# EDGAR Filing Document

**Accession Number:** 0001227155
**File Stem:** 0001104659-26-078580
**Filing Date:** 2026-6
**Character Count:** 582683
**Document Hash:** fb15cf27dd90a7c55f31a683aa2cfc89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-078580.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001104659-26-078580

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS
- **CENTRAL INDEX KEY:** 0001227155

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21339
- **FILM NUMBER:** 261131585

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Government Portfolio (Series ID: S000004148)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011654 | Administrative Class       | MGOXX           |
| C000011655 | Advisory Class             | MAYXX           |
| C000011656 | Institutional Class        | MVRXX           |
| C000011657 | Investor Class             | MVVXX           |
| C000011658 | Participant Class          | MPCXX           |
| C000011659 | Institutional Select Class | MGSXX           |
| C000017907 | Cash Management Class      | MSGXX           |
| C000167931 | Select Class               | MSDXX           |
| C000227505 | CastleOak Share Class      | COSXX           |
| C000234745 | Impact Class               | IMPXX           |
| C000248673 | Impact Partner Class       | IPGXX           |
| C000248991 | Advisor Class              | MALXX           |
| C000263898 | Institutional Plus Class   | MPXXX           |

### Government Securities Portfolio (Series ID: S000004149)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011660 | Administrative Class       | MGAXX           |
| C000011661 | Advisory Class             | MVAXX           |
| C000011662 | Institutional Class        | MUIXX           |
| C000011663 | Investor Class             | MVIXX           |
| C000011664 | Participant Class          | MGPXX           |
| C000011665 | Institutional Select Class | MSVXX           |
| C000017908 | Cash Management Class      | MCHXX           |

### Money Market Portfolio (Series ID: S000004150)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011667 | Advisory Class        | MBDXX           |
| C000011668 | Wealth Class          | MWMXX           |
| C000011670 | Participant Class     | MEPXX           |
| C000011671 | Wealth S Class        | MWSXX           |
| C000017909 | Cash Management Class | MLKXX           |
| C000240958 | Select Class          | MSKXX           |
| C000248681 | Impact Partner Class  | IPFXX           |
| C000248992 | Advisor Class         | MAPXX           |

### Prime Portfolio (Series ID: S000004151)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011673 | Advisory Class             | MAVXX           |
| C000011674 | Institutional Class        | MPFXX           |
| C000011677 | Institutional Select Class | MPEXX           |
| C000017910 | Cash Management Class      | MSPXX           |
| C000234746 | Impact Class               | IMTXX           |
| C000238341 | CastleOak Share Class      | CASXX           |
| C000248674 | Impact Partner Class       | IPYXX           |

### Tax-Exempt Portfolio (Series ID: S000004152)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000017911 | Cash Management Class | TECXX           |
| C000248682 | Wealth Class          | TEWXX           |
| C000248683 | Select Class          | TSXXX           |
| C000248684 | Wealth S Class        | TWSXX           |
| C000248993 | Advisor Class         | MAXXX           |

### Treasury Portfolio (Series ID: S000004153)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011684 | Administrative Class       | MTTXX           |
| C000011685 | Advisory Class             | MAOXX           |
| C000011686 | Institutional Class        | MISXX           |
| C000011687 | Investor Class             | MTNXX           |
| C000011688 | Participant Class          | MTCXX           |
| C000011689 | Institutional Select Class | MTSXX           |
| C000017912 | Cash Management Class      | MREXX           |
| C000167932 | Select Class               | MSTXX           |
| C000248994 | Advisor Class              | MATXX           |
| C000263899 | Institutional Plus Class   | MRXXX           |

### Treasury Securities Portfolio (Series ID: S000004154)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011690 | Administrative Class       | MAMXX           |
| C000011691 | Advisory Class             | MVYXX           |
| C000011692 | Institutional Class        | MSUXX           |
| C000011693 | Investor Class             | MNVXX           |
| C000011694 | Participant Class          | MPRXX           |
| C000011695 | Institutional Select Class | MSSXX           |
| C000017913 | Cash Management Class      | MHSXX           |
| C000167933 | Select Class               | MSEXX           |
| C000248675 | Impact Class               | IMXXX           |
| C000248676 | Impact Partner Class       | IPUXX           |
| C000251131 | Advisor Class              | MAZXX           |
| C000263900 | Institutional Plus Class   | MSXXX           |
| C000271635 | DAP Class                  | MDPXX           |

### Stablecoin Reserves Portfolio (Series ID: S000101661)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000271879 | Institutional Class |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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

**<u>Morgan Stanley Institutional Liquidity Funds</u>**

(Exact Name of Registrant as Specified in Charter)

<u>1585 Broadway, New York, New York 10036</u>

(Address of Principal Executive Offices)

Deidre E. Walsh

<u>One Post Office Square, Boston, Massachusetts 02109</u>

(Name and Address of Agent for Services)

<u>(617) 482-8260</u>

(Registrant's Telephone Number)

<u>October 31</u>

Date of Fiscal Year End

<u>April 30, 2026</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Institutional Liquidity Funds - Stablecoin Reserves Portfolio](#classnamef5ccbbda-c2f9-47d9-a120-361afb6f44e8)<br> **[Institutional Class - MSNXX](#classnamef5ccbbda-c2f9-47d9-a120-361afb6f44e8)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamefac0ae8a-975c-45a6-9fb3-eaa42a4f182e)<br> **[Administrative Class - MGOXX](#classnamefac0ae8a-975c-45a6-9fb3-eaa42a4f182e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname0ed42774-e721-4f06-91e0-f68c64e824cb)<br> **[Advisor Class - MALXX](#classname0ed42774-e721-4f06-91e0-f68c64e824cb)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname57a15abc-13e0-425b-9c05-b4830f64db55)<br> **[Advisory Class - MAYXX](#classname57a15abc-13e0-425b-9c05-b4830f64db55)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname75ab1f1c-41ba-4654-9894-739528b7c213)<br> **[Cash Management Class - MSGXX](#classname75ab1f1c-41ba-4654-9894-739528b7c213)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamecbd62af4-aeb0-45a6-b0d4-548e2a1a4dc7)<br> **[CastleOak Shares Class - COSXX](#classnamecbd62af4-aeb0-45a6-b0d4-548e2a1a4dc7)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnameadde3adb-a798-44cd-8c3c-75f9d8b818a0)<br> **[Impact Class - IMPXX](#classnameadde3adb-a798-44cd-8c3c-75f9d8b818a0)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamecf535543-2c22-432b-a2c3-4c80cc00e16d)<br> **[Impact Partner Class - IPGXX](#classnamecf535543-2c22-432b-a2c3-4c80cc00e16d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname8da44f7b-ddde-45e4-af40-abfdf84c18d2)<br> **[Institutional Class - MVRXX](#classname8da44f7b-ddde-45e4-af40-abfdf84c18d2)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamec9100071-2d5d-4b24-b58c-72fffa320a4f)<br> **[Institutional Plus Class - MPXXX](#classnamec9100071-2d5d-4b24-b58c-72fffa320a4f)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname845ba2ee-71e8-4a61-9072-acce0e4d1092)<br> **[Institutional Select Class - MGSXX](#classname845ba2ee-71e8-4a61-9072-acce0e4d1092)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamec2ab6015-f3d3-4d00-a1e2-eab094ca402c)<br> **[Investor Class - MVVXX](#classnamec2ab6015-f3d3-4d00-a1e2-eab094ca402c)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnameb8f50ae8-b121-4c32-a8eb-f4f79e3a937b)<br> **[Participant Class - MPCXX](#classnameb8f50ae8-b121-4c32-a8eb-f4f79e3a937b)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname0739b872-eb78-40b5-9623-5a51b1534e4c)<br> **[Select Class - MSDXX](#classname0739b872-eb78-40b5-9623-5a51b1534e4c)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname2f7b8b1e-a34b-432e-b9ec-ec8bf3a0c680)<br> **[Administrative Class - MGAXX](#classname2f7b8b1e-a34b-432e-b9ec-ec8bf3a0c680)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnameac2bf9fd-6a6f-461b-a1ed-229da2be77b4)<br> **[Advisory Class - MVAXX](#classnameac2bf9fd-6a6f-461b-a1ed-229da2be77b4)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnamea4965f33-353b-461c-9b0d-977edb5edbdc)<br> **[Cash Management Class - MCHXX](#classnamea4965f33-353b-461c-9b0d-977edb5edbdc)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname8d4fb753-3b1b-4700-a2e4-722e88e6d676)<br> **[Institutional Class - MUIXX](#classname8d4fb753-3b1b-4700-a2e4-722e88e6d676)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnamefed31faa-10a7-4335-ae63-71d8f522630a)<br> **[Institutional Select Class - MSVXX](#classnamefed31faa-10a7-4335-ae63-71d8f522630a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname5eabd5b4-9ba6-41fe-9a53-567467c2d901)<br> **[Investor Class - MVIXX](#classname5eabd5b4-9ba6-41fe-9a53-567467c2d901)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname96327c32-b1b5-4095-b3aa-27e7e1188a99)<br> **[Participant Class - MGPXX](#classname96327c32-b1b5-4095-b3aa-27e7e1188a99)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnamed30c5966-5cb8-4444-875a-11ad28546856)<br> **[Advisor Class - MAPXX](#classnamed30c5966-5cb8-4444-875a-11ad28546856)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnameb7082983-7586-4e79-9cb0-440f9f0bba06)<br> **[Advisory Class - MBDXX](#classnameb7082983-7586-4e79-9cb0-440f9f0bba06)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnamef42ee4ec-f75c-4198-98bd-bee87e74674d)<br> **[Cash Management Class - MLKXX](#classnamef42ee4ec-f75c-4198-98bd-bee87e74674d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname79d370f0-1748-4c03-8777-b1af34183971)<br> **[Impact Partner Class - IPFXX](#classname79d370f0-1748-4c03-8777-b1af34183971)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnamed4ad9973-b23f-4aeb-aad3-e6d197ddee77)<br> **[Participant Class - MEPXX](#classnamed4ad9973-b23f-4aeb-aad3-e6d197ddee77)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnamec9ad286f-7d5d-428d-a5f8-613b5c9eaa91)<br> **[Select Class - MSKXX](#classnamec9ad286f-7d5d-428d-a5f8-613b5c9eaa91)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname6839eb41-e2d2-4edc-999e-e833007e6922)<br> **[Wealth Class - MWMXX](#classname6839eb41-e2d2-4edc-999e-e833007e6922)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname3a2f5c50-1976-45b7-a7d6-ed973aeca0f8)<br> **[Wealth S Class - MWSXX](#classname3a2f5c50-1976-45b7-a7d6-ed973aeca0f8)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnamee94ea814-dce0-4b00-88e7-6d9157da962e)<br> **[Advisory Class - MAVXX](#classnamee94ea814-dce0-4b00-88e7-6d9157da962e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname926801e9-7f37-4fcc-a546-962dd35c70e2)<br> **[Cash Management Class - MSPXX](#classname926801e9-7f37-4fcc-a546-962dd35c70e2)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname989fc0cc-78e0-454e-937d-2ac121cdbe7a)<br> **[CastleOak Shares Class - CASXX](#classname989fc0cc-78e0-454e-937d-2ac121cdbe7a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname3f4f7340-5737-46eb-86fa-bb5e10d7d77d)<br> **[Impact Class - IMTXX](#classname3f4f7340-5737-46eb-86fa-bb5e10d7d77d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname7fabb05d-934a-4b42-982a-5e2d6620e24e)<br> **[Impact Partner Class - IPYXX](#classname7fabb05d-934a-4b42-982a-5e2d6620e24e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname0ca306b4-43c0-444c-8ad4-d9d21972a230)<br> **[Institutional Class - MPFXX](#classname0ca306b4-43c0-444c-8ad4-d9d21972a230)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnamed86faf93-f022-4c52-aaf0-2cf87e97790b)<br> **[Institutional Select Class - MPEXX](#classnamed86faf93-f022-4c52-aaf0-2cf87e97790b)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname47acc789-812d-471b-b068-7c8458dae71e)<br> **[Advisor Class - MAXXX](#classname47acc789-812d-471b-b068-7c8458dae71e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname008494ef-b3de-4985-8d50-7f44ffed1801)<br> **[Cash Management Class - TECXX](#classname008494ef-b3de-4985-8d50-7f44ffed1801)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname9e748fa4-93d1-4f38-8361-56d95e2e20fc)<br> **[Select Class - TSXXX](#classname9e748fa4-93d1-4f38-8361-56d95e2e20fc)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classnamea083cf0c-9a96-4154-87b7-95b465354910)<br> **[Wealth Class - TEWXX](#classnamea083cf0c-9a96-4154-87b7-95b465354910)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classnameda669bf9-9958-4c50-8d71-1663f608ac1f)<br> **[Wealth S Class - TWSXX](#classnameda669bf9-9958-4c50-8d71-1663f608ac1f)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname19935fd2-34cd-4c52-ac90-e5b5568cb0ef)<br> **[Administrative Class - MTTXX](#classname19935fd2-34cd-4c52-ac90-e5b5568cb0ef)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname2a6a69a3-6012-4a2e-9a90-c25dde7fc676)<br> **[Advisor Class - MATXX](#classname2a6a69a3-6012-4a2e-9a90-c25dde7fc676)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname6b077728-93e6-406c-8866-ce45065132dd)<br> **[Advisory Class - MAOXX](#classname6b077728-93e6-406c-8866-ce45065132dd)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname1dc1d255-1177-4096-8c73-fb64dbd4eed8)<br> **[Cash Management Class - MREXX](#classname1dc1d255-1177-4096-8c73-fb64dbd4eed8)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname07bdb617-9b56-49d9-9fbb-79c46d03a9c0)<br> **[Institutional Class - MISXX](#classname07bdb617-9b56-49d9-9fbb-79c46d03a9c0)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classnameb6c3b531-3803-42f1-8691-cb000ca47847)<br> **[Institutional Plus Class - MRXXX](#classnameb6c3b531-3803-42f1-8691-cb000ca47847)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname099a2f11-0ac3-47b5-a9c0-5cad7ede8bc9)<br> **[Institutional Select Class - MTSXX](#classname099a2f11-0ac3-47b5-a9c0-5cad7ede8bc9)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname81a5dfbf-6c16-40cf-81a2-91cf489376ba)<br> **[Investor Class - MTNXX](#classname81a5dfbf-6c16-40cf-81a2-91cf489376ba)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classnamec410a268-463c-4a63-b95e-3c4c4bcfd177)<br> **[Participant Class - MTCXX](#classnamec410a268-463c-4a63-b95e-3c4c4bcfd177)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname0ea81754-cd4c-45c1-ad69-12096e84eb91)<br> **[Select Class - MSTXX](#classname0ea81754-cd4c-45c1-ad69-12096e84eb91)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname3bb8f7db-18c1-42f8-bb66-355905e71aab)<br> **[Administrative Class - MAMXX](#classname3bb8f7db-18c1-42f8-bb66-355905e71aab)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname9cddc1f9-a5d7-4e2a-bba1-58c1f681cd1e)<br> **[Advisor Class - MAZXX](#classname9cddc1f9-a5d7-4e2a-bba1-58c1f681cd1e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname1cf3e5db-a8c5-49d1-84fb-2294667d2c2c)<br> **[Advisory Class - MVYXX](#classname1cf3e5db-a8c5-49d1-84fb-2294667d2c2c)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname550e9fd1-6c0a-4231-a8b3-736a9bca8535)<br> **[Cash Management Class - MHSXX](#classname550e9fd1-6c0a-4231-a8b3-736a9bca8535)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname6f5d0cc3-cf32-4dca-8f87-8e0511c95184)<br> **[DAP Class - MDPXX](#classname6f5d0cc3-cf32-4dca-8f87-8e0511c95184)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname21859e77-98fd-4daf-b2c3-648fbf97d7a7)<br> **[Impact Class - IMXXX](#classname21859e77-98fd-4daf-b2c3-648fbf97d7a7)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnameb8199807-d0b6-4810-b0ed-9a8e47ad8e4a)<br> **[Impact Partner Class - IPUXX](#classnameb8199807-d0b6-4810-b0ed-9a8e47ad8e4a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname458746f5-f9d1-4dad-acf1-626f6bfbde03)<br> **[Institutional Class - MSUXX](#classname458746f5-f9d1-4dad-acf1-626f6bfbde03)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname320b6f04-3912-4ba1-a912-45fd7ff512c9)<br> **[Institutional Plus Class - MSXXX](#classname320b6f04-3912-4ba1-a912-45fd7ff512c9)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname2a12d294-534f-430f-ad00-b32427547c3b)<br> **[Institutional Select Class - MSSXX](#classname2a12d294-534f-430f-ad00-b32427547c3b)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamea5a36ce5-7550-4df3-8d24-f88e3cc8cdd7)<br> **[Investor Class - MNVXX](#classnamea5a36ce5-7550-4df3-8d24-f88e3cc8cdd7)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamed9257054-b1c7-49c9-95b0-a410dc1442d0)<br> **[Participant Class - MPRXX](#classnamed9257054-b1c7-49c9-95b0-a410dc1442d0)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname6ef5d299-ccb7-431e-99f0-18a57838d3ff)<br> **[Select Class - MSEXX](#classname6ef5d299-ccb7-431e-99f0-18a57838d3ff)**  |

---

# Morgan Stanley Institutional Liquidity Funds - Stablecoin Reserves Portfolio

#### Institutional Class MSNXX
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference1</sup>** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $1 | 0.20%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $500001 |
| # 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](tm2618456d1_ncsrsimg017.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 29.3% |
| Repurchase Agreements | 70.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisory Class | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CastleOak Shares Class | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Class | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Partner Class | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus Class | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Select Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Participant Class | $32 | 0.65%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Class | $47 | 0.95%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $221539446601 |
| # 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](tm2618456d1_ncsrsimg009.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 20.8% |
| U.S. Treasury Securities | 24.0% |
| Repurchase Agreements | 55.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisory Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Select Class | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Participant Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5111385829 |
| # 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](tm2618456d1_ncsrsimg018.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 25.3% |
| U.S. Treasury Securities | 74.7% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisory Class | $22 | 0.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $17 | 0.33%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Partner Class | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Participant Class | $34 | 0.68%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Class | $49 | 0.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth Class | $9 | 0.18%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth S Class | $12 | 0.23%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3619630647 |
| # 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](tm2618456d1_ncsrsimg008.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg010.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisory Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| CastleOak Shares Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Partner Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Select Class | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13277281686 |
| # 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](tm2618456d1_ncsrsimg003.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg006.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $599659759 |
| # 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](tm2618456d1_ncsrsimg007.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg016.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $17 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $599659759 |
| # 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](tm2618456d1_ncsrsimg007.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg016.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Class | $50 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $599659759 |
| # 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](tm2618456d1_ncsrsimg007.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg016.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $599659759 |
| # 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](tm2618456d1_ncsrsimg007.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg016.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wealth S Class | $12 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $599659759 |
| # 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](tm2618456d1_ncsrsimg007.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg016.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisory Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus Class | $11 | 0.22%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Select Class | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Participant Class | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Class | $50 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34168353524 |
| # 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](tm2618456d1_ncsrsimg013.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 35.8% |
| Repurchase Agreements | 64.2% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisory Class | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Cash Management Class | $18 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference1</sup>** | **Costs paid as a percentage of a $10,000 investment** |
| DAP Class | $5 | 0.20%<sup>Footnote Reference2</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Impact Partner Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $10 | 0.20%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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
![Image](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Plus Class | $11 | 0.22%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Select Class | $13 | 0.25%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $15 | 0.30%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Participant Class | $35 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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](tm2618456d1_ncsrsimg015.jpg)

#### 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Select Class | $50 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $63132721189 |
| # 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](tm2618456d1_ncsrsimg011.jpg)

---

| | |
|:---|:---|
| **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](tm2618456d1_ncsrsimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 100.0% |

---

## Additional Information
![QR Code](tm2618456d1_ncsrsimg005.jpg)

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**

![](tm2618456d1sari001.gif)

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

![](tm2618456d1sari002.gif)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**2026 Semi-Annual Report**

