0001104659-22-076662.txt : 20220701 0001104659-22-076662.hdr.sgml : 20220701 20220701115615 ACCESSION NUMBER: 0001104659-22-076662 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20220430 FILED AS OF DATE: 20220701 DATE AS OF CHANGE: 20220701 EFFECTIVENESS DATE: 20220701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS CENTRAL INDEX KEY: 0001227155 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21339 FILM NUMBER: 221060329 BUSINESS ADDRESS: STREET 1: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 800-548-7786 MAIL ADDRESS: STREET 1: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 0001227155 S000004148 Government Portfolio C000011654 Administrative Class MGOXX C000011655 Advisory Class MAYXX C000011656 Institutional Class MVRXX C000011657 Investor Class MVVXX C000011658 Participant Class MPCXX C000011659 Institutional Select Class MGSXX C000017907 Cash Management Class MSGXX C000167931 Select Class MSDXX C000227505 CastleOak Share Class C000234745 Impact Class 0001227155 S000004149 Government Securities Portfolio C000011660 Administrative Class MGAXX C000011661 Advisory Class MVAXX C000011662 Institutional Class MUIXX C000011663 Investor Class MVIXX C000011664 Participant Class MGIPXX C000011665 Institutional Select Class MSVXX C000017908 Cash Management Class MCHXX 0001227155 S000004150 ESG Money Market Portfolio C000011667 Advisory Class MVSXX C000011668 Institutional Class MPUXX C000011670 Participant Class MMNXX C000011671 Institutional Select Class MMRXX C000017909 Cash Management Class MSHXX C000227506 CastleOak Share Class 0001227155 S000004151 Prime Portfolio C000011673 Advisory Class MAVXX C000011674 Institutional Class MPFXX C000011677 Institutional Select Class MPEXX C000017910 Cash Management Class MSPXX C000234746 Impact Class 0001227155 S000004152 Tax Exempt Portfolio C000011680 Institutional Class MTXXX C000011683 Institutional Select Class MXSXX C000017911 Cash Management Class MTMXX 0001227155 S000004153 Treasury Portfolio C000011684 Administrative Class MTTXX C000011685 Advisory Class MAOXX C000011686 Institutional Class MISXX C000011687 Investor Class MTNXX C000011688 Participant Class MTCXX C000011689 Institutional Select Class MTSXX C000017912 Cash Management Class MREXX C000167932 Select Class MSTXX 0001227155 S000004154 Treasury Securities Portfolio C000011690 Administrative Class MAMXX C000011691 Advisory Class MVYXX C000011692 Institutional Class MSUXX C000011693 Investor Class MNVXX C000011694 Participant Class MPRXX C000011695 Institutional Select Class MSSXX C000017913 Cash Management Class MHSXX C000167933 Select Class MSEXX N-CSRS 1 tm2215761d1_ncsrs.htm N-CSRS

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-21339

 

Morgan Stanley Institutional Liquidity Funds

(Exact name of registrant as specified in charter)

 

522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)

 

John H. Gernon

522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

 

Registrant's telephone number, including area code: 212-296-0289

 

Date of fiscal year end: October 31,

 

Date of reporting period: April 30, 2022

 

 

 

 

 

 

Item 1 - Report to Shareholders

 

 

 

 

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, 2022

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Table of Contents

Shareholders' Letter

    

2

    

Performance Summary

    

3

    

Expense Examples

    

4

    

Portfolio of Investments:

  

ESG Money Market Portfolio

    

6

    

Prime Portfolio

    

9

    

Government Portfolio

    

12

    

Government Securities Portfolio

    

16

    

Treasury Portfolio

    

18

    

Treasury Securities Portfolio

    

20

    

Tax-Exempt Portfolio

    

21

    

Statements of Assets and Liabilities

    

23

    

Statements of Operations

    

27

    

Statements of Changes in Net Assets

    

29

    

Financial Highlights

    

36

    

Notes to Financial Statements

    

51

    

U.S. Customer Privacy Notice

    

59

    

Trustee and Officer Information

    

62

    

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

2022 Semi-Annual Report

April 30, 2022 (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, 2022. 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 2022


2

2022 Semi-Annual Report

April 30, 2022 (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, 2022 were as follows:

   

Subsidized Yields

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

Fund:

  
ESG Money
Market		    

0.35

%

    

0.35

%

    

0.29

%

    

0.29

%

    

N/A

      

N/A

      

N/A

      

N/A

      

0.10

%

    

0.10

%

    

0.05

%

    

0.05

%

    

0.20

%

    

0.20

%

    

—

      

—

      

0.35

%

    

0.35

%

    

—

      

—

    

Prime

    

0.37

%

    

0.37

%

    

0.32

%

    

0.32

%

    

N/A

      

N/A

      

N/A

      

N/A

      

0.12

%

    

0.12

%

    

N/A

      

N/A

      

0.22

%

    

0.22

%

    

—

      

—

      

—

      

—

      

0.37

%

    

0.37

%

  

Government

    

0.30

%

    

0.30

%

    

0.25

%

    

0.25

%

    

0.20

%

    

0.20

%

    

0.15

%

    

0.15

%

    

0.05

%

    

0.05

%

    

0.05

%

    

0.05

%

    

0.15

%

    

0.15

%

    

0.05

%

    

0.05

%

    

0.30

%

    

0.30

%

    

0.30

%

    

0.30

%

  
Government
Securities		    

0.26

%

    

0.26

%

    

0.22

%

    

0.22

%

    

0.16

%

    

0.16

%

    

0.11

%

    

0.11

%

    

0.02

%

    

0.02

%

    

0.02

%

    

0.02

%

    

0.11

%

    

0.11

%

    

—

      

—

      

—

      

—

      

—

      

—

    

Treasury

    

0.23

%

    

0.23

%

    

0.18

%

    

0.18

%

    

0.13

%

    

0.13

%

    

0.08

%

    

0.08

%

    

0.01

%

    

0.01

%

    

0.01

%

    

0.01

%

    

0.08

%

    

0.08

%

    

0.01

%

    

0.01

%

    

—

      

—

      

—

      

—

    
Treasury
Securities		    

0.30

%

    

0.30

%

    

0.25

%

    

0.25

%

    

0.20

%

    

0.20

%

    

0.15

%

    

0.15

%

    

0.05

%

    

0.05

%

    

0.01

%

    

0.01

%

    

0.15

%

    

0.15

%

    

0.01

%

    

0.01

%

    

—

      

—

      

—

      

—

    

Tax-Exempt

    

0.26

%

    

0.26

%

    

0.21

%

    

0.21

%

    

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

0.11

%

    

0.11

%

    

—

      

—

      

—

      

—

      

—

      

—

    
   

Non-Subsidized Yields

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

Fund:

  
ESG Money
Market		    

0.29

%

    

0.29

%

    

0.25

%

    

0.25

%

    

N/A

      

N/A

      

N/A

      

N/A

      

0.05

%

    

0.05

%

    

–0.21

%

    

–0.21

%

    

0.14

%

    

0.14

%

    

—

      

—

      

0.29

%

    

0.29

%

    

—

      

—

    

Prime

    

0.29

%

    

0.29

%

    

0.24

%

    

0.24

%

    

N/A

      

N/A

      

N/A

      

N/A

      

0.04

%

    

0.04

%

    

N/A

      

N/A

      

0.14

%

    

0.14

%

    

—

      

—

      

—

      

—

      

0.29

%

    

0.29

%

  

Government

    

0.21

%

    

0.21

%

    

0.16

%

    

0.16

%

    

0.11

%

    

0.11

%

    

0.06

%

    

0.06

%

    

–0.04

%

    

–0.04

%

    

–0.29

%

    

–0.29

%

    

0.06

%

    

0.06

%

    

–0.59

%

    

–0.59

%

    

0.21

%

    

0.21

%

    

0.21

%

    

0.21

%

  
Government
Securities		    

0.24

%

    

0.24

%

    

0.20

%

    

0.20

%

    

0.15

%

    

0.15

%

    

0.10

%

    

0.10

%

    

–0.01

%

    

–0.01

%

    

–0.26

%

    

–0.26

%

    

0.09

%

    

0.09

%

    

—

      

—

      

—

      

—

      

—

      

—

    

Treasury

    

0.22

%

    

0.22

%

    

0.17

%

    

0.17

%

    

0.12

%

    

0.12

%

    

0.07

%

    

0.07

%

    

–0.04

%

    

–0.04

%

    

–0.28

%

    

–0.28

%

    

0.07

%

    

0.07

%

    

–0.58

%

    

–0.58

%

    

—

      

—

      

—

      

—

    
Treasury
Securities		    

0.27

%

    

0.27

%

    

0.22

%

    

0.22

%

    

0.17

%

    

0.17

%

    

0.12

%

    

0.12

%

    

0.02

%

    

0.02

%

    

–0.23

%

    

–0.23

%

    

0.12

%

    

0.12

%

    

–0.54

%

    

–0.54

%

    

—

      

—

      

—

      

—

    

Tax-Exempt

    

0.03

%

    

0.03

%

    

–0.02

%

    

–0.02

%

    

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

N/A

      

–0.12

%

    

–0.12

%

    

—

      

—

      

—

      

—

      

—

      

—

    

*  Commenced offering on March 29, 2022.

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 NET ASSET VALUE ("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 ("FDIC") 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 FDIC 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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Expense Examples

As a shareholder of a Fund, you incur ongoing costs, which might include advisory fees, administration 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, 2022 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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Expense Examples (cont'd)

    Beginning
Account
Value
11/1/21		   Actual Ending
Account
Value
4/30/22		   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

    

$

1,000.39

    

$

1,024.23

    

$

0.70

*

  

$

0.71

*

    

0.14

%

  

ESG Money Market Portfolio Institutional Select Class

    

1,000.00

      

1,000.32

      

1,024.13

      

0.80

*

    

0.81

*

    

0.16

    

ESG Money Market Portfolio Advisory Class

    

1,000.00

      

1,000.08

      

1,023.88

      

1.05

*

    

1.06

*

    

0.21

    

ESG Money Market Portfolio Participant Class

    

1,000.00

      

1,000.05

      

1,023.88

      

1.05

*

    

1.06

*

    

0.21

    

ESG Money Market Portfolio Cash Management Class

    

1,000.00

      

1,000.20

      

1,024.03

      

0.90

*

    

0.91

*

    

0.18

    

ESG Money Market Portfolio CastleOak Shares Class

    

1,000.00

      

1,000.49

      

1,024.23

      

0.70

*

    

0.71

*

    

0.14

    

Prime Portfolio Institutional Class

    

1,000.00

      

1,000.48

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Prime Portfolio Institutional Select Class

    

1,000.00

      

1,000.41

      

1,024.18

      

0.75

*

    

0.76

*

    

0.15

    

Prime Portfolio Advisory Class

    

1,000.00

      

1,000.66

      

1,023.98

      

0.95

*

    

0.96

*

    

0.19

    

Prime Portfolio Cash Management Class

    

1,000.00

      

1,000.18

      

1,024.08

      

0.85

*

    

0.86

*

    

0.17

    

Prime Portfolio Impact Class

    

1,000.00

      

1,000.54

      

1,004.54

      

0.12

**

    

0.12

**

    

0.13

    

Government Portfolio Institutional Class

    

1,000.00

      

1,000.41

      

1,024.58

      

0.35

*

    

0.35

*

    

0.07

    

Government Portfolio Institutional Select Class

    

1,000.00

      

1,000.35

      

1,024.53

      

0.40

*

    

0.40

*

    

0.08

    

Government Portfolio Investor Class

    

1,000.00

      

1,000.29

      

1,024.43

      

0.50

*

    

0.50

*

    

0.10

    

Government Portfolio Administrative Class

    

1,000.00

      

1,000.22

      

1,024.38

      

0.55

*

    

0.56

*

    

0.11

    

Government Portfolio Advisory Class

    

1,000.00

      

1,000.16

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Government Portfolio Participant Class

    

1,000.00

      

1,000.16

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Government Portfolio Cash Management Class

    

1,000.00

      

1,000.22

      

1,024.43

      

0.50

*

    

0.50

*

    

0.10

    

Government Portfolio Select Class

    

1,000.00

      

1,000.17

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Government Portfolio CastleOak Shares Class

    

1,000.00

      

1,000.41

      

1,024.58

      

0.35

*

    

0.35

*

    

0.07

    

Government Portfolio Impact Class

    

1,000.00

      

1,000.24

      

1,004.59

      

0.07

**

    

0.07

**

    

0.07

    

Government Securities Portfolio Institutional Class

    

1,000.00

      

1,000.27

      

1,024.48

      

0.45

*

    

0.45

*

    

0.09

    

Government Securities Portfolio Institutional Select Class

    

1,000.00

      

1,000.20

      

1,024.43

      

0.50

*

    

0.50

*

    

0.10

    

Government Securities Portfolio Investor Class

    

1,000.00

      

1,000.14

      

1,024.38

      

0.55

*

    

0.56

*

    

0.11

    

Government Securities Portfolio Administrative Class

    

1,000.00

      

1,000.08

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Government Securities Portfolio Advisory Class

    

1,000.00

      

1,000.05

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Government Securities Portfolio Participant Class

    

1,000.00

      

1,000.05

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Government Securities Portfolio Cash Management Class

    

1,000.00

      

1,000.09

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Treasury Portfolio Institutional Class

    

1,000.00

      

1,000.28

      

1,024.48

      

0.45

*

    

0.45

*

    

0.09

    

Treasury Portfolio Institutional Select Class

    

1,000.00

      

1,000.22

      

1,024.43

      

0.50

*

    

0.50

*

    

0.10

    

Treasury Portfolio Investor Class

    

1,000.00

      

1,000.16

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Treasury Portfolio Administrative Class

    

1,000.00

      

1,000.10

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Treasury Portfolio Advisory Class

    

1,000.00

      

1,000.05

      

1,024.23

      

0.70

*

    

0.71

*

    

0.14

    

Treasury Portfolio Participant Class

    

1,000.00

      

1,000.05

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Treasury Portfolio Cash Management Class

    

1,000.00

      

1,000.10

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Treasury Portfolio Select Class

    

1,000.00

      

1,000.04

      

1,024.23

      

0.70

*

    

0.71

*

    

0.14

    

Treasury Securities Portfolio Institutional Class

    

1,000.00

      

1,000.30

      

1,024.48

      

0.45

*

    

0.45

*

    

0.09

    

Treasury Securities Portfolio Institutional Select Class

    

1,000.00

      

1,000.24

      

1,024.43

      

0.50

*

    

0.50

*

    

0.10

    

Treasury Securities Portfolio Investor Class

    

1,000.00

      

1,000.16

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Treasury Securities Portfolio Administrative Class

    

1,000.00

      

1,000.12

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Treasury Securities Portfolio Advisory Class

    

1,000.00

      

1,000.06

      

1,024.33

      

0.60

*

    

0.61

*

    

0.12

    

Treasury Securities Portfolio Participant Class

    

1,000.00

      

1,000.05

      

1,024.08

      

0.85

*

    

0.86

*

    

0.17

    

Treasury Securities Portfolio Cash Management Class

    

1,000.00

      

1,000.12

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Treasury Securities Portfolio Select Class

    

1,000.00

      

1,000.04

      

1,024.23

      

0.70

*

    

0.71

*

    

0.14

    

Tax-Exempt Portfolio Institutional Class

    

1,000.00

      

1,000.18

      

1,024.38

      

0.55

*

    

0.56

*

    

0.11

    

Tax-Exempt Portfolio Institutional Select Class

    

1,000.00

      

1,000.09

      

1,024.28

      

0.65

*

    

0.66

*

    

0.13

    

Tax-Exempt Portfolio Cash Management Class

    

1,000.00

      

1,000.06

      

1,024.18

      

0.75

*

    

0.76

*

    

0.15

    

*    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).

**    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 34****/365 (to reflect the actual days in the period).

***  Annualized.

****  Adjusted to reflect non-business day accruals.


5

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

ESG Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (8.8%)

  

International Banks (8.8%)

  

Bank of Montreal,

  

0.64%, 6/15/22

  

$

40,000

    

$

39,990

    

Credit Agricole Corporate and Investment Bank,

  

0.91%, 6/16/22

    

150,000

      

149,999

    

Nordea Bank Abp,

  

0.31%, 5/2/22

    

180,000

      

179,999

    

Total Certificates of Deposit (Cost $370,000)

    

369,988

    

Commercial Paper (a) (17.4%)

  

Asset-Backed Diversified Financial Services (0.7%)

  

Collateralized Commercial Paper FLEX Co. LLC,

  

0.26%, 7/12/22 (b)

    

30,000

      

29,945

    

Diversified Financial Services (2.3%)

  

CDP Financial, Inc.,

  

0.78%, 6/15/22

    

45,000

      

44,951

    

0.95%, 6/14/22

    

50,000

      

49,948

    
     

94,899

    

International Banks (14.4%)

  

Barclays Bank PLC,

  

1.08%, 6/17/22

    

20,000

      

19,976

    

BNZ International Funding Ltd.,

  

0.20%, 7/14/22

    

20,000

      

19,955

    

0.24%, 6/15/22

    

15,000

      

14,984

    

0.25%, 7/21/22 (b)

    

25,000

      

24,935

    

Mizuho Bank Ltd.,

  

0.85%, 6/16/22

    

62,000

      

61,928

    

National Bank Ltd.,

  

1.78%, 9/22/22

    

70,000

      

69,564

    

Oversea Chinese Banking Corp. Ltd.,

  

0.27%, 6/22/22

    

35,000

      

34,953

    

Skandinaviska Enskilda Banken AB,

  

0.24%, 6/15/22

    

33,000

      

32,964

    

Sumitomo Mitsui Trust Bank Ltd.,

  

0.55%, 5/6/22

    

50,000

      

49,996

    

Swedbank AB,

  

0.32%, 5/2/22

    

150,000

      

149,996

    

Toronto-Dominion Bank (The),

  

1.80%, 9/22/22

    

50,000

      

49,643

    

UBS AG London,

  

0.28%, 7/20/22 (b)

    

25,000

      

24,948

    

United Overseas Bank Ltd.,

  

1.78%, 9/22/22

    

50,000

      

49,673

    
     

603,515

    

Total Commercial Paper (Cost $728,555)

    

728,359

    

Corporate Bonds (0.6%)

  

Insurance (0.0%) (c)

  

Metropolitan Life Global Funding I,

  

2.40%, 6/17/22 (b)

    

1,000

      

1,002

    
    Face
Amount
(000)		   Value
(000)		  

International Banks (0.6%)

  

Canadian Imperial Bank of Commerce,

  

2.55%, 6/16/22

  

$

5,205

    

$

5,213

    

Macquarie Bank Ltd.,

  

2.10%, 10/17/22 (b)(d)

    

15,000

      

14,996

    

Suncorp-Metway Ltd.,

  

2.80%, 5/4/22 (b)

    

5,257

      

5,257

    
     

25,466

    

Total Corporate Bonds (Cost $26,470)

    

26,468

    

Floating Rate Notes (e) (27.4%)

  

Insurance (0.1%)

  

Metropolitan Life Global Funding I,

  
SOFR + 0.35%
0.60%, 9/8/22 (b)		    

4,500

      

4,503

    

International Banks (27.3%)

  

Australia and New Zealand Banking Group Ltd.,

  
SOFR + 0.26%
0.54%, 12/9/22 (b)		    

105,000

      

104,916

    

Bank of Montreal,

  
SOFR + 0.26%
0.54%, 12/22/22		    

25,000

      

24,977

    

Bank of Nova Scotia,

  

SOFR + 0.20%, 0.48%, 11/8/22

    

20,000

      

19,983

    

SOFR + 0.20%, 0.48%, 11/10/22 (b)

    

50,000

      

49,955

    

SOFR + 0.54%, 0.82%, 9/21/22

    

30,000

      

30,025

    
Banque Federative du Credit Mutuel SA,
3 Month USD LIBOR + 0.73%
1.79%, 7/20/22 (b)		    

5,200

      

5,204

    

Barclays Bank PLC,

  

SOFR + 0.16%, 0.44%, 6/16/22 - 6/17/22 (b)

    

110,000

      

109,987

    

SOFR + 0.30%, 0.58%, 7/7/22 (b)

    

36,000

      

36,001

    

Canadian Imperial Bank of Commerce,

  

SOFR + 0.22% 0.50%, 9/2/22 (b)

    

20,000

      

19,997

    

Commonwealth Bank of Australia,

  

SOFR + 0.20%, 0.48%, 8/26/22 - 8/31/22

    

40,000

      

39,982

    

Federation des caisses Desjardins du Quebec,

  

SOFR + 0.40%, 0.68%, 10/3/22 (b)

    

45,000

      

45,007

    

SOFR + 0.50%, 0.78%, 9/26/22 (b)

    

30,000

      

30,018

    

Macquarie Bank Ltd.,

  

SOFR + 0.23%, 0.51%, 8/2/22 (b)

    

30,000

      

30,001

    

SOFR + 0.40%, 0.68%, 10/6/22 - 10/19/22 (b)

    

70,000

      

70,007

    

National Australia Bank Ltd.,

  

SOFR + 0.20%, 0.48%, 8/23/22 (b)

    

30,000

      

29,988

    

SOFR + 0.25%, 0.53%, 12/1/22 (b)

    

25,000

      

24,974

    

Royal Bank of Canada,

  

SOFR + 0.25%, 0.53%, 12/1/22

    

75,000

      

74,939

    

3 Month USD LIBOR + 0.10%, 0.43%, 8/29/22

    

20,000

      

19,989

    

3 Month USD LIBOR + 0.12%, 0.45%, 11/10/22

    

22,100

      

22,082

    

SOFR + 0.44%, 0.72%, 12/19/22 (b)

    

40,000

      

40,007

    

Sumitomo Mitsui Trust NY,

  

SOFR + 0.31%, 0.59%, 7/7/22

    

75,000

      

75,003

    

SOFR + 0.32%, 0.60%, 8/1/22

    

35,000

      

35,001

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

ESG Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (cont'd)

  

Svenska Handelsbanken AB,

  

SOFR + 0.15%, 0.43%, 5/9/22

  

$

36,000

    

$

36,001

    

SOFR + 0.19%, 0.47%, 10/27/22

    

25,000

      

24,976

    

SOFR + 0.20%, 0.48%, 8/23/22

    

50,000

      

49,980

    

UBS AG London,

  

SOFR + 0.18%, 0.46%, 6/21/22 (b)

    

25,000

      

24,996

    

SOFR + 0.19%, 0.47%, 6/14/22 - 7/13/22 (b)

    

70,000

      

69,992

    
     

1,143,988

    

Total Floating Rate Notes (Cost $1,148,794)

    

1,148,491

    

Repurchase Agreements (25.4%)

  
ABN Amro Securities LLC, (Interest in $900,000
joint repurchase agreement, 0.30% dated
4/29/22 under which ABN Amro Securities
LLC, will repurchase the securities provided
as collateral for $900,023 on 5/2/22.
The securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government agency
securities and U.S. Government obligations with
various maturities to 2/15/51; valued at
$921,550)		    

52,000

      

52,000

    
ABN Amro Securities LLC, (0.47% (e), dated
4/29/22, due 5/2/22; proceeds $70,003; fully
collateralized by various Corporate Bonds,
0.31% - 7.95% due 7/30/22 - 4/13/52,
various U.S. Government agency securities,
2.50% - 3.00% due 6/1/40 - 4/20/51 and various
U.S. Government obligations, 1.13% - 3.00% due
5/15/27 - 5/15/51; valued at $72,944)		    

70,000

      

70,000

    
Bank of America Securities, Inc., (0.34%, dated
4/29/22, due 5/2/22; proceeds $75,046; fully
collateralized by a Money Market, 0.00% due
7/20/22; valued at $78,750)		    

75,000

      

75,000

    
Bank of America Securities, Inc., (0.64%, dated
4/29/22, due 7/3/22; proceeds $75,004; fully
collateralized by various Common Stocks and
Preferred Stocks; valued at $78,750)		    

75,000

      

