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)

 

1585 Broadway, New York, New York 10036

(Address of Principal Executive Offices)

 

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

 

(617) 482-8260

(Registrant’s Telephone Number)

 

October 31

Date of Fiscal Year End

 

April 30, 2026

Date of Reporting Period

 

 

 

 

 

 

Item 1. Reports to Stockholders

 

(a)

 

 

 

 

TABLE OF CONTENTS

Morgan Stanley Institutional Liquidity Funds - Stablecoin Reserves Portfolio
Institutional Class - MSNXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Administrative Class - MGOXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Advisor Class - MALXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Advisory Class - MAYXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Cash Management Class - MSGXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
CastleOak Shares Class - COSXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Impact Class - IMPXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Impact Partner Class - IPGXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Institutional Class - MVRXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Institutional Plus Class - MPXXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Institutional Select Class - MGSXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Investor Class - MVVXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Participant Class - MPCXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio
Select Class - MSDXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Administrative Class - MGAXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Advisory Class - MVAXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Cash Management Class - MCHXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Institutional Class - MUIXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Institutional Select Class - MSVXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Investor Class - MVIXX

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio
Participant Class - MGPXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Advisor Class - MAPXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Advisory Class - MBDXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Cash Management Class - MLKXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Impact Partner Class - IPFXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Participant Class - MEPXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Select Class - MSKXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Wealth Class - MWMXX

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio
Wealth S Class - MWSXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
Advisory Class - MAVXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
Cash Management Class - MSPXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
CastleOak Shares Class - CASXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
Impact Class - IMTXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
Impact Partner Class - IPYXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
Institutional Class - MPFXX

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio
Institutional Select Class - MPEXX

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio
Advisor Class - MAXXX

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio
Cash Management Class - TECXX

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio
Select Class - TSXXX

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio
Wealth Class - TEWXX

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio
Wealth S Class - TWSXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Administrative Class - MTTXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Advisor Class - MATXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Advisory Class - MAOXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Cash Management Class - MREXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Class - MISXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Plus Class - MRXXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Institutional Select Class - MTSXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Investor Class - MTNXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Participant Class - MTCXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio
Select Class - MSTXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Administrative Class - MAMXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Advisor Class - MAZXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Advisory Class - MVYXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Cash Management Class - MHSXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
DAP Class - MDPXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Impact Class - IMXXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Impact Partner Class - IPUXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Institutional Class - MSUXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Institutional Plus Class - MSXXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Institutional Select Class - MSSXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Investor Class - MNVXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Participant Class - MPRXX

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio
Select Class - MSEXX

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Morgan Stanley Institutional Liquidity Funds - Stablecoin Reserves Portfolio

Institutional Class MSNXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Stablecoin Reserves Portfolio for the period of April 16, 2026 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investmentFootnote Reference1
Costs paid as a percentage of a $10,000 investment
Institutional Class
$1
0.20%Footnote Reference2
FootnoteDescription
Footnote1
The expenses shown in this table are for less than a full reporting period. The expenses paid over a full reporting period would be higher.
Footnote2
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$500,001
# of Portfolio Holdings
8

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
91-120 Days
4.0%
31-60 Days
5.0%
1-30 Days
91.0%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
29.3%
Repurchase Agreements
70.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSNXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Administrative ClassMGOXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administrative Class
$15
0.30%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MGOXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Advisor ClassMALXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor Class
$8
0.15%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MALXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Advisory ClassMAYXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisory Class
$20
0.40%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAYXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Cash Management ClassMSGXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$15
0.30%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSGXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

CastleOak Shares ClassCOSXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CastleOak Shares Class
$8
0.15%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

COSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Impact ClassIMPXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Class
$8
0.15%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IMPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Impact Partner ClassIPGXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Partner Class
$8
0.15%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IPGXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Institutional Class MVRXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Class
$8
0.15%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MVRXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Institutional Plus Class MPXXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Plus Class
$9
0.17%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MPXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Institutional Select ClassMGSXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Select Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MGSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Investor ClassMVVXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Class
$13
0.25%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MVVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Participant ClassMPCXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Participant Class
$32
0.65%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MPCXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Select ClassMSDXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Class
$47
0.95%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$221,539,446,601
# of Portfolio Holdings
342

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
30.2%
91-120 Days
6.1%
61-90 Days
4.2%
31-60 Days
4.1%
1-30 Days
55.4%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
20.8%
U.S. Treasury Securities
24.0%
Repurchase Agreements
55.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSDXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Administrative ClassMGAXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administrative Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MGAXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Advisory ClassMVAXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisory Class
$23
0.45%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MVAXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Cash Management ClassMCHXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MCHXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Institutional Class MUIXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MUIXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Institutional Select ClassMSVXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Select Class
$13
0.25%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Investor ClassMVIXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Class
$15
0.30%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MVIXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Participant ClassMGPXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Participant Class
$23
0.45%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$5,111,385,829
# of Portfolio Holdings
189

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
20.3%
91-120 Days
9.7%
61-90 Days
2.8%
31-60 Days
19.5%
1-30 Days
47.7%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Agency Securities
25.3%
U.S. Treasury Securities
74.7%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MGPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Advisor ClassMAPXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor Class
$9
0.18%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Advisory ClassMBDXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisory Class
$22
0.43%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MBDXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Cash Management ClassMLKXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$17
0.33%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MLKXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Impact Partner ClassIPFXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Partner Class
$9
0.18%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IPFXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Participant ClassMEPXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Participant Class
$34
0.68%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MEPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Select ClassMSKXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Class
$49
0.98%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSKXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Wealth ClassMWMXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Wealth Class
$9
0.18%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MWMXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Wealth S ClassMWSXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Wealth S Class
$12
0.23%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$3,619,630,647
# of Portfolio Holdings
138

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
23.7%
91-120 Days
8.2%
61-90 Days
6.4%
31-60 Days
4.8%
1-30 Days
56.9%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Certificates of Deposit
5.4%
Corporate Bonds
6.3%
Floating Rate Notes
13.2%
Commercial Paper
16.9%
Repurchase Agreements
58.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MWSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Advisory ClassMAVXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisory Class
$23
0.45%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Cash Management ClassMSPXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

CastleOak Shares ClassCASXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CastleOak Shares Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

CASXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Impact ClassIMTXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IMTXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Impact Partner ClassIPYXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Partner Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IPYXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Institutional Class MPFXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MPFXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Institutional Select ClassMPEXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Select Class
$13
0.25%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$13,277,281,686
# of Portfolio Holdings
158

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
27.5%
91-120 Days
5.6%
61-90 Days
7.5%
31-60 Days
2.9%
1-30 Days
56.5%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Corporate Bonds
3.4%
Certificates of Deposit
5.1%
Floating Rate Notes
15.8%
Commercial Paper
19.8%
Repurchase Agreements
55.9%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MPEXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Advisor ClassMAXXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$599,659,759
# of Portfolio Holdings
93

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Summary by State (% of total Investments)

Credit Rating Chart
Table Summary
Value
Value
Other
32.9%
Colorado
4.0%
South Carolina
4.1%
North Carolina
4.2%
Utah
5.7%
Ohio
5.8%
Florida
5.9%
Indiana
6.4%
Massachusetts
7.4%
Texas
9.4%
New York
14.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Quarterly Variable Rate Bonds
0.9%
Semi-Annual Variable Rate Bond
1.1%
Closed-End Investment Companies
3.3%
Municipal Bonds & Notes
8.3%
Commercial Paper
11.7%
Daily Variable Rate Bonds
22.3%
Weekly Variable Rate Bonds
52.4%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Cash Management ClassTECXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$17
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$599,659,759
# of Portfolio Holdings
93

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Summary by State (% of total Investments)

Credit Rating Chart
Table Summary
Value
Value
Other
32.9%
Colorado
4.0%
South Carolina
4.1%
North Carolina
4.2%
Utah
5.7%
Ohio
5.8%
Florida
5.9%
Indiana
6.4%
Massachusetts
7.4%
Texas
9.4%
New York
14.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Quarterly Variable Rate Bonds
0.9%
Semi-Annual Variable Rate Bond
1.1%
Closed-End Investment Companies
3.3%
Municipal Bonds & Notes
8.3%
Commercial Paper
11.7%
Daily Variable Rate Bonds
22.3%
Weekly Variable Rate Bonds
52.4%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

TECXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Select ClassTSXXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Class
$50
1.00%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$599,659,759
# of Portfolio Holdings
93

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Summary by State (% of total Investments)

Credit Rating Chart
Table Summary
Value
Value
Other
32.9%
Colorado
4.0%
South Carolina
4.1%
North Carolina
4.2%
Utah
5.7%
Ohio
5.8%
Florida
5.9%
Indiana
6.4%
Massachusetts
7.4%
Texas
9.4%
New York
14.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Quarterly Variable Rate Bonds
0.9%
Semi-Annual Variable Rate Bond
1.1%
Closed-End Investment Companies
3.3%
Municipal Bonds & Notes
8.3%
Commercial Paper
11.7%
Daily Variable Rate Bonds
22.3%
Weekly Variable Rate Bonds
52.4%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

TSXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Wealth ClassTEWXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Wealth Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$599,659,759
# of Portfolio Holdings
93

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Summary by State (% of total Investments)

Credit Rating Chart
Table Summary
Value
Value
Other
32.9%
Colorado
4.0%
South Carolina
4.1%
North Carolina
4.2%
Utah
5.7%
Ohio
5.8%
Florida
5.9%
Indiana
6.4%
Massachusetts
7.4%
Texas
9.4%
New York
14.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Quarterly Variable Rate Bonds
0.9%
Semi-Annual Variable Rate Bond
1.1%
Closed-End Investment Companies
3.3%
Municipal Bonds & Notes
8.3%
Commercial Paper
11.7%
Daily Variable Rate Bonds
22.3%
Weekly Variable Rate Bonds
52.4%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

TEWXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Wealth S ClassTWSXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Wealth S Class
$12
0.25%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$599,659,759
# of Portfolio Holdings
93

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Summary by State (% of total Investments)

Credit Rating Chart
Table Summary
Value
Value
Other
32.9%
Colorado
4.0%
South Carolina
4.1%
North Carolina
4.2%
Utah
5.7%
Ohio
5.8%
Florida
5.9%
Indiana
6.4%
Massachusetts
7.4%
Texas
9.4%
New York
14.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
Quarterly Variable Rate Bonds
0.9%
Semi-Annual Variable Rate Bond
1.1%
Closed-End Investment Companies
3.3%
Municipal Bonds & Notes
8.3%
Commercial Paper
11.7%
Daily Variable Rate Bonds
22.3%
Weekly Variable Rate Bonds
52.4%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

TWSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Administrative ClassMTTXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administrative Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MTTXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Advisor ClassMATXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MATXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Advisory ClassMAOXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisory Class
$23
0.45%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAOXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Cash Management ClassMREXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MREXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Institutional Class MISXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MISXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Institutional Plus Class MRXXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Plus Class
$11
0.22%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MRXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Institutional Select ClassMTSXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Select Class
$13
0.25%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MTSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Investor ClassMTNXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Class
$15
0.30%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MTNXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Participant ClassMTCXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Participant Class
$35
0.70%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MTCXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Select ClassMSTXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Class
$50
1.00%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$34,168,353,524
# of Portfolio Holdings
139

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
29.0%
91-120 Days
2.3%
61-90 Days
2.1%
31-60 Days
1.8%
1-30 Days
64.8%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
35.8%
Repurchase Agreements
64.2%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSTXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Administrative ClassMAMXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Administrative Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAMXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Advisor ClassMAZXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MAZXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Advisory ClassMVYXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisory Class
$23
0.45%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MVYXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Cash Management ClassMHSXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Cash Management Class
$18
0.35%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MHSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

DAP Class MDPXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of February 5, 2026 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investmentFootnote Reference1
Costs paid as a percentage of a $10,000 investment
DAP Class
$5
0.20%Footnote Reference2
FootnoteDescription
Footnote1
The expenses shown in this table are for less than a full reporting period. The expenses paid over a full reporting period would be higher.
Footnote2
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MDPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Impact ClassIMXXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IMXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Impact Partner ClassIPUXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Impact Partner Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

IPUXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Institutional Class MSUXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Class
$10
0.20%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSUXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Institutional Plus Class MSXXX

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Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Plus Class
$11
0.22%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Institutional Select ClassMSSXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Select Class
$13
0.25%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Investor ClassMNVXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Class
$15
0.30%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MNVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Participant ClassMPRXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Participant Class
$35
0.70%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MPRXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Select ClassMSEXX

Image

Semi-Annual Shareholder Report April 30, 2026 

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Select Class
$50
1.00%Footnote Reference1
FootnoteDescription
Footnote1
Annualized

Key Fund Statistics

Table Summary
Total Net Assets
$63,132,721,189
# of Portfolio Holdings
126

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Maturity Schedule (% of total investments)

Credit Rating Chart
Table Summary
Value
Value
121+ Days
22.5%
91-120 Days
4.2%
61-90 Days
4.1%
31-60 Days
27.0%
1-30 Days
42.2%

Asset Allocation (% of total investments)

Group By Asset Type Chart
Table Summary
Value
Value
U.S. Treasury Securities
100.0%

Additional Information 

QR Code

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/institutional-liquidity. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

 

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026 

MSEXX -TSR-SAR

 

(b) Not applicable.

 

Item 2. Code of Ethics

 

Not required in this filing.

 

Item 3. Audit Committee Financial Expert

 

Not required in this filing.

 

Item 4. Principal Accountant Fees and Services

 

Not required in this filing.

 

Item 5. Audit Committee of Listed Registrants

 

Not applicable.

 

Item 6. Schedule of Investments

 

(a)Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b)Not applicable.

 

 

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

 

 

   
Morgan Stanley
Institutional Liquidity Funds
MSILF Money Market Portfolio
MSILF Prime Portfolio
MSILF Government Portfolio
MSILF Government Securities Portfolio
MSILF Treasury Portfolio
MSILF Treasury Securities Portfolio
MSILF Tax-Exempt Portfolio
MSILF Stablecoin Reserves Portfolio
Semi-Annual Financial Statements and Additional Information
April 30, 2026


2026 Semi-Annual Report
April 30, 2026 (unaudited)
Table of Contents
This report is authorized for distribution only when preceded or accompanied by prospectuses of the Morgan Stanley Institutional Liquidity Funds (the “Trust”). To receive a prospectus and/or Statement of Additional Information (“SAI”), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund’s investment policies to the prospective investor, please call toll free 1 (888) 378-1630. Please read the prospectus carefully before you invest or send money.
Additionally, you can access information about the Trust, including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management’s website: www.morganstanley.com/liquidity.
There is no assurance that a fund will achieve its investment objective. The Trust is subject to market risk, which is the possibility that market values of securities owned by the Trust will decline and, therefore, the value of the Trust's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Trust. Please see the prospectus for more complete information on investment risks.
1

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Money Market Portfolio
 
 
Face
Amount
(000)
Value
(000)
Certificates of Deposit   (5.2%)
 
 
Domestic Banks (2.1%)
Bank of America NA,
 
 
3.83%, 4/5/27
$
    15,000
$15,000
4.34%, 7/8/26
 
    25,000
25,000
Goldman Sachs Bank USA
 
 
3.95%, 9/25/26
 
    25,000
25,000
Wells Fargo Bank NA
 
 
3.76%, 11/19/26
 
    10,000
10,000
 
 
 
75,000
International Banks (3.1%)
Banco Santander SA
 
 
4.03%, 10/7/26-10/8/26
 
    30,000
30,000
Bayerische Landesbank,
 
 
3.76%, 6/9/26
 
     5,000
5,000
3.79%, 9/16/26
 
    10,000
10,000
Canadian Imperial Bank of Commerce
 
 
3.74%, 3/8/27
 
    19,000
19,000
Credit Industriel ET Commercial SA
 
 
3.80%, 11/18/26
 
    20,000
20,000
Svenska Handelsbanken AB
 
 
3.86%, 12/9/26
 
    30,000
30,001
 
 
 
114,001
Total Certificates of Deposit (Cost $189,001)
189,001
Commercial Paper  (a) (16.4%)
 
 
Asset-Backed Diversified Financial Services (0.1%)
Podium Funding Trust
 
 
4.20%, 5/21/26
 
     5,000
4,989
Automobiles (3.0%)
Toyota Credit Canada, Inc.,
 
 
3.93%, 10/21/26 (b)
 
    11,000
10,798
4.08%, 6/3/26
 
     3,000
2,989
Toyota Credit de Puerto Rico Corp.,
 
 
3.82%, 11/9/26
 
    10,000
9,801
3.91%, 9/8/26-10/19/26 (b)
 
     6,000
5,900
3.95%, 8/28/26
 
    10,000
9,873
4.03%, 1/12/27
 
     4,000
3,889
4.04%, 8/18/26
 
     5,000
4,941
4.10%, 1/19/27
 
     5,000
4,854
4.12%, 6/1/26-6/22/26
 
    35,000
34,810
Toyota Motor Credit Corp.,
 
 
3.93%, 10/5/26
 
    10,000
9,832
4.00%, 6/29/26
 
    10,000
9,936
 
 
 
107,623
Chemicals (0.4%)
Air Liquide U.S. LLC
 
 
3.93%, 10/19/26
 
    15,000
14,726
Diversified Financial Services (2.5%)
CDP Financial, Inc.,
 
 
3.83%, 12/1/26
 
    30,000
29,342
4.20%, 3/24/27-3/25/27
 
     6,000
5,780
4.29%, 7/6/26
 
    25,000
24,812
4.39%, 6/10/26
 
     6,000
5,972
 
 
Face
Amount
(000)
Value
(000)
Zephyr Financiere, Inc.
 
 
4.10%, 4/28/27 (b)
$
    25,000
$24,009
 
 
 
89,915
Domestic Banks (0.9%)
ABN Amro Funding USA LLC
 
 
0.00%, 9/21/26
 
    10,000
9,846
Bank of America Securities, Inc.,
 
 
3.90%, 12/2/26
 
     8,000
7,821
3.96%, 3/11/27
 
    15,000
14,502
 
 
 
32,169
Finance (2.0%)
Barclays Capital, Inc.,
 
 
3.81%, 8/19/26 (b)
 
     5,000
4,943
3.98%, 6/12/26
 
    15,000
14,932
4.00%, 6/18/26
 
    25,000
24,869
4.06%, 10/8/26 (b)
 
    20,000
19,646
Citigroup Global Markets, Inc.
 
 
4.03%, 1/4/27 (b)
 
    10,000
9,730
 
 
 
74,120
International Banks (7.5%)
ANZ New Zealand International Ltd.
 
 
3.94%, 9/28/26
 
    15,000
14,758
Bank of New Zealand
 
 
3.89%, 9/17/26
 
     5,000
4,927
Barclays Bank PLC
 
 
3.79%, 8/14/26 (b)
 
     5,000
4,946
Bayerische Landesbank,
 
 
4.00%, 8/18/26
 
    16,000
15,812
4.04%, 7/2/26
 
    10,000
9,933
DNB Bank ASA
 
 
4.21%, 5/22/26
 
    12,000
11,971
Lloyds Bank PLC,
 
 
4.01%, 7/7/26
 
    10,000
9,928
4.02%, 10/8/26
 
    15,000
14,737
Norddeutsche Landesbank
 
 
4.00%, 10/15/26 (b)
 
    13,000
12,764
Royal Bank of Canada,
 
 
4.19%, 3/19/27
 
    20,000
19,281
4.20%, 3/23/27
 
     5,000
4,818
Suncorp Bank Norfina Ltd.,
 
 
3.80%, 8/19/26
 
    25,000
24,715
3.83%, 7/15/26
 
    10,000
9,922
3.94%, 8/12/26
 
     5,000
4,945
4.13%, 9/22/26
 
    10,000
9,838
4.30%, 5/5/26
 
    10,000
9,995
Svenska Handelsbanken AB
 
 
3.84%, 12/1/26 (b)
 
    45,000
44,010
Swedbank AB
 
 
4.22%, 5/22/26
 
    25,000
24,940
Westpac Banking Corp.
 
 
4.19%, 3/19/27
 
    20,000
19,281
 
 
 
271,521
Total Commercial Paper (Cost $595,063)
595,063
2
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Money Market Portfolio
 
 
Face
Amount
(000)
Value
(000)
Corporate Bonds  (6.1%)
 
 
Automobiles (0.4%)
 
 
BMW U.S. Capital LLC
 
 
4.65%, 8/13/26 (b)
$
     8,500
$8,517
Toyota Motor Credit Corp.
 
 
3.05%, 3/22/27
 
     6,075
6,014
 
 
 
14,531
Consumer, Non-Cyclical (0.1%)
 
 
PepsiCo, Inc.
 
 
2.63%, 3/19/27
 
     5,000
4,936
Domestic Banks (1.5%)
 
 
Bank of New York Mellon Corp.
 
 
2.80%, 5/4/26
 
    15,025
15,023
Citibank NA
 
 
4.93%, 8/6/26
 
    33,487
33,532
State Street Corp.
 
 
5.27%, 8/3/26
 
     5,000
5,013
 
 
 
53,568
Industrials (0.6%)
 
 
Siemens Financieringsmaatschappij NV
 
 
6.13%, 8/17/26 (b)
 
    21,525
21,649
Insurance (1.0%)
 
 
MassMutual Global Funding II
 
 
1.20%, 7/16/26 (b)
 
    19,200
19,078
Met Tower Global Funding
 
 
5.40%, 6/20/26 (b)
 
     8,580
8,593
New York Life Global Funding
 
 
2.35%, 7/14/26 (b)
 
     1,000
997
Northwestern Mutual Global Funding
 
 
5.07%, 3/25/27 (b)
 
     8,430
8,508
 
 
 
37,176
International Banks (2.5%)
 
 
ANZ New Zealand International Ltd.
 
 
1.25%, 6/22/26 (b)
 
    21,900
21,813
Bank of New Zealand
 
 
2.29%, 1/27/27 (b)
 
     3,525
3,485
Banque Federative du Credit Mutuel SA
 
 
5.90%, 7/13/26 (b)
 
     6,330
6,353
Commonwealth Bank of Australia
 
 
2.63%, 9/6/26 (b)
 
     4,000
3,983
Cooperatieve Rabobank UA
 
 
5.04%, 3/5/27
 
     3,000
3,023
Skandinaviska Enskilda Banken AB
 
 
1.20%, 9/9/26 (b)
 
     4,869
4,821
Swedbank AB
 
 
5.47%, 6/15/26 (b)
 
    10,000
10,019
UBS AG
 
 
1.25%, 8/7/26
 
     5,000
4,959
UBS AG London
 
 
1.25%, 6/1/26
 
    20,393
20,341
Westpac Banking Corp.
 
 
1.15%, 6/3/26
 
     4,860
4,848
 
 
Face
Amount
(000)
Value
(000)
 
 
 
Westpac New Zealand Ltd.
 
 
5.13%, 2/26/27 (b)
$
     5,000
$5,051
 
 
 
88,696
Total Corporate Bonds (Cost $220,556)
 
 
220,556
Floating Rate Notes (c) (12.8%)
Automobiles (0.3%)
Toyota Motor Credit Corp.,
 
 
MTN
 
 
SOFR + 0.30%, 3.93%, 2/12/27
 
     5,000
5,000
SOFR + 0.65%, 4.31%, 3/19/27 (d)
 
     4,170
4,182
 
 
 
9,182
Diversified Financial Services (0.3%)
CDP Financial, Inc.,
 
 
SOFR + 0.32%, 3.96%, 1/28/27(b)
 
    10,000
10,000
Domestic Banks (1.0%)
Goldman Sachs Bank USA,
 
 
SOFR + 0.30%, 3.95%, 8/7/26
 
    26,000
26,000
ING U.S. Funding LLC,
 
 
SOFR + 0.30%, 3.94%, 10/6/26 (b)
 
    12,000
12,000
 
 
 
38,000
Finance (0.7%)
Citigroup Global Markets, Inc.,
 
 
3.99%, 12/16/26(b)
 
    25,000
25,000
Insurance (0.7%)
Pricoa Short Term Funding LLC,
 
 
SOFR + 0.25%, 3.89%, 5/26/26(b)
 
    25,000
25,000
International Banks (9.8%)
ASB Bank Ltd.,
 
 
SOFR + 0.32%, 3.96%, 9/4/26 (b)
 
    15,000
15,000
Bank of Montreal,
 
 
SOFR + 0.40%, 4.03%, 12/7/26
 
     5,000
5,000
4.10%, 5/7/27 (b)
 
    26,000
26,000
Canadian Imperial Bank of Commerce,
 
 
SOFR + 0.47%, 4.10%, 4/27/27
 
    25,000
25,000
ING Bank NV,
 
 
3.92%, 9/21/26
 
    20,000
20,000
Lloyds Bank PLC,
 
 
3.92%, 9/22/26
 
    15,000
15,000
3.98%, 12/18/26
 
    15,000
15,000
Macquarie Bank Ltd.,
 
 
SOFR + 0.25%, 3.89%, 5/27/26 (b)
 
     5,000
5,000
SOFR + 0.27%, 3.91%, 7/10/26 (b)
 
    30,000
30,000
Royal Bank of Canada,
 
 
SOFR + 0.31%, 3.94%, 9/11/26 (b)
 
    15,000
15,000
Skandinaviska Enskilda Banken AB,
 
 
SOFR + 0.89%, 4.56%, 3/5/27 (b)
 
     7,000
7,029
Sumitomo Mitsui Banking Corp.,
 
 
SOFR + 0.31%, 3.94%, 10/6/26
 
    20,000
20,000
SOFR + 0.32%, 3.95%, 8/17/26
 
    30,000
30,000
SOFR + 0.32%, 3.95%, 8/20/26 (b)
 
    25,000
25,000
SOFR + 0.35%, 3.98%, 9/10/26 (b)
 
     4,000
3,999
UBS AG London,
 
 
3.98%, 11/3/26 (b)
 
    25,000
25,000
The accompanying notes are an integral part of the financial statements.
3

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Money Market Portfolio
 
 
Face
Amount
(000)
Value
(000)
Floating Rate Notes (c) (cont'd)
International Banks (cont'd)
4.06%, 3/12/27 (b)
$
    35,000
$35,000
SOFR + 0.40%, 4.08%, 11/5/26 (b)
 
    26,000
26,000
Westpac Securities NZ Ltd.,
 
 
SOFR + 0.30%, 3.93%, 8/19/26 (b)
 
    12,000
12,000
 
 
 
355,028
Total Floating Rate Notes (Cost $462,210)
462,210
Repurchase Agreements (56.5%)
ABN AMRO Securities LLC, (3.85%, dated
4/30/26, due 5/1/26; proceeds $15,002;
fully collateralized by various Corporate
Bonds, 2.75% - 6.90% due
11/16/38-5/15/56, U.S. Government
obligations 0.38% - 4.75% due
1/15/27-11/15/53 and a U.S. Government
agency security, 0.00% due 3/15/31; valued
at $15,750)
 
    15,000
15,000
Bank of America Securities, Inc., (3.63% (e),
dated 6/30/25, due 7/29/26; proceeds
$31,192; fully collateralized by various
Common Stocks and Preferred Stocks (f);
valued at $31,500)
 
    30,000
30,000
Bank of America Securities, Inc., (3.63% (e),
dated 10/24/25, due 7/29/26; proceeds
$25,701; fully collateralized by various
Common Stocks and Preferred Stocks (f);
valued at $26,250)
 
    25,000
25,000
Bank of Nova Scotia, (3.76%, dated 4/30/26,
due 5/1/26; proceeds $10,001; fully
collateralized by various Common Stocks (f);
valued at $10,500)
 
    10,000
10,000
Bank of Nova Scotia, (3.74%, dated 4/30/26,
due 5/1/26; proceeds $165,017; fully
collateralized by various Corporate Bonds,
3.50% - 6.88% due 12/1/27-2/10/63;
valued at $173,250)
 
   165,000
165,000
BNP Paribas Prime Brokerage, Inc., (3.78%,
dated 4/29/26, due 5/6/26; proceeds
$55,040; fully collateralized by various
Common Stocks and Preferred Stocks (f);
valued at $57,792)
 
    55,000
55,000
BNP Paribas Prime Brokerage, Inc., (3.76%,
dated 4/30/26, due 5/1/26; proceeds
$23,002; fully collateralized by various
Common Stocks and Preferred Stocks (f);
valued at $24,153)
 
    23,000
23,000
BNP Paribas Prime Brokerage, Inc., (3.78%,
dated 4/30/26, due 5/7/26; proceeds
$80,059; fully collateralized by various
Common Stocks and Preferred Stocks (f);
valued at $84,062)
 
    80,000
80,000
BNP Paribas SA, (3.79%, dated 4/30/26, due
5/1/26; proceeds $20,002; fully
collateralized by various Corporate Bonds,
4.28% - 11.13% due 5/1/27-12/31/79 (f);
valued at $21,200)
 
    20,000
20,000
 
 
Face
Amount
(000)
Value
(000)
 
BNP Paribas SA, (Interest in $550,000 joint
repurchase agreement, 3.65%, dated
4/30/26 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $550,056 on 5/1/26. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government agency
securities and U.S. Government obligations
with various maturities to 10/20/65; valued
at $565,766)
$
   190,000
$190,000
Citigroup Global Markets, Inc., (3.72%, dated
4/30/26, due 5/1/26; proceeds $100,010;
fully collateralized by various
U.S. Government obligations, 1.63% - 4.38%
due 8/31/29-12/31/29; valued at
$102,000)
 
   100,000
100,000
Credit Agricole Corporate and Investment Bank,
(3.63% (e), dated 11/7/23, due 5/7/26;
proceeds $12,012; fully collateralized by
various Corporate Bonds, 1.40% - 6.00% due
11/2/26-3/1/55, U.S. Government
obligations, 2.38% - 4.38% due
9/15/28-11/30/28; valued at $11,537)
 
    11,000
11,000
Credit Agricole Corporate and Investment Bank,
(3.69%, dated 4/30/26, due 5/7/26;
proceeds $100,072; fully collateralized by
various Corporate Bonds, 1.75% - 6.86% due
12/2/26-5/1/54, U.S. Government
obligation, 4.38% due 11/30/28; valued at
$104,738)
 
   100,000
100,000
Credit Agricole Corporate and Investment Bank,
(3.63% (e), dated 12/12/23, due 5/7/26;
proceeds $26,122; fully collateralized by
various Corporate Bonds, 2.15% - 6.86% due
6/15/26-5/1/54, U.S. Government
obligations, 0.00% - 4.38% due
8/18/26-10/15/30; valued at $25,134)
 
    24,000
24,000
Credit Agricole Corporate and Investment Bank,
(3.68%, dated 4/28/26, due 5/5/26;
proceeds $45,032; fully collateralized by
various Corporate Bonds, 2.15% - 7.13% due
5/15/27-3/12/50, U.S. Government
obligation, 4.38% due 11/30/28 (f); valued
at $47,182)
 
    45,000
45,000
HSBC Securities USA, Inc., (3.74%, dated
4/30/26, due 5/1/26; proceeds $170,018;
fully collateralized by various Corporate
Bonds, 3.10% - 7.13% due
4/12/30-2/15/56, U.S. Government
obligations 2.00% - 7.00% due
11/1/31-6/1/64 (f); valued at $178,508)
 
   170,000
170,000
ING Financial Markets LLC, (3.71%, dated
4/30/26, due 5/1/26; proceeds $23,002;
fully collateralized by various Corporate
Bonds, 1.25% - 6.50% due
3/20/27-11/1/64, a U.S. Government
agency security, 5.00% due 7/1/55; valued
at $24,144)
 
    23,000
23,000
4
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Money Market Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
JP Morgan Clearing Corp., (3.82% (e), dated
9/17/25, due 5/7/26; proceeds $76,846;
fully collateralized by various Corporate
Bonds, 2.65% - 10.00% due
4/1/27-6/15/72; valued at $79,680)
$
    75,000
$75,000
JP Morgan Clearing Corp., (3.84% (e), dated
8/1/23, due 5/7/26; proceeds $77,541;
fully collateralized by various Corporate
Bonds, 2.75% - 11.75% due
9/1/26-2/1/65 (f); valued at $74,396)
 
    70,000
70,000
Mizuho Securities USA LLC, (4.03% (e), dated
12/16/25, due 6/4/26; proceeds $4,076;
fully collateralized by a U.S. Government
obligation, 1.63% due 8/15/29; valued at
$4,080)
 
     4,000
4,000
Mizuho Securities USA LLC, (3.78%, dated
4/30/26, due 5/1/26; proceeds $135,014;
fully collateralized by various Common
Stocks (f); valued at $141,750)
 
   135,000
135,000
MUFG Securities Americas, Inc., (3.70%, dated
4/30/26, due 5/1/26; proceeds $160,016;
fully collateralized by various Common
Stocks (f); valued at $168,017)
 
   160,000
160,000
RBC Capital Markets LLC, (3.74%, dated
4/28/26, due 5/5/26; proceeds $75,055;
fully collateralized by various Corporate
Bonds, 2.40% - 7.00% due
3/15/27-1/31/60; valued at $78,751)
 
    75,000
75,000
Societe Generale SA, (3.74%, dated 4/30/26,
due 5/1/26; proceeds $15,002; fully
collateralized by various Corporate Bonds,
1.13% - 10.00% due 6/15/26-5/15/97 (f);
valued at $15,830)
 
    15,000
15,000
Societe Generale SA, (3.76%, dated 4/29/26,
due 5/6/26; proceeds $163,119; fully
collateralized by various Corporate Bonds,
1.65% - 8.13% due 6/5/26-12/31/79 (f);
valued at $171,275)
 
   163,000
163,000
TD Securities USA LLC, (3.73%, dated
4/30/26, due 5/1/26; proceeds $130,013;
fully collateralized by various Corporate
Bonds, 2.30% - 6.45% due
3/1/28-10/30/56; valued at $136,500)
 
   130,000
130,000
TD Securities USA LLC, (3.74%, dated
4/30/26, due 5/1/26; proceeds $15,002;
fully collateralized by various Corporate
Bonds, 3.25% - 10.25% due
5/1/28-1/15/36; valued at $15,901)
 
    15,000
15,000
TD Securities USA LLC, (3.74% (e), dated
3/27/24, due 5/7/26; proceeds $35,643;
fully collateralized by various Corporate
Bonds, 5.01% - 5.55% due 3/4/30-4/4/51;
valued at $34,650)
 
    33,000
33,000
Wells Fargo Securities LLC, (4.02% (e), dated
12/9/25, due 7/29/26; proceeds $30,778;
fully collateralized by various Common
Stocks and Preferred Stocks (f); valued at
$31,500)
 
    30,000
30,000
 
 
Face
Amount
(000)
Value
(000)
 
Wells Fargo Securities LLC, (4.01% (e), dated
9/17/25, due 8/5/26; proceeds $51,793;
fully collateralized by various Corporate
Bonds, 1.65% - 6.61% due
9/14/26-4/15/58; valued at $52,500)
$
    50,000
$50,000
Wells Fargo Securities LLC, (4.03% (e), dated
12/16/25, due 7/29/26; proceeds $5,126;
fully collateralized by various Corporate
Bonds, 3.40% - 4.18% due
5/20/26-6/18/50; valued at $5,250)
 
     5,000
5,000
Total Repurchase Agreements (Cost $2,046,000)
2,046,000
Total Investments (97.0%) (Cost $3,512,830) (g)(h)
3,512,830
Other Assets in Excess of Liabilities (3.0%)
106,801
Net Assets (100.0%)
$3,619,631
(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, 2026. 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)
All or a portion of the security is subject to delayed delivery.
(e)
Rate as of period end and maturity is the date the principal owed
can be recovered through demand.
(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, 2026.
(g)
Securities are available for collateral in connection with securities
purchased on a forward commitment basis.
(h)
The aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes.
MTN
Medium Term Note.
SOFR
Secured Overnight Financing Rate.
Portfolio Composition
Classification
Percentage of
Total Investments
Repurchase Agreements
58.2
%
Commercial Paper
16.9
Floating Rate Notes
13.2
Corporate Bonds
6.3
Certificates of Deposit
5.4
Total Investments
100.0
%
The accompanying notes are an integral part of the financial statements.
5

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Prime Portfolio
 
 
Face
Amount
(000)
Value
(000)
Certificates of Deposit   (4.8%)
 
 
Domestic Banks (1.8%)
Bank of America NA,
 
 
3.83%, 4/5/27
$
    65,000
$64,831
4.34%, 7/8/26
 
   100,000
100,092
Goldman Sachs Bank USA
 
 
3.95%, 9/25/26
 
    45,000
45,009
Wells Fargo Bank NA
 
 
3.76%, 11/19/26
 
    36,000
35,968
 
 
 
245,900
International Banks (3.0%)
Banco Santander SA
 
 
4.03%, 10/7/26-10/8/26
 
   106,000
106,048
Bayerische Landesbank
 
 
3.79%, 9/16/26
 
    40,000
39,972
Canadian Imperial Bank of Commerce
 
 
3.74%, 3/8/27
 
    30,000
29,922
Credit Industriel ET Commercial SA
 
 
3.80%, 11/18/26
 
    78,000
77,921
Svenska Handelsbanken AB
 
 
3.86%, 12/9/26
 
   140,000
139,870
 
 
 
393,733
Total Certificates of Deposit (Cost $640,004)
639,633
Commercial Paper  (a) (18.9%)
 
 
Asset-Backed Diversified Financial Services (0.2%)
Podium Funding Trust
 
 
4.20%, 5/21/26
 
    10,000
9,978
Versailles Commercial Paper LLC
 
 
3.95%, 7/1/26 (b)
 
    20,000
19,867
 
 
 
29,845
Automobiles (2.3%)
Toyota Credit Canada, Inc.,
 
 
3.87%, 9/29/26
 
    55,000
54,069
3.93%, 10/21/26 (b)
 
    44,000
43,152
Toyota Credit de Puerto Rico Corp.,
 
 
3.91%, 9/8/26-10/19/26 (b)
 
    24,000
23,583
4.03%, 1/12/27
 
    16,000
15,545
4.04%, 8/18/26
 
    20,000
19,762
4.06%, 7/28/26
 
    20,000
19,805
4.10%, 1/19/27
 
    20,000
19,415
4.11%, 6/1/26
 
    65,000
64,783
4.32%, 5/1/26
 
    10,000
9,999
Toyota Motor Credit Corp.
 