------

April 30, 2026 (unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| [Items 6 and 7 of Form N-CSR:](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_FC-CommonContentText-470_1tm2618456d1_sar)  |  |
| [Portfolio of Investments:](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_1tm2618456d1_sar) |  |
| [Money Market Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_1tm2618456d1_sar) | 2 |
| [Prime Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_5tm2618456d1_sar) | 6 |
| [Government Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_10tm2618456d1_sar) | 11 |
| [Government Securities Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_20tm2618456d1_sar) | 21 |
| [Treasury Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_22tm2618456d1_sar) | 23 |
| [Treasury Securities Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_26tm2618456d1_sar) | 27 |
| [Tax-Exempt Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_27tm2618456d1_sar) | 28 |
| [Stablecoin Reserves Portfolio](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_IOPOI-CommonContentText-470_31tm2618456d1_sar) | 32 |
| [Statements of Assets and Liabilities](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_FS-CommonContentText-470_1tm2618456d1_sar) | 33 |
| [Statements of Operations](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_FS-CommonContentText-470_7tm2618456d1_sar) | 39 |
| [Statements of Changes in Net Assets](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_FS-CommonContentText-470_9tm2618456d1_sar) | 41 |
| [Financial Highlights](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_FIHI-CommonContentText_1tm2618456d1_sar) | 52 |
| [Notes to Financial Statements](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_NTF-CommonContentText-470_1tm2618456d1_sar) | 69 |
| [Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.](#xx_544f0f22-266c-4ec7-8949-674f1df6a6a1_NTF-CommonContentText-470_1tm2618456d1_sar) |  |