75,000

    
BMO Capital Markets Corp., (0.42%, dated
4/29/22, due 5/2/22; proceeds $124,004;
fully collateralized by various Corporate Bonds,
1.42% - 3.35% due 5/2/22 - 1/15/87 and various
U.S. Government obligations, 0.00% - 4.38% due
5/15/22 - 11/15/51 and an U.S. Government
agency security, 2.00% due 10/1/50 (f);
valued at $127,590)		    

124,000

      

124,000

    
BNP Paribas Securities Corp., (0.59%, dated
4/29/22, due 5/2/22; proceeds $124,006;
fully collateralized by various Corporate Bonds,
2.57% - 13.00% due 3/16/23 - 10/15/97 (f);
valued at $131,117)		    

124,000

      

124,000

    
BNP Paribas Securities Corp., (0.66%, dated
3/17/22, due 8/2/22; proceeds $80,202; fully
collateralized by various Corporate Bonds,
2.53% - 12.00% due 2/1/23 - 6/15/76 (f);
valued at $84,791) (Demand 5/2/22)		    

80,000

      

80,000

    
ING Financial Markets LLC, (0.40%, dated
4/29/22, due 5/2/22; proceeds $40,001;
fully collateralized by various Corporate Bonds,
0.25% - 5.20% due 9/15/23 - 6/1/60;
valued at $42,000)		    

40,000

      

40,000

    
    Face
Amount
(000)		   Value
(000)		  
JP Morgan Securities LLC, (0.54% (e), dated
9/7/21, due 5/6/22; proceeds $110,398;
fully collateralized by various Common Stocks
and Preferred Stocks; valued at $117,722)
(Demand 5/2/22)		  

$

110,000

    

$

110,000

    
JP Morgan Securities LLC, (0.57% (e), dated
11/17/21, due 5/6/22; proceeds $25,067;
fully collateralized by various Common Stocks
and Preferred Stocks; valued at $26,450)
(Demand 5/2/22)		    

25,000

      

25,000

    
RBC Capital Markets LLC, (0.42%, dated 4/28/22,
due 5/5/22; proceeds $40,003; fully
collateralized by various Corporate Bonds,
0.53% - 9.63% due 1/25/24 - 7/21/52;
valued at $42,000)		    

40,000

      

40,000

    
Societe Generale, (0.44% (e), dated 11/29/21,
due 5/10/22; proceeds $58,189; fully
collateralized by various Common Stocks;
valued at $60,929) (Demand 5/2/22)		    

58,000

      

58,000

    
Societe Generale, (0.44% (e), dated 3/23/22,
due 6/15/22; proceeds $25,026; fully
collateralized by various Common Stocks;
valued at $26,277) (Demand 5/2/22)		    

25,000

      

25,000

    
Societe Generale, (0.47%, dated 4/29/22, due
5/2/22; proceeds $125,005; fully collateralized
by various Corporate Bonda, 1.04% - 11.88%
due 6/8/22 - 11/23/81 and U.S. Government
obligations, 1.88% due 2/15/32 (f);
valued at $132,229)		    

125,000

      

125,000

    
TD Securities (USA) LLC, (0.39%, dated 4/29/22,
due 5/2/22; proceeds $40,001; fully
collateralized by various Corporate Bonds,
0.92% - 8.20% due 6/24/22 - 2/8/61;
valued at $42,001)		    

40,000

      

40,000

    

Total Repurchase Agreements (Cost $1,063,000)

    

1,063,000

    

Time Deposits (20.7%)

  

International Banks (20.7%)

  

Barclays Bank PLC (New York Branch),

  

0.32%, 5/2/22

    

35,000

      

35,000

    

Canadian Imperial Bank of Commerce,

  

0.32%, 5/2/22

    

5,000

      

5,000

    

Cooperatieve Rabobank UA (New York Branch),

  

0.31%, 5/2/22

    

180,000

      

180,000

    

Mizuho Bank Ltd.

  

0.32%, 5/2/22

    

145,000

      

145,000

    

National Bank of Canada (Montreal Branch),

  

0.32%, 5/2/22

    

160,000

      

160,000

    

Natixis (New York Branch),

  

0.31%, 5/2/22

    

100,000

      

100,000

    

Skandinaviska Enskilda Banken AB,

  

0.31%, 5/2/22

    

170,000

      

170,000

    

Svenska Handelsbanken AB (New York Branch),

  

0.31%, 5/2/22

    

75,000

      

75,000

    

Total Time Deposits (Cost $870,000)

    

870,000

    

Total Investments (100.3%) (Cost $4,206,819) (g)(h)

    

4,206,306

    

Liabilities in Excess of Other Assets (-0.3%)

    

(13,967

)

  

Net Assets (100.0%)

  

$

4,192,339

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

ESG Money Market Portfolio

(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)  Amount is less than 0.05%.

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

(e)  Floating or variable rate securities: The rates disclosed are as of April 30, 2022. 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.

(f)  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, 2022.

(g)  At April 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $164,000 and the aggregate gross unrealized depreciation is approximately $677,000, resulting in net unrealized depreciation of approximately $513,000.

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

LIBOR  London Interbank Offered Rate.

SOFR  Secured Overnight Financing Rate.

USD  United States Dollar.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Floating Rate Notes

    

27.3

%

  

Repurchase Agreements

    

25.3

    

Time Deposits

    

20.7

    

Commercial Paper

    

17.3

    

Certificates of Deposit

    

8.8

    

Other*

    

0.6

    

Total Investments

    

100.0

%

  

*  Industry and/or investment type representing less than 5% of total investments.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (0.6%)

  

International Banks (0.6%)

  

Bank of Montreal,

  
0.64%, 6/15/22 (Cost $75,000)  

$

75,000

    

$

74,981

    

Commercial Paper (a) (13.2%)

  

Asset-Backed Diversified Financial Services (0.4%)

  

Collateralized Commercial Paper FLEX Co. LLC,

  

0.26%, 7/12/22 (b)

    

50,000

      

49,908

    

Diversified Financial Services (1.5%)

  

La Caisse d'Amortissement de la Dette Sociale,

  

0.63%, 6/15/22

    

125,000

      

124,859

    

PSP Capital, Inc.,

  

0.64%, 6/16/22

    

60,000

      

59,933

    
     

184,792

    

Diversified Manufacturing (0.4%)

  

ST Engineering,

  

1.06%, 6/15/22

    

50,000

      

49,953

    

International Banks (10.8%)

  

Barclays Bank PLC,

  

0.35%, 5/3/22

    

100,000

      

99,996

    

BNZ International Funding Ltd.,

  

0.20%, 7/14/22

    

50,000

      

49,889

    

0.25%, 7/21/22 (b)

    

60,000

      

59,845

    

0.28%, 6/22/22

    

35,000

      

34,954

    

Goldman Sachs International,

  

0.20%, 7/1/22

    

150,000

      

149,747

    

Mizuho Bank Ltd.,

  

0.85%, 6/15/22

    

150,000

      

149,831

    

National Bank Ltd.,

  

1.78%, 9/22/22

    

170,000

      

168,941

    

Skandinaviska Enskilda Banken AB,

  

0.24%, 6/15/22

    

175,000

      

174,809

    

0.26%, 6/22/22

    

85,000

      

84,887

    

Swedbank AB,

  

0.32%, 5/2/22

    

10,000

      

10,000

    

Toronto-Dominion Bank (The),

  

1.80%, 9/22/22

    

50,000

      

49,643

    

UBS AG London,

  

0.28%, 7/20/22 (b)

    

173,500

      

173,143

    

United Overseas Bank Ltd.,

  

1.78%, 9/22/22

    

100,000

      

99,345

    
     

1,305,030

    

Total Commercial Paper (Cost $1,590,684)

    

1,589,683

    

Floating Rate Notes (c) (32.2%)

  

Automobile (0.1%)

  

Toyota Motor Credit Corp.,

  

SOFR + 0.30%, 0.58%, 6/13/22

    

6,030

      

6,029

    

International Banks (32.1%)

  

Australia and New Zealand Banking Group Ltd.,

  

SOFR + 0.26%, 0.54%, 12/9/22 (b)

    

270,000

      

269,784

    

Bank of Montreal,

  

SOFR + 0.26%, 0.54%, 12/22/22

    

200,000

      

199,819

    

SOFR + 0.28%, 0.56%, 12/21/22

    

100,000

      

99,923

    
    Face
Amount
(000)		   Value
(000)		  

Bank of Nova Scotia,

  

SOFR + 0.20%, 0.48%, 11/8/22

  

$

79,000

    

$

78,931

    

SOFR + 0.20%, 0.48%, 11/10/22 (b)

    

250,000

      

249,777

    

SOFR + 0.54%, 0.82%, 9/21/22

    

140,000

      

140,118

    

Barclays Bank PLC,

  

SOFR + 0.16%, 0.44%, 6/16/22 - 6/17/22 (b)

    

1,20,000

      

119,987

    

SOFR + 0.20%, 0.48%, 8/9/22 (b)

    

75,000

      

74,977

    

Canadian Imperial Bank of Commerce,

  

SOFR + 0.22%, 0.50%, 9/2/22 (b)

    

100,000

      

99,985

    

Commonwealth Bank of Australia,

  

SOFR + 0.20%, 0.48%, 8/26/22 - 8/31/22

    

145,000

      

144,937

    

SOFR + 0.25%, 0.53%, 12/6/22

    

100,000

      

99,933

    

Federation des caisses Desjardins du Quebec,

  

SOFR + 0.40%, 0.68%, 10/3/22 (b)

    

165,000

      

165,025

    

SOFR + 0.50%, 0.78%, 9/26/22 (b)

    

70,000

      

70,041

    

Goldman Sachs Bank USA,

  

SOFR + 0.23%, 0.51%, 10/14/22 - 10/19/22

    

200,000

      

199,872

    

SOFR + 0.54%, 0.82%, 10/3/22

    

248,000

      

248,192

    

National Australia Bank Ltd.,

  

SOFR + 0.20%, 0.48%, 8/23/22 (b)

    

110,000

      

109,956

    

SOFR + 0.25%, 0.53%, 12/1/22 (b)

    

110,000

      

109,887

    

Royal Bank of Canada,

  

SOFR + 0.25%, 0.53%, 12/1/22

    

265,000

      

264,784

    

SOFR + 0.37%, 0.65%, 11/3/22 (b)

    

55,000

      

55,011

    

Sumitomo Mitsui Banking Corp.,

  

SOFR + 0.32%, 0.60%, 7/28/22

    

150,000

      

150,007

    

SOFR + 0.33%, 0.61%, 8/1/22

    

250,000

      

250,018

    

Sumitomo Mitsui Trust NY,

  

SOFR + 0.15%, 0.43%, 6/21/22

    

175,000

      

174,976

    

Svenska Handelsbanken AB,

  

SOFR + 0.19%, 0.47%, 10/27/22

    

75,000

      

74,928

    

SOFR + 0.20%, 0.48%, 8/23/22

    

225,000

      

224,909

    

UBS AG London,

  

SOFR + 0.19%, 0.47%, 6/14/22 - 6/16/22 (b)

    

190,000

      

189,982

    

   

3,865,759

    

Total Floating Rate Notes (Cost $3,873,031)

    

3,871,788

    

Repurchase Agreements (32.9%)

  
ABN Amro Securities LLC, (Interest in $900,000
joint repurchase agreement, 0.30% dated
4/29/22 under which ABN Amro Securities LLC,
will repurchase the securities provided as
collateral for $900,023 on 5/2/22. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party agent,
were various U.S. Government agency securities
and U.S. Government obligations with various
maturities to 2/15/51; valued at $921,550)		    

718,000

      

718,000

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
ABN Amro Securities LLC, (0.47%, dated
4/29/22, due 5/2/22; proceeds $80,003;
fully collateralized by various Corporate Bonds,
0.52% - 8.70% due 5/16/22 - 4/13/52,
by various U.S. Government obligations,
0.38% - 3.00% due 1/31/26 - 5/15/51
and an U.S. Government agency security,
2.50% - 3.00% due 6/1/40 - 4/20/51;
valued at $83,312)		  

$

80,000

    

$

80,000

    
Bank of America Securities, Inc., (0.34%, dated
4/29/22, due 5/2/22; proceeds $125,004;
fully collateralized by various Money Markets,
0.53% - 9.40% due 5/3/22 - 7/20/22;
valued at $131,250)		    

125,000

      

125,000

    
BNP Paribas Securities Corp., (0.59%, dated
4/29/22, due 5/2/22; proceeds $597,029;
fully collateralized by various Corporate Bonds,
0.63% - 11.50% due 12/18/22 - 10/15/97 (d);
valued at $631,059)		    

597,000

      

597,000

    
Credit Agricole Corporate and Investment Bank,
(Interest in $100,000 joint repurchase
agreement, 0.30%, dated 4/29/22 under which
Credit Agricole Corporate and Investment Bank,
will repurchase the securities provided as
collateral for $100,003 on 5/2/22. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party agent,
were various U.S. Government agency security
with various maturities to 1/20/52;
valued at $103,000)		    

52,000

      

52,000

    
Credit Agricole Corporate and Investment Bank,
(0.37% (c), dated 8/18/21, due 5/6/22;
proceeds $125,254; fully collateralized by
various Corporate Bonds, 0.80% - 5.65%
due 1/18/23 - 12/15/96, by various U.S.
Government obligations, 0.00% - 0.88%
due 7/15/22 - 8/15/29 and an U.S. Government
agency security, 2.00% due 1/20/52 (d);
valued at $130,907) (Demand 5/2/22)		    

125,000

      

125,000

    
Credit Agricole Corporate and Investment Bank,
(0.37% (c), dated 9/10/21, due 5/6/22;
proceeds $500,926; fully collateralized by
various Corporate Bonds, 0.65% - 9.00%
due 1/18/23 - 12/15/96, by various U.S.
Government obligations, 0.00% - 0.88%
due 7/15/22 - 8/15/29 and U.S. Government
agency security, 0.13% - 5.50% due
7/15/22 - 5/1/52 (d); valued at $524,607)
(Demand 5/2/22)		    

500,000

      

500,000

    
JP Morgan Securities LLC, (0.54% (c), dated
9/7/21, due 5/6/22; proceeds $90,447;
fully collateralized by various Convertible Bonds,
0.00% - 3.50% due 3/15/24 - 8/15/26, and
by various Common Stocks and Preferred Stocks;
valued at $95,181) (Demand 5/2/22)		    

90,000

      

90,000

    
JP Morgan Securities LLC, (0.57% (c), dated
11/17/21, due 5/6/22; proceeds $185,498;
fully collateralized by various Preferred Stocks;
valued at $196,996) (Demand 5/2/22)		    

185,000

      

185,000

    
    Face
Amount
(000)		   Value
(000)		  
JP Morgan Securities LLC, (0.70% (c) , dated
5/27/21, due 7/3/22; proceeds $261,307;
fully collateralized by various Convertible Bonds,
1.25% - 2.38% due 3/15/24 - 5/1/25, and by
various Common Stocks and Preferred Stocks;
valued at $274,529) (Demand 5/2/22)		  

$

260,000

    

$

260,000

    
Mizuho Securities USA LLC, (0.47%, dated
4/29/22, due 5/2/22; proceeds $200,008;
fully collateralized by various Common Stocks;
valued at $210,000)		    

200,000

      

200,000

    
RBC Capital Markets LLC, (0.42%, dated 4/28/22,
due 5/5/22; proceeds $160,013; fully
collateralized by various Corporate Bonds,
0.52% - 8.75% due 6/15/22 - 6/3/60 (d);
valued at $168,001)		    

160,000

      

160,000

    
Societe Generale, (0.44% (c), dated 11/9/21,
due 5/10/22; proceeds $260,578; fully
collateralized by various Common Stocks;
valued at $273,130) (Demand 5/2/22)		    

260,000

      

260,000

    
Societe Generale, (0.44% (c), dated 3/23/22,
due 6/15/22; proceeds $338,347; fully
collateralized by various Common Stocks;
valued at $355,264) (Demand 5/2/22)		    

338,000

      

338,000

    
TD Securities (USA) LLC, (0.39%, dated 4/29/22,
due 5/2/22; proceeds $40,001; fully
collateralized by various Corporate Bonds,
0.65% - 7.50% due 6/16/22 - 8/15/52;
valued at $42,000)		    

40,000

      

40,000

    
Wells Fargo Securities LLC, (1.08%, dated 3/17/22,
due 6/15/22; proceeds $100,270; fully
collateralized by various Common Stocks and
Preferred Stock; valued at $105,000)		    

100,000

      

100,000

    
Wells Fargo Securities LLC, (1.08%, dated 3/18/22,
due 6/16/22; proceeds $34,092; fully
collateralized by various Common Stocks and
Preferred Stocks;valued at $35,700)		    

34,000

      

34,000

    
Wells Fargo Securities LLC, (1.08%, dated 3/18/22,
due 6/16/22; proceeds $100,270; fully
collateralized by various Corporate Bonds,
0.56% - 6.25% due 11/9/22 - 6/3/60;
valued at $105,001)		    

100,000

      

100,000

    

Total Repurchase Agreements (Cost $3,964,000)

    

3,964,000

    

Time Deposits (18.9%)

  

International Banks (18.9%)

  

Barclays Bank PLC (New York Branch),

  

0.32%, 5/2/22

    

305,000

      

305,000

    

Canadian Imperial Bank of Commerce,

  

0.32%, 5/2/22

    

95,000

      

95,000

    

Cooperatieve Rabobank UA (New York Branch),

  

0.31%, 5/2/22

    

580,000

      

580,000

    

Mizuho Bank Ltd.,

  

0.32%, 5/2/22

    

250,000

      

250,000

    

National Bank of Canada (Montreal Branch),

  

0.32%, 5/2/22

    

480,000

      

480,000

    

Natixis (New York Branch),

  

0.31%, 5/2/22

    

50,000

      

50,000

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Time Deposits (cont'd)

  

Skandinaviska Enskilda Banken AB,

  

0.31%, 5/2/22

  

$

330,000

    

$

330,000

    

Svenska Handelsbanken AB (New York Branch),

  

0.31%, 5/2/22

    

175,000

      

175,000

    

Total Time Deposits (Cost $2,265,000)

    

2,265,000

    

Total Investments (97.8%) (Cost $11,767,715) (e)

    

11,765,452

    
Other Assets in Excess of Liabilities (2.2%)    

267,440

    

Net Assets (100.0%)

  

$

12,032,892

    

(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, 2022. 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, 2022.

(e)  At April 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $613,000 and the aggregate gross unrealized depreciation is approximately $2,876,000, resulting in net unrealized depreciation of approximately $2,263,000.

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

33.7

%

  

Floating Rate Notes

    

32.9

    

Time Deposits

    

19.3

    

Commercial Paper

    

13.5

    

Other*

    

0.6

    

Total Investments

    

100.0

%

  

*  Industry and/or investment type representing less than 5% of total investments.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (75.9%)

  
Bank of America Securities, Inc., (0.30%, dated
4/29/22, due 5/2/22; proceeds
$1,000,025; fully collateralized by
various U.S. Government agency securities,
2.00% - 4.00% due 8/1/51 - 4/1/52;
valued at $1,030,000)		  

$

1,000,000

    

$

1,000,000

    
Bank of Montreal, (0.40%, dated 3/17/22,
due 5/5/22; proceeds $325,177; fully
collateralized by various U.S. Government
agency securities, 0.05% - 6.16% due
6/25/24 - 3/20/72; valued at $339,631)		    

325,000

      

325,000

    
Bank of Montreal, (0.40%, dated 4/29/22,
due 5/2/22; proceeds $60,002; fully
collateralized by various U.S. Government
agency securities, 0.54% - 5.51% due
4/1/37 - 7/20/71; valued at $62,711)		    

60,000

      

60,000

    
Barclays Bank PLC, (0.40%, dated 4/29/22,
due 5/2/22; proceeds $200,007; fully
collateralized by various U.S. Government
obligations, 0.75% - 3.38% due
3/31/26 - 2/15/46; valued at $204,000)		    

200,000

      

200,000

    
Barclays Bank PLC, (0.40% (b), dated 3/6/19,
due 5/6/22; proceeds $202,571; fully
collateralized by various U.S. Government
agency securities, 2.00% - 4.00% due
7/1/47 - 7/1/51; valued at $206,071)
(Demand 5/2/22)		    

200,000

      

200,000

    
Barclays Bank PLC, (0.40% (b), dated 2/20/20,
due 5/6/22; proceeds $100,896; fully
collateralized by various U.S. Government
agency securities, 2.00% - 2.50% due
10/1/50 - 9/1/51; valued at $103,036)
(Demand 5/2/22)		    

100,000

      

100,000

    
BMO Capital Markets Corp., (0.33%, dated
4/29/22, due 5/2/22; proceeds $150,004;
fully collateralized by various U.S. Government
agency securities, 0.60% - 4.74% due
7/13/22 - 6/25/47 and U.S. Government
obligations, 0.00% - 0.13% due
10/13/22 - 7/15/31; valued at $154,447)		    

150,000

      

150,000

    
BMO Capital Markets Corp., (0.40%, dated
3/17/22, due 5/5/22; proceeds $300,163;
fully collateralized by various U.S. Government
agency securities, 0.01% - 6.50% due
7/25/23 - 2/20/72 and U.S. Government
obligations, 0.13% - 2.75% due
6/30/23 - 2/15/32; valued at $314,961)		    

300,000

      

300,000

    
BMO Capital Markets Corp., (0.40%, dated
3/18/22, due 5/5/22; proceeds $100,053;
fully collateralized by various U.S. Government
agency securities, 0.63% - 6.01% due
9/25/23 - 12/20/71 and U.S. Government
obligations, 0.38% - 2.50% due
8/11/22 - 2/15/45; valued at $104,999)		    

100,000

      

100,000

    
BMO Capital Markets Corp., (0.40%, dated
4/29/22, due 5/2/22; proceeds $325,011;
fully collateralized by various U.S. Government
agency securities, 0.05% - 7.41% due
7/5/23 - 2/20/72; valued at $341,250)		    

325,000

      

325,000

    
    Face
Amount
(000)		   Value
(000)		  
BNP Paribas Securities Corp., (0.27%, dated
4/29/22, due 5/2/22; proceeds $700,016;
fully collateralized by various U.S. Government
obligations, 0.13% - 6.13% due
5/15/22 - 2/15/52; valued at
$714,000)		  

$

700,000

    

$

700,000

    
BNP Paribas Securities Corp., (0.28%, dated
4/29/22, due 5/2/22; proceeds $300,007;
fully collateralized by various U.S. Government
obligations, 0.13% - 4.63% due
1/15/25 - 2/15/51; valued at $306,000)		    

300,000

      

300,000

    
BNP Paribas Securities Corp., (Interest in
$1,800,000 joint repurchase agreement,
0.29% dated 4/29/22 under which BNP
Paribas Securities Corp., will repurchase the
securities provided as collateral for
$1,800,044 on 5/2/22. The securities
provided as collateral at the end of the period
held with BNY Mellon, tri-party agent, were
various U.S. Government agency securities
and U.S. Government obligations with various
maturities to 2/1/57; valued
at $1,840,752)		    

1,670,000

      

1,670,000

    
BNP Paribas Securities Corp., (0.52% (b), dated
4/8/20, due 6/3/22; proceeds $303,406;
fully collateralized by various U.S. Government
agency securities, 1.96% - 6.00% due
4/25/39 - 8/25/61 and U.S. Government
obligations, 1.38% - 2.13% due
10/15/22 - 11/15/41; valued at
$314,765) (Demand 5/2/22)		    

300,000

      

300,000

    
BNP Paribas Securities Corp., (0.52% (b), dated
9/2/20, due 6/3/22; proceeds $100,923;
fully collateralized by various U.S. Government
agency securities, 0.02% - 8.20% due
5/25/27 - 8/25/61 and an U.S. Government
obligation, 2.13% due 2/15/40; valued at
$104,925) (Demand 5/2/22)		    

100,000

      

100,000

    
BNP Paribas Securities Corp., (0.52% (b), dated
3/23/21, due 6/28/22; proceeds $100,667;
fully collateralized by various U.S. Government
agency securities, 0.02% - 8.05% due
6/1/23 - 12/25/57 and U.S. Government
obligations, 0.13% - 6.00% due
5/10/22 - 11/15/51; valued at
$104,885) (Demand 5/2/22)		    