 
3.93%, 10/5/26
 
    40,000
39,324
 
 
 
309,437
Chemicals (0.4%)
Air Liquide U.S. LLC
 
 
3.93%, 10/19/26
 
    45,000
44,174
Diversified Financial Services (3.0%)
CDP Financial, Inc.,
 
 
3.83%, 12/1/26
 
   119,000
116,240
4.20%, 3/24/27-3/25/27
 
    23,000
22,175
 
 
Face
Amount
(000)
Value
(000)
 
 
 
 
4.29%, 7/6/26
$
   125,000
$124,116
4.39%, 6/10/26
 
    19,000
18,918
Zephyr Financiere, Inc.,
 
 
4.00%, 10/20/26 (b)
 
    50,000
49,061
4.10%, 4/28/27 (b)
 
    75,000
72,013
 
 
 
402,523
Domestic Banks (2.6%)
ABN Amro Funding USA LLC,
 
 
0.00%, 9/21/26
 
    30,000
29,533
4.01%, 5/4/26
 
    45,000
44,981
Bank of America Securities, Inc.,
 
 
3.85%, 1/22/27
 
   160,000
155,372
3.90%, 12/2/26
 
    28,000
27,346
3.96%, 3/11/27
 
    85,000
82,092
 
 
 
339,324
Finance (2.1%)
Barclays Capital, Inc.,
 
 
3.81%, 8/19/26 (b)
 
    20,000
19,759
3.98%, 6/12/26
 
    60,000
59,731
4.00%, 6/18/26
 
    75,000
74,614
4.06%, 10/8/26 (b)
 
    79,000
77,625
Citigroup Global Markets, Inc.
 
 
4.38%, 5/15/26
 
    50,000
49,922
 
 
 
281,651
International Banks (8.3%)
ANZ New Zealand International Ltd.
 
 
3.94%, 9/28/26
 
    55,000
54,116
Australia & New Zealand Banking Group Ltd.,
 
 
4.15%, 5/11/26
 
    40,000
39,955
4.32%, 7/16/26
 
    48,500
48,106
Bank of New Zealand,
 
 
3.89%, 9/17/26
 
    45,000
44,330
4.04%, 5/5/26
 
    80,000
79,959
Barclays Bank PLC
 
 
3.79%, 8/14/26 (b)
 
    18,000
17,793
Bayerische Landesbank,
 
 
4.00%, 8/18/26
 
    75,000
74,115
4.04%, 7/2/26
 
    30,000
29,804
DNB Bank ASA
 
 
4.21%, 5/22/26
 
    45,000
44,901
Lloyds Bank PLC,
 
 
4.01%, 7/7/26
 
    40,000
39,711
4.02%, 10/8/26
 
    53,000
52,076
Norddeutsche Landesbank
 
 
4.00%, 10/15/26 (b)
 
    45,000
44,180
Royal Bank of Canada
 
 
4.20%, 3/23/27
 
    20,000
19,295
Suncorp Bank Norfina Ltd.,
 
 
3.83%, 7/15/26
 
    65,000
64,478
3.94%, 8/12/26
 
    18,000
17,801
4.13%, 9/22/26
 
    40,000
39,382
4.30%, 5/5/26
 
    40,000
39,980
6
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Prime Portfolio
 
 
Face
Amount
(000)
Value
(000)
Commercial Paper (a) (cont'd)
 
 
International Banks (cont'd)
Svenska Handelsbanken AB
 
 
3.84%, 12/1/26 (b)
$
   180,000
$175,859
Swedbank AB,
 
 
4.22%, 5/22/26
 
    75,000
74,832
4.40%, 5/1/26
 
    25,000
24,998
Westpac Banking Corp.
 
 
4.19%, 3/19/27
 
    80,000
77,197
 
 
 
1,102,868
Total Commercial Paper (Cost $2,510,431)
2,509,822
Corporate Bonds  (3.2%)
 
 
Automobiles (0.4%)
 
 
Toyota Motor Credit Corp.,
 
 
4.45%, 5/18/26
 
    16,230
16,232
4.55%, 8/7/26
 
    10,424
10,442
1.13%, 6/18/26
 
    15,440
15,380
1.90%, 1/13/27
 
     6,943
6,843
3.05%, 3/22/27
 
     7,084
7,027
 
 
 
55,924
Domestic Banks (0.2%)
 
 
Bank of New York Mellon Corp.
 
 
2.80%, 5/4/26
 
     2,045
2,045
Citibank NA
 
 
4.93%, 8/6/26
 
    25,523
25,561
 
 
 
27,606
Energy (0.0%)‡
 
 
Shell International Finance BV
 
 
2.88%, 5/10/26
 
     4,168
4,166
Industrials (0.7%)
 
 
Siemens Financieringsmaatschappij NV,
 
 
2.35%, 10/15/26 (b)
 
     5,000
4,962
6.13%, 8/17/26
 
    92,185
92,733
 
 
 
97,695
Insurance (0.6%)
 
 
MassMutual Global Funding II
 
 
1.20%, 7/16/26 (b)
 
    50,000
49,704
Met Tower Global Funding
 
 
1.25%, 9/14/26 (b)
 
     2,855
2,825
Metropolitan Life Global Funding I
 
 
1.88%, 1/11/27 (b)
 
     2,732
2,690
New York Life Global Funding,
 
 
2.35%, 7/14/26 (b)
 
    21,805
21,730
5.45%, 9/18/26 (b)
 
     2,150
2,161
 
 
 
79,110
International Banks (1.3%)
 
 
Banque Federative du Credit Mutuel SA
 
 
5.90%, 7/13/26 (b)
 
    28,330
28,432
Commonwealth Bank of Australia
 
 
2.63%, 9/6/26 (b)
 
     4,100
4,079
Cooperatieve Rabobank UA
 
 
5.04%, 3/5/27
 
    12,000
12,102
 
 
Face
Amount
(000)
Value
(000)
 
 
 
 
 
 
Credit Agricole SA
 
 
5.59%, 7/5/26 (b)
$
     7,299
$7,318
Macquarie Bank Ltd.
 
 
5.21%, 6/15/26 (b)
 
     4,000
4,006
Skandinaviska Enskilda Banken AB
 
 
1.20%, 9/9/26 (b)
 
     2,000
1,979
Svenska Handelsbanken AB
 
 
5.25%, 6/15/26 (b)
 
    18,250
18,275
Swedbank AB
 
 
5.47%, 6/15/26 (b)
 
    18,000
18,029
UBS AG London
 
 
1.25%, 6/1/26
 
    47,465
47,354
Westpac Banking Corp.
 
 
2.70%, 8/19/26
 
     4,849
4,830
Westpac New Zealand Ltd.
 
 
5.13%, 2/26/27 (b)
 
    20,000
20,158
 
 
 
166,562
Total Corporate Bonds (Cost $431,128)
 
 
431,063
Floating Rate Notes (c) (15.1%)
Asset-Backed Diversified Financial Services (0.1%)
Podium Funding Trust,
 
 
SOFR + 0.30%, 3.93%, 9/2/26
 
    19,000
19,007
Automobiles (0.3%)
Toyota Motor Credit Corp.,
 
 
MTN
 
 
SOFR + 0.30%, 3.93%, 2/12/27
 
    40,000
40,031
Diversified Financial Services (0.2%)
CDP Financial, Inc.,
 
 
SOFR + 0.32%, 3.96%, 1/28/27(b)
 
    25,000
25,004
Domestic Banks (1.7%)
Bank of America Securities, Inc.,
 
 
SOFR + 0.40%, 4.04%,
11/12/26-11/24/26
 
    90,000
90,067
Goldman Sachs Bank USA,
 
 
SOFR + 0.30%, 3.95%, 8/7/26
 
    93,000
93,033
ING U.S. Funding LLC,
 
 
SOFR + 0.30%, 3.94%, 10/6/26 (b)
 
    45,000
45,000
 
 
 
228,100
Finance (1.4%)
Citigroup Global Markets, Inc.,
 
 
3.99%, 12/16/26 (b)
 
    60,000
60,002
SOFR + 0.37%, 4.01%, 12/1/26 (b)
 
   125,000
125,019
 
 
 
185,021
Insurance (0.7%)
Pacific Life Global Funding II,
 
 
SOFR + 1.05%, 4.69%, 7/28/26 (b)
 
    12,500
12,529
Pricoa Short Term Funding LLC,
 
 
SOFR + 0.25%, 3.89%, 5/26/26 (b)
 
    75,000
75,008
 
 
 
87,537
International Banks (10.7%)
ASB Bank Ltd.,
 
 
SOFR + 0.32%, 3.96%, 9/4/26 (b)
 
    50,000
50,023
The accompanying notes are an integral part of the financial statements.
7

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Prime Portfolio
 
 
Face
Amount
(000)
Value
(000)
Floating Rate Notes (c) (cont'd)
International Banks (cont'd)
Bank of Montreal,
 
 
SOFR + 0.40%, 4.03%, 12/7/26
$
    60,000
$60,025
4.10%, 5/7/27 (b)
 
    94,000
94,035
Canadian Imperial Bank of Commerce,
 
 
SOFR + 0.47%, 4.10%, 4/27/27
 
    75,000
75,077
Commonwealth Bank of Australia,
 
 
SOFR + 0.46%, 4.12%, 11/27/26 (b)(d)
 
     9,300
9,307
Credit Agricole SA,
 
 
SOFR + 1.29%, 4.95%, 7/5/26 (b)
 
     4,060
4,068
ING Bank NV,
 
 
3.92%, 9/21/26
 
    70,000
70,003
Lloyds Bank PLC,
 
 
3.92%, 9/22/26
 
    75,000
74,992
3.98%, 12/18/26
 
    85,000
84,992
Macquarie Bank Ltd.,
 
 
SOFR + 0.25%, 3.89%, 5/27/26 (b)
 
    17,000
17,002
SOFR + 0.27%, 3.91%, 7/10/26 (b)
 
   120,000
120,035
Mizuho Bank Ltd. (New York Branch),
 
 
SOFR + 0.26%, 3.90%, 6/1/26
 
     6,500
6,501
Royal Bank of Canada,
 
 
SOFR + 0.31%, 3.94%, 9/11/26 (b)
 
    75,000
75,034
Sumitomo Mitsui Banking Corp.,
 
 
SOFR + 0.31%, 3.94%, 10/2/26-10/7/26
 
   325,000
325,082
SOFR + 0.32%, 3.95%, 8/17/26
 
   125,000
125,063
SOFR + 0.35%, 3.98%, 9/10/26 (b)
 
    16,000
16,008
UBS AG London,
 
 
3.98%, 11/3/26 (b)
 
    75,000
74,998
SOFR + 0.40%, 4.08%, 11/5/26 (b)
 
    93,000
93,023
Westpac Securities NZ Ltd.,
 
 
SOFR + 0.30%, 3.93%, 8/19/26 (b)
 
    43,000
43,020
 
 
 
1,418,288
Total Floating Rate Notes (Cost $2,002,398)
2,002,988
Repurchase Agreements (53.4%)
ABN AMRO Securities LLC, (3.85%, dated
4/30/26, due 5/1/26; proceeds $35,004;
fully collateralized by various Corporate
Bonds, 2.90% - 6.95% due
4/1/36-3/15/66, U.S. Government agency
securities, 0.00% - 7.00% due
5/25/26-4/1/55, U.S. Government
obligations, 2.38% - 4.25% due
2/28/29-5/15/51; valued at $36,744)
 
    35,000
35,000
ABN AMRO Securities LLC, (Interest in
$400,000 joint repurchase agreement,
3.65%, dated 4/30/26 under which ABN
AMRO Securities LLC, will repurchase the
securities provided as collateral for
$400,041 on 5/1/26. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government obligations
with various maturities to 11/15/53; valued
at $408,000)
 
   260,000
260,000
 
 
Face
Amount
(000)
Value
(000)
 
Bank of America Securities, Inc., (3.63% (e),
dated 6/30/25, due 7/29/26; proceeds
$46,788; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $47,250) (f)
$
    45,000
$45,000
Bank of America Securities, Inc., (3.63% (e),
dated 10/24/25, due 7/29/26; proceeds
$77,102; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $78,750) (f)
 
    75,000
75,000
Bank of Nova Scotia, (3.76%, dated 4/30/26,
due 5/1/26; proceeds $120,013; fully
collateralized by various Common Stocks;
valued at $126,000) (f)
 
   120,000
120,000
Bank of Nova Scotia, (3.74%, dated 4/30/26,
due 5/1/26; proceeds $545,057; fully
collateralized by various Corporate Bonds,
1.60% - 8.13% due 6/1/26-3/15/66;
valued at $572,250)
 
   545,000
545,000
BNP Paribas Prime Brokerage, Inc., (3.76%,
dated 4/30/26, due 5/1/26; proceeds
$15,002; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $15,752) (f)
 
    15,000
15,000
BNP Paribas Prime Brokerage, Inc., (3.78%,
dated 4/30/26, due 5/7/26; proceeds
$120,088; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $126,093) (f)
 
   120,000
120,000
BNP Paribas SA, (3.80% (e), dated 10/9/25,
due 5/7/26; proceeds $536,638; fully
collateralized by various Corporate Bonds,
3.25% - 13.50% due 5/1/28-8/1/53;
valued at $556,487) (f)
 
   525,000
525,000
BNP Paribas SA, (3.79%, dated 4/30/26, due
5/1/26; proceeds $5,001; fully
collateralized by various Corporate Bonds,
4.63% - 10.75% due 6/1/28-4/15/34;
valued at $5,301) (f)
 
     5,000
5,000
BNP Paribas SA, (Interest in $550,000 joint
repurchase agreement, 3.65%, dated
4/30/26 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $550,056 on 5/1/26. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government agency
securities and U.S. Government obligations
with various maturities to 10/20/65; valued
at $565,766)
 
   195,000
195,000
Citigroup Global Markets, Inc., (3.72%, dated
4/30/26, due 5/1/26; proceeds $400,041;
fully collateralized by various
U.S. Government obligations, 0.13% - 4.38%
due 10/31/29-5/15/30; valued at
$408,000)
 
   400,000
400,000
Credit Agricole Corporate and Investment Bank,
(3.63% (e), dated 11/7/23, due 5/7/26;
proceeds $97,184; fully collateralized by
various Corporate Bonds, 0.95% - 7.62% due
5/15/26-3/2/53, U.S. Government
obligations, 0.00% - 4.38% due
1/15/28-5/15/31; valued at $93,260) (f)
 
    89,000
89,000
8
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Prime Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Credit Agricole Corporate and Investment Bank,
(3.68%, dated 4/28/26, due 5/5/26;
proceeds $265,190; fully collateralized by
various Corporate Bonds, 1.23% - 8.15% due
11/1/26-10/15/55, U.S. Government
agency securities, 5.50% - 6.50% due
5/20/55-2/20/56, and a U.S. Government
obligation, 4.38% due 11/30/28; valued at
$277,537) (f)
$
   265,000
$265,000
Credit Agricole Corporate and Investment Bank,
(3.98% (e), dated 4/15/26, due 5/7/26;
proceeds $100,243; fully collateralized by
various Corporate Bonds, 1.65% - 7.62% due
7/22/26-3/1/55, U.S. Government
obligation, 4.38% due 11/30/28; valued at
$104,947) (f)
 
   100,000
100,000
Credit Agricole Corporate and Investment Bank,
(3.63% (e), dated 12/12/23, due 5/7/26;
proceeds $191,564; fully collateralized by
various Corporate Bonds, 1.75% - 7.62% due
6/15/26-4/22/56; valued at $184,801)
 
   176,000
176,000
Credit Agricole Corporate and Investment Bank,
(3.67%, dated 4/30/26, due 5/1/26;
proceeds $25,003; fully collateralized by
various Corporate Bonds, 4.38% - 6.63% due
11/1/34-11/15/55, a U.S. Government
obligation, 4.38% due 11/30/28; valued at
$25,984)
 
    25,000
25,000
HSBC Securities USA, Inc., (3.74%, dated
4/30/26, due 5/1/26; proceeds $255,026;
fully collateralized by various Corporate
Bonds, 2.60% - 8.38% due
3/2/27-7/18/54; valued at $267,779)
 
   255,000
255,000
ING Financial Markets LLC, (3.71%, dated
4/30/26, due 5/1/26; proceeds $53,005;
fully collateralized by various Corporate
Bonds, 1.02% - 7.00% due
5/13/27-2/15/53, U.S. Government
agency securities, 3.50% - 5.50% due
8/1/45-4/1/54; valued at $55,621)
 
    53,000
53,000
JP Morgan Clearing Corp., (3.82% (e), dated
9/17/25, due 5/7/26; proceeds $204,924;
fully collateralized by various Corporate
Bonds, 2.65% - 11.50% due
10/15/26-2/15/62; valued at $212,281)
 
   200,000
200,000
JP Morgan Clearing Corp., (3.84% (e), dated
7/31/23, due 5/7/26; proceeds $116,323;
fully collateralized by various Corporate
Bonds, 3.38% - 10.75% due
8/1/27-3/15/82; valued at $111,525) (f)
 
   105,000
105,000
JP Morgan Securities LLC, (3.89% (e), dated
11/17/21, due 5/7/26; proceeds
$217,624; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $194,879) (f)
 
   185,000
185,000
JP Morgan Securities LLC, (3.63% (e), dated
10/7/25, due 5/7/26; proceeds $76,603;
fully collateralized by various Common
Stocks and Preferred Stocks; valued at
$79,002) (f)
 
    75,000
75,000
 
 
Face
Amount
(000)
Value
(000)
 
Mizuho Securities USA LLC, (3.78%, dated
4/30/26, due 5/1/26; proceeds $425,045;
fully collateralized by various Common
Stocks; valued at $446,250) (f)
$
   425,000
$425,000
Mizuho Securities USA LLC, (4.03% (e), dated
12/16/25, due 6/4/26; proceeds $33,628;
fully collateralized by various Corporate
Bonds, 1.25% - 7.00% due
8/12/26-3/15/56; valued at $34,651) (f)
 
    33,000
33,000
MUFG Securities Americas, Inc., (3.70%, dated
4/30/26, due 5/1/26; proceeds $240,025;
fully collateralized by various Common
Stocks; valued at $252,026) (f)
 
   240,000
240,000
MUFG Securities Americas, Inc., (3.70%, dated
4/30/26, due 5/1/26; proceeds $100,010;
fully collateralized by various Common
Stocks; valued at $105,011) (f)
 
   100,000
100,000
RBC Capital Markets LLC, (3.74%, dated
4/28/26, due 5/5/26; proceeds $225,164;
fully collateralized by various Corporate
Bonds, 1.35% - 8.10% due
12/11/26-11/15/95; valued at $236,250)
 
   225,000
225,000
Societe Generale SA, (3.76%, dated 4/29/26,
due 5/6/26; proceeds $337,246; fully
collateralized by various Corporate Bonds,
1.05% - 7.50% due 5/10/26-11/26/85,
U.S. Government obligations, 0.00% due
11/15/28-8/15/54; valued at
$354,107) (f)
 
   337,000
337,000
Societe Generale SA, (3.74%, dated 4/30/26,
due 5/1/26; proceeds $120,012; fully
collateralized by various Corporate Bonds,
2.75% - 8.88% due 6/1/26-12/1/44;
valued at $127,213)
 
   120,000
120,000
TD Securities USA LLC, (3.74% (e), dated
3/27/24, due 5/7/26; proceeds $234,381;
fully collateralized by various Corporate
Bonds, 1.95% - 8.45% due
11/15/26-4/29/61; valued at $227,850)
 
   217,000
217,000
TD Securities USA LLC, (3.73%, dated
4/30/26, due 5/1/26; proceeds $130,013;
fully collateralized by various Corporate
Bonds, 2.25% - 7.50% due
7/26/29-11/15/53; valued at $136,500)
 
   130,000
130,000
TD Securities USA LLC, (3.74%, dated
4/30/26, due 5/1/26; proceeds $85,009;
fully collateralized by various Corporate
Bonds, 3.38% - 9.63% due
1/15/27-3/1/34; valued at $90,101)
 
    85,000
85,000
Wells Fargo Securities LLC, (4.02% (e), dated
12/9/25, due 7/29/26; proceeds
$102,593; fully collateralized by various
Common Stocks and Preferred Stocks;
valued at $105,000) (f)
 
   100,000
100,000
Wells Fargo Securities LLC, (4.01% (e), dated
9/17/25, due 8/5/26; proceeds $170,918;
fully collateralized by various Corporate
Bonds, 0.01% - 8.35% due
2/16/27-12/31/79; valued at
$173,250) (f)
 
   165,000
165,000
The accompanying notes are an integral part of the financial statements.
9

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Prime Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Wells Fargo Securities LLC, (4.03% (e), dated
12/16/25, due 7/29/26; proceeds
$41,008; fully collateralized by various
Corporate Bonds, 2.45% - 6.63% due
9/8/26-3/13/51; valued at $42,001)
$
    40,000
$40,000
Wells Fargo Securities LLC, (Interest in
$3,400,000 joint repurchase agreement,
3.65%, dated 4/30/26 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$3,400,345 on 5/1/26. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government agency
securities with various maturities to 1/1/59;
valued at $3,502,000)
 
1,000,000
1,000,000
Total Repurchase Agreements (Cost $7,085,000)
7,085,000
Total Investments (95.4%) (Cost $12,668,961) (g)(h)
12,668,506
Other Assets in Excess of Liabilities (4.6%)
608,776
Net Assets (100.0%)
$13,277,282
(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, 2026. 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)
All or a portion of the security is subject to delayed delivery.
(e)
Rate as of period end and maturity is the date the principal owed
can be recovered through demand.
(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, 2026.
(g)
Securities are available for collateral in connection with securities
purchased on a forward commitment basis.
(h)
At April 30, 2026, the aggregate cost for federal income tax
purposes approximates the aggregate cost for book purposes.
The aggregate gross unrealized appreciation is approximately
$1,143,000 and the aggregate gross unrealized depreciation is
approximately $1,598,000, resulting in net unrealized
depreciation of approximately $455,000.
Amount is less than 0.05%.
MTN
Medium Term Note.
SOFR
Secured Overnight Financing Rate.
Portfolio Composition
Classification
Percentage of
Total Investments
Repurchase Agreements
55.9
%
Commercial Paper
19.8
Floating Rate Notes
15.8
Certificates of Deposit
5.1
Other*
3.4
Total Investments
100.0
%
*
Industries and/or investment types representing less than 5% of total
investments.
10
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (52.7%)
Bank of America NA, (3.75%, dated 12/10/25,
due 6/10/26; proceeds $407,583; fully
collateralized by various U.S. Government
agency securities, 2.00% - 4.00% due
2/1/42-8/1/50; valued at $412,000)
$
   400,000
$400,000
Bank of America NA, (3.72%, dated 12/12/25,
due 6/12/26; proceeds $254,702; fully
collateralized by various U.S. Government
agency securities, 2.50% - 4.00% due
6/1/42-10/1/51; valued at $257,500)
 
   250,000
250,000
Bank of America NA, (3.78%, dated 12/2/25,
due 6/1/26; proceeds $101,901; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50% due
10/1/46-11/1/47; valued at $103,000)
 
   100,000
100,000
Bank of America NA, (3.87%, dated 11/3/25,
due 5/4/26; proceeds $101,957; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50% due
9/1/42-11/1/46; valued at $103,000)
 
   100,000
100,000
Bank of America NA, (3.83%, dated 11/7/25,
due 5/6/26; proceeds $101,915; fully
collateralized by various U.S. Government
agency securities, 3.00% - 4.00% due
9/1/42-7/1/48; valued at $103,000)
 
   100,000
100,000
Bank of America Securities, Inc., (3.88% (a),
dated 10/20/25, due 5/7/26; proceeds
$204,291; fully collateralized by a
U.S. Government obligation, 1.38% due
11/15/40; valued at $204,000)
 
   200,000
200,000
Bank of America Securities, Inc., (3.65%, dated
4/30/26, due 5/1/26; proceeds $966,098;
fully collateralized by various
U.S. Government agency securities, 0.75% -
7.00% due 6/23/26-3/20/76; valued at
$993,253)
 
   966,000
966,000
Bank of America Securities, Inc., (3.67% (a),
dated 4/14/26, due 5/7/26; proceeds
$501,171; fully collateralized by various
U.S. Government agency securities, 0.90% -
7.00% due 6/15/26-1/20/66; valued at
$512,136)
 
   500,000
500,000
Bank of America Securities, Inc., (3.68% (a),
dated 3/9/26, due 5/7/26; proceeds
$503,017; fully collateralized by various
U.S. Government agency securities, 2.00% -
7.00% due 11/10/27-11/20/75; valued at
$514,501)
 
   500,000
500,000
Bank of America Securities, Inc., (4.09% (a),
dated 7/30/25, due 5/7/26; proceeds
$515,978; fully collateralized by various
U.S. Government agency securities, 2.00% -
7.00% due 2/2/28-4/15/61; valued at
$514,990)
 
   500,000
500,000
Bank of America Securities, Inc., (3.69% (a),
dated 1/22/26, due 5/7/26; proceeds
$1,010,763; fully collateralized by various
U.S. Government agency securities, 2.50% -
8.00% due 8/15/26-9/20/75; valued at
$1,029,533)
 
1,000,000
1,000,000
 
 
Face
Amount
(000)
Value
(000)
 
Bank of America Securities, Inc., (4.07% (a),
dated 7/30/25, due 5/7/26; proceeds
$412,720; fully collateralized by various
U.S. Government obligation, 0.00% - 3.50%
due 2/15/27-11/15/47; valued at
$408,000)
$
   400,000
$400,000
Bank of America Securities, Inc., (3.72% (a),
dated 1/27/26, due 5/7/26; proceeds
$252,583; fully collateralized by various
U.S. Government obligation, 3.38% - 3.50%
due 11/30/27-11/30/30; valued at
$255,000)
 
   250,000
250,000
Bank of America Securities, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $250,025;
fully collateralized by various
U.S. Government obligations, 0.00% - 1.13%
due 7/23/26-5/15/51; valued at
$255,000)
 
   250,000
250,000
Bank of America Securities, Inc., (3.61% (a),
dated 1/16/26, due 5/7/26; proceeds
$252,783; fully collateralized by various
U.S. Government obligations, 0.00% - 1.88%
due 2/15/40-2/15/56; valued at
$255,000)
 
   250,000
250,000
Bank of America Securities, Inc., (3.69% (a),
dated 1/16/26, due 5/7/26; proceeds
$252,845; fully collateralized by various
U.S. Government obligations, 0.00% - 2.13%
due 5/15/39-2/15/51; valued at
$255,000)
 
   250,000
250,000
Bank of America Securities, Inc., (3.70% (a),
dated 2/27/26, due 5/7/26; proceeds
$428,012; fully collateralized by various
U.S. Government obligations, 0.00% - 3.50%
due 5/15/26-5/15/51; valued at
$433,500)
 
   425,000
425,000
Bank of Montreal, (3.71% (a), dated 4/30/26,
due 5/7/26; proceeds $250,180; fully
collateralized by various U.S. Government
agency securities, 0.35% - 6.50% due
4/25/27-4/25/56; valued at $262,500)
 
   250,000
250,000
Bank of New York - Fixed Income Clearing
Corp., (3.65%, dated 4/30/26, due 5/1/26;
proceeds $1,000,101; fully collateralized by
various U.S. Government agency securities,
3.50% - 6.50% due 3/1/48-1/1/56; valued
at $1,020,000)
 
1,000,000
1,000,000
Bank of New York - Fixed Income Clearing
Corp., (3.64%, dated 4/30/26, due 5/1/26;
proceeds $1,500,152; fully collateralized by
various U.S. Government obligations, 1.25% -
3.88% due 1/15/28-5/15/42; valued at
$1,530,000)
 
1,500,000
1,500,000
Bank of New York - Fixed Income Clearing
Corp., (3.65%, dated 4/30/26, due 5/1/26;
proceeds $5,400,548; fully collateralized by
various U.S. Government obligations, 1.75% -
4.50% due 7/15/27-7/31/29; valued at
$5,508,000)
 
5,400,000
5,400,000
The accompanying notes are an integral part of the financial statements.
11

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Barclays Bank PLC, (3.86% (a), dated
12/22/25, due 5/7/26; proceeds
$1,217,490; fully collateralized by various
U.S. Government agency securities, 0.00% -
7.00% due 8/25/27-7/16/67; valued at
$1,263,881)
$
1,200,000
$1,200,000
Barclays Bank PLC, (3.78% (a), dated 4/7/26,
due 5/7/26; proceeds $250,788; fully
collateralized by various U.S. Government
agency securities, 0.55% - 8.50% due
11/1/27-5/16/68; valued at $263,159)
 
   250,000
250,000
Barclays Bank PLC, (3.65% (a), dated 4/13/26,
due 5/7/26; proceeds $1,002,433; fully
collateralized by various U.S. Government
agency securities, 1.50% - 7.00% due
8/15/32-3/15/67; valued at $1,031,880)
 
1,000,000
1,000,000
Barclays Bank PLC, (3.65%, dated 4/30/26,
due 5/1/26; proceeds $850,086; fully
collateralized by various U.S. Government
agency securities, 1.50% - 7.50% due
2/1/27-12/15/60; valued at $875,590)
 