---

***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.***

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**Money Market Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| Certificates of Deposit (5.2%) |  |  |
| Domestic Banks (2.1%) | Domestic Banks (2.1%) | Domestic Banks (2.1%) |
| Bank of America NA, |  |  |
| 3.83%, 4/5/27 | $15000 | $15000 |
| 4.34%, 7/8/26 | 25000 | 25000 |
| Goldman Sachs Bank USA |  |  |
| 3.95%, 9/25/26 | 25000 | 25000 |
| Wells Fargo Bank NA |  |  |
| 3.76%, 11/19/26 | 10000 | 10000 |
|  |  | 75000 |
| International Banks (3.1%) | International Banks (3.1%) | International Banks (3.1%) |
| Banco Santander SA |  |  |
| 4.03%, 10/7/26 - 10/8/26 | 30000 | 30000 |
| Bayerische Landesbank, |  |  |
| 3.76%, 6/9/26 | 5000 | 5000 |
| 3.79%, 9/16/26 | 10000 | 10000 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.74%, 3/8/27 | 19000 | 19000 |
| Credit Industriel ET Commercial SA |  |  |
| 3.80%, 11/18/26 | 20000 | 20000 |
| Svenska Handelsbanken AB |  |  |
| 3.86%, 12/9/26 | 30000 | 30001 |
|  |  | 114001 |
| **Total Certificates of Deposit (Cost $189,001)** | **Total Certificates of Deposit (Cost $189,001)** | 189001 |
| Commercial Paper (a) (16.4%) |  |  |
| Asset-Backed Diversified Financial Services (0.1%) | Asset-Backed Diversified Financial Services (0.1%) | Asset-Backed Diversified Financial Services (0.1%) |
| Podium Funding Trust |  |  |
| 4.20%, 5/21/26 | 5000 | 4989 |
| Automobiles (3.0%) | Automobiles (3.0%) | Automobiles (3.0%) |
| Toyota Credit Canada, Inc., |  |  |
| 3.93%, 10/21/26 (b) | 11000 | 10798 |
| 4.08%, 6/3/26 | 3000 | 2989 |
| Toyota Credit de Puerto Rico Corp., |  |  |
| 3.82%, 11/9/26 | 10000 | 9801 |
| 3.91%, 9/8/26 - 10/19/26 (b) | 6000 | 5900 |
| 3.95%, 8/28/26 | 10000 | 9873 |
| 4.03%, 1/12/27 | 4000 | 3889 |
| 4.04%, 8/18/26 | 5000 | 4941 |
| 4.10%, 1/19/27 | 5000 | 4854 |
| 4.12%, 6/1/26 - 6/22/26 | 35000 | 34810 |
| Toyota Motor Credit Corp., |  |  |
| 3.93%, 10/5/26 | 10000 | 9832 |
| 4.00%, 6/29/26 | 10000 | 9936 |
|  |  | 107623 |
| Chemicals (0.4%) | Chemicals (0.4%) | Chemicals (0.4%) |
| Air Liquide U.S. LLC |  |  |
| 3.93%, 10/19/26 | 15000 | 14726 |
| Diversified Financial Services (2.5%) | Diversified Financial Services (2.5%) | Diversified Financial Services (2.5%) |
| CDP Financial, Inc., |  |  |
| 3.83%, 12/1/26 | 30000 | 29342 |
| 4.20%, 3/24/27 - 3/25/27 | 6000 | 5780 |
| 4.29%, 7/6/26 | 25000 | 24812 |
| 4.39%, 6/10/26 | 6000 | 5972 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Zephyr Financiere, Inc. |  |  |
| 4.10%, 4/28/27 (b) | 25000 | $24009 |
|  |  | 89915 |
| Domestic Banks (0.9%) | Domestic Banks (0.9%) | Domestic Banks (0.9%) |
| ABN Amro Funding USA LLC |  |  |
| 0.00%, 9/21/26 | 10000 | 9846 |
| Bank of America Securities, Inc., |  |  |
| 3.90%, 12/2/26 | 8000 | 7821 |
| 3.96%, 3/11/27 | 15000 | 14502 |
|  |  | 32169 |
| Finance (2.0%) | Finance (2.0%) | Finance (2.0%) |
| Barclays Capital, Inc., |  |  |
| 3.81%, 8/19/26 (b) | 5000 | 4943 |
| 3.98%, 6/12/26 | 15000 | 14932 |
| 4.00%, 6/18/26 | 25000 | 24869 |
| 4.06%, 10/8/26 (b) | 20000 | 19646 |
| Citigroup Global Markets, Inc. |  |  |
| 4.03%, 1/4/27 (b) | 10000 | 9730 |
|  |  | 74120 |
| International Banks (7.5%) | International Banks (7.5%) | International Banks (7.5%) |
| ANZ New Zealand International Ltd. |  |  |
| 3.94%, 9/28/26 | 15000 | 14758 |
| Bank of New Zealand |  |  |
| 3.89%, 9/17/26 | 5000 | 4927 |
| Barclays Bank PLC |  |  |
| 3.79%, 8/14/26 (b) | 5000 | 4946 |
| Bayerische Landesbank, |  |  |
| 4.00%, 8/18/26 | 16000 | 15812 |
| 4.04%, 7/2/26 | 10000 | 9933 |
| DNB Bank ASA |  |  |
| 4.21%, 5/22/26 | 12000 | 11971 |
| Lloyds Bank PLC, |  |  |
| 4.01%, 7/7/26 | 10000 | 9928 |
| 4.02%, 10/8/26 | 15000 | 14737 |
| Norddeutsche Landesbank |  |  |
| 4.00%, 10/15/26 (b) | 13000 | 12764 |
| Royal Bank of Canada, |  |  |
| 4.19%, 3/19/27 | 20000 | 19281 |
| 4.20%, 3/23/27 | 5000 | 4818 |
| Suncorp Bank Norfina Ltd., |  |  |
| 3.80%, 8/19/26 | 25000 | 24715 |
| 3.83%, 7/15/26 | 10000 | 9922 |
| 3.94%, 8/12/26 | 5000 | 4945 |
| 4.13%, 9/22/26 | 10000 | 9838 |
| 4.30%, 5/5/26 | 10000 | 9995 |
| Svenska Handelsbanken AB |  |  |
| 3.84%, 12/1/26 (b) | 45000 | 44010 |
| Swedbank AB |  |  |
| 4.22%, 5/22/26 | 25000 | 24940 |
| Westpac Banking Corp. |  |  |
| 4.19%, 3/19/27 | 20000 | 19281 |
|  |  | 271521 |
| **Total Commercial Paper (Cost $595,063)** | **Total Commercial Paper (Cost $595,063)** | 595063 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Corporate Bonds (6.1%) |  |  |
| Automobiles (0.4%) |  |  |
| BMW U.S. Capital LLC |  |  |
| 4.65%, 8/13/26 (b) | $8500 | $8517 |
| Toyota Motor Credit Corp. |  |  |
| 3.05%, 3/22/27 | 6075 | 6014 |
|  |  | 14531 |
| Consumer, Non-Cyclical (0.1%) |  |  |
| PepsiCo, Inc. |  |  |
| 2.63%, 3/19/27 | 5000 | 4936 |
| Domestic Banks (1.5%) |  |  |
| Bank of New York Mellon Corp. |  |  |
| 2.80%, 5/4/26 | 15025 | 15023 |
| Citibank NA |  |  |
| 4.93%, 8/6/26 | 33487 | 33532 |
| State Street Corp. |  |  |
| 5.27%, 8/3/26 | 5000 | 5013 |
|  |  | 53568 |
| Industrials (0.6%) |  |  |
| Siemens Financieringsmaatschappij NV |  |  |
| 6.13%, 8/17/26 (b) | 21525 | 21649 |
| Insurance (1.0%) |  |  |
| MassMutual Global Funding II |  |  |
| 1.20%, 7/16/26 (b) | 19200 | 19078 |
| Met Tower Global Funding |  |  |
| 5.40%, 6/20/26 (b) | 8580 | 8593 |
| New York Life Global Funding |  |  |
| 2.35%, 7/14/26 (b) | 1000 | 997 |
| Northwestern Mutual Global Funding |  |  |
| 5.07%, 3/25/27 (b) | 8430 | 8508 |
|  |  | 37176 |
| International Banks (2.5%) |  |  |
| ANZ New Zealand International Ltd. |  |  |
| 1.25%, 6/22/26 (b) | 21900 | 21813 |
| Bank of New Zealand |  |  |
| 2.29%, 1/27/27 (b) | 3525 | 3485 |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.90%, 7/13/26 (b) | 6330 | 6353 |
| Commonwealth Bank of Australia |  |  |
| 2.63%, 9/6/26 (b) | 4000 | 3983 |
| Cooperatieve Rabobank UA |  |  |
| 5.04%, 3/5/27 | 3000 | 3023 |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.20%, 9/9/26 (b) | 4869 | 4821 |
| Swedbank AB |  |  |
| 5.47%, 6/15/26 (b) | 10000 | 10019 |
| UBS AG |  |  |
| 1.25%, 8/7/26 | 5000 | 4959 |
| UBS AG London |  |  |
| 1.25%, 6/1/26 | 20393 | 20341 |
| Westpac Banking Corp. |  |  |
| 1.15%, 6/3/26 | 4860 | 4848 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Westpac New Zealand Ltd. |  |  |
| 5.13%, 2/26/27 (b) | 5000 | $5051 |
|  |  | 88696 |
| **Total Corporate Bonds (Cost $220,556)** |  | 220556 |
| Floating Rate Notes (c) (12.8%) | Floating Rate Notes (c) (12.8%) | Floating Rate Notes (c) (12.8%) |
| Automobiles (0.3%) | Automobiles (0.3%) | Automobiles (0.3%) |
| Toyota Motor Credit Corp., |  |  |
| MTN |  |  |
| SOFR + 0.30%, 3.93%, 2/12/27 | 5000 | 5000 |
| SOFR + 0.65%, 4.31%, 3/19/27 (d) | 4170 | 4182 |
|  |  | 9182 |
| Diversified Financial Services (0.3%) | Diversified Financial Services (0.3%) | Diversified Financial Services (0.3%) |
| CDP Financial, Inc., |  |  |
| SOFR + 0.32%, 3.96%, 1/28/27 (b) | 10000 | 10000 |
| Domestic Banks (1.0%) | Domestic Banks (1.0%) | Domestic Banks (1.0%) |
| Goldman Sachs Bank USA, |  |  |
| SOFR + 0.30%, 3.95%, 8/7/26 | 26000 | 26000 |
| ING U.S. Funding LLC, |  |  |
| SOFR + 0.30%, 3.94%, 10/6/26 (b) | 12000 | 12000 |
|  |  | 38000 |
| Finance (0.7%) | Finance (0.7%) | Finance (0.7%) |
| Citigroup Global Markets, Inc., |  |  |
| 3.99%, 12/16/26 (b) | 25000 | 25000 |
| Insurance (0.7%) | Insurance (0.7%) | Insurance (0.7%) |
| Pricoa Short Term Funding LLC, |  |  |
| SOFR + 0.25%, 3.89%, 5/26/26 (b) | 25000 | 25000 |
| International Banks (9.8%) | International Banks (9.8%) | International Banks (9.8%) |
| ASB Bank Ltd., |  |  |
| SOFR + 0.32%, 3.96%, 9/4/26 (b) | 15000 | 15000 |
| Bank of Montreal, |  |  |
| SOFR + 0.40%, 4.03%, 12/7/26 | 5000 | 5000 |
| 4.10%, 5/7/27 (b) | 26000 | 26000 |
| Canadian Imperial Bank of Commerce, |  |  |
| SOFR + 0.47%, 4.10%, 4/27/27 | 25000 | 25000 |
| ING Bank NV, |  |  |
| 3.92%, 9/21/26 | 20000 | 20000 |
| Lloyds Bank PLC, |  |  |
| 3.92%, 9/22/26 | 15000 | 15000 |
| 3.98%, 12/18/26 | 15000 | 15000 |
| Macquarie Bank Ltd., |  |  |
| SOFR + 0.25%, 3.89%, 5/27/26 (b) | 5000 | 5000 |
| SOFR + 0.27%, 3.91%, 7/10/26 (b) | 30000 | 30000 |
| Royal Bank of Canada, |  |  |
| SOFR + 0.31%, 3.94%, 9/11/26 (b) | 15000 | 15000 |
| Skandinaviska Enskilda Banken AB, |  |  |
| SOFR + 0.89%, 4.56%, 3/5/27 (b) | 7000 | 7029 |
| Sumitomo Mitsui Banking Corp., |  |  |
| SOFR + 0.31%, 3.94%, 10/6/26 | 20000 | 20000 |
| SOFR + 0.32%, 3.95%, 8/17/26 | 30000 | 30000 |
| SOFR + 0.32%, 3.95%, 8/20/26 (b) | 25000 | 25000 |
| SOFR + 0.35%, 3.98%, 9/10/26 (b) | 4000 | 3999 |
| UBS AG London, |  |  |
| 3.98%, 11/3/26 (b) | 25000 | 25000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Floating Rate Notes (c) (cont'd) | Floating Rate Notes (c) (cont'd) | Floating Rate Notes (c) (cont'd) |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| 4.06%, 3/12/27 (b) | 35000 | $35000 |
| SOFR + 0.40%, 4.08%, 11/5/26 (b) | 26000 | 26000 |
| Westpac Securities NZ Ltd., |  |  |
| SOFR + 0.30%, 3.93%, 8/19/26 (b) | 12000 | 12000 |
|  |  | 355028 |
| **Total Floating Rate Notes (Cost $462,210)** | **Total Floating Rate Notes (Cost $462,210)** | 462210 |
| Repurchase Agreements (56.5%) | Repurchase Agreements (56.5%) | Repurchase Agreements (56.5%) |
| ABN AMRO Securities LLC, (3.85%, dated <br> 4/30/26, due 5/1/26; proceeds $15,002; <br> fully collateralized by various Corporate <br> Bonds, 2.75% - 6.90% due <br> 11/16/38 - 5/15/56, U.S. Government <br> obligations 0.38% - 4.75% due <br> 1/15/27 - 11/15/53 and a U.S. Government <br> agency security, 0.00% due 3/15/31; valued <br> at $15,750)<br>| 15000 | 15000 |
| Bank of America Securities, Inc., (3.63% (e), <br> dated 6/30/25, due 7/29/26; proceeds <br> $31,192; fully collateralized by various <br> Common Stocks and Preferred Stocks (f); <br> valued at $31,500)<br>| 30000 | 30000 |
| Bank of America Securities, Inc., (3.63% (e), <br> dated 10/24/25, due 7/29/26; proceeds <br> $25,701; fully collateralized by various <br> Common Stocks and Preferred Stocks (f); <br> valued at $26,250)<br>| 25000 | 25000 |
| Bank of Nova Scotia, (3.76%, dated 4/30/26, <br> due 5/1/26; proceeds $10,001; fully <br> collateralized by various Common Stocks (f); <br> valued at $10,500)<br>| 10000 | 10000 |
| Bank of Nova Scotia, (3.74%, dated 4/30/26, <br> due 5/1/26; proceeds $165,017; fully <br> collateralized by various Corporate Bonds, <br> 3.50% - 6.88% due 12/1/27 - 2/10/63; <br> valued at $173,250)<br>| 165000 | 165000 |
| BNP Paribas Prime Brokerage, Inc., (3.78%, <br> dated 4/29/26, due 5/6/26; proceeds <br> $55,040; fully collateralized by various <br> Common Stocks and Preferred Stocks (f); <br> valued at $57,792)<br>| 55000 | 55000 |
| BNP Paribas Prime Brokerage, Inc., (3.76%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $23,002; fully collateralized by various <br> Common Stocks and Preferred Stocks (f); <br> valued at $24,153)<br>| 23000 | 23000 |
| BNP Paribas Prime Brokerage, Inc., (3.78%, <br> dated 4/30/26, due 5/7/26; proceeds <br> $80,059; fully collateralized by various <br> Common Stocks and Preferred Stocks (f); <br> valued at $84,062)<br>| 80000 | 80000 |
| BNP Paribas SA, (3.79%, dated 4/30/26, due <br> 5/1/26; proceeds $20,002; fully <br> collateralized by various Corporate Bonds, <br> 4.28% - 11.13% due 5/1/27 - 12/31/79 (f); <br> valued at $21,200)<br>| 20000 | 20000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| BNP Paribas SA, (Interest in $550,000 joint <br> repurchase agreement, 3.65%, dated <br> 4/30/26 under which BNP Paribas SA, will <br> repurchase the securities provided as <br> collateral for $550,056 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government agency <br> securities and U.S. Government obligations <br> with various maturities to 10/20/65; valued <br> at $565,766)<br>| $190000 | $190000 |
| Citigroup Global Markets, Inc., (3.72%, dated <br> 4/30/26, due 5/1/26; proceeds $100,010; <br> fully collateralized by various <br> U.S. Government obligations, 1.63% - 4.38% <br> due 8/31/29 - 12/31/29; valued at <br> $102,000)<br>| 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.63% (e), dated 11/7/23, due 5/7/26; <br> proceeds $12,012; fully collateralized by <br> various Corporate Bonds, 1.40% - 6.00% due <br> 11/2/26 - 3/1/55, U.S. Government <br> obligations, 2.38% - 4.38% due <br> 9/15/28 - 11/30/28; valued at $11,537)<br>| 11000 | 11000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.69%, dated 4/30/26, due 5/7/26; <br> proceeds $100,072; fully collateralized by <br> various Corporate Bonds, 1.75% - 6.86% due <br> 12/2/26 - 5/1/54, U.S. Government <br> obligation, 4.38% due 11/30/28; valued at <br> $104,738)<br>| 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.63% (e), dated 12/12/23, due 5/7/26; <br> proceeds $26,122; fully collateralized by <br> various Corporate Bonds, 2.15% - 6.86% due <br> 6/15/26 - 5/1/54, U.S. Government <br> obligations, 0.00% - 4.38% due <br> 8/18/26 - 10/15/30; valued at $25,134)<br>| 24000 | 24000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.68%, dated 4/28/26, due 5/5/26; <br> proceeds $45,032; fully collateralized by <br> various Corporate Bonds, 2.15% - 7.13% due <br> 5/15/27 - 3/12/50, U.S. Government <br> obligation, 4.38% due 11/30/28 (f); valued <br> at $47,182)<br>| 45000 | 45000 |
| HSBC Securities USA, Inc., (3.74%, dated <br> 4/30/26, due 5/1/26; proceeds $170,018; <br> fully collateralized by various Corporate <br> Bonds, 3.10% - 7.13% due <br> 4/12/30 - 2/15/56, U.S. Government <br> obligations 2.00% - 7.00% due <br> 11/1/31 - 6/1/64 (f); valued at $178,508)<br>| 170000 | 170000 |
| ING Financial Markets LLC, (3.71%, dated <br> 4/30/26, due 5/1/26; proceeds $23,002; <br> fully collateralized by various Corporate <br> Bonds, 1.25% - 6.50% due <br> 3/20/27 - 11/1/64, a U.S. Government <br> agency security, 5.00% due 7/1/55; valued <br> at $24,144)<br>| 23000 | 23000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| JP Morgan Clearing Corp., (3.82% (e), dated <br> 9/17/25, due 5/7/26; proceeds $76,846; <br> fully collateralized by various Corporate <br> Bonds, 2.65% - 10.00% due <br> 4/1/27 - 6/15/72; valued at $79,680)<br>| $75000 | $75000 |
| JP Morgan Clearing Corp., (3.84% (e), dated <br> 8/1/23, due 5/7/26; proceeds $77,541; <br> fully collateralized by various Corporate <br> Bonds, 2.75% - 11.75% due <br> 9/1/26 - 2/1/65 (f); valued at $74,396)<br>| 70000 | 70000 |
| Mizuho Securities USA LLC, (4.03% (e), dated <br> 12/16/25, due 6/4/26; proceeds $4,076; <br> fully collateralized by a U.S. Government <br> obligation, 1.63% due 8/15/29; valued at <br> $4,080)<br>| 4000 | 4000 |
| Mizuho Securities USA LLC, (3.78%, dated <br> 4/30/26, due 5/1/26; proceeds $135,014; <br> fully collateralized by various Common <br> Stocks (f); valued at $141,750)<br>| 135000 | 135000 |
| MUFG Securities Americas, Inc., (3.70%, dated <br> 4/30/26, due 5/1/26; proceeds $160,016; <br> fully collateralized by various Common <br> Stocks (f); valued at $168,017)<br>| 160000 | 160000 |
| RBC Capital Markets LLC, (3.74%, dated <br> 4/28/26, due 5/5/26; proceeds $75,055; <br> fully collateralized by various Corporate <br> Bonds, 2.40% - 7.00% due <br> 3/15/27 - 1/31/60; valued at $78,751)<br>| 75000 | 75000 |
| Societe Generale SA, (3.74%, dated 4/30/26, <br> due 5/1/26; proceeds $15,002; fully <br> collateralized by various Corporate Bonds, <br> 1.13% - 10.00% due 6/15/26 - 5/15/97 (f); <br> valued at $15,830)<br>| 15000 | 15000 |
| Societe Generale SA, (3.76%, dated 4/29/26, <br> due 5/6/26; proceeds $163,119; fully <br> collateralized by various Corporate Bonds, <br> 1.65% - 8.13% due 6/5/26 - 12/31/79 (f); <br> valued at $171,275)<br>| 163000 | 163000 |
| TD Securities USA LLC, (3.73%, dated <br> 4/30/26, due 5/1/26; proceeds $130,013; <br> fully collateralized by various Corporate <br> Bonds, 2.30% - 6.45% due <br> 3/1/28 - 10/30/56; valued at $136,500)<br>| 130000 | 130000 |
| TD Securities USA LLC, (3.74%, dated <br> 4/30/26, due 5/1/26; proceeds $15,002; <br> fully collateralized by various Corporate <br> Bonds, 3.25% - 10.25% due <br> 5/1/28 - 1/15/36; valued at $15,901)<br>| 15000 | 15000 |
| TD Securities USA LLC, (3.74% (e), dated <br> 3/27/24, due 5/7/26; proceeds $35,643; <br> fully collateralized by various Corporate <br> Bonds, 5.01% - 5.55% due 3/4/30 - 4/4/51; <br> valued at $34,650)<br>| 33000 | 33000 |
| Wells Fargo Securities LLC, (4.02% (e), dated <br> 12/9/25, due 7/29/26; proceeds $30,778; <br> fully collateralized by various Common <br> Stocks and Preferred Stocks (f); valued at <br> $31,500)<br>| 30000 | 30000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Wells Fargo Securities LLC, (4.01% (e), dated <br> 9/17/25, due 8/5/26; proceeds $51,793; <br> fully collateralized by various Corporate <br> Bonds, 1.65% - 6.61% due <br> 9/14/26 - 4/15/58; valued at $52,500)<br>| 50000 | $50000 |
| Wells Fargo Securities LLC, (4.03% (e), dated <br> 12/16/25, due 7/29/26; proceeds $5,126; <br> fully collateralized by various Corporate <br> Bonds, 3.40% - 4.18% due <br> 5/20/26 - 6/18/50; valued at $5,250)<br>| 5000 | 5000 |
| **Total Repurchase Agreements (Cost $2,046,000)** | **Total Repurchase Agreements (Cost $2,046,000)** | 2046000 |
| **Total Investments (97.0%) (Cost $3,512,830) (g)(h)** | **Total Investments (97.0%) (Cost $3,512,830) (g)(h)** | 3512830 |
| Other Assets in Excess of Liabilities (3.0%)  | Other Assets in Excess of Liabilities (3.0%)  | 106801 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3619631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate as of period end and maturity is the date the principal owed can be recovered through demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Securities are available for collateral in connection with securities purchased on a forward commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MTN Medium Term Note. <br> SOFR Secured Overnight Financing Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58.2<br> %<br>|
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 |
| Floating Rate Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**Prime Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| Certificates of Deposit (4.8%) |  |  |
| Domestic Banks (1.8%) | Domestic Banks (1.8%) | Domestic Banks (1.8%) |
| Bank of America NA, |  |  |
| 3.83%, 4/5/27 | $65000 | $64831 |
| 4.34%, 7/8/26 | 100000 | 100092 |