100,000

      

100,000

    
Canadian Imperial Bank of Commerce, (0.39%,
dated 3/17/22, due 5/5/22; proceeds
$40,021; fully collateralized by various
U.S. Government agency securities,
1.06% - 7.00% due 7/15/27 - 9/16/63 and
U.S. Government obligations, 0.63% - 0.75%
due 1/31/28 - 8/15/30; valued at
$41,393)		    

40,000

      

40,000

    
Citibank NA, (0.31%, dated 4/27/22, due
5/4/22; proceeds $500,030; fully
collateralized by various U.S. Government
agency securities, 0.30% - 9.00% due
9/9/22 - 3/20/52 and U.S. Government
obligations, 0.13% - 6.75% due
4/30/22 - 8/15/51; valued at
$510,000)		    

500,000

      

500,000

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Citigroup Global Markets Holdings, Inc., (0.31%,
dated 4/26/22, due 5/3/22; proceeds
$1,000,060; fully collateralized by various
U.S. Government agency securities,
0.63% - 8.00% due 5/20/23 - 4/20/47 and
U.S. Government obligations, 0.13% - 7.50%
due 7/15/23 - 1/15/31; valued at
$1,025,044)		  

$

1,000,000

    

$

1,000,000

    
Credit Agricole Corporate and Investment Bank,
(Interest in $100,000 joint repurchase
agreement, 0.30% dated 4/29/22 under
which Credit Agricole Corporate and
Investment Bank, will repurchase the
securities provided as collateral for
$100,003 on 5/2/22. 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 4/20/52;
valued at $103,000)		    

48,000

      

48,000

    
Credit Suisse AG, (0.48% (b), dated 4/1/22,
due 8/2/22; proceeds $250,410; fully
collateralized by various U.S. Government
agency securities, 0.02% - 9.00% due
5/25/22 - 4/20/52; valued at $263,355)
(Demand 5/2/22)		    

250,000

      

250,000

    
Credit Suisse AG, (0.48% (b), dated 4/29/22,
due 8/2/22; proceeds $250,317; fully
collateralized by various U.S. Government
agency securities, 0.05% - 9.50% due
4/25/28 - 4/20/52; valued at $263,457)
(Demand 5/2/22)		    

250,000

      

250,000

    
Daiwa Capital Markets America, Inc., (0.30%,
dated 4/29/22, due 5/2/22; proceeds
$750,019; fully collateralized by various
U.S. Government agency securities,
1.50% - 6.00% due 3/8/24 - 4/20/52 and
U.S. Government obligations, 0.13% - 2.88%
due 4/30/22 - 11/15/51; valued at
$768,588)		    

750,000

      

750,000

    
Deutsche Bank Securities, Inc., (0.30%, dated
4/29/22, due 5/2/22; proceeds $250,006;
fully collateralized by various U.S. Government
agency securities, 3.50% - 4.50% due
11/1/47 - 4/1/52; valued at $257,500)		    

250,000

      

250,000

    
Federal Reserve Bank of New York, (0.30%,
dated 4/29/22, due 5/2/22; proceeds
$77,701,943; fully collateralized by various
U.S. Government obligations, 0.13% - 3.00%
due 12/31/22 - 8/31/28; valued at
$77,701,943)		    

77,700,000

      

77,700,000

    
Fixed Income Clearing Corp., (0.15%, dated
4/29/22, due 5/2/22; proceeds $250,003;
fully collateralized by an U.S. Government
obligation, 0.75% due 4/30/26; valued at
$255,000)		    

250,000

      

250,000

    
Fixed Income Clearing Corp., (0.30%, dated
4/29/22, due 5/2/22; proceeds $83,619;
fully collateralized by various U.S. Government
obligations, 0.38% - 2.88% due
9/15/22 - 9/30/26; valued at $85,290)		    

83,617

      

83,617

    
    Face
Amount
(000)		   Value
(000)		  
Fixed Income Clearing Corp., (0.30%, dated
4/29/22, due 5/2/22; proceeds $2,948,084;
fully collateralized by various U.S. Government
obligations, 0.13% - 2.50% due
1/15/23 - 2/15/52; valued at $3,006,970)		  

$

2,948,010

    

$

2,948,010

    
Fixed Income Clearing Corp., (0.30%, dated
4/29/22, due 5/2/22; proceeds
$3,668,465; fully collateralized by various
U.S. Government obligations, 0.25% - 3.38%
due 5/15/40 - 11/15/50; valued at
$3,741,741)		    

3,668,373

      

3,668,373

    
Goldman Sachs & Co. LLC, (0.31%, dated
4/29/22, due 5/2/22; proceeds
$3,569,091; fully collateralized by various
U.S. Government obligations, 0.13% - 3.13%
due 4/30/22 - 5/15/47; valued at
$3,640,380)		    

3,569,000

      

3,569,000

    
Goldman Sachs & Co. LLC, (0.31%, dated
4/26/22, due 5/3/22; proceeds $400,024;
fully collateralized by various U.S. Government
agency securities, 2.50% - 6.00% due
9/20/40 - 7/20/51 and U.S. Government
obligations, 2.38% due 2/29/24; valued
at $411,488)		    

400,000

      

400,000

    
ING Financial Markets LLC, (0.30%, dated
4/29/22, due 5/2/22; proceeds $350,009;
fully collateralized by various U.S. Government
obligations, 0.00% - 2.38% due
5/10/22 - 5/15/51; valued at $357,000)		    

350,000

      

350,000

    
JP Morgan Securities LLC, (0.44% (b), dated
8/17/21, due 7/29/22; proceeds
$1,129,758; fully collateralized by
various U.S. Government agency securities,
0.02% - 6.91% due 7/25/23 - 12/16/62;
valued at $1,181,703) (Demand 5/2/22)		    

1,125,000

      

1,125,000

    
JP Morgan Securities LLC, (0.44% (b), dated
4/28/22, due 7/29/22; proceeds
$300,337; fully collateralized by various
U.S. Government agency securities,
0.03% - 6.53% due 4/25/25 - 11/16/63;
valued at $315,015) (Demand 5/2/22)		    

300,000

      

300,000

    
Mizuho Securities USA LLC, (0.39%, dated
2/3/22, due 5/3/22; proceeds
$200,193; fully collateralized by various
U.S. Government agency securities,
1.00% - 6.00% due 10/25/28 - 1/20/52 and
an U.S. Government obligation, 0.00% due
5/24/22; valued at $208,411)		    

200,000

      

200,000

    
Mizuho Securities USA LLC, (0.41% (b), dated
10/26/21, due 6/3/22; proceeds
$1,001,711; fully collateralized by
various U.S. Government agency securities,
0.07% - 9.45% due 7/25/24 - 3/16/63;
valued at $1,050,000) (Demand 5/2/22)		    

1,000,000

      

1,000,000

    
MUFG Securities (Canada) Ltd., (0.30%, dated
4/29/22, due 5/2/22; proceeds $450,011;
fully collateralized by various U.S. Government
agency securities, 0.13% - 4.50% due
6/8/22 - 1/1/58 and U.S. Government
obligations, 0.13% - 3.13% due
10/20/22 - 2/15/42; valued at
$462,457)		    

450,000

      

450,000

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
MUFG Securities (Canada) Ltd., (0.30%, dated
4/29/22, due 5/2/22; proceeds $250,006;
fully collateralized by various U.S. Government
agency securities, 2.00% - 5.54% due
1/1/24 - 4/1/52 and an U.S. Government
obligation, 5.38% due 2/15/31; valued
at $257,326)		  

$

250,000

    

$

250,000

    
Natixis SA, (Interest in $900,000 joint
repurchase agreement, 0.28% dated
4/29/22 under which Natixis SA, will
repurchase the securities provided
ascollateral for $900,021 on 5/2/22.
The securities provided as collateral at the
end of the period held with BNY Mellon,
tri-party agent, were U.S. Government
obligations with various maturities to
2/15/49; valued at $918,000)		    

201,000

      

201,000

    
Natixis SA, (0.33% (b), dated 12/8/21, due
5/6/22; proceeds $75,031; fully
collateralized by various U.S. Government
agency securities, 0.13% - 7.00% due
5/1/30 - 4/1/56 and U.S. Government
obligations, 0.13% - 6.00% due
3/31/23 - 2/15/50; valued at $77,702)
(Demand 5/2/22)		    

75,000

      

75,000

    
Nomura Securities International, Inc., (0.30%,
dated 4/29/22, due 5/2/22; proceeds
$1,450,036; fully collateralized
by various U.S. Government agency
securities, 0.13% - 7.25% due
7/18/22 - 7/15/37 and U.S. Government
obligations, 0.00% due
5/15/23 - 2/15/52; valued at
$1,479,000)		    

1,450,000

      

1,450,000

    
Norinchukin Bank, (0.36%, dated 4/19/22, due
5/4/22; proceeds $450,068; fully
collateralized by an U.S. Government
obligation, 3.63% due 4/15/28; valued at
$458,999)		    

450,000

      

450,000

    
Norinchukin Bank, (0.36%, dated 4/26/22, due
5/5/22; proceeds $1,050,095; fully
collateralized by various U.S. Government
obligations, 0.63% - 6.75% due
6/30/25 - 5/15/31; valued at $1,071,001)		    

1,050,000

      

1,050,000

    
Norinchukin Bank, (0.36%, dated 4/27/22, due
5/4/22; proceeds $300,021; fully
collateralized by an U.S. Government
obligation, 3.63% due 4/15/28; valued at
$306,000)		    

300,000

      

300,000

    
Northwestern Mutual Life Insurance Company,
(0.34%, dated 4/29/22, due 5/2/22;
proceeds $800,023; fully collateralized
by various U.S. Government agency
securities, 2.00% - 4.00% due
12/1/39 - 2/1/52; valued at $824,000)		    

800,000

      

800,000

    
Prudential Insurance Company of America,
(0.31%, dated 4/29/22, due 5/2/22;
proceeds $206,150; fully collateralized
by various U.S. Government obligations,
0.00% - 3.38% due 2/15/24 - 2/15/51;
valued at $210,268)		    

206,145

      

206,145

    
    Face
Amount
(000)		   Value
(000)		  
Prudential Legacy Insurance Company of New
Jersey, (0.31%, dated 4/29/22, due 5/2/22;
proceeds $793,282; fully collateralized by
various U.S. Government obligations,
0.00% - 0.01% due 5/15/36 - 5/15/44;
valued at $809,128)		  

$

793,263

    

$

793,263

    
Royal Bank of Canada, (0.30% (b), dated
2/28/22, due 5/12/22; proceeds $500,304;
fully collateralized by various
U.S. Government agency securities,
1.32% - 5.00% due 8/1/26 - 4/1/52 and
U.S. Government obligations, 0.38% - 2.25%
due 4/30/25 - 8/15/49; valued at
$513,923) (Demand 5/2/22)		    

500,000

      

500,000

    
Royal Bank of Canada, (0.30% (b), dated
3/8/22, due 6/10/22; proceeds
$3,953,094; fully collateralized by various
U.S. Government agency securities,
1.31% - 8.50% due 7/1/22 - 6/15/60;
valued at $4,068,500) (Demand 5/2/22)		    

3,950,000

      

3,950,000

    
Royal Bank of Canada, (0.30%, dated 4/29/22,
due 5/2/22; proceeds $1,480,037; fully
collateralized by various U.S. Government
obligations, 0.13% - 4.50% due
5/31/22 - 2/15/52; valued at
$1,509,600)		    

1,480,000

      

1,480,000

    
Societe Generale, (0.30%, dated 4/25/22, due
5/2/22; proceeds $1,000,058; fully
collateralized by various U.S. Government
obligations, 0.13% - 7.50% due
4/30/22 - 2/15/51; valued at $1,020,060)		    

1,000,000

      

1,000,000

    
Sumitomo Mitsui Banking Corp., (0.31%, dated
4/29/22, due 5/2/22; proceeds $890,023;
fully collateralized by various U.S. Government
obligations, 0.88% - 4.75% due
7/31/22 - 2/15/41; valued at $907,823)		    

890,000

      

890,000

    
Sumitomo Mitsui Banking Corp., (0.31%, dated
4/29/22, due 5/2/22; proceeds $400,010;
fully collateralized by various U.S. Government
agency securities, 2.00% - 5.00% due
12/15/39 - 6/20/51 and an U.S. Government
obligation, 0.88% due 9/30/26; valued
at $412,011)		    

400,000

      

400,000

    

Total Repurchase Agreements (Cost $114,857,408)

    

114,857,408

    

U.S. Agency Securities (5.4%)

  

Federal Farm Credit Bank,

  

SOFR + 0.02%, 0.30%, 8/21/23 (a)

    

260,000

      

259,879

    

0.31%, 4/29/24 (a)

    

345,000

      

345,000

    

SOFR + 0.04%, 0.32%, 9/20/23 - 3/4/24 (a)

    

455,000

      

455,000

    

SOFR + 0.05%, 0.33%, 2/15/24 - 3/1/24 (a)

    

419,000

      

419,000

    

0.33%, 4/12/24 - 4/26/24 (a)

    

845,000

      

845,000

    

Daily FCPR - 3.17%, 0.33%, 1/13/23 (a)

    

200,000

      

199,986

    

SOFR + 0.06%, 0.34%, 1/3/24 - 1/10/24 (a)

    

752,000

      

752,000

    

0.35%, 4/8/24 (a)

    

75,000

      

75,000

    

SOFR + 0.19%, 0.47%, 7/14/22 (a)

    

55,000

      

55,000

    
3 Month Treasury Money Market Yield -
0.04%, 0.85%, 3/4/24 (a)		    

250,000

      

250,000

    

Federal Home Loan Bank,

  

0.83%, 7/15/22 - 7/18/22 (b)

    

1,020,000

      

1,018,196

    

0.86%, 7/22/22 (b)

    

500,000

      

499,039

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Agency Securities (cont'd)

  

0.90%, 7/29/22 - 8/2/22 (b)

  

$

1,070,000

    

$

1,067,540

    

1.21%, 9/19/22 (b)

    

402,000

      

400,124

    

Federal Home Loan Mortgage Corp.,

  

SOFR + 0.10%, 0.38%, 9/9/22 (a)

    

250,000

      

250,000

    

SOFR + 0.26%, 0.54%, 5/5/22 (a)

    

548,000

      

548,000

    

Federal National Mortgage Association,

  

SOFR + 0.22%, 0.50%, 5/9/22 (a)

    

668,000

      

668,000

    
U.S. International Development Finance
Corporation,		  

0.41%, 12/15/26 - 7/5/38 (a)

    

40,117

      

40,117

    

Total U.S. Agency Securities (Cost $8,146,881)

    

8,146,881

    

U.S. Treasury Securities (19.2%)

  

U.S. Treasury Bills,

  

0.08%, 10/6/22 (d)

    

750,000

      

749,730

    

0.69%, 9/1/22 (d)

    

4,870,000

      

4,858,752

    

0.73%, 9/8/22 (d)

    

4,550,000

      

4,538,383

    

0.81%, 9/15/22 (d)

    

2,050,000

      

2,043,846

    

0.87%, 9/22/22 (d)

    

448,000

      

446,479

    

1.09%, 8/23/22 (d)

    

276,000

      

275,060

    

1.13%, 8/30/22 (c)(d)

    

1,124,000

      

1,119,872

    

1.40%, 10/27/22 (d)

    

4,853,000

      

4,820,090

    

1.48%, 11/3/22 (c)(d)

    

300,000

      

297,801

    

U.S. Treasury Notes,

  

0.13%, 2/28/23

    

310,000

      

307,871

    

0.82%, 4/30/24 (a)(c)

    

500,000

      

500,000

    
3 Month Treasury Money Market
Yield - 0.02%, 0.88%, 1/31/24 (a)		    

5,050,975

      

5,053,707

    
3 Month Treasury Money Market Yield +
0.03%, 0.92%, 7/31/23 (a)		    

200,000

      

200,237

    
3 Month Treasury Money Market Yield +
0.04%, 0.93%, 10/31/23 (a)		    

63,633

      

63,748

    
3 Month Treasury Money Market Yield +
0.06%, 0.95%, 10/31/22 (a)		    

1,100,000

      

1,099,972

    

1.63%, 11/15/22

    

850,000

      

851,594

    

2.00%, 11/30/22

    

762,150

      

765,180

    

2.63%, 2/28/23

    

1,100,000

      

1,115,102

    

Total U.S. Treasury Securities (Cost $29,107,424)

    

29,107,424

    

Total Investments (100.5%) (Cost $152,111,713) (e)(f)

    

152,111,713

    

Liabilities in Excess of Other Assets (-0.5%)

    

(822,599

)

  

Net Assets (100.0%)

  

$

151,289,114

    

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2022. 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)  Purchased on a discount basis. The interest rates shown have been adjusted to reflect a money market equivalent yield.

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

(d)  Rate shown is the yield to maturity at April 30, 2022.

(e)  Securities are available for collateral in connection with securities purchased on a forward commitment basis and purchase of when-issued securities.

(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.

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

75.5

%

  

U.S. Treasury Securities

    

19.1

    

U.S. Agency Securities

    

5.4

    

Total Investments

    

100.0

%

  

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

Government Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Agency Securities (62.6%)

  

Federal Farm Credit Bank,

  

0.24%, 5/6/22 (a)

  

$

100,000

    

$

99,997

    

0.25%, 5/12/22 (a)

    

20,000

      

19,999

    

SOFR + 0.01%, 0.29%, 3/7/23 (b)

    

25,000

      

24,999

    
SOFR + 0.02%, 0.30%,
11/28/22 - 7/13/23 (b)		    

835,000

      

834,959

    
Daily FCPR - 3.19%, 0.31%,
4/29/24 - 5/25/22 (b)		    

67,500

      

67,500

    

SOFR + 0.04%, 0.32%, 3/4/24 (b)

    

15,000

      

15,000

    
SOFR + 0.05%, 0.33%,
7/20/23 - 4/25/24 (b)		    

237,000

      

237,000

    

SOFR + 0.06%, 0.34%, 1/3/24 (b)

    

25,000

      

25,000

    

0.48%, 6/16/22 (a)

    

40,000

      

39,976

    

0.50%, 6/3/22 (a)

    

280,000

      

279,876

    

0.74%, 9/30/22 (a)

    

50,000

      

49,845

    

1.41%, 11/4/22 (a)

    

17,000

      

16,877

    

1.44%, 11/14/22 (a)

    

25,000

      

24,805

    

Federal Home Loan Bank,

  

0.24%, 5/4/22 (a)

    

254,780

      

254,777

    
SOFR + 0.01%, 0.28%,
5/16/22 - 8/19/22 (b)		    

1,360,000

      

1,360,000

    
SOFR + 0.01%, 0.29%,
6/3/22 - 10/7/22 (b)		    

2,005,000

      

2,005,010

    

SOFR + 0.02%, 0.30%, 3/15/23 (b)

    

95,000

      

95,000

    

SOFR + 0.03%, 0.31%, 1/13/23 (b)

    

100,000

      

100,000

    

SOFR + 0.06%, 0.34%, 5/12/22 (b)

    

964,250

      

964,266

    

SOFR + 0.09%, 0.37%, 10/5/22 (b)

    

100,000

      

100,000

    

0.49%, 5/20/22 (a)

    

400,000

      

399,902

    

0.50%, 6/16/22 (a)

    

500,000

      

499,687

    

0.53%, 6/3/22 (a)

    

125,000

      

124,941

    

0.55%, 6/15/22 (a)

    

450,000

      

449,698

    

0.58%, 6/17/22 (a)

    

200,000

      

199,852

    

0.64%, 6/22/22 (a)

    

200,000

      

199,819

    

0.90%, 7/29/22 (a)

    

293,000

      

292,355

    

Tennessee Valley Authority,

  

0.30%, 5/4/22 (a)

    

60,000

      

59,999

    

Total U.S. Agency Securities (Cost $8,841,139)

    

8,841,139

    

U.S. Treasury Securities (34.2%)

  

U.S. Treasury Bills,

  

0.08%, 10/6/22 (c)

    

50,000

      

49,981

    

0.27%, 5/10/22 (c)

    

268,000

      

267,984

    

0.45%, 5/19/22 (c)

    

150,000

      

149,969

    

0.49%, 6/23/22 (c)

    

200,000

      

199,861

    

0.53%, 5/31/22 (c)(d)

    

354,000

      

353,855

    

0.54%, 7/5/22 (c)

    

8,000

      

7,992

    

0.56%, 7/12/22 (c)

    

133,000

      

132,856

    

0.58%, 7/7/22 (c)

    

56,000

      

55,941

    

0.68%, 7/19/22 (c)

    

200,000

      

199,712

    

0.69%, 9/1/22 (c)

    

600,000

      

598,638

    

0.72%, 6/28/22 (c)(d)

    

50,000

      

49,945

    

0.72%, 7/26/22 (c)

    

100,000

      

99,832

    

0.73%, 9/8/22 (c)

    

400,000

      

398,965

    

0.81%, 9/15/22 (c)

    

105,000

      

104,675

    

0.87%, 9/22/22 (c)

    

145,000

      

144,508

    
    Face
Amount
(000)		   Value
(000)		  

0.94%, 8/4/22 (c)(d)

  

$

200,000

    

$

199,535

    

1.09%, 8/23/22 (c)

    

100,000

      

99,664

    

1.13%, 8/30/22 (c)(d)

    

100,000

      

99,633

    

1.40%, 10/27/22 (c)

    

325,000

      

322,805

    

U.S. Treasury Notes,

  

0.13%, 5/31/22 - 12/31/22

    

450,000

      

449,103

    

0.82%, 4/30/24 (b)(d)

    

75,000

      

75,000

    
3 Month Treasury Money Market
Yield - 0.02%, 0.88%, 1/31/24 (b)		    

325,750

      

325,925

    
3 Month Treasury Money Market Yield +
0.03%, 0.92%, 7/31/23 (b)		    

25,000

      

25,031

    
3 Month Treasury Money Market Yield +
0.04%, 0.93%, 10/31/23 (b)		    

150,000

      

150,295

    
3 Month Treasury Money Market Yield +
0.05%, 0.94%, 1/31/23 (b)		    

17,000

      

17,005

    
3 Month Treasury Money Market Yield +
0.06%, 0.95%, 7/31/22 - 10/31/22 (b)		    

168,000

      

168,000

    

1.75%, 5/31/22

    

32,055

      

32,089

    

2.00%, 2/15/23

    

50,000

      

50,394

    

Total U.S. Treasury Securities (Cost $4,829,193)

    

4,829,193

    

Repurchase Agreement (3.9%)

  
Federal Reserve Bank of New York,
(0.30%, dated 4/29/22, due 5/2/22;
proceeds $550,014; fully collateralized
by an U.S. Government obligation, 0.25%
due 5/15/24; valued at $550,014)
(Cost $550,000)		    

550,000

      

550,000

    

Total Investments (100.7%) (Cost $14,220,332) (e)(f)

    

14,220,332

    

Liabilities in Excess of Other Assets (-0.7%)

    

(95,606

)

  

Net Assets (100.0%)

  

$

14,124,726

    

(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, 2022. 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, 2022.

(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.