   850,000
850,000
Barclays Bank PLC, (3.65% (a), dated 4/13/26,
due 5/7/26; proceeds $1,002,433; fully
collateralized by various U.S. Government
agency securities, 2.00% - 7.00% due
1/1/28-1/15/68; valued at $1,031,880)
 
1,000,000
1,000,000
Barclays Bank PLC, (3.65% (a), dated 4/21/26,
due 5/7/26; proceeds $1,001,622; fully
collateralized by various U.S. Government
agency securities, 2.00% - 7.00% due
8/15/33-9/15/67; valued at $1,031,043)
 
1,000,000
1,000,000
Barclays Bank PLC, (3.64%, dated 4/30/26,
due 5/1/26; proceeds $1,000,101; fully
collateralized by various U.S. Government
obligations, 2.00% - 4.75% due
4/30/27-11/15/53; valued at $1,020,103)
 
1,000,000
1,000,000
BMO Capital Markets Corp., (3.70%, dated
4/30/26, due 5/1/26; proceeds $250,026;
fully collateralized by various
U.S. Government agency securities, 0.00% -
5.50% due 8/16/39-4/20/76, a
U.S. Government obligation, 0.00% due
6/4/26; valued at $260,655)
 
   250,000
250,000
BMO Capital Markets Corp., (3.71% (a), dated
4/30/26, due 5/7/26; proceeds $550,397;
fully collateralized by various
U.S. Government agency securities, 0.00% -
7.60% due 6/25/26-9/20/75,
U.S. Government obligation, 3.00% due
8/15/48; valued at $577,454)
 
   550,000
550,000
BMO Capital Markets Corp., (3.70% (a), dated
4/30/26, due 5/7/26; proceeds $600,432;
fully collateralized by various
U.S. Government agency securities, 1.67% -
8.07% due 1/1/28-5/25/50; valued at
$618,003)
 
   600,000
600,000
 
 
Face
Amount
(000)
Value
(000)
 
BMO Capital Markets Corp., (3.66%, dated
4/30/26, due 5/1/26; proceeds $200,020;
fully collateralized by various
U.S. Government agency security, 5.16% due
3/1/33, U.S. Government obligation, 3.88% -
4.50% due 8/15/33-11/15/33; valued at
$204,858)
$
   200,000
$200,000
BMO Harris Bank NA, (3.65%, dated 4/30/26,
due 5/1/26; proceeds $250,025; fully
collateralized by various U.S. Government
agency securities, 0.93% - 4.00% due
10/1/27-9/1/51; valued at $260,453)
 
   250,000
250,000
BNP Paribas SA, (Interest in $550,000 joint
repurchase agreement, 3.65%, dated
4/30/26 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $550,056 on 5/1/26. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government agency
securities and U.S. Government obligations
with various maturities to 10/20/65; valued
at $565,766)
 
    25,000
25,000
BNP Paribas SA, (3.82% (a), dated 10/8/25,
due 6/29/26; proceeds $514,007; fully
collateralized by various U.S. Government
agency securities, 0.00% - 8.10% due
5/25/26-5/20/74, U.S. Government
obligations, 0.63% - 4.50% due
1/31/28-8/15/47; valued at $520,235)
 
   500,000
500,000
BNP Paribas SA, (3.79% (a), dated 10/8/25,
due 6/4/26; proceeds $410,065; fully
collateralized by various U.S. Government
agency securities, 0.00% - 8.10% due
7/25/26-10/20/74, U.S. Government
obligations, 0.00% - 4.00% due
11/30/29-5/15/36; valued at $416,210)
 
   400,000
400,000
BNP Paribas SA, (4.14% (a), dated 6/26/25,
due 5/7/26; proceeds $777,162; fully
collateralized by various U.S. Government
agency securities, 1.50% - 8.00% due
3/1/27-3/20/66, U.S. Government
obligations, 0.00% - 4.00% due
5/12/26-11/15/52; valued at $771,299)
 
   750,000
750,000
BNP Paribas SA, (3.53% (a), dated 1/26/26,
due 5/7/26; proceeds $1,514,855; fully
collateralized by various U.S. Government
agency securities, 1.80% - 8.00% due
5/16/28-3/20/66, U.S. Government
obligations, 0.00% - 4.00% due
11/30/27-5/15/48; valued at $1,543,610)
 
1,500,000
1,500,000
BNP Paribas SA, (Interest in $900,000 joint
repurchase agreement, 3.64%, dated
4/30/26 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $900,091 on 5/1/26. 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
2/15/56; valued at $918,000)
 
   500,000
500,000
12
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
BNP Paribas SA, (3.60% (a), dated 2/19/26,
due 5/7/26; proceeds $856,545; fully
collateralized by various U.S. Government
obligations, 0.00% - 2.13% due
12/31/27-5/15/48; valued at $867,000)
$
   850,000
$850,000
BNP Paribas SA, (3.68% (a), dated 2/20/26,
due 5/7/26; proceeds $906,994; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.88% due
7/21/26-5/15/54; valued at $918,000)
 
   900,000
900,000
BNP Paribas SA, (3.69% (a), dated 2/13/26,
due 5/7/26; proceeds $705,947; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.00% due
8/25/26-4/15/29; valued at $714,000)
 
   700,000
700,000
BNP Paribas SA, (3.72% (a), dated 2/5/26, due
5/7/26; proceeds $605,636; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.25% due
6/11/26-5/15/53; valued at $612,000)
 
   600,000
600,000
BNP Paribas SA, (3.68% (a), dated 2/27/26,
due 5/7/26; proceeds $427,996; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.38% due
6/2/26-2/15/54; valued at $433,500)
 
   425,000
425,000
BNP Paribas SA, (3.69% (a), dated 2/10/26,
due 5/7/26; proceeds $252,201; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
5/15/26-5/15/54; valued at $255,000)
 
   250,000
250,000
BNP Paribas SA, (3.67% (a), dated 3/18/26,
due 5/7/26; proceeds $854,329; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.75% due
5/15/26-8/15/55; valued at $867,000)
 
   850,000
850,000
BNP Paribas SA, (3.60% (a), dated 2/12/26,
due 5/7/26; proceeds $428,570; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.13% due
5/15/26-2/15/55; valued at $433,500)
 
   425,000
425,000
BNP Paribas SA, (3.66% (a), dated 4/23/26,
due 5/7/26; proceeds $851,211; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.50% due
7/31/26-8/15/51; valued at $867,000)
 
   850,000
850,000
BNP Paribas SA, (4.19% (a), dated 5/13/25,
due 5/7/26; proceeds $2,031,497; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.63% due
7/21/26-2/15/56; valued at $1,989,000)
 
1,950,000
1,950,000
BNP Paribas SA, (3.64%, dated 4/30/26, due
5/1/26; proceeds $650,066; fully
collateralized by various U.S. Government
obligations, 0.38% - 4.25% due
9/30/27-7/31/30; valued at $663,000)
 
   650,000
650,000
 
 
Face
Amount
(000)
Value
(000)
 
BNY Mellon Capital Markets LLC, (3.65%, dated
4/30/26, due 5/1/26; proceeds $250,025;
fully collateralized by various
U.S. Government agency securities, 2.00% -
6.50% due 3/18/32-5/1/56,
U.S. Government obligations, 0.00% - 4.63%
due 5/21/26-2/15/46; valued at
$255,984)
$
   250,000
$250,000
Canadian Imperial Bank of Commerce, (3.65%,
dated 4/30/26, due 5/1/26; proceeds
$500,051; fully collateralized by various
U.S. Government agency securities, 1.50% -
7.00% due 4/1/28-10/20/72,
U.S. Government obligation, 0.00% - 4.75%
due 6/16/26-5/15/55; valued at
$513,284)
 
   500,000
500,000
Canadian Imperial Bank of Commerce, (3.64%,
dated 4/30/26, due 5/1/26; proceeds
$450,046; fully collateralized by various
U.S. Government obligation, 0.00% - 5.00%
due 5/19/26-2/15/56; valued at
$459,000)
 
   450,000
450,000
Citibank NA, (3.65%, dated 4/30/26, due
5/1/26; proceeds $500,051; fully
collateralized by various U.S. Government
agency securities, 1.50% - 9.00% due
5/15/26-9/15/67; valued at $515,000)
 
   500,000
500,000
Citigroup Global Markets, Inc., (3.74%, dated
12/8/25, due 6/8/26; proceeds $203,782;
fully collateralized by various
U.S. Government agency securities, 2.00% -
6.00% due 10/20/53; valued at $206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.51%, dated
2/9/26, due 2/9/27; proceeds $207,118;
fully collateralized by various
U.S. Government agency securities, 2.00% -
7.50% due 7/20/53-9/20/53; valued at
$206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.74%, dated
12/9/25, due 6/8/26; proceeds $254,701;
fully collateralized by various
U.S. Government agency securities, 2.00% -
7.50% due 9/20/53-10/20/53; valued at
$257,500)
 
   250,000
250,000
Citigroup Global Markets, Inc., (3.61%, dated
1/26/26, due 1/26/27; proceeds
$207,320; fully collateralized by various
U.S. Government agency securities, 2.00% -
8.00% due 10/20/53-11/20/53; valued at
$206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.67% (a),
dated 1/22/26, due 5/7/26; proceeds
$1,768,732; fully collateralized by various
U.S. Government agency securities, 2.00% -
8.00% due 3/20/27-4/20/66; valued at
$1,802,500)
 
1,750,000
1,750,000
Citigroup Global Markets, Inc., (3.69%, dated
2/4/26, due 8/4/26; proceeds $101,855;
fully collateralized by various
U.S. Government agency securities, 2.50% -
6.50% due 2/20/54; valued at $103,000)
 
   100,000
100,000
The accompanying notes are an integral part of the financial statements.
13

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Citigroup Global Markets, Inc., (3.75%, dated
4/9/26, due 12/9/26; proceeds $205,083;
fully collateralized by various
U.S. Government agency securities, 2.50% -
8.00% due 12/20/53-2/20/54; valued at
$206,000)
$
   200,000
$200,000
Citigroup Global Markets, Inc., (3.70%, dated
1/15/26, due 7/15/26; proceeds
$254,651; fully collateralized by various
U.S. Government agency securities, 2.50% -
8.00% due 2/20/54; valued at $257,500)
 
   250,000
250,000
Citigroup Global Markets, Inc., (3.62%, dated
3/3/26, due 12/3/26; proceeds $205,531;
fully collateralized by various
U.S. Government agency securities, 2.50% -
8.00% due 4/20/54-6/20/54; valued at
$206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.79%, dated
4/28/26, due 4/28/27; proceeds
$778,820; fully collateralized by various
U.S. Government agency securities, 3.00% -
6.50% due 10/20/54-12/20/54; valued at
$772,500)
 
   750,000
750,000
Citigroup Global Markets, Inc., (3.70%, dated
1/16/26, due 7/16/26; proceeds
$101,860; fully collateralized by various
U.S. Government agency securities, 3.50% -
7.50% due 6/20/53-7/20/53; valued at
$103,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.64%, dated
3/3/26, due 11/3/26; proceeds $204,954;
fully collateralized by various
U.S. Government agency securities, 3.50% -
8.00% due 2/20/54-4/20/54; valued at
$206,001)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.70%, dated
3/16/26, due 3/16/27; proceeds
$207,503; fully collateralized by various
U.S. Government agency securities, 3.50% -
8.00% due 7/20/54-8/20/54; valued at
$206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.90%, dated
3/27/26, due 3/25/27; proceeds
$779,494; fully collateralized by various
U.S. Government agency securities, 3.50% -
8.00% due 8/20/54-11/20/54; valued at
$772,500)
 
   750,000
750,000
Citigroup Global Markets, Inc., (3.54%, dated
2/12/26, due 2/12/27; proceeds
$207,178; fully collateralized by various
U.S. Government agency securities, 5.00% -
8.00% due 11/20/53-12/20/53; valued at
$206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.62%, dated
3/4/26, due 3/4/27; proceeds $207,341;
fully collateralized by various
U.S. Government agency securities, 5.00% -
8.00% due 6/20/54-7/20/54; valued at
$206,000)
 
   200,000
200,000
 
 
Face
Amount
(000)
Value
(000)
 
Citigroup Global Markets, Inc., (3.60%, dated
2/17/26, due 10/16/26; proceeds
$307,230; fully collateralized by various
U.S. Government agency securities, 6.00% -
7.50% due 2/20/54; valued at $309,000)
$
   300,000
$300,000
Citigroup Global Markets, Inc., (3.68%, dated
1/12/26, due 7/13/26; proceeds
$203,721; fully collateralized by various
U.S. Government agency securities, 6.00% -
8.00% due 2/20/54; valued at $206,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.58%, dated
2/19/26, due 11/19/26; proceeds
$205,430; fully collateralized by various
U.S. Government agency securities, 6.00% -
8.00% due 2/20/54; valued at $206,001)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.67% (a),
dated 1/14/26, due 5/7/26; proceeds
$1,011,523; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 10/31/32-2/15/45; valued at
$1,020,000)
 
1,000,000
1,000,000
Citigroup Global Markets, Inc., (3.65%, dated
4/30/26, due 5/1/26; proceeds
$1,150,117; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 10/31/32-2/15/56; valued at
$1,173,000)
 
1,150,000
1,150,000
Citigroup Global Markets, Inc., (3.83%, dated
11/10/25, due 5/11/26; proceeds
$203,873; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 10/31/32-8/15/39; valued at
$204,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.66% (a),
dated 4/10/26, due 5/7/26; proceeds
$401,098; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 7/21/26-10/31/32; valued at
$408,000)
 
   400,000
400,000
Citigroup Global Markets, Inc., (3.67% (a),
dated 1/8/26, due 5/7/26; proceeds
$1,012,138; fully collateralized by various
U.S. Government obligations, 0.00% - 4.25%
due 12/15/28-5/15/39; valued at
$1,020,000)
 
1,000,000
1,000,000
Citigroup Global Markets, Inc., (3.77%, dated
11/28/25, due 5/28/26; proceeds
$101,895; fully collateralized by various
U.S. Government obligations, 0.88% - 4.38%
due 11/30/28-10/31/32; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.84%, dated
11/5/25, due 5/5/26; proceeds $254,827;
fully collateralized by various
U.S. Government obligations, 0.88% - 5.25%
due 11/15/28-10/31/32; valued at
$255,000)
 
   250,000
250,000
Citigroup Global Markets, Inc., (3.84%, dated
11/19/25, due 5/20/26; proceeds
$101,941; fully collateralized by various
U.S. Government obligations, 0.88% - 5.25%
due 11/15/28-10/31/32; valued at
$102,000)
 
   100,000
100,000
14
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Citigroup Global Markets, Inc., (3.64% (a),
dated 4/8/26, due 5/7/26; proceeds
$1,002,935; fully collateralized by various
U.S. Government obligations, 0.88% - 5.25%
due 11/15/28-10/31/32; valued at
$1,020,000)
$
1,000,000
$1,000,000
Citigroup Global Markets, Inc., (3.66% (a),
dated 4/17/26, due 5/7/26; proceeds
$501,017; fully collateralized by various
U.S. Government obligations, 3.13% - 5.25%
due 10/31/28-10/31/32; valued at
$510,000)
 
   500,000
500,000
Citigroup Global Markets, Inc., (3.82%, dated
11/21/25, due 5/21/26; proceeds
$101,921; fully collateralized by various
U.S. Government obligations, 3.13% - 5.25%
due 11/15/28-10/31/32; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.69%, dated
2/2/26, due 5/4/26; proceeds $100,933;
fully collateralized by various
U.S. Government obligations, 3.13% - 5.25%
due 11/15/28-10/31/32; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.82%, dated
11/12/25, due 5/13/26; proceeds
$254,828; fully collateralized by various
U.S. Government obligations, 3.50% - 5.25%
due 11/15/28-10/31/32; valued at
$255,000)
 
   250,000
250,000
Credit Agricole - Fixed Income Clearing Corp.,
(3.64%, dated 4/30/26, due 5/1/26;
proceeds $1,000,101; fully collateralized by
various U.S. Government obligations, 0.38% -
4.75% due 9/30/26-5/15/44; valued at
$1,020,103)
 
1,000,000
1,000,000
Credit Agricole Corporate and Investment Bank,
(3.65%, dated 4/30/26, due 5/1/26;
proceeds $400,041; fully collateralized by
various U.S. Government agency securities,
2.00% - 7.50% due 5/1/28-5/20/65,
U.S. Government obligations, 0.00% - 4.75%
due 8/6/26-2/15/56; valued at $408,779)
 
   400,000
400,000
Credit Agricole Corporate and Investment Bank,
(Interest in $300,000 joint repurchase
agreement, 3.64%, dated 4/30/26 under
which Credit Agricole Corporate and
Investment Bank, will repurchase the
securities provided as collateral for
$300,030 on 5/1/26. 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 8/15/55; valued at
$306,000)
 
   300,000
300,000
Credit Agricole Corporate and Investment Bank,
(3.64%, dated 4/30/26, due 5/1/26;
proceeds $330,033; fully collateralized by
various U.S. Government obligations, 1.88% -
4.75% due 9/30/29-2/15/56; valued at
$336,600)
 
   330,000
330,000
 
 
Face
Amount
(000)
Value
(000)
 
Daiwa Capital Markets America, Inc., (3.65%,
dated 4/30/26, due 5/1/26; proceeds
$1,000,101; fully collateralized by various
U.S. Government agency securities, 1.25% -
7.50% due 4/1/27-2/20/66, a
U.S. Government obligation, 4.13% due
5/31/32; valued at $1,030,104)
$
1,000,000
$1,000,000
Deutsche Bank Securities, Inc., (3.65%, dated
4/30/26, due 5/1/26; proceeds $500,051;
fully collateralized by various
U.S. Government agency securities, 0.00% -
7.13% due 5/15/26-2/7/39,
U.S. Government obligations, 2.88% - 3.50%
due 3/15/29-4/30/29; valued at
$510,001)
 
   500,000
500,000
Goldman Sachs & Co. LLC, (3.65%, dated
4/30/26, due 5/1/26; proceeds $500,051;
fully collateralized by a U.S. Government
obligation, 2.75% due 8/15/47; valued at
$510,000)
 
   500,000
500,000
Goldman Sachs & Co. LLC, (3.64%, dated
4/30/26, due 5/1/26; proceeds $500,051;
fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 11/15/28-11/15/33; valued at
$510,000)
 
   500,000
500,000
Goldman Sachs & Co. LLC, (3.64% (a), dated
4/8/26, due 5/7/26; proceeds $1,755,137;
fully collateralized by various
U.S. Government obligations, 0.00% - 3.88%
due 8/25/26-2/15/54; valued at
$1,785,000)
 
1,750,000
1,750,000
HSBC Securities USA, Inc., (3.65%, dated
4/30/26, due 5/1/26; proceeds $915,093;
fully collateralized by various
U.S. Government agency securities, 0.00% -
8.00% due 5/15/26-3/15/67,
U.S. Government obligations, 0.13% - 5.00%
due 6/15/26-2/15/55; valued at
$938,794)
 
   915,000
915,000
HSBC Securities USA, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $265,027;
fully collateralized by various
U.S. Government obligations, 0.00% - 6.38%
due 5/15/26-11/15/55; valued at
$270,327)
 
   265,000
265,000
JP Morgan Securities LLC, (3.64%, dated
4/30/26, due 5/1/26; proceeds
$1,000,101; fully collateralized by a
U.S. Government obligation, 0.13% due
4/15/27; valued at $1,020,103)
 
1,000,000
1,000,000
JP Morgan Securities LLC, (3.79% (a), dated
7/3/25, due 5/7/26; proceeds $2,322,958;
fully collateralized by a U.S. Government
obligation, 3.63% due 8/31/29; valued at
$2,301,992)
 
2,250,000
2,250,000
JP Morgan Securities LLC, (3.82% (a), dated
1/13/26, due 7/30/26; proceeds
$1,020,999; fully collateralized by various
U.S. Government agency securities, 0.00% -
13.27% due 9/25/26-5/16/67; valued at
$1,053,300)
 
1,000,000
1,000,000
The accompanying notes are an integral part of the financial statements.
15

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
JP Morgan Securities LLC, (3.80% (a), dated
10/7/25, due 5/7/26; proceeds
$4,344,980; fully collateralized by various
U.S. Government agency securities, 0.80% -
8.00% due 10/27/26-5/1/56; valued at
$4,390,408)
$
4,250,000
$4,250,000
JP Morgan Securities LLC, (3.91% (a), dated
1/13/26, due 5/7/26; proceeds
$1,012,375; fully collateralized by various
U.S. Government agency securities, 1.25% -
17.54% due 2/25/27-12/16/68; valued at
$1,053,221)
 
1,000,000
1,000,000
JP Morgan Securities LLC, (3.78% (a), dated
1/13/26, due 5/7/26; proceeds $430,085;
fully collateralized by various
U.S. Government agency securities, 1.56% -
7.50% due 11/13/26-5/1/56; valued at
$438,778)
 
   425,000
425,000
JP Morgan Securities LLC, (3.62%, dated
4/30/26, due 5/1/26; proceeds
$1,000,101; fully collateralized by various
U.S. Government obligations, 0.00% - 4.75%
due 2/28/30-2/15/45; valued at
$1,020,103)
 
1,000,000
1,000,000
JP Morgan Securities LLC, (3.78% (a), dated
3/10/26, due 5/7/26; proceeds
$6,539,533; fully collateralized by various
U.S. Government obligations, 1.25% - 4.13%
due 8/15/27-4/15/31; valued at
$6,650,117)
 
6,500,000
6,500,000
JP Morgan Securities, Inc. - Fixed Income
Clearing Corp., (3.65%, dated 4/30/26, due
5/1/26; proceeds $3,350,340; fully
collateralized by various U.S. Government
agency securities, 1.50% - 7.50% due
10/1/26-5/15/67; valued at $3,450,850)
 
3,350,000
3,350,000
Mizuho Securities USA LLC, (3.64%, dated
4/30/26, due 5/1/26; proceeds $250,025;
fully collateralized by various
U.S. Government obligations, 0.75% - 4.13%
due 8/31/26-7/31/31; valued at
$255,000)
 
   250,000
250,000
MUFG Securities Americas, Inc., (3.70%, dated
4/30/26, due 5/1/26; proceeds $300,031;
fully collateralized by various
U.S. Government agency securities, 0.16% -
6.50% due 9/1/26-4/1/56; valued at
$311,894)
 
   300,000
300,000
MUFG Securities Americas, Inc., (3.65%, dated
4/30/26, due 5/1/26; proceeds $200,020;
fully collateralized by various
U.S. Government agency securities, 1.50% -
6.50% due 5/25/26-12/1/55; valued at
$205,114)
 
   200,000
200,000
MUFG Securities Canada Ltd., (3.65%, dated
4/30/26, due 5/1/26; proceeds
$1,500,152; fully collateralized by various
U.S. Government agency securities, 1.00% -
7.50% due 7/2726 - 6/1/64,
U.S. Government obligations, 0.00% - 4.75%
due 11/15/26-8/15/55; valued at
$1,543,037)
 
1,500,000
1,500,000
 
 
Face
Amount
(000)
Value
(000)
 
Natixis SA, (Interest in $1,900,000 joint
repurchase agreement, 3.65%, dated
4/30/26 under which Natixis SA, will
repurchase the securities provided as
collateral for $1,900,193 on 5/1/26. 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 2/15/56; valued at
$1,940,618)
$
1,900,000
$1,900,000
Natixis SA, (3.68% (a), dated 12/8/21, due
5/7/26; proceeds $87,351; fully
collateralized by various U.S. Government
agency securities, 2.00% - 6.00% due
12/25/34-4/20/68, U.S. Government
obligations, 0.13% - 4.38% due
4/20/68-2/15/54; valued at $77,740)
 
    75,000
75,000
Natixis SA, (3.69%, dated 1/29/26, due
7/27/26; proceeds $203,670; fully
collateralized by various U.S. Government
agency securities, 2.92% - 6.00% due
7/1/29-4/1/56, U.S. Government
obligations, 0.50% - 4.75% due
1/15/27-11/15/44; valued at $204,510)
 
   200,000
200,000
Natixis SA, (3.69% (a), dated 4/24/26, due
5/7/26; proceeds $1,001,333; fully
collateralized by various U.S. Government
agency securities, 3.00% - 4.59% due
10/22/29-2/1/34, U.S. Government
obligations, 0.00% - 4.75% due
6/18/26-2/15/54; valued at $1,020,048)
 
1,000,000
1,000,000
Natixis SA, (3.76%, dated 12/3/25, due
6/1/26; proceeds $203,760; fully
collateralized by various U.S. Government
agency securities, 3.00% - 4.95% due
8/1/32-9/1/52, U.S. Government
obligations, 0.00% - 4.88% due
7/31/26-2/15/56; valued at $204,093)
 
   200,000
200,000
Natixis SA, (3.73%, dated 3/18/26, due
9/18/26; proceeds $203,813; fully
collateralized by various U.S. Government
agency securities, 3.00% - 5.50% due
8/1/32-4/1/56, U.S. Government
obligation, 0.00% - 4.75% due
6/18/26-11/15/53; valued at $204,207)
 
   200,000
200,000
Natixis SA, (3.73%, dated 4/22/26, due
10/22/26; proceeds $101,896; fully
collateralized by various U.S. Government
agency securities, 3.00% - 6.00% due
7/1/29-4/1/56, U.S. Government
obligations, 0.00% - 4.25% due
4/30/27-2/15/46; valued at $102,154)
 
   100,000
100,000
Natixis SA, (3.70% (a), dated 3/18/26, due
5/7/26; proceeds $1,005,139; fully
collateralized by various U.S. Government
agency securities, 3.73% - 5.00% due
10/24/29-5/1/56, U.S. Government
obligations, 0.38% - 4.88% due
7/31/26-8/15/55; valued at $1,020,089)
 
1,000,000
1,000,000
16
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Natixis SA, (3.74%, dated 12/4/25, due
6/2/26; proceeds $203,740; fully
collateralized by various U.S. Government
agency securities, 3.73% - 5.50% due
9/1/33-9/1/55, U.S. Government
obligations, 0.13% - 5.50% due
10/15/26-2/15/56; valued at $204,363)
$
   200,000
$200,000
Natixis SA, (Interest in $1,900,000 joint
repurchase agreement, 3.64%, dated
4/30/26 under which Natixis SA, will
repurchase the securities provided as
collateral for $1,900,192 on 5/1/26. 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
8/15/55; valued at $1,938,000)
 
   178,000
178,000
NatWest Markets Securities, Inc., (3.65%,
dated 4/30/26, due 5/1/26; proceeds
$2,800,284; fully collateralized by various
U.S. Government agency securities, 0.76% -
6.50% due 7/8/26-6/1/62, a
U.S. Government obligation, 3.50% due
9/30/27; valued at $2,884,158)
 
2,800,000
2,800,000
NatWest Markets Securities, Inc., (3.64%,
dated 4/30/26, due 5/1/26; proceeds
$350,035; fully collateralized by various
U.S. Government obligations, 1.25% - 4.63%
due 6/15/27-2/15/34; valued at
$357,036)
 
   350,000
350,000
Nomura Securities International, Inc., (3.65%,
dated 4/30/26, due 5/1/26; proceeds
$1,500,152; fully collateralized by various
U.S. Government agency securities, 0.00% -
6.75% due 6/12/26-10/1/55,
U.S. Government obligations, 0.00% - 1.75%
due 11/15/26-2/15/41; valued at
$1,531,549)
 
1,500,000
1,500,000
Northern Trust Co. - Fixed Income Clearing
Corp., (3.64%, dated 4/30/26, due 5/1/26;
proceeds $5,100,416; fully collateralized by
various U.S. Government obligations, 2.75% -
4.63% due 5/31/29-6/30/32; valued at
$5,201,898)
 
5,099,900
5,099,900
Northern Trust Co. - Fixed Income Clearing
Corp., (3.64%, dated 4/30/26, due 5/1/26;
proceeds $600,061; fully collateralized by
various U.S. Government obligations, 3.25% -
4.63% due 6/15/28-11/15/45; valued at
$612,000)
 
   600,000
600,000
Northwestern Mutual Life Insurance Co.,
(3.65%, dated 4/30/26, due 5/1/26;
proceeds $1,000,101; fully collateralized by
various U.S. Government agency securities,
2.00% - 6.50% due 12/1/39-11/1/54;
valued at $1,030,000)
 
1,000,000
1,000,000
Prudential Legacy Insurance Co. of New Jersey,
(3.67%, dated 4/30/26, due 5/1/26;
proceeds $430,138; fully collateralized by
various U.S. Government obligations, 0.00% -
3.75% due 12/31/30-2/15/50; valued at
$438,696)
 
   430,094
430,094
 
 
Face
Amount
(000)
Value
(000)
 
Royal Bank of Canada, (3.80% (a), dated
11/3/25, due 5/1/26; proceeds
$1,018,894; fully collateralized by various
U.S. Government agency securities, 1.50% -
7.50% due 10/1/27-6/1/63,
U.S. Government obligations, 2.50% - 4.50%
due 5/15/34-11/15/54; valued at
$1,028,944)
$
1,000,000
$1,000,000
Royal Bank of Canada, (3.53% (a), dated
1/20/26, due 5/7/26; proceeds
$2,020,984; fully collateralized by various
U.S. Government agency securities, 1.50% -
7.50% due 9/1/31-4/20/65,
U.S. Government obligations, 0.00% - 6.75%
due 5/14/26-5/15/55; valued at
$2,053,232)
 
2,000,000
2,000,000
Royal Bank of Canada, (3.59% (a), dated
12/10/25, due 5/7/26; proceeds
$507,379; fully collateralized by various
U.S. Government agency securities, 1.57% -
6.50% due 11/1/34-2/1/57,
U.S. Government obligations, 3.75% - 3.88%
due 6/30/27-11/30/29; valued at
$513,364)
 
   500,000
500,000
Royal Bank of Canada, (3.69% (a), dated
3/31/26, due 5/7/26; proceeds
$1,003,793; fully collateralized by various
U.S. Government agency securities, 2.00% -
7.00% due 3/1/34-5/1/56,
U.S. Government obligations, 1.38% - 4.38%
due 5/15/34-5/15/52; valued at
$1,028,649)
 
1,000,000
1,000,000
Royal Bank of Canada, (3.60% (a), dated
2/2/26, due 5/7/26; proceeds $504,700;
fully collateralized by various
U.S. Government agency securities, 2.00% -
7.00% due 5/1/42-2/1/56,
U.S. Government obligations, 1.25% - 4.38%
due 5/15/42-5/15/51; valued at
$514,547)
 
   500,000
500,000
Royal Bank of Canada, (3.77% (a), dated
11/10/25, due 5/7/26; proceeds
$713,048; fully collateralized by various
U.S. Government agency securities, 2.00% -
7.50% due 8/1/42-3/1/56,
U.S. Government obligations, 0.00% - 4.88%
due 5/21/26-8/15/54; valued at
$718,077)
 
   700,000
700,000
Royal Bank of Canada, (3.70% (a), dated
10/20/25, due 5/1/26; proceeds
$509,918; fully collateralized by various
U.S. Government agency securities, 2.00% -
8.00% due 3/20/37-2/1/57,
U.S. Government obligations, 0.00% - 4.63%
due 7/31/26-2/15/53; valued at
$511,164)
 
   500,000
500,000
Royal Bank of Canada, (3.54% (a), dated
12/18/25, due 5/7/26; proceeds
$506,883; fully collateralized by various
U.S. Government agency securities, 2.00% -
8.00% due 7/1/27-6/1/63,
U.S. Government obligations, 3.38% - 3.88%
due 6/30/27-8/15/42; valued at
$512,781)
 
   500,000
500,000
The accompanying notes are an integral part of the financial statements.
17

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Royal Bank of Canada, (3.50% (a), dated
1/12/26, due 5/7/26; proceeds $505,590;
fully collateralized by various
U.S. Government agency securities, 2.50% -
6.00% due 4/1/46-2/1/56,
U.S. Government obligations, 0.00% - 5.00%
due 6/25/26-2/15/56; valued at
$512,439)
$
   500,000
$500,000
Royal Bank of Canada, (3.65% (a), dated
4/16/26, due 5/7/26; proceeds
$1,002,129; fully collateralized by various
U.S. Government agency securities, 2.50% -
6.00% due 9/20/51-5/1/56,
U.S. Government obligations, 0.00% - 5.00%
due 6/30/26-5/15/55; valued at
$1,022,288)
 
1,000,000
1,000,000
Royal Bank of Canada, (3.66% (a), dated
4/1/26, due 5/7/26; proceeds $1,003,660;
fully collateralized by various
U.S. Government agency securities, 2.61% -
6.50% due 11/1/32-12/1/55,
U.S. Government obligations, 3.75% - 4.63%
due 6/30/27-4/30/29; valued at
$1,027,561)
 
1,000,000
1,000,000
Royal Bank of Canada, (3.77% (a), dated
11/14/25, due 5/7/26; proceeds
$407,289; fully collateralized by various
U.S. Government obligations, 1.25% - 4.13%
due 9/30/27-8/15/51; valued at
$408,000)
 
   400,000
400,000
Santander U.S. Capital Markets LLC, (3.70%,
dated 4/30/26, due 5/1/26; proceeds
$800,082; fully collateralized by various
U.S. Government agency securities, 0.00% -
6.50% due 4/1/27-10/20/68; valued at
$838,192)
 
   800,000
800,000
State Street Bank - Fixed Income Clearing
Corp., (3.64%, dated 4/30/26, due 5/1/26;
proceeds $1,000,101; fully collateralized by
various U.S. Government obligations, 2.00% -
4.75% due 11/15/43-8/15/51; valued at
$1,020,000)
 
1,000,000
1,000,000
Sumitomo Mitsui Banking Corp., (3.65%, dated
4/30/26, due 5/1/26; proceeds
$1,000,101; fully collateralized by various
U.S. Government agency securities, 2.50% -
6.00% due 5/20/51-12/20/55,
U.S. Government obligations, 1.63% - 4.25%
due 9/30/29-8/15/35; valued at
$1,030,064)
 
