd)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value each Fund's investments as of April 30, 2021:
ESG 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 |
$ |
— |
$ |
310,055 |
$ |
— |
$ |
310,055 |
|||||||||||
|
Commercial Paper |
— |
735,731 |
— |
735,731 |
|||||||||||||||
|
Corporate Bond |
— |
7,841 |
— |
7,841 |
|||||||||||||||
|
Floating Rate Notes |
— |
446,124 |
— |
446,124 |
|||||||||||||||
|
Repurchase Agreements |
— |
1,034,000 |
— |
1,034,000 |
|||||||||||||||
|
Time Deposits |
— |
550,000 |
— |
550,000 |
|||||||||||||||
|
Total Assets |
$ |
— |
$ |
3,083,751 |
$ |
— |
$ |
3,083,751 |
|||||||||||
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 |
$ |
— |
$ |
1,076,998 |
$ |
— |
$ |
1,076,998 |
|||||||||||
|
Commercial Paper |
— |
4,725,220 |
— |
4,725,220 |
|||||||||||||||
|
Floating Rate Notes |
— |
1,934,206 |
— |
1,934,206 |
|||||||||||||||
|
Repurchase Agreements |
— |
5,314,000 |
— |
5,314,000 |
|||||||||||||||
|
Time Deposits |
— |
2,146,000 |
— |
2,146,000 |
|||||||||||||||
|
Total Assets |
$ |
— |
$ |
15,196,424 |
$ |
— |
$ |
15,196,424 |
|||||||||||
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 |
$ |
— |
$ |
62,849,701 |
$ |
— |
$ |
62,849,701 |
|||||||||||
|
U.S. Agency Securities |
— |
13,966,282 |
— |
13,966,282 |
|||||||||||||||
|
U.S. Treasury Securities |
— |
46,122,266 |
— |
46,122,266 |
|||||||||||||||
|
Total Assets |
$ |
— |
$ |
122,938,249 |
$ |
— |
$ |
122,938,249 |
|||||||||||
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 |
$ |
— |
$ |
3,088,289 |
$ |
— |
$ |
3,088,289 |
|||||||||||
|
U.S. Treasury Securities |
— |
8,477,889 |
— |
8,477,889 |
|||||||||||||||
|
Total Assets |
$ |
— |
$ |
11,566,178 |
$ |
— |
$ |
11,566,178 |
|||||||||||
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 |
$ |
— |
$ |
12,471,003 |
$ |
— |
$ |
12,471,003 |
|||||||||||
|
U.S. Treasury Securities |
— |
25,508,842 |
— |
25,508,842 |
|||||||||||||||
|
Total Assets |
$ |
— |
$ |
37,979,845 |
$ |
— |
$ |
37,979,845 |
|||||||||||
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 |
$ |
— |
$ |
64,283,285 |
$ |
— |
$ |
64,283,285 |
|||||||||||
|
Total Assets |
$ |
— |
$ |
64,283,285 |
$ |
— |
$ |
64,283,285 |
|||||||||||
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 |
$ |
— |
$ |
149,202 |
$ |
— |
$ |
149,202 |
|||||||||||
|
Daily Variable Rate Bonds |
— |
71,550 |
— |
71,550 |
|||||||||||||||
|
Commercial Paper |
— |
14,800 |
— |
14,800 |
|||||||||||||||
|
Municipal Bonds & Notes |
— |
13,161 |
— |
13,161 |
|||||||||||||||
|
Closed-End Investment Companies |
— |
13,000 |
— |
13,000 |
|||||||||||||||
|
Floating Rate Notes |
— |
5,500 |
— |
5,500 |
|||||||||||||||
|
Total Assets |
$ |
— |
$ |
267,213 |
$ |
— |
$ |
267,213 |
|||||||||||
55
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements (cont'd)
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.
4. When-Issued/Delayed Delivery Securities: Certain Funds purchase and sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.
5. Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
6. Dividends and Distributions to Shareholders: Dividends are accrued and declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.
7. Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.
B. Advisory Fees: 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 |
||||||
|
ESG 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 |
ESG 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, 2021, the
56
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements (cont'd)
Funds had advisory fees waived and/or certain expenses reimbursed as follows:
|
Fund |
Advisory Fees Waived and/or Reimbursed (000) |
||||||
|
ESG Money Market |
$ |
1,308 |
|||||
|
Prime |
5,756 |
||||||
|
Government |
64,471 |
||||||
|
Government Securities |
6,417 |
||||||
|
Treasury |
19,320 |
||||||
|
Treasury Securities |
34,395 |
||||||
|
Tax-Exempt |
280 |
||||||
C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.05% of each Fund's average daily net assets (without giving effect to any fee waivers). Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Trust.
The Administrator has agreed to reduce its administration fees to enable a Fund to maintain a minimum level of daily net investment income.
For the six months ended April 30, 2021, the Funds had administration fees waived as follows:
|
Fund |
Administration Fees Waived (000) |
||||||
|
Government |
$ |
965 |
|||||
|
Government Securities |
277 |
||||||
|
Treasury |
273 |
||||||
|
Treasury Securities |
932 |
||||||
|
Tax-Exempt |
70 |
||||||
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, 2021, this waiver amounted to approximately $6,944,000.
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, 2021, this waiver amounted to approximately $4,630,000.
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. For the six months ended April 30, 2021, the Government Securities Participant Class waiver amounted to approximately $11,574,000.
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.