SOFR  Secured Overnight Financing Rate.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Government Securities Portfolio

Portfolio Composition

Classification

   Percentage of
Total Investments		  

U.S. Agency Securities

    

62.2

%

  

U.S. Treasury Securities

    

33.9

    

Repurchase Agreement

    

3.9

    

Total Investments

    

100.0

%

  

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (75.8%)

  
Barclays Bank PLC, (0.05%, dated 4/29/22,
due 5/2/22; proceeds $150,001; fully
collateralized by various U.S. Government
obligations, 0.00% - 1.63% due
8/4/22 - 2/15/26; valued at $153,001)		  

$

150,000

    

$

150,000

    
Barclays Bank PLC, (0.30%, dated 4/29/22,
due 5/2/22; proceeds $100,003; fully
collateralized by various U.S. Government
obligations, 1.75% - 2.75% due
7/31/23 - 1/31/29; valued at $102,003)		    

100,000

      

100,000

    
BNP Paribas Securities Corp., (Interest in
$650,000 joint repurchase agreement,
0.27% dated 4/29/22 under which BNP
Paribas Securities Corp., will repurchase
the securities provided as collateral for
$650,015 on 5/2/22. The securities
provided as collateral at the end of the period
held with BNY Mellon, tri-party agent, were
various U.S. Government obligations with
various maturities to 8/15/48; valued
at $663,000)		    

650,000

      

650,000

    
Credit Agricole Corporate and Investment Bank,
(0.29%, dated 4/29/22, due 5/2/22;
proceeds $140,003; fully collateralized
by various U.S. Government obligations,
1.13% - 3.13% due 8/15/40 - 2/15/43;
valued at $142,800)		    

140,000

      

140,000

    
Deutsche Bank Securities, Inc., (0.30%, dated
4/29/22, due 5/2/22; proceeds $200,005;
fully collateralized by various U.S. Government
obligations, 0.00% due 8/15/22 - 5/15/37;
valued at $204,000)		    

200,000

      

200,000

    
Federal Reserve Bank of New York, (0.30%,
dated 4/29/22, due 5/2/22; proceeds
$25,200,630; fully collateralized by various
U.S. Government obligations, 0.13% - 2.00%
due 5/31/23 - 8/31/24; valued at
$25,200,630)		    

25,200,000

      

25,200,000

    
Fixed Income Clearing Corp., (0.30%, dated
4/29/22, due 5/2/22; proceeds
$1,000,025; fully collateralized by various
U.S. Government obligations, 0.00% - 2.88%
due 5/17/22 - 2/15/44; valued at
$1,020,000)		    

1,000,000

      

1,000,000

    
Goldman Sachs & Co., (0.01%, dated 4/29/22,
due 5/2/22; proceeds $200,000; fully
collateralized by various U.S. Government
obligations, 0.00% - 7.63% due
4/29/22 - 11/15/51; valued at $204,000)		    

200,000

      

200,000

    
Metlife Insurance Company, (0.31%, dated
4/29/22, due 5/2/22; proceeds
$200,005; fully collateralized by various
U.S. Government obligations, 0.00% due
8/15/22 - 5/15/37; valued at $204,000)		    

200,001

      

200,001

    
Natixis SA, (Interest in $900,000 joint repurchase
agreement, 0.28% dated 4/29/22 under which
Natixis SA, will repurchase the securities
provided as collateral for $900,021 on 5/2/22.
The securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to 2/15/49;
valued at $918,000)		    

667,000

      

667,000

    
    Face
Amount
(000)		   Value
(000)		  
Norinchukin Bank, (0.36%, dated 4/19/22,
due 5/4/22; proceeds $250,038; fully
collateralized by various U.S. Government
obligations, 1.63% - 6.75% due
6/30/25 - 5/15/31; valued at $254,999)		  

$

250,000

    

$

250,000

    
Norinchukin Bank, (0.36%, dated 4/27/22,
due 5/4/22; proceeds $48,003; fully
collateralized by an U.S. Government
obligation, 3.63% due 4/15/28; valued at
$48,961)		    

48,000

      

48,000

    

Total Repurchase Agreements (Cost $28,805,001)

    

28,805,001

    

U.S. Treasury Securities (25.0%)

  

U.S. Treasury Bills,

  

0.08%, 10/6/22 (a)

    

250,000

      

249,910

    

0.56%, 7/12/22 (a)

    

650,000

      

649,290

    

0.68%, 7/19/22 (a)

    

495,000

      

494,287

    

0.69%, 9/1/22 (a)

    

1,550,000

      

1,546,456

    

0.73%, 9/8/22 (a)

    

1,400,000

      

1,396,430

    

0.81%, 9/15/22 (a)

    

200,000

      

199,380

    

0.87%, 9/22/22 (a)

    

300,000

      

298,981

    

1.09%, 8/23/22 (a)

    

75,000

      

74,744

    

1.13%, 8/30/22 (a)(b)

    

325,000

      

323,811

    

1.40%, 10/27/22 (a)

    

1,150,000

      

1,142,215

    

U.S. Treasury Notes,

  

0.13%, 2/28/23

    

50,000

      

49,657

    

0.82%, 4/30/24 (b)(c)

    

100,000

      

100,000

    
3 Month Treasury Money Market Yield - 0.02%,
0.88%, 1/31/24 (c)		    

1,370,000

      

1,370,718

    
3 Month Treasury Money Market Yield + 0.03%,
0.92%, 7/31/23 (c)		    

110,000

      

110,137

    
3 Month Treasury Money Market Yield + 0.06%,
0.95%, 10/31/22 (c)		    

700,000

      

699,982

    

1.63%, 11/15/22

    

150,000

      

150,281

    

2.00%, 11/30/22 - 2/15/23

    

350,000

      

352,462

    

2.63%, 2/28/23

    

300,000

      

304,125

    

Total U.S. Treasury Securities (Cost $9,512,866)

    

9,512,866

    

Total Investments (100.8%) (Cost $38,317,867) (d)(e)

    

38,317,867

    

Liabilities in Excess of Other Assets (-0.8%)

    

(301,853

)

  

Net Assets (100.0%)

  

$

38,016,014

    

(a)  Rate shown is the yield to maturity at April 30, 2022.

(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, 2022. 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.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

75.2

%

  

U.S. Treasury Securities

    

24.8

    

Total Investments

    

100.0

%

  

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

Treasury Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Treasury Securities (102.7%)

  

U.S. Treasury Bills,

  

0.18%, 5/3/22 (a)

  

$

6,090,000

    

$

6,089,970

    

0.22%, 5/12/22 (a)

    

162,000

      

161,990

    

0.25%, 6/2/22 (a)

    

1,875,000

      

1,874,459

    

0.27%, 5/10/22 (a)

    

6,130,000

      

6,129,699

    

0.35%, 5/17/22 (a)

    

5,350,000

      

5,349,236

    

0.39%, 6/9/22 (a)

    

250,000

      

249,900

    

0.43%, 6/14/22 (a)(b)

    

500,000

      

499,749

    

0.44%, 6/16/22 (a)

    

4,150,000

      

4,147,730

    

0.45%, 5/19/22 (a)

    

548,700

      

548,586

    

0.48%, 5/24/22 - 6/7/22 (a)

    

4,204,000

      

4,202,739

    

0.49%, 6/23/22 (a)

    

150,000

      

149,896

    

0.53%, 5/31/22 (a)(b)

    

1,546,000

      

1,545,414

    

0.54%, 7/5/22 (a)

    

1,205,000

      

1,203,854

    

0.56%, 6/21/22 - 7/12/22 (a)

    

2,267,400

      

2,265,042

    

0.58%, 7/7/22 (a)

    

150,000

      

149,843

    

0.68%, 7/19/22 (a)

    

430,000

      

429,382

    

0.69%, 9/1/22 (a)

    

2,000,000

      

1,995,449

    

0.72%, 6/28/22 (a)(b)

    

799,800

      

798,917

    

0.72%, 7/26/22 (a)

    

212,200

      

211,844

    

0.73%, 9/8/22 (a)

    

1,200,000

      

1,196,942

    

0.81%, 9/15/22 (a)

    

100,000

      

99,690

    

0.87%, 9/22/22 (a)

    

400,000

      

398,645

    

1.09%, 8/23/22 (a)

    

600,000

      

597,973

    

1.13%, 8/30/22 (a)(b)

    

1,400,000

      

1,394,874

    

1.40%, 10/27/22 (a)

    

1,135,000

      

1,127,360

    

U.S. Treasury Notes,

  

0.13%, 5/31/22 - 12/31/22

    

944,000

      

942,722

    

0.82%, 4/30/24 (b)(c)

    

347,000

      

347,000

    
3 Month Treasury Money Market Yield - 0.02%,
0.88%, 1/31/24 (c)		    

1,537,000

      

1,537,816

    
3 Month Treasury Money Market Yield + 0.03%,
0.92%, 7/31/23 (c)		    

817,000

      

817,296

    
3 Month Treasury Money Market Yield + 0.04%,
0.93%, 10/31/23 (c)		    

220,000

      

220,323

    
3 Month Treasury Money Market Yield + 0.05%,
0.94%, 1/31/23 (c)		    

1,285,000

      

1,285,357

    
3 Month Treasury Money Market Yield + 0.06%,
0.95%, 7/31/22 - 10/31/22 (c)		    

1,875,000

      

1,875,125

    

1.88%, 5/31/22

    

500,000

      

500,584

    

2.13%, 5/15/22 - 6/30/22

    

350,000

      

350,412

    

2.63%, 2/28/23

    

50,000

      

50,687

    

Total Investments (102.7%) (Cost $50,746,505) (d)(e)

    

50,746,505

    

Liabilities in Excess of Other Assets (-2.7%)

    

(1,339,768

)

  

Net Assets (100.0%)

  

$

49,406,737

    

(a)  Rate shown is the yield to maturity at April 30, 2022.

(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, 2022. 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.
20

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Tax-Exempt Instruments (103.5%)

  

Weekly Variable Rate Bonds (a) (57.7%)

  
Austin, TX, Water & Wastewater System Ser 2008
0.46%, 5/15/31		  

$

10,000

    

$

10,000

    
Colorado Springs, CO, Utilities System Sub Lien
Ser 2005 A
0.46%, 11/1/35		    

11,000

      

11,000

    
Columbus, OH, Sewer Ser 2008 B
0.37%, 6/1/32		    

12,000

      

12,000

    
Harris County Cultural Education Facilities
Finance Corp., TX, Ser 2020 B
0.35%, 12/1/59		    

3,150

      

3,150

    
Houston, TX, Combined Utility System Revenue
Ser 2004 B2
0.44%, 5/15/34		    

2,200

      

2,200

    
Loudoun County Economic Development Authority, VA,
Howard Hughes Medical Institute Ser 2003 A
0.43%, 2/15/38 (b)		    

10,000

      

10,000

    
Massachusetts Water Resources Authority, MA,
Ser 2008 A-3
0.44%, 8/1/37		    

9,125

      

9,125

    
Montgomery, MD, General Obligation Bonds
Consolidated Public Improvement Variable Rate
Bonds 2017, Ser E
0.31%, 11/1/37		    

12,000

      

12,000

    
New York City Municipal Water Finance Authority, NY,
Second General Fiscal 2010 Ser CC
0.42%, 6/15/41		    

13,000

      

13,000

    
New York State Energy Research & Development
Authority, NY, Consolidated Edison Co.
Ser 2005 Subser A-2
0.39%, 5/1/39		    

11,000

      

11,000

    
Pennsylvania Turnpike Commission, PA,
Second Ser 2019
0.44%, 12/1/38		    

12,000

      

12,000

    
RBC Municipal Products Inc Trust, MO, Health and
Educational Facilities Authority of the State of
Missouri SSM Health Ser 2019 A Floater
Certificates Ser 2019-C17
0.48%, 12/1/39 (c)		    

5,000

      

5,000

    
RBC Municipal Products Inc Trust, NY, New York
City Variable Ser 2006 Subser I-5 Floater
Certificates Ser 2019-E133
0.47%, 5/1/23 (c)		    

4,000

      

4,000

    
RBC Municipal Products Inc Trust, OK,
Certificates E-140
0.47%, 10/1/24 (c)		    

4,000

      

4,000

    
RBC Municipal Products Inc Trust, SC,
Transportation Infrastructure Bank Ser 2017 A,
Floater Certificates
Ser 2019-G109
0.64%, 10/1/25 (c)		    

3,500

      

3,500

    
RBC Municipal Products Inc Trust, TX,
Certificates E-141
0.47%, 12/1/23 (c)		    

3,000

      

3,000

    
Certificates E-149
0.47%, 5/7/26 (c)		    

3,000

      

3,000

    
University of Texas Regents, TX, Financing System
Ser 2008 B
0.44%, 8/1/39		    

9,650

      

9,650

    
    Face
Amount
(000)		   Value
(000)		  
Utah Water Finance Agency, UT,
Ser 2008 B
0.50%, 10/1/37		  

$

11,000

    

$

11,000

    
Washington Suburban Sanitary Commission, MD,
2015 Ser B-3 BANs
0.47%, 6/1/23		    

9,000

      

9,000

    

Total Weekly Variable Rate Bonds (Cost $157,625)

    

157,625

    

Daily Variable Rate Bonds (a) (25.8%)

  
East Baton Rouge Parish Industrial Development
Board Inc., LA, Exxon Mobil Corp. Ser 2010 A
0.32%, 8/1/35		    

12,000

      

12,000

    
Indiana Finance Authority, IN, Environmental Refunding
Duke Energy Indiana, Inc. Ser 2009 A-4
0.37%, 12/1/39		    

10,300

      

10,300

    
Industrial Development Authority of the City of
Phoenix (The), AZ, Ser B
0.32%, 11/15/52		    

3,600

      

3,600

    
Mississippi Business Finance Corp., MS, Gulf
Opportunity Zone Industrial Development
Revenue Bonds (Chevron U.S.A. Inc. Project)
Series 2007 C
0.33%, 12/1/30		    

4,600

      

4,600

    
Chevron USA Ser 2010 G
0.33%, 11/1/35		    

7,125

      

7,125

    
Chevron USA Ser 2010 K
0.33%, 11/1/35		    

1,600

      

1,600

    
New York City Transitional Finance Authority, NY,
Future Tax Fiscal 2003 Ser A Subser A4
0.32%, 11/1/29		    

12,000

      

12,000

    
Triborough Bridge & Tunnel Authority, NY,
General Revenue Variable Rate Bonds,
Subser 2003 B-1
0.36%, 1/1/33		    

6,000

      

6,000

    
University of California Regents, CA,
Ser 2013 AL-3
0.26%, 5/15/48		    

10,000

      

10,000

    
Ser 2013 AL-4
0.26%, 5/15/48		    

3,200

      

3,200

    

Total Daily Variable Rate Bonds (Cost $70,425)

    

70,425

    

Commercial Paper (d) (7.7%)

  
California Statewide Communities Development
Authority, CA, Revenue IAM Commercial
Paper 3/A2 Ser K
0.20%, 7/6/22		    

10,000

      

9,986

    
Lincoln Nebraska Electric System Revenue, NE,
Ser 1995
0.65%, 5/11/22		    

11,000

      

11,001

    

Total Commercial Paper (Cost $21,000)

    

20,987

    

Closed-End Investment Company (a) (4.0%)

  
Nuveen AMT-Free Municipal Credit Income
Fund, OT, Ser 1
0.50%, 12/1/43 (c) (Cost $11,000)		    

11,000

      

11,000

    

Quarterly Variable Rate Bond (a) (3.7%)

  
Franklin County, OH, CHE Trinity Health Credit
Group Ser 2013
0.23%, 12/1/46 (Cost $10,245)		    

10,245

      

10,245

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Floating Rate Note (a) (2.4%)

  
New York City Trust Cultural Resources Revenue, NY,
American Museum of Natural History, Ser 2014 B1
0.59%, 12/29/22 (Cost $6,650)		  

$

6,650

    

$

6,650

    

Municipal Bond & Note (2.2%)

  
Union Township Various Purpose General Obligation,
OH, Series 2021 BANs
0.50%, 8/31/22 (Cost $6,083)		    

6,075

      

6,056

    

Total Investments (103.5%) (Cost $283,028) (e)(f)

    

282,988

    

Liabilities in Excess of Other Assets (-3.5%)

    

(9,566

)

  

Net Assets (100.0%)

  

$

273,422

    

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

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

(e)  At April 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $0 and the aggregate gross unrealized depreciation is approximately $40,000, resulting in net unrealized depreciation of approximately $40,000.

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

AMT  Alternative Minimum Tax.

BANs  Bond Anticipation Notes.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Weekly Variable Rate Bonds

    

55.7

%

  

Daily Variable Rate Bonds

    

24.9

    

Other*

    

12.0

    

Commercial Paper

    

7.4

    

Total Investments

    

100.0

%

  

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

State/Territory

   Value
(000)		   Percent of
Net Assets		  

New York

  

$

52,650

      

19.3

%

  

Texas

    

31,000

      

11.3

    

Ohio

    

28,301

      

10.3

    

California

    

23,186

      

8.5

    

Maryland

    

21,000

      

7.7

    

Mississippi

    

13,325

      

4.9

    

Louisiana

    

12,000

      

4.4

    

Pennsylvania

    

12,000

      

4.4

    

Nebraska

    

11,001

      

4.0

    

Colorado

    

11,000

      

4.0

    

Other

    

11,000

      

4.0

    

Utah

    

11,000

      

4.0

    

Indiana

    

10,300

      

3.8

    

Virginia

    

10,000

      

3.7

    

Massachusetts

    

9,125

      

3.3

    

Missouri

    

5,000

      

1.8

    

Oklahoma

    

4,000

      

1.5

    

Arizona

    

3,600

      

1.3

    

South Carolina

    

3,500

      

1.3

    
   

$

282,988

      

103.5

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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

  

$

4,206,819

    

$

11,767,715

    

$

152,111,713

    

$

14,220,332

    

Total Investments in Securities, at Value(1)

    

4,206,306

      

11,765,452

      

152,111,713

      

14,220,332

    

Cash

    

625

      

954

      

370,682

      

278,835

    

Interest Receivable

    

1,032

      

3,237

      

34,568

      

3,856

    

Receivable for Investments Sold

    

—

      

265,737

      

900,384

      

403,563

    

Other Assets

    

421

      

883

      

7,816

      

1,824

    

Total Assets

    

4,208,384

      

12,036,263

      

153,425,163

      

14,908,410

    

Liabilities:

  

Payable for Investments Purchased

    

15,011

      

—

      

2,097,282

      

777,972

    

Dividends Payable

    

353

      

1,332

      

17,317

      

122

    

Payable for Advisory Fees

    

272

      

714

      

9,393

      

1,783

    

Payable for Administration Fees

    

162

      

554

      

5,935

      

686

    

Payable for Custodian Fees

    

41

      

126

      

719

      

65

    

Payable for Portfolio Shares Redeemed

    

21

      

48

      

207

      

—

    

Payable for Professional Fees

    

53

      

69

      

52

      

49

    

Payable for Transfer Agency Fees

    

24

      

26

      

26

      

5

    

Payable for Administration Plan Fees — Institutional Select Class

    

—

@

    

—

@

    

1,046

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

—

      

—

      

159

      

—

@

  

Payable for Administration Plan Fees — Administrative Class

    

—

      

—

      

43

      

—

@

  
Payable for Service and Shareholder Administration Plan Fees —
Advisory Class		    

—

@

    

—

@

    

329

      

7

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

—

@

    

—

      

399

      

2,527

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

1

      

1

      

—

@

    

—

@

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

—

      

—

      

—

@

    

—

    

Other Liabilities

    

107

      

501

      

3,142

      

468

    

Total Liabilities

    

16,045

      

3,371

      

2,136,049

      

783,684

    

Net Assets

  

$

4,192,339

    

$

12,032,892

    

$

151,289,114

    

$

14,124,726

    

Net Assets Consist of:

  

Paid-in-Capital

  

$

4,193,709

    

$

12,050,579

    

$

151,292,241

    

$

14,125,541

    

Total Accumulated Loss

    

(1,370

)

    

(17,687

)

    

(3,127

)

    

(815

)

  

Net Assets

  

$

4,192,339

    

$

12,032,892

    

$

151,289,114

    

$

14,124,726

    
(1) Including:
Repurchase Agreements, at Value		  

$

1,063,000

    

$

3,964,000

    

$

114,857,408

    

$

550,000

    

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

2022 Semi-Annual Report

April 30, 2022 (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

  

$

3,933,806

    

$

12,020,243

    

$

121,475,967

    

$

843,139

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

3,930,890,686

      

12,021,464,414

      

121,478,084,654

      

843,136,329

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0007

    

$

0.9999

    

$

1.000

    

$

1.000

    

INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

51

    

$

5,725

    

$

23,518,839

    

$

51

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

51,260

      

5,727,722

      

23,519,067,607

      

50,995

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0005

    

$

0.9996

    

$

1.000

    

$

1.000

    

INVESTOR CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

1,834,667

    

$

51

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

—

      

—

      

1,834,767,164

      

50,962

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

334,643

    

$

51

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

—

      

—

      

334,652,317

      

50,928

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADVISORY CLASS:

  

Net Assets

  

$

51

    

$

1,660

    

$

1,611,126

    

$

40,701

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

51,050

      

1,659,545

      

1,611,191,139

      

40,701,300

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0009

    

$

1.0001

    

$

1.000

    

$

1.000

    

PARTICIPANT CLASS:

  

Net Assets

  

$

51

    

$

—

    

$

2,225,223

    

$

13,240,409

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

50,917

      

—

      

2,225,266,766

      

13,240,311,090

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0005

    

$

—

    

$

1.000

    

$

1.000

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

8,141

    

$

5,214

    

$

3,337

    

$

324

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

8,136,677

      

5,215,648

      

3,337,178

      

324,228

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0005

    

$

0.9997

    

$

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)		    

—

      

—

      

50,613

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

—

    

CASTLEOAK SHARES CLASS

  

Net Assets

  

$

250,239

    

$

—

    

$

285,211

    

$

—

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

250,051,068

      

—

      

285,213,555

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.0008

    

$

—

    

$

1.000

    

$

—

    

IMPACT CLASS

  

Net Assets

  

$

—

    

$

50

    

$

50

    

$

—

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

—

      

50,015

      

50,000

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

0.9999

    

$

1.000

    

$

—

    

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

2022 Semi-Annual Report

April 30, 2022 (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

  

$

38,317,867

    

$

50,746,505

    

$

283,028

    

Total Investments in Securities, at Value(1)

    

38,317,867

      

50,746,505

      

282,988

    

Cash

    

—

      

1,589,333

      

106

    

Interest Receivable

    

7,938

      

22,843

      

119

    

Receivable for Investments Sold

    

124,595

      

1,644,328

      

—

    

Due from Adviser

    

—

      

—

      

11

    

Other Assets

    

1,765

      

2,057

      

288

    

Total Assets

    

38,452,165

      

54,005,066

      

283,512

    

Liabilities:

  

Payable for Investments Purchased

    

423,815

      

4,585,971

      

10,000

    

Payable for Advisory Fees

    

4,503

      

4,850

      

—

    

Dividends Payable

    

2,255

      

3,620

      

14

    

Payable for Administration Fees

    

1,708

      

2,133

      

—

    

Bank Overdraft

    

1,430

      

—

      

—

    

Payable for Custodian Fees

    

247

      

394

      

5

    

Payable for Portfolio Shares Redeemed

    

25

      

114

      

2

    

Payable for Professional Fees

    

40

      

46

      

37

    

Payable for Transfer Agency Fees

    

15

      

17

      

10

    

Payable for Administration Plan Fees — Institutional Select Class

    

610

      

21

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

12

      

—

@

    

—

    

Payable for Administration Plan Fees — Administrative Class

    

—

@

    

2

      

—

    

Payable for Service and Shareholder Administration Plan Fees — Advisory Class

    

100

      

6

      

—

    

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

    

461

      

—

@

    

—

    

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

    

2

      

1

      

—

@

  

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

    

—

@

    

—

@

    

—

    

Other Liabilities

    

928

      

1,154

      

22

    

Total Liabilities

    

436,151

      

4,598,329

      

10,090

    

Net Assets

  

$

38,016,014

    

$

49,406,737

    

$

273,422

    

Net Assets Consist of:

  

Paid-in-Capital

  

$

38,016,743

    

$

49,407,404

    

$

273,485

    

Total Accumulated Loss

    

(729

)

    

(667

)

    

(63

)

  

Net Assets

  

$

38,016,014

    

$

49,406,737

    

$

273,422

    
(1) Including:
Repurchase Agreements, at Value		  

$

28,805,001

    

$

—

    

$

—

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Assets and Liabilities (cont'd)

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

INSTITUTIONAL CLASS:

  

Net Assets

  

$

22,110,005

    

$

48,882,146

    

$

269,871

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

22,110,268,939

      

48,882,842,116

      

269,892,221

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

0.9999

    

INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

13,188,764

    

$

477,424

    

$

51

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

13,188,932,634

      

477,374,936

      

50,753

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

0.9999

    

INVESTOR CLASS:

  

Net Assets

  

$

120,374

    

$

51

    

$

—

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

120,374,504

      

50,953

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

3,280

    

$

12,764

    

$

—

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

3,279,717

      

12,763,835

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADVISORY CLASS:

  

Net Assets

  

$

559,793

    

$

24,350

    

$

—

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

559,809,818

      

24,350,202

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

PARTICIPANT CLASS:

  

Net Assets

  

$

2,020,088

    

$

269

    

$

—

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

2,020,202,081

      

269,223

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

13,659

    

$

9,682

    

$

3,500

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

13,656,234

      

9,683,885

      

3,500,196

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.0000

    

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)		    

50,574

      

50,558

      

—

    

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.
26

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Operations

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

Investment Income:

  

Interest

  

$

4,941

    

$

18,894

    

$

111,427

    

$

12,774

    

Expenses:

  

Advisory Fees (Note B)

    

2,824

      

10,882

      

110,059

      

13,762

    

Administration Fees (Note C)

    

941

      

3,627

      

36,686

      

4,587

    

Registration Fees

    

154

      

216

      

3,282

      

1,032

    

Transfer Agency Fees (Note E)

    

71

      

78

      

82

      

13

    

Professional Fees

    

62

      

67

      

79

      

58

    

Custodian Fees (Note F)

    

51

      

159

      

1,233

      

127

    

Trustees' Fees and Expenses

    

21

      

86

      

760

      

95

    

Shareholder Reporting Fees

    

7

      

7

      

31

      

14

    

Administration Plan Fees — Institutional Select Class (Note D)

    

—

@

    

1

      

6,183

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

—

      

—

      

859

      

—

@

  

Administration Plan Fees — Administrative Class (Note D)

    

—

      

—

      

264

      

—

@

  

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

    

—

@

    

2

      

2,154

      

54

    

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

    

—

@

    

—

      

5,358

      

43,112

    

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

    

6

      

4

      

3

      

—

@

  

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

    

—

      

—

      

—

@

    

—

    

Pricing Fees

    

3

      

14

      

11

      

5

    

Other Expenses

    

45

      

114

      

443

      

88

    

Total Expenses

    

4,185

      

15,257

      

167,487

      

62,947

    

Waiver of Advisory Fees (Note B)

    

(1,488

)

    

(5,774

)

    

(93,782

)

    

(10,523

)

  

Waiver of Administration Fees (Note C)

    

—

      

—

      

(6,756

)

    

(1,083

)

  

Waiver of Administration Plan Fees — Institutional Select Class (Note D)

    

(—

@)

    

(1

)

    

(4,624

)

    

(—

@)

  

Waiver of Administration Plan Fees — Investor Class (Note D)

    

—

      

—

      

(625

)

    

(—

@)

  

Waiver of Administration Plan Fees — Administrative Class (Note D)

    

—

      

—

      

(201

)

    

(—

@)

  

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

    

(—

@)

    

(2

)

    

(1,711

)

    

(44

)

  

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

    

(—

@)

    

—

      

(4,807

)

    

(39,660

)

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

(5

)

    

(3

)

    

(2

)

    

(—

@)

  

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

    

—

      

—

      

(—

@)

    

—

    

Net Expenses

    

2,692

      

9,477

      

54,979

      

11,637

    

Net Investment Income

    

2,249

      

9,417

      

56,448

      

1,137

    

Realized Gain (Loss):

  

Investments Sold

    

—

@

    

(60

)

    

(2,399

)

    

(277

)

  

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

(699

)

    

(3,087

)

    

—

      

—

    

Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)

    

(699

)

    

(3,147

)

    

(2,399

)

    

(277

)

  

Net Increase in Net Assets Resulting from Operations

  

$

1,550

    

$

6,270

    

$

54,049

    

$

860

    

@  Amount is less than $500.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Operations

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

Investment Income:

  

Interest

  

$

30,418

    

$

39,995

    

$

229

    

Expenses:

  

Advisory Fees (Note B)

    

31,659

      

40,594

      

181

    

Administration Fees (Note C)

    

10,553

      

13,531

      

60

    

Registration Fees

    

542

      

627

      

125

    

Custodian Fees (Note F)

    

346

      

485

      

5

    

Trustees' Fees and Expenses

    

224

      

282

      

4

    

Professional Fees

    

55

      

65

      

54

    

Transfer Agency Fees (Note E)

    

38

      

46

      

30

    

Shareholder Reporting Fees

    

11

      

16

      

3

    

Administration Plan Fees — Institutional Select Class (Note D)

    

3,801

      

164

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

52

      

—

@

    

—

    

Administration Plan Fees — Administrative Class (Note D)

    

2

      

13

      

—

    

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

    

712

      

71

      

—

    

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

    

8,879

      

—

@

    

—

    

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

    

11

      

7

      

3

    

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

    

—

@

    

—

@

    

—

    

Pricing Fees

    

4

      

3

      

2

    

Other Expenses

    

174

      

231

      

32

    

Total Expenses

    

57,063

      

56,135

      

499

    

Waiver of Advisory Fees (Note B)

    

(24,235

)

    

(30,268

)

    

(181

)

  

Expenses Reimbursed by Adviser (Note B)

    

—

      

—

      

(123

)

  

Waiver of Administration Fees (Note C)

    

(884

)

    

(1,483

)

    

(60

)

  

Waiver of Administration Plan Fees — Institutional Select Class (Note D)

    

(2,887

)

    

(131

)

    

(—

@)

  

Waiver of Administration Plan Fees — Investor Class (Note D)

    

(34

)

    

(—

@)

    

—

    

Waiver of Administration Plan Fees — Administrative Class (Note D)

    

(2

)

    

(10

)

    

—

    

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

    

(570

)

    

(63

)

    

—

    

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

    

(8,194

)

    

(—

@)

    

—

    

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

    

(9

)

    

(5

)

    

(2

)

  

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

    

(—

@)

    

(—

@)

    

—

    

Net Expenses

    

20,248

      

24,175

      

133

    

Net Investment Income

    

10,170

      

15,820

      

96

    

Realized Gain (Loss):

  

Investments Sold

    

(298

)

    

(298

)

    

—

@

  

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

—

      

—

      

(38

)

  

Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)

    

(298

)

    

(298

)

    

(38

)

  

Net Increase in Net Assets Resulting from Operations

  

$

9,872

    

$

15,522

    

$

58

    

@  Amount is less than $500.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets

    ESG Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		   Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

2,249

    

$

2,152

    

$

9,417

    

$

11,345

    

Net Realized Gain (Loss)

    

—

@

    

576

      

(60

)

    

2,876

    

Net Change in Unrealized Appreciation (Depreciation)

    

(699

)

    

(795

)

    

(3,087

)

    

(3,111

)

  

Net Increase in Net Assets Resulting from Operations

    

1,550

      

1,933

      

6,270

      

11,110

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(2,094

)

    

(2,097

)

    

(9,411

)

    

(11,337

)

  

Institutional Select Class

    

(—

@)

    

(—

@)

    

(3

)

    

(6

)

  

Advisory Class

    

(—

@)

    

(—

@)

    

(1

)

    

(—

@)

  

Participant Class

    

(—

@)

    

(—

@)

    

—

      

—

    

Cash Management Class

    

(3

)

    

(3

)

    

(2

)

    

(2

)

  

CastleOak Shares Class

    

(152

)

    

(52

)

    

—

      

—

    

Impact Class

    

—

      

—

      

(—

@)

    

—

    

Total Dividends and Distributions to Shareholders

    

(2,249

)

    

(2,152

)

    

(9,417

)

    

(11,345

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

5,396,192

      

9,369,299

      

27,908,367

      

68,960,592

    

Distributions Reinvested

    

1,388

      

1,693

      

6,265

      

7,166

    

Redeemed

    

(4,754,429

)

    

(10,222,329

)

    

(32,664,008

)

    

(72,425,275

)

  

Institutional Select Class:

  

Distributions Reinvested

    

—

@

    

—

@

    

3

      

6

    

Redeemed

    

—

      

—

      

—

      

(18,325

)

  

Advisory Class:

  

Subscribed

    

—

      

—

      

5,391

      

1,607

    

Distributions Reinvested

    

—

@

    

—

@

    

1

      

—

@

  

Redeemed

    

—

      

—

      

(5,390

)

    

—

    

Participant Class:

  

Distributions Reinvested

    

—

@

    

—

@

    

—

      

—

    

Cash Management Class:

  

Subscribed

    

—

@

    

—

      

—

@

    

—

    

Distributions Reinvested

    

3

      

3

      

3

      

2

    

Redeemed

    

(202

)

    

(445

)

    

(131

)

    

(232

)

  

CastleOak Shares Class:

  

Subscribed

    

—

      

255,100

*

    

—

      

—

    

Distributions Reinvested

    

149

      

52

*

    

—

      

—

    

Redeemed

    

(5,000

)

    

—

      

—

      

—

    

Impact Class:

  

Subscribed

    

—

      

—

      

50

**

    

—

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

638,101

      

(596,627

)

    

(4,749,449

)

    

(3,474,459

)

  

Total Increase (Decrease) in Net Assets

    

637,402

      

(596,846

)

    

(4,752,596

)

    

(3,474,694

)

  

Net Assets:

  

Beginning of Period

    

3,554,937

      

4,151,783

      

16,785,488

      

20,260,182

    

End of Period

  

$

4,192,339

    

$

3,554,937

    

$

12,032,892

    

$

16,785,488

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets (cont'd)

    ESG Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		   Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

5,391,965

      

9,360,225

      

27,908,927

      

68,947,811

    

Shares Issued on Distributions Reinvested

    

1,387

      

1,692

      

6,266

      

7,165

    

Shares Redeemed

    

(4,750,732

)

    

(10,212,389

)

    

(32,664,191

)

    

(72,412,511

)

  
Net Increase (Decrease) in Institutional Class
Shares Outstanding		    

642,620

      

(850,472

)

    

(4,748,998

)

    

(3,457,535

)

  

Institutional Select Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

3

      

6

    

Shares Redeemed

    

—

      

—

      

—

      

(18,328

)

  
Net Increase (Decrease) in Institutional Select
Class Shares Outstanding		    

—

@@

    

—

@@

    

3

      

(18,322

)

  

Advisory Class:

  

Shares Subscribed

    

—

      

—

      

5,394

      

1,608

    

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

1

      

—

@@

  

Shares Redeemed

    

—

      

—

      

(5,394

)

    

—

    

Net Increase in Advisory Class Shares Outstanding

    

—

@@

    

—

@@

    

1

      

1,608

    

Participant Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

—

      

—

    

Cash Management Class:

  

Shares Subscribed

    

—

@@

    

—

      

—

@@

    

—

    

Shares Issued on Distributions Reinvested

    

3

      

3

      

3

      

2

    

Shares Redeemed

    

(202

)

    

(445

)

    

(131

)

    

(232

)

  
Net Decrease in Cash Management Class
Shares Outstanding		    

(199

)

    

(442

)

    

(128

)

    

(230

)

  

CastleOak Shares Class:

  

Shares Subscribed

    

—

      

254,845

*

    

—

      

—

    

Shares Issued on Distributions Reinvested

    

149

      

52

*

    

—

      

—

    

Shares Redeemed

    

(4,996

)

    

—

      

—

      

—

    
Net Increase (Decrease) in CastleOak Shares Class
Shares Outstanding		    

(4,847

)

    

254,897

      

—

      

—

    

Impact Class:

  

Shares Subscribed

    

—

      

—

      

50

**

    

—

    

*  For the period May 4, 2021 through October 31, 2021.

**  For the period March 29, 2022 through April 30, 2022.

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		   Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

56,448

    

$

32,498

    

$

1,137

    

$

1,162

    

Net Realized Gain (Loss)

    

(2,399

)

    

598

      

(277

)

    

20

    

Net Increase in Net Assets Resulting from Operations

    

54,049

      

33,096

      

860

      

1,182

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(46,349

)

    

(26,925

)

    

(236

)

    

(87

)

  

Institutional Select Class

    

(8,774

)

    

(4,155

)

    

(—

@)

    

(—

@)

  

Investor Class

    

(523

)

    

(421

)

    

(—

@)

    

(—

@)

  

Administrative Class

    

(79

)

    

(52

)

    

(—

@)

    

(—

@)

  

Advisory Class

    

(273

)

    

(415

)

    

(2

)

    

(4

)

  

Participant Class

    

(335

)

    

(467

)

    

(899

)

    

(1,071

)

  

Cash Management Class

    

(1

)

    

(1

)

    

(—

@)

    

(—

@)

  

Select Class

    

(—

@)

    

(—

@)

    

—

      

—

    

CastleOak Shares Class

    

(114

)

    

(62

)

    

—

      

—

    

Impact Class

    

(—

@)

    

—

      

—

      

—

    

Total Dividends and Distributions to Shareholders

    

(56,448

)

    

(32,498

)

    

(1,137

)

    

(1,162

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

512,661,501

      

896,991,087

      

3,746,536

      

5,918,818

    

Distributions Reinvested

    

15,126

      

9,224

      

64

      

50

    

Redeemed

    

(516,642,279

)

    

(846,915,030

)

    

(4,525,710

)

    

(4,703,199

)

  

Institutional Select Class:

  

Subscribed

    

24,925,320

      

38,654,765

      

—

      

—

    

Distributions Reinvested

    

8,274

      

4,058

      

—

@

    

—

@

  

Redeemed

    

(23,993,372

)

    

(26,542,821

)

    

—

      

—

    

Investor Class:

  

Subscribed

    

2,193,481

      

2,958,446

      

—

      

45

    

Distributions Reinvested

    

—

@

    

5

      

—

@

    

—

@

  

Redeemed

    

(1,792,263

)

    

(3,034,451

)

    

—

      

(45

)

  

Administrative Class:

  

Subscribed

    

164,026

      

479,028

      

—

      

—

    

Distributions Reinvested

    

14

      

19

      

—

@

    

—

@

  

Redeemed

    

(186,949

)

    

(282,894

)

    

—

      

—

    

Advisory Class:

  

Subscribed

    

3,838,282

      

7,196,937

      

29,313

      

56,436

    

Distributions Reinvested

    

20

      

57

      

—

@

    

—

@

  

Redeemed

    

(4,021,310

)

    

(6,546,760

)

    

(27,812

)

    

(57,138

)

  

Participant Class:

  

Subscribed

    

4,150,756

      

2,012,230

      

65,839,864

      

115,867,925

    

Distributions Reinvested

    

—

@

    

—

@

    

886

      

1,071

    

Redeemed

    

(4,008,369

)

    

(1,600,416

)

    

(68,549,471

)

    

(106,469,146

)

  

Cash Management Class:

  

Distributions Reinvested

    

1

      

1

      

—

@

    

—

@

  

Redeemed

    

(1,061

)

    

(308

)

    

(32

)

    

—

    

Select Class:

  

Distributions Reinvested

    

—

@

    

—

@

    

—

      

—

    

CastleOak Shares Class:

  

Subscribed

    

118,400

      

671,753

*

    

—

      

—

    

Distributions Reinvested

    

100

      

60

*

    

—

      

—

    

Redeemed

    

(205,050

)

    

(300,050

)*

    

—

      

—

    

Impact Class:

  

Subscribed

    

50

**

    

—

      

—

      

—

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

(2,775,302

)

    

63,754,940

      

(3,486,362

)

    

10,614,817

    

Total Increase (Decrease) in Net Assets

    

(2,777,701

)

    

63,755,538

      

(3,486,639

)

    

10,614,837

    

Net Assets:

  

Beginning of Period

    

154,066,815

      

90,311,277

      

17,611,365

      

6,996,528

    

End of Period

  

$

151,289,114

    

$

154,066,815

    

$

14,124,726

    

$

17,611,365

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets (cont'd)

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		   Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

512,661,501

      

896,991,087

      

3,746,536

      

5,918,818

    

Shares Issued on Distributions Reinvested

    

15,126

      

9,224

      

64

      

50

    

Shares Redeemed

    

(516,642,279

)

    

(846,915,030

)

    

(4,525,710

)

    

(4,703,199

)

  
Net Increase (Decrease) in Institutional Class
Shares Outstanding		    

(3,965,652

)

    

50,085,281

      

(779,110

)

    

1,215,669

    

Institutional Select Class:

  

Shares Subscribed

    

24,925,320

      

38,654,765

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

8,274

      

4,058

      

—

@@

    

—

@@

  

Shares Redeemed

    

(23,993,372

)

    

(26,542,821

)

    

—

      

—

    
Net Increase in Institutional Select Class
Shares Outstanding		    

940,222

      

12,116,002

      

—

@@

    

—

@@

  

Investor Class:

  

Shares Subscribed

    

2,193,481

      

2,958,446

      

—

      

45

    

Shares Issued on Distributions Reinvested

    

—

@@

    

5

      

—

@@

    

—

@@

  

Shares Redeemed

    

(1,792,263

)

    

(3,034,451

)

    

—

      

(45

)

  
Net Increase (Decrease) in Investor Class
Shares Outstanding		    

401,218

      

(76,000

)

    

—

@@

    

—

@@

  

Administrative Class:

  

Shares Subscribed

    

164,026

      

479,028

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

14

      

19

      

—

@@

    

—

@@

  

Shares Redeemed

    

(186,949

)

    

(282,894

)

    

—

      

—

    
Net Increase (Decrease) in Administrative Class
Shares Outstanding		    

(22,909

)

    

196,153

      

—

@@

    

—

@@

  

Advisory Class:

  

Shares Subscribed

    

3,838,282

      

7,196,937

      

29,313

      

56,436

    

Shares Issued on Distributions Reinvested

    

20

      

57

      

—

@@

    

—

@@

  

Shares Redeemed

    

(4,021,310

)

    

(6,546,760

)

    

(27,812

)

    

(57,138

)

  
Net Increase (Decrease) in Advisory Class
Shares Outstanding		    

(183,008

)

    

650,234

      

1,501

      

(702

)

  

Participant Class:

  

Shares Subscribed

    

4,150,756

      

2,012,230

      

65,839,864

      

115,867,925

    

Shares Issued on Distributions Reinvested

    

—

@

    

—

@@

    

886

      

1,071

    

Shares Redeemed

    

(4,008,369

)

    

(1,600,416

)

    

(68,549,471

)

    

(106,469,146

)

  
Net Increase (Decrease) in Participant Class
Shares Outstanding		    

142,387

      

411,814

      

(2,708,721

)

    

9,399,850

    

Cash Management Class:

  

Shares Issued on Distributions Reinvested

    

1

      

1

      

—

@@

    

—

@@

  

Shares Redeemed

    

(1,061

)

    

(308

)

    

(32

)

    

—

    
Net Increase (Decrease) in Cash Management
Class Shares Outstanding		    

(1,060

)

    

(307

)

    

(32

)

    

—

@@

  

Select Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

—

      

—

    

CastleOak Shares Class:

  

Shares Subscribed

    

118,400

      

671,753

*

    

—

      

—

    

Shares Issued on Distributions Reinvested

    

100

      

60

*

    

—

      

—

    

Shares Redeemed

    

(205,050

)

    

(300,050

)*

    

—

      

—

    
Net Increase (Decrease) in CastleOak Shares Class
Shares Outstanding		    

(86,550

)

    

371,763

      

—

      

—

    

Impact Class:

  

Shares Subscribed

    

50

**

    

—

      

—

      

—

    

*  For the period May 4, 2021 through October 31, 2021.

**  For the period March 29, 2022 through April 30, 2022.

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		   Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

10,170

    

$

3,759

    

$

15,820

    

$

5,640

    

Net Realized Gain (Loss)

    

(298

)

    

823

      

(298

)

    

672

    

Net Increase in Net Assets Resulting from Operations

    

9,872

      

4,582

      

15,522

      

6,312

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(6,616

)

    

(2,138

)

    

(15,686

)

    

(5,382

)

  

Institutional Select Class

    

(3,325

)

    

(1,238

)

    

(128

)

    

(254

)

  

Investor Class

    

(22

)

    

(4

)

    

(—

@)

    

(—

@)

  

Administrative Class

    

(—

@)

    

(—

@)

    

(2

)

    

(1

)

  

Advisory Class

    

(28

)

    

(63

)

    

(3

)

    

(2

)

  

Participant Class

    

(178

)

    

(314

)

    

(—

@)

    

(—

@)

  

Cash Management Class

    

(1

)

    

(2

)

    

(1

)

    

(1

)

  

Select Class

    

(—

@)

    

(—

@)

    

(—

@)

    

(—

@)

  

Total Dividends and Distributions to Shareholders

    

(10,170

)

    

(3,759

)

    

(15,820

)

    

(5,640

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

81,748,776

      

114,433,633

      

91,624,021

      

182,228,942

    

Distributions Reinvested

    

2,947

      

987

      

9,994

      

3,604

    

Redeemed

    

(81,109,935

)

    

(115,233,317

)

    

(95,267,111

)

    

(175,364,321

)

  

Institutional Select Class:

  

Subscribed

    

5,518,235

      

21,448,814

      

109,415

      

139,980

    

Distributions Reinvested

    

3,255

      

1,240

      

113

      

241

    

Redeemed

    

(7,211,353

)

    

(16,578,796

)

    

(684,959

)

    

(3,205,502

)

  

Investor Class:

  

Subscribed

    

329,569

      

71,168

      

—

      

—

@

  

Distributions Reinvested

    

6

      

1

      

—

@

    

—

@

  

Redeemed

    

(235,913

)

    

(80,040

)

    

—

      

—

    

Administrative Class:

  

Subscribed

    

644

      

379

      

96

      

21,602

    

Distributions Reinvested

    

—

@

    

—

@

    

—

@

    

—

@

  

Redeemed

    

(659

)

    

(520

)

    

(6,300

)

    

(4,658

)

  

Advisory Class:

  

Subscribed

    

1,477,213

      

3,251,732

      

793,201

      

406,963

    

Distributions Reinvested

    

4

      

8

      

1

      

2

    

Redeemed

    

(1,428,985

)

    

(3,316,138

)

    

(807,810

)

    

(385,194

)

  

Participant Class:

  

Subscribed

    

3,017,097

      

5,287,892

      

199

      

622

    

Distributions Reinvested

    

—

@

    

—

@

    

—

@

    

—

@

  

Redeemed

    

(3,995,729

)

    

(4,672,745

)

    

(189

)

    

(938

)

  

Cash Management Class:

  

Subscribed

    

—

@

    

—

      

—

@

    

—

    

Distributions Reinvested

    

1

      

2

      

1

      

1

    

Redeemed

    

(3,754

)

    

(154

)

    

(240

)

    

(1,189

)

  

Select Class:

  

Distributions Reinvested

    

—

@

    

—

@

    

—

@

    

—

@

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

(1,888,581

)

    

4,614,146

      

(4,229,568

)

    

3,840,155

    

Total Increase (Decrease) in Net Assets

    

(1,888,879

)

    

4,614,969

      

(4,229,866

)

    

3,840,827

    

Net Assets:

  

Beginning of Period

    

39,904,893

      

35,289,924

      

53,636,603

      

49,795,776

    

End of Period

  

$

38,016,014

    

$

39,904,893

    

$

49,406,737

    

$

53,636,603

    

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets (cont'd)

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		   Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

81,748,776

      

114,433,633

      

91,624,021

      

182,228,942

    

Shares Issued on Distributions Reinvested

    

2,947

      

987

      

9,994

      

3,604

    

Shares Redeemed

    

(81,109,935

)

    

(115,233,317

)

    

(95,267,111

)

    

(175,364,321

)

  
Net Increase (Decrease) in Institutional Class
Shares Outstanding		    

641,788

      

(798,697

)

    

(3,633,096

)

    

6,868,225

    

Institutional Select Class:

  

Shares Subscribed

    

5,518,235

      

21,448,816

      

109,415

      

139,980

    

Shares Issued on Distributions Reinvested

    

3,255

      

1,238

      

113

      

241

    

Shares Redeemed

    

(7,211,353

)

    

(16,578,796

)

    

(684,959

)

    

(3,205,502

)

  
Net Increase (Decrease) in Institutional Select
Class Shares Outstanding		    

(1,689,863

)

    

4,871,258

      

(575,431

)

    