1,000,000
1,000,000
Sumitomo Mitsui Banking Corp., (3.64%, dated
4/30/26, due 5/1/26; proceeds
$1,750,177; fully collateralized by various
U.S. Government obligations, 1.25% - 5.25%
due 7/15/26-2/15/56; valued at
$1,785,181)
 
1,750,000
1,750,000
Teacher Retirement System of Texas, (3.75%,
dated 5/1/26, due 5/4/26; proceeds
$890,531; valued at $0) (b)
 
   890,253
890,253
 
 
Face
Amount
(000)
Value
(000)
 
Teacher Retirement System of Texas, (3.72%,
dated 4/30/26, due 5/1/26; proceeds
$890,389; fully collateralized by various
U.S. Government obligations, 1.38% - 4.75%
due 11/15/40-11/15/53; valued at
$908,103)
$
   890,297
$890,297
Wells Fargo Bank NA, (3.65%, dated 4/30/26,
due 5/1/26; proceeds $500,051; fully
collateralized by various U.S. Government
agency securities, 2.50% - 6.00% due
5/20/50-1/20/66, U.S. Government
obligations, 1.25% - 2.13% due
4/15/28-7/15/34; valued at $510,524)
 
   500,000
500,000
Wells Fargo Clearing Services LLC - Fixed
Income Clearing Corp., (3.64%, dated
1/5/26, due 7/1/26; proceeds $407,159;
fully collateralized by various
U.S. Government obligations, 1.13% - 1.88%
due 2/29/28-2/15/32; valued at
$408,000)
 
   400,000
400,000
Wells Fargo Clearing Services LLC - Fixed
Income Clearing Corp., (3.68%, dated
4/29/26, due 5/21/26; proceeds
$250,562; fully collateralized by various
U.S. Government obligations, 2.75% - 4.13%
due 3/31/31-8/15/32; valued at
$255,000)
 
   250,000
250,000
Wells Fargo Clearing Services LLC - Fixed
Income Clearing Corp., (3.67%, dated
1/9/26, due 7/1/26; proceeds $254,409;
fully collateralized by various
U.S. Government obligations, 3.50% - 4.13%
due 12/15/28-7/31/32; valued at
$255,000)
 
   250,000
250,000
Wells Fargo Clearing Services LLC - Fixed
Income Clearing Corp., (3.64%, dated
4/30/26, due 5/1/26; proceeds $700,071;
fully collateralized by various
U.S. Government obligations, 3.75% - 4.00%
due 12/31/28-11/15/35; valued at
$714,000)
 
   700,000
700,000
Wells Fargo Securities LLC, (Interest in
$3,400,000 joint repurchase agreement,
3.65%, dated 4/30/26 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$3,400,345 on 5/1/26. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government agency
securities with various maturities to 1/1/59;
valued at $3,502,000)
 
2,359,000
2,359,000
Total Repurchase Agreements (Cost $116,873,544)
116,873,544
U.S. Agency Securities  (19.9%)
 
 
Federal Farm Credit Bank,
 
 
Federal Reserve Bank Prime Loan Rate -
3.02%, 3.73%, 6/22/26 (c)
 
   142,550
142,548
SOFR + 0.09%, 3.75%,
4/6/28-4/10/28 (c)
 
   362,000
362,000
Federal Reserve Bank Prime Loan Rate -
2.99%, 3.76%, 10/2/26 (c)
 
    48,000
48,000
SOFR + 0.10%, 3.76%, 2/25/28 (c)
 
   176,000
176,000
18
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
U.S. Agency Securities (cont'd)
 
 
Fed Funds Rate + 0.12%, 3.76%,
2/28/28 (c)
$
    97,000
$97,000
Federal Reserve Bank Prime Loan Rate -
3.00%, 3.76%, 3/27/28 (c)
 
   283,000
282,944
SOFR + 0.11%, 3.77%, 11/19/27 (c)
 
   159,000
159,000
Fed Funds Rate + 0.13%, 3.77%, 1/7/28 (c)
 
   115,000
115,000
Federal Reserve Bank Prime Loan Rate -
2.98%, 3.77%, 4/10/28 (c)
 
   244,000
244,000
SOFR + 0.12%, 3.78%,
7/30/27-11/12/27(c)
 
   652,000
652,000
SOFR + 0.13%, 3.79%,
9/2/27-11/10/27 (c)
 
1,217,000
1,217,000
Fed Funds Rate + 0.15%, 3.79%, 9/8/27 (c)
 
    98,000
98,000
Federal Reserve Bank Prime Loan Rate -
2.96%, 3.79%, 12/15/27-12/22/27(c)
 
   194,000
194,000
Federal Reserve Bank Prime Loan Rate -
2.97%, 3.79%, 1/7/28 (c)
 
   250,000
250,000
SOFR + 0.14%, 3.80%,
9/9/26-11/4/26(c)
 
   710,000
710,000
SOFR + 0.15%, 3.81%,
11/27/26-10/14/27(c)
 
1,226,000
1,226,000
Fed Funds Rate + 0.18%, 3.82%,
9/23/27 (c)
 
    96,000
96,000
Federal Home Loan Bank,
 
 
3.50%, 12/31/26 (d)
 
   198,000
193,464
3.56%, 6/24/26-9/21/26(d)
 
1,250,000
1,240,129
3.57%, 6/26/26-9/14/26(d)
 
   922,000
912,824
3.58%, 6/17/26 (d)
 
   130,000
129,404
3.59%, 7/30/26-8/21/26(d)
 
3,210,000
3,177,122
3.62%, 8/6/26-8/24/26(d)
 
1,466,000
1,451,125
3.63%, 7/23/26-10/8/26(d)
 
   494,000
488,077
3.65%, 7/21/26-7/22/26(d)
 
   486,000
482,018
SOFR + 0.02%, 3.65%, 9/8/26 (c)
 
   146,000
146,000
SOFR + 0.00%, 3.66%,
5/18/26-7/6/26(c)
 
3,440,000
3,439,999
3.66%, 6/10/26 (d)
 
   423,000
421,309
SOFR + 0.01%, 3.67%,
5/4/26-9/9/26(b)(c)
 
8,247,000
8,246,983
3.67%, 6/18/26-12/24/26(d)
 
   663,000
654,158
SOFR + 0.02%, 3.68%,
6/18/26-11/9/26(b)(c)
 
4,877,000
4,877,000
3.68%, 10/2/26 (d)
 
   493,000
485,380
3.69%, 9/10/26-9/25/26(d)
 
1,563,000
1,540,457
SOFR + 0.03%, 3.69%,
10/20/26-11/30/26(c)
 
2,450,000
2,450,000
SOFR + 0.04%, 3.70%, 12/29/26 (c)
 
   489,000
489,000
3.70%, 1/15/27 (b)(d)
 
   489,000
476,335
SOFR + 0.09%, 3.75%, 4/17/28 (c)
 
   146,000
146,000
SOFR + 0.11%, 3.77%, 7/15/27 (c)
 
   198,000
197,975
SOFR + 0.15%, 3.81%, 11/19/27 (c)
 
   241,000
241,000
SOFR + 0.17%, 3.83%, 9/24/27 (c)
 
   240,000
240,000
SOFR + 0.18%, 3.84%, 9/21/27 (c)
 
   390,000
390,000
3.93%, 8/19/26 (d)
 
    47,000
46,457
 
 
Face
Amount
(000)
Value
(000)
 
 
 
Federal Home Loan Mortgage Corp.,
 
 
SOFR + 0.13%, 3.79%, 8/25/27 (c)
$
   561,000
$561,000
SOFR + 0.14%, 3.80%,
9/22/27-10/6/27(c)
 
   993,000
993,000
Federal National Mortgage Association,
 
 
SOFR + 0.09%, 3.75%, 2/2/28-4/6/28 (c)
 
2,113,000
2,113,000
SOFR + 0.14%, 3.80%,
10/23/26-12/11/26(c)
 
1,742,000
1,742,000
Total U.S. Agency Securities (Cost $44,040,708)
44,040,708
U.S. Treasury Securities  (23.0%)
 
 
U.S. Treasury Bill,
 
 
3.48%, 2/18/27 (e)
 
   580,000
564,205
3.69%, 6/30/26-9/17/26(b)(e)
 
   691,000
684,672
3.71%, 10/22/26-4/15/27(e)
 
2,036,000
1,994,279
3.72%, 9/1/26 (b)(e)
 
   789,000
779,559
3.73%, 10/8/26-10/15/26(e)
 
1,291,000
1,269,777
3.75%, 9/24/26 (e)
 
   786,000
774,429
3.76%, 6/4/26 (e)
 
1,540,000
1,534,708
3.79%, 5/28/26 (e)
 
1,153,000
1,149,826
3.81%, 5/7/26 (e)
 
1,412,000
1,411,133
3.83%, 5/21/26 (e)
 
1,156,000
1,153,619
3.84%, 5/14/26-7/9/26(e)
 
4,763,000
4,748,998
3.93%, 8/6/26 (e)
 
   594,000
587,976
4.12%, 6/11/26 (e)
 
   482,011
479,844
U.S. Treasury Floating Rate Notes,
 
 
3 Month Treasury Money Market Yield +
0.10%, 3.72%, 1/31/28 (c)
 
4,208,910
4,208,644
3 Month Treasury Money Market Yield +
0.16%, 3.78%, 4/30/27 (b)(c)
 
1,695,000
1,695,256
3 Month Treasury Money Market Yield +
0.19%, 3.81%, 10/31/27 (c)
 
3,667,000
3,668,003
U.S. Treasury Notes,
 
 
0.50%, 5/31/27
 
   354,000
341,744
0.63%, 7/31/26
 
   296,000
293,528
1.13%, 10/31/26
 
   298,000
294,242
1.25%, 12/31/26
 
1,043,000
1,026,986
1.50%, 8/15/26-1/31/27
 
1,390,000
1,372,907
1.63%, 5/15/26
 
   286,000
285,746
1.88%, 6/30/26
 
    88,000
87,731
2.25%, 2/15/27
 
   479,000
474,150
2.75%, 4/30/27
 
   837,000
828,886
3.50%, 9/30/26
 
   451,000
450,619
3.75%, 8/31/26-4/30/27
 
1,013,000
1,012,757
3 Month Treasury Money Market Yield +
0.10%, 3.75%, 4/30/28 (c)
 
1,100,000
1,099,953
3 Month Treasury Money Market Yield +
0.16%, 3.80%, 7/31/27 (c)
 
2,298,435
2,297,553
3 Month Treasury Money Market Yield +
0.18%, 3.83%, 7/31/26 (c)
 
1,193,850
1,193,625
3 Month Treasury Money Market Yield +
0.21%, 3.85%, 10/31/26 (c)
 
   133,000
133,023
3.88%, 3/31/27-5/31/27(b)
 
3,387,000
3,395,304
4.00%, 1/15/27
 
   580,000
581,835
4.13%, 6/15/26-2/28/27
 
   752,000
754,160
4.25%, 11/30/26-3/15/27
 
2,962,000
2,977,427
The accompanying notes are an integral part of the financial statements.
19

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Portfolio
 
 
Face
Amount
(000)
Value
(000)
U.S. Treasury Securities (cont'd)
 
 
4.38%, 12/15/26
$
   938,000
$942,209
4.50%, 7/15/26-5/15/27
 
2,684,000
2,701,030
4.63%, 6/30/26-11/15/26
 
1,325,000
1,329,700
4.88%, 5/31/26
 
   301,000
301,204
Total U.S. Treasury Securities (Cost $50,881,247)
50,881,247
Total Investments (95.6%) (Cost $211,795,499) (f)(g)
211,795,499
Other Assets in Excess of Liabilities (4.4%)
9,743,948
Net Assets (100.0%)
$221,539,447
(a)
Rate as of period end and maturity is the date the principal owed
can be recovered through demand.
(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, 2026. 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)
Purchased on a discount basis. The interest rates shown have
been adjusted to reflect a money market equivalent yield.
(e)
Rate shown is the yield to maturity at April 30, 2026.
(f)
Securities are available for collateral in connection with securities
purchased on a forward commitment basis.
(g)
The aggregate cost for federal income tax purposes
approximates the aggregate cost for book purposes.
SOFR
Secured Overnight Financing Rate.
Portfolio Composition
Classification
Percentage of
Total Investments
Repurchase Agreements
55.2
%
U.S. Treasury Securities
24.0
U.S. Agency Securities
20.8
Total Investments
100.0
%
20
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Government Securities Portfolio
 
 
Face
Amount
(000)
Value
(000)
U.S. Agency Securities  (24.6%)
 
 
Federal Farm Credit Bank,
 
 
Federal Reserve Bank Prime Loan Rate -
3.02%, 3.73%, 6/22/26 (a)
$
     4,000
$4,000
SOFR + 0.09%, 3.75%,
4/6/28-4/10/28 (a)
 
    16,000
16,000
Federal Reserve Bank Prime Loan Rate -
2.99%, 3.76%, 10/2/26 (a)
 
     2,000
2,000
SOFR + 0.10%, 3.76%, 2/25/28 (a)
 
     3,000
3,000
Fed Funds Rate + 0.12%, 3.76%,
2/28/28 (a)
 
     2,000
2,000
Federal Reserve Bank Prime Loan Rate -
3.00%, 3.76%, 3/27/28 (a)
 
     5,000
4,999
Federal Reserve Bank Prime Loan Rate -
2.98%, 3.77%, 10/14/27-4/10/28(a)
 
    22,400
22,401
SOFR + 0.11%, 3.77%, 11/19/27 (a)
 
     5,000
5,000
SOFR + 0.12%, 3.78%,
7/30/27-11/12/27(a)
 
    19,000
19,000
Fed Funds Rate + 0.15%, 3.79%, 9/8/27 (a)
 
     2,000
2,000
SOFR + 0.13%, 3.79%,
9/22/27-11/10/27(a)
 
    15,000
15,000
Federal Reserve Bank Prime Loan Rate -
2.96%, 3.79%, 12/15/27-12/22/27(a)
 
     4,000
4,000
SOFR + 0.14%, 3.80%,
9/9/26-11/4/26(a)
 
    19,000
19,000
SOFR + 0.15%, 3.81%,
12/4/26-10/1/27(a)
 
    14,000
14,000
Fed Funds Rate + 0.18%, 3.82%,
9/23/27 (a)
 
     3,000
3,000
Federal Home Loan Bank,
 
 
3.50%, 12/31/26 (b)
 
     1,000
977
3.56%, 6/24/26-9/21/26(b)
 
    20,000
19,817
3.57%, 6/26/26-9/14/26(b)
 
    19,000
18,812
3.58%, 6/17/26 (b)
 
     5,000
4,977
3.59%, 7/30/26-8/21/26(b)
 
    56,000
55,428
3.62%, 5/20/26-8/24/26(b)
 
   149,000
148,610
3.63%, 8/6/26-10/8/26(b)
 
    17,000
16,812
3.64%, 6/23/26 (b)
 
   100,000
99,468
3.65%, 7/21/26-7/22/26(b)
 
    11,000
10,909
SOFR + 0.02%, 3.65%, 9/8/26 (a)
 
     3,000
3,000
SOFR + 0.00%, 3.66%,
5/18/26-7/6/26(a)
 
    68,000
68,000
3.66%, 6/10/26 (b)
 
    11,000
10,956
SOFR + 0.01%, 3.67%,
5/4/26-9/9/26(a)(c)
 
   406,000
405,996
3.67%, 6/18/26-12/24/26(b)
 
    12,000
11,834
SOFR + 0.02%, 3.68%,
6/18/26-11/9/26(a)(c)
 
    95,000
95,000
3.68%, 10/2/26 (b)
 
     9,000
8,861
3.69%, 9/10/26-9/25/26(b)
 
    28,000
27,597
SOFR + 0.03%, 3.69%,
10/20/26-11/30/26(a)
 
    35,000
35,000
SOFR + 0.04%, 3.70%,
6/15/26-12/29/26 (a)
 
    40,670
40,671
3.70%, 1/15/27 (b)(c)
 
     8,000
7,793
SOFR + 0.09%, 3.75%, 4/17/28 (a)
 
     3,000
3,000
 
 
Face
Amount
(000)
Value
(000)
 
 
 
SOFR + 0.11%, 3.77%, 7/15/27 (a)
$
     1,000
$1,000
SOFR + 0.15%, 3.81%, 11/19/27 (a)
 
     7,000
7,000
SOFR + 0.17%, 3.83%, 9/24/27 (a)
 
     8,000
8,000
SOFR + 0.18%, 3.84%, 9/21/27 (a)
 
     8,000
8,000
3.93%, 8/19/26 (b)
 
     2,000
1,977
Total U.S. Agency Securities (Cost $1,254,895)
1,254,895
U.S. Treasury Securities  (72.5%)
 
 
U.S. Treasury Bill,
 
 
3.48%, 2/18/27 (d)
 
    10,000
9,728
3.62%, 5/7/26 (d)
 
   580,000
579,656
3.63%, 5/12/26 (d)
 
   540,000
539,411
3.64%, 5/19/26 (d)
 
   139,000
138,752
3.65%, 5/5/26-5/26/26(d)
 
   899,000
897,948
3.66%, 6/2/26 (d)
 
   106,000
105,661
3.67%, 6/4/26 (d)
 
   365,000
363,760
3.69%, 6/25/26-9/17/26(c)(d)
 
   274,000
272,444
3.71%, 10/22/26-4/15/27(d)
 
    42,000
41,137
3.72%, 9/1/26 (c)(d)
 
    15,000
14,820
3.73%, 10/8/26-10/15/26(d)
 
    33,000
32,455
3.75%, 9/24/26 (d)
 
    14,000
13,794
3.79%, 5/28/26 (d)
 
    12,000
11,967
3.83%, 5/21/26 (d)
 
    15,000
14,969
3.85%, 7/9/26 (d)
 
    28,000
27,799
3.93%, 8/6/26 (d)
 
     8,000
7,919
4.13%, 6/11/26 (d)
 
     8,000
7,964
U.S. Treasury Floating Rate Notes,
 
 
3 Month Treasury Money Market Yield +
0.10%, 3.72%, 1/31/28 (a)
 
    56,000
55,997
3 Month Treasury Money Market Yield +
0.16%, 3.78%, 4/30/27 (a)(c)
 
    46,000
46,010
3 Month Treasury Money Market Yield +
0.19%, 3.81%, 10/31/27 (a)
 
    48,000
48,003
U.S. Treasury Notes,
 
 
0.50%, 5/31/27
 
     7,000
6,758
0.63%, 7/31/26
 
    10,000
9,916
1.13%, 10/31/26
 
    10,000
9,874
1.25%, 12/31/26
 
    18,000
17,723
1.50%, 8/15/26-1/31/27
 
    21,000
20,797
1.63%, 5/15/26
 
     9,000
8,992
1.88%, 6/30/26
 
     3,000
2,991
2.25%, 2/15/27
 
     1,000
990
2.75%, 4/30/27
 
    13,000
12,873
3.50%, 9/30/26
 
     5,000
4,996
3.75%, 8/31/26-4/30/27
 
    21,000
20,989
3 Month Treasury Money Market Yield +
0.10%, 3.75%, 4/30/28 (a)
 
    30,000
29,999
3 Month Treasury Money Market Yield +
0.16%, 3.80%, 7/31/27 (a)
 
    36,500
36,492
3 Month Treasury Money Market Yield +
0.18%, 3.83%, 7/31/26 (a)
 
    33,000
32,993
3 Month Treasury Money Market Yield +
0.21%, 3.85%, 10/31/26 (a)
 
    14,000
14,000
3.88%, 3/31/27-5/31/27(c)
 
    64,000
64,154
4.00%, 1/15/27
 
    10,000
10,031
The accompanying notes are an integral part of the financial statements.
21

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Government Securities Portfolio
 
 
Face
Amount
(000)
Value
(000)
U.S. Treasury Securities (cont'd)
 
 
4.13%, 6/15/26-2/28/27
$
    13,000
$13,040
4.25%, 11/30/26-3/15/27
 
    51,000
51,261
4.38%, 12/15/26
 
    16,000
16,069
4.50%, 7/15/26-5/15/27
 
    38,000
38,229
4.63%, 6/30/26-11/15/26
 
    44,800
44,955
4.88%, 5/31/26
 
     9,000
9,006
Total U.S. Treasury Securities (Cost $3,707,322)
3,707,322
Total Investments (97.1%) (Cost $4,962,217) (e)(f)
4,962,217
Other Assets in Excess of Liabilities (2.9%)
149,169
Net Assets (100.0%)
$5,111,386
(a)
Floating or variable rate securities: The rates disclosed are as of
April 30, 2026. 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, 2026.
(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.
SOFR
Secured Overnight Financing Rate.
Portfolio Composition
Classification
Percentage of
Total Investments
U.S. Treasury Securities
74.7
%
U.S. Agency Securities
25.3
Total Investments
100.0
%
22
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Treasury Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (63.5%)
Bank of America Securities, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $99,910;
fully collateralized by various
U.S. Government obligations, 0.00% - 1.88%
due 2/15/27-5/15/53; valued at
$101,898)
$
    99,900
$99,900
Bank of America Securities, Inc., (3.69% (a),
dated 1/16/26, due 5/7/26; proceeds
$252,845; fully collateralized by various
U.S. Government obligations, 0.00% - 3.13%
due 4/15/31-5/15/50; valued at
$255,000)
 
   250,000
250,000
Bank of America Securities, Inc., (3.70% (a),
dated 2/27/26, due 5/7/26; proceeds
$75,532; fully collateralized by various
U.S. Government obligations, 0.00% - 3.50%
due 11/15/26-5/15/53; valued at
$76,500)
 
    75,000
75,000
Bank of America Securities, Inc., (3.67% (a),
dated 3/9/26, due 5/7/26; proceeds
$503,009; fully collateralized by various
U.S. Government obligations, 0.00% - 4.63%
due 11/15/26-5/15/54; valued at
$510,000)
 
   500,000
500,000
Bank of America Securities, Inc., (3.72% (a),
dated 1/27/26, due 5/7/26; proceeds
$252,583; fully collateralized by various
U.S. Government obligations, 0.00% - 4.75%
due 5/15/27-2/15/41; valued at
$255,000)
 
   250,000
250,000
Bank of America Securities, Inc., (4.07% (a),
dated 7/30/25, due 5/7/26; proceeds
$103,180; fully collateralized by various
U.S. Government obligations, 0.00% - 4.88%
due 8/25/26-10/31/30; valued at
$102,000)
 
   100,000
100,000
Bank of America Securities, Inc., (3.88% (a),
dated 10/20/25, due 5/7/26; proceeds
$51,073; fully collateralized by various
U.S. Government obligations, 0.00% due
11/15/49-2/15/52; valued at $51,000)
 
    50,000
50,000
Bank of America Securities, Inc., (3.61% (a),
dated 1/16/26, due 5/7/26; proceeds
$252,783; fully collateralized by various
U.S. Government obligations, 1.25% - 4.25%
due 2/15/29-2/15/54; valued at
$255,000)
 
   250,000
250,000
Bank of New York - Fixed Income Clearing
Corp., (3.65%, dated 4/30/26, due 5/1/26;
proceeds $1,500,152; fully collateralized by
various U.S. Government obligations, 4.00% -
4.13% due 2/28/30-5/31/32; valued at
$1,530,000)
 
1,500,000
1,500,000
Bank of Nova Scotia, (3.64%, dated 4/30/26,
due 5/1/26; proceeds $291,029; fully
collateralized by various U.S. Government
obligations, 1.25% - 4.63% due
6/30/26-11/15/33; valued at $296,820)
 
   291,000
291,000
 
 
Face
Amount
(000)
Value
(000)
 
BNP Paribas SA, (Interest in $900,000 joint
repurchase agreement, 3.64%, dated
4/30/26 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $900,091 on 5/1/26. 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
2/15/56; valued at $918,000)
$
   400,000
$400,000
BNP Paribas SA, (3.67% (a), dated 3/18/26,
due 5/7/26; proceeds $150,764; fully
collateralized by various U.S. Government
obligations, 0.00% - 2.38% due
10/15/28-8/15/55; valued at $153,000)
 
   150,000
150,000
BNP Paribas SA, (3.69% (a), dated 2/13/26,
due 5/7/26; proceeds $302,549; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.25% due
2/28/29-2/15/55; valued at $306,000)
 
   300,000
300,000
BNP Paribas SA, (3.69% (a), dated 2/10/26,
due 5/7/26; proceeds $252,201; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.38% due
5/15/26-8/15/40; valued at $255,000)
 
   250,000
250,000
BNP Paribas SA, (3.66% (a), dated 4/23/26,
due 5/7/26; proceeds $150,214; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.50% due
9/3/26-8/15/51; valued at $153,000)
 
   150,000
150,000
BNP Paribas SA, (4.13% (a), dated 6/26/25,
due 5/7/26; proceeds $207,226; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
10/31/27-11/15/45; valued at $204,000)
 
   200,000
200,000
BNP Paribas SA, (3.60% (a), dated 2/12/26,
due 5/7/26; proceeds $75,630; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
3/31/30-2/15/35; valued at $76,500)
 
    75,000
75,000
BNP Paribas SA, (3.52% (a), dated 1/26/26,
due 5/7/26; proceeds $504,938; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
6/18/26-11/15/45; valued at $510,000)
 
   500,000
500,000
BNP Paribas SA, (3.68% (a), dated 2/20/26,
due 5/7/26; proceeds $100,777; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
7/2/26-11/15/48; valued at $102,000)
 
   100,000
100,000
BNP Paribas SA, (3.60% (a), dated 2/19/26,
due 5/7/26; proceeds $151,155; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
9/3/26-5/15/54; valued at $153,000)
 
   150,000
150,000
BNP Paribas SA, (3.72% (a), dated 2/5/26, due
5/7/26; proceeds $151,409; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.75% due
6/9/26-2/15/56; valued at $153,000)
 
   150,000
150,000
The accompanying notes are an integral part of the financial statements.
23

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Treasury Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
BNP Paribas SA, (4.19% (a), dated 5/13/25,
due 5/7/26; proceeds $52,090; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.75% due
7/21/26-2/15/36; valued at $51,000)
$
    50,000
$50,000
BNP Paribas SA, (3.68% (a), dated 2/27/26,
due 5/7/26; proceeds $75,529; fully
collateralized by various U.S. Government
obligations, 0.38% - 4.13% due
7/31/27-5/15/53; valued at $76,500)
 
    75,000
75,000
Citigroup Global Markets, Inc., (3.80%, dated
11/12/25, due 5/13/26; proceeds
$101,921; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 8/11/26-10/31/32; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.80%, dated
11/21/25, due 5/21/26; proceeds
$50,955; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 8/11/26-10/31/32; valued at
$51,000)
 
    50,000
50,000
Citigroup Global Markets, Inc., (3.66%, dated
4/10/26, due 5/7/26; proceeds $203,666;
fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 8/11/26-10/31/32; valued at
$204,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.82%, dated
11/19/25, due 5/20/26; proceeds
$101,931; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 8/6/26-10/31/32; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.75%, dated
11/28/25, due 5/28/26; proceeds
$101,885; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 8/6/26-10/31/32; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $399,990;
fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 9/24/26-4/30/28; valued at
$407,949)
 
   399,950
399,950
Citigroup Global Markets, Inc., (3.72%, dated
12/9/25, due 6/8/26; proceeds $101,870;
fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.64%, dated
1/8/26, due 7/8/26; proceeds $101,830;
fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$102,000)
 
   100,000
100,000
 
 
Face
Amount
(000)
Value
(000)
 
Citigroup Global Markets, Inc., (3.59%, dated
1/26/26, due 1/26/27; proceeds
$103,640; fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$102,000)
$
   100,000
$100,000
Citigroup Global Markets, Inc., (3.58%, dated
2/17/26, due 10/16/26; proceeds
$204,793; fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$204,000)
 
   200,000
200,000
Citigroup Global Markets, Inc., (3.69%, dated
3/16/26, due 3/16/27; proceeds $51,871;
fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at $51,000)
 
    50,000
50,000
Citigroup Global Markets, Inc., (3.89%, dated
3/27/26, due 3/25/27; proceeds
$103,922; fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.74%, dated
4/9/26, due 12/9/26; proceeds $102,535;
fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.78%, dated
4/28/26, due 4/28/27; proceeds
$103,833; fully collateralized by various
U.S. Government obligations, 0.00% - 4.13%
due 3/18/27-4/30/33; valued at
$102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.65% (a),
dated 4/17/26, due 5/7/26; proceeds
$501,014; fully collateralized by various
U.S. Government obligations, 0.00% due
8/11/26-10/8/26; valued at $510,000)
 
   500,000
500,000
Citigroup Global Markets, Inc., (3.83%, dated
11/4/25, due 5/4/26; proceeds $101,926;
fully collateralized by various
U.S. Government obligations, 0.00% due
8/13/26-10/8/26; valued at $102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.82%, dated
11/5/25, due 5/5/26; proceeds $101,921;
fully collateralized by various
U.S. Government obligations, 0.00% due
8/13/26-10/8/26; valued at $102,000)
 
   100,000
100,000
Citigroup Global Markets, Inc., (3.67%, dated
2/2/26, due 5/4/26; proceeds $100,928;
fully collateralized by various
U.S. Government obligations, 0.00% due
8/13/26-10/8/26; valued at $102,000)
 
   100,000
100,000
Credit Agricole - Fixed Income Clearing Corp.,
(3.64%, dated 4/30/26, due 5/1/26;
proceeds $1,000,101; fully collateralized by
various U.S. Government obligations, 0.50% -
4.88% due 8/15/26-5/15/54; valued at
$1,020,103)
 
1,000,000
1,000,000
24
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Treasury Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Credit Agricole Corporate and Investment Bank,
(3.64%, dated 4/30/26, due 5/1/26;
proceeds $200,020; fully collateralized by
various U.S. Government obligations, 0.00% -
4.38% due 5/21/26-8/15/53; valued at
$204,000)
$
   200,000
$200,000
Credit Agricole Corporate and Investment Bank,
(3.64%, dated 4/30/26, due 5/1/26;
proceeds $500,051; fully collateralized by
various U.S. Government obligations, 1.38% -
4.75% due 7/15/26-8/15/55; valued at
$510,000)
 
   500,000
500,000
Deutsche Bank Securities, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $880,089;
fully collateralized by various
U.S. Government obligations, 0.00% - 3.00%
due 5/15/26-2/15/56; valued at
$897,600)
 
   880,000
880,000
Goldman Sachs & Co. LLC, (3.64% (a), dated
4/8/26, due 5/7/26; proceeds $250,734;
fully collateralized by a U.S. Government
obligation, 4.00% due 11/15/52; valued at
$255,000)
 
   250,000
250,000
HSBC Securities USA, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $285,029;
fully collateralized by various
U.S. Government obligations, 0.00% - 4.75%
due 3/31/31-2/15/56; valued at
$290,729)
 
   285,000
285,000
JP Morgan Securities LLC, (3.79% (a), dated
7/3/25, due 5/7/26; proceeds $1,806,745;
fully collateralized by a U.S. Government
obligation, 3.88% due 3/15/28; valued at
$1,790,438)
 
1,750,000
1,750,000
JP Morgan Securities LLC, (3.78% (a), dated
3/10/26, due 5/7/26; proceeds
$1,006,082; fully collateralized by various
U.S. Government obligations, 0.00% - 4.50%
due 7/15/28-12/31/31; valued at
$1,023,095)
 
1,000,000
1,000,000
JP Morgan Securities, Inc. - Fixed Income
Clearing Corp., (3.64%, dated 4/30/26, due
5/1/26; proceeds $70,007; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.63% due
5/5/26-2/15/27; valued at $71,407)
 
    70,000
70,000
Natixis SA, (Interest in $1,900,000 joint
repurchase agreement, 3.64%, dated
4/30/26 under which Natixis SA, will
repurchase the securities provided as
collateral for $1,900,192 on 5/1/26. 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
8/15/55; valued at $1,938,000)
 
1,722,000
1,722,000
Natixis SA, (3.68% (a), dated 3/18/26, due
5/7/26; proceeds $502,556; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.88% due
5/31/26-8/15/55; valued at $510,000)
 
   500,000
500,000
 
 
Face
Amount
(000)
Value
(000)
 
Natixis SA, (3.75%, dated 12/3/25, due
6/1/26; proceeds $50,938; fully
collateralized by various U.S. Government
obligations, 0.13% - 4.63% due
5/15/26-11/15/51; valued at $51,000)
$
    50,000
$50,000
Natixis SA, (3.68% (a), dated 4/24/26, due
5/7/26; proceeds $150,199; fully
collateralized by various U.S. Government
obligations, 0.13% - 4.75% due
7/15/26-11/15/53; valued at $153,000)
 
   150,000
150,000
Natixis SA, (3.72%, dated 4/22/26, due
10/22/26; proceeds $101,891; fully
collateralized by various U.S. Government
obligations, 0.13% - 4.75% due
7/15/26-2/15/56; valued at $102,000)
 
   100,000
100,000
Northern Trust Co. - Fixed Income Clearing
Corp., (3.64%, dated 4/30/26, due 5/1/26;
proceeds $1,500,152; fully collateralized by
various U.S. Government obligations, 0.63% -
3.88% due 7/1/30-4/30/31; valued at
$1,530,000)
 
1,500,000
1,500,000
Royal Bank of Canada, (3.49% (a), dated
1/12/26, due 5/7/26; proceeds $101,115;
fully collateralized by various
U.S. Government obligations, 0.00% - 3.63%
due 8/31/27-8/15/34; valued at
$102,000)
 
   100,000
100,000
Royal Bank of Canada, (3.53% (a), dated
12/18/25, due 5/7/26; proceeds
$101,373; fully collateralized by various
U.S. Government obligations, 3.50% - 3.88%
due 9/30/27-7/15/28; valued at
$102,000)
 