57
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements (cont'd)
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, 2020 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 tax purposes. The tax character of distributions paid during fiscal years 2020 and 2019 was as follows:
|
2020 Distributions Paid From: |
2019 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) |
|||||||||||||||||||||
|
ESG Money Market |
$ |
32,296 |
$ |
— |
$ |
— |
$ |
65,315 |
$ |
— |
$ |
— |
|||||||||||||||
|
Prime |
135,624 |
— |
— |
252,088 |
— |
— |
|||||||||||||||||||||
|
Government |
412,036 |
— |
— |
1,227,717 |
— |
— |
|||||||||||||||||||||
|
Government Securities |
17,213 |
— |
— |
58,983 |
— |
— |
|||||||||||||||||||||
|
Treasury |
102,639 |
— |
— |
361,632 |
— |
— |
|||||||||||||||||||||
|
Treasury Securities |
166,232 |
— |
— |
463,310 |
— |
— |
|||||||||||||||||||||
|
Tax-Exempt |
13 |
3,150 |
20 |
— |
8,108 |
— |
|||||||||||||||||||||
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 due to return of capital distributions. These resulted in the following reclassifications among the Funds' components of net assets at October 31, 2020:
|
Fund |
Total Distributable Earnings (Accumulated Loss) (000) |
Paid-in- Capital (000) |
|||||||||
|
Tax-Exempt |
$ |
20 |
$ |
(20 |
) |
||||||
At October 31, 2020, 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) |
||||||||||||
|
ESG Money Market |
$ |
1,168 |
$ |
— |
$ |
— |
|||||||||
|
Prime |
5,921 |
— |
— |
||||||||||||
|
Government |
3,020 |
— |
— |
||||||||||||
|
Government Securities |
892 |
— |
1 |
||||||||||||
|
Treasury |
1,145 |
— |
— |
||||||||||||
|
Treasury Securities |
1,112 |
— |
— |
||||||||||||
|
Tax-Exempt |
— |
— |
— |
||||||||||||
At October 31, 2020, the following Funds had available for federal income tax purposes unused short-term and/or long-term capital losses that do not have an expiration date:
|
Fund |
Short-term Losses (No Expiration) (000) |
Long-term Losses (No Expiration) (000) |
|||||||||
|
ESG Money Market |
$ |
1,367 |
$ |
— |
|||||||
|
Prime |
17,109 |
— |
|||||||||
|
Government |
862 |
380 |
|||||||||
|
Treasury |
1,317 |
252 |
|||||||||
|
Treasury Securities |
820 |
357 |
|||||||||
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 Funds 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, 2020, the following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:
|
Fund |
Capital Loss Carryforward Utilized (000) |
||||||
|
Government |
$ |
1,369 |
|||||
|
Government Securities |
26 |
||||||
|
Treasury |
211 |
||||||
|
Treasury Securities |
670 |
||||||
58
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Notes to Financial Statements (cont'd)
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, 2021, Tax-Exempt Portfolio engaged in cross-trade purchases of approximately $500,000 and sales of approximately $7,600,000, 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, 2021, 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 |
||||||
|
ESG Money Market |
64.3 |
% |
|||||
|
Prime |
38.6 |
||||||
|
Government |
41.6 |
||||||
|
Government Securities |
86.7 |
||||||
|
Treasury |
57.3 |
||||||
|
Treasury Securities |
45.6 |
||||||
|
Tax-Exempt |
89.3 |
||||||
J. Market Risk: Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak could impact the operations and financial performance of certain of the Fund's investments. The extent of the impact to the financial performance of the Fund's investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.
K. LIBOR Risk: The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a "Reference Rate"). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings from each other within certain financial markets. On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after the end of 2021. On March 5, 2021, the FCA announced that LIBOR will either cease to be provided by any administrator, or no longer be representative for many LIBOR settings after December 31, 2021, and for certain commonly-used tenors of U.S. dollar LIBOR after June 30, 2023. This announcement and any additional regulatory or market changes may have an adverse impact on the Fund or its investments.
In advance of 2022, regulators and market participants are currently engaged in identifying successor Reference Rates ("Alternative Reference Rates"). Additionally, prior to the end of 2021 (or a later date, if a particular Reference Rate is expected to continue beyond 2021), it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through marketwide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to the Fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of Alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by the Fund or on its overall financial condition or results of operations.
59
2021 Semi-Annual Report
April 30, 2021 (unaudited)
U.S. Customer Privacy Notice April 2021
|
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: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ 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 investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes |
Yes |
|||||||||
|
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 investment management affiliates to market to you |
Yes |
Yes |
|||||||||
|
For our affiliates to market to you |
No |
We don't share |
|||||||||
|
For non-affiliates to market to you |
No |
We don't share |
|||||||||
60
2021 Semi-Annual Report
April 30, 2021 (unaudited)
U.S. Customer Privacy Notice (cont'd) April 2021
To limit our sharing Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions? Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com
|
Who we are |
|||||||
|
Who is providing this notice? |
Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below) | ||||||
|
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 ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ 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 ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ 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. |
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61
2021 Semi-Annual Report
April 30, 2021 (unaudited)
U.S. Customer Privacy Notice (cont'd) April 2021
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Definitions |
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Investment Management Affiliates |
MSIM Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
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Affiliates |
Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
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Non-affiliates |
Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you. |
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Joint marketing |
A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market |
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Other Important Information |
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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
2021 Semi-Annual Report
April 30, 2021 (unaudited)
Trustee and Officer Information
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
W. Allen Reed, Chair of the Board
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,
22nd Floor
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, www.morganstanley.com/im/liquidityshareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT 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 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, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/liquidityshareholderreports or call toll free 1 (888) 378-1630.
63
Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.
Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036
© 2021 Morgan Stanley. Morgan Stanley Distribution, Inc.
MSILFSAN
3605178 EXP 06.30.22
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.
(c) Section 906 certification.
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 15, 2021
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 15, 2021
| /s/ Francis Smith |
Francis Smith
Principal Financial Officer
June 15, 2021