| Goldman Sachs Bank USA |  |  |
| 3.95%, 9/25/26 | 45000 | 45009 |
| Wells Fargo Bank NA |  |  |
| 3.76%, 11/19/26 | 36000 | 35968 |
|  |  | 245900 |
| International Banks (3.0%) | International Banks (3.0%) | International Banks (3.0%) |
| Banco Santander SA |  |  |
| 4.03%, 10/7/26 - 10/8/26 | 106000 | 106048 |
| Bayerische Landesbank |  |  |
| 3.79%, 9/16/26 | 40000 | 39972 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.74%, 3/8/27 | 30000 | 29922 |
| Credit Industriel ET Commercial SA |  |  |
| 3.80%, 11/18/26 | 78000 | 77921 |
| Svenska Handelsbanken AB |  |  |
| 3.86%, 12/9/26 | 140000 | 139870 |
|  |  | 393733 |
| **Total Certificates of Deposit (Cost $640,004)** | **Total Certificates of Deposit (Cost $640,004)** | 639633 |
| Commercial Paper (a) (18.9%) |  |  |
| Asset-Backed Diversified Financial Services (0.2%) | Asset-Backed Diversified Financial Services (0.2%) | Asset-Backed Diversified Financial Services (0.2%) |
| Podium Funding Trust |  |  |
| 4.20%, 5/21/26 | 10000 | 9978 |
| Versailles Commercial Paper LLC |  |  |
| 3.95%, 7/1/26 (b) | 20000 | 19867 |
|  |  | 29845 |
| Automobiles (2.3%) | Automobiles (2.3%) | Automobiles (2.3%) |
| Toyota Credit Canada, Inc., |  |  |
| 3.87%, 9/29/26 | 55000 | 54069 |
| 3.93%, 10/21/26 (b) | 44000 | 43152 |
| Toyota Credit de Puerto Rico Corp., |  |  |
| 3.91%, 9/8/26 - 10/19/26 (b) | 24000 | 23583 |
| 4.03%, 1/12/27 | 16000 | 15545 |
| 4.04%, 8/18/26 | 20000 | 19762 |
| 4.06%, 7/28/26 | 20000 | 19805 |
| 4.10%, 1/19/27 | 20000 | 19415 |
| 4.11%, 6/1/26 | 65000 | 64783 |
| 4.32%, 5/1/26 | 10000 | 9999 |
| Toyota Motor Credit Corp. |  |  |
| 3.93%, 10/5/26 | 40000 | 39324 |
|  |  | 309437 |
| Chemicals (0.4%) | Chemicals (0.4%) | Chemicals (0.4%) |
| Air Liquide U.S. LLC |  |  |
| 3.93%, 10/19/26 | 45000 | 44174 |
| Diversified Financial Services (3.0%) | Diversified Financial Services (3.0%) | Diversified Financial Services (3.0%) |
| CDP Financial, Inc., |  |  |
| 3.83%, 12/1/26 | 119000 | 116240 |
| 4.20%, 3/24/27 - 3/25/27 | 23000 | 22175 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| 4.29%, 7/6/26 | 125000 | $124116 |
| 4.39%, 6/10/26 | 19000 | 18918 |
| Zephyr Financiere, Inc., |  |  |
| 4.00%, 10/20/26 (b) | 50000 | 49061 |
| 4.10%, 4/28/27 (b) | 75000 | 72013 |
|  |  | 402523 |
| Domestic Banks (2.6%) | Domestic Banks (2.6%) | Domestic Banks (2.6%) |
| ABN Amro Funding USA LLC, |  |  |
| 0.00%, 9/21/26 | 30000 | 29533 |
| 4.01%, 5/4/26 | 45000 | 44981 |
| Bank of America Securities, Inc., |  |  |
| 3.85%, 1/22/27 | 160000 | 155372 |
| 3.90%, 12/2/26 | 28000 | 27346 |
| 3.96%, 3/11/27 | 85000 | 82092 |
|  |  | 339324 |
| Finance (2.1%) | Finance (2.1%) | Finance (2.1%) |
| Barclays Capital, Inc., |  |  |
| 3.81%, 8/19/26 (b) | 20000 | 19759 |
| 3.98%, 6/12/26 | 60000 | 59731 |
| 4.00%, 6/18/26 | 75000 | 74614 |
| 4.06%, 10/8/26 (b) | 79000 | 77625 |
| Citigroup Global Markets, Inc. |  |  |
| 4.38%, 5/15/26 | 50000 | 49922 |
|  |  | 281651 |
| International Banks (8.3%) | International Banks (8.3%) | International Banks (8.3%) |
| ANZ New Zealand International Ltd. |  |  |
| 3.94%, 9/28/26 | 55000 | 54116 |
| Australia & New Zealand Banking Group Ltd., |  |  |
| 4.15%, 5/11/26 | 40000 | 39955 |
| 4.32%, 7/16/26 | 48500 | 48106 |
| Bank of New Zealand, |  |  |
| 3.89%, 9/17/26 | 45000 | 44330 |
| 4.04%, 5/5/26 | 80000 | 79959 |
| Barclays Bank PLC |  |  |
| 3.79%, 8/14/26 (b) | 18000 | 17793 |
| Bayerische Landesbank, |  |  |
| 4.00%, 8/18/26 | 75000 | 74115 |
| 4.04%, 7/2/26 | 30000 | 29804 |
| DNB Bank ASA |  |  |
| 4.21%, 5/22/26 | 45000 | 44901 |
| Lloyds Bank PLC, |  |  |
| 4.01%, 7/7/26 | 40000 | 39711 |
| 4.02%, 10/8/26 | 53000 | 52076 |
| Norddeutsche Landesbank |  |  |
| 4.00%, 10/15/26 (b) | 45000 | 44180 |
| Royal Bank of Canada |  |  |
| 4.20%, 3/23/27 | 20000 | 19295 |
| Suncorp Bank Norfina Ltd., |  |  |
| 3.83%, 7/15/26 | 65000 | 64478 |
| 3.94%, 8/12/26 | 18000 | 17801 |
| 4.13%, 9/22/26 | 40000 | 39382 |
| 4.30%, 5/5/26 | 40000 | 39980 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Commercial Paper (a) (cont'd) |  |  |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| Svenska Handelsbanken AB |  |  |
| 3.84%, 12/1/26 (b) | $180000 | $175859 |
| Swedbank AB, |  |  |
| 4.22%, 5/22/26 | 75000 | 74832 |
| 4.40%, 5/1/26 | 25000 | 24998 |
| Westpac Banking Corp. |  |  |
| 4.19%, 3/19/27 | 80000 | 77197 |
|  |  | 1102868 |
| **Total Commercial Paper (Cost $2,510,431)** | **Total Commercial Paper (Cost $2,510,431)** | 2509822 |
| Corporate Bonds (3.2%) |  |  |
| Automobiles (0.4%) |  |  |
| Toyota Motor Credit Corp., |  |  |
| 4.45%, 5/18/26 | 16230 | 16232 |
| 4.55%, 8/7/26 | 10424 | 10442 |
| 1.13%, 6/18/26 | 15440 | 15380 |
| 1.90%, 1/13/27 | 6943 | 6843 |
| 3.05%, 3/22/27 | 7084 | 7027 |
|  |  | 55924 |
| Domestic Banks (0.2%) |  |  |
| Bank of New York Mellon Corp. |  |  |
| 2.80%, 5/4/26 | 2045 | 2045 |
| Citibank NA |  |  |
| 4.93%, 8/6/26 | 25523 | 25561 |
|  |  | 27606 |
| Energy (0.0%)‡ |  |  |
| Shell International Finance BV |  |  |
| 2.88%, 5/10/26 | 4168 | 4166 |
| Industrials (0.7%) |  |  |
| Siemens Financieringsmaatschappij NV, |  |  |
| 2.35%, 10/15/26 (b) | 5000 | 4962 |
| 6.13%, 8/17/26 | 92185 | 92733 |
|  |  | 97695 |
| Insurance (0.6%) |  |  |
| MassMutual Global Funding II |  |  |
| 1.20%, 7/16/26 (b) | 50000 | 49704 |
| Met Tower Global Funding |  |  |
| 1.25%, 9/14/26 (b) | 2855 | 2825 |
| Metropolitan Life Global Funding I |  |  |
| 1.88%, 1/11/27 (b) | 2732 | 2690 |
| New York Life Global Funding, |  |  |
| 2.35%, 7/14/26 (b) | 21805 | 21730 |
| 5.45%, 9/18/26 (b) | 2150 | 2161 |
|  |  | 79110 |
| International Banks (1.3%) |  |  |
| Banque Federative du Credit Mutuel SA |  |  |
| 5.90%, 7/13/26 (b) | 28330 | 28432 |
| Commonwealth Bank of Australia |  |  |
| 2.63%, 9/6/26 (b) | 4100 | 4079 |
| Cooperatieve Rabobank UA |  |  |
| 5.04%, 3/5/27 | 12000 | 12102 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Credit Agricole SA |  |  |
| 5.59%, 7/5/26 (b) | 7299 | $7318 |
| Macquarie Bank Ltd. |  |  |
| 5.21%, 6/15/26 (b) | 4000 | 4006 |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.20%, 9/9/26 (b) | 2000 | 1979 |
| Svenska Handelsbanken AB |  |  |
| 5.25%, 6/15/26 (b) | 18250 | 18275 |
| Swedbank AB |  |  |
| 5.47%, 6/15/26 (b) | 18000 | 18029 |
| UBS AG London |  |  |
| 1.25%, 6/1/26 | 47465 | 47354 |
| Westpac Banking Corp. |  |  |
| 2.70%, 8/19/26 | 4849 | 4830 |
| Westpac New Zealand Ltd. |  |  |
| 5.13%, 2/26/27 (b) | 20000 | 20158 |
|  |  | 166562 |
| **Total Corporate Bonds (Cost $431,128)** |  | 431063 |
| Floating Rate Notes (c) (15.1%) | Floating Rate Notes (c) (15.1%) | Floating Rate Notes (c) (15.1%) |
| Asset-Backed Diversified Financial Services (0.1%) | Asset-Backed Diversified Financial Services (0.1%) | Asset-Backed Diversified Financial Services (0.1%) |
| Podium Funding Trust, |  |  |
| SOFR + 0.30%, 3.93%, 9/2/26  | 19000 | 19007 |
| Automobiles (0.3%) | Automobiles (0.3%) | Automobiles (0.3%) |
| Toyota Motor Credit Corp., |  |  |
| MTN |  |  |
| SOFR + 0.30%, 3.93%, 2/12/27  | 40000 | 40031 |
| Diversified Financial Services (0.2%) | Diversified Financial Services (0.2%) | Diversified Financial Services (0.2%) |
| CDP Financial, Inc., |  |  |
| SOFR + 0.32%, 3.96%, 1/28/27 (b) | 25000 | 25004 |
| Domestic Banks (1.7%) | Domestic Banks (1.7%) | Domestic Banks (1.7%) |
| Bank of America Securities, Inc., |  |  |
| SOFR + 0.40%, 4.04%, <br> 11/12/26 - 11/24/26 <br>| 90000 | 90067 |
| Goldman Sachs Bank USA, |  |  |
| SOFR + 0.30%, 3.95%, 8/7/26 | 93000 | 93033 |
| ING U.S. Funding LLC, |  |  |
| SOFR + 0.30%, 3.94%, 10/6/26 (b) | 45000 | 45000 |
|  |  | 228100 |
| Finance (1.4%) | Finance (1.4%) | Finance (1.4%) |
| Citigroup Global Markets, Inc., |  |  |
| 3.99%, 12/16/26 (b) | 60000 | 60002 |
| SOFR + 0.37%, 4.01%, 12/1/26 (b) | 125000 | 125019 |
|  |  | 185021 |
| Insurance (0.7%) | Insurance (0.7%) | Insurance (0.7%) |
| Pacific Life Global Funding II, |  |  |
| SOFR + 1.05%, 4.69%, 7/28/26 (b) | 12500 | 12529 |
| Pricoa Short Term Funding LLC, |  |  |
| SOFR + 0.25%, 3.89%, 5/26/26 (b) | 75000 | 75008 |
|  |  | 87537 |
| International Banks (10.7%) | International Banks (10.7%) | International Banks (10.7%) |
| ASB Bank Ltd., |  |  |
| SOFR + 0.32%, 3.96%, 9/4/26 (b) | 50000 | 50023 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Floating Rate Notes (c) (cont'd) | Floating Rate Notes (c) (cont'd) | Floating Rate Notes (c) (cont'd) |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| Bank of Montreal, |  |  |
| SOFR + 0.40%, 4.03%, 12/7/26 | 60000 | $60025 |
| 4.10%, 5/7/27 (b) | 94000 | 94035 |
| Canadian Imperial Bank of Commerce, |  |  |
| SOFR + 0.47%, 4.10%, 4/27/27 | 75000 | 75077 |
| Commonwealth Bank of Australia, |  |  |
| SOFR + 0.46%, 4.12%, 11/27/26 (b)(d) | 9300 | 9307 |
| Credit Agricole SA, |  |  |
| SOFR + 1.29%, 4.95%, 7/5/26 (b) | 4060 | 4068 |
| ING Bank NV, |  |  |
| 3.92%, 9/21/26 | 70000 | 70003 |
| Lloyds Bank PLC, |  |  |
| 3.92%, 9/22/26 | 75000 | 74992 |
| 3.98%, 12/18/26 | 85000 | 84992 |
| Macquarie Bank Ltd., |  |  |
| SOFR + 0.25%, 3.89%, 5/27/26 (b) | 17000 | 17002 |
| SOFR + 0.27%, 3.91%, 7/10/26 (b) | 120000 | 120035 |
| Mizuho Bank Ltd. (New York Branch), |  |  |
| SOFR + 0.26%, 3.90%, 6/1/26 | 6500 | 6501 |
| Royal Bank of Canada, |  |  |
| SOFR + 0.31%, 3.94%, 9/11/26 (b) | 75000 | 75034 |
| Sumitomo Mitsui Banking Corp., |  |  |
| SOFR + 0.31%, 3.94%, 10/2/26 - 10/7/26  | 325000 | 325082 |
| SOFR + 0.32%, 3.95%, 8/17/26 | 125000 | 125063 |
| SOFR + 0.35%, 3.98%, 9/10/26 (b) | 16000 | 16008 |
| UBS AG London, |  |  |
| 3.98%, 11/3/26 (b) | 75000 | 74998 |
| SOFR + 0.40%, 4.08%, 11/5/26 (b) | 93000 | 93023 |
| Westpac Securities NZ Ltd., |  |  |
| SOFR + 0.30%, 3.93%, 8/19/26 (b) | 43000 | 43020 |
|  |  | 1418288 |
| **Total Floating Rate Notes (Cost $2,002,398)** | **Total Floating Rate Notes (Cost $2,002,398)** | 2002988 |
| Repurchase Agreements (53.4%) | Repurchase Agreements (53.4%) | Repurchase Agreements (53.4%) |
| ABN AMRO Securities LLC, (3.85%, dated <br> 4/30/26, due 5/1/26; proceeds $35,004; <br> fully collateralized by various Corporate <br> Bonds, 2.90% - 6.95% due <br> 4/1/36 - 3/15/66, U.S. Government agency <br> securities, 0.00% - 7.00% due <br> 5/25/26 - 4/1/55, U.S. Government <br> obligations, 2.38% - 4.25% due <br> 2/28/29 - 5/15/51; valued at $36,744)<br>| 35000 | 35000 |
| ABN AMRO Securities LLC, (Interest in <br> $400,000 joint repurchase agreement, <br> 3.65%, dated 4/30/26 under which ABN <br> AMRO Securities LLC, will repurchase the <br> securities provided as collateral for <br> $400,041 on 5/1/26. The securities <br> provided as collateral at the end of the <br> period held with BNY Mellon, tri-party agent, <br> were various U.S. Government obligations <br> with various maturities to 11/15/53; valued <br> at $408,000)<br>| 260000 | 260000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Bank of America Securities, Inc., (3.63% (e), <br> dated 6/30/25, due 7/29/26; proceeds <br> $46,788; fully collateralized by various <br> Common Stocks and Preferred Stocks; <br> valued at $47,250) (f)<br>| $45000 | $45000 |
| Bank of America Securities, Inc., (3.63% (e), <br> dated 10/24/25, due 7/29/26; proceeds <br> $77,102; fully collateralized by various <br> Common Stocks and Preferred Stocks; <br> valued at $78,750) (f)<br>| 75000 | 75000 |
| Bank of Nova Scotia, (3.76%, dated 4/30/26, <br> due 5/1/26; proceeds $120,013; fully <br> collateralized by various Common Stocks; <br> valued at $126,000) (f)<br>| 120000 | 120000 |
| Bank of Nova Scotia, (3.74%, dated 4/30/26, <br> due 5/1/26; proceeds $545,057; fully <br> collateralized by various Corporate Bonds, <br> 1.60% - 8.13% due 6/1/26 - 3/15/66; <br> valued at $572,250)<br>| 545000 | 545000 |
| BNP Paribas Prime Brokerage, Inc., (3.76%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $15,002; fully collateralized by various <br> Common Stocks and Preferred Stocks; <br> valued at $15,752) (f)<br>| 15000 | 15000 |
| BNP Paribas Prime Brokerage, Inc., (3.78%, <br> dated 4/30/26, due 5/7/26; proceeds <br> $120,088; fully collateralized by various <br> Common Stocks and Preferred Stocks; <br> valued at $126,093) (f)<br>| 120000 | 120000 |
| BNP Paribas SA, (3.80% (e), dated 10/9/25, <br> due 5/7/26; proceeds $536,638; fully <br> collateralized by various Corporate Bonds, <br> 3.25% - 13.50% due 5/1/28 - 8/1/53; <br> valued at $556,487) (f)<br>| 525000 | 525000 |
| BNP Paribas SA, (3.79%, dated 4/30/26, due <br> 5/1/26; proceeds $5,001; fully <br> collateralized by various Corporate Bonds, <br> 4.63% - 10.75% due 6/1/28 - 4/15/34; <br> valued at $5,301) (f)<br>| 5000 | 5000 |
| BNP Paribas SA, (Interest in $550,000 joint <br> repurchase agreement, 3.65%, dated <br> 4/30/26 under which BNP Paribas SA, will <br> repurchase the securities provided as <br> collateral for $550,056 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government agency <br> securities and U.S. Government obligations <br> with various maturities to 10/20/65; valued <br> at $565,766)<br>| 195000 | 195000 |
| Citigroup Global Markets, Inc., (3.72%, dated <br> 4/30/26, due 5/1/26; proceeds $400,041; <br> fully collateralized by various <br> U.S. Government obligations, 0.13% - 4.38% <br> due 10/31/29 - 5/15/30; valued at <br> $408,000)<br>| 400000 | 400000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.63% (e), dated 11/7/23, due 5/7/26; <br> proceeds $97,184; fully collateralized by <br> various Corporate Bonds, 0.95% - 7.62% due <br> 5/15/26 - 3/2/53, U.S. Government <br> obligations, 0.00% - 4.38% due <br> 1/15/28 - 5/15/31; valued at $93,260) (f)<br>| 89000 | 89000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Credit Agricole Corporate and Investment Bank, <br> (3.68%, dated 4/28/26, due 5/5/26; <br> proceeds $265,190; fully collateralized by <br> various Corporate Bonds, 1.23% - 8.15% due <br> 11/1/26 - 10/15/55, U.S. Government <br> agency securities, 5.50% - 6.50% due <br> 5/20/55 - 2/20/56, and a U.S. Government <br> obligation, 4.38% due 11/30/28; valued at <br> $277,537) (f)<br>| $265000 | $265000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.98% (e), dated 4/15/26, due 5/7/26; <br> proceeds $100,243; fully collateralized by <br> various Corporate Bonds, 1.65% - 7.62% due <br> 7/22/26 - 3/1/55, U.S. Government <br> obligation, 4.38% due 11/30/28; valued at <br> $104,947) (f)<br>| 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.63% (e), dated 12/12/23, due 5/7/26; <br> proceeds $191,564; fully collateralized by <br> various Corporate Bonds, 1.75% - 7.62% due <br> 6/15/26 - 4/22/56; valued at $184,801)<br>| 176000 | 176000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.67%, dated 4/30/26, due 5/1/26; <br> proceeds $25,003; fully collateralized by <br> various Corporate Bonds, 4.38% - 6.63% due <br> 11/1/34 - 11/15/55, a U.S. Government <br> obligation, 4.38% due 11/30/28; valued at <br> $25,984)<br>| 25000 | 25000 |
| HSBC Securities USA, Inc., (3.74%, dated <br> 4/30/26, due 5/1/26; proceeds $255,026; <br> fully collateralized by various Corporate <br> Bonds, 2.60% - 8.38% due <br> 3/2/27 - 7/18/54; valued at $267,779)<br>| 255000 | 255000 |
| ING Financial Markets LLC, (3.71%, dated <br> 4/30/26, due 5/1/26; proceeds $53,005; <br> fully collateralized by various Corporate <br> Bonds, 1.02% - 7.00% due <br> 5/13/27 - 2/15/53, U.S. Government <br> agency securities, 3.50% - 5.50% due <br> 8/1/45 - 4/1/54; valued at $55,621)<br>| 53000 | 53000 |
| JP Morgan Clearing Corp., (3.82% (e), dated <br> 9/17/25, due 5/7/26; proceeds $204,924; <br> fully collateralized by various Corporate <br> Bonds, 2.65% - 11.50% due <br> 10/15/26 - 2/15/62; valued at $212,281)<br>| 200000 | 200000 |
| JP Morgan Clearing Corp., (3.84% (e), dated <br> 7/31/23, due 5/7/26; proceeds $116,323; <br> fully collateralized by various Corporate <br> Bonds, 3.38% - 10.75% due <br> 8/1/27 - 3/15/82; valued at $111,525) (f)<br>| 105000 | 105000 |
| JP Morgan Securities LLC, (3.89% (e), dated <br> 11/17/21, due 5/7/26; proceeds <br> $217,624; fully collateralized by various <br> Common Stocks and Preferred Stocks; <br> valued at $194,879) (f)<br>| 185000 | 185000 |
| JP Morgan Securities LLC, (3.63% (e), dated <br> 10/7/25, due 5/7/26; proceeds $76,603; <br> fully collateralized by various Common <br> Stocks and Preferred Stocks; valued at <br> $79,002) (f)<br>| 75000 | 75000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Mizuho Securities USA LLC, (3.78%, dated <br> 4/30/26, due 5/1/26; proceeds $425,045; <br> fully collateralized by various Common <br> Stocks; valued at $446,250) (f)<br>| $425000 | $425000 |
| Mizuho Securities USA LLC, (4.03% (e), dated <br> 12/16/25, due 6/4/26; proceeds $33,628; <br> fully collateralized by various Corporate <br> Bonds, 1.25% - 7.00% due <br> 8/12/26 - 3/15/56; valued at $34,651) (f)<br>| 33000 | 33000 |
| MUFG Securities Americas, Inc., (3.70%, dated <br> 4/30/26, due 5/1/26; proceeds $240,025; <br> fully collateralized by various Common <br> Stocks; valued at $252,026) (f)<br>| 240000 | 240000 |
| MUFG Securities Americas, Inc., (3.70%, dated <br> 4/30/26, due 5/1/26; proceeds $100,010; <br> fully collateralized by various Common <br> Stocks; valued at $105,011) (f)<br>| 100000 | 100000 |
| RBC Capital Markets LLC, (3.74%, dated <br> 4/28/26, due 5/5/26; proceeds $225,164; <br> fully collateralized by various Corporate <br> Bonds, 1.35% - 8.10% due <br> 12/11/26 - 11/15/95; valued at $236,250)<br>| 225000 | 225000 |
| Societe Generale SA, (3.76%, dated 4/29/26, <br> due 5/6/26; proceeds $337,246; fully <br> collateralized by various Corporate Bonds, <br> 1.05% - 7.50% due 5/10/26 - 11/26/85, <br> U.S. Government obligations, 0.00% due <br> 11/15/28 - 8/15/54; valued at <br> $354,107) (f)<br>| 337000 | 337000 |
| Societe Generale SA, (3.74%, dated 4/30/26, <br> due 5/1/26; proceeds $120,012; fully <br> collateralized by various Corporate Bonds, <br> 2.75% - 8.88% due 6/1/26 - 12/1/44; <br> valued at $127,213)<br>| 120000 | 120000 |
| TD Securities USA LLC, (3.74% (e), dated <br> 3/27/24, due 5/7/26; proceeds $234,381; <br> fully collateralized by various Corporate <br> Bonds, 1.95% - 8.45% due <br> 11/15/26 - 4/29/61; valued at $227,850)<br>| 217000 | 217000 |
| TD Securities USA LLC, (3.73%, dated <br> 4/30/26, due 5/1/26; proceeds $130,013; <br> fully collateralized by various Corporate <br> Bonds, 2.25% - 7.50% due <br> 7/26/29 - 11/15/53; valued at $136,500)<br>| 130000 | 130000 |