(3,065,281

)

  

Investor Class:

  

Shares Subscribed

    

329,569

      

71,168

      

—

      

—

@@

  

Shares Issued on Distributions Reinvested

    

6

      

1

      

—

@@

    

—

@@

  

Shares Redeemed

    

(235,913

)

    

(80,040

)

    

—

      

—

    
Net Increase (Decrease) in Investor Class
Shares Outstanding		    

93,662

      

(8,871

)

    

—

@@

    

—

@@

  

Administrative Class:

  

Shares Subscribed

    

644

      

379

      

96

      

21,602

    

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

—

@@

    

—

@@

  

Shares Redeemed

    

(659

)

    

(520

)

    

(6,300

)

    

(4,658

)

  
Net Decrease in Administrative Class
Shares Outstanding		    

(15

)

    

(141

)

    

(6,204

)

    

16,944

    

Advisory Class:

  

Shares Subscribed

    

1,477,213

      

3,251,732

      

793,201

      

406,963

    

Shares Issued on Distributions Reinvested

    

4

      

8

      

1

      

2

    

Shares Redeemed

    

(1,428,985

)

    

(3,316,138

)

    

(807,810

)

    

(385,194

)

  
Net Increase (Decrease) in Advisory Class
Shares Outstanding		    

48,232

      

(64,398

)

    

(14,608

)

    

21,771

    

Participant Class:

  

Shares Subscribed

    

3,017,097

      

5,287,892

      

199

      

622

    

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

    

—

@@

    

—

@@

  

Shares Redeemed

    

(3,995,729

)

    

(4,672,745

)

    

(189

)

    

(938

)

  
Net Increase (Decrease) in Participant Class
Shares Outstanding		    

(978,632

)

    

615,147

      

10

      

(316

)

  

Cash Management Class:

  

Shares Subscribed

    

—

@@

    

—

      

—

@@

    

—

    

Shares Issued on Distributions Reinvested

    

1

      

2

      

1

      

1

    

Shares Redeemed

    

(3,754

)

    

(154

)

    

(240

)

    

(1,189

)

  
Net Decrease in Cash Management Class
Shares Outstanding		    

(3,753

)

    

(152

)

    

(239

)

    

(1,188

)

  

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Statements of Changes in Net Assets

    Tax-Exempt
Portfolio		  
    Six Months Ended
April 30, 2022
(unaudited)
(000)		   Year Ended
October 31, 2021
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

96

    

$

28

    

Net Realized Gain

    

—

@

    

5

    

Net Change in Unrealized Depreciation

    

(38

)

    

(6

)

  

Net Increase in Net Assets Resulting from Operations

    

58

      

27

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(95

)

    

(28

)

  

Institutional Select Class

    

(—

@)

    

(—

@)

  

Cash Management Class

    

(1

)

    

(—

@)

  

Total Dividends and Distributions to Shareholders

    

(96

)

    

(28

)

  

Capital Share Transactions:(1)

  

Institutional Class:

  

Subscribed

    

184,358

      

315,842

    

Distributions Reinvested

    

70

      

21

    

Redeemed

    

(162,246

)

    

(434,575

)

  

Institutional Select Class:

  

Distributions Reinvested

    

—

@

    

—

@

  

Cash Management Class:

  

Subscribed

    

—

@

    

—

    

Distributions Reinvested

    

1

      

—

@

  

Redeemed

    

(1,171

)

    

(146

)

  

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

    

21,012

      

(118,858

)

  

Total Increase (Decrease) in Net Assets

    

20,974

      

(118,859

)

  

Net Assets:

  

Beginning of Period

    

252,448

      

371,307

    

End of Period

  

$

273,422

    

$

252,448

    

(1)   Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

184,370

      

315,806

    

Shares Issued on Distributions Reinvested

    

70

      

21

    

Shares Redeemed

    

(162,252

)

    

(434,523

)

  

Net Increase (Decrease) in Institutional Class Shares Outstanding

    

22,188

      

(118,696

)

  

Institutional Select Class:

  

Shares Issued on Distributions Reinvested

    

—

@@

    

—

@@

  

Cash Management Class:

  

Shares Subscribed

    

—

@@

    

—

    

Shares Issued on Distributions Reinvested

    

1

      

—

@@

  

Shares Redeemed

    

(1,171

)

    

(146

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(1,170

)

    

(146

)

  

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

1.0009

    

$

0.0006

(1)

  

$

(0.0002

)(2)

  

$

(0.0006

)

  

$

1.0007

      

0.04

%(5)

  

Year Ended 10/31/21

    

1.0010

      

0.0006

(1)

    

(0.0001

)(2)

    

(0.0006

)

    

1.0009

      

0.05

%

  

Year Ended 10/31/20

    

1.0008

      

0.0087

(1)

    

0.0005

      

(0.0090

)

    

1.0010

      

0.92

%

  

Year Ended 10/31/19

    

1.0004

      

0.0239

(1)

    

0.0005

      

(0.0240

)

    

1.0008

      

2.46

%

  

Year Ended 10/31/18

    

1.0004

      

0.0190

(1)

    

(0.0007

)

    

(0.0183

)

    

1.0004

      

1.84

%

  

Year Ended 10/31/17

    

1.0002

      

0.0105

(1)

    

(0.0001

)(2)

    

(0.0102

)

    

1.0004

      

1.05

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0007

    

$

0.0005

(1)

  

$

(0.0002

)(2)

  

$

(0.0005

)

  

$

1.0005

      

0.03

%(5)

  

Year Ended 10/31/21

    

1.0008

      

0.0004

(1)(2)

    

(0.0001

)(2)

    

(0.0004

)(2)

    

1.0007

      

0.03

%

  

Year Ended 10/31/20

    

1.0006

      

0.0082

(1)

    

0.0005

      

(0.0085

)

    

1.0008

      

0.87

%

  

Year Ended 10/31/19

    

1.0002

      

0.0233

(1)

    

0.0006

      

(0.0235

)

    

1.0006

      

2.41

%

  

Year Ended 10/31/18

    

1.0002

      

0.0185

(1)

    

(0.0007

)

    

(0.0178

)

    

1.0002

      

1.79

%

  

Year Ended 10/31/17

    

1.0000

      

0.0100

(1)

    

(0.0001

)(2)

    

(0.0097

)

    

1.0002

      

1.00

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0011

    

$

0.0003

(1)(2)

  

$

(0.0002

)(2)

  

$

(0.0003

)(2)

  

$

1.0009

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.0012

      

0.0003

(1)(2)

    

(0.0001

)(2)

    

(0.0003

)(2)

    

1.0011

      

0.02

%

  

Year Ended 10/31/20

    

1.0010

      

0.0065

(1)

    

0.0005

      

(0.0068

)

    

1.0012

      

0.70

%

  

Year Ended 10/31/19

    

1.0007

      

0.0213

(1)

    

0.0005

      

(0.0215

)

    

1.0010

      

2.20

%

  

Year Ended 10/31/18

    

1.0006

      

0.0165

(1)

    

(0.0006

)

    

(0.0158

)

    

1.0007

      

1.60

%

  

Year Ended 10/31/17

    

1.0004

      

0.0080

(1)

    

0.0001

(2)

    

(0.0079

)

    

1.0006

      

0.81

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0007

    

$

0.0003

(1)(2)

  

$

(0.0002

)(2)

  

$

(0.0003

)(2)

  

$

1.0005

      

0.00

%(4)(5)

  

Year Ended 10/31/21

    

1.0008

      

0.0003

(1)(2)

    

(0.0001

)(2)

    

(0.0003

)(2)

    

1.0007

      

0.02

%

  

Year Ended 10/31/20

    

1.0006

      

0.0049

(1)

    

0.0005

      

(0.0052

)

    

1.0008

      

0.54

%

  

Year Ended 10/31/19

    

1.0003

      

0.0188

(1)

    

0.0005

      

(0.0190

)

    

1.0006

      

1.94

%

  

Year Ended 10/31/18

    

1.0002

      

0.0140

(1)

    

(0.0006

)

    

(0.0133

)

    

1.0003

      

1.34

%

  

Year Ended 10/31/17

    

1.0000

      

0.0055

(1)

    

(0.0001

)(2)

    

(0.0052

)

    

1.0002

      

0.55

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0007

    

$

0.0004

(1)(2)

  

$

(0.0002

)(2)

  

$

(0.0004

)(2)

  

$

1.0005

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.0007

      

0.0003

(1)(2)

    

(0.0000

)(2)

    

(0.0003

)(2)

    

1.0007

      

0.03

%

  

Year Ended 10/31/20

    

1.0005

      

0.0073

(1)

    

0.0004

(2)

    

(0.0075

)

    

1.0007

      

0.78

%

  

Year Ended 10/31/19

    

1.0002

      

0.0223

(1)

    

0.0005

      

(0.0225

)

    

1.0005

      

2.30

%

  

Year Ended 10/31/18

    

1.0001

      

0.0175

(1)

    

(0.0006

)

    

(0.0168

)

    

1.0002

      

1.70

%

  

Year Ended 10/31/17

    

1.0000

      

0.0090

(1)

    

(0.0002

)(2)

    

(0.0087

)

    

1.0001

      

0.89

%

  

CastleOak Shares Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0009

    

$

0.0006

(1)

  

$

(0.0001

)

  

$

(0.0006

)(2)

  

$

1.0008

      

0.05

%(5)

  

For the Period Ended 10/31/21(7)

    

1.0010

      

0.0006

(1)

    

(0.0005

)

    

(0.0002

)(2)

    

1.0009

      

0.01

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

3,933,806

      

0.14

%(6)

    

N/A

      

0.22

%(6)

    

0.12

%(6)

    

0.04

%(6)

  

Year Ended 10/31/21

    

3,291,307

      

0.14

%

    

N/A

      

0.22

%

    

0.06

%

    

(0.02

)%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.16

%(3)(6)

    

N/A

      

0.27

%(6)

    

0.10

%(6)

    

(0.01

)%(6)

  

Year Ended 10/31/21

    

51

      

0.16

%(3)

    

N/A

      

0.27

%

    

0.04

%

    

(0.07

)%

  

Year Ended 10/31/20

    

51

      

0.18

%(3)

    

N/A

      

0.27

%

    

0.82

%

    

0.73

%

  

Year Ended 10/31/19

    

51

      

0.21

%(3)

    

0.21

%(3)

    

0.27

%

    

2.33

%

    

2.27

%

  

Year Ended 10/31/18

    

50

      

0.20

%(3)

    

N/A

      

0.30

%

    

1.86

%

    

1.76

%

  

Year Ended 10/31/17

    

50

      

0.15

%(3)

    

N/A

      

0.37

%

    

1.01

%

    

0.79

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.21

%(3)(6)

    

N/A

      

0.47

%(6)

    

0.05

%(6)

    

(0.21

)%(6)

  

Year Ended 10/31/21

    

51

      

0.17

%(3)

    

N/A

      

0.47

%

    

0.03

%

    

(0.27

)%

  

Year Ended 10/31/20

    

51

      

0.36

%(3)

    

N/A

      

0.47

%

    

0.65

%

    

0.54

%

  

Year Ended 10/31/19

    

51

      

0.41

%(3)

    

0.41

%(3)

    

0.47

%

    

2.13

%

    

2.07

%

  

Year Ended 10/31/18

    

50

      

0.40

%(3)

    

N/A

      

0.50

%

    

1.66

%

    

1.56

%

  

Year Ended 10/31/17

    

52

      

0.35

%(3)

    

N/A

      

0.57

%

    

0.81

%

    

0.59

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.21

%(3)(6)

    

N/A

      

0.72

%(6)

    

0.05

%(6)

    

(0.46

)%(6)

  

Year Ended 10/31/21

    

51

      

0.17

%(3)

    

N/A

      

0.72

%

    

0.03

%

    

(0.52

)%

  

Year Ended 10/31/20

    

51

      

0.52

%(3)

    

N/A

      

0.72

%

    

0.49

%

    

0.29

%

  

Year Ended 10/31/19

    

51

      

0.66

%(3)

    

0.66

%(3)

    

0.72

%

    

1.88

%

    

1.82

%

  

Year Ended 10/31/18

    

50

      

0.65

%(3)

    

N/A

      

0.75

%

    

1.41

%

    

1.31

%

  

Year Ended 10/31/17

    

50

      

0.60

%(3)

    

N/A

      

0.82

%

    

0.56

%

    

0.34

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

8,141

      

0.18

%(3)(6)

    

N/A

      

0.37

%(6)

    

0.08

%(6)

    

(0.11

)%(6)

  

Year Ended 10/31/21

    

8,341

      

0.17

%(3)

    

N/A

      

0.37

%

    

0.03

%

    

(0.17

)%

  

Year Ended 10/31/20

    

8,784

      

0.28

%(3)

    

N/A

      

0.37

%

    

0.72

%

    

0.63

%

  

Year Ended 10/31/19

    

11,789

      

0.31

%(3)

    

0.31

%(3)

    

0.37

%

    

2.23

%

    

2.17

%

  

Year Ended 10/31/18

    

13,998

      

0.30

%(3)

    

N/A

      

0.40

%

    

1.76

%

    

1.66

%

  

Year Ended 10/31/17

    

17,980

      

0.25

%(3)

    

N/A

      

0.47

%

    

0.91

%

    

0.69

%

  

CastleOak Shares Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

250,239

      

0.14

%(6)

    

N/A

      

0.22

%(6)

    

0.12

%(6)

    

0.04

%(6)

  

For the Period Ended 10/31/21(7)

    

255,136

      

0.14

%(6)

    

N/A

      

0.22

%(6)

    

0.06

%(6)

    

(0.02

)%(6)

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

1.0001

    

$

0.0006

(1)

  

$

(0.0001

)(2)

  

$

(0.0007

)

  

$

0.9999

      

0.05

%(5)

  

Year Ended 10/31/21

    

1.0001

      

0.0007

(1)

    

0.0000

(2)

    

(0.0007

)

    

1.0001

      

0.07

%

  

Year Ended 10/31/20

    

1.0008

      

0.0081

(1)

    

0.0001

(2)

    

(0.0089

)

    

1.0001

      

0.83

%

  

Year Ended 10/31/19

    

1.0005

      

0.0240

(1)

    

0.0002

(2)

    

(0.0239

)

    

1.0008

      

2.45

%

  

Year Ended 10/31/18

    

1.0005

      

0.0186

(1)

    

(0.0004

)(2)

    

(0.0182

)

    

1.0005

      

1.84

%

  

Year Ended 10/31/17

    

1.0002

      

0.0109

(1)

    

(0.0005

)

    

(0.0101

)

    

1.0005

      

1.05

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

0.9998

    

$

0.0006

(1)

  

$

(0.0002

)(2)

  

$

(0.0006

)

  

$

0.9996

      

0.04

%(5)

  

Year Ended 10/31/21

    

0.9998

      

0.0004

(1)(2)

    

0.0001

(2)

    

(0.0005

)

    

0.9998

      

0.05

%

  

Year Ended 10/31/20

    

1.0006

      

0.0076

(1)

    

0.0001

(2)

    

(0.0085

)

    

0.9998

      

0.77

%

  

Year Ended 10/31/19

    

1.0003

      

0.0233

(1)

    

0.0004

(2)

    

(0.0234

)

    

1.0006

      

2.40

%

  

Year Ended 10/31/18

    

1.0000

      

0.0181

(1)

    

(0.0001

)(2)

    

(0.0177

)

    

1.0003

      

1.82

%

  

Year Ended 10/31/17

    

1.0005

      

0.0104

(1)

    

(0.0033

)

    

(0.0076

)

    

1.0000

      

0.71

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

0.9998

    

$

0.0004

(1)(2)

  

$

0.0003

(2)

  

$

(0.0004

)(2)

  

$

1.0001

      

0.07

%(5)

  

Year Ended 10/31/21

    

0.9997

      

0.0005

(1)

    

0.0000

(2)

    

(0.0004

)(2)

    

0.9998

      

0.05

%

  

Year Ended 10/31/20

    

1.0003

      

0.0058

(1)

    

0.0003

(2)

    

(0.0067

)

    

0.9997

      

0.61

%

  

Year Ended 10/31/19

    

1.0000

      

0.0213

(1)

    

0.0004

(2)

    

(0.0214

)

    

1.0003

      

2.19

%

  

Year Ended 10/31/18

    

1.0000

      

0.0161

(1)

    

(0.0004

)(2)

    

(0.0157

)

    

1.0000

      

1.58

%

  

Year Ended 10/31/17

    

1.0000

      

0.0086

(1)

    

(0.0038

)

    

(0.0048

)

    

1.0000

      

0.49

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0000

    

$

0.0004

(1)(2)

  

$

(0.0002

)(2)

  

$

(0.0005

)

  

$

0.9997

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.0000

      

0.0004

(1)(2)

    

0.0000

(2)

    

(0.0004

)(2)

    

1.0000

      

0.04

%

  

Year Ended 10/31/20

    

1.0005

      

0.0066

(1)

    

0.0004

(2)

    

(0.0075

)

    

1.0000

      

0.70

%

  

Year Ended 10/31/19

    

1.0003

      

0.0223

(1)

    

0.0003

(2)

    

(0.0224

)

    

1.0005

      

2.29

%

  

Year Ended 10/31/18

    

1.0003

      

0.0171

(1)

    

(0.0004

)(2)

    

(0.0167

)

    

1.0003

      

1.69

%

  

Year Ended 10/31/17

    

1.0000

      

0.0094

(1)

    

(0.0005

)

    

(0.0086

)

    

1.0003

      

0.90

%

  

Impact Class

  

For the Period Ended 4/30/22 (unaudited)(8)

  

$

0.9997

    

$

0.0003

(1)(2)

  

$

0.0002

(2)

  

$

(0.0003

)(2)

  

$

0.9999

      

0.05

%(5)

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

12,020,243

      

0.13

%(6)

    

0.21

%(6)

    

0.13

%(6)

    

0.05

%(6)

  

Year Ended 10/31/21

    

16,772,763

      

0.14

%

    

0.21

%

    

0.06

%

    

(0.01

)%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

5,725

      

0.15

%(3)(6)

    

0.26

%(6)

    

0.12

%(6)

    

0.00

%(4)(6)

  

Year Ended 10/31/21

    

5,723

      

0.16

%(3)

    

0.26

%

    

0.04

%

    

(0.06

)%

  

Year Ended 10/31/20

    

24,041

      

0.18

%(3)

    

0.26

%

    

0.76

%

    

0.68

%

  

Year Ended 10/31/19

    

12,203

      

0.21

%(3)

    

0.26

%

    

2.33

%

    

2.28

%

  

Year Ended 10/31/18

    

20,410

      

0.20

%(3)

    

0.26

%

    

1.82

%

    

1.76

%

  

Year Ended 10/31/17

    

50

      

0.17

%(3)

    

0.28

%

    

1.04

%

    

0.93

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1,660

      

0.19

%(3)(6)

    

0.46

%(6)

    

0.09

%(6)

    

(0.18

)%(6)

  

Year Ended 10/31/21

    

1,659

      

0.14

%(3)

    

0.46

%

    

0.06

%

    

(0.26

)%

  

Year Ended 10/31/20

    

51

      

0.36

%(3)

    

0.46

%

    

0.59

%

    

0.49

%

  

Year Ended 10/31/19

    

51

      

0.41

%(3)

    

0.46

%

    

2.13

%

    

2.08

%

  

Year Ended 10/31/18

    

50

      

0.40

%(3)

    

0.46

%

    

1.62

%

    

1.56

%

  

Year Ended 10/31/17

    

50

      

0.37

%(3)

    

0.48

%

    

0.84

%

    

0.73

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

5,214

      

0.17

%(3)(6)

    

0.36

%(6)

    

0.09

%(6)

    

(0.10

)%(6)

  

Year Ended 10/31/21

    

5,343

      

0.16

%(3)

    

0.36

%

    

0.04

%

    

(0.16

)%

  

Year Ended 10/31/20

    

5,573

      

0.28

%(3)

    

0.36

%

    

0.66

%

    

0.58

%

  

Year Ended 10/31/19

    

13,537

      

0.31

%(3)

    

0.36

%

    

2.23

%

    

2.18

%

  

Year Ended 10/31/18

    

21,596

      

0.30

%(3)

    

0.36

%

    

1.72

%

    

1.66

%

  

Year Ended 10/31/17

    

14,809

      

0.27

%(3)

    

0.38

%

    

0.94

%

    

0.83

%

  

Impact Class

  

For the Period Ended 4/30/22 (unaudited)(8)

  

$

50

      

0.13

%(6)

    

0.21

%(6)

    

0.13

%(6)

    

0.05

%(6)

  

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

2022 Semi-Annual Report

April 30, 2022 (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 Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.04

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.61

%

  

Year Ended 10/31/19

    

1.000

      

0.022

(1)

    

0.000

(2)

    

(0.022

)

    

1.000

      

2.20

%

  

Year Ended 10/31/18

    

1.000

      

0.016

(1)

    

(0.001

)

    

(0.015

)

    

1.000

      

1.55

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.001

      

(0.007

)

    

1.000

      

0.65

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.03

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.57

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.15

%

  

Year Ended 10/31/18

    

1.000

      

0.015

(1)

    

0.000

(2)

    

(0.015

)

    

1.000

      

1.50

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.60

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.03

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.55

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.10

%

  

Year Ended 10/31/18

    

1.000

      

0.015

(1)

    

(0.001

)

    

(0.014

)

    

1.000

      

1.45

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.55

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.05

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.40

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.50

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.95

%

  

Year Ended 10/31/18

    

1.000

      

0.013

(1)

    

0.000

(2)

    

(0.013

)

    

1.000

      

1.30

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.40

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.001

      

(0.004

)

    

1.000

      

0.38

%

  

Year Ended 10/31/19

    

1.000

      

0.017

(1)

    

0.000

(2)

    

(0.017

)

    

1.000

      

1.69

%

  

Year Ended 10/31/18

    

1.000

      

0.011

(1)

    

(0.001

)

    

(0.010

)

    

1.000

      

1.04

%

  

Year Ended 10/31/17

    

1.000

      

0.001

(1)

    

0.001

      

(0.002

)

    

1.000

      

0.19

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.05

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.40

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.50

%

  

Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.001

(1)

    

0.002

      

(0.003

)

    

1.000

      

0.26

%

  

Year Ended 10/31/19

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.39

%

  

Year Ended 10/31/18

    

1.000

      

0.008

(1)

    

(0.001

)

    

(0.007

)

    

1.000

      

0.74

%

  

Year Ended 10/31/17

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.04

%

  

CastleOak Shares Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.04

%(5)

  

For the Period Ended 10/31/21(7)

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%(5)

  

Impact Class

  

For the Period Ended 4/30/22 (unaudited)(8)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

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

2022 Semi-Annual Report

April 30, 2022 (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)		  

Government Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

121,475,967

      

0.07

%(6)

    

N/A

      

0.21

%(6)

    

0.08

%(6)

    

(0.06

)%(6)

  

Year Ended 10/31/21

    

125,443,478

      

0.07

%

    

N/A

      

0.21

%

    

0.02

%

    

(0.12

)%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

23,518,839

      

0.08

%(3)(6)

    

N/A

      

0.26

%(6)

    

0.07

%(6)

    

(0.11

)%(6)

  

Year Ended 10/31/21

    

22,579,049

      

0.07

%(3)

    

N/A

      

0.26

%

    

0.02

%

    

(0.17

)%

  

Year Ended 10/31/20

    

10,462,967

      

0.20

%(3)

    

0.20

%(3)

    

0.26

%

    

0.45

%

    

0.39

%

  

Year Ended 10/31/19

    

350,876

      

0.22

%(3)

    

0.22

%(3)

    

0.26

%

    

2.12

%

    

2.08

%

  

Year Ended 10/31/18

    

750,517

      

0.22

%(3)

    

N/A

      

0.26

%

    

1.50

%

    

1.46

%

  

Year Ended 10/31/17

    

1,990,491

      

0.23

%(3)

    

N/A

      

0.26

%

    

0.58

%

    

0.55

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1,834,667

      

0.10

%(3)(6)

    

N/A

      

0.31

%(6)

    

0.05

%(6)

    

(0.16

)%(6)