   100,000
100,000
Royal Bank of Canada, (3.77% (a), dated
11/14/25, due 5/7/26; proceeds
$101,822; fully collateralized by various
U.S. Government obligations, 3.63% - 3.88%
due 8/31/27-7/15/28; valued at
$102,000)
 
   100,000
100,000
Sumitomo Mitsui Banking Corp., (3.64%, dated
4/30/26, due 5/1/26; proceeds
$1,000,101; fully collateralized by various
U.S. Government obligations, 3.63% due
3/31/28-8/31/29; valued at $1,020,103)
 
1,000,000
1,000,000
Teacher Retirement System of Texas, (3.75%,
dated 5/1/26, due 5/4/26; proceeds
$610,412; valued at $0) (b)
 
   610,222
610,222
Teacher Retirement System of Texas, (3.72%,
dated 4/30/26, due 5/1/26; proceeds
$610,378; fully collateralized by various
U.S. Government obligations, 1.75% - 2.25%
due 8/15/41-8/15/49; valued at
$622,522)
 
   610,315
610,315
Wells Fargo Clearing Services LLC - Fixed
Income Clearing Corp., (3.67%, dated
1/9/26, due 7/1/26; proceeds $50,882;
fully collateralized by various
U.S. Government obligations, 0.38% - 4.25%
due 5/15/26-2/15/36; valued at $51,000)
 
    50,000
50,000
The accompanying notes are an integral part of the financial statements.
25

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Treasury Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (cont'd)
Wells Fargo Clearing Services LLC - Fixed
Income Clearing Corp., (3.64%, dated
1/5/26, due 7/1/26; proceeds $101,790;
fully collateralized by various
U.S. Government obligations, 1.25% - 3.50%
due 11/30/26-2/15/33; valued at
$102,000)
$
   100,000
$100,000
Wells Fargo Securities LLC, (3.64%, dated
4/30/26, due 5/1/26; proceeds $550,056;
fully collateralized by various
U.S. Government obligations, 3.63% - 4.13%
due 8/31/29-2/15/34; valued at
$561,000)
 
   550,000
550,000
Total Repurchase Agreements (Cost $21,693,387)
21,693,387
U.S. Treasury Securities  (35.4%)
 
 
U.S. Treasury Bill,
 
 
3.48%, 2/18/27 (c)
 
    84,000
81,712
3.69%, 6/30/26-9/17/26(b)(c)
 
   190,000
187,903
3.71%, 10/22/26-4/15/27(c)
 
   467,000
457,076
3.72%, 9/1/26 (b)(c)
 
   126,000
124,492
3.73%, 10/8/26-10/15/26(c)
 
   430,000
422,975
3.75%, 9/24/26 (c)
 
   127,000
125,130
3.76%, 6/4/26 (c)
 
   264,000
263,093
3.79%, 5/28/26 (c)
 
   199,000
198,452
3.81%, 5/7/26 (c)
 
   267,000
266,835
3.83%, 5/21/26 (c)
 
   192,000
191,604
3.85%, 5/14/26-7/9/26(c)
 
   857,000
854,497
3.92%, 8/6/26 (c)
 
   170,000
168,277
4.12%, 6/11/26 (c)
 
    79,000
78,645
U.S. Treasury Notes,
 
 
0.50%, 5/31/27
 
    57,000
55,026
0.63%, 7/31/26
 
    59,000
58,507
1.13%, 10/31/26
 
    57,000
56,281
1.25%, 12/31/26
 
   184,000
181,175
1.50%, 8/15/26-1/31/27
 
   258,000
254,863
1.63%, 5/15/26
 
    61,000
60,946
1.88%, 6/30/26
 
    17,000
16,948
2.25%, 2/15/27
 
    80,000
79,190
2.75%, 4/30/27
 
   348,000
344,619
3.50%, 9/30/26
 
    83,000
82,930
3 Month Treasury Money Market Yield +
0.10%, 3.74%, 1/31/27-1/31/28(d)
 
1,288,390
1,288,332
3.75%, 8/31/26-4/30/27
 
   228,000
227,967
3 Month Treasury Money Market Yield +
0.10%, 3.75%, 4/30/28 (d)
 
   550,000
549,981
3 Month Treasury Money Market Yield +
0.16%, 3.80%, 4/30/27-7/31/27(b)(d)
 
1,199,961
1,199,803
3 Month Treasury Money Market Yield +
0.18%, 3.83%, 7/31/26 (d)
 
   468,000
467,928
3 Month Treasury Money Market Yield +
0.19%, 3.83%, 10/31/27 (d)
 
1,125,000
1,125,232
3 Month Treasury Money Market Yield +
0.21%, 3.85%, 10/31/26 (d)
 
   151,000
151,000
3.88%, 3/31/27-5/31/27(b)
 
   510,000
511,234
4.00%, 1/15/27
 
   188,000
188,603
 
 
Face
Amount
(000)
Value
(000)
 
 
 
4.13%, 6/15/26-2/28/27
$
   127,000
$127,347
4.25%, 11/30/26-3/15/27
 
   481,000
483,455
4.38%, 12/15/26
 
   163,000
163,733
4.50%, 7/15/26-5/15/27
 
   683,000
687,458
4.63%, 6/30/26-11/15/26
 
   245,800
246,679
4.88%, 5/31/26
 
    56,000
56,038
Total U.S. Treasury Securities (Cost $12,085,966)
12,085,966
Total Investments (98.9%) (Cost $33,779,353) (e)(f)
33,779,353
Other Assets in Excess of Liabilities (1.1%)
389,001
Net Assets (100.0%)
$34,168,354
(a)
Rate as of period end and maturity is the date the principal owed can
be recovered through demand.
(b)
All or a portion of the security is subject to delayed delivery.
(c)
Rate shown is the yield to maturity at April 30, 2026.
(d)
Floating or variable rate securities: The rates disclosed are as of
April 30, 2026. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(e)
Securities are available for collateral in connection with securities
purchased on a forward commitment basis.
(f)
The aggregate cost for federal income tax purposes approximates the
aggregate cost for book purposes.
Portfolio Composition
Classification
Percentage of
Total Investments
Repurchase Agreements
64.2
%
U.S. Treasury Securities
35.8
Total Investments
100.0
%
26
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Treasury Securities Portfolio
 
 
Face
Amount
(000)
Value
(000)
U.S. Treasury Securities  (105.2%)
 
 
U.S. Treasury Bill,
 
 
3.48%, 2/18/27 (a)
$
   156,000
$151,752
3.65%, 6/9/26 (a)(b)
 
   400,000
398,444
3.66%, 5/19/26-6/2/26(a)(b)
 
6,700,000
6,683,756
3.67%, 6/23/26-7/30/26(a)
 
2,000,000
1,988,475
3.68%, 6/4/26-6/16/26(a)(b)
 
7,081,123
7,053,921
3.69%, 5/5/26-9/17/26(a)(b)
 
17,482,000
17,437,497
3.70%, 5/21/26-8/25/26(a)
 
7,100,000
7,076,122
3.71%, 5/7/26-4/15/27(a)
 
4,861,000
4,843,063
3.72%, 6/25/26-9/1/26(a)(b)
 
   950,000
940,162
3.73%, 7/28/26-10/15/26(a)
 
   750,000
739,575
3.75%, 5/14/26-9/24/26(a)
 
3,750,000
3,742,350
3.80%, 7/9/26 (a)
 
   659,000
654,333
3.93%, 8/6/26 (a)
 
   284,000
281,117
U.S. Treasury Notes,
 
 
0.50%, 5/31/27
 
   100,000
96,538
0.63%, 7/31/26
 
    97,000
96,190
1.13%, 10/31/26
 
   101,000
99,727
1.25%, 12/31/26
 
   305,000
300,317
1.50%, 8/15/26-1/31/27
 
   430,000
424,776
1.63%, 5/15/26
 
    98,000
97,913
1.88%, 6/30/26
 
    31,000
30,905
2.25%, 2/15/27
 
   139,000
137,592
2.75%, 4/30/27
 
   427,000
422,838
3.50%, 9/30/26
 
   150,000
149,873
3 Month Treasury Money Market Yield +
0.10%, 3.74%, 1/31/27-1/31/28(c)
 
2,212,700
2,212,544
3.75%, 8/31/26-4/30/27
 
   359,000
358,941
3 Month Treasury Money Market Yield +
0.10%, 3.75%, 4/30/28 (c)
 
   650,000
649,972
3 Month Treasury Money Market Yield +
0.16%, 3.80%, 4/30/27-7/31/27(b)(c)
 
2,265,539
2,265,482
3 Month Treasury Money Market Yield +
0.18%, 3.83%, 7/31/26 (c)
 
   886,150
886,021
3 Month Treasury Money Market Yield +
0.19%, 3.83%, 10/31/27 (c)
 
1,788,000
1,788,327
3 Month Treasury Money Market Yield +
0.21%, 3.85%, 10/31/26 (c)
 
   351,000
351,025
3.88%, 3/31/27-5/31/27(b)
 
   935,000
937,285
4.00%, 1/15/27
 
   309,000
309,992
4.13%, 6/15/26-2/28/27
 
   223,000
223,605
4.25%, 11/30/26-3/15/27
 
   848,000
852,366
4.38%, 12/15/26
 
   278,000
279,246
4.50%, 7/15/26-5/15/27
 
   929,000
934,967
4.63%, 6/30/26-11/15/26
 
   431,200
432,738
4.88%, 5/31/26
 
    96,000
96,065
Total U.S. Treasury Securities (Cost $66,425,812)
66,425,812
Total Investments (105.2%) (Cost $66,425,812) (d)(e)
66,425,812
Liabilities in Excess of Other Assets (–-5.2%)
(3,293,091
)
Net Assets (100.0%)
$63,132,721
(a)
Rate shown is the yield to maturity at April 30, 2026.
(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, 2026. 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 as 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.
27

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Tax-Exempt Portfolio
 
 
Face
Amount
(000)
Value
(000)
Weekly Variable Rate Bonds (a)^ (53.7%)
City of Colorado Springs, CO,
 
 
Utilities System Improvement Revenue Bonds
Series 2012 A
 
 
2.90%, 11/1/41
$
     6,000
$6,000
Utilities System Subordinate Lien,
Series 2006 B
 
 
3.05%, 11/1/36
 
     5,500
5,500
Utilities System Refunding Revenue Bonds
Series 2009 C
 
 
3.08%, 11/1/28
 
     9,300
9,300
City of Jacksonville, FL,
 
 
Florida Pollution Control Revenue Refunding
Bonds (Florida Power & Light Company
Project) Series 1995
 
 
3.20%, 5/1/29
 
     8,500
8,500
Columbus, OH,
 
 
Sewer Revenue Bonds Series 2008 B
 
 
3.00%, 6/1/32
 
     9,000
9,000
County of Clark, NV,
 
 
Airport System Subordinate Lien Revenue
Bonds Series 2008 D-2B
 
 
2.95%, 7/1/40
 
     5,200
5,200
County of Utah, UT,
 
 
Variable Rate Hospital Revenue Bonds,
Series 2016C (IHC Health Care Services,
Inc.)
 
 
3.50%, 5/15/51
 
    15,000
15,000
Escambia County, FL,
 
 
Solid Waste Disposal Revenue Bonds (Gulf
Power Company Project) First Series 2009
 
 
2.95%, 4/1/39
 
     5,000
5,000
Solid Waste Disposal Revenue Bonds (Gulf
Power Company Project) Second
Series 2009
 
 
3.35%, 4/1/39
 
     5,000
5,000
Hampton Roads Sanitation District, VA,
 
 
Subordinate Wastewater Revenue Bonds,
Series 2016 B
 
 
3.00%, 8/1/46
 
     7,600
7,600
Indiana Finance Authority, IN ,
 
 
Environmental Refunding Revenue Bonds,
Series 2009 A-3
 
 
3.00%, 12/1/39
 
     5,000
5,000
JPMorgan Chase Putters/Drivers Trust, AL,
 
 
Various States Certificates 5065
 
 
3.12%, 7/1/31(b)
 
     5,000
5,000
JPMorgan Chase Putters/Drivers Trust, NC,
 
 
Various States Certificates 5093
 
 
3.12%, 7/1/40(b)
 
     7,000
7,000
JPMorgan Chase Putters/Drivers Trust, PA,
 
 
Various States Certificates 5077
 
 
3.12%, 11/13/29(b)
 
     9,000
9,000
JPMorgan Chase Putters/Drivers Trust, SC,
 
 
Various States Certificates 5076
 
 
3.12%, 9/26/31(b)
 
     4,900
4,900
 
 
Face
Amount
(000)
Value
(000)
 
Long Island Power Authority, NY,
 
 
Electric System General Revenue Bonds
Series 2023 D
 
 
2.90%, 5/1/33
$
     7,500
$7,500
Electric System General Revenue Bonds,
Series 2026 A
 
 
2.90%, 9/1/42
 
     8,000
8,000
Loudoun County Individual Development
Authority, VA,
 
 
Revenue Bonds Howard Hughes Medical
Institute Series 2003 D
 
 
2.90%, 2/15/38
 
     5,000
5,000
Massachusetts Water Resources Authority, MA,
 
 
Multi-Modal Subordinated General Revenue
Bonds, 1999 Series B
 
 
2.92%, 8/1/28
 
     6,000
6,000
Metropolitan Sewerage District of Buncombe
County, NC,
 
 
North Carolina Sewerage System Revenue
Refunding Bonds Series 2008 A
 
 
3.04%, 7/1/31
 
     6,040
6,040
Miami-Dade County Industrial Development
Authority, FL,
 
 
Revenue Refunding Bonds Series 2021
 
 
3.10%, 5/1/46
 
     6,500
6,500
Missouri Health & Educational Facilities
Authority, MO,
 
 
BJC Health System Series C
 
 
3.10%, 5/15/38
 
     5,000
5,000
New York City Municipal Water Finance
Authority, NY,
 
 
Water and Sewer System Second General
Resolution Revenue Bonds, Adjustable Rate
Fiscal 2013 Series AA Subseries AA-2
 
 
2.90%, 6/15/46
 
     5,000
5,000
New York City Transitional Finance Authority,
NY,
 
 
Future Tax Fiscal 2013 Series A Subseries
A-7
 
 
3.04%, 8/1/39
 
     9,000
9,000
New York State Energy Research &
Development Authority, NY,
 
 
Facilities Revenue Bonds, Consolidated
Edison Co. Series 2005 Subseries A-2
 
 
2.80%, 5/1/39
 
     7,000
7,000
Consolidated Edison Company of New
York Inc. (Project) Series 2005 A
 
 
2.80%, 5/1/39
 
     7,000
7,000
Consolidated Edison Company of New York,
Inc. Project Facilities Revenue Bonds
Series 2005A Subseries 2005 A-2
 
 
3.30%, 5/1/39
 
     7,000
7,000
Novant Health, Inc., NH,
 
 
National Finance Authority Health Care
Facilities Revenue Bonds Novant Health
Obligated Group Series 2024 C
 
 
3.15%, 11/1/64
 
     5,000
5,000
Orlando Utilities Commission, FL,
 
 
Utility System Revenue Bonds Series 2008-1
 
 
3.47%, 10/1/33
 
     9,000
9,000
28
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Tax-Exempt Portfolio
 
 
Face
Amount
(000)
Value
(000)
Weekly Variable Rate Bonds (a)^ (cont'd)
Pennsylvania Turnpike Commission, PA,
 
 
Series 2019
 
 
3.12%, 12/1/38
$
     5,000
$5,000
RBC Municipal Products Inc Trust, GA,
 
 
Certificates E-155
 
 
3.13%, 1/1/27(b)
 
     9,000
9,000
RBC Municipal Products Inc Trust, MO,
 
 
Certificates E-158
 
 
3.12%, 7/1/28(b)
 
     6,315
6,315
RBC Municipal Products Inc Trust, NY,
 
 
Certificates E-159
 
 
3.12%, 9/1/28(b)
 
     5,000
5,000
Certificates E-166
 
 
3.12%, 8/1/29(b)
 
     7,000
7,000
RBC Municipal Products Inc Trust, OH,
 
 
Certificates C-22
 
 
3.13%, 7/15/35(b)
 
     4,910
4,910
RBC Municipal Products Inc Trust, SC,
 
 
Certificates E-165
 
 
3.12%, 9/1/28(b)
 
     6,500
6,500
RBC Municipal Products Inc Trust, VA,
 
 
Certificates C-20
 
 
3.13%, 5/1/39(b)
 
     2,000
2,000
RBC Municipal Products Trust Inc, NY,
 
 
Certificates G -130
 
 
3.12%, 12/15/33(b)
 
     5,000
5,000
RBC Municipal Products Trust Inc, TN,
 
 
Certificates E-168
 
 
3.12%, 6/16/26(b)
 
     6,500
6,500
State of Texas, TX,
 
 
Veterans Bonds Series 2022
 
 
3.00%, 6/1/53
 
     5,850
5,850
Veterans Bonds Series 2025 B
 
 
3.45%, 12/1/55
 
     5,300
5,300
Transportation Commission Mobility Fund,
Series 2006 B
 
 
3.47%, 4/1/36
 
    12,500
12,500
Tender Option Bond Trust Receipts/Certificates,
AZ,
 
 
Maricopa County, Arizona Industrial
Development Authority Certificates
2023-BAML6007
 
 
3.24%, 4/1/56(b)
 
     1,900
1,900
Tender Option Bond Trust Receipts/Certificates,
MA,
 
 
Boston Children’s Hospital Trust Certificates
2024-BAML5050
 
 
3.11%, 3/1/49(b)
 
     5,000
5,000
Massachusetts State Development Finance
Agency Certificates 2023-BAML6005
 
 
3.24%, 12/1/37(b)
 
     9,200
9,200
Utah Water Finance Agency, UT,
 
 
Series 2008 B-2
 
 
3.20%, 10/1/35
 
     9,700
9,700
 
 
Face
Amount
(000)
Value
(000)
 
Series 2008 B
 
 
3.20%, 10/1/37
$
    10,395
$10,395
Wisconsin Housing & Economic Development
Authority, WI,
 
 
Home Ownership Revenue 2025 Series C
 
 
3.05%, 9/1/50
 
     5,000
5,000
Total Weekly Variable Rate Bonds (Cost $322,110)
322,110
Daily Variable Rate Bonds (a)^ (22.9%)
City of San Antonio, TX,
 
 
Water System Subordinate Lien Revenue
Refunding Bonds, Series 2024 A
 
 
3.40%, 5/1/54
 
    10,000
10,000
Gulf Coast, TX ,
 
 
Industrial Development Authority Revenue
Bonds (Exxonmobil Project) Series 2012
 
 
3.40%, 11/1/41
 
    10,000
10,000
Indiana Finance Authority, IN,
 
 
Environmental Refunding Duke Energy
Indiana, Inc. Series 2009 A-4
 
 
3.40%, 12/1/39
 
     8,200
8,200
Environmental Refunding Revenue Bonds
Series 2009 A-5
 
 
3.40%, 10/1/40
 
     8,000
8,000
Indiana Municipal Power Agency, IN,
 
 
Variable Rate Demand Power Supply System
Refunding Revenue Bonds Series 2019 B
 
 
3.40%, 1/1/42
 
    18,000
18,000
Industrial Development Board of the Parish of
East Baton Rouge Louisiana, Inc., LA,
 
 
Exxonmobil Project, Series 2010 A
 
 
3.45%, 8/1/35
 
     6,700
6,700
JP Morgan Chase Putters/Drivers Trust, SC,
 
 
Various States Certificates 5053
 
 
3.40%, 5/1/47(b)(c)
 
    13,700
13,700
Mississippi Business Finance Corp., MS,
 
 
Gulf Opportunity Zone Industrial Development
Revenue Bonds (Chevron U.S.A., Inc. Project)
Series 2009
 
 
3.40%, 12/1/30
 
    13,700
13,700
Gulf Opportunity Zone Industrial Development
Revenue Bonds (Chevron U.S.A., Inc. Project)
Series 2010
 
 
3.45%, 11/1/35
 
    10,000
10,000
New York City Municipal Water Finance
Authority, NY,
 
 
Water and Sewer System Second General
Resolution Revenue Bonds, Adjustable Rate
Fiscal 2025
 
 
3.44%, 6/15/55
 
    15,000
15,000
Ohio Water Development Authority, OH,
 
 
State of Ohio Water Pollution Control Loan
Fund Revenue Bonds Series 2024 C
 
 
3.35%, 12/1/54
 
    12,000
12,000
State of Louisiana, LA,
 
 
Gasoline and Fuels Tax Second Lien Revenue
Refunding Bonds 2023 Series A-1
 
 
3.35%, 5/1/43
 
    12,100
12,100
Total Daily Variable Rate Bonds (Cost $137,400)
137,400
The accompanying notes are an integral part of the financial statements.
29

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Tax-Exempt Portfolio
 
 
Face
Amount
(000)
Value
(000)
Commercial Paper (d) (12.0%)
Denver Colorado City, CO,
 
 
County Board Water Commisioner Water
Revenue Sub Lien Series 2023 A
 
 
2.40%, 6/4/26
$
     4,000
$4,000
Illinois Finance Authority, IL,
 
 

Northwestern University
 
 
2.50%, 10/6/26
 
     5,000
5,000
Illinois Finance Authority, IL ,
 
 

Northwestern University
 
 
2.50%, 10/5/26
 
     5,000
5,000
Lincoln Nebraska Electric System, NE,
 
 
Revenue Series 2020
 
 
2.42%, 5/21/26
 
     5,000
5,000
Louisville and Jefferson County, KY,
 
 
Metropolitan Sewer District & Drain System
Revenue Series 67
 
 
2.48%, 5/5/26
 
     5,000
5,000
Massachusetts State Developing Finance
Agency, MA,
 
 
Revenue VRDO Series 2025 A
 
 
2.60%, 5/6/26
 
     5,000
5,000
Missouri Health & Educational Facilities
Authority, MO,
 
 
BJC Health System Series D
 
 
2.47%, 5/1/26
 
     5,000
5,000
Nebraska, NE,
 
 
Public Power Distribution Series A-1
 
 
2.42%, 5/21/26
 
     5,000
5,000
Public Power Distribution Series A-1
 
 
2.42%, 5/21/26
 
     6,000
6,000
New York State Power Authority, NY,
 
 
Series 4
 
 
2.60%, 6/17/26
 
     5,000
5,000
Oklahoma City Water Utilities Trust, OK,
 
 
Series 131
 
 
2.43%, 6/16/26
 
     5,000
5,000
Omaha Public Power District, NE,
 
 
Revenue Series A
 
 
2.60%, 8/18/26
 
     2,000
2,000
Pennsylvania Higher Educational Facilities
Authority, PA,
 
 
Revenue Series 29
 
 
2.42%, 5/21/26
 
     5,000
5,000
San Antonio Texas, TX,
 
 
Electric & Gas Revenue Subseries D-1
 
 
2.60%, 5/12/26
 
     5,000
5,000
University of Texas, TX,
 
 
Permanent University Funding, Series A
 
 
2.50%, 8/27/26
 
     5,000
5,000
Total Commercial Paper (Cost $72,000)
72,000
 
 
Face
Amount
(000)
Value
(000)
Municipal Bonds & Notes  (8.5%)
Bergen County Improvement Authority/The, NJ,
 
 
County Guaranteed Governmental Pooled
Project Notes Series 2025 A
 
 
4.00%, 5/21/26
$
     5,000
$5,002
County Guaranteed Project Note (Bergen
New Bridge Medical Center Project)
Series 2025
 
 
4.00%, 6/30/26
 
     6,800
6,811
County Guaranteed Governmental Pooled
Loan Project Notes Series 2025 B
 
 
4.00%, 10/14/26
 
     5,000
5,031
City of Austin, TX,
 
 
Texas Public Improvement & Refunding
Bonds Series 2025
 
 
5.00%, 9/1/26
 
       920
927
City of Charlotte, NC,
 
 
North Carolina General Obligation Refunding
Bonds Series 2025 B
 
 
5.00%, 7/1/26
 
     7,470
7,499
Commonwealth of Virginia, VA,
 
 
General Obligation Refunding Bonds
Series 2024 B
 
 
5.00%, 6/1/26
 
     2,500
2,505
Del Valle Independent School District, TX,
 
 
Unlimited Tax Refunding Bonds Series 2025
B
 
 
5.00%, 6/15/26
 
     2,000
2,006
Hampton Roads Sanitation District, VA,
 
 
Subordinate Wastewater Revenue Bonds
Series 2025 A
 
 
5.00%, 7/15/26
 
     3,425
3,441
Miami-Dade County, FL,
 
 
Water and Sewer System Revenue Refunding
Bonds, Series 2025 B
 
 
5.00%, 10/1/26
 
     2,500
2,524
State of North Carolina, NC,
 
 
Limited Obligation Refunding Bonds
Series 2025 B
 
 
5.00%, 5/1/26
 
     5,250
5,250
State of Ohio, OH,
 
 
Major New State Infrastructure Project
Revenue and Refunding Bonds, Series 2026 -
1
 
 
5.00%, 12/15/26(c)
 
     4,500
4,564
State of Tennessee, TN,
 
 
General Obligation Bonds2023 Series A
 
 
5.00%, 5/1/26
 
     4,005
4,005
Texas Transportation Commission State of
Texas, TX,
 
 
General Obligation Mobility Fund Refunding
Bonds Series 2024
 
 
5.00%, 10/1/26
 
       485
490
General Obligation Mobility Fund Refunding
Bonds Series 2025
 
 
5.00%, 10/1/26
 
     1,000
1,010
Total Municipal Bonds & Notes (Cost $51,065)
51,065
30
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments (cont'd)
Tax-Exempt Portfolio
 
 
Face
Amount
(000)
Value
(000)
Closed-End Investment Companies (a)^ (3.3%)
Nuveen AMT-Free Municipal Credit Income Fund,
OT,
 
 
Series 1
 
 
3.16%, 12/1/43(b)
$
    10,000
$10,000
Nuveen AMT-Free Quality Municipal Income
Fund, OT,
 
 
Series 4-4895
 
 
3.17%, 9/11/56(b)
 
    10,000
10,000
Total Closed-End Investment
Companies (Cost $20,000)
20,000
Semi-Annual Variable Rate Bond (a) (1.2%)
Tender Option Bond Trust Receipts/Certificates,
AL,
 
 
University of Alabama at Birmingham, St.
Vincent’s Health System Authority Certificates
2025-BAML5063
 
 
SIFMA Municipal Swap Index + 0.20%,
3.29%, 11/1/54 (Cost $7,000)(b)
 
     7,000
7,000
Quarterly Variable Rate Bond (a) (0.9%)
Franklin County, OH,
 
 
CHE Trinity Health Credit Group Series 2013
 
 
2.63%, 12/1/46 (Cost $5,375)
 
     5,375
5,375
Total Investments (102.5%) (Cost $614,950) (e)(f)
614,950
Liabilities in Excess of Other Assets (-2.5%)
(15,290
)
Net Assets (100.0%)
599,660
(a)
Floating or variable rate securities: The rates disclosed are as of
April 30, 2026. For securities based on a published reference rate and
spread, the reference rate and spread are indicated in the description
in the Portfolio of Investments. Certain variable rate securities may not
be based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their
description in the Portfolio of Investments.
(b)
144A security — Certain conditions for public sale may exist. Unless
otherwise noted, these securities are deemed to be liquid.
(c)
All or a portion of the security is subject to delayed delivery.
(d)
The rates shown are the effective yields at the date of purchase.
(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.
^
The dates disclosed are the final maturity dates. Principal owed can be
recovered through demand on the interest reset dates. 
Portfolio Composition
Classification
Percentage of
Total Investments
Weekly Variable Rate Bonds
52.4
%
Daily Variable Rate Bonds
22.3
Commercial Paper
11.7
Municipal Bonds & Notes
8.3
Other*
5.3
Total Investments
100.0
%
*
Industries and/or investment types representing less than 5% of total
investments.
State/Territory
Value
(000
)
Percentage of
Net Assets
New York
$87,500
14.6
%
Texas
58,083
9.7
Indiana
39,200
6.5
Florida
36,524
6.1
Ohio
35,849
6.0
Utah
35,095
5.9
North Carolina
25,789
4.3
Massachusetts
25,200
4.2
South Carolina
25,100
4.2
Colorado
24,800
4.1
Mississippi
23,700
4.0
Virginia
20,546
3.4
Other
20,000
3.3
Pennsylvania
19,000
3.2
Louisiana
18,800
3.1
Nebraska
18,000
3.0
New Jersey
16,844
2.8
Missouri
16,315
2.7
Alabama
12,000
2.0
Tennessee
10,505
1.8
Illinois
10,000
1.7
Georgia
9,000
1.5
Nevada
5,200
0.9
New Hampshire
5,000
0.8
Oklahoma
5,000
0.8
Wisconsin
5,000
0.8
Kentucky
5,000
0.8
Arizona
1,900
0.3
 
$614,950
102.5
%
The accompanying notes are an integral part of the financial statements.
31

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Portfolio of Investments
Stablecoin Reserves Portfolio
 
 
Face
Amount
(000)
Value
(000)
Repurchase Agreements (70.0%)
Bank of America Securities, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $100,010;
fully collateralized by various
U.S. Government obligations, 3.88% - 4.00%
due 4/15/29-6/30/32; valued at
$102,045)
$
       100
$100
Citigroup Global Markets, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $50,005;
fully collateralized by various
U.S. Government obligations, 1.50% - 4.00%
due 2/15/30-3/31/30; valued at $51,030)
 
        50
50
Northern Trust Co. - Fixed Income Clearing
Corp., (3.64%, dated 4/30/26, due 5/1/26;
proceeds $100,010; fully collateralized by a
U.S. Government obligation, 4.50% due
5/31/29; valued at $102,040)
 
       100
100
RBC Dominion Securities, Inc., (3.64%, dated
4/30/26, due 5/1/26; proceeds $100,010;
fully collateralized by various
U.S. Government obligations, 0.00% - 4.63%
due 9/24/26-11/15/54; valued at
$102,022)
 
       100
100
Total Repurchase Agreements (Cost $350)
350
U.S. Treasury Securities  (29.0%)
 
 
U.S. Treasury Bill,
 
 
3.65%, 6/9/26 (a)
 
        25
25
3.67%, 7/30/26 (a)
 
        20
20
3.69%, 5/12/26 (a)
 
        50
50
3.79%, 5/28/26 (a)
 
        50
50
Total U.S. Treasury Securities (Cost $145)
145
Total Investments (99.0%) (Cost $495) (b)
495
Other Assets in Excess of Liabilities (1.0%)
5
Net Assets (100.0%)
$500
(a)
Rate shown is the yield to maturity at April 30, 2026.
(b)
The aggregate cost for federal income tax purposes approximates the
aggregate cost for book purposes.
Portfolio Composition
Classification
Percentage of
Total Investments
Repurchase Agreements
70.7
%
U.S. Treasury Securities
29.3
Total Investments
100.0
%
32
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Assets and Liabilities 
 
Money Market
Portfolio
(000)
Prime
Portfolio
(000)
Government
Portfolio
(000)
Government
Securities
Portfolio
(000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Cost
$3,512,830
$12,668,961
$211,795,499
$4,962,217
Total Investments in Securities, at Value(1)
3,512,830
12,668,506
211,795,499
4,962,217
Cash
99,226
601,151
10,506,101
153,689
Receivable for Investments Sold
8,830
4,906
2,578,193
307,264
Interest Receivable
6,789
25,611
781,401
6,945
Receivable for Portfolio Shares Sold
54
271
318,596
Other Assets
411
746
4,928
2,108
Total Assets
3,628,140
13,300,920
225,666,393
5,750,819
Liabilities:
Payable for Investments Purchased
4,203
9,376
3,783,951
318,188
Payable for Portfolio Shares Redeemed
3,592
1,374
10,274
318,611
Dividends Payable
@
10,006
297,857
690
Payable for Advisory Fees
308
1,513
17,197
312
Payable for Administration Fees
151
551
8,916
185
Payable for Administration Plan Fees — Wealth S/Institutional Select Class
@
2
400
@
Payable for Administration Plan Fees — Investor Class
592
@
Payable for Administration Plan Fees — Administrative Class
54
@
Payable for Service and Shareholder Administration Plan Fees —
Advisory Class
@
@
476
3
Payable for Distribution Plan and Shareholder Services Plan Fees —
Participant Class
@
1,311
830
Payable for Distribution Plan and Shareholder Services Plan Fees —
Cash Management Class
@
@
@
@
Payable for Distribution Plan and Shareholder Services Plan Fees —
Select Class
@
@
Payable for Administration Plan Fees — Institutional Plus Class
@
Payable for Custodian Fees
65
124
1,430
58
Payable for Professional Fees
52
119
88
64
Payable for Transfer Agency Fees
16
40
55
3
Other Liabilities
122
533
4,345
489
Total Liabilities
8,509
23,638
4,126,946
639,433
Net Assets
$3,619,631
$13,277,282
$221,539,447
$5,111,386
Net Assets Consist of:
Paid-in-Capital
$3,620,739
$13,293,465
$221,571,872
$5,112,974
Total Accumulated Loss
(1,108
)
(16,183
)
(32,425
)
(1,588
)
Net Assets
$3,619,631
$13,277,282
$221,539,447
$5,111,386
(1)Including:
Repurchase Agreements, at Value
$2,046,000
$7,085,000
$116,873,544
$
The accompanying notes are an integral part of the financial statements.
33

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Assets and Liabilities (cont'd)
 