| TD Securities USA LLC, (3.74%, dated <br> 4/30/26, due 5/1/26; proceeds $85,009; <br> fully collateralized by various Corporate <br> Bonds, 3.38% - 9.63% due <br> 1/15/27 - 3/1/34; valued at $90,101)<br>| 85000 | 85000 |
| Wells Fargo Securities LLC, (4.02% (e), dated <br> 12/9/25, due 7/29/26; proceeds <br> $102,593; fully collateralized by various <br> Common Stocks and Preferred Stocks; <br> valued at $105,000) (f)<br>| 100000 | 100000 |
| Wells Fargo Securities LLC, (4.01% (e), dated <br> 9/17/25, due 8/5/26; proceeds $170,918; <br> fully collateralized by various Corporate <br> Bonds, 0.01% - 8.35% due <br> 2/16/27 - 12/31/79; valued at <br> $173,250) (f)<br>| 165000 | 165000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Wells Fargo Securities LLC, (4.03% (e), dated <br> 12/16/25, due 7/29/26; proceeds <br> $41,008; fully collateralized by various <br> Corporate Bonds, 2.45% - 6.63% due <br> 9/8/26 - 3/13/51; valued at $42,001)<br>| 40000 | $40000 |
| Wells Fargo Securities LLC, (Interest in <br> $3,400,000 joint repurchase agreement, <br> 3.65%, dated 4/30/26 under which Wells <br> Fargo Securities LLC, will repurchase the <br> securities provided as collateral for <br> $3,400,345 on 5/1/26. The securities <br> provided as collateral at the end of the <br> period held with BNY Mellon, tri-party agent, <br> were various U.S. Government agency <br> securities with various maturities to 1/1/59; <br> valued at $3,502,000)<br>| 1000000 | 1000000 |
| **Total Repurchase Agreements (Cost $7,085,000)** | **Total Repurchase Agreements (Cost $7,085,000)** | 7085000 |
| **Total Investments (95.4%) (Cost $12,668,961) (g)(h)** | **Total Investments (95.4%) (Cost $12,668,961) (g)(h)** | 12668506 |
| Other Assets in Excess of Liabilities (4.6%)  | Other Assets in Excess of Liabilities (4.6%)  | 608776 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $13277282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate as of period end and maturity is the date the principal owed can be recovered through demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Securities are available for collateral in connection with securities purchased on a forward commitment basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;‡ Amount is less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MTN Medium Term Note. <br> SOFR Secured Overnight Financing Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.9<br> %<br>|
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 |
| Floating Rate Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| Other\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**Government Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| Repurchase Agreements (52.7%) | Repurchase Agreements (52.7%) | Repurchase Agreements (52.7%) |
| Bank of America NA, (3.75%, dated 12/10/25, <br> due 6/10/26; proceeds $407,583; fully <br> collateralized by various U.S. Government <br> agency securities, 2.00% - 4.00% due <br> 2/1/42 - 8/1/50; valued at $412,000)<br>| $400000 | $400000 |
| Bank of America NA, (3.72%, dated 12/12/25, <br> due 6/12/26; proceeds $254,702; fully <br> collateralized by various U.S. Government <br> agency securities, 2.50% - 4.00% due <br> 6/1/42 - 10/1/51; valued at $257,500)<br>| 250000 | 250000 |
| Bank of America NA, (3.78%, dated 12/2/25, <br> due 6/1/26; proceeds $101,901; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 3.50% due <br> 10/1/46 - 11/1/47; valued at $103,000)<br>| 100000 | 100000 |
| Bank of America NA, (3.87%, dated 11/3/25, <br> due 5/4/26; proceeds $101,957; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 3.50% due <br> 9/1/42 - 11/1/46; valued at $103,000)<br>| 100000 | 100000 |
| Bank of America NA, (3.83%, dated 11/7/25, <br> due 5/6/26; proceeds $101,915; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 4.00% due <br> 9/1/42 - 7/1/48; valued at $103,000)<br>| 100000 | 100000 |
| Bank of America Securities, Inc., (3.88% (a), <br> dated 10/20/25, due 5/7/26; proceeds <br> $204,291; fully collateralized by a <br> U.S. Government obligation, 1.38% due <br> 11/15/40; valued at $204,000)<br>| 200000 | 200000 |
| Bank of America Securities, Inc., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds $966,098; <br> fully collateralized by various <br> U.S. Government agency securities, 0.75% - <br> 7.00% due 6/23/26 - 3/20/76; valued at <br> $993,253)<br>| 966000 | 966000 |
| Bank of America Securities, Inc., (3.67% (a), <br> dated 4/14/26, due 5/7/26; proceeds <br> $501,171; fully collateralized by various <br> U.S. Government agency securities, 0.90% - <br> 7.00% due 6/15/26 - 1/20/66; valued at <br> $512,136)<br>| 500000 | 500000 |
| Bank of America Securities, Inc., (3.68% (a), <br> dated 3/9/26, due 5/7/26; proceeds <br> $503,017; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.00% due 11/10/27 - 11/20/75; valued at <br> $514,501)<br>| 500000 | 500000 |
| Bank of America Securities, Inc., (4.09% (a), <br> dated 7/30/25, due 5/7/26; proceeds <br> $515,978; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.00% due 2/2/28 - 4/15/61; valued at <br> $514,990)<br>| 500000 | 500000 |
| Bank of America Securities, Inc., (3.69% (a), <br> dated 1/22/26, due 5/7/26; proceeds <br> $1,010,763; fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 8.00% due 8/15/26 - 9/20/75; valued at <br> $1,029,533)<br>| 1000000 | 1000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Bank of America Securities, Inc., (4.07% (a), <br> dated 7/30/25, due 5/7/26; proceeds <br> $412,720; fully collateralized by various <br> U.S. Government obligation, 0.00% - 3.50% <br> due 2/15/27 - 11/15/47; valued at <br> $408,000)<br>| $400000 | $400000 |
| Bank of America Securities, Inc., (3.72% (a), <br> dated 1/27/26, due 5/7/26; proceeds <br> $252,583; fully collateralized by various <br> U.S. Government obligation, 3.38% - 3.50% <br> due 11/30/27 - 11/30/30; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of America Securities, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $250,025; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 1.13% <br> due 7/23/26 - 5/15/51; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of America Securities, Inc., (3.61% (a), <br> dated 1/16/26, due 5/7/26; proceeds <br> $252,783; fully collateralized by various <br> U.S. Government obligations, 0.00% - 1.88% <br> due 2/15/40 - 2/15/56; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of America Securities, Inc., (3.69% (a), <br> dated 1/16/26, due 5/7/26; proceeds <br> $252,845; fully collateralized by various <br> U.S. Government obligations, 0.00% - 2.13% <br> due 5/15/39 - 2/15/51; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of America Securities, Inc., (3.70% (a), <br> dated 2/27/26, due 5/7/26; proceeds <br> $428,012; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.50% <br> due 5/15/26 - 5/15/51; valued at <br> $433,500)<br>| 425000 | 425000 |
| Bank of Montreal, (3.71% (a), dated 4/30/26, <br> due 5/7/26; proceeds $250,180; fully <br> collateralized by various U.S. Government <br> agency securities, 0.35% - 6.50% due <br> 4/25/27 - 4/25/56; valued at $262,500)<br>| 250000 | 250000 |
| Bank of New York - Fixed Income Clearing <br> Corp., (3.65%, dated 4/30/26, due 5/1/26; <br> proceeds $1,000,101; fully collateralized by <br> various U.S. Government agency securities, <br> 3.50% - 6.50% due 3/1/48 - 1/1/56; valued <br> at $1,020,000)<br>| 1000000 | 1000000 |
| Bank of New York - Fixed Income Clearing <br> Corp., (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $1,500,152; fully collateralized by <br> various U.S. Government obligations, 1.25% - <br> 3.88% due 1/15/28 - 5/15/42; valued at <br> $1,530,000)<br>| 1500000 | 1500000 |
| Bank of New York - Fixed Income Clearing <br> Corp., (3.65%, dated 4/30/26, due 5/1/26; <br> proceeds $5,400,548; fully collateralized by <br> various U.S. Government obligations, 1.75% - <br> 4.50% due 7/15/27 - 7/31/29; valued at <br> $5,508,000)<br>| 5400000 | 5400000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Barclays Bank PLC, (3.86% (a), dated <br> 12/22/25, due 5/7/26; proceeds <br> $1,217,490; fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 7.00% due 8/25/27 - 7/16/67; valued at <br> $1,263,881)<br>| $1200000 | $1200000 |
| Barclays Bank PLC, (3.78% (a), dated 4/7/26, <br> due 5/7/26; proceeds $250,788; fully <br> collateralized by various U.S. Government <br> agency securities, 0.55% - 8.50% due <br> 11/1/27 - 5/16/68; valued at $263,159)<br>| 250000 | 250000 |
| Barclays Bank PLC, (3.65% (a), dated 4/13/26, <br> due 5/7/26; proceeds $1,002,433; fully <br> collateralized by various U.S. Government <br> agency securities, 1.50% - 7.00% due <br> 8/15/32 - 3/15/67; valued at $1,031,880)<br>| 1000000 | 1000000 |
| Barclays Bank PLC, (3.65%, dated 4/30/26, <br> due 5/1/26; proceeds $850,086; fully <br> collateralized by various U.S. Government <br> agency securities, 1.50% - 7.50% due <br> 2/1/27 - 12/15/60; valued at $875,590)<br>| 850000 | 850000 |
| Barclays Bank PLC, (3.65% (a), dated 4/13/26, <br> due 5/7/26; proceeds $1,002,433; fully <br> collateralized by various U.S. Government <br> agency securities, 2.00% - 7.00% due <br> 1/1/28 - 1/15/68; valued at $1,031,880)<br>| 1000000 | 1000000 |
| Barclays Bank PLC, (3.65% (a), dated 4/21/26, <br> due 5/7/26; proceeds $1,001,622; fully <br> collateralized by various U.S. Government <br> agency securities, 2.00% - 7.00% due <br> 8/15/33 - 9/15/67; valued at $1,031,043)<br>| 1000000 | 1000000 |
| Barclays Bank PLC, (3.64%, dated 4/30/26, <br> due 5/1/26; proceeds $1,000,101; fully <br> collateralized by various U.S. Government <br> obligations, 2.00% - 4.75% due <br> 4/30/27 - 11/15/53; valued at $1,020,103)<br>| 1000000 | 1000000 |
| BMO Capital Markets Corp., (3.70%, dated <br> 4/30/26, due 5/1/26; proceeds $250,026; <br> fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 5.50% due 8/16/39 - 4/20/76, a <br> U.S. Government obligation, 0.00% due <br> 6/4/26; valued at $260,655)<br>| 250000 | 250000 |
| BMO Capital Markets Corp., (3.71% (a), dated <br> 4/30/26, due 5/7/26; proceeds $550,397; <br> fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 7.60% due 6/25/26 - 9/20/75, <br> U.S. Government obligation, 3.00% due <br> 8/15/48; valued at $577,454)<br>| 550000 | 550000 |
| BMO Capital Markets Corp., (3.70% (a), dated <br> 4/30/26, due 5/7/26; proceeds $600,432; <br> fully collateralized by various <br> U.S. Government agency securities, 1.67% - <br> 8.07% due 1/1/28 - 5/25/50; valued at <br> $618,003)<br>| 600000 | 600000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| BMO Capital Markets Corp., (3.66%, dated <br> 4/30/26, due 5/1/26; proceeds $200,020; <br> fully collateralized by various <br> U.S. Government agency security, 5.16% due <br> 3/1/33, U.S. Government obligation, 3.88% - <br> 4.50% due 8/15/33 - 11/15/33; valued at <br> $204,858)<br>| $200000 | $200000 |
| BMO Harris Bank NA, (3.65%, dated 4/30/26, <br> due 5/1/26; proceeds $250,025; fully <br> collateralized by various U.S. Government <br> agency securities, 0.93% - 4.00% due <br> 10/1/27 - 9/1/51; valued at $260,453)<br>| 250000 | 250000 |
| BNP Paribas SA, (Interest in $550,000 joint <br> repurchase agreement, 3.65%, dated <br> 4/30/26 under which BNP Paribas SA, will <br> repurchase the securities provided as <br> collateral for $550,056 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government agency <br> securities and U.S. Government obligations <br> with various maturities to 10/20/65; valued <br> at $565,766)<br>| 25000 | 25000 |
| BNP Paribas SA, (3.82% (a), dated 10/8/25, <br> due 6/29/26; proceeds $514,007; fully <br> collateralized by various U.S. Government <br> agency securities, 0.00% - 8.10% due <br> 5/25/26 - 5/20/74, U.S. Government <br> obligations, 0.63% - 4.50% due <br> 1/31/28 - 8/15/47; valued at $520,235)<br>| 500000 | 500000 |
| BNP Paribas SA, (3.79% (a), dated 10/8/25, <br> due 6/4/26; proceeds $410,065; fully <br> collateralized by various U.S. Government <br> agency securities, 0.00% - 8.10% due <br> 7/25/26 - 10/20/74, U.S. Government <br> obligations, 0.00% - 4.00% due <br> 11/30/29 - 5/15/36; valued at $416,210)<br>| 400000 | 400000 |
| BNP Paribas SA, (4.14% (a), dated 6/26/25, <br> due 5/7/26; proceeds $777,162; fully <br> collateralized by various U.S. Government <br> agency securities, 1.50% - 8.00% due <br> 3/1/27 - 3/20/66, U.S. Government <br> obligations, 0.00% - 4.00% due <br> 5/12/26 - 11/15/52; valued at $771,299)<br>| 750000 | 750000 |
| BNP Paribas SA, (3.53% (a), dated 1/26/26, <br> due 5/7/26; proceeds $1,514,855; fully <br> collateralized by various U.S. Government <br> agency securities, 1.80% - 8.00% due <br> 5/16/28 - 3/20/66, U.S. Government <br> obligations, 0.00% - 4.00% due <br> 11/30/27 - 5/15/48; valued at $1,543,610)<br>| 1500000 | 1500000 |
| BNP Paribas SA, (Interest in $900,000 joint <br> repurchase agreement, 3.64%, dated <br> 4/30/26 under which BNP Paribas SA, will <br> repurchase the securities provided as <br> collateral for $900,091 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government <br> obligations with various maturities to <br> 2/15/56; valued at $918,000)<br>| 500000 | 500000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| BNP Paribas SA, (3.60% (a), dated 2/19/26, <br> due 5/7/26; proceeds $856,545; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 2.13% due <br> 12/31/27 - 5/15/48; valued at $867,000)<br>| $850000 | $850000 |
| BNP Paribas SA, (3.68% (a), dated 2/20/26, <br> due 5/7/26; proceeds $906,994; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 3.88% due <br> 7/21/26 - 5/15/54; valued at $918,000)<br>| 900000 | 900000 |
| BNP Paribas SA, (3.69% (a), dated 2/13/26, <br> due 5/7/26; proceeds $705,947; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.00% due <br> 8/25/26 - 4/15/29; valued at $714,000)<br>| 700000 | 700000 |
| BNP Paribas SA, (3.72% (a), dated 2/5/26, due <br> 5/7/26; proceeds $605,636; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.25% due <br> 6/11/26 - 5/15/53; valued at $612,000)<br>| 600000 | 600000 |
| BNP Paribas SA, (3.68% (a), dated 2/27/26, <br> due 5/7/26; proceeds $427,996; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.38% due <br> 6/2/26 - 2/15/54; valued at $433,500)<br>| 425000 | 425000 |
| BNP Paribas SA, (3.69% (a), dated 2/10/26, <br> due 5/7/26; proceeds $252,201; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.63% due <br> 5/15/26 - 5/15/54; valued at $255,000)<br>| 250000 | 250000 |
| BNP Paribas SA, (3.67% (a), dated 3/18/26, <br> due 5/7/26; proceeds $854,329; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.75% due <br> 5/15/26 - 8/15/55; valued at $867,000)<br>| 850000 | 850000 |
| BNP Paribas SA, (3.60% (a), dated 2/12/26, <br> due 5/7/26; proceeds $428,570; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 6.13% due <br> 5/15/26 - 2/15/55; valued at $433,500)<br>| 425000 | 425000 |
| BNP Paribas SA, (3.66% (a), dated 4/23/26, <br> due 5/7/26; proceeds $851,211; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 6.50% due <br> 7/31/26 - 8/15/51; valued at $867,000)<br>| 850000 | 850000 |
| BNP Paribas SA, (4.19% (a), dated 5/13/25, <br> due 5/7/26; proceeds $2,031,497; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 6.63% due <br> 7/21/26 - 2/15/56; valued at $1,989,000)<br>| 1950000 | 1950000 |
| BNP Paribas SA, (3.64%, dated 4/30/26, due <br> 5/1/26; proceeds $650,066; fully <br> collateralized by various U.S. Government <br> obligations, 0.38% - 4.25% due <br> 9/30/27 - 7/31/30; valued at $663,000)<br>| 650000 | 650000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| BNY Mellon Capital Markets LLC, (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds $250,025; <br> fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 6.50% due 3/18/32 - 5/1/56, <br> U.S. Government obligations, 0.00% - 4.63% <br> due 5/21/26 - 2/15/46; valued at <br> $255,984)<br>| $250000 | $250000 |
| Canadian Imperial Bank of Commerce, (3.65%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $500,051; fully collateralized by various <br> U.S. Government agency securities, 1.50% - <br> 7.00% due 4/1/28 - 10/20/72, <br> U.S. Government obligation, 0.00% - 4.75% <br> due 6/16/26 - 5/15/55; valued at <br> $513,284)<br>| 500000 | 500000 |
| Canadian Imperial Bank of Commerce, (3.64%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $450,046; fully collateralized by various <br> U.S. Government obligation, 0.00% - 5.00% <br> due 5/19/26 - 2/15/56; valued at <br> $459,000)<br>| 450000 | 450000 |
| Citibank NA, (3.65%, dated 4/30/26, due <br> 5/1/26; proceeds $500,051; fully <br> collateralized by various U.S. Government <br> agency securities, 1.50% - 9.00% due <br> 5/15/26 - 9/15/67; valued at $515,000)<br>| 500000 | 500000 |
| Citigroup Global Markets, Inc., (3.74%, dated <br> 12/8/25, due 6/8/26; proceeds $203,782; <br> fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 6.00% due 10/20/53; valued at $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.51%, dated <br> 2/9/26, due 2/9/27; proceeds $207,118; <br> fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.50% due 7/20/53 - 9/20/53; valued at <br> $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.74%, dated <br> 12/9/25, due 6/8/26; proceeds $254,701; <br> fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.50% due 9/20/53 - 10/20/53; valued at <br> $257,500)<br>| 250000 | 250000 |
| Citigroup Global Markets, Inc., (3.61%, dated <br> 1/26/26, due 1/26/27; proceeds <br> $207,320; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 8.00% due 10/20/53 - 11/20/53; valued at <br> $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.67% (a), <br> dated 1/22/26, due 5/7/26; proceeds <br> $1,768,732; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 8.00% due 3/20/27 - 4/20/66; valued at <br> $1,802,500)<br>| 1750000 | 1750000 |
| Citigroup Global Markets, Inc., (3.69%, dated <br> 2/4/26, due 8/4/26; proceeds $101,855; <br> fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 6.50% due 2/20/54; valued at $103,000)<br>| 100000 | 100000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Citigroup Global Markets, Inc., (3.75%, dated <br> 4/9/26, due 12/9/26; proceeds $205,083; <br> fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 8.00% due 12/20/53 - 2/20/54; valued at <br> $206,000)<br>| $200000 | $200000 |