  

Year Ended 10/31/21

    

1,433,481

      

0.07

%(3)

    

N/A

      

0.31

%

    

0.02

%

    

(0.22

)%

  

Year Ended 10/31/20

    

1,509,475

      

0.25

%(3)

    

0.25

%(3)

    

0.31

%

    

0.40

%

    

0.34

%

  

Year Ended 10/31/19

    

3,447,615

      

0.27

%(3)

    

0.27

%(3)

    

0.31

%

    

2.07

%

    

2.03

%

  

Year Ended 10/31/18

    

2,426,700

      

0.27

%(3)

    

N/A

      

0.31

%

    

1.45

%

    

1.41

%

  

Year Ended 10/31/17

    

79,317

      

0.28

%(3)

    

N/A

      

0.31

%

    

0.53

%

    

0.50

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

334,643

      

0.11

%(3)(6)

    

N/A

      

0.36

%(6)

    

0.04

%(6)

    

(0.21

)%(6)

  

Year Ended 10/31/21

    

357,558

      

0.07

%(3)

    

N/A

      

0.36

%

    

0.02

%

    

(0.27

)%

  

Year Ended 10/31/20

    

161,405

      

0.26

%(3)

    

0.26

%(3)

    

0.36

%

    

0.39

%

    

0.29

%

  

Year Ended 10/31/19

    

186,966

      

0.32

%(3)

    

0.32

%(3)

    

0.36

%

    

2.02

%

    

1.98

%

  

Year Ended 10/31/18

    

181,397

      

0.32

%(3)

    

N/A

      

0.36

%

    

1.40

%

    

1.36

%

  

Year Ended 10/31/17

    

169,710

      

0.33

%(3)

    

N/A

      

0.36

%

    

0.48

%

    

0.45

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1,611,126

      

0.12

%(3)(6)

    

N/A

      

0.46

%(6)

    

0.03

%(6)

    

(0.31

)%(6)

  

Year Ended 10/31/21

    

1,794,163

      

0.07

%(3)

    

N/A

      

0.46

%

    

0.02

%

    

(0.37

)%

  

Year Ended 10/31/20

    

1,143,921

      

0.30

%(3)

    

0.30

%(3)

    

0.46

%

    

0.35

%

    

0.19

%

  

Year Ended 10/31/19

    

962,234

      

0.42

%(3)

    

0.42

%(3)

    

0.46

%

    

1.92

%

    

1.88

%

  

Year Ended 10/31/18

    

1,082,958

      

0.42

%(3)

    

N/A

      

0.46

%

    

1.30

%

    

1.26

%

  

Year Ended 10/31/17

    

1,195,962

      

0.43

%(3)

    

N/A

      

0.46

%

    

0.38

%

    

0.35

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

2,225,223

      

0.12

%(3)(6)

    

N/A

      

0.71

%(6)

    

0.03

%(6)

    

(0.56

)%(6)

  

Year Ended 10/31/21

    

2,082,873

      

0.07

%(3)

    

N/A

      

0.71

%

    

0.02

%

    

(0.62

)%

  

Year Ended 10/31/20

    

1,671,051

      

0.36

%(3)

    

0.36

%(3)

    

0.71

%

    

0.29

%

    

(0.06

)%

  

Year Ended 10/31/19

    

942,575

      

0.67

%(3)

    

0.67

%(3)

    

0.71

%

    

1.67

%

    

1.63

%

  

Year Ended 10/31/18

    

770,987

      

0.67

%(3)

    

N/A

      

0.71

%

    

1.05

%

    

1.01

%

  

Year Ended 10/31/17

    

919,665

      

0.68

%(3)

    

N/A

      

0.71

%

    

0.13

%

    

0.10

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

3,337

      

0.10

%(3)(6)

    

N/A

      

0.36

%(6)

    

0.05

%(6)

    

(0.21

)%(6)

  

Year Ended 10/31/21

    

4,397

      

0.07

%(3)

    

N/A

      

0.36

%

    

0.02

%

    

(0.27

)%

  

Year Ended 10/31/20

    

4,704

      

0.26

%(3)

    

0.26

%(3)

    

0.36

%

    

0.39

%

    

0.29

%

  

Year Ended 10/31/19

    

4,914

      

0.32

%(3)

    

0.32

%(3)

    

0.36

%

    

2.02

%

    

1.98

%

  

Year Ended 10/31/18

    

16,226

      

0.32

%(3)

    

N/A

      

0.36

%

    

1.40

%

    

1.36

%

  

Year Ended 10/31/17

    

28,533

      

0.33

%(3)

    

N/A

      

0.36

%

    

0.48

%

    

0.45

%

  

Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.12

%(3)(6)

    

N/A

      

1.01

%(6)

    

0.03

%(6)

    

(0.86

)%(6)

  

Year Ended 10/31/21

    

51

      

0.07

%(3)

    

N/A

      

1.01

%

    

0.02

%

    

(0.92

)%

  

Year Ended 10/31/20

    

51

      

0.51

%(3)

    

0.51

%(3)

    

1.01

%

    

0.14

%

    

(0.36

)%

  

Year Ended 10/31/19

    

50

      

0.97

%(3)

    

0.97

%(3)

    

1.01

%

    

1.37

%

    

1.33

%

  

Year Ended 10/31/18

    

50

      

0.97

%(3)

    

N/A

      

1.01

%

    

0.75

%

    

0.71

%

  

Year Ended 10/31/17

    

50

      

0.79

%(3)

    

N/A

      

1.01

%

    

0.02

%

    

(0.20

)%

  

CastleOak Shares Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

285,211

      

0.07

%(6)

    

N/A

      

0.21

%(6)

    

0.08

%(6)

    

(0.06

)%(6)

  

For the Period Ended 10/31/21(7)

    

371,765

      

0.07

%(6)

    

N/A

      

0.21

%(6)

    

0.02

%(6)

    

(0.12

)%(6)

  

Impact Class

  

For the Period Ended 4/30/22 (unaudited)(8)

  

$

50

      

0.07

%(6)

    

N/A

      

0.21

%(6)

    

0.08

%(6)

    

(0.06

)%(6)

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.03

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.61

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.14

%

  

Year Ended 10/31/18

    

1.000

      

0.013

(1)

    

0.002

      

(0.015

)

    

1.000

      

1.47

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.60

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.58

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.08

%

  

Year Ended 10/31/18

    

1.000

      

0.012

(1)

    

0.002

      

(0.014

)

    

1.000

      

1.43

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.55

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.55

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.03

%

  

Year Ended 10/31/18

    

1.000

      

0.012

(1)

    

0.002

      

(0.014

)

    

1.000

      

1.37

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.50

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

1.98

%

  

Year Ended 10/31/18

    

1.000

      

0.011

(1)

    

0.002

      

(0.013

)

    

1.000

      

1.32

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.45

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.88

%

  

Year Ended 10/31/18

    

1.000

      

0.010

(1)

    

0.002

      

(0.012

)

    

1.000

      

1.22

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.35

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.88

%

  

Year Ended 10/31/18

    

1.000

      

0.011

(1)

    

0.001

      

(0.012

)

    

1.000

      

1.22

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.36

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.53

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

1.99

%

  

Year Ended 10/31/18

    

1.000

      

0.011

(1)

    

0.002

      

(0.013

)

    

1.000

      

1.32

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.45

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

843,139

      

0.09

%(6)

    

0.22

%(6)

    

0.05

%(6)

    

(0.08

)%(6)

  

Year Ended 10/31/21

    

1,622,265

      

0.06

%

    

0.22

%

    

0.00

%(4)

    

(0.16

)%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.10

%(3)(6)

    

0.27

%(6)

    

0.04

%(6)

    

(0.13

)%(6)

  

Year Ended 10/31/21

    

51

      

0.06

%(3)

    

0.27

%

    

0.00

%(4)

    

(0.21

)%

  

Year Ended 10/31/20

    

51

      

0.21

%(3)

    

0.27

%

    

0.43

%

    

0.37

%

  

Year Ended 10/31/19

    

51

      

0.25

%(3)

    

0.28

%

    

2.07

%

    

2.04

%

  

Year Ended 10/31/18

    

50

      

0.25

%(3)

    

0.26

%

    

1.25

%

    

1.24

%

  

Year Ended 10/31/17

    

50

      

0.25

%(3)

    

0.27

%

    

0.52

%

    

0.50

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.11

%(3)(6)

    

0.32

%(6)

    

0.03

%(6)

    

(0.18

)%(6)

  

Year Ended 10/31/21

    

51

      

0.06

%(3)

    

0.32

%

    

0.00

%(4)

    

(0.26

)%

  

Year Ended 10/31/20

    

51

      

0.24

%(3)

    

0.31

%

    

0.39

%

    

0.32

%

  

Year Ended 10/31/19

    

1,006

      

0.30

%(3)

    

0.33

%

    

2.02

%

    

1.99

%

  

Year Ended 10/31/18

    

460

      

0.30

%(3)

    

0.31

%

    

1.20

%

    

1.19

%

  

Year Ended 10/31/17

    

50

      

0.30

%(3)

    

0.32

%

    

0.47

%

    

0.45

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.13

%(3)(6)

    

0.37

%(6)

    

0.01

%(6)

    

(0.23

)%(6)

  

Year Ended 10/31/21

    

51

      

0.06

%(3)

    

0.37

%

    

0.00

%(4)

    

(0.31

)%

  

Year Ended 10/31/20

    

51

      

0.27

%(3)

    

0.37

%

    

0.37

%

    

0.27

%

  

Year Ended 10/31/19

    

51

      

0.35

%(3)

    

0.38

%

    

1.97

%

    

1.94

%

  

Year Ended 10/31/18

    

50

      

0.35

%(3)

    

0.36

%

    

1.15

%

    

1.14

%

  

Year Ended 10/31/17

    

50

      

0.35

%(3)

    

0.37

%

    

0.42

%

    

0.40

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

40,701

      

0.13

%(3)(6)

    

0.47

%(6)

    

0.01

%(6)

    

(0.33

)%(6)

  

Year Ended 10/31/21

    

39,201

      

0.06

%(3)

    

0.47

%

    

0.00

%(4)

    

(0.41

)%

  

Year Ended 10/31/20

    

39,903

      

0.30

%(3)

    

0.46

%

    

0.34

%

    

0.18

%

  

Year Ended 10/31/19

    

38,039

      

0.45

%(3)

    

0.48

%

    

1.87

%

    

1.84

%

  

Year Ended 10/31/18

    

35,943

      

0.45

%(3)

    

0.46

%

    

1.05

%

    

1.04

%

  

Year Ended 10/31/17

    

39,676

      

0.45

%(3)

    

0.47

%

    

0.32

%

    

0.30

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

13,240,409

      

0.13

%(3)(6)

    

0.72

%(6)

    

0.01

%(6)

    

(0.58

)%(6)

  

Year Ended 10/31/21

    

15,949,390

      

0.06

%(3)

    

0.72

%

    

0.00

%(4)

    

(0.66

)%

  

Year Ended 10/31/20

    

6,549,518

      

0.29

%(3)

    

0.71

%

    

0.35

%

    

(0.07

)%

  

Year Ended 10/31/19

    

2,724,346

      

0.45

%(3)

    

0.73

%

    

1.87

%

    

1.59

%

  

Year Ended 10/31/18

    

2,780,482

      

0.45

%(3)

    

0.71

%

    

1.05

%

    

0.79

%

  

Year Ended 10/31/17

    

17,766,128

      

0.44

%(3)

    

0.72

%

    

0.33

%

    

0.05

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

324

      

0.13

%(3)(6)

    

0.37

%(6)

    

0.01

%(6)

    

(0.23

)%(6)

  

Year Ended 10/31/21

    

356

      

0.06

%(3)

    

0.37

%

    

0.00

%(4)

    

(0.31

)%

  

Year Ended 10/31/20

    

356

      

0.26

%(3)

    

0.36

%

    

0.37

%

    

0.27

%

  

Year Ended 10/31/19

    

355

      

0.35

%(3)

    

0.38

%

    

1.97

%

    

1.94

%

  

Year Ended 10/31/18

    

1,384

      

0.35

%(3)

    

0.36

%

    

1.15

%

    

1.14

%

  

Year Ended 10/31/17

    

2,097

      

0.35

%(3)

    

0.37

%

    

0.42

%

    

0.40

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.03

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.57

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.17

%

  

Year Ended 10/31/18

    

1.000

      

0.015

(1)

    

0.000

(2)

    

(0.015

)

    

1.000

      

1.55

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.63

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.54

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.12

%

  

Year Ended 10/31/18

    

1.000

      

0.015

(1)

    

0.000

(2)

    

(0.015

)

    

1.000

      

1.50

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.58

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.51

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.07

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.45

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.53

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.49

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.02

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.39

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.48

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.00

%(4)(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.45

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.92

%

  

Year Ended 10/31/18

    

1.000

      

0.013

(1)

    

0.000

(2)

    

(0.013

)

    

1.000

      

1.29

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.38

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.00

%(4)(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.002

(1)

    

0.002

      

(0.004

)

    

1.000

      

0.36

%

  

Year Ended 10/31/19

    

1.000

      

0.016

(1)

    

0.000

(2)

    

(0.016

)

    

1.000

      

1.66

%

  

Year Ended 10/31/18

    

1.000

      

0.010

(1)

    

0.000

(2)

    

(0.010

)

    

1.000

      

1.04

%

  

Year Ended 10/31/17

    

1.000

      

0.001

(1)

    

0.001

      

(0.002

)

    

1.000

      

0.19

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.49

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.02

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.39

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.48

%

  

Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.00

%(4)(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.000

(1)(2)

    

0.002

      

(0.002

)

    

1.000

      

0.25

%

  

Year Ended 10/31/19

    

1.000

      

0.013

(1)

    

0.000

(2)

    

(0.013

)

    

1.000

      

1.36

%

  

Year Ended 10/31/18

    

1.000

      

0.007

(1)

    

0.000

(2)

    

(0.007

)

    

1.000

      

0.74

%

  

Year Ended 10/31/17

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.04

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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)		  

Treasury Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

22,110,005

      

0.09

%(6)

    

N/A

      

0.21

%(6)

    

0.05

%(6)

    

(0.07

)%(6)

  

Year Ended 10/31/21

    

21,468,388

      

0.07

%

    

N/A

      

0.21

%

    

0.01

%

    

(0.13

)%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

13,188,764

      

0.10

%(3)(6)

    

N/A

      

0.26

%(6)

    

0.04

%(6)

    

(0.12

)%(6)

  

Year Ended 10/31/21

    

14,878,731

      

0.07

%(3)

    

N/A

      

0.26

%

    

0.01

%

    

(0.18

)%

  

Year Ended 10/31/20

    

10,007,559

      

0.21

%(3)

    

0.21

%(3)

    

0.26

%

    

0.34

%

    

0.29

%

  

Year Ended 10/31/19

    

239,361

      

0.24

%(3)

    

N/A

      

0.26

%

    

2.10

%

    

2.08

%

  

Year Ended 10/31/18

    

331,029

      

0.24

%(3)

    

N/A

      

0.26

%

    

1.48

%

    

1.46

%

  

Year Ended 10/31/17

    

316,164

      

0.23

%(3)

    

N/A

      

0.26

%

    

0.56

%

    

0.53

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

120,374

      

0.12

%(3)(6)

    

N/A

      

0.31

%(6)

    

0.02

%(6)

    

(0.17

)%(6)

  

Year Ended 10/31/21

    

26,713

      

0.07

%(3)

    

N/A

      

0.31

%

    

0.01

%

    

(0.23

)%

  

Year Ended 10/31/20

    

35,583

      

0.23

%(3)

    

0.23

%(3)

    

0.31

%

    

0.33

%

    

0.25

%

  

Year Ended 10/31/19

    

14,834

      

0.29

%(3)

    

N/A

      

0.31

%

    

2.05

%

    

2.03

%

  

Year Ended 10/31/18

    

9,446

      

0.29

%(3)

    

N/A

      

0.31

%

    

1.43

%

    

1.41

%

  

Year Ended 10/31/17

    

26,243

      

0.28

%(3)

    

N/A

      

0.31

%

    

0.51

%

    

0.48

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

3,280

      

0.13

%(3)(6)

    

N/A

      

0.36

%(6)

    

0.01

%(6)

    

(0.22

)%(6)

  

Year Ended 10/31/21

    

3,294

      

0.07

%(3)

    

N/A

      

0.36

%

    

0.01

%

    

(0.28

)%

  

Year Ended 10/31/20

    

3,435

      

0.27

%(3)

    

0.27

%(3)

    

0.36

%

    

0.29

%

    

0.20

%

  

Year Ended 10/31/19

    

3,534

      

0.34

%(3)

    

N/A

      

0.36

%

    

2.00

%

    

1.98

%

  

Year Ended 10/31/18

    

2,500

      

0.34

%(3)

    

N/A

      

0.36

%

    

1.38

%

    

1.36

%

  

Year Ended 10/31/17

    

4,340

      

0.33

%(3)

    

N/A

      

0.36

%

    

0.46

%

    

0.43

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

559,793

      

0.14

%(3)(6)

    

N/A

      

0.46

%(6)

    

0.00

%(4)(6)

    

(0.32

)%(6)

  

Year Ended 10/31/21

    

511,566

      

0.07

%(3)

    

N/A

      

0.46

%

    

0.01

%

    

(0.38

)%

  

Year Ended 10/31/20

    

575,951

      

0.29

%(3)

    

0.29

%(3)

    

0.46

%

    

0.26

%

    

0.09

%

  

Year Ended 10/31/19

    

545,826

      

0.44

%(3)

    

N/A

      

0.46

%

    

1.90

%

    

1.88

%

  

Year Ended 10/31/18

    

467,066

      

0.44

%(3)

    

N/A

      

0.46

%

    

1.28

%

    

1.26

%

  

Year Ended 10/31/17

    

578,488

      

0.43

%(3)

    

N/A

      

0.46

%

    

0.36

%

    

0.33

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

2,020,088

      

0.13

%(3)(6)

    

N/A

      

0.71

%(6)

    

0.01

%(6)

    

(0.57

)%(6)

  

Year Ended 10/31/21

    

2,998,738

      

0.07

%(3)

    

N/A

      

0.71

%

    

0.01

%

    

(0.63

)%

  

Year Ended 10/31/20

    

2,383,586

      

0.39

%(3)

    

0.39

%(3)

    

0.71

%

    

0.17

%

    

(0.15

)%

  

Year Ended 10/31/19

    

1,430,849

      

0.69

%(3)

    

N/A

      

0.71

%

    

1.65

%

    

1.63

%

  

Year Ended 10/31/18

    

789,069

      

0.69

%(3)

    

N/A

      

0.71

%

    

1.03

%

    

1.01

%

  

Year Ended 10/31/17

    

484,458

      

0.68

%(3)

    

N/A

      

0.71

%

    

0.11

%

    

0.08

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

13,659

      

0.12

%(3)(6)

    

N/A

      

0.36

%(6)

    

0.02

%(6)

    

(0.22

)%(6)

  

Year Ended 10/31/21

    

17,412

      

0.07

%(3)

    

N/A

      

0.36

%

    

0.01

%

    

(0.28

)%

  

Year Ended 10/31/20

    

17,563

      

0.27

%(3)

    

0.27

%(3)

    

0.36

%

    

0.29

%

    

0.20

%

  

Year Ended 10/31/19

    

17,886

      

0.34

%(3)

    

N/A

      

0.36

%

    

2.00

%

    

1.98

%

  

Year Ended 10/31/18

    

22,288

      

0.34

%(3)

    

N/A

      

0.36

%

    

1.38

%

    

1.36

%

  

Year Ended 10/31/17

    

46,862

      

0.33

%(3)

    

N/A

      

0.36

%

    

0.46

%

    

0.43

%

  

Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.14

%(3)(6)

    

N/A

      

1.01

%(6)

    

0.00

%(4)(6)

    

(0.87

)%(6)

  

Year Ended 10/31/21

    

51

      

0.07

%(3)

    

N/A

      

1.01

%

    

0.01

%

    

(0.93

)%

  

Year Ended 10/31/20

    

51

      

0.51

%(3)

    

0.51

%(3)

    

1.01

%

    

0.05

%

    

(0.45

)%

  

Year Ended 10/31/19

    

50

      

0.99

%(3)

    

N/A

      

1.01

%

    

1.35

%

    

1.33

%

  

Year Ended 10/31/18

    

50

      

0.99

%(3)

    

N/A

      

1.01

%

    

0.73

%

    

0.71

%

  

Year Ended 10/31/17

    

50

      

0.78

%(3)

    

N/A

      

1.01

%

    

0.01

%

    

(0.22

)%

  

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

2022 Semi-Annual Report

April 30, 2022 (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 Securities Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.03

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.61

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.12

%

  

Year Ended 10/31/18

    

1.000

      

0.015

(1)

    

(0.000

)(2)

    

(0.015

)

    

1.000

      

1.51

%

  

Year Ended 10/31/17

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.60

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.58

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.07

%

  

Year Ended 10/31/18

    

1.000

      

0.015

(1)

    

(0.000

)(2)

    

(0.015

)

    

1.000

      

1.46

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.55

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.55

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.01

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

(0.000

)(2)

    

(0.014

)

    

1.000

      

1.41

%

  

Year Ended 10/31/17

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.50

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.96

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

(0.000

)(2)

    

(0.014

)

    

1.000

      

1.36

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.45

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.002

(1)

    

0.003

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.018

(1)

    

0.000

(2)

    

(0.018

)

    

1.000

      

1.86

%

  

Year Ended 10/31/18

    

1.000

      

0.013

(1)

    

(0.000

)(2)

    

(0.013

)

    

1.000

      

1.26

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

(0.000

)(2)

    

(0.004

)

    

1.000

      

0.35

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

(0.000

)(1)(2)

  

$

0.000

(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.002

(1)

    

0.002

      

(0.004

)

    

1.000

      

0.37

%

  

Year Ended 10/31/19

    

1.000

      

0.016

(1)

    

0.000

(2)

    

(0.016

)

    

1.000

      

1.61

%

  

Year Ended 10/31/18

    

1.000

      

0.010

(1)

    

(0.000

)(2)

    

(0.010

)

    

1.000

      

1.00

%

  

Year Ended 10/31/17

    

1.000

      

0.002

(1)

    

0.000

(2)

    

(0.002

)

    

1.000

      

0.16

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.96

%

  

Year Ended 10/31/18

    

1.000

      

0.014

(1)

    

(0.000

)(2)

    

(0.014

)

    

1.000

      

1.36

%

  

Year Ended 10/31/17

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.45

%

  

Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.000

    

$

0.000

(1)(2)

  

$

(0.000

)(2)

  

$

(0.000

)(2)

  

$

1.000

      

0.00

%(4)(5)

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.001

(1)

    

0.001

      

(0.002

)

    

1.000

      

0.25

%

  

Year Ended 10/31/19

    

1.000

      

0.013

(1)

    

0.000

(2)

    

(0.013

)

    

1.000

      

1.30

%

  

Year Ended 10/31/18

    

1.000

      

0.007

(1)

    

(0.000

)(2)

    

(0.007

)

    

1.000

      

0.70

%

  

Year Ended 10/31/17

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.02

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

48,882,146

      

0.09

%(6)

    

N/A

      

0.21

%(6)

    

0.06

%(6)

    

(0.06

)%(6)

  

Year Ended 10/31/21

    

52,515,537

      

0.06

%

    

N/A

      

0.21

%

    

0.01

%

    

(0.14

)%

  

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

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

477,424

      

0.10

%(3)(6)

    

N/A

      

0.26

%(6)

    

0.05

%(6)

    

(0.11

)%(6)

  

Year Ended 10/31/21

    

1,052,857

      

0.06

%(3)

    

N/A

      

0.26

%

    

0.01

%

    

(0.19

)%

  

Year Ended 10/31/20

    

4,118,125

      

0.21

%(3)

    

0.21

%(3)

    

0.26

%

    

0.40

%

    

0.35

%

  

Year Ended 10/31/19

    

398,934

      

0.25

%(3)

    

N/A

      

0.26

%

    

2.04

%

    

2.03

%

  

Year Ended 10/31/18

    

189,558

      