Money Market
Portfolio
(000)
Prime
Portfolio
(000)
Government
Portfolio
(000)
Government
Securities
Portfolio
(000)
WEALTH/INSTITUTIONAL CLASS:
Net Assets
$3,458,295
$12,214,285
$192,680,832
$446,224
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
3,458,247,990
12,213,594,741
192,704,925,754
446,254,144
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.0001
$1.000
$1.000
WEALTH S/INSTITUTIONAL SELECT CLASS:
Net Assets
$61
$42,331
$9,970,136
$60
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
60,928
42,340,553
9,974,142,488
60,001
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$0.9998
$1.000
$1.000
INVESTOR CLASS:
Net Assets
$
$
$7,245,150
$60
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
7,245,755,659
59,842
Net Asset Value, Offering and Redemption Price Per Share
$
$
$1.000
$1.000
ADMINISTRATIVE CLASS:
Net Assets
$
$
$455,507
$60
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
455,575,621
59,684
Net Asset Value, Offering and Redemption Price Per Share
$
$
$1.000
$1.000
ADVISORY CLASS:
Net Assets
$60
$61
$2,521,859
$14,986
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
60,228
61,026
2,522,198,270
14,988,576
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.0001
$1.000
$1.000
PARTICIPANT CLASS:
Net Assets
$59
$
$3,119,320
$4,649,860
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
59,446
3,119,755,350
4,650,400,904
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$
$1.000
$1.000
CASH MANAGEMENT CLASS:
Net Assets
$1,444
$368
$182
$136
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
1,453,957
368,095
180,953
135,755
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$0.9998
$1.000
$1.000
SELECT CLASS:
Net Assets
$57
$
$58
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
56,906
57,998
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$
$1.000
$
CASTLEOAK SHARES CLASS:
Net Assets
$
$985,477
$3,485,658
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
985,451,553
3,485,746,825
Net Asset Value, Offering and Redemption Price Per Share
$
$1.0000
$1.000
$
IMPACT CLASS:
Net Assets
$
$15,151
$1,050,885
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
15,153,047
1,051,034,531
Net Asset Value, Offering and Redemption Price Per Share
$
$1.0001
$1.000
$
34
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Assets and Liabilities (cont'd)
 
Money Market
Portfolio
(000)
Prime
Portfolio
(000)
Government
Portfolio
(000)
Government
Securities
Portfolio
(000)
IMPACT PARTNER CLASS:
Net Assets
$60,016
$19,609
$893,222
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
60,016,990
19,609,762
893,180,691
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.0000
$1.000
$
ADVISOR CLASS:
Net Assets
$99,639
$
$116,587
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
99,639,126
116,584,912
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$
$1.000
$
INSTITUTIONAL PLUS CLASS:
Net Assets
$
$
$51
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
51,291
Net Asset Value, Offering and Redemption Price Per Share
$
$
$1.000
$
@
Amount is less than $500.
The accompanying notes are an integral part of the financial statements.
35

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Assets and Liabilities (cont'd)
 
Treasury
Portfolio
(000)
Treasury
Securities
Portfolio
(000)
Tax-Exempt
Portfolio
(000)
Stablecoin
Reserves
Portfolio
(000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Cost
$33,779,353
$66,425,812
$614,950
$495
Total Investments in Securities, at Value(1)
33,779,353
66,425,812
614,950
495
Cash
1,000,752
1,880,093
99
6
Receivable for Investments Sold
247,034
1,943,410
Interest Receivable
99,838
45,333
2,945
@
Receivable for Portfolio Shares Sold
1,221
@
Prepaid Offering Costs
159
Due from Adviser
22
Other Assets
1,371
1,801
227
Total Assets
35,129,569
70,296,449
618,221
682
Liabilities:
Payable for Investments Purchased
905,874
7,106,082
18,264
Dividends Payable
44,830
35,632
17
1
Payable for Advisory Fees
4,202
7,406
13
Payable for Portfolio Shares Redeemed
1,031
9,972
157
Payable for Administration Fees
1,458
2,567
23
@
Payable for Administration Plan Fees — Wealth S/ Institutional Select Class
181
@
@
Payable for Administration Plan Fees — Investor Class
7
10
Payable for Administration Plan Fees — Administrative Class
6
9
Payable for Service and Shareholder Administration Plan Fees —
Advisory Class
102
4
Payable for Distribution Plan and Shareholder Services Plan Fees —
Participant Class
2,050
9
Payable for Distribution Plan and Shareholder Services Plan Fees —
Cash Management Class
@
1
@
Payable for Distribution Plan and Shareholder Services Plan Fees —
Select Class
@
@
@
Payable for Impact Partner Class
Payable for Administration Plan Fees — Institutional Plus Class
@
@
Payable for Custodian Fees
278
471
11
@
Payable for Professional Fees
81
31
44
15
Payable for Offering Costs
166
Payable for Transfer Agency Fees
14
23
10
@
Other Liabilities
1,101
1,511
22
@
Total Liabilities
961,215
7,163,728
18,561
182
Net Assets
$34,168,354
$63,132,721
$599,660
$500
Net Assets Consist of:
Paid-in-Capital
$34,177,881
$63,141,710
$599,685
$500
Total Accumulated Loss
(9,527
)
(8,989
)
(25
)
Net Assets
$34,168,354
$63,132,721
$599,660
$500
(1)Including:
Repurchase Agreements, at Value
$21,693,387
$
$
$350
36
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Assets and Liabilities (cont'd)
 
Treasury
Portfolio
(000)
Treasury
Securities
Portfolio
(000)
Tax-Exempt
Portfolio
(000)
Stablecoin
Reserves
Portfolio
(000)
WEALTH/INSTITUTIONAL CLASS:
Net Assets
$24,184,439
$62,898,919
$599,312
$500
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
24,189,906,252
62,907,018,904
599,326,505
500,000
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$1.000
$1.000
WEALTH S/INSTITUTIONAL SELECT CLASS:
Net Assets
$4,598,278
$4,809
$56
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
4,600,543,537
4,813,889
56,305
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$1.000
$
INVESTOR CLASS:
Net Assets
$81,628
$115,447
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
81,652,890
115,445,455
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$
$
ADMINISTRATIVE CLASS:
Net Assets
$47,692
$70,158
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
47,692,788
70,162,805
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$
$
ADVISORY CLASS:
Net Assets
$502,862
$16,629
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
502,987,864
16,635,606
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$
$
PARTICIPANT CLASS:
Net Assets
$4,598,177
$20,502
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
4,598,720,928
20,510,800
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$
$
CASH MANAGEMENT CLASS:
Net Assets
$2,014
$5,948
$192
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
2,013,107
5,952,251
192,082
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$1.000
$
SELECT CLASS:
Net Assets
$58
$58
$50
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
57,831
57,700
50,000
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$1.000
$
IMPACT CLASS:
Net Assets
$
$50
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
50,000
Net Asset Value, Offering and Redemption Price Per Share
$
$1.000
$
$
IMPACT PARTNER CLASS:
Net Assets
$
$50
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
50,000
Net Asset Value, Offering and Redemption Price Per Share
$
$1.000
$
$
The accompanying notes are an integral part of the financial statements.
37

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Assets and Liabilities (cont'd)
 
Treasury
Portfolio
(000)
Treasury
Securities
Portfolio
(000)
Tax-Exempt
Portfolio
(000)
Stablecoin
Reserves
Portfolio
(000)
ADVISOR CLASS:
Net Assets
$153,155
$50
$50
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
153,150,549
50,000
50,000
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$1.000
$
INSTITUTIONAL PLUS CLASS:
Net Assets
$51
$51
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
51,273
51,265
Net Asset Value, Offering and Redemption Price Per Share
$1.000
$1.000
$
$
DAP CLASS:
Net Assets
$
$50
$
$
Shares Outstanding $0.01 par value shares of beneficial interest
(unlimited number of shares authorized) (not in 000's)
50,411
Net Asset Value, Offering and Redemption Price Per Share
$
$1.000
$
$
@
Amount is less than $500.
38
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Operations 
 
Money Market
Portfolio
(000)
Prime
Portfolio
(000)
Government
Portfolio
(000)
Government
Securities
Portfolio
(000)
Investment Income:
Interest
$72,070
$267,889
$3,899,955
$86,225
Expenses:
Advisory Fees (Note B)
2,723
10,143
153,711
3,406
Administration Fees (Note C)
908
3,381
51,237
1,135
Registration Fees
153
117
221
827
Professional Fees
135
148
154
129
Custodian Fees (Note F)
54
111
1,167
55
Transfer Agency Fees (Note E)
51
123
154
10
Trustees' Fees and Expenses
23
84
1,176
32
Shareholder Reporting Fees
19
23
123
41
Pricing Fees
12
97
30
17
Administration Plan Fees — Wealth S/Institutional Select Class (Note D)
@
9
2,170
@
Administration Plan Fees — Investor Class (Note D)
3,580
@
Administration Plan Fees — Administrative Class (Note D)
473
@
Administration Plan Fees — Institutional Plus Class (Note D)
@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)
@
@
2,922
18
Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)
@
7,887
9,870
Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D)
1
@
@
@
Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D)
@
@
Other Expenses
42
127
698
73
Total Expenses
4,121
14,363
225,703
15,613
Waiver of Advisory Fees (Note B)
(853
)
(829
)
(54,961
)
(1,183
)
Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)
(4,935
)
Net Expenses
3,268
13,534
170,742
9,495
Net Investment Income
68,802
254,355
3,729,213
76,730
Realized Gain:
Investments Sold
26
208
2,845
554
Change in Unrealized Appreciation (Depreciation):
Investments
(2,014
)
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)
26
(1,806
)
2,845
554
Net Increase in Net Assets Resulting from Operations
$68,828
$252,549
$3,732,058
$77,284
@
Amount is less than $500.
The accompanying notes are an integral part of the financial statements.
39

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Statements of Operations (cont'd)
 
Treasury
Portfolio
(000)
Treasury
Securities
Portfolio
(000)
Tax-Exempt
Portfolio
(000)
Stablecoin
Reserves
Portfolio(1)
(000)
Investment Income:
Interest
$647,353
$1,121,748
$7,130
$1
Expenses:
Advisory Fees (Note B)
25,486
44,347
422
@
Administration Plan Fees — Wealth S/Institutional Select Class (Note D)
994
1
@
Administration Plan Fees — Investor Class (Note D)
42
48
Administration Plan Fees — Administrative Class (Note D)
34
71
Administration Plan Fees — Institutional Plus Class (Note D)
@
@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)
571
22
Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)
10,278
54
Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D)
1
5
@
Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D)
@
@
@
Administration Fees (Note C)
8,495
14,782
141
@
Custodian Fees (Note F)
249
438
11
@
Trustees' Fees and Expenses
204
356
4
Professional Fees
159
205
121
15
Registration Fees
109
166
93
Transfer Agency Fees (Note E)
50
71
29
@
Shareholder Reporting Fees
22
76
10
@
Pricing Fees
19
17
13
@
Offering Costs
7
Other Expenses
172
261
37
Total Expenses
46,885
60,920
881
22
Waiver of Advisory Fees (Note B)
(985
)
(1,590
)
(318
)
(—
@)
Waiver of Administration Fees (Note C)
(—
@)
Expenses Reimbursed by Adviser (Note B)
(22
)
Net Expenses
45,900
59,330
563
Net Investment Income
601,453
1,062,418
6,567
1
Realized Gain:
Investments Sold
682
1,935
@
Net Increase in Net Assets Resulting from Operations
$602,135
$1,064,353
$6,567
$1
@
Amount is less than $500.
(1)
Commencement of Operations April 16, 2026.
40
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets 
 
Money Market
Portfolio
Prime
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income
$68,802
$153,359
$254,355
$571,206
Net Realized Gain
26
42
208
561
Net Change in Unrealized Appreciation (Depreciation)
(2,014
)
(2,436
)
Net Increase in Net Assets Resulting from Operations
68,828
153,401
252,549
569,331
Dividends and Distributions to Shareholders:
Wealth/Institutional Class
(66,665
)
(150,813
)
(233,639
)
(510,757
)
Wealth S/Institutional Select Class
(1
)
(3
)
(703
)
(1,500
)
Advisory Class
(1
)
(2
)
(1
)
(2
)
Participant Class
(1
)
(2
)
Cash Management Class
(27
)
(68
)
(6
)
(15
)
Select Class
(1
)
(2
)
CastleOak Shares Class
(18,074
)
(53,436
)
Impact Class
(17
)
(424
)
Impact Partner Class
(579
)
(88
)
(1,915
)
(5,071
)
Advisor Class
(1,526
)
(2,380
)
Total Dividends and Distributions to Shareholders
(68,801
)
(153,358
)
(254,355
)
(571,205
)
Capital Share Transactions:(1)
Wealth/Institutional Class:
Subscribed
2,137,997
5,045,187
25,640,062
44,399,888
Distributions Reinvested
66,512
148,342
168,916
351,913
Redeemed
(2,330,024
)
(4,513,589
)
(25,463,530
)
(44,561,851
)
Wealth S/Institutional Select Class:
Subscribed
20,554
36,520
Distributions Reinvested
1
3
713
1,490
Redeemed
(22,085
)
(26,120
)
Advisory Class:
Distributions Reinvested
1
2
1
2
Participant Class:
Distributions Reinvested
1
2
Cash Management Class:
Distributions Reinvested
27
68
7
15
Redeemed
(109
)
(327
)
(—
@)
(4
)
Select Class:
Distributions Reinvested
1
2
CastleOak Shares Class:
Subscribed
186,022
1,474,178
Distributions Reinvested
16,170
46,663
Redeemed
(213,912
)
(1,790,944
)
Impact Class:
Subscribed
86,203
384,899
Redeemed
(71,101
)
(684,762
)
Impact Partner Class:
Subscribed
59,927
18,500
198,586
523,511
Distributions Reinvested
573
80
Redeemed
(15,334
)
(3,779
)
(253,985
)
(916,732
)
Advisor Class:
Subscribed
130,164
163,483
Distributions Reinvested
1,540
2,364
Redeemed
(100,088
)
(135,383
)
Net Increase (Decrease) in Net Assets Resulting from
Capital Share Transactions
(48,811
)
724,955
292,621
(761,334
)
Total Increase (Decrease) in Net Assets
(48,784
)
724,998
290,815
(763,208
)
Net Assets:
Beginning of Period
3,668,415
2,943,417
12,986,467
13,749,675
End of Period
$3,619,631
$3,668,415
$13,277,282
$12,986,467
The accompanying notes are an integral part of the financial statements.
41

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Money Market
Portfolio
Prime
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
(1) Capital Share Transactions:
Wealth/Institutional Class:
Shares Subscribed
2,137,997
5,045,187
25,635,226
44,391,962
Shares Issued on Distributions Reinvested
66,512
148,342
168,882
351,855
Shares Redeemed
(2,330,024
)
(4,513,589
)
(25,458,967
)
(44,553,864
)
Net Increase (Decrease) in Wealth/Institutional Class
Shares Outstanding
(125,515
)
679,941
345,141
189,953
Wealth S/Institutional Select Class:
Shares Subscribed
20,557
36,525
Shares Issued on Distributions Reinvested
1
3
713
1,490
Shares Redeemed
(22,088
)
(26,121
)
Net Increase (Decrease) in Wealth S/Institutional Select Class
Shares Outstanding
1
3
(818
)
11,894
Advisory Class:
Shares Issued on Distributions Reinvested
1
2
1
2
Participant Class:
Shares Issued on Distributions Reinvested
1
2
Cash Management Class:
Shares Issued on Distributions Reinvested
27
68
7
15
Shares Redeemed
(109
)
(327
)
(—
@@)
(4
)
Net Increase (Decrease) in Cash Management Class
Shares Outstanding
(82
)
(259
)
7
11
Select Class:
Shares Issued on Distributions Reinvested
1
2
CastleOak Shares Class:
Shares Subscribed
185,995
1,473,890
Shares Issued on Distributions Reinvested
16,167
46,657
Shares Redeemed
(213,896
)
(1,790,650
)
Net Decrease in CastleOak Shares Class
Shares Outstanding
(11,734
)
(270,103
)
Impact Class:
Shares Subscribed
86,195
384,836
Shares Redeemed
(71,092
)
(684,616
)
Net Increase (Decrease) in Impact Class
Shares Outstanding
15,103
(299,780
)
Impact Partner Class:
Shares Subscribed
59,927
18,500
198,539
523,409
Shares Issued on Distributions Reinvested
573
80
Shares Redeemed
(15,334
)
(3,779
)
(253,949
)
(916,586
)
Net Increase (Decrease) in Impact Partner Class
Shares Outstanding
45,166
14,801
(55,410
)
(393,177
)
Advisor Class:
Shares Subscribed
130,164
163,483
Shares Issued on Distributions Reinvested
1,540
2,364
Shares Redeemed
(100,088
)
(135,383
)
Net Increase in Advisor Class
Shares Outstanding
31,616
30,464
@
Amount is less than $500.
@@
Amount is less than 500 shares.
42
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Government
Portfolio
Government
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income
$3,729,213
$7,443,304
$76,730
$211,380
Net Realized Gain
2,845
3,718
554
308
Net Increase in Net Assets Resulting from Operations
3,732,058
7,447,022
77,284
211,688
Dividends and Distributions to Shareholders:
Institutional Class
(3,243,137
)
(6,361,591
)
(10,454
)
(34,713
)
Institutional Select Class
(156,356
)
(262,760
)
(1
)
(2
)
Investor Class
(127,585
)
(276,349
)
(1
)
(2
)
Administrative Class
(11,100
)
(17,284
)
(1
)
(2
)
Advisory Class
(39,889
)
(119,508
)
(238
)
(1,601
)
Participant Class
(49,865
)
(115,426
)
(66,032
)
(175,053
)
Cash Management Class
(3
)
(17
)
(2
)
(5
)
Select Class
(1
)
(2
)
CastleOak Shares Class
(58,995
)
(164,776
)
Impact Class
(26,404
)
(67,415
)
Impact Partner Class
(13,997
)
(56,064
)
Advisor Class
(1,878
)
(2,112
)
Institutional Plus Class
(1
)
(—
@)
Total Dividends and Distributions to Shareholders
(3,729,211
)
(7,443,304
)
(76,729
)
(211,378
)
Capital Share Transactions:(1)
Institutional Class:
Subscribed
710,608,004
1,181,190,016
2,107,252
5,219,820
Distributions Reinvested
1,665,208
3,173,277
5,967
22,068
Redeemed
(666,379,553
)
(1,169,881,764
)
(2,397,248
)
(5,524,958
)
Institutional Select Class:
Subscribed
14,973,358
28,612,955
Distributions Reinvested
154,045
250,846
1
2
Redeemed
(12,528,143
)
(27,350,441
)
Investor Class:
Subscribed
5,863,836
10,786,002
Distributions Reinvested
27
76
1
2
Redeemed
(5,901,378
)
(9,651,278
)
Administrative Class:
Subscribed
1,646,700
1,129,433
Distributions Reinvested
613
1,876
1
2
Redeemed
(1,911,011
)
(663,777
)
Advisory Class:
Subscribed
5,520,565
10,497,568
21,976
50,133
Distributions Reinvested
6,867
17,745
1
2
Redeemed
(5,288,888
)
(10,629,146
)
(21,541
)
(80,750
)
Participant Class:
Subscribed
2,733,433
5,239,555
63,832,822
115,949,858
Distributions Reinvested
5
11
66,994
174,159
Redeemed
(2,593,737
)
(5,227,490
)
(64,164,331
)
(115,321,746
)
Cash Management Class:
Distributions Reinvested
3
15
2
5
Redeemed
(25
)
(880
)
Select Class:
Distributions Reinvested
1
2
CastleOak Shares Class:
Subscribed
16,229,449
40,896,474
Distributions Reinvested
13,511
77,353
Redeemed
(15,829,289
)
(40,604,081
)
Impact Class:
Subscribed
57,649,152
102,871,069
Distributions Reinvested
17,744
47,490
Redeemed
(58,253,490
)
(102,799,345
)
The accompanying notes are an integral part of the financial statements.
43

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Government
Portfolio
Government
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Impact Partner Class:
Subscribed
$2,152,264
$4,501,584
$
$
Distributions Reinvested
12,565
53,393
Redeemed
(2,363,380
)
(4,406,765
)
Advisor Class:
Subscribed
147,682
178,362
Distributions Reinvested
1,892
2,095
Redeemed
(104,045
)
(131,411
)
Institutional Plus Class:
Subscribed
50
*
Distributions Reinvested
1
@*
Net Increase (Decrease) in Net Assets Resulting from
Capital Share Transactions
48,243,986
18,180,869
(548,103
)
488,597
Total Increase (Decrease) in Net Assets
48,246,833
18,184,587
(547,548
)
488,907
Net Assets:
Beginning of Period
173,292,614
155,108,027
5,658,934
5,170,027
End of Period
$221,539,447
$173,292,614
$5,111,386
$5,658,934
44
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Government
Portfolio
Government
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed
710,608,004
1,181,190,016
2,107,252
5,219,820
Shares Issued on Distributions Reinvested
1,665,208
3,173,277
5,967
22,068
Shares Redeemed
(666,379,553
)
(1,169,881,764
)
(2,397,248
)
(5,524,958
)
Net Increase (Decrease) in Institutional Class
Shares Outstanding
45,893,659
14,481,529
(284,029
)
(283,070
)
Institutional Select Class:
Shares Subscribed
14,973,358
28,612,955
Shares Issued on Distributions Reinvested
154,045
250,846
1
2
Shares Redeemed
(12,528,143
)
(27,350,441
)
Net Increase in Institutional Select Class
Shares Outstanding
2,599,260
1,513,360
1
2
Investor Class:
Shares Subscribed
5,863,836
10,786,002
Shares Issued on Distributions Reinvested
27
76
1
2
Shares Redeemed
(5,901,378
)
(9,651,278
)
Net Increase (Decrease) in Investor Class
Shares Outstanding
(37,515
)
1,134,800
1
2
Administrative Class:
Shares Subscribed
1,646,700
1,129,433
Shares Issued on Distributions Reinvested
613
1,876
1
2
Shares Redeemed
(1,911,011
)
(663,777
)
Net Increase (Decrease) in Administrative Class
Shares Outstanding
(263,698
)
467,532
1
2
Advisory Class:
Shares Subscribed
5,520,565
10,497,568
21,976
50,133
Shares Issued on Distributions Reinvested
6,867
17,745
1
2
Shares Redeemed
(5,288,888
)
(10,629,146
)
(21,541
)
(80,750
)
Net Increase (Decrease) in Advisory Class
Shares Outstanding
238,544
(113,833
)
436
(30,615
)
Participant Class:
Shares Subscribed
2,733,433
5,239,555
63,832,822
115,949,858
Shares Issued on Distributions Reinvested
5
11
66,994
174,159
Shares Redeemed
(2,593,737
)
(5,227,490
)
(64,164,331
)
(115,321,746
)
Net Increase (Decrease) in Participant Class
Shares Outstanding
139,701
12,076
(264,515
)
802,271
Cash Management Class:
Shares Issued on Distributions Reinvested
3
15
2
5
Shares Redeemed
(25
)
(880
)
Net Increase (Decrease) in Cash Management Class
Shares Outstanding
(22
)
(865
)
2
5
Select Class:
Shares Issued on Distributions Reinvested
1
2
CastleOak Shares Class:
Shares Subscribed
16,229,449
40,896,474
Shares Issued on Distributions Reinvested
13,511
77,353
Shares Redeemed
(15,829,289
)
(40,604,081
)
Net Increase in Castleoak Shares Class
Shares Outstanding
413,671
369,746
The accompanying notes are an integral part of the financial statements.
45

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Government
Portfolio
Government
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Impact Class:
Shares Subscribed
57,649,152
102,871,069
Shares Issued on Distributions Reinvested
17,744
47,490
Shares Redeemed
(58,253,490
)
(102,799,345
)
Net Increase (Decrease) in Impact Class
Shares Outstanding
(586,594
)
119,214
Impact Partner Class:
Shares Subscribed
2,152,264
4,501,584
Shares Issued on Distributions Reinvested
12,565
53,393
Shares Redeemed
(2,363,380
)
(4,406,765
)
Net Increase (Decrease) in Impact Partner Class
Shares Outstanding
(198,551
)
148,212
Advisor Class:
Shares Subscribed
147,682
178,362
Shares Issued on Distributions Reinvested
1,892
2,095
Shares Redeemed
(104,045
)
(131,411
)
Net Increase in Advisor Class
Shares Outstanding
45,529
49,046
Institutional Plus Class:
Shares Subscribed
50
*
Shares Issued on Distributions Reinvested
1
@@*
Net Increase in Institutional Plus Class
Shares Outstanding
1
50
@
Value is less than $500
*
For the period August 26, 2025 through October 31, 2025.
@@
Amount is less than 500 shares.
46
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Treasury
Portfolio
Treasury
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income
$601,453
$1,362,523
$1,062,418
$2,298,477
Net Realized Gain
682
525
1,935
2,082
Net Increase in Net Assets Resulting from Operations
602,135
1,363,048
1,064,353
2,300,559
Dividends and Distributions to Shareholders:
Institutional Class
(454,110
)
(1,071,069
)
(1,058,285
)
(2,288,828
)
Institutional Select Class
(70,676
)
(144,013
)
(98
)
(309
)
Investor Class
(1,469
)
(7,529
)
(1,660
)
(1,753
)
Administrative Class
(784
)
(1,163
)
(1,626
)
(4,849
)
Advisory Class
(7,661
)
(17,460
)
(298
)
(577
)
Participant Class
(63,743
)
(115,853
)
(337
)
(1,872
)
Cash Management Class
(34
)
(116
)
(109
)
(280
)
Select Class
(1
)
(2
)
(1
)
(2
)
Impact Class
(1
)
(2
)
Impact Partner Class
(1
)
(2
)
Advisor Class
(2,974
)
(5,317
)
(1
)
(2
)
Institutional Plus Class
(1
)
(—
@)
(1
)
(—
@)
DAP Class
(—
@)
Total Dividends and Distributions to Shareholders
(601,453
)
(1,362,522
)
(1,062,418
)
(2,298,476
)
Capital Share Transactions:(1)
Institutional Class:
Subscribed
100,499,112
179,257,988
101,142,314
174,601,187
Distributions Reinvested
246,364
578,345
843,152
1,752,903
Redeemed
(103,318,767
)
(176,475,710
)
(95,290,913
)
(170,017,989
)
Institutional Select Class:
Subscribed
3,907,900
5,480,512
18,721
65,829
Distributions Reinvested
71,435
143,271
6
78
Redeemed
(2,955,170
)
(5,259,708
)
(22,625
)
(62,945
)
Investor Class:
Subscribed
834,321
1,749,218
115,023
132,564
Distributions Reinvested
1
2
22
43
Redeemed
(809,961
)
(1,766,877
)
(59,277
)
(89,540
)
Administrative Class:
Subscribed
33,739
59,366
42,231
217,903
Distributions Reinvested
73
168
1
2
Redeemed
(20,874
)
(40,674
)
(78,000
)
(226,570
)
Advisory Class:
Subscribed
1,071,165
2,056,642
21,139
46,670
Distributions Reinvested
1,264
2,988
140
324
Redeemed
(982,071
)
(2,056,941
)
(21,942
)
(34,705
)
Participant Class:
Subscribed
6,398,426
7,820,061
1,586
112,497
Distributions Reinvested
1,054
1,537
135
1,053
Redeemed
(5,102,194
)
(7,769,323
)
(4,880
)
(116,680
)
Cash Management Class:
Subscribed
@
Distributions Reinvested
34
113
109
279
Redeemed
(27
)
(1,549
)
(1,006
)
(388
)
Select Class:
Distributions Reinvested
1
2
1
2
Advisor Class:
Subscribed
189,718
492,905
Distributions Reinvested
3,004
5,284
Redeemed
(203,229
)
(376,799
)
Institutional Plus Class:
Subscribed
50
*
50
*
Distributions Reinvested
1
@*
1
@*
The accompanying notes are an integral part of the financial statements.
47

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Treasury
Portfolio
Treasury
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
DAP Class:
Subscribed
$
$
$50
**
$
Distributions Reinvested
@**
Net Increase (Decrease) in Net Assets Resulting from
Capital Share Transactions
(134,681
)
3,900,871
6,705,988
6,382,567
Total Increase (Decrease) in Net Assets
(133,999
)
3,901,397
6,707,923
6,384,650
Net Assets:
Beginning of Period
34,302,353
30,400,956
56,424,798
50,040,148
End of Period
$34,168,354
$34,302,353
$63,132,721
$56,424,798
48
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Treasury
Portfolio
Treasury
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed
100,499,112
179,257,988
101,142,314
174,601,187
Shares Issued on Distributions Reinvested
246,364
578,345
843,152
1,752,903
Shares Redeemed
(103,318,767
)
(176,475,710
)
(95,290,913
)
(170,017,989
)
Net Increase (Decrease) in Institutional Class
Shares Outstanding
(2,573,291
)
3,360,623
6,694,553
6,336,101
Institutional Select Class:
Shares Subscribed
3,907,900
5,480,512
18,721
65,829
Shares Issued on Distributions Reinvested
71,435
143,271
6
78
Shares Redeemed
(2,955,170
)
(5,259,708
)
(22,625
)
(62,945
)
Net Increase (Decrease) in Institutional Select Class
Shares Outstanding
1,024,165
364,075
(3,898
)
2,962
Investor Class:
Shares Subscribed
834,321
1,749,218
115,023
132,564
Shares Issued on Distributions Reinvested
1
2
22
43
Shares Redeemed
(809,961
)
(1,766,877
)
(59,277
)
(89,540
)
Net Increase (Decrease) in Investor Class
Shares Outstanding
24,361
(17,657
)
55,768
43,067
Administrative Class:
Shares Subscribed
33,739
59,366
42,231
217,903
Shares Issued on Distributions Reinvested
73
168
1
2
Shares Redeemed
(20,874
)
(40,674
)
(78,000
)
(226,570
)
Net Increase (Decrease) in Administrative Class
Shares Outstanding
12,938
18,860
(35,768
)
(8,665
)
Advisory Class:
Shares Subscribed
1,071,165
2,056,642
21,139
46,670
Shares Issued on Distributions Reinvested
1,264
2,988
140
324
Shares Redeemed
(982,071
)
(2,056,941
)
(21,942
)
(34,705
)
Net Increase (Decrease) in Advisory Class
Shares Outstanding
90,358
2,689
(663
)
12,289
Participant Class:
Shares Subscribed
6,398,426
7,820,061
1,586
112,497
Shares Issued on Distributions Reinvested
1,054
1,537
135
1,053
Shares Redeemed
(5,102,194
)
(7,769,323
)
(4,880
)
(116,680
)
Net Increase (Decrease) in Participant Class
Shares Outstanding
1,297,286
52,275
(3,159
)
(3,130
)
Cash Management Class:
Shares Subscribed
@@
Shares Issued on Distributions Reinvested
34
113
109
279
Shares Redeemed
(27
)
(1,549
)
(1,006
)
(388
)
Net Increase (Decrease) in Cash Management Class
Shares Outstanding
7
(1,436
)
(897
)
(109
)
Select Class:
Shares Issued on Distributions Reinvested
1
2
1
2
Advisor Class:
Shares Subscribed
189,718
492,905
Shares Issued on Distributions Reinvested
3,004
5,284
Shares Redeemed
(203,229
)
(376,799
)
Net Increase (Decrease) in Advisor Class
Shares Outstanding
(10,507
)
121,390
The accompanying notes are an integral part of the financial statements.
49

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Treasury
Portfolio
Treasury
Securities
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Institutional Plus Class:
Shares Subscribed
50
*
50
*
Shares Issued on Distributions Reinvested
1
@@*
1
@@*
Net Increase in Institutional Plus Class
Shares Outstanding
1
50
1
50
DAP Class:
Shares Subscribed
50
**
Shares Issued on Distributions Reinvested
@@**
Net Increase in DAP Class
Shares Outstanding
50
@
Value is less than $500
*
For the period August 26, 2025 through October 31, 2025.
**
For the period February 5, 2026 through April 30, 2026.
@@
Amount is less than 500 shares.
50
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Statements of Changes in Net Assets (cont'd)
 
Tax-Exempt
Portfolio
Stablecoin
Reserves
Portfolio
 
Six Months Ended
April 30, 2026
(unaudited)
(000)
Year Ended
October 31, 2025
(000)
Period from 
April 16, 2026(2) to
April 30, 2026
(unaudited)
(000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income
$6,567
$13,406
$1
Net Realized Gain (Loss)
(2
)
—@
Net Increase in Net Assets Resulting from Operations
6,567
13,404
1
Dividends and Distributions to Shareholders:
Wealth/Institutional Class
(6,563
)
(13,396
)
(1
)
Wealth S Class
(1
)
(1
)
Cash Management Class
(2
)
(5
)
Select Class
(—
@)
(1
)
Advisor Class
(1
)
(1
)
Total Dividends and Distributions to Shareholders
(6,567
)
(13,404
)
(1
)
Capital Share Transactions:(1)
Wealth/Institutional Class:
Subscribed
386,298
661,726
500
Distributions Reinvested
6,507
12,874
Redeemed
(311,542
)
(621,038
)
Wealth S Class:
Distributions Reinvested
1
1
Cash Management Class:
Distributions Reinvested
2
5
Redeemed
(—
@)
(—
@)
Net Increase in Net Assets Resulting from
Capital Share Transactions
81,266
53,568
500
Total Increase in Net Assets
81,266
53,568
500
Net Assets:
Beginning of Period
518,394
464,826
End of Period
$599,660
$518,394
$500
(1) Capital Share Transactions:
Wealth/Institutional Class:
Shares Subscribed
386,298
661,726
500
Shares Issued on Distributions Reinvested
6,507
12,874
Shares Redeemed
(311,542
)
(621,038
)
Net Increase in Wealth/Institutional Class
Shares Outstanding
81,263
53,562
500
Wealth S Class:
Shares Issued on Distributions Reinvested
1
1
Cash Management Class:
Shares Issued on Distributions Reinvested
2
5
Shares Redeemed
(—
@@)
(—
@@)
Net Increase in Cash Management Class
Shares Outstanding
2
5
(2)
Commencement of Operations.
@
Amount is less than $500.
@@
Amount is less than 500 shares.
The accompanying notes are an integral part of the financial statements.
51