| Citigroup Global Markets, Inc., (3.70%, dated <br> 1/15/26, due 7/15/26; proceeds <br> $254,651; fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 8.00% due 2/20/54; valued at $257,500)<br>| 250000 | 250000 |
| Citigroup Global Markets, Inc., (3.62%, dated <br> 3/3/26, due 12/3/26; proceeds $205,531; <br> fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 8.00% due 4/20/54 - 6/20/54; valued at <br> $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.79%, dated <br> 4/28/26, due 4/28/27; proceeds <br> $778,820; fully collateralized by various <br> U.S. Government agency securities, 3.00% - <br> 6.50% due 10/20/54 - 12/20/54; valued at <br> $772,500)<br>| 750000 | 750000 |
| Citigroup Global Markets, Inc., (3.70%, dated <br> 1/16/26, due 7/16/26; proceeds <br> $101,860; fully collateralized by various <br> U.S. Government agency securities, 3.50% - <br> 7.50% due 6/20/53 - 7/20/53; valued at <br> $103,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.64%, dated <br> 3/3/26, due 11/3/26; proceeds $204,954; <br> fully collateralized by various <br> U.S. Government agency securities, 3.50% - <br> 8.00% due 2/20/54 - 4/20/54; valued at <br> $206,001)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.70%, dated <br> 3/16/26, due 3/16/27; proceeds <br> $207,503; fully collateralized by various <br> U.S. Government agency securities, 3.50% - <br> 8.00% due 7/20/54 - 8/20/54; valued at <br> $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.90%, dated <br> 3/27/26, due 3/25/27; proceeds <br> $779,494; fully collateralized by various <br> U.S. Government agency securities, 3.50% - <br> 8.00% due 8/20/54 - 11/20/54; valued at <br> $772,500)<br>| 750000 | 750000 |
| Citigroup Global Markets, Inc., (3.54%, dated <br> 2/12/26, due 2/12/27; proceeds <br> $207,178; fully collateralized by various <br> U.S. Government agency securities, 5.00% - <br> 8.00% due 11/20/53 - 12/20/53; valued at <br> $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.62%, dated <br> 3/4/26, due 3/4/27; proceeds $207,341; <br> fully collateralized by various <br> U.S. Government agency securities, 5.00% - <br> 8.00% due 6/20/54 - 7/20/54; valued at <br> $206,000)<br>| 200000 | 200000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Citigroup Global Markets, Inc., (3.60%, dated <br> 2/17/26, due 10/16/26; proceeds <br> $307,230; fully collateralized by various <br> U.S. Government agency securities, 6.00% - <br> 7.50% due 2/20/54; valued at $309,000)<br>| $300000 | $300000 |
| Citigroup Global Markets, Inc., (3.68%, dated <br> 1/12/26, due 7/13/26; proceeds <br> $203,721; fully collateralized by various <br> U.S. Government agency securities, 6.00% - <br> 8.00% due 2/20/54; valued at $206,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.58%, dated <br> 2/19/26, due 11/19/26; proceeds <br> $205,430; fully collateralized by various <br> U.S. Government agency securities, 6.00% - <br> 8.00% due 2/20/54; valued at $206,001)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.67% (a), <br> dated 1/14/26, due 5/7/26; proceeds <br> $1,011,523; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 10/31/32 - 2/15/45; valued at <br> $1,020,000)<br>| 1000000 | 1000000 |
| Citigroup Global Markets, Inc., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,150,117; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 10/31/32 - 2/15/56; valued at <br> $1,173,000)<br>| 1150000 | 1150000 |
| Citigroup Global Markets, Inc., (3.83%, dated <br> 11/10/25, due 5/11/26; proceeds <br> $203,873; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 10/31/32 - 8/15/39; valued at <br> $204,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.66% (a), <br> dated 4/10/26, due 5/7/26; proceeds <br> $401,098; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 7/21/26 - 10/31/32; valued at <br> $408,000)<br>| 400000 | 400000 |
| Citigroup Global Markets, Inc., (3.67% (a), <br> dated 1/8/26, due 5/7/26; proceeds <br> $1,012,138; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.25% <br> due 12/15/28 - 5/15/39; valued at <br> $1,020,000)<br>| 1000000 | 1000000 |
| Citigroup Global Markets, Inc., (3.77%, dated <br> 11/28/25, due 5/28/26; proceeds <br> $101,895; fully collateralized by various <br> U.S. Government obligations, 0.88% - 4.38% <br> due 11/30/28 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.84%, dated <br> 11/5/25, due 5/5/26; proceeds $254,827; <br> fully collateralized by various <br> U.S. Government obligations, 0.88% - 5.25% <br> due 11/15/28 - 10/31/32; valued at <br> $255,000)<br>| 250000 | 250000 |
| Citigroup Global Markets, Inc., (3.84%, dated <br> 11/19/25, due 5/20/26; proceeds <br> $101,941; fully collateralized by various <br> U.S. Government obligations, 0.88% - 5.25% <br> due 11/15/28 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Citigroup Global Markets, Inc., (3.64% (a), <br> dated 4/8/26, due 5/7/26; proceeds <br> $1,002,935; fully collateralized by various <br> U.S. Government obligations, 0.88% - 5.25% <br> due 11/15/28 - 10/31/32; valued at <br> $1,020,000)<br>| $1000000 | $1000000 |
| Citigroup Global Markets, Inc., (3.66% (a), <br> dated 4/17/26, due 5/7/26; proceeds <br> $501,017; fully collateralized by various <br> U.S. Government obligations, 3.13% - 5.25% <br> due 10/31/28 - 10/31/32; valued at <br> $510,000)<br>| 500000 | 500000 |
| Citigroup Global Markets, Inc., (3.82%, dated <br> 11/21/25, due 5/21/26; proceeds <br> $101,921; fully collateralized by various <br> U.S. Government obligations, 3.13% - 5.25% <br> due 11/15/28 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.69%, dated <br> 2/2/26, due 5/4/26; proceeds $100,933; <br> fully collateralized by various <br> U.S. Government obligations, 3.13% - 5.25% <br> due 11/15/28 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.82%, dated <br> 11/12/25, due 5/13/26; proceeds <br> $254,828; fully collateralized by various <br> U.S. Government obligations, 3.50% - 5.25% <br> due 11/15/28 - 10/31/32; valued at <br> $255,000)<br>| 250000 | 250000 |
| Credit Agricole - Fixed Income Clearing Corp., <br> (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $1,000,101; fully collateralized by <br> various U.S. Government obligations, 0.38% - <br> 4.75% due 9/30/26 - 5/15/44; valued at <br> $1,020,103)<br>| 1000000 | 1000000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.65%, dated 4/30/26, due 5/1/26; <br> proceeds $400,041; fully collateralized by <br> various U.S. Government agency securities, <br> 2.00% - 7.50% due 5/1/28 - 5/20/65, <br> U.S. Government obligations, 0.00% - 4.75% <br> due 8/6/26 - 2/15/56; valued at $408,779)<br>| 400000 | 400000 |
| Credit Agricole Corporate and Investment Bank, <br> (Interest in $300,000 joint repurchase <br> agreement, 3.64%, dated 4/30/26 under <br> which Credit Agricole Corporate and <br> Investment Bank, will repurchase the <br> securities provided as collateral for <br> $300,030 on 5/1/26. The securities <br> provided as collateral at the end of the <br> period held with BNY Mellon, tri-party agent, <br> were various U.S. Government obligations <br> with various maturities to 8/15/55; valued at <br> $306,000)<br>| 300000 | 300000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $330,033; fully collateralized by <br> various U.S. Government obligations, 1.88% - <br> 4.75% due 9/30/29 - 2/15/56; valued at <br> $336,600)<br>| 330000 | 330000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Daiwa Capital Markets America, Inc., (3.65%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $1,000,101; fully collateralized by various <br> U.S. Government agency securities, 1.25% - <br> 7.50% due 4/1/27 - 2/20/66, a <br> U.S. Government obligation, 4.13% due <br> 5/31/32; valued at $1,030,104)<br>| $1000000 | $1000000 |
| Deutsche Bank Securities, Inc., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds $500,051; <br> fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 7.13% due 5/15/26 - 2/7/39, <br> U.S. Government obligations, 2.88% - 3.50% <br> due 3/15/29 - 4/30/29; valued at <br> $510,001)<br>| 500000 | 500000 |
| Goldman Sachs & Co. LLC, (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds $500,051; <br> fully collateralized by a U.S. Government <br> obligation, 2.75% due 8/15/47; valued at <br> $510,000)<br>| 500000 | 500000 |
| Goldman Sachs & Co. LLC, (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $500,051; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 11/15/28 - 11/15/33; valued at <br> $510,000)<br>| 500000 | 500000 |
| Goldman Sachs & Co. LLC, (3.64% (a), dated <br> 4/8/26, due 5/7/26; proceeds $1,755,137; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.88% <br> due 8/25/26 - 2/15/54; valued at <br> $1,785,000)<br>| 1750000 | 1750000 |
| HSBC Securities USA, Inc., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds $915,093; <br> fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 8.00% due 5/15/26 - 3/15/67, <br> U.S. Government obligations, 0.13% - 5.00% <br> due 6/15/26 - 2/15/55; valued at <br> $938,794)<br>| 915000 | 915000 |
| HSBC Securities USA, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $265,027; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 6.38% <br> due 5/15/26 - 11/15/55; valued at <br> $270,327)<br>| 265000 | 265000 |
| JP Morgan Securities LLC, (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,000,101; fully collateralized by a <br> U.S. Government obligation, 0.13% due <br> 4/15/27; valued at $1,020,103)<br>| 1000000 | 1000000 |
| JP Morgan Securities LLC, (3.79% (a), dated <br> 7/3/25, due 5/7/26; proceeds $2,322,958; <br> fully collateralized by a U.S. Government <br> obligation, 3.63% due 8/31/29; valued at <br> $2,301,992)<br>| 2250000 | 2250000 |
| JP Morgan Securities LLC, (3.82% (a), dated <br> 1/13/26, due 7/30/26; proceeds <br> $1,020,999; fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 13.27% due 9/25/26 - 5/16/67; valued at <br> $1,053,300)<br>| 1000000 | 1000000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| JP Morgan Securities LLC, (3.80% (a), dated <br> 10/7/25, due 5/7/26; proceeds <br> $4,344,980; fully collateralized by various <br> U.S. Government agency securities, 0.80% - <br> 8.00% due 10/27/26 - 5/1/56; valued at <br> $4,390,408)<br>| $4250000 | $4250000 |
| JP Morgan Securities LLC, (3.91% (a), dated <br> 1/13/26, due 5/7/26; proceeds <br> $1,012,375; fully collateralized by various <br> U.S. Government agency securities, 1.25% - <br> 17.54% due 2/25/27 - 12/16/68; valued at <br> $1,053,221)<br>| 1000000 | 1000000 |
| JP Morgan Securities LLC, (3.78% (a), dated <br> 1/13/26, due 5/7/26; proceeds $430,085; <br> fully collateralized by various <br> U.S. Government agency securities, 1.56% - <br> 7.50% due 11/13/26 - 5/1/56; valued at <br> $438,778)<br>| 425000 | 425000 |
| JP Morgan Securities LLC, (3.62%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,000,101; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.75% <br> due 2/28/30 - 2/15/45; valued at <br> $1,020,103)<br>| 1000000 | 1000000 |
| JP Morgan Securities LLC, (3.78% (a), dated <br> 3/10/26, due 5/7/26; proceeds <br> $6,539,533; fully collateralized by various <br> U.S. Government obligations, 1.25% - 4.13% <br> due 8/15/27 - 4/15/31; valued at <br> $6,650,117)<br>| 6500000 | 6500000 |
| JP Morgan Securities, Inc. - Fixed Income <br> Clearing Corp., (3.65%, dated 4/30/26, due <br> 5/1/26; proceeds $3,350,340; fully <br> collateralized by various U.S. Government <br> agency securities, 1.50% - 7.50% due <br> 10/1/26 - 5/15/67; valued at $3,450,850)<br>| 3350000 | 3350000 |
| Mizuho Securities USA LLC, (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $250,025; <br> fully collateralized by various <br> U.S. Government obligations, 0.75% - 4.13% <br> due 8/31/26 - 7/31/31; valued at <br> $255,000)<br>| 250000 | 250000 |
| MUFG Securities Americas, Inc., (3.70%, dated <br> 4/30/26, due 5/1/26; proceeds $300,031; <br> fully collateralized by various <br> U.S. Government agency securities, 0.16% - <br> 6.50% due 9/1/26 - 4/1/56; valued at <br> $311,894)<br>| 300000 | 300000 |
| MUFG Securities Americas, Inc., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds $200,020; <br> fully collateralized by various <br> U.S. Government agency securities, 1.50% - <br> 6.50% due 5/25/26 - 12/1/55; valued at <br> $205,114)<br>| 200000 | 200000 |
| MUFG Securities Canada Ltd., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,500,152; fully collateralized by various <br> U.S. Government agency securities, 1.00% - <br> 7.50% due 7/2726 - 6/1/64, <br> U.S. Government obligations, 0.00% - 4.75% <br> due 11/15/26 - 8/15/55; valued at <br> $1,543,037)<br>| 1500000 | 1500000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Natixis SA, (Interest in $1,900,000 joint <br> repurchase agreement, 3.65%, dated <br> 4/30/26 under which Natixis SA, will <br> repurchase the securities provided as <br> collateral for $1,900,193 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government agency <br> securities and U.S. Government obligations <br> with various maturities to 2/15/56; valued at <br> $1,940,618)<br>| $1900000 | $1900000 |
| Natixis SA, (3.68% (a), dated 12/8/21, due <br> 5/7/26; proceeds $87,351; fully <br> collateralized by various U.S. Government <br> agency securities, 2.00% - 6.00% due <br> 12/25/34 - 4/20/68, U.S. Government <br> obligations, 0.13% - 4.38% due <br> 4/20/68 - 2/15/54; valued at $77,740)<br>| 75000 | 75000 |
| Natixis SA, (3.69%, dated 1/29/26, due <br> 7/27/26; proceeds $203,670; fully <br> collateralized by various U.S. Government <br> agency securities, 2.92% - 6.00% due <br> 7/1/29 - 4/1/56, U.S. Government <br> obligations, 0.50% - 4.75% due <br> 1/15/27 - 11/15/44; valued at $204,510)<br>| 200000 | 200000 |
| Natixis SA, (3.69% (a), dated 4/24/26, due <br> 5/7/26; proceeds $1,001,333; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 4.59% due <br> 10/22/29 - 2/1/34, U.S. Government <br> obligations, 0.00% - 4.75% due <br> 6/18/26 - 2/15/54; valued at $1,020,048)<br>| 1000000 | 1000000 |
| Natixis SA, (3.76%, dated 12/3/25, due <br> 6/1/26; proceeds $203,760; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 4.95% due <br> 8/1/32 - 9/1/52, U.S. Government <br> obligations, 0.00% - 4.88% due <br> 7/31/26 - 2/15/56; valued at $204,093)<br>| 200000 | 200000 |
| Natixis SA, (3.73%, dated 3/18/26, due <br> 9/18/26; proceeds $203,813; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 5.50% due <br> 8/1/32 - 4/1/56, U.S. Government <br> obligation, 0.00% - 4.75% due <br> 6/18/26 - 11/15/53; valued at $204,207)<br>| 200000 | 200000 |
| Natixis SA, (3.73%, dated 4/22/26, due <br> 10/22/26; proceeds $101,896; fully <br> collateralized by various U.S. Government <br> agency securities, 3.00% - 6.00% due <br> 7/1/29 - 4/1/56, U.S. Government <br> obligations, 0.00% - 4.25% due <br> 4/30/27 - 2/15/46; valued at $102,154)<br>| 100000 | 100000 |
| Natixis SA, (3.70% (a), dated 3/18/26, due <br> 5/7/26; proceeds $1,005,139; fully <br> collateralized by various U.S. Government <br> agency securities, 3.73% - 5.00% due <br> 10/24/29 - 5/1/56, U.S. Government <br> obligations, 0.38% - 4.88% due <br> 7/31/26 - 8/15/55; valued at $1,020,089)<br>| 1000000 | 1000000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Natixis SA, (3.74%, dated 12/4/25, due <br> 6/2/26; proceeds $203,740; fully <br> collateralized by various U.S. Government <br> agency securities, 3.73% - 5.50% due <br> 9/1/33 - 9/1/55, U.S. Government <br> obligations, 0.13% - 5.50% due <br> 10/15/26 - 2/15/56; valued at $204,363)<br>| $200000 | $200000 |
| Natixis SA, (Interest in $1,900,000 joint <br> repurchase agreement, 3.64%, dated <br> 4/30/26 under which Natixis SA, will <br> repurchase the securities provided as <br> collateral for $1,900,192 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government <br> obligations with various maturities to <br> 8/15/55; valued at $1,938,000)<br>| 178000 | 178000 |
| NatWest Markets Securities, Inc., (3.65%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $2,800,284; fully collateralized by various <br> U.S. Government agency securities, 0.76% - <br> 6.50% due 7/8/26 - 6/1/62, a <br> U.S. Government obligation, 3.50% due <br> 9/30/27; valued at $2,884,158)<br>| 2800000 | 2800000 |
| NatWest Markets Securities, Inc., (3.64%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $350,035; fully collateralized by various <br> U.S. Government obligations, 1.25% - 4.63% <br> due 6/15/27 - 2/15/34; valued at <br> $357,036)<br>| 350000 | 350000 |
| Nomura Securities International, Inc., (3.65%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $1,500,152; fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 6.75% due 6/12/26 - 10/1/55, <br> U.S. Government obligations, 0.00% - 1.75% <br> due 11/15/26 - 2/15/41; valued at <br> $1,531,549)<br>| 1500000 | 1500000 |
| Northern Trust Co. - Fixed Income Clearing <br> Corp., (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $5,100,416; fully collateralized by <br> various U.S. Government obligations, 2.75% - <br> 4.63% due 5/31/29 - 6/30/32; valued at <br> $5,201,898)<br>| 5099900 | 5099900 |
| Northern Trust Co. - Fixed Income Clearing <br> Corp., (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $600,061; fully collateralized by <br> various U.S. Government obligations, 3.25% - <br> 4.63% due 6/15/28 - 11/15/45; valued at <br> $612,000)<br>| 600000 | 600000 |
| Northwestern Mutual Life Insurance Co., <br> (3.65%, dated 4/30/26, due 5/1/26; <br> proceeds $1,000,101; fully collateralized by <br> various U.S. Government agency securities, <br> 2.00% - 6.50% due 12/1/39 - 11/1/54; <br> valued at $1,030,000)<br>| 1000000 | 1000000 |
| Prudential Legacy Insurance Co. of New Jersey, <br> (3.67%, dated 4/30/26, due 5/1/26; <br> proceeds $430,138; fully collateralized by <br> various U.S. Government obligations, 0.00% - <br> 3.75% due 12/31/30 - 2/15/50; valued at <br> $438,696)<br>| 430094 | 430094 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Royal Bank of Canada, (3.80% (a), dated <br> 11/3/25, due 5/1/26; proceeds <br> $1,018,894; fully collateralized by various <br> U.S. Government agency securities, 1.50% - <br> 7.50% due 10/1/27 - 6/1/63, <br> U.S. Government obligations, 2.50% - 4.50% <br> due 5/15/34 - 11/15/54; valued at <br> $1,028,944)<br>| $1000000 | $1000000 |