0.25

%(3)

    

N/A

      

0.26

%

    

1.46

%

    

1.45

%

  

Year Ended 10/31/17

    

239,841

      

0.24

%(3)

    

N/A

      

0.26

%

    

0.54

%

    

0.52

%

  

Investor Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.12

%(3)(6)

    

N/A

      

0.31

%(6)

    

0.03

%(6)

    

(0.16

)%(6)

  

Year Ended 10/31/21

    

51

      

0.06

%(3)

    

N/A

      

0.31

%

    

0.01

%

    

(0.24

)%

  

Year Ended 10/31/20

    

51

      

0.25

%(3)

    

0.25

%(3)

    

0.31

%

    

0.37

%

    

0.31

%

  

Year Ended 10/31/19

    

51

      

0.30

%(3)

    

N/A

      

0.31

%

    

1.99

%

    

1.98

%

  

Year Ended 10/31/18

    

39,323

      

0.30

%(3)

    

N/A

      

0.31

%

    

1.41

%

    

1.40

%

  

Year Ended 10/31/17

    

63,180

      

0.29

%(3)

    

N/A

      

0.31

%

    

0.49

%

    

0.47

%

  

Administrative Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

12,764

      

0.12

%(3)(6)

    

N/A

      

0.36

%(6)

    

0.03

%(6)

    

(0.21

)%(6)

  

Year Ended 10/31/21

    

18,968

      

0.06

%(3)

    

N/A

      

0.36

%

    

0.01

%

    

(0.29

)%

  

Year Ended 10/31/20

    

2,024

      

0.27

%(3)

    

0.27

%(3)

    

0.36

%

    

0.34

%

    

0.25

%

  

Year Ended 10/31/19

    

2,015

      

0.35

%(3)

    

N/A

      

0.36

%

    

1.94

%

    

1.93

%

  

Year Ended 10/31/18

    

2,378

      

0.35

%(3)

    

N/A

      

0.36

%

    

1.36

%

    

1.35

%

  

Year Ended 10/31/17

    

127

      

0.34

%(3)

    

N/A

      

0.36

%

    

0.44

%

    

0.42

%

  

Advisory Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

24,350

      

0.12

%(3)(6)

    

N/A

      

0.46

%(6)

    

0.03

%(6)

    

(0.31

)%(6)

  

Year Ended 10/31/21

    

38,959

      

0.06

%(3)

    

N/A

      

0.46

%

    

0.01

%

    

(0.39

)%

  

Year Ended 10/31/20

    

17,188

      

0.40

%(3)

    

0.40

%(3)

    

0.46

%

    

0.21

%

    

0.15

%

  

Year Ended 10/31/19

    

42,143

      

0.45

%(3)

    

N/A

      

0.46

%

    

1.84

%

    

1.83

%

  

Year Ended 10/31/18

    

12,489

      

0.45

%(3)

    

N/A

      

0.46

%

    

1.26

%

    

1.25

%

  

Year Ended 10/31/17

    

1,806

      

0.42

%(3)

    

N/A

      

0.46

%

    

0.36

%

    

0.32

%

  

Participant Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

269

      

0.17

%(3)(6)

    

N/A

      

0.71

%(6)

    

(0.02

)%(6)

    

(0.56

)%(6)

  

Year Ended 10/31/21

    

259

      

0.06

%(3)

    

N/A

      

0.71

%

    

0.01

%

    

(0.64

)%

  

Year Ended 10/31/20

    

575

      

0.40

%(3)

    

0.40

%(3)

    

0.71

%

    

0.21

%

    

(0.10

)%

  

Year Ended 10/31/19

    

629

      

0.70

%(3)

    

N/A

      

0.71

%

    

1.59

%

    

1.58

%

  

Year Ended 10/31/18

    

234

      

0.70

%(3)

    

N/A

      

0.71

%

    

1.01

%

    

1.00

%

  

Year Ended 10/31/17

    

307

      

0.62

%(3)

    

N/A

      

0.71

%

    

0.16

%

    

0.07

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

9,682

      

0.13

%(3)(6)

    

N/A

      

0.36

%(6)

    

0.02

%(6)

    

(0.21

)%(6)

  

Year Ended 10/31/21

    

9,921

      

0.06

%(3)

    

N/A

      

0.36

%

    

0.01

%

    

(0.29

)%

  

Year Ended 10/31/20

    

11,108

      

0.28

%(3)

    

0.28

%(3)

    

0.36

%

    

0.33

%

    

0.25

%

  

Year Ended 10/31/19

    

18,758

      

0.35

%(3)

    

N/A

      

0.36

%

    

1.94

%

    

1.93

%

  

Year Ended 10/31/18

    

51,187

      

0.35

%(3)

    

N/A

      

0.36

%

    

1.36

%

    

1.35

%

  

Year Ended 10/31/17

    

80,852

      

0.34

%(3)

    

N/A

      

0.36

%

    

0.44

%

    

0.42

%

  

Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.14

%(3)(6)

    

N/A

      

1.01

%(6)

    

0.01

%(6)

    

(0.86

)%(6)

  

Year Ended 10/31/21

    

51

      

0.06

%(3)

    

N/A

      

1.01

%

    

0.01

%

    

(0.94

)%

  

Year Ended 10/31/20

    

51

      

0.54

%(3)

    

0.54

%(3)

    

1.00

%

    

0.07

%

    

(0.39

)%

  

Year Ended 10/31/19

    

50

      

1.00

%(3)

    

N/A

      

1.01

%

    

1.29

%

    

1.28

%

  

Year Ended 10/31/18

    

50

      

1.00

%(3)

    

N/A

      

1.01

%

    

0.71

%

    

0.70

%

  

Year Ended 10/31/17

    

50

      

0.76

%(3)

    

N/A

      

1.01

%

    

0.02

%

    

(0.23

)%

  

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

2022 Semi-Annual Report

April 30, 2022 (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 4/30/22 (unaudited)

  

$

1.0001

    

$

0.0004

(1)(2)

  

$

(0.0002

)(2)

  

$

(0.0004

)(2)

  

$

0.9999

      

0.02

%(5)

  

Year Ended 10/31/21

    

1.0001

      

0.0001

(1)(2)

    

0.0000

(2)

    

(0.0001

)(2)

    

1.0001

      

0.01

%

  

Year Ended 10/31/20

    

1.0001

      

0.0064

(1)

    

(0.0004

)(2)

    

(0.0060

)

    

1.0001

      

0.60

%

  

Year Ended 10/31/19

    

1.0000

      

0.0141

(1)

    

0.0001

(2)

    

(0.0141

)

    

1.0001

      

1.43

%

  

Year Ended 10/31/18

    

1.0000

      

0.0118

(1)

    

(0.0003

)(2)

    

(0.0115

)

    

1.0000

      

1.16

%

  

Year Ended 10/31/17

    

1.0000

      

0.0059

(1)

    

(0.0002

)(2)

    

(0.0057

)

    

1.0000

      

0.57

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0001

    

$

0.0003

(1)(2)

  

$

(0.0002

)(2)

  

$

(0.0003

)(2)

  

$

0.9999

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.0001

      

0.0001

(1)(2)

    

(0.0000

)(2)

    

(0.0001

)(2)

    

1.0001

      

0.01

%

  

Year Ended 10/31/20

    

1.0001

      

0.0060

(1)

    

(0.0004

)(2)

    

(0.0056

)

    

1.0001

      

0.56

%

  

Year Ended 10/31/19

    

1.0000

      

0.0136

(1)

    

0.0001

(2)

    

(0.0136

)

    

1.0001

      

1.38

%

  

Year Ended 10/31/18

    

1.0000

      

0.0113

(1)

    

(0.0003

)(2)

    

(0.0110

)

    

1.0000

      

1.10

%

  

Year Ended 10/31/17

    

1.0000

      

0.0054

(1)

    

(0.0002

)(2)

    

(0.0052

)

    

1.0000

      

0.52

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

1.0001

    

$

0.0002

(1)(2)

  

$

(0.0001

)(2)

  

$

(0.0002

)(2)

  

$

1.0000

      

0.01

%(5)

  

Year Ended 10/31/21

    

1.0002

      

0.0001

(1)(2)

    

(0.0001

)(2)

    

(0.0001

)(2)

    

1.0001

      

0.00

%(4)

  

Year Ended 10/31/20

    

1.0001

      

0.0054

(1)

    

(0.0003

)(2)

    

(0.0050

)

    

1.0002

      

0.51

%

  

Year Ended 10/31/19

    

1.0000

      

0.0126

(1)

    

0.0001

(2)

    

(0.0126

)

    

1.0001

      

1.27

%

  

Year Ended 10/31/18

    

1.0000

      

0.0103

(1)

    

(0.0003

)(2)

    

(0.0100

)

    

1.0000

      

1.02

%

  

Year Ended 10/31/17

    

1.0000

      

0.0044

(1)

    

(0.0002

)(2)

    

(0.0042

)

    

1.0000

      

0.42

%

  

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

2022 Semi-Annual Report

April 30, 2022 (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)		  

Tax-Exempt Portfolio:

  

Institutional Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

269,871

      

0.11

%(6)

    

0.41

%(6)

    

0.08

%(6)

    

(0.22

)%(6)

  

Year Ended 10/31/21

    

247,727

      

0.08

%

    

0.34

%

    

0.01

%

    

(0.25

)%

  

Year Ended 10/31/20

    

366,440

      

0.15

%

    

0.29

%

    

0.63

%

    

0.49

%

  

Year Ended 10/31/19

    

612,147

      

0.15

%

    

0.27

%

    

1.40

%

    

1.28

%

  

Year Ended 10/31/18

    

491,714

      

0.18

%

    

0.33

%

    

1.18

%

    

1.03

%

  

Year Ended 10/31/17

    

144,208

      

0.18

%

    

0.51

%

    

0.59

%

    

0.26

%

  

Institutional Select Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

51

      

0.13

%(3)(6)

    

0.46

%(6)

    

0.06

%(6)

    

(0.27

)%(6)

  

Year Ended 10/31/21

    

51

      

0.08

%(3)

    

0.39

%

    

0.01

%

    

(0.30

)%

  

Year Ended 10/31/20

    

51

      

0.18

%(3)

    

0.34

%

    

0.59

%

    

0.43

%

  

Year Ended 10/31/19

    

50

      

0.20

%(3)

    

0.32

%

    

1.35

%

    

1.23

%

  

Year Ended 10/31/18

    

50

      

0.23

%(3)

    

0.38

%

    

1.13

%

    

0.98

%

  

Year Ended 10/31/17

    

50

      

0.23

%(3)

    

0.56

%

    

0.54

%

    

0.21

%

  

Cash Management Class

  

Six Months Ended 4/30/22 (unaudited)

  

$

3,500

      

0.15

%(3)(6)

    

0.56

%(6)

    

0.04

%(6)

    

(0.37

)%(6)

  

Year Ended 10/31/21

    

4,670

      

0.08

%(3)

    

0.49

%

    

0.01

%

    

(0.40

)%

  

Year Ended 10/31/20

    

4,816

      

0.25

%(3)

    

0.44

%

    

0.53

%

    

0.34

%

  

Year Ended 10/31/19

    

7,435

      

0.30

%(3)

    

0.42

%

    

1.25

%

    

1.13

%

  

Year Ended 10/31/18

    

11,805

      

0.33

%(3)

    

0.48

%

    

1.03

%

    

0.88

%

  

Year Ended 10/31/17

    

20,776

      

0.33

%(3)

    

0.66

%

    

0.44

%

    

0.11

%

  

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

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Highlights

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

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

(3)  Ratio 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.

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

(7)  Commenced offering on May 4, 2021.

(8)  Commenced offering on March 29, 2022.

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

2022 Semi-Annual Report

April 30, 2022 (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 ten 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; the Select Class is only offered to Government, Treasury and Treasury Securities Portfolios, the CastleOak Shares Class is only offered to ESG Money Market and Government Portfolios and the Impact Class is only offered to Prime and Government 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, 2022. 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, 2022. 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, 2022. 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.

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 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


51

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

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.

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, 2022:

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		  

$

—

    

$

369,988

    

$

—

    

$

369,988

    

Commercial Paper

    

—

      

728,359

      

—

      

728,359

    

Corporate Bonds

    

—

      

26,468

      

—

      

26,468

    

Floating Rate Notes

    

—

      

1,148,491

      

—

      

1,148,491

    
Repurchase
Agreements		    

—

      

1,063,000

      

—

      

1,063,000

    

Time Deposits

    

—

      

870,000

      

—

      

870,000

    

Total Assets

  

$

—

    

$

4,206,306

    

$

—

    

$

4,206,306

    


52

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

Prime Portfolio

Investment Type

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

Assets:

  
Certificates of
Deposit		  

$

—

    

$

74,981

    

$

—

    

$

74,981

    

Commercial Paper

    

—

      

1,589,683

      

—

      

1,589,683

    

Floating Rate Notes

    

—

      

3,871,788

      

—

      

3,871,788

    
Repurchase
Agreements		    

—

      

3,964,000

      

—

      

3,964,000

    

Time Deposits

    

—

      

2,265,000

      

—

      

2,265,000

    

Total Assets

  

$

—

    

$

11,765,452

    

$

—

    

$

11,765,452

    

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		  

$

—

    

$

114,857,408

    

$

—

    

$

114,857,408

    
U.S. Agency
Securities		    

—

      

8,146,881

      

—

      

8,146,881

    
U.S. Treasury
Securities		    

—

      

29,107,424

      

—

      

29,107,424

    

Total Assets

  

$

—

    

$

152,111,713

    

$

—

    

$

152,111,713

    

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		  

$

—

    

$

8,841,139

    

$

—

    

$

8,841,139

    
U.S. Treasury
Securities		    

—

      

4,829,193

      

—

      

4,829,193

    
Repurchase
Agreement		    

—

      

550,000

      

—

      

550,000

    

Total Assets

  

$

—

    

$

14,220,332

    

$

—

    

$

14,220,332

    

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		  

$

—

    

$

28,805,001

    

$

—

    

$

28,805,001

    
U.S. Treasury
Securities		    

—

      

9,512,866

      

—

      

9,512,866

    

Total Assets

  

$

—

    

$

38,317,867

    

$

—

    

$

38,317,867

    

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		  

$

—

    

$

50,746,505

    

$

—

    

$

50,746,505

    

Total Assets

  

$

—

    

$

50,746,505

    

$

—

    

$

50,746,505

    

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:

  
Weekly Variable
Rate Bonds		  

$

—

    

$

157,625

    

$

—

    

$

157,625

    
Daily Variable Rate
Bonds		    

—

      

70,425

      

—

      

70,425

    

Commercial Paper

    

—

      

20,987

      

—

      

20,987

    
Closed-End
Investment
Company		    

—

      

11,000

      

—

      

11,000

    
Quarterly Variable
Rate Bond		    

—

      

10,245

      

—

      

10,245

    

Floating Rate Note

    

—

      

6,650

      

—

      

6,650

    
Municipal Bond &
Note		    

—

      

6,056

      

—

      

6,056

    

Total Assets

  

$

—

    

$

282,988

    

$

—

    

$

282,988

    

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


53

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

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) net of applicable withholding taxes. 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

      

—

    

CastleOak Shares Class

    

0.20

      

—

      

0.20

      

—

    

Impact Class*

    

—

      

0.20

      

0.20

      

—

    
   

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

      

—

    

* Commenced offering on March 29, 2022.

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 ratio 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, 2022, the Funds had advisory fees waived and/or certain expenses reimbursed as follows:

Fund

   Advisory Fees
Waived and/or
Reimbursed (000)		  

ESG Money Market

  

$

1,488

    

Prime

    

5,774

    

Government

    

93,782

    

Government Securities

    

10,523

    

Treasury

    

24,235

    

Treasury Securities

    

30,268

    

Tax-Exempt

    

304

    


54

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

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. 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, 2022, the Funds had administration fees waived as follows:

Fund

   Administration
Fees Waived
(000)		  

Government

  

$

6,756

    

Government Securities

    

1,083

    

Treasury

    

884

    

Treasury Securities

    

1,483

    

Tax-Exempt

    

60

    

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, 2022, this waiver amounted to approximately $12,934,000.

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, 2022, this waiver amounted to approximately $8,622,000.

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, 2022, the Government Securities Participant Class waiver amounted to approximately $18,104,000.

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.

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.


55

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

FASB ASC 740-10 "Income Taxes — Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statements of Operations. The Funds file tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended October 31, 2021 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 2021 and 2020 was as follows:

    2021
Distributions
Paid From:		   2020
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

  

$

2,152

    

$

—

    

$

—

    

$

32,296

    

$

—

    

$

—

    

Prime

    

11,345

      

—

      

—

      

135,624

      

—

      

—

    

Government

    

32,498

      

—

      

—

      

412,036

      

—

      

—

    
Government
Securities		    

1,162

      

—

      

—

      

17,213

      

—

      

—

    

Treasury

    

3,759

      

—

      

—

      

102,639

      

—

      

—

    

Treasury Securities

    

5,640

      

—

      

—

      

166,232

      

—

      

—

    

Tax-Exempt

    

—

      

28

      

—

      

13

      

3,150

      

20

    

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 equalization debits. These resulted in the following reclassifications among the Funds' components of net assets at October 31, 2021:

Fund

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

ESG Money Market

  

$

(1,151

)

  

$

1,151

    

Prime

    

(5,921

)

    

5,921

    

Government Securities

    

(893

)

    

893

    

At October 31, 2021, 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

  

$

412

    

$

—

    

$

—

    

Prime

    

1,995

      

—

      

—

    

Government

    

4,651

      

—

      

—

    

Government Securities

    

103

      

—

      

20

    

Treasury

    

1,325

      

—

      

—

    

Treasury Securities

    

1,375

      

—

      

—

    

Tax-Exempt

    

6

      

5

      

—

    

At October 31, 2021, 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

  

$

1,132

    

$

—

    

Prime

    

16,519

      

—

    

Government

    

324

      

319

    

Treasury

    

746

      

—

    

Treasury Securities

    

505

      

—

    

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, 2021, the following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:

Fund

   Capital Loss
Carryforward
Utilized (000)		  

ESG Money Market

  

$

235

    

Prime

    

590

    

Government

    

598

    

Treasury

    

823

    

Treasury Securities

    

672

    

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, 2022, Tax-Exempt Portfolio engaged in cross-trade purchases of approximately $3,500,000 and sales of approximately $2,400,000, which resulted in no net realized gains or losses.


56

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

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, 2022, 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

    

56.0

%

  

Prime

    

40.1

    

Government

    

41.7

    

Government Securities

    

93.7

    

Treasury

    

45.8

    

Treasury Securities

    

38.1

    

Tax-Exempt

    

88.6

    

J. Market Risk: The outbreak of the coronavirus ("COVID-19") and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund's investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. 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 Discontinuance or Unavailability Risk: LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The Financial Conduct Authority (the "FCA"), which is the regulatory authority that oversees

financial services firms, financial markets in the U.K. and the administrator of LIBOR, has announced that, after the end of 2021, one-week and two-month U.S. Dollar LIBOR and all non-U.S. Dollar LIBOR settings have either ended or are no longer representative of the underlying market they seek to measure. The FCA also announced that the most commonly used U.S. Dollar LIBOR settings, may continue to be provided on a representative basis until mid-2023. However, in connection with supervisory guidance from regulators, some regulated entities may no longer enter into most new LIBOR-based contracts. As a result of the foregoing, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain derivatives and other instruments or investments comprising some or all of the Fund's portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Although state and federal statutes have been enacted to address difficult LIBOR transition issues, the application and effect of these statutes are uncertain. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's performance or NAV.


57

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Notes to Financial Statements (cont'd)

L. Results of Special Meeting of Shareholders: On March 31, 2022, a special meeting of the Fund's shareholders was held for the purpose of voting on the following matter, the results of which were as follows:

Election of Trustees by all shareholders:

   

For

  

Against

  

Frances L. Cashman

    

146,565,953,332

      

1,045,672,567

    

Nancy C. Everett

    

146,460,441,797

      

1,151,184,102

    

Eddie A. Grier

    

146,582,469,467

      

1,029,156,432

    

Jakki L. Haussler

    

146,366,117,227

      

1,245,508,672

    

Patricia A. Maleski

    

146,596,540,452

      

1,015,085,447

    


58

2022 Semi-Annual Report

April 30, 2022 (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

  


59

2022 Semi-Annual Report

April 30, 2022 (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.		  


60

2022 Semi-Annual Report

April 30, 2022 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

  

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.

  

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.		  

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.		  

Joint marketing

   A formal agreement between non-affiliated financial companies that together market financial products or services to you.
◼ MSIM doesn't jointly market		  

Other Important Information

  

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

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


61

2022 Semi-Annual Report

April 30, 2022 (unaudited)

Trustee and Officer Information

Trustees

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

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

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.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (888) 378-1630, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.


62

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

© 2022 Morgan Stanley. Morgan Stanley Distribution, Inc.

MSILFSAN
4765325 EXP 06.30.23

 

Item 2. Code of Ethics.

 

Not applicable for semiannual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semiannual reports.

 

Item 4. Principal Accountant Fees and Services

 

Not applicable for semiannual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semiannual reports.

 

Item 6.

 

(a) Refer to Item 1.

 

(b) Not applicable.

 

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

 

Not applicable.

 

 

 

 

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

 

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

 

Item 9. Closed-End Fund Repurchases

 

Applicable to reports filed by closed-end funds.

 

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

 

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

 

Item 11. Controls and Procedures

 

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

 

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the most recent fiscal half-year period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.

 

Not Applicable.

 

 

 

 

Item 13. Exhibits

 

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

 

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

 

(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, 2022

 

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, 2022

 

/s/ Francis J. Smith  
   
Francis J. Smith  

 

Principal Financial Officer

 

June 15, 2022

 

 

 

 EX-99.CERT 2 tm2215761d1_ex99-cert.htm EXHIBIT 99.CERT

 

Exhibit 99.CERT

 

EXHIBIT 13 B1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

CERTIFICATIONS

 

I, John H. Gernon, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

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

 

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

 

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

 

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

 

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

 

Date: June 15, 2022

 

  /s/ John H. Gernon
   
  John H. Gernon
   
  Principal Executive Officer

 

 

 

 

EXHIBIT 13 B2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

CERTIFICATIONS

 

I, Francis J. Smith, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

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

 

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

 

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

 

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

 

Date: June 15, 2022

 

  /s/ Francis J. Smith
   
  Francis J. Smith
   
  Principal Financial Officer

 

 

 

 EX-99.906CERT 3 tm2215761d1_ex99-906cert.htm EXHIBIT 99.906CERT

 

Exhibit 99.906CERT

 

EXHIBIT 13 C1

 

SECTION 906 CERTIFICATION

 

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

 

As Adopted Pursuant to

 

Section 906 of the Sarbanes-Oxley Act of 2002

 

Morgan Stanley Institutional Liquidity Funds

 

In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended April 30, 2022 that is accompanied by this certification, the undersigned hereby certifies that:

 

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

 

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

 

Date: June 15, 2022 /s/ John H. Gernon
   
  John H. Gernon
   
Principal Executive Officer

 

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

 

 

 

 

EXHIBIT 13 C2

 

SECTION 906 CERTIFICATION

 

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

 

As Adopted Pursuant to

 

Section 906 of the Sarbanes-Oxley Act of 2002

 

Morgan Stanley Institutional Liquidity Funds

 

In connection with the Report on Form N-CSR (the “Report”) of the above-named issuer for the period ended April 30, 2022 that is accompanied by this certification, the undersigned hereby certifies that:

 

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

 

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

 

Date: June 15, 2022 /s/ Francis J. Smith
   
Francis J. Smith
   
  Principal Financial Officer

 

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

 

 

 

 GRAPHIC 4 j22157612_aa001.jpg GRAPHIC begin 644 j22157612_aa001.jpg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j22157612_aa002.jpg GRAPHIC begin 644 j22157612_aa002.jpg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end GRAPHIC 6 j22157612_ba003.jpg GRAPHIC begin 644 j22157612_ba003.jpg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end GRAPHIC 7 j22157612_za004.jpg GRAPHIC begin 644 j22157612_za004.jpg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end