2026 Semi-Annual Report
April 30, 2026
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
Money Market Portfolio:
Wealth Class+
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.019
(1)
$0.000
(2)
$(0.019
)
$1.000
Year Ended 10/31/25
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/24
1.000
0.053
(1)
0.000
(2)
(0.053
)
1.000
Year Ended 10/31/23
1.001
0.048
(1)
0.000
(2)
(0.049
)
1.000
Year Ended 10/31/22
1.0009
0.0099
(1)
0.0002
(2)
(0.0103
)
1.0007
Year Ended 10/31/21
1.0010
0.0006
(1)
(0.0001
)(2)
(0.0006
)
1.0009
Wealth S Class++
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/24
1.000
0.053
(1)
0.000
(2)
(0.053
)
1.000
Year Ended 10/31/23
1.001
0.047
(1)
0.000
(2)
(0.048
)
1.000
Year Ended 10/31/22
1.0007
0.0096
(1)
0.0001
(2)
(0.0099
)
1.0005
Year Ended 10/31/21
1.0008
0.0004
(1)(2)
(0.0001
)(2)
(0.0004
)(2)
1.0007
Advisory Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.001
0.045
(1)
0.000
(2)
(0.046
)
1.000
Year Ended 10/31/22
1.0011
0.0083
(1)
0.0002
(2)
(0.0087
)
1.0009
Year Ended 10/31/21
1.0012
0.0003
(1)(2)
(0.0001
)(2)
(0.0003
)(2)
1.0011
Participant Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.016
(1)
$0.000
(2)
$(0.016
)
$1.000
Year Ended 10/31/25
1.000
0.039
(1)
0.000
(2)
(0.039
)
1.000
Year Ended 10/31/24
1.000
0.048
(1)
0.000
(2)
(0.048
)
1.000
Year Ended 10/31/23
1.001
0.043
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/22
1.0007
0.0070
(1)
0.0002
(2)
(0.0074
)
1.0005
Year Ended 10/31/21
1.0008
0.0003
(1)(2)
(0.0001
)(2)
(0.0003
)(2)
1.0007
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/24
1.000
0.052
(1)
0.000
(2)
(0.052
)
1.000
Year Ended 10/31/23
1.001
0.046
(1)
0.000
(2)
(0.047
)
1.000
Year Ended 10/31/22
1.0007
0.0090
(1)
0.0001
(2)
(0.0093
)
1.0005
Year Ended 10/31/21
1.0007
0.0003
(1)(2)
0.0000
(2)
(0.0003
)(2)
1.0007
Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.015
(1)
$0.000
(2)
$(0.015
)
$1.000
Year Ended 10/31/25
1.000
0.036
(1)
0.000
(2)
(0.036
)
1.000
Year Ended 10/31/24
1.000
0.045
(1)
0.000
(2)
(0.045
)
1.000
For the Period Ended 10/31/23(7)
1.000
0.042
(1)
(0.009
)
(0.033
)
1.000
Impact Partner Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.019
(1)
$0.000
(2)
$(0.019
)
$1.000
Year Ended 10/31/25
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
For the Period Ended 10/31/24(8)
1.000
0.035
(1)
0.000
(2)
(0.035
)
1.000
Advisor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.019
(1)
$0.000
(2)
$(0.019
)
$1.000
Year Ended 10/31/25
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
For the Period Ended 10/31/24(9)
1.000
0.032
(1)
0.000
(2)
(0.032
)
1.000
52
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.90
%(3)
$3,458,295
0.18
%(4)
0.23
%(4)
3.79
%(4)
3.74
%(4)
4.51
%
3,583,782
0.18
%
0.23
%
4.42
%
4.37
%
5.48
%(5)
2,903,797
0.19
%
0.23
%
5.31
%
5.27
%
4.89
%
2,134,251
0.18
%
0.25
%
4.78
%
4.71
%
1.01
%
3,192,797
0.16
%
0.22
%
0.99
%
0.93
%
0.05
%
3,291,307
0.14
%
0.22
%
0.06
%
(0.02
)%
1.87
%(3)
$61
0.23
%(4)(6)
0.28
%(4)
3.74
%(4)
3.69
%(4)
4.45
%
60
0.23
%(6)
0.28
%
4.37
%
4.32
%
5.42
%(5)
57
0.24
%(6)
0.28
%
5.26
%
5.22
%
4.85
%
54
0.23
%(6)
0.30
%
4.73
%
4.66
%
0.98
%
53
0.19
%(6)
0.27
%
0.96
%
0.88
%
0.03
%
51
0.16
%(6)
0.27
%
0.04
%
(0.07
)%
1.77
%(3)
$60
0.43
%(4)(6)
0.48
%(4)
3.54
%(4)
3.49
%(4)
4.24
%
59
0.43
%(6)
0.48
%
4.17
%
4.12
%
5.21
%(5)
57
0.44
%(6)
0.48
%
5.06
%
5.02
%
4.60
%
54
0.43
%(6)
0.50
%
4.53
%
4.46
%
0.85
%
52
0.32
%(6)
0.47
%
0.83
%
0.68
%
0.02
%
51
0.17
%(6)
0.47
%
0.03
%
(0.27
)%
1.65
%(3)
$59
0.68
%(4)(6)
0.73
%(4)
3.29
%(4)
3.24
%(4)
3.98
%
58
0.68
%(6)
0.73
%
3.92
%
3.87
%
4.95
%(5)
56
0.69
%(6)
0.73
%
4.81
%
4.77
%
4.39
%
54
0.68
%(6)
0.75
%
4.28
%
4.21
%
0.72
%
51
0.45
%(6)
0.72
%
0.70
%
0.43
%
0.02
%
51
0.17
%(6)
0.72
%
0.03
%
(0.52
)%
1.82
%(3)
$1,444
0.33
%(4)(6)
0.38
%(4)
3.64
%(4)
3.59
%(4)
4.35
%
1,526
0.33
%(6)
0.38
%
4.27
%
4.22
%
5.32
%(5)
1,786
0.34
%(6)
0.38
%
5.16
%
5.12
%
4.75
%
4,161
0.33
%(6)
0.40
%
4.63
%
4.56
%
0.91
%
7,338
0.25
%(6)
0.37
%
0.90
%
0.78
%
0.03
%
8,341
0.17
%(6)
0.37
%
0.03
%
(0.17
)%
1.50
%(3)
$57
0.98
%(4)(6)
1.03
%(4)
2.99
%(4)
2.94
%(4)
3.67
%
56
0.98
%(6)
1.03
%
3.62
%
3.57
%
4.64
%(5)
54
0.99
%(6)
1.03
%
4.51
%
4.47
%
3.37
%(3)
52
0.98
%(4)(6)
1.05
%(4)
5.44
%(4)
5.37
%(4)
1.90
%(3)
$60,016
0.18
%(4)
0.23
%(4)
3.79
%(4)
3.74
%(4)
4.50
%
14,851
0.18
%
0.23
%
4.42
%
4.37
%
3.54
%(3)
50
0.19
%(4)
0.23
%(4)
5.31
%(4)
5.27
%(4)
1.90
%(3)
$99,639
0.18
%(4)
0.23
%(4)
3.79
%(4)
3.74
%(4)
4.51
%
68,023
0.18
%
0.23
%
4.42
%
4.37
%
3.20
%(3)
37,560
0.19
%(4)
0.23
%(4)
5.31
%(4)
5.27
%(4)
The accompanying notes are an integral part of the financial statements.
53

2026 Semi-Annual Report
April 30, 2026
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
Prime Portfolio:
Institutional Class
Six Months Ended 04/30/26 (unaudited)
$1.0002
$0.0185
(1)
$0.0001
(2)
$(0.0187
)
$1.0001
Year Ended 10/31/25
1.0003
0.0441
(1)
(0.0001
)(2)
(0.0441
)
1.0002
Year Ended 10/31/24
1.0002
0.0534
(1)
0.0001
(2)
(0.0534
)
1.0003
Year Ended 10/31/23
0.9999
0.0491
(1)
0.0001
(2)
(0.0489
)
1.0002
Year Ended 10/31/22
1.0001
0.0104
(1)
(0.0002
)(2)
(0.0104
)
0.9999
Year Ended 10/31/21
1.0001
0.0007
(1)
0.0000
(2)
(0.0007
)
1.0001
Institutional Select Class
Six Months Ended 04/30/26 (unaudited)
$0.9999
$0.0182
(1)
$0.0001
(2)
$(0.0184
)
$0.9998
Year Ended 10/31/25
1.0000
0.0436
(1)
(0.0001
)(2)
(0.0436
)
0.9999
Year Ended 10/31/24
0.9999
0.0529
(1)
0.0001
(2)
(0.0529
)
1.0000
Year Ended 10/31/23
0.9996
0.0486
(1)
0.0001
(2)
(0.0484
)
0.9999
Year Ended 10/31/22
0.9998
0.0100
(1)
(0.0001
)(2)
(0.0101
)
0.9996
Year Ended 10/31/21
0.9998
0.0004
(1)(2)
0.0001
(2)
(0.0005
)
0.9998
Advisory Class
Six Months Ended 04/30/26 (unaudited)
$1.0002
$0.0173
(1)
$0.0001
(2)
$(0.0175
)
$1.0001
Year Ended 10/31/25
1.0003
0.0417
(1)
(0.0002
)(2)
(0.0416
)
1.0002
Year Ended 10/31/24
1.0002
0.0509
(1)
0.0001
(2)
(0.0509
)
1.0003
Year Ended 10/31/23
1.0000
0.0466
(1)
0.0000
(2)
(0.0464
)
1.0002
Year Ended 10/31/22
0.9998
0.0096
(1)
(0.0006
)
(0.0088
)
1.0000
Year Ended 10/31/21
0.9997
0.0005
(1)
0.0000
(2)
(0.0004
)(2)
0.9998
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$0.9999
$0.0177
(1)
$0.0001
(2)
$(0.0179
)
$0.9998
Year Ended 10/31/25
1.0000
0.0426
(1)
(0.0001
)(2)
(0.0426
)
0.9999
Year Ended 10/31/24
0.9999
0.0519
(1)
0.0001
(2)
(0.0519
)
1.0000
Year Ended 10/31/23
0.9998
0.0476
(1)
(0.0001
)(2)
(0.0474
)
0.9999
Year Ended 10/31/22
1.0000
0.0095
(1)
(0.0003
)(2)
(0.0094
)
0.9998
Year Ended 10/31/21
1.0000
0.0004
(1)(2)
0.0000
(2)
(0.0004
)(2)
1.0000
CastleOak Shares Class
Six Months Ended 04/30/26 (unaudited)
$1.0001
$0.0184
(1)
$0.0002
(2)
$(0.0187
)
$1.0000
Year Ended 10/31/25
1.0003
0.0441
(1)
(0.0002
)(2)
(0.0441
)
1.0001
Year Ended 10/31/24
1.0002
0.0534
(1)
0.0001
(2)
(0.0534
)
1.0003
Year Ended 10/31/23
0.9999
0.0491
(1)
0.0001
(2)
(0.0489
)
1.0002
For the Period Ended 10/31/22(10)
1.0000
0.0025
(1)
(0.0002
)(2)
(0.0024
)
0.9999
Impact Class
Six Months Ended 04/30/26 (unaudited)
$1.0002
$0.0186
(1)
$0.0000
(2)
$(0.0187
)
$1.0001
Year Ended 10/31/25
1.0003
0.0442
(1)
(0.0002
)(2)
(0.0441
)
1.0002
Year Ended 10/31/24
1.0002
0.0534
(1)
0.0001
(2)
(0.0534
)
1.0003
Year Ended 10/31/23
0.9999
0.0491
(1)
0.0001
(2)
(0.0489
)
1.0002
For the Period Ended 10/31/22(11)
0.9997
0.0105
(1)
(0.0003
)(2)
(0.0100
)
0.9999
Impact Partner Class
Six Months Ended 04/30/26 (unaudited)
$1.0002
$0.0185
(1)
$0.0000
(2)
$(0.0187
)
$1.0000
Year Ended 10/31/25
1.0003
0.0441
(1)
(0.0001
)(2)
(0.0441
)
1.0002
For the Period Ended 10/31/24(8)
1.0000
0.0325
(1)
0.0026
(0.0348
)
1.0003
54
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.88
%(3)
$12,214,285
0.20
%(4)
0.21
%(4)
3.76
%(4)
3.75
%(4)
4.47
%
11,870,484
0.20
%
0.22
%
4.41
%
4.39
%
5.49
%(5)
11,682,116
0.20
%
0.21
%
5.34
%
5.33
%
5.02
%
15,994,223
0.20
%
0.21
%
4.91
%
4.90
%
1.02
%
14,651,432
0.15
%
0.21
%
1.05
%
0.99
%
0.07
%
16,772,763
0.14
%
0.21
%
0.06
%
(0.01
)%
1.85
%(3)
$42,331
0.25
%(4)(6)
0.26
%(4)
3.71
%(4)
3.70
%(4)
4.42
%
43,154
0.25
%(6)
0.27
%
4.36
%
4.34
%
5.44
%(5)
31,266
0.25
%(6)
0.26
%
5.29
%
5.28
%
4.97
%
22,140
0.25
%(6)
0.26
%
4.86
%
4.85
%
0.99
%
22,760
0.19
%(6)
0.26
%
1.01
%
0.94
%
0.05
%
5,723
0.16
%(6)
0.26
%
0.04
%
(0.06
)%
1.75
%(3)
$61
0.45
%(4)(6)
0.46
%(4)
3.51
%(4)
3.50
%(4)
4.21
%
60
0.45
%(6)
0.47
%
4.16
%
4.14
%
5.21
%(5)
58
0.45
%(6)
0.46
%
5.09
%
5.08
%
4.76
%
58,315
0.45
%(6)
0.46
%
4.66
%
4.65
%
0.90
%
52
0.24
%(6)
0.46
%
0.96
%
0.74
%
0.05
%
1,659
0.14
%(6)
0.46
%
0.06
%
(0.26
)%
1.80
%(3)
$368
0.35
%(4)(6)
0.36
%(4)
3.61
%(4)
3.60
%(4)
4.32
%
362
0.35
%(6)
0.37
%
4.26
%
4.24
%
5.33
%(5)
351
0.35
%(6)
0.36
%
5.19
%
5.18
%
4.85
%
424
0.35
%(6)
0.36
%
4.76
%
4.75
%
0.93
%
4,733
0.25
%(6)
0.36
%
0.95
%
0.84
%
0.04
%
5,343
0.16
%(6)
0.36
%
0.04
%
(0.16
)%
1.87
%(3)
$985,477
0.20
%(4)
0.21
%(4)
3.76
%(4)
3.75
%(4)
4.47
%
997,323
0.20
%
0.22
%
4.41
%
4.39
%
5.49
%(5)
1,267,627
0.20
%
0.21
%
5.34
%
5.33
%
5.01
%
866,430
0.20
%
0.21
%
4.91
%
4.90
%
0.24
%(3)
50
0.15
%(4)
0.21
%(4)
1.05
%(4)
0.99
%(4)
1.87
%(3)
$15,151
0.20
%(4)
0.21
%(4)
3.76
%(4)
3.75
%(4)
4.48
%
50
0.20
%
0.22
%
4.41
%
4.39
%
5.49
%(5)
299,927
0.20
%
0.21
%
5.34
%
5.33
%
5.02
%
321,574
0.20
%
0.21
%
4.91
%
4.90
%
1.03
%(3)
50
0.15
%(4)
0.21
%(4)
1.05
%(4)
0.99
%(4)
1.87
%(3)
$19,609
0.20
%(4)
0.21
%(4)
3.76
%(4)
3.75
%(4)
4.47
%
75,034
0.20
%
0.22
%
4.41
%
4.39
%
3.53
%(3)
468,330
0.20
%(4)
0.21
%(4)
5.34
%(4)
5.33
%(4)
The accompanying notes are an integral part of the financial statements.
55

2026 Semi-Annual Report
April 30, 2026
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
Government Portfolio:
Institutional Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/24
1.000
0.052
(1)
0.000
(2)
(0.052
)
1.000
Year Ended 10/31/23
1.000
0.047
(1)
0.000
(2)
(0.047
)
1.000
Year Ended 10/31/22
1.000
0.009
(1)
0.000
(2)
(0.009
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Institutional Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.047
(1)
(0.001
)
(0.046
)
1.000
Year Ended 10/31/22
1.000
0.009
(1)
0.000
(2)
(0.009
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Investor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.046
(1)
0.000
(2)
(0.046
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.001
(0.009
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Administrative Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.046
(1)
(0.001
)
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Advisory Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.040
(1)
0.000
(2)
(0.040
)
1.000
Year Ended 10/31/24
1.000
0.049
(1)
0.000
(2)
(0.049
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
(0.001
)
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Participant Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.015
(1)
$0.000
(2)
$(0.015
)
$1.000
Year Ended 10/31/25
1.000
0.038
(1)
0.000
(2)
(0.038
)
1.000
Year Ended 10/31/24
1.000
0.047
(1)
0.000
(2)
(0.047
)
1.000
Year Ended 10/31/23
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/22
1.000
0.006
(1)
0.000
(2)
(0.006
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.046
(1)
(0.001
)
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.014
(1)
$0.000
(2)
$(0.014
)
$1.000
Year Ended 10/31/25
1.000
0.035
(1)
0.000
(2)
(0.035
)
1.000
Year Ended 10/31/24
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/23
1.000
0.039
(1)
0.000
(2)
(0.039
)
1.000
Year Ended 10/31/22
1.000
0.005
(1)
0.000
(2)
(0.005
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Castleoak Shares Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/24
1.000
0.052
(1)
0.000
(2)
(0.052
)
1.000
Year Ended 10/31/23
1.000
0.047
(1)
0.000
(2)
(0.047
)
1.000
Year Ended 10/31/22
1.000
0.009
(1)
0.000
(2)
(0.009
)
1.000
For the Period Ended 10/31/21(12)
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Impact Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/24
1.000
0.052
(1)
0.000
(2)
(0.052
)
1.000
Year Ended 10/31/23
1.000
0.047
(1)
0.000
(2)
(0.047
)
1.000
For the Period Ended 10/31/22(11)
1.000
0.009
(1)
0.000
(2)
(0.009
)
1.000
Impact Partner Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
For the Period Ended 10/31/24(8)
1.000
0.034
(1)
0.000
(2)
(0.034
)
1.000
Advisor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
For the Period Ended 10/31/24(9)
1.000
0.031
(1)
0.000
(2)
(0.031
)
1.000
Institutional Plus Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
For the Period Ended 10/31/25(13)
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
56
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.83
%(3)
$192,680,832
0.15
%(4)
0.20
%(4)
3.66
%(4)
3.61
%(4)
4.36
%
146,784,735
0.15
%
0.20
%
4.29
%
4.24
%
5.32
%(5)
132,300,048
0.15
%
0.20
%
5.18
%
5.13
%
4.77
%
124,946,773
0.16
%
0.21
%
4.72
%
4.67
%
0.93
%
105,123,361
0.12
%
0.21
%
0.92
%
0.83
%
0.03
%
125,443,478
0.07
%
0.21
%
0.02
%
(0.12
)%
1.81
%(3)
$9,970,136
0.20
%(4)(6)
0.25
%(4)
3.61
%(4)
3.56
%(4)
4.31
%
7,370,753
0.20
%(6)
0.25
%
4.24
%
4.19
%
5.26
%(5)
5,857,261
0.20
%(6)
0.25
%
5.13
%
5.08
%
4.72
%
5,615,525
0.21
%(6)
0.26
%
4.67
%
4.62
%
0.89
%
19,822,512
0.15
%(6)
0.26
%
0.89
%
0.78
%
0.03
%
22,579,049
0.07
%(6)
0.26
%
0.02
%
(0.17
)%
1.78
%(3)
$7,245,150
0.25
%(4)(6)
0.30
%(4)
3.56
%(4)
3.51
%(4)
4.26
%
7,282,560
0.25
%(6)
0.30
%
4.19
%
4.14
%
5.21
%(5)
6,147,621
0.25
%(6)
0.30
%
5.08
%
5.03
%
4.67
%
4,800,726
0.26
%(6)
0.31
%
4.62
%
4.57
%
0.86
%
3,992,292
0.19
%(6)
0.31
%
0.85
%
0.73
%
0.03
%
1,433,481
0.07
%(6)
0.31
%
0.02
%
(0.22
)%
1.76
%(3)
$455,507
0.30
%(4)(6)
0.35
%(4)
3.51
%(4)
3.46
%(4)
4.20
%
719,189
0.30
%(6)
0.36
%
4.14
%
4.09
%
5.16
%(5)
251,650
0.30
%(6)
0.35
%
5.03
%
4.98
%
4.61
%
402,547
0.31
%(6)
0.36
%
4.57
%
4.52
%
0.83
%
314,143
0.21
%(6)
0.36
%
0.83
%
0.68
%
0.03
%
357,558
0.07
%(6)
0.36
%
0.02
%
(0.27
)%
1.71
%(3)
$2,521,859
0.40
%(4)(6)
0.45
%(4)
3.41
%(4)
3.36
%(4)
4.10
%
2,283,282
0.40
%(6)
0.45
%
4.04
%
3.99
%
5.05
%(5)
2,397,061
0.40
%(6)
0.45
%
4.93
%
4.88
%
4.51
%
1,897,168
0.41
%(6)
0.46
%
4.47
%
4.42
%
0.77
%
1,428,422
0.27
%(6)
0.46
%
0.77
%
0.58
%
0.03
%
1,794,163
0.07
%(6)
0.46
%
0.02
%
(0.37
)%
1.58
%(3)
$3,119,320
0.65
%(4)(6)
0.70
%(4)
3.16
%(4)
3.11
%(4)
3.84
%
2,979,571
0.65
%(6)
0.70
%
3.79
%
3.74
%
4.79
%(5)
2,967,432
0.65
%(6)
0.70
%
4.68
%
4.63
%
4.25
%
2,542,447
0.66
%(6)
0.71
%
4.22
%
4.17
%
0.65
%
2,291,041
0.40
%(6)
0.71
%
0.64
%
0.33
%
0.03
%
2,082,873
0.07
%(6)
0.71
%
0.02
%
(0.62
)%
1.76
%(3)
$182
0.30
%(4)(6)
0.35
%(4)
3.51
%(4)
3.46
%(4)
4.20
%
204
0.30
%(6)
0.35
%
4.14
%
4.09
%
5.16
%(5)
1,067
0.30
%(6)
0.35
%
5.03
%
4.98
%
4.61
%
1,745
0.31
%(6)
0.36
%
4.57
%
4.52
%
0.83
%
1,761
0.20
%(6)
0.36
%
0.84
%
0.68
%
0.03
%
4,397
0.07
%(6)
0.36
%
0.02
%
(0.27
)%
1.43
%(3)
$58
0.95
%(4)(6)
1.00
%(4)
2.86
%(4)
2.81
%(4)
3.53
%
57
0.95
%(6)
1.00
%
3.49
%
3.44
%
4.48
%(5)
55
0.95
%(6)
1.00
%
4.38
%
4.33
%
3.94
%
53
0.96
%(6)
1.01
%
3.92
%
3.87
%
0.52
%
51
0.53
%(6)
1.01
%
0.51
%
0.03
%
0.03
%
51
0.07
%(6)
1.01
%
0.02
%
(0.92
)%
1.83
%(3)
$3,485,658
0.15
%(4)
0.20
%(4)
3.66
%(4)
3.61
%(4)
4.36
%
3,071,939
0.15
%
0.20
%
4.29
%
4.24
%
5.32
%(5)
2,702,094
0.15
%
0.20
%
5.18
%
5.13
%
4.77
%
2,305,053
0.16
%
0.21
%
4.72
%
4.67
%
0.93
%
371,597
0.12
%
0.21
%
0.92
%
0.83
%
0.01
%(3)
371,765
0.07
%(4)
0.21
%(4)
0.02
%(4)
(0.12
)%(4)
1.83
%(3)
$1,050,885
0.15
%(4)
0.20
%(4)
3.66
%(4)
3.61
%(4)
4.36
%
1,637,455
0.15
%
0.20
%
4.29
%
4.24
%
5.32
%(5)
1,518,203
0.15
%
0.20
%
5.18
%
5.13
%
4.77
%
841,264
0.16
%
0.21
%
4.72
%
4.67
%
0.91
%(3)
826,509
0.12
%(4)
0.21
%(4)
0.92
%(4)
0.83
%(4)
1.83
%(3)
$893,222
0.15
%(4)
0.20
%(4)
3.66
%(4)
3.61
%(4)
4.36
%
1,091,762
0.15
%
0.20
%
4.29
%
4.24
%
3.45
%(3)
943,525
0.15
%(4)
0.20
%(4)
5.18
%(4)
5.13
%(4)
1.83
%(3)
$116,587
0.15
%(4)
0.20
%(4)
3.66
%(4)
3.61
%(4)
4.36
%
71,057
0.15
%
0.20
%
4.29
%
4.24
%
3.12
%(3)
22,010
0.15
%(4)
0.20
%(4)
5.18
%(4)
5.13
%(4)
1.82
%(3)
$51
0.17
%(4)(6)
0.22
%(4)
3.64
%(4)
3.59
%(4)
0.75
%(3)
50
0.17
%(4)(6)
0.22
%(4)
4.27
%(4)
4.22
%(4)
The accompanying notes are an integral part of the financial statements.
57

2026 Semi-Annual Report
April 30, 2026
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
Government Securities Portfolio:
Institutional Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.046
(1)
0.000
(2)
(0.046
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.001
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Institutional Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
(0.001
)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
(0.001
)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
0.001
(0.046
)
1.000
Year Ended 10/31/22
1.000
0.006
(1)
0.002
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Investor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
0.000
(2)
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.006
(1)
0.002
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Administrative Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
(0.001
)
(0.040
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
(0.001
)
(0.049
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.001
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.006
(1)
0.001
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Advisory Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.016
(1)
$0.000
(2)
$(0.016
)
$1.000
Year Ended 10/31/25
1.000
0.039
(1)
(0.000
)(2)
(0.039
)
1.000
Year Ended 10/31/24
1.000
0.049
(1)
(0.001
)
(0.048
)
1.000
Year Ended 10/31/23
1.000
0.043
(1)
0.001
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.005
(1)
0.002
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Participant Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.016
(1)
$0.000
(2)
$(0.016
)
$1.000
Year Ended 10/31/25
1.000
0.039
(1)
(0.000
)(2)
(0.039
)
1.000
Year Ended 10/31/24
1.000
0.049
(1)
(0.001
)
(0.048
)
1.000
Year Ended 10/31/23
1.000
0.043
(1)
0.001
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.005
(1)
0.002
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.040
(1)
(0.000
)(2)
(0.040
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
(0.001
)
(0.049
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.001
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.006
(1)
0.001
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
58
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.80
%(3)
$446,224
0.20
%(4)
0.25
%(4)
3.60
%(4)
3.55
%(4)
4.26
%
730,183
0.20
%
0.23
%
4.20
%
4.17
%
5.24
%(5)
1,013,205
0.20
%
0.23
%
5.12
%
5.09
%
4.71
%
1,097,870
0.20
%
0.21
%
4.57
%
4.56
%
0.83
%
817,742
0.13
%
0.22
%
0.57
%
0.48
%
0.01
%
1,622,265
0.06
%
0.22
%
0.00
%(14)
(0.16
)%
1.77
%(3)
$60
0.25
%(4)(6)
0.30
%(4)
3.55
%(4)
3.50
%(4)
4.21
%
59
0.25
%(6)
0.28
%
4.15
%
4.12
%
5.19
%(5)
57
0.25
%(6)
0.28
%
5.07
%
5.04
%
4.66
%
54
0.25
%(6)
0.26
%
4.52
%
4.51
%
0.80
%
51
0.16
%(6)
0.27
%
0.54
%
0.43
%
0.01
%
51
0.06
%(6)
0.27
%
0.00
%(14)
(0.21
)%
1.75
%(3)
$60
0.30
%(4)(6)
0.35
%(4)
3.50
%(4)
3.45
%(4)
4.16
%
59
0.30
%(6)
0.33
%
4.10
%
4.07
%
5.14
%(5)
56
0.30
%(6)
0.33
%
5.02
%
4.99
%
4.61
%
54
0.30
%(6)
0.31
%
4.47
%
4.46
%
0.77
%
51
0.19
%(6)
0.32
%
0.51
%
0.38
%
0.01
%
51
0.06
%(6)
0.32
%
0.00
%(14)
(0.26
)%
1.72
%(3)
$60
0.35
%(4)(6)
0.40
%(4)
3.47
%(4)
3.42
%(4)
4.11
%
59
0.35
%(6)
0.38
%
4.05
%
4.02
%
5.09
%(5)
56
0.35
%(6)
0.38
%
4.97
%
4.94
%
4.56
%
54
0.35
%(6)
0.36
%
4.42
%
4.41
%
0.74
%
51
0.22
%(6)
0.37
%
0.48
%
0.33
%
0.01
%
51
0.06
%(6)
0.37
%
0.00
%(14)
(0.31
)%
1.67
%(3)
$14,986
0.45
%(4)(6)
0.50
%(4)
3.35
%(4)
3.30
%(4)
4.00
%
14,548
0.45
%(6)
0.48
%
3.95
%
3.92
%
4.98
%(5)
45,161
0.45
%(6)
0.48
%
4.87
%
4.84
%
4.45
%
52,920
0.45
%(6)
0.46
%
4.32
%
4.31
%
0.69
%
40,382
0.27
%(6)
0.47
%
0.43
%
0.23
%
0.01
%
39,201
0.06
%(6)
0.47
%
0.00
%(14)
(0.41
)%
1.67
%(3)
$4,649,860
0.45
%(4)(6)
0.75
%(4)
3.35
%(4)
3.05
%(4)
4.00
%
4,913,893
0.45
%(6)
0.73
%
3.95
%
3.67
%
4.98
%(5)
4,111,364
0.45
%(6)
0.73
%
4.87
%
4.59
%
4.45
%
4,539,195
0.45
%(6)
0.71
%
4.32
%
4.06
%
0.69
%
7,014,979
0.24
%(6)
0.72
%
0.46
%
(0.02
)%
0.01
%
15,949,390
0.06
%(6)
0.72
%
0.00
%(14)
(0.66
)%
1.72
%(3)
$136
0.35
%(4)(6)
0.40
%(4)
3.45
%(4)
3.40
%(4)
4.11
%
133
0.35
%(6)
0.38
%
4.05
%
4.02
%
5.08
%(5)
128
0.35
%(6)
0.38
%
4.97
%
4.94
%
4.56
%
341
0.35
%(6)
0.36
%
4.42
%
4.41
%
0.74
%
327
0.22
%(6)
0.37
%
0.48
%
0.33
%
0.01
%
356
0.06
%(6)
0.37
%
0.00
%(14)
(0.31
)%
The accompanying notes are an integral part of the financial statements.
59