| Royal Bank of Canada, (3.53% (a), dated <br> 1/20/26, due 5/7/26; proceeds <br> $2,020,984; fully collateralized by various <br> U.S. Government agency securities, 1.50% - <br> 7.50% due 9/1/31 - 4/20/65, <br> U.S. Government obligations, 0.00% - 6.75% <br> due 5/14/26 - 5/15/55; valued at <br> $2,053,232)<br>| 2000000 | 2000000 |
| Royal Bank of Canada, (3.59% (a), dated <br> 12/10/25, due 5/7/26; proceeds <br> $507,379; fully collateralized by various <br> U.S. Government agency securities, 1.57% - <br> 6.50% due 11/1/34 - 2/1/57, <br> U.S. Government obligations, 3.75% - 3.88% <br> due 6/30/27 - 11/30/29; valued at <br> $513,364)<br>| 500000 | 500000 |
| Royal Bank of Canada, (3.69% (a), dated <br> 3/31/26, due 5/7/26; proceeds <br> $1,003,793; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.00% due 3/1/34 - 5/1/56, <br> U.S. Government obligations, 1.38% - 4.38% <br> due 5/15/34 - 5/15/52; valued at <br> $1,028,649)<br>| 1000000 | 1000000 |
| Royal Bank of Canada, (3.60% (a), dated <br> 2/2/26, due 5/7/26; proceeds $504,700; <br> fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.00% due 5/1/42 - 2/1/56, <br> U.S. Government obligations, 1.25% - 4.38% <br> due 5/15/42 - 5/15/51; valued at <br> $514,547)<br>| 500000 | 500000 |
| Royal Bank of Canada, (3.77% (a), dated <br> 11/10/25, due 5/7/26; proceeds <br> $713,048; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 7.50% due 8/1/42 - 3/1/56, <br> U.S. Government obligations, 0.00% - 4.88% <br> due 5/21/26 - 8/15/54; valued at <br> $718,077)<br>| 700000 | 700000 |
| Royal Bank of Canada, (3.70% (a), dated <br> 10/20/25, due 5/1/26; proceeds <br> $509,918; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 8.00% due 3/20/37 - 2/1/57, <br> U.S. Government obligations, 0.00% - 4.63% <br> due 7/31/26 - 2/15/53; valued at <br> $511,164)<br>| 500000 | 500000 |
| Royal Bank of Canada, (3.54% (a), dated <br> 12/18/25, due 5/7/26; proceeds <br> $506,883; fully collateralized by various <br> U.S. Government agency securities, 2.00% - <br> 8.00% due 7/1/27 - 6/1/63, <br> U.S. Government obligations, 3.38% - 3.88% <br> due 6/30/27 - 8/15/42; valued at <br> $512,781)<br>| 500000 | 500000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Royal Bank of Canada, (3.50% (a), dated <br> 1/12/26, due 5/7/26; proceeds $505,590; <br> fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 6.00% due 4/1/46 - 2/1/56, <br> U.S. Government obligations, 0.00% - 5.00% <br> due 6/25/26 - 2/15/56; valued at <br> $512,439)<br>| $500000 | $500000 |
| Royal Bank of Canada, (3.65% (a), dated <br> 4/16/26, due 5/7/26; proceeds <br> $1,002,129; fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 6.00% due 9/20/51 - 5/1/56, <br> U.S. Government obligations, 0.00% - 5.00% <br> due 6/30/26 - 5/15/55; valued at <br> $1,022,288)<br>| 1000000 | 1000000 |
| Royal Bank of Canada, (3.66% (a), dated <br> 4/1/26, due 5/7/26; proceeds $1,003,660; <br> fully collateralized by various <br> U.S. Government agency securities, 2.61% - <br> 6.50% due 11/1/32 - 12/1/55, <br> U.S. Government obligations, 3.75% - 4.63% <br> due 6/30/27 - 4/30/29; valued at <br> $1,027,561)<br>| 1000000 | 1000000 |
| Royal Bank of Canada, (3.77% (a), dated <br> 11/14/25, due 5/7/26; proceeds <br> $407,289; fully collateralized by various <br> U.S. Government obligations, 1.25% - 4.13% <br> due 9/30/27 - 8/15/51; valued at <br> $408,000)<br>| 400000 | 400000 |
| Santander U.S. Capital Markets LLC, (3.70%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $800,082; fully collateralized by various <br> U.S. Government agency securities, 0.00% - <br> 6.50% due 4/1/27 - 10/20/68; valued at <br> $838,192)<br>| 800000 | 800000 |
| State Street Bank - Fixed Income Clearing <br> Corp., (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $1,000,101; fully collateralized by <br> various U.S. Government obligations, 2.00% - <br> 4.75% due 11/15/43 - 8/15/51; valued at <br> $1,020,000)<br>| 1000000 | 1000000 |
| Sumitomo Mitsui Banking Corp., (3.65%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,000,101; fully collateralized by various <br> U.S. Government agency securities, 2.50% - <br> 6.00% due 5/20/51 - 12/20/55, <br> U.S. Government obligations, 1.63% - 4.25% <br> due 9/30/29 - 8/15/35; valued at <br> $1,030,064)<br>| 1000000 | 1000000 |
| Sumitomo Mitsui Banking Corp., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,750,177; fully collateralized by various <br> U.S. Government obligations, 1.25% - 5.25% <br> due 7/15/26 - 2/15/56; valued at <br> $1,785,181)<br>| 1750000 | 1750000 |
| Teacher Retirement System of Texas, (3.75%, <br> dated 5/1/26, due 5/4/26; proceeds <br> $890,531; valued at $0) (b)<br>| 890253 | 890253 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Teacher Retirement System of Texas, (3.72%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $890,389; fully collateralized by various <br> U.S. Government obligations, 1.38% - 4.75% <br> due 11/15/40 - 11/15/53; valued at <br> $908,103)<br>| $890297 | $890297 |
| Wells Fargo Bank NA, (3.65%, dated 4/30/26, <br> due 5/1/26; proceeds $500,051; fully <br> collateralized by various U.S. Government <br> agency securities, 2.50% - 6.00% due <br> 5/20/50 - 1/20/66, U.S. Government <br> obligations, 1.25% - 2.13% due <br> 4/15/28 - 7/15/34; valued at $510,524)<br>| 500000 | 500000 |
| Wells Fargo Clearing Services LLC - Fixed <br> Income Clearing Corp., (3.64%, dated <br> 1/5/26, due 7/1/26; proceeds $407,159; <br> fully collateralized by various <br> U.S. Government obligations, 1.13% - 1.88% <br> due 2/29/28 - 2/15/32; valued at <br> $408,000)<br>| 400000 | 400000 |
| Wells Fargo Clearing Services LLC - Fixed <br> Income Clearing Corp., (3.68%, dated <br> 4/29/26, due 5/21/26; proceeds <br> $250,562; fully collateralized by various <br> U.S. Government obligations, 2.75% - 4.13% <br> due 3/31/31 - 8/15/32; valued at <br> $255,000)<br>| 250000 | 250000 |
| Wells Fargo Clearing Services LLC - Fixed <br> Income Clearing Corp., (3.67%, dated <br> 1/9/26, due 7/1/26; proceeds $254,409; <br> fully collateralized by various <br> U.S. Government obligations, 3.50% - 4.13% <br> due 12/15/28 - 7/31/32; valued at <br> $255,000)<br>| 250000 | 250000 |
| Wells Fargo Clearing Services LLC - Fixed <br> Income Clearing Corp., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $700,071; <br> fully collateralized by various <br> U.S. Government obligations, 3.75% - 4.00% <br> due 12/31/28 - 11/15/35; valued at <br> $714,000)<br>| 700000 | 700000 |
| Wells Fargo Securities LLC, (Interest in <br> $3,400,000 joint repurchase agreement, <br> 3.65%, dated 4/30/26 under which Wells <br> Fargo Securities LLC, will repurchase the <br> securities provided as collateral for <br> $3,400,345 on 5/1/26. The securities <br> provided as collateral at the end of the <br> period held with BNY Mellon, tri-party agent, <br> were various U.S. Government agency <br> securities with various maturities to 1/1/59; <br> valued at $3,502,000)<br>| 2359000 | 2359000 |
| **Total Repurchase Agreements (Cost $116,873,544)** | **Total Repurchase Agreements (Cost $116,873,544)** | 116873544 |
| U.S. Agency Securities (19.9%) |  |  |
| Federal Farm Credit Bank, |  |  |
| Federal Reserve Bank Prime Loan Rate - <br> 3.02%, 3.73%, 6/22/26 (c)<br>| 142550 | 142548 |
| SOFR + 0.09%, 3.75%, <br> 4/6/28 - 4/10/28 (c)<br>| 362000 | 362000 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.99%, 3.76%, 10/2/26 (c)<br>| 48000 | 48000 |
| SOFR + 0.10%, 3.76%, 2/25/28 (c) | 176000 | 176000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| U.S. Agency Securities (cont'd) |  |  |
| Fed Funds Rate + 0.12%, 3.76%, <br> 2/28/28 (c)<br>| $97000 | $97000 |
| Federal Reserve Bank Prime Loan Rate - <br> 3.00%, 3.76%, 3/27/28 (c)<br>| 283000 | 282944 |
| SOFR + 0.11%, 3.77%, 11/19/27 (c) | 159000 | 159000 |
| Fed Funds Rate + 0.13%, 3.77%, 1/7/28 (c) | 115000 | 115000 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.98%, 3.77%, 4/10/28 (c)<br>| 244000 | 244000 |
| SOFR + 0.12%, 3.78%, <br> 7/30/27 - 11/12/27 (c)<br>| 652000 | 652000 |
| SOFR + 0.13%, 3.79%, <br> 9/2/27 - 11/10/27 (c)<br>| 1217000 | 1217000 |
| Fed Funds Rate + 0.15%, 3.79%, 9/8/27 (c) | 98000 | 98000 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.96%, 3.79%, 12/15/27 - 12/22/27 (c)<br>| 194000 | 194000 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.97%, 3.79%, 1/7/28 (c)<br>| 250000 | 250000 |
| SOFR + 0.14%, 3.80%, <br> 9/9/26 - 11/4/26 (c)<br>| 710000 | 710000 |
| SOFR + 0.15%, 3.81%, <br> 11/27/26 - 10/14/27 (c)<br>| 1226000 | 1226000 |
| Fed Funds Rate + 0.18%, 3.82%, <br> 9/23/27 (c)<br>| 96000 | 96000 |
| Federal Home Loan Bank, |  |  |
| 3.50%, 12/31/26 (d) | 198000 | 193464 |
| 3.56%, 6/24/26 - 9/21/26 (d) | 1250000 | 1240129 |
| 3.57%, 6/26/26 - 9/14/26 (d) | 922000 | 912824 |
| 3.58%, 6/17/26 (d) | 130000 | 129404 |
| 3.59%, 7/30/26 - 8/21/26 (d) | 3210000 | 3177122 |
| 3.62%, 8/6/26 - 8/24/26 (d) | 1466000 | 1451125 |
| 3.63%, 7/23/26 - 10/8/26 (d) | 494000 | 488077 |
| 3.65%, 7/21/26 - 7/22/26 (d) | 486000 | 482018 |
| SOFR + 0.02%, 3.65%, 9/8/26 (c) | 146000 | 146000 |
| SOFR + 0.00%, 3.66%, <br> 5/18/26 - 7/6/26 (c)<br>| 3440000 | 3439999 |
| 3.66%, 6/10/26 (d) | 423000 | 421309 |
| SOFR + 0.01%, 3.67%, <br> 5/4/26 - 9/9/26 (b)(c)<br>| 8247000 | 8246983 |
| 3.67%, 6/18/26 - 12/24/26 (d) | 663000 | 654158 |
| SOFR + 0.02%, 3.68%, <br> 6/18/26 - 11/9/26 (b)(c)<br>| 4877000 | 4877000 |
| 3.68%, 10/2/26 (d) | 493000 | 485380 |
| 3.69%, 9/10/26 - 9/25/26 (d) | 1563000 | 1540457 |
| SOFR + 0.03%, 3.69%, <br> 10/20/26 - 11/30/26 (c)<br>| 2450000 | 2450000 |
| SOFR + 0.04%, 3.70%, 12/29/26 (c) | 489000 | 489000 |
| 3.70%, 1/15/27 (b)(d) | 489000 | 476335 |
| SOFR + 0.09%, 3.75%, 4/17/28 (c) | 146000 | 146000 |
| SOFR + 0.11%, 3.77%, 7/15/27 (c) | 198000 | 197975 |
| SOFR + 0.15%, 3.81%, 11/19/27 (c) | 241000 | 241000 |
| SOFR + 0.17%, 3.83%, 9/24/27 (c) | 240000 | 240000 |
| SOFR + 0.18%, 3.84%, 9/21/27 (c) | 390000 | 390000 |
| 3.93%, 8/19/26 (d) | 47000 | 46457 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Federal Home Loan Mortgage Corp., |  |  |
| SOFR + 0.13%, 3.79%, 8/25/27 (c) | $561000 | $561000 |
| SOFR + 0.14%, 3.80%, <br> 9/22/27 - 10/6/27 (c)<br>| 993000 | 993000 |
| Federal National Mortgage Association, |  |  |
| SOFR + 0.09%, 3.75%, 2/2/28 - 4/6/28 (c) | 2113000 | 2113000 |
| SOFR + 0.14%, 3.80%, <br> 10/23/26 - 12/11/26 (c)<br>| 1742000 | 1742000 |
| **Total U.S. Agency Securities (Cost $44,040,708)** | **Total U.S. Agency Securities (Cost $44,040,708)** | 44040708 |
| U.S. Treasury Securities (23.0%) |  |  |
| U.S. Treasury Bill, |  |  |
| 3.48%, 2/18/27 (e) | 580000 | 564205 |
| 3.69%, 6/30/26 - 9/17/26 (b)(e) | 691000 | 684672 |
| 3.71%, 10/22/26 - 4/15/27 (e) | 2036000 | 1994279 |
| 3.72%, 9/1/26 (b)(e) | 789000 | 779559 |
| 3.73%, 10/8/26 - 10/15/26 (e) | 1291000 | 1269777 |
| 3.75%, 9/24/26 (e) | 786000 | 774429 |
| 3.76%, 6/4/26 (e) | 1540000 | 1534708 |
| 3.79%, 5/28/26 (e) | 1153000 | 1149826 |
| 3.81%, 5/7/26 (e) | 1412000 | 1411133 |
| 3.83%, 5/21/26 (e) | 1156000 | 1153619 |
| 3.84%, 5/14/26 - 7/9/26 (e) | 4763000 | 4748998 |
| 3.93%, 8/6/26 (e) | 594000 | 587976 |
| 4.12%, 6/11/26 (e) | 482011 | 479844 |
| U.S. Treasury Floating Rate Notes, |  |  |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.72%, 1/31/28 (c)<br>| 4208910 | 4208644 |
| 3 Month Treasury Money Market Yield + <br> 0.16%, 3.78%, 4/30/27 (b)(c)<br>| 1695000 | 1695256 |
| 3 Month Treasury Money Market Yield + <br> 0.19%, 3.81%, 10/31/27 (c)<br>| 3667000 | 3668003 |
| U.S. Treasury Notes, |  |  |
| 0.50%, 5/31/27  | 354000 | 341744 |
| 0.63%, 7/31/26  | 296000 | 293528 |
| 1.13%, 10/31/26  | 298000 | 294242 |
| 1.25%, 12/31/26  | 1043000 | 1026986 |
| 1.50%, 8/15/26 - 1/31/27  | 1390000 | 1372907 |
| 1.63%, 5/15/26  | 286000 | 285746 |
| 1.88%, 6/30/26  | 88000 | 87731 |
| 2.25%, 2/15/27  | 479000 | 474150 |
| 2.75%, 4/30/27  | 837000 | 828886 |
| 3.50%, 9/30/26  | 451000 | 450619 |
| 3.75%, 8/31/26 - 4/30/27  | 1013000 | 1012757 |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.75%, 4/30/28 (c)<br>| 1100000 | 1099953 |
| 3 Month Treasury Money Market Yield + <br> 0.16%, 3.80%, 7/31/27 (c)<br>| 2298435 | 2297553 |
| 3 Month Treasury Money Market Yield + <br> 0.18%, 3.83%, 7/31/26 (c)<br>| 1193850 | 1193625 |
| 3 Month Treasury Money Market Yield + <br> 0.21%, 3.85%, 10/31/26 (c)<br>| 133000 | 133023 |
| 3.88%, 3/31/27 - 5/31/27 (b) | 3387000 | 3395304 |
| 4.00%, 1/15/27  | 580000 | 581835 |
| 4.13%, 6/15/26 - 2/28/27  | 752000 | 754160 |
| 4.25%, 11/30/26 - 3/15/27  | 2962000 | 2977427 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| U.S. Treasury Securities (cont'd) |  |  |
| 4.38%, 12/15/26  | 938000 | $942209 |
| 4.50%, 7/15/26 - 5/15/27  | 2684000 | 2701030 |
| 4.63%, 6/30/26 - 11/15/26  | 1325000 | 1329700 |
| 4.88%, 5/31/26  | 301000 | 301204 |
| **Total U.S. Treasury Securities (Cost $50,881,247)** | **Total U.S. Treasury Securities (Cost $50,881,247)** | 50881247 |
| **Total Investments (95.6%) (Cost $211,795,499) (f)(g)** | **Total Investments (95.6%) (Cost $211,795,499) (f)(g)** | 211795499 |
| Other Assets in Excess of Liabilities (4.4%)  | Other Assets in Excess of Liabilities (4.4%)  | 9743948 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $221539447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate shown is the yield to maturity at April 30, 2026.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SOFR Secured Overnight Financing Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55.2<br> %<br>|
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.0 |
| U.S. Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.8 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| U.S. Agency Securities (24.6%) |  |  |
| Federal Farm Credit Bank, |  |  |
| Federal Reserve Bank Prime Loan Rate - <br> 3.02%, 3.73%, 6/22/26 (a)<br>| $4000 | $4000 |
| SOFR + 0.09%, 3.75%, <br> 4/6/28 - 4/10/28 (a)<br>| 16000 | 16000 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.99%, 3.76%, 10/2/26 (a)<br>| 2000 | 2000 |
| SOFR + 0.10%, 3.76%, 2/25/28 (a) | 3000 | 3000 |
| Fed Funds Rate + 0.12%, 3.76%, <br> 2/28/28 (a)<br>| 2000 | 2000 |
| Federal Reserve Bank Prime Loan Rate - <br> 3.00%, 3.76%, 3/27/28 (a)<br>| 5000 | 4999 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.98%, 3.77%, 10/14/27 - 4/10/28 (a)<br>| 22400 | 22401 |
| SOFR + 0.11%, 3.77%, 11/19/27 (a) | 5000 | 5000 |
| SOFR + 0.12%, 3.78%, <br> 7/30/27 - 11/12/27 (a)<br>| 19000 | 19000 |
| Fed Funds Rate + 0.15%, 3.79%, 9/8/27 (a) | 2000 | 2000 |
| SOFR + 0.13%, 3.79%, <br> 9/22/27 - 11/10/27 (a)<br>| 15000 | 15000 |
| Federal Reserve Bank Prime Loan Rate - <br> 2.96%, 3.79%, 12/15/27 - 12/22/27 (a)<br>| 4000 | 4000 |
| SOFR + 0.14%, 3.80%, <br> 9/9/26 - 11/4/26 (a)<br>| 19000 | 19000 |
| SOFR + 0.15%, 3.81%, <br> 12/4/26 - 10/1/27 (a)<br>| 14000 | 14000 |
| Fed Funds Rate + 0.18%, 3.82%, <br> 9/23/27 (a)<br>| 3000 | 3000 |
| Federal Home Loan Bank, |  |  |
| 3.50%, 12/31/26 (b) | 1000 | 977 |
| 3.56%, 6/24/26 - 9/21/26 (b) | 20000 | 19817 |
| 3.57%, 6/26/26 - 9/14/26 (b) | 19000 | 18812 |
| 3.58%, 6/17/26 (b) | 5000 | 4977 |
| 3.59%, 7/30/26 - 8/21/26 (b) | 56000 | 55428 |
| 3.62%, 5/20/26 - 8/24/26 (b) | 149000 | 148610 |
| 3.63%, 8/6/26 - 10/8/26 (b) | 17000 | 16812 |
| 3.64%, 6/23/26 (b) | 100000 | 99468 |
| 3.65%, 7/21/26 - 7/22/26 (b) | 11000 | 10909 |
| SOFR + 0.02%, 3.65%, 9/8/26 (a) | 3000 | 3000 |
| SOFR + 0.00%, 3.66%, <br> 5/18/26 - 7/6/26 (a)<br>| 68000 | 68000 |
| 3.66%, 6/10/26 (b) | 11000 | 10956 |
| SOFR + 0.01%, 3.67%, <br> 5/4/26 - 9/9/26 (a)(c)<br>| 406000 | 405996 |
| 3.67%, 6/18/26 - 12/24/26 (b) | 12000 | 11834 |
| SOFR + 0.02%, 3.68%, <br> 6/18/26 - 11/9/26 (a)(c)<br>| 95000 | 95000 |
| 3.68%, 10/2/26 (b) | 9000 | 8861 |
| 3.69%, 9/10/26 - 9/25/26 (b) | 28000 | 27597 |
| SOFR + 0.03%, 3.69%, <br> 10/20/26 - 11/30/26 (a)<br>| 35000 | 35000 |
| SOFR + 0.04%, 3.70%, <br> 6/15/26 - 12/29/26 (a)<br>| 40670 | 40671 |
| 3.70%, 1/15/27 (b)(c) | 8000 | 7793 |
| SOFR + 0.09%, 3.75%, 4/17/28 (a) | 3000 | 3000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| SOFR + 0.11%, 3.77%, 7/15/27 (a) | $1000 | $1000 |
| SOFR + 0.15%, 3.81%, 11/19/27 (a) | 7000 | 7000 |
| SOFR + 0.17%, 3.83%, 9/24/27 (a) | 8000 | 8000 |
| SOFR + 0.18%, 3.84%, 9/21/27 (a) | 8000 | 8000 |
| 3.93%, 8/19/26 (b) | 2000 | 1977 |
| **Total U.S. Agency Securities (Cost $1,254,895)** | **Total U.S. Agency Securities (Cost $1,254,895)** | 1254895 |
| U.S. Treasury Securities (72.5%) |  |  |
| U.S. Treasury Bill, |  |  |
| 3.48%, 2/18/27 (d) | 10000 | 9728 |
| 3.62%, 5/7/26 (d) | 580000 | 579656 |
| 3.63%, 5/12/26 (d) | 540000 | 539411 |
| 3.64%, 5/19/26 (d) | 139000 | 138752 |
| 3.65%, 5/5/26 - 5/26/26 (d) | 899000 | 897948 |
| 3.66%, 6/2/26 (d) | 106000 | 105661 |
| 3.67%, 6/4/26 (d) | 365000 | 363760 |
| 3.69%, 6/25/26 - 9/17/26 (c)(d) | 274000 | 272444 |
| 3.71%, 10/22/26 - 4/15/27 (d) | 42000 | 41137 |
| 3.72%, 9/1/26 (c)(d) | 15000 | 14820 |
| 3.73%, 10/8/26 - 10/15/26 (d) | 33000 | 32455 |
| 3.75%, 9/24/26 (d) | 14000 | 13794 |
| 3.79%, 5/28/26 (d) | 12000 | 11967 |
| 3.83%, 5/21/26 (d) | 15000 | 14969 |
| 3.85%, 7/9/26 (d) | 28000 | 27799 |
| 3.93%, 8/6/26 (d) | 8000 | 7919 |
| 4.13%, 6/11/26 (d) | 8000 | 7964 |
| U.S. Treasury Floating Rate Notes, |  |  |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.72%, 1/31/28 (a)<br>| 56000 | 55997 |
| 3 Month Treasury Money Market Yield + <br> 0.16%, 3.78%, 4/30/27 (a)(c)<br>| 46000 | 46010 |
| 3 Month Treasury Money Market Yield + <br> 0.19%, 3.81%, 10/31/27 (a)<br>| 48000 | 48003 |
| U.S. Treasury Notes, |  |  |
| 0.50%, 5/31/27  | 7000 | 6758 |
| 0.63%, 7/31/26  | 10000 | 9916 |
| 1.13%, 10/31/26  | 10000 | 9874 |
| 1.25%, 12/31/26  | 18000 | 17723 |
| 1.50%, 8/15/26 - 1/31/27  | 21000 | 20797 |
| 1.63%, 5/15/26  | 9000 | 8992 |
| 1.88%, 6/30/26  | 3000 | 2991 |
| 2.25%, 2/15/27  | 1000 | 990 |
| 2.75%, 4/30/27  | 13000 | 12873 |
| 3.50%, 9/30/26  | 5000 | 4996 |
| 3.75%, 8/31/26 - 4/30/27  | 21000 | 20989 |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.75%, 4/30/28 (a)<br>| 30000 | 29999 |
| 3 Month Treasury Money Market Yield + <br> 0.16%, 3.80%, 7/31/27 (a)<br>| 36500 | 36492 |
| 3 Month Treasury Money Market Yield + <br> 0.18%, 3.83%, 7/31/26 (a)<br>| 33000 | 32993 |
| 3 Month Treasury Money Market Yield + <br> 0.21%, 3.85%, 10/31/26 (a)<br>| 14000 | 14000 |
| 3.88%, 3/31/27 - 5/31/27 (c) | 64000 | 64154 |
| 4.00%, 1/15/27  | 10000 | 10031 |

---

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 Securities Portfolio**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| U.S. Treasury Securities (cont'd) |  |  |
| 4.13%, 6/15/26 - 2/28/27  | 13000 | $13040 |
| 4.25%, 11/30/26 - 3/15/27  | 51000 | 51261 |
| 4.38%, 12/15/26  | 16000 | 16069 |
| 4.50%, 7/15/26 - 5/15/27  | 38000 | 38229 |
| 4.63%, 6/30/26 - 11/15/26  | 44800 | 44955 |
| 4.88%, 5/31/26  | 9000 | 9006 |
| **Total U.S. Treasury Securities (Cost $3,707,322)** | **Total U.S. Treasury Securities (Cost $3,707,322)** | 3707322 |
| **Total Investments (97.1%) (Cost $4,962,217) (e)(f)** | **Total Investments (97.1%) (Cost $4,962,217) (e)(f)** | 4962217 |
| Other Assets in Excess of Liabilities (2.9%)  | Other Assets in Excess of Liabilities (2.9%)  | 149169 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $5111386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate shown is the yield to maturity at April 30, 2026.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SOFR Secured Overnight Financing Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74.7<br> %<br>|
| U.S. Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**Treasury Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| Repurchase Agreements (63.5%) | Repurchase Agreements (63.5%) | Repurchase Agreements (63.5%) |
| Bank of America Securities, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $99,910; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 1.88% <br> due 2/15/27 - 5/15/53; valued at <br> $101,898)<br>| $99900 | $99900 |
| Bank of America Securities, Inc., (3.69% (a), <br> dated 1/16/26, due 5/7/26; proceeds <br> $252,845; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.13% <br> due 4/15/31 - 5/15/50; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of America Securities, Inc., (3.70% (a), <br> dated 2/27/26, due 5/7/26; proceeds <br> $75,532; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.50% <br> due 11/15/26 - 5/15/53; valued at <br> $76,500)<br>| 75000 | 75000 |
| Bank of America Securities, Inc., (3.67% (a), <br> dated 3/9/26, due 5/7/26; proceeds <br> $503,009; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.63% <br> due 11/15/26 - 5/15/54; valued at <br> $510,000)<br>| 500000 | 500000 |
| Bank of America Securities, Inc., (3.72% (a), <br> dated 1/27/26, due 5/7/26; proceeds <br> $252,583; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.75% <br> due 5/15/27 - 2/15/41; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of America Securities, Inc., (4.07% (a), <br> dated 7/30/25, due 5/7/26; proceeds <br> $103,180; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.88% <br> due 8/25/26 - 10/31/30; valued at <br> $102,000)<br>| 100000 | 100000 |
| Bank of America Securities, Inc., (3.88% (a), <br> dated 10/20/25, due 5/7/26; proceeds <br> $51,073; fully collateralized by various <br> U.S. Government obligations, 0.00% due <br> 11/15/49 - 2/15/52; valued at $51,000)<br>| 50000 | 50000 |
| Bank of America Securities, Inc., (3.61% (a), <br> dated 1/16/26, due 5/7/26; proceeds <br> $252,783; fully collateralized by various <br> U.S. Government obligations, 1.25% - 4.25% <br> due 2/15/29 - 2/15/54; valued at <br> $255,000)<br>| 250000 | 250000 |
| Bank of New York - Fixed Income Clearing <br> Corp., (3.65%, dated 4/30/26, due 5/1/26; <br> proceeds $1,500,152; fully collateralized by <br> various U.S. Government obligations, 4.00% - <br> 4.13% due 2/28/30 - 5/31/32; valued at <br> $1,530,000)<br>| 1500000 | 1500000 |
| Bank of Nova Scotia, (3.64%, dated 4/30/26, <br> due 5/1/26; proceeds $291,029; fully <br> collateralized by various U.S. Government <br> obligations, 1.25% - 4.63% due <br> 6/30/26 - 11/15/33; valued at $296,820)<br>| 291000 | 291000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| BNP Paribas SA, (Interest in $900,000 joint <br> repurchase agreement, 3.64%, dated <br> 4/30/26 under which BNP Paribas SA, will <br> repurchase the securities provided as <br> collateral for $900,091 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government <br> obligations with various maturities to <br> 2/15/56; valued at $918,000)<br>| $400000 | $400000 |
| BNP Paribas SA, (3.67% (a), dated 3/18/26, <br> due 5/7/26; proceeds $150,764; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 2.38% due <br> 10/15/28 - 8/15/55; valued at $153,000)<br>| 150000 | 150000 |
| BNP Paribas SA, (3.69% (a), dated 2/13/26, <br> due 5/7/26; proceeds $302,549; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.25% due <br> 2/28/29 - 2/15/55; valued at $306,000)<br>| 300000 | 300000 |
| BNP Paribas SA, (3.69% (a), dated 2/10/26, <br> due 5/7/26; proceeds $252,201; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.38% due <br> 5/15/26 - 8/15/40; valued at $255,000)<br>| 250000 | 250000 |
| BNP Paribas SA, (3.66% (a), dated 4/23/26, <br> due 5/7/26; proceeds $150,214; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.50% due <br> 9/3/26 - 8/15/51; valued at $153,000)<br>| 150000 | 150000 |
| BNP Paribas SA, (4.13% (a), dated 6/26/25, <br> due 5/7/26; proceeds $207,226; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.63% due <br> 10/31/27 - 11/15/45; valued at $204,000)<br>| 200000 | 200000 |
| BNP Paribas SA, (3.60% (a), dated 2/12/26, <br> due 5/7/26; proceeds $75,630; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.63% due <br> 3/31/30 - 2/15/35; valued at $76,500)<br>| 75000 | 75000 |
| BNP Paribas SA, (3.52% (a), dated 1/26/26, <br> due 5/7/26; proceeds $504,938; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.63% due <br> 6/18/26 - 11/15/45; valued at $510,000)<br>| 500000 | 500000 |
| BNP Paribas SA, (3.68% (a), dated 2/20/26, <br> due 5/7/26; proceeds $100,777; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.63% due <br> 7/2/26 - 11/15/48; valued at $102,000)<br>| 100000 | 100000 |
| BNP Paribas SA, (3.60% (a), dated 2/19/26, <br> due 5/7/26; proceeds $151,155; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.63% due <br> 9/3/26 - 5/15/54; valued at $153,000)<br>| 150000 | 150000 |
| BNP Paribas SA, (3.72% (a), dated 2/5/26, due <br> 5/7/26; proceeds $151,409; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.75% due <br> 6/9/26 - 2/15/56; valued at $153,000)<br>| 150000 | 150000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| BNP Paribas SA, (4.19% (a), dated 5/13/25, <br> due 5/7/26; proceeds $52,090; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 6.75% due <br> 7/21/26 - 2/15/36; valued at $51,000)<br>| $50000 | $50000 |
| BNP Paribas SA, (3.68% (a), dated 2/27/26, <br> due 5/7/26; proceeds $75,529; fully <br> collateralized by various U.S. Government <br> obligations, 0.38% - 4.13% due <br> 7/31/27 - 5/15/53; valued at $76,500)<br>| 75000 | 75000 |
| Citigroup Global Markets, Inc., (3.80%, dated <br> 11/12/25, due 5/13/26; proceeds <br> $101,921; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 8/11/26 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.80%, dated <br> 11/21/25, due 5/21/26; proceeds <br> $50,955; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 8/11/26 - 10/31/32; valued at <br> $51,000)<br>| 50000 | 50000 |
| Citigroup Global Markets, Inc., (3.66%, dated <br> 4/10/26, due 5/7/26; proceeds $203,666; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 8/11/26 - 10/31/32; valued at <br> $204,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.82%, dated <br> 11/19/25, due 5/20/26; proceeds <br> $101,931; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 8/6/26 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.75%, dated <br> 11/28/25, due 5/28/26; proceeds <br> $101,885; fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 8/6/26 - 10/31/32; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $399,990; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.75% <br> due 9/24/26 - 4/30/28; valued at <br> $407,949)<br>| 399950 | 399950 |
| Citigroup Global Markets, Inc., (3.72%, dated <br> 12/9/25, due 6/8/26; proceeds $101,870; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.64%, dated <br> 1/8/26, due 7/8/26; proceeds $101,830; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $102,000)<br>| 100000 | 100000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Citigroup Global Markets, Inc., (3.59%, dated <br> 1/26/26, due 1/26/27; proceeds <br> $103,640; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $102,000)<br>| $100000 | $100000 |
| Citigroup Global Markets, Inc., (3.58%, dated <br> 2/17/26, due 10/16/26; proceeds <br> $204,793; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $204,000)<br>| 200000 | 200000 |
| Citigroup Global Markets, Inc., (3.69%, dated <br> 3/16/26, due 3/16/27; proceeds $51,871; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at $51,000)<br>| 50000 | 50000 |
| Citigroup Global Markets, Inc., (3.89%, dated <br> 3/27/26, due 3/25/27; proceeds <br> $103,922; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.74%, dated <br> 4/9/26, due 12/9/26; proceeds $102,535; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.78%, dated <br> 4/28/26, due 4/28/27; proceeds <br> $103,833; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.13% <br> due 3/18/27 - 4/30/33; valued at <br> $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.65% (a), <br> dated 4/17/26, due 5/7/26; proceeds <br> $501,014; fully collateralized by various <br> U.S. Government obligations, 0.00% due <br> 8/11/26 - 10/8/26; valued at $510,000)<br>| 500000 | 500000 |
| Citigroup Global Markets, Inc., (3.83%, dated <br> 11/4/25, due 5/4/26; proceeds $101,926; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% due <br> 8/13/26 - 10/8/26; valued at $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.82%, dated <br> 11/5/25, due 5/5/26; proceeds $101,921; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% due <br> 8/13/26 - 10/8/26; valued at $102,000)<br>| 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.67%, dated <br> 2/2/26, due 5/4/26; proceeds $100,928; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% due <br> 8/13/26 - 10/8/26; valued at $102,000)<br>| 100000 | 100000 |
| Credit Agricole - Fixed Income Clearing Corp., <br> (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $1,000,101; fully collateralized by <br> various U.S. Government obligations, 0.50% - <br> 4.88% due 8/15/26 - 5/15/54; valued at <br> $1,020,103)<br>| 1000000 | 1000000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Credit Agricole Corporate and Investment Bank, <br> (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $200,020; fully collateralized by <br> various U.S. Government obligations, 0.00% - <br> 4.38% due 5/21/26 - 8/15/53; valued at <br> $204,000)<br>| $200000 | $200000 |
| Credit Agricole Corporate and Investment Bank, <br> (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $500,051; fully collateralized by <br> various U.S. Government obligations, 1.38% - <br> 4.75% due 7/15/26 - 8/15/55; valued at <br> $510,000)<br>| 500000 | 500000 |
| Deutsche Bank Securities, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $880,089; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.00% <br> due 5/15/26 - 2/15/56; valued at <br> $897,600)<br>| 880000 | 880000 |
| Goldman Sachs & Co. LLC, (3.64% (a), dated <br> 4/8/26, due 5/7/26; proceeds $250,734; <br> fully collateralized by a U.S. Government <br> obligation, 4.00% due 11/15/52; valued at <br> $255,000)<br>| 250000 | 250000 |
| HSBC Securities USA, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $285,029; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.75% <br> due 3/31/31 - 2/15/56; valued at <br> $290,729)<br>| 285000 | 285000 |
| JP Morgan Securities LLC, (3.79% (a), dated <br> 7/3/25, due 5/7/26; proceeds $1,806,745; <br> fully collateralized by a U.S. Government <br> obligation, 3.88% due 3/15/28; valued at <br> $1,790,438)<br>| 1750000 | 1750000 |
| JP Morgan Securities LLC, (3.78% (a), dated <br> 3/10/26, due 5/7/26; proceeds <br> $1,006,082; fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.50% <br> due 7/15/28 - 12/31/31; valued at <br> $1,023,095)<br>| 1000000 | 1000000 |
| JP Morgan Securities, Inc. - Fixed Income <br> Clearing Corp., (3.64%, dated 4/30/26, due <br> 5/1/26; proceeds $70,007; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 6.63% due <br> 5/5/26 - 2/15/27; valued at $71,407)<br>| 70000 | 70000 |
| Natixis SA, (Interest in $1,900,000 joint <br> repurchase agreement, 3.64%, dated <br> 4/30/26 under which Natixis SA, will <br> repurchase the securities provided as <br> collateral for $1,900,192 on 5/1/26. The <br> securities provided as collateral at the end of <br> the period held with BNY Mellon, tri-party <br> agent, were various U.S. Government <br> obligations with various maturities to <br> 8/15/55; valued at $1,938,000)<br>| 1722000 | 1722000 |
| Natixis SA, (3.68% (a), dated 3/18/26, due <br> 5/7/26; proceeds $502,556; fully <br> collateralized by various U.S. Government <br> obligations, 0.00% - 4.88% due <br> 5/31/26 - 8/15/55; valued at $510,000)<br>| 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Natixis SA, (3.75%, dated 12/3/25, due <br> 6/1/26; proceeds $50,938; fully <br> collateralized by various U.S. Government <br> obligations, 0.13% - 4.63% due <br> 5/15/26 - 11/15/51; valued at $51,000)<br>| $50000 | $50000 |
| Natixis SA, (3.68% (a), dated 4/24/26, due <br> 5/7/26; proceeds $150,199; fully <br> collateralized by various U.S. Government <br> obligations, 0.13% - 4.75% due <br> 7/15/26 - 11/15/53; valued at $153,000)<br>| 150000 | 150000 |
| Natixis SA, (3.72%, dated 4/22/26, due <br> 10/22/26; proceeds $101,891; fully <br> collateralized by various U.S. Government <br> obligations, 0.13% - 4.75% due <br> 7/15/26 - 2/15/56; valued at $102,000)<br>| 100000 | 100000 |
| Northern Trust Co. - Fixed Income Clearing <br> Corp., (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $1,500,152; fully collateralized by <br> various U.S. Government obligations, 0.63% - <br> 3.88% due 7/1/30 - 4/30/31; valued at <br> $1,530,000)<br>| 1500000 | 1500000 |
| Royal Bank of Canada, (3.49% (a), dated <br> 1/12/26, due 5/7/26; proceeds $101,115; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 3.63% <br> due 8/31/27 - 8/15/34; valued at <br> $102,000)<br>| 100000 | 100000 |
| Royal Bank of Canada, (3.53% (a), dated <br> 12/18/25, due 5/7/26; proceeds <br> $101,373; fully collateralized by various <br> U.S. Government obligations, 3.50% - 3.88% <br> due 9/30/27 - 7/15/28; valued at <br> $102,000)<br>| 100000 | 100000 |
| Royal Bank of Canada, (3.77% (a), dated <br> 11/14/25, due 5/7/26; proceeds <br> $101,822; fully collateralized by various <br> U.S. Government obligations, 3.63% - 3.88% <br> due 8/31/27 - 7/15/28; valued at <br> $102,000)<br>| 100000 | 100000 |
| Sumitomo Mitsui Banking Corp., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds <br> $1,000,101; fully collateralized by various <br> U.S. Government obligations, 3.63% due <br> 3/31/28 - 8/31/29; valued at $1,020,103)<br>| 1000000 | 1000000 |
| Teacher Retirement System of Texas, (3.75%, <br> dated 5/1/26, due 5/4/26; proceeds <br> $610,412; valued at $0) (b)<br>| 610222 | 610222 |
| Teacher Retirement System of Texas, (3.72%, <br> dated 4/30/26, due 5/1/26; proceeds <br> $610,378; fully collateralized by various <br> U.S. Government obligations, 1.75% - 2.25% <br> due 8/15/41 - 8/15/49; valued at <br> $622,522)<br>| 610315 | 610315 |
| Wells Fargo Clearing Services LLC - Fixed <br> Income Clearing Corp., (3.67%, dated <br> 1/9/26, due 7/1/26; proceeds $50,882; <br> fully collateralized by various <br> U.S. Government obligations, 0.38% - 4.25% <br> due 5/15/26 - 2/15/36; valued at $51,000)<br>| 50000 | 50000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Wells Fargo Clearing Services LLC - Fixed <br> Income Clearing Corp., (3.64%, dated <br> 1/5/26, due 7/1/26; proceeds $101,790; <br> fully collateralized by various <br> U.S. Government obligations, 1.25% - 3.50% <br> due 11/30/26 - 2/15/33; valued at <br> $102,000)<br>| $100000 | $100000 |
| Wells Fargo Securities LLC, (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $550,056; <br> fully collateralized by various <br> U.S. Government obligations, 3.63% - 4.13% <br> due 8/31/29 - 2/15/34; valued at <br> $561,000)<br>| 550000 | 550000 |
| **Total Repurchase Agreements (Cost $21,693,387)** | **Total Repurchase Agreements (Cost $21,693,387)** | 21693387 |
| U.S. Treasury Securities (35.4%) |  |  |
| U.S. Treasury Bill, |  |  |
| 3.48%, 2/18/27 (c) | 84000 | 81712 |
| 3.69%, 6/30/26 - 9/17/26 (b)(c) | 190000 | 187903 |
| 3.71%, 10/22/26 - 4/15/27 (c) | 467000 | 457076 |
| 3.72%, 9/1/26 (b)(c) | 126000 | 124492 |
| 3.73%, 10/8/26 - 10/15/26 (c) | 430000 | 422975 |
| 3.75%, 9/24/26 (c) | 127000 | 125130 |
| 3.76%, 6/4/26 (c) | 264000 | 263093 |
| 3.79%, 5/28/26 (c) | 199000 | 198452 |
| 3.81%, 5/7/26 (c) | 267000 | 266835 |
| 3.83%, 5/21/26 (c) | 192000 | 191604 |
| 3.85%, 5/14/26 - 7/9/26 (c) | 857000 | 854497 |
| 3.92%, 8/6/26 (c) | 170000 | 168277 |
| 4.12%, 6/11/26 (c) | 79000 | 78645 |
| U.S. Treasury Notes, |  |  |
| 0.50%, 5/31/27  | 57000 | 55026 |
| 0.63%, 7/31/26  | 59000 | 58507 |
| 1.13%, 10/31/26  | 57000 | 56281 |
| 1.25%, 12/31/26  | 184000 | 181175 |
| 1.50%, 8/15/26 - 1/31/27  | 258000 | 254863 |
| 1.63%, 5/15/26  | 61000 | 60946 |
| 1.88%, 6/30/26  | 17000 | 16948 |
| 2.25%, 2/15/27  | 80000 | 79190 |
| 2.75%, 4/30/27  | 348000 | 344619 |
| 3.50%, 9/30/26  | 83000 | 82930 |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.74%, 1/31/27 - 1/31/28 (d)<br>| 1288390 | 1288332 |
| 3.75%, 8/31/26 - 4/30/27  | 228000 | 227967 |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.75%, 4/30/28 (d)<br>| 550000 | 549981 |
| 3 Month Treasury Money Market Yield + <br> 0.16%, 3.80%, 4/30/27 - 7/31/27 (b)(d)<br>| 1199961 | 1199803 |
| 3 Month Treasury Money Market Yield + <br> 0.18%, 3.83%, 7/31/26 (d)<br>| 468000 | 467928 |
| 3 Month Treasury Money Market Yield + <br> 0.19%, 3.83%, 10/31/27 (d)<br>| 1125000 | 1125232 |
| 3 Month Treasury Money Market Yield + <br> 0.21%, 3.85%, 10/31/26 (d)<br>| 151000 | 151000 |
| 3.88%, 3/31/27 - 5/31/27 (b) | 510000 | 511234 |
| 4.00%, 1/15/27  | 188000 | 188603 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| 4.13%, 6/15/26 - 2/28/27  | 127000 | $127347 |
| 4.25%, 11/30/26 - 3/15/27  | 481000 | 483455 |
| 4.38%, 12/15/26  | 163000 | 163733 |
| 4.50%, 7/15/26 - 5/15/27  | 683000 | 687458 |
| 4.63%, 6/30/26 - 11/15/26  | 245800 | 246679 |
| 4.88%, 5/31/26  | 56000 | 56038 |
| **Total U.S. Treasury Securities (Cost $12,085,966)** | **Total U.S. Treasury Securities (Cost $12,085,966)** | 12085966 |
| **Total Investments (98.9%) (Cost $33,779,353) (e)(f)** | **Total Investments (98.9%) (Cost $33,779,353) (e)(f)** | 33779353 |
| Other Assets in Excess of Liabilities (1.1%)  | Other Assets in Excess of Liabilities (1.1%)  | 389001 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $34168354 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate shown is the yield to maturity at April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64.2<br> %<br>|
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.8 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| U.S. Treasury Securities (105.2%) |  |  |
| U.S. Treasury Bill, |  |  |
| 3.48%, 2/18/27 (a) | 156000 | $151752 |
| 3.65%, 6/9/26 (a)(b) | 400000 | 398444 |
| 3.66%, 5/19/26 - 6/2/26 (a)(b) | 6700000 | 6683756 |
| 3.67%, 6/23/26 - 7/30/26 (a) | 2000000 | 1988475 |
| 3.68%, 6/4/26 - 6/16/26 (a)(b) | 7081123 | 7053921 |
| 3.69%, 5/5/26 - 9/17/26 (a)(b) | 17482000 | 17437497 |
| 3.70%, 5/21/26 - 8/25/26 (a) | 7100000 | 7076122 |
| 3.71%, 5/7/26 - 4/15/27 (a) | 4861000 | 4843063 |
| 3.72%, 6/25/26 - 9/1/26 (a)(b) | 950000 | 940162 |
| 3.73%, 7/28/26 - 10/15/26 (a) | 750000 | 739575 |
| 3.75%, 5/14/26 - 9/24/26 (a) | 3750000 | 3742350 |
| 3.80%, 7/9/26 (a) | 659000 | 654333 |
| 3.93%, 8/6/26 (a) | 284000 | 281117 |
| U.S. Treasury Notes, |  |  |
| 0.50%, 5/31/27  | 100000 | 96538 |
| 0.63%, 7/31/26  | 97000 | 96190 |
| 1.13%, 10/31/26  | 101000 | 99727 |
| 1.25%, 12/31/26  | 305000 | 300317 |
| 1.50%, 8/15/26 - 1/31/27  | 430000 | 424776 |
| 1.63%, 5/15/26  | 98000 | 97913 |
| 1.88%, 6/30/26  | 31000 | 30905 |
| 2.25%, 2/15/27  | 139000 | 137592 |
| 2.75%, 4/30/27  | 427000 | 422838 |
| 3.50%, 9/30/26  | 150000 | 149873 |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.74%, 1/31/27 - 1/31/28 (c)<br>| 2212700 | 2212544 |
| 3.75%, 8/31/26 - 4/30/27  | 359000 | 358941 |
| 3 Month Treasury Money Market Yield + <br> 0.10%, 3.75%, 4/30/28 (c)<br>| 650000 | 649972 |
| 3 Month Treasury Money Market Yield + <br> 0.16%, 3.80%, 4/30/27 - 7/31/27 (b)(c)<br>| 2265539 | 2265482 |
| 3 Month Treasury Money Market Yield + <br> 0.18%, 3.83%, 7/31/26 (c)<br>| 886150 | 886021 |
| 3 Month Treasury Money Market Yield + <br> 0.19%, 3.83%, 10/31/27 (c)<br>| 1788000 | 1788327 |
| 3 Month Treasury Money Market Yield + <br> 0.21%, 3.85%, 10/31/26 (c)<br>| 351000 | 351025 |
| 3.88%, 3/31/27 - 5/31/27 (b) | 935000 | 937285 |
| 4.00%, 1/15/27  | 309000 | 309992 |
| 4.13%, 6/15/26 - 2/28/27  | 223000 | 223605 |
| 4.25%, 11/30/26 - 3/15/27  | 848000 | 852366 |
| 4.38%, 12/15/26  | 278000 | 279246 |
| 4.50%, 7/15/26 - 5/15/27  | 929000 | 934967 |
| 4.63%, 6/30/26 - 11/15/26  | 431200 | 432738 |
| 4.88%, 5/31/26  | 96000 | 96065 |
| **Total U.S. Treasury Securities (Cost $66,425,812)** | **Total U.S. Treasury Securities (Cost $66,425,812)** | 66425812 |
| **Total Investments (105.2%) (Cost $66,425,812) (d)(e)** | **Total Investments (105.2%) (Cost $66,425,812) (d)(e)** | 66425812 |
| Liabilities in Excess of Other Assets (–-5.2%)  | Liabilities in Excess of Other Assets (–-5.2%)  | (3293091)<br>|
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $63132721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the yield to maturity at April 30, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities are available as collateral in connection with securities purchased on a forward commitment basis.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**Tax-Exempt Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| Weekly Variable Rate Bonds (a)^ (53.7%) | Weekly Variable Rate Bonds (a)^ (53.7%) | Weekly Variable Rate Bonds (a)^ (53.7%) |
| City of Colorado Springs, CO, |  |  |
| Utilities System Improvement Revenue Bonds <br> Series 2012 A<br>|  |  |
| 2.90%, 11/1/41  | $6000 | $6000 |
| Utilities System Subordinate Lien, <br> Series 2006 B<br>|  |  |
| 3.05%, 11/1/36  | 5500 | 5500 |
| Utilities System Refunding Revenue Bonds <br> Series 2009 C<br>|  |  |
| 3.08%, 11/1/28  | 9300 | 9300 |
| City of Jacksonville, FL, |  |  |
| Florida Pollution Control Revenue Refunding <br> Bonds (Florida Power & Light Company <br> Project) Series 1995<br>|  |  |
| 3.20%, 5/1/29  | 8500 | 8500 |
| Columbus, OH, |  |  |
| Sewer Revenue Bonds Series 2008 B |  |  |
| 3.00%, 6/1/32  | 9000 | 9000 |
| County of Clark, NV, |  |  |
| Airport System Subordinate Lien Revenue <br> Bonds Series 2008 D-2B<br>|  |  |
| 2.95%, 7/1/40  | 5200 | 5200 |
| County of Utah, UT, |  |  |
| Variable Rate Hospital Revenue Bonds, <br> Series 2016C (IHC Health Care Services, <br> Inc.)<br>|  |  |
| 3.50%, 5/15/51  | 15000 | 15000 |
| Escambia County, FL, |  |  |
| Solid Waste Disposal Revenue Bonds (Gulf <br> Power Company Project) First Series 2009<br>|  |  |
| 2.95%, 4/1/39  | 5000 | 5000 |
| Solid Waste Disposal Revenue Bonds (Gulf <br> Power Company Project) Second <br> Series 2009<br>|  |  |
| 3.35%, 4/1/39  | 5000 | 5000 |
| Hampton Roads Sanitation District, VA, |  |  |
| Subordinate Wastewater Revenue Bonds, <br> Series 2016 B<br>|  |  |
| 3.00%, 8/1/46  | 7600 | 7600 |
| Indiana