2026 Semi-Annual Report
April 30, 2026
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
Treasury Portfolio:
Institutional Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.046
(1)
0.000
(2)
(0.046
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.001
(0.009
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Institutional Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
0.001
(0.046
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.001
(0.009
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Investor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
0.000
(2)
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Administrative Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.001
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.001
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Advisory Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.016
(1)
$0.000
(2)
$(0.016
)
$1.000
Year Ended 10/31/25
1.000
0.040
(1)
0.000
(2)
(0.040
)
1.000
Year Ended 10/31/24
1.000
0.049
(1)
0.000
(2)
(0.049
)
1.000
Year Ended 10/31/23
1.000
0.043
(1)
0.001
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.000
(2)
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Participant Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.015
(1)
$0.000
(2)
$(0.015
)
$1.000
Year Ended 10/31/25
1.000
0.037
(1)
0.000
(2)
(0.037
)
1.000
Year Ended 10/31/24
1.000
0.046
(1)
0.000
(2)
(0.046
)
1.000
Year Ended 10/31/23
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/22
1.000
0.006
(1)
0.000
(2)
(0.006
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.001
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.001
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.014
(1)
$0.000
(2)
$(0.014
)
$1.000
Year Ended 10/31/25
1.000
0.034
(1)
0.000
(2)
(0.034
)
1.000
Year Ended 10/31/24
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/23
1.000
0.038
(1)
0.000
(2)
(0.038
)
1.000
Year Ended 10/31/22
1.000
0.004
(1)
0.001
(0.005
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
(0.000
)(2)
(0.000
)(2)
1.000
Advisor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
For the Period Ended 10/31/24(9)
1.000
0.030
(1)
0.000
(2)
(0.030
)
1.000
Institutional Plus Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
For the Period Ended 10/31/25(13)
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
60
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.81
%(3)
$24,184,439
0.20
%(4)
0.21
%(4)
3.61
%(4)
3.60
%(4)
4.29
%
26,757,217
0.20
%
0.21
%
4.23
%
4.22
%
5.25
%(5)
23,396,182
0.20
%
0.21
%
5.12
%
5.11
%
4.72
%
26,005,390
0.20
%
0.21
%
4.60
%
4.59
%
0.89
%
22,268,805
0.14
%
0.21
%
0.83
%
0.76
%
0.01
%
21,468,388
0.07
%
0.21
%
0.01
%
(0.13
)%
1.78
%(3)
$4,598,278
0.25
%(4)(6)
0.26
%(4)
3.56
%(4)
3.55
%(4)
4.24
%
3,574,031
0.25
%(6)
0.26
%
4.18
%
4.17
%
5.20
%(5)
3,209,904
0.25
%(6)
0.26
%
5.07
%
5.06
%
4.67
%
3,114,544
0.25
%(6)
0.26
%
4.55
%
4.54
%
0.86
%
8,610,123
0.17
%(6)
0.26
%
0.80
%
0.71
%
0.01
%
14,878,731
0.07
%(6)
0.26
%
0.01
%
(0.18
)%
1.76
%(3)
$81,628
0.30
%(4)(6)
0.31
%(4)
3.51
%(4)
3.50
%(4)
4.19
%
57,265
0.30
%(6)
0.31
%
4.13
%
4.12
%
5.15
%(5)
74,918
0.30
%(6)
0.31
%
5.02
%
5.01
%
4.62
%
69,342
0.30
%(6)
0.31
%
4.50
%
4.49
%
0.83
%
89,461
0.21
%(6)
0.31
%
0.76
%
0.66
%
0.01
%
26,713
0.07
%(6)
0.31
%
0.01
%
(0.23
)%
1.73
%(3)
$47,692
0.35
%(4)(6)
0.36
%(4)
3.46
%(4)
3.45
%(4)
4.14
%
34,752
0.35
%(6)
0.36
%
4.08
%
4.07
%
5.10
%(5)
15,892
0.35
%(6)
0.36
%
4.97
%
4.96
%
4.56
%
8,553
0.35
%(6)
0.36
%
4.45
%
4.44
%
0.80
%
8,067
0.26
%(6)
0.36
%
0.71
%
0.61
%
0.01
%
3,294
0.07
%(6)
0.36
%
0.01
%
(0.28
)%
1.68
%(3)
$502,862
0.45
%(4)(6)
0.46
%(4)
3.36
%(4)
3.35
%(4)
4.03
%
412,496
0.45
%(6)
0.46
%
3.98
%
3.97
%
4.99
%(5)
409,801
0.45
%(6)
0.46
%
4.87
%
4.86
%
4.46
%
413,681
0.45
%(6)
0.46
%
4.35
%
4.34
%
0.74
%
479,272
0.29
%(6)
0.46
%
0.68
%
0.51
%
0.01
%
511,566
0.07
%(6)
0.46
%
0.01
%
(0.38
)%
1.56
%(3)
$4,598,177
0.70
%(4)(6)
0.71
%(4)
3.11
%(4)
3.10
%(4)
3.77
%
3,300,819
0.70
%(6)
0.71
%
3.73
%
3.72
%
4.73
%(5)
3,248,495
0.70
%(6)
0.71
%
4.62
%
4.61
%
4.20
%
2,342,820
0.70
%(6)
0.71
%
4.10
%
4.09
%
0.62
%
2,787,233
0.35
%(6)
0.71
%
0.62
%
0.26
%
0.01
%
2,998,738
0.07
%(6)
0.71
%
0.01
%
(0.63
)%
1.73
%(3)
$2,014
0.35
%(4)(6)
0.36
%(4)
3.46
%(4)
3.45
%(4)
4.14
%
2,007
0.35
%(6)
0.36
%
4.08
%
4.07
%
5.10
%(5)
3,443
0.35
%(6)
0.36
%
4.97
%
4.96
%
4.57
%
4,719
0.35
%(6)
0.36
%
4.45
%
4.44
%
0.80
%
4,800
0.23
%(6)
0.36
%
0.74
%
0.61
%
0.01
%
17,412
0.07
%(6)
0.36
%
0.01
%
(0.28
)%
1.41
%(3)
$58
1.00
%(4)(6)
1.01
%(4)
2.81
%(4)
2.80
%(4)
3.46
%
57
1.00
%(6)
1.01
%
3.43
%
3.42
%
4.42
%(5)
55
1.00
%(6)
1.01
%
4.32
%
4.31
%
3.89
%
53
1.00
%(6)
1.01
%
3.80
%
3.79
%
0.48
%
51
0.54
%(6)
1.01
%
0.43
%
(0.04
)%
0.01
%
51
0.07
%(6)
1.01
%
0.01
%
(0.93
)%
1.81
%(3)
$153,155
0.20
%(4)
0.21
%(4)
3.61
%(4)
3.60
%(4)
4.30
%
163,659
0.20
%
0.21
%
4.23
%
4.22
%
3.08
%(3)
42,266
0.20
%(4)
0.21
%(4)
5.12
%(4)
5.11
%(4)
1.80
%(3)
$51
0.22
%(4)(6)
0.23
%(4)
3.59
%(4)
3.58
%(4)
0.74
%(3)
50
0.22
%(4)(6)
0.23
%(4)
4.21
%(4)
4.20
%(4)
The accompanying notes are an integral part of the financial statements.
61

2026 Semi-Annual Report
April 30, 2026
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
Treasury Securities Portfolio:
Institutional Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
0.000
(2)
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.008
(1)
0.000
(2)
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Institutional Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.051
(1)
0.000
(2)
(0.051
)
1.000
Year Ended 10/31/23
1.000
0.045
(1)
0.000
(2)
(0.045
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.001
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Investor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.041
(1)
0.000
(2)
(0.041
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.001
(0.008
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Administrative Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.040
(1)
0.000
(2)
(0.040
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.000
(2)
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Advisory Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.016
(1)
$0.000
(2)
$(0.016
)
$1.000
Year Ended 10/31/25
1.000
0.039
(1)
0.000
(2)
(0.039
)
1.000
Year Ended 10/31/24
1.000
0.049
(1)
0.000
(2)
(0.049
)
1.000
Year Ended 10/31/23
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.000
(2)
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Participant Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.015
(1)
$0.000
(2)
$(0.015
)
$1.000
Year Ended 10/31/25
1.000
0.037
(1)
0.000
(2)
(0.037
)
1.000
Year Ended 10/31/24
1.000
0.046
(1)
0.000
(2)
(0.046
)
1.000
Year Ended 10/31/23
1.000
0.040
(1)
0.000
(2)
(0.040
)
1.000
Year Ended 10/31/22
1.000
0.005
(1)
0.000
(2)
(0.005
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.017
(1)
$0.000
(2)
$(0.017
)
$1.000
Year Ended 10/31/25
1.000
0.040
(1)
0.000
(2)
(0.040
)
1.000
Year Ended 10/31/24
1.000
0.050
(1)
0.000
(2)
(0.050
)
1.000
Year Ended 10/31/23
1.000
0.044
(1)
0.000
(2)
(0.044
)
1.000
Year Ended 10/31/22
1.000
0.007
(1)
0.000
(2)
(0.007
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.014
(1)
$0.000
(2)
$(0.014
)
$1.000
Year Ended 10/31/25
1.000
0.034
(1)
0.000
(2)
(0.034
)
1.000
Year Ended 10/31/24
1.000
0.043
(1)
0.000
(2)
(0.043
)
1.000
Year Ended 10/31/23
1.000
0.037
(1)
0.000
(2)
(0.037
)
1.000
Year Ended 10/31/22
1.000
0.004
(1)
0.000
(2)
(0.004
)
1.000
Year Ended 10/31/21
1.000
0.000
(1)(2)
0.000
(2)
(0.000
)(2)
1.000
Impact Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
For the Period Ended 10/31/24(8)
1.000
0.033
(1)
0.000
(2)
(0.033
)
1.000
Impact Partner Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
For the Period Ended 10/31/24(8)
1.000
0.033
(1)
0.000
(2)
(0.033
)
1.000
Advisor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
Year Ended 10/31/25
1.000
0.042
(1)
0.000
(2)
(0.042
)
1.000
For the Period Ended 10/31/24(15)
1.000
0.017
(1)
0.000
(2)
(0.017
)
1.000
Institutional Plus Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.018
(1)
$0.000
(2)
$(0.018
)
$1.000
For the Period Ended 10/31/25(13)
1.000
0.007
(1)
0.000
(2)
(0.007
)
1.000
DAP Class
For the Period Ended 04/30/26
(unaudited)(16)
$1.000
$0.008
(1)
$0.000
(2)
$(0.008
)
$1.000
62
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.80
%(3)
$62,898,919
0.20
%(4)
0.21
%(4)
3.60
%(4)
3.59
%(4)
4.25
%
56,202,440
0.20
%
0.21
%
4.18
%
4.17
%
5.26
%(5)
49,864,264
0.20
%
0.21
%
5.12
%
5.11
%
4.63
%
46,015,555
0.20
%
0.21
%
4.54
%
4.53
%
0.82
%
44,234,518
0.13
%
0.21
%
0.76
%
0.68
%
0.01
%
52,515,537
0.06
%
0.21
%
0.01
%
(0.14
)%
1.78
%(3)
$4,809
0.25
%(4)(6)
0.26
%(4)
3.55
%(4)
3.54
%(4)
4.20
%
8,706
0.25
%(6)
0.26
%
4.13
%
4.12
%
5.21
%(5)
5,744
0.25
%(6)
0.26
%
5.07
%
5.06
%
4.58
%
9,222
0.25
%(6)
0.26
%
4.49
%
4.48
%
0.79
%
25,769
0.16
%(6)
0.26
%
0.73
%
0.63
%
0.01
%
1,052,857
0.06
%(6)
0.26
%
0.01
%
(0.19
)%
1.75
%(3)
$115,447
0.30
%(4)(6)
0.31
%(4)
3.50
%(4)
3.49
%(4)
4.15
%
59,676
0.30
%(6)
0.31
%
4.08
%
4.07
%
5.15
%(5)
16,608
0.30
%(6)
0.31
%
5.02
%
5.01
%
4.53
%
8,795
0.30
%(6)
0.31
%
4.44
%
4.43
%
0.75
%
51
0.20
%(6)
0.31
%
0.69
%
0.58
%
0.01
%
51
0.06
%(6)
0.31
%
0.01
%
(0.24
)%
1.73
%(3)
$70,158
0.35
%(4)(6)
0.36
%(4)
3.45
%(4)
3.44
%(4)
4.10
%
105,923
0.35
%(6)
0.36
%
4.03
%
4.02
%
5.10
%(5)
114,583
0.35
%(6)
0.36
%
4.97
%
4.96
%
4.48
%
88,387
0.35
%(6)
0.36
%
4.39
%
4.38
%
0.72
%
16,684
0.22
%(6)
0.36
%
0.67
%
0.53
%
0.01
%
18,968
0.06
%(6)
0.36
%
0.01
%
(0.29
)%
1.68
%(3)
$16,629
0.45
%(4)(6)
0.46
%(4)
3.35
%(4)
3.34
%(4)
3.99
%
17,292
0.45
%(6)
0.46
%
3.93
%
3.92
%
5.00
%(5)
5,002
0.45
%(6)
0.46
%
4.87
%
4.86
%
4.37
%
102,764
0.45
%(6)
0.46
%
4.29
%
4.28
%
0.67
%
34,684
0.24
%(6)
0.46
%
0.65
%
0.43
%
0.01
%
38,959
0.06
%(6)
0.46
%
0.01
%
(0.39
)%
1.55
%(3)
$20,502
0.70
%(4)(6)
0.71
%(4)
3.10
%(4)
3.09
%(4)
3.73
%
23,659
0.70
%(6)
0.71
%
3.68
%
3.67
%
4.73
%(5)
26,788
0.70
%(6)
0.71
%
4.62
%
4.61
%
4.11
%
35,491
0.70
%(6)
0.71
%
4.04
%
4.03
%
0.54
%
285
0.42
%(6)
0.71
%
0.47
%
0.18
%
0.01
%
259
0.06
%(6)
0.71
%
0.01
%
(0.64
)%
1.72
%(3)
$5,948
0.35
%(4)(6)
0.36
%(4)
3.45
%(4)
3.44
%(4)
4.09
%
6,845
0.35
%(6)
0.36
%
4.03
%
4.02
%
5.10
%(5)
6,954
0.35
%(6)
0.36
%
4.97
%
4.96
%
4.47
%
7,380
0.35
%(6)
0.36
%
4.39
%
4.38
%
0.72
%
8,478
0.23
%(6)
0.36
%
0.66
%
0.53
%
0.01
%
9,921
0.06
%(6)
0.36
%
0.01
%
(0.29
)%
1.40
%(3)
$58
1.00
%(4)(6)
1.01
%(4)
2.80
%(4)
2.79
%(4)
3.42
%
57
1.00
%(6)
1.01
%
3.38
%
3.37
%
4.42
%(5)
55
1.00
%(6)
1.01
%
4.32
%
4.31
%
3.80
%
53
1.00
%(6)
1.01
%
3.74
%
3.73
%
0.42
%
51
0.53
%(6)
1.01
%
0.36
%
(0.12
)%
0.01
%
51
0.06
%(6)
1.01
%
0.01
%
(0.94
)%
1.80
%(3)
$50
0.20
%(4)
0.21
%(4)
3.60
%(4)
3.59
%(4)
4.26
%
50
0.20
%
0.21
%
4.18
%
4.17
%
3.40
%(3)
50
0.20
%(4)
0.21
%(4)
5.12
%(4)
5.11
%(4)
1.80
%(3)
$50
0.20
%(4)
0.21
%(4)
3.60
%(4)
3.59
%(4)
4.26
%
50
0.20
%
0.21
%
4.18
%
4.17
%
3.40
%(3)
50
0.20
%(4)
0.21
%(4)
5.12
%(4)
5.11
%(4)
1.80
%(3)
$50
0.20
%(4)
0.21
%(4)
3.60
%(4)
3.59
%(4)
4.26
%
50
0.20
%
0.21
%
4.18
%
4.17
%
1.75
%(3)
50
0.20
%(4)
0.21
%(4)
5.12
%(4)
5.11
%(4)
1.79
%(3)
$51
0.22
%(4)
0.23
%(4)
3.58
%(4)
3.57
%(4)
0.73
%(3)
50
0.22
%(4)
0.23
%(4)
4.16
%(4)
4.15
%(4)
0.82
%(3)
$50
0.20
%(4)
0.21
%(4)
3.53
%(4)
3.52
%(4)
The accompanying notes are an integral part of the financial statements.
63

2026 Semi-Annual Report
April 30, 2026
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
Tax-Exempt Portfolio:
Wealth Class*
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.011
(1)
$0.000
(2)
$(0.011
)
$1.000
Year Ended 10/31/25
1.000
0.027
(1)
0.000
(2)
(0.027
)
1.000
Year Ended 10/31/24
1.000
0.033
(1)
0.000
(2)
(0.033
)
1.000
Year Ended 10/31/23
1.0001
0.0291
(1)
0.0000
(2)
(0.0293
)
0.9999
Year Ended 10/31/22
1.0001
0.0076
(1)
(0.0014
)
(0.0062
)
1.0001
Year Ended 10/31/21
1.0001
0.0001
(1)(2)
0.0000
(2)
(0.0001
)(2)
1.0001
Wealth S Class**
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.011
(1)
$0.000
(2)
$(0.011
)
$1.000
Year Ended 10/31/25
1.000
0.026
(1)
0.000
(2)
(0.026
)
1.000
Year Ended 10/31/24
1.000
0.032
(1)
0.000
(2)
(0.032
)
1.000
Year Ended 10/31/23
1.0001
0.0286
(1)
0.0000
(2)
(0.0288
)
0.9999
Year Ended 10/31/22
1.0001
0.0072
(1)
(0.0014
)
(0.0058
)
1.0001
Year Ended 10/31/21
1.0001
0.0001
(1)(2)
0.0000
(2)
(0.0001
)(2)
1.0001
Cash Management Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.011
(1)
$0.000
(2)
$(0.011
)
$1.000
Year Ended 10/31/25
1.000
0.025
(1)
0.000
(2)
(0.025
)
1.000
Year Ended 10/31/24
1.000
0.031
(1)
0.000
(2)
(0.031
)
1.000
Year Ended 10/31/23
1.0001
0.0278
(1)
(0.0002
)(2)
(0.0278
)
0.9999
Year Ended 10/31/22
1.0001
0.0067
(1)
(0.0015
)
(0.0052
)
1.0001
Year Ended 10/31/21
1.0002
0.0001
(1)(2)
(0.0001
)(2)
(0.0001
)(2)
1.0001
Select Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.008
(1)
$0.000
(2)
$(0.008
)
$1.000
Year Ended 10/31/25
1.000
0.019
(1)
0.000
(2)
(0.019
)
1.000
For the Period Ended 10/31/24(17)
1.000
0.017
(1)
0.000
(2)
(0.017
)
1.000
Advisor Class
Six Months Ended 04/30/26 (unaudited)
$1.000
$0.011
(1)
$0.000
(2)
$(0.011
)
$1.000
Year Ended 10/31/25
1.000
0.027
(1)
0.000
(2)
(0.027
)
1.000
For the Period Ended 10/31/24(9)
1.000
0.020
(1)
0.000
(2)
(0.020
)
1.000
64
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
1.17
%(3)
$599,312
0.20
%(4)
0.31
%(4)
2.33
%(4)
2.22
%(4)
2.68
%
518,048
0.20
%
0.34
%
2.66
%
2.52
%
3.34
%(5)
464,486
0.20
%
0.32
%
3.26
%
3.14
%
2.95
%
473,740
0.18
%
0.32
%
2.91
%
2.77
%
0.61
%
464,221
0.13
%
0.39
%
0.76
%
0.50
%
0.01
%
247,727
0.08
%
0.34
%
0.01
%
(0.25
)%
1.15
%(3)
$56
0.25
%(4)(6)
0.36
%(4)
2.28
%(4)
2.17
%(4)
2.63
%
56
0.25
%(6)
0.39
%
2.61
%
2.47
%
3.29
%(5)
54
0.25
%(6)
0.37
%
3.21
%
3.09
%
2.89
%
53
0.23
%(6)
0.37
%
2.86
%
2.72
%
0.59
%
51
0.17
%(6)
0.44
%
0.72
%
0.45
%
0.01
%
51
0.08
%(6)
0.39
%
0.01
%
(0.30
)%
1.10
%(3)
$192
0.35
%(4)(6)
0.46
%(4)
2.18
%(4)
2.07
%(4)
2.53
%
190
0.35
%(6)
0.49
%
2.51
%
2.37
%
3.18
%(5)
186
0.35
%(6)
0.47
%
3.11
%
2.99
%
2.78
%
1,294
0.33
%(6)
0.47
%
2.76
%
2.62
%
0.52
%
3,447
0.22
%(6)
0.54
%
0.67
%
0.35
%
0.00
%(14)
4,670
0.08
%(6)
0.49
%
0.01
%
(0.40
)%
0.77
%(3)
$50
1.00
%(4)(6)
1.11
%(4)
1.53
%(4)
1.42
%(4)
1.86
%
50
1.00
%(6)
1.14
%
1.86
%
1.72
%
1.69
%(3)
50
1.00
%(4)(6)
1.12
%(4)
2.46
%(4)
2.34
%(4)
1.18
%(3)
$50
0.20
%(4)
0.31
%(4)
2.33
%(4)
2.22
%(4)
2.68
%
50
0.20
%
0.34
%
2.66
%
2.52
%
1.99
%(3)
50
0.20
%(4)
0.32
%(4)
3.26
%(4)
3.14
%(4)
The accompanying notes are an integral part of the financial statements.
65

2026 Semi-Annual Report
April 30, 2026
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
Stablecoin Reserves Portfolio:(18)
Institutional Class
For the Period Ended 04/30/26
(unaudited)
$1.000
$0.001
(1)
$0.000
(2)
$(0.001
)
$1.000
66
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026
Financial Highlights (cont'd)
Total
Return
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)
0.14
%(3)
$500
0.20
%(4)
107.63
%(4)
3.48
%(4)
(103.95
)%(4)
The accompanying notes are an integral part of the financial statements.
67

2026 Semi-Annual Report
April 30, 2026
Notes to Financial Highlights
+
Institutional Class was renamed Wealth Class for Money Market Portfolio effective January 23, 2023.
++
Institutional Select Class was renamed Wealth S Class for Money Market Portfolio effective January 23, 2023.
*
Institutional Class was renamed Wealth Class effective February 29, 2024.
**
Institutional Select Class was renamed Wealth S Class effective February 29, 2024.
(1)
Per share amount is based on average shares outstanding.
(2)
Amount is less than $0.0005 per share.
(3)
Not annualized.
(4)
Annualized.
(5)
Reflects prior period transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial to the total return.
(6)
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.
(7)
Commenced offering on January 23, 2023.
(8)
Commenced offering on March 5, 2024.
(9)
Commenced offering on March 27, 2024.
(10)
Commenced offering on October 4, 2022.
(11)
Commenced offering on March 29, 2022.
(12)
Commenced offering on May 4, 2021.
(13)
Commenced offering on August 26, 2025.
(14)
Amount is less than 0.005%.
(15)
Commenced offering on June 27, 2024.
(16)
Commenced offering on February 5, 2026.
(17)
Commenced offering on February 29, 2024.
(18)
For the period from April 16, 2026 (Commencement of Operations) to April 30, 2026.
68
The accompanying notes are an integral part of the financial statements.

2026 Semi-Annual Report
April 30, 2026 (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 eight separate, active, diversified portfolios (individually referred to as a “Fund”, collectively as the “Funds”). The Trust offers up to thirteen different classes of shares for certain Funds. Each Fund (except Stablecoin Reserves) offers the Investor Class, Administrative Class, Advisory Class, Participant Class and Cash Management Class; the Institutional Class is offered to Stablecoin Reserves; Institutional Class and Institutional Select Class are only offered to Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios; the Select Class is only offered to Money Market, Government, Treasury, Treasury Securities and Tax-Exempt Portfolios; the CastleOak Shares Class is only offered to Prime and Government Portfolios; the Impact Class is only offered to Prime, Government and Treasury Securities Portfolios; the Impact Partner Class is only offered to Money Market, Prime, Government and Treasury Securities Portfolios; the Advisor Class is only offered to Money Market, Government, Treasury, Treasury Securities and Tax-Exempt Portfolios; the Wealth Class (formerly Institutional Class) and Wealth S Class (formerly Institutional Select Class) are only offered to Money Market and Tax-Exempt Portfolios; the Institutional Plus Class is only offered to Government, Treasury and Treasury Securities Portfolios and the DAP class is only offered to Treasury Securities Portfolio. 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 Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of each Fund's Statements of Assets and Liabilities through the date that the financial statements were issued.
Prime Portfolio operates as an “institutional money market fund,” which requires this Fund to have a floating NAV, rounded to the fourth decimal place.
The Funds are not permitted to temporarily impose a redemption gate, except as part of their liquidation, and the Prime Portfolio may be subject to a mandatory liquidity fee of up to 5%. The Government Portfolio, Government Securities Portfolio, Treasury Portfolio, Treasury Securities Portfolio and Stablecoin Reserves Portfolio remain exempt from the Current Liquidity Fee Framework, but the Board of Trustees reserves its right to opt in to the Current Liquidity Fee Framework in the future after providing appropriate notice to shareholders.
The Securities and Exchange Commission ("SEC") adopted changes to the rules that govern SEC registered money market funds in July 2023 with phased compliance periods through October 2, 2024. These changes include, among other things: (1) allowing a money market fund's board or its delegate to charge discretionary liquidity fees when it determines such fee would be in the best interest of the fund; (2) removing a fund's ability to impose a temporary suspension of redemptions (except under extraordinary circumstances as part of a liquidation); and (3) substantially increasing the required minimum levels of liquid assets a fund must hold. These changes may affect the investment strategies, performance, yield, operating expenses, number of times a fund prices its shares and continued viability of a fund.
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) Money Market, Government, Government Securities, Treasury, Treasury Securities, Tax-Exempt and Stablecoin Reserves; 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) Prime; Portfolio securities are valued by an outside pricing service/vendor approved by the Trust’s Board of Trustees (the “Trustees”) at the bid price; and (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, 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 approved by and under the general supervision of the Trustees.
In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust’s Adviser as its valuation designee.
69

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
The valuation designee has responsibility for 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, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
2.Repurchase Agreements: Certain Funds may enter into repurchase agreements under which a Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank, as custodian for the Trust, takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Trust has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.
Certain Funds may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the Trust's custodian for investment companies advised by the Trust's Adviser. The Fund will participate on a pro-rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.
Certain Funds repurchase agreements are subject to Master Repurchase Agreements which are agreements between a Fund and its counterparties that typically include provisions which provide for the net settlement of all transac
tions and collateral with the Trust, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero. 
3.Fair Value Measurement: Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurement” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 Trust'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 each 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 measure
70

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
ment 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, 2026:
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
$
$189,001
$
$189,001
Commercial Paper
595,063
595,063
Corporate Bonds
220,556
220,556
Floating Rate
Notes
462,210
462,210
Repurchase
Agreements
2,046,000
2,046,000
Total Assets
$
$3,512,830
$
$3,512,830
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
$
$639,633
$
$639,633
Commercial
Paper
2,509,822
2,509,822
Corporate
Bonds
431,063
431,063
Floating Rate
Notes
2,002,988
2,002,988
Repurchase
Agreements
7,085,000
7,085,000
Total Assets
$
$12,668,506
$
$12,668,506
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
$
$116,873,544
$
$116,873,544
U.S. Agency
Securities
44,040,708
44,040,708
U.S. Treasury
Securities
50,881,247
50,881,247
Total Assets
$
$211,795,499
$
$211,795,499
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
$
$1,254,895
$
$1,254,895
U.S. Treasury
Securities
3,707,322
3,707,322
Total Assets
$
$4,962,217
$
$4,962,217
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
$
$21,693,387
$
$21,693,387
U.S. Treasury
Securities
12,085,966
12,085,966
Total Assets
$
$33,779,353
$
$33,779,353
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
$
$66,425,812
$
$66,425,812
Total Assets
$
$66,425,812
$
$66,425,812
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
$
$322,110
$
$322,110
Daily Variable Rate
Bonds
137,400
137,400
Commercial Paper
72,000
72,000
Municipal Bonds &
Notes
51,065
51,065
Closed-End
Investment
Companies
20,000
20,000
71

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
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)
Semi-Annual Variable
Rate Bond
$
$7,000
$
$7,000
Quarterly Variable
Rate Bond
5,375
5,375
Total Assets
$
$614,950
$
$614,950
Stablecoin Reserves 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
$
$350
$
$350
U.S. Treasury Securities
145
145
Total Assets
$
$495
$
$495
4.When-Issued/Delayed Delivery Securities: Certain Funds purchase and sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.
5.Indemnifications: The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
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.
8.Segment Reporting: Each Fund operates as a single reportable segment, an investment company whose investment objective is included at the beginning of the Notes to the Financial Statements. The Funds’ President acts as the Company’s Chief Operating Decision Maker (“CODM”), who is responsible for assessing the performance of each Fund’s single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in each Fund’s Financial Statements.
9.Offering Cost: Offering costs are accounted for as a deferred charge until operation begins and thereafter are amortized to expense over twelve months on a straight-line basis. 
B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Trust with advisory services under the terms of an Investment Advisory Agreement, paid monthly, at the annual rates of the average daily net assets indicated below:
Fund
Advisory Fees
Money Market
0.15
%
Prime
0.15
Government
0.15
Government Securities
0.15
Treasury
0.15
Treasury Securities
0.15
Tax-Exempt
0.15
Stablecoin Reserves
0.15
72

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
The Adviser has agreed to reduce its advisory fees, its administration fees and/or reimburse each Fund so that total annual operating expenses of each share class, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed the maximum expense ratios:
 
Maximum Expense Ratios
Class
Money
Market
Prime
Government
Government
Securities
Wealth/Institutional Class
0.20
%
0.20
%
0.15
%
0.20
%
Wealth S/Institutional Select Class
0.25
0.25
0.20
0.25
Investor Class
0.30
0.30
0.25
0.30
Administrative Class
0.35
0.35
0.30
0.35
Advisory Class
0.45
0.45
0.40
0.45
Participant Class
0.70
0.65
0.45
Cash Management Class
0.35
0.35
0.30
0.35
Select Class
1.00
0.95
CastleOak Shares Class
0.20
0.15
Impact Class
0.20
0.15
Impact Partner Class
0.20
0.20
0.15
Advisor Class
0.20
0.15
Institutional Plus Class
0.17
 
Maximum Expense Ratios
Class
Treasury
Treasury
Securities
Tax-Exempt
Stablecoin
Reserves
Wealth/Institutional Class
0.20
%
0.20
%
0.20
%
0.20
%*
Wealth S/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
1.00
Impact Class
0.20
Impact Partner Class
0.20
Advisor Class
0.20
0.20
0.20
Institutional Plus Class
0.22
0.22
DAP Class
0.20
+
+
Commenced offering on February 5, 2026.
*
Commenced offering on April 16, 2026.
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, 2026,
the Funds had advisory fees waived and/or certain expenses reimbursed as follows:
Fund
Advisory Fees
Waived and/or
Reimbursed
(000)
Money Market
$853
Prime
829
Government
54,961
Government Securities
1,183
Treasury
985
Treasury Securities
1,590
Tax-Exempt
318
Stablecoin Reserves
22
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 aver-age 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, 2026, the Fund had administration fees waived as follows:
Fund
Administration
Fees Waived
(000
)
Stablecoin Reserves
$
@
@
Amount is less than $500.
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 Wealth S Class/ Institutional Select Class, Investor Class, Administrative Class and Institutional Plus 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%, 0.15% and 0.02%, of the average daily net assets of each such class of shares, respectively, to compensate certain financial intermediaries who provide administrative services to shareholders.
73

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
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 from the date of the Funds’ prospectus, 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, 2026, this waiver amounted to approximately $2,961,000.
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 from the date of the Funds’ prospectus, 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, 2026, this waiver amounted to approximately $1,974,000.
The Distributor may also waive 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. This arrangement had no effect for the six months ended April 30, 2026.
E. Dividend Disbursing and Transfer/Co-Transfer
Agent: The Trust’s dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. (“SS&C GIDS, Inc.”). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. 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 from the Trust with respect to certain direct transactions with the Trust.
F. Custodian Fees: State Street (the “Custodian”) serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.
G. Federal Income Taxes: It is each Fund’s intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.
FASB ASC 740-10 “Income Taxes — Overall” sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in “Interest Expense” and penalties in “Other Expenses” in the Statements of Operations. The Funds file tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended October 31, 2025 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 2025 and 2024 was as follows:

 
2025 Distributions
Paid From:
2024 Distributions
Paid From:
Fund
Ordinary
Income
(000)
Tax-Exempt
Income
(000)
Ordinary
Income
(000)
Tax-Exempt
Income
(000)
Money Market
$153,358
$
$128,861
$
Prime
571,205
852,411
Government
7,443,304
7,373,470
Government Securities
211,378
260,328
Treasury
1,362,522
1,492,918
Treasury Securities
2,298,476
2,436,443
Tax-Exempt
24
13,380
353
14,607
 
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.
74

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
Temporary differences are primarily due to differing book and tax treatments in the timing of the recognition of distribution payable and/or deferred compensation.
The Funds had no permanent differences causing reclassifications among the components of net assets for the year ended October 31, 2025.
At October 31, 2025, the components of distributable earnings for the Fund on a tax basis were as follows:
Fund
Undistributed
Ordinary
Income
(000)
Undistributed
Long-Term
Capital Gain
(000)
Money Market
$879
$
Prime
15,159
Government
315,871
Government Securities
1,895
Treasury
56,998
Treasury Securities
52,350
Tax-Exempt
At October 31, 2025, 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)
Money Market
$1,077
$
Prime
15,702
Government
33,225
Government Securities
1,510
Treasury
9,662
Treasury Securities
10,262
25
Tax-Exempt
4
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, 2025, the following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:
Fund
Capital Loss
Carryforward
Utilized
(000)
Money Market
$42
Prime
563
Government
3,718
Government Securities
308
Treasury
526
Treasury Securities
2,081
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”). As a result of a change in the Rule 2a-5 under the Act, which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Funds’ Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5.
For the six months ended April 30, 2026, the Funds did not engage in any cross-trade transactions.
Each Trustee receives an annual retainer fee for serving as a Trustee of the Morgan Stanley Funds. The aggregate compensation paid to each Trustee is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The funds also reimburse such Trustees for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.
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. Credit Facility: The Trust (excluding Stablecoin Reserves) and other Morgan Stanley funds participated in a $250,000,000 committed, unsecured revolving line of credit facility (the “Facility”) with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended April 30, 2026, the Funds did not have any borrowings under the Facility.
J. Other: At April 30, 2026, certain Funds had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on
75

2026 Semi-Annual Report
April 30, 2026 (unaudited)
Notes to Financial Statements (cont'd)
these Funds. These Funds and the aggregate percentage of such owners were as follows:
Fund
Percent of
Ownership
Money Market
96.7
%
Prime
52.6
Government
38.7
Government Securities
93.7
Treasury
82.2
Treasury Securities
76.2
Tax-Exempt
89.2
K. Market and Geopolitical Risk: The value of an investment in each Fund is based on the values of the Fund’s investments, which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity of a Fund’s investments, which may in turn impact a Fund’s ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of a Fund’s investments, adversely affect and increase the volatility of a Fund’s share price and exacerbate preexisting risks to a Fund. The frequency and magnitude of resulting changes in the value of a Fund’s investments cannot be predicted.
76


Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036
© 2026 Morgan Stanley. Morgan Stanley Distribution, Inc.
MSILF-NCSR 4.30.2026

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

 

Not applicable.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies

 

Not applicable.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

 

Not applicable.

 

 

 

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not applicable.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Not applicable.

 

Item 15. 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 16. Controls and Procedures

 

(a)It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

(b)There have been no changes in the registrant’s internal controls over financial reporting 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.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation

 

Not applicable.

 

Item 19. Exhibits

 

(a)(1) Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i) Principal Financial Officer’s Section 302 certification.
(a)(2)(ii) Principal Executive Officer’s Section 302 certification.
(b) Combined 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

 

By: /s/ John H. Gernon  
  John H. Gernon  
  Principal Executive Officer  
     
Date: June 18, 2026  

 

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

 

By: /s/ James F. Kirchner  
  James F. Kirchner  
  Principal Financial Officer  
     
Date: June 18, 2026  
     
By: /s/ John H. Gernon  
  John H. Gernon  
  Principal Executive Officer  
     
Date: June 18, 2026  

 

 

 


ATTACHMENTS / EXHIBITS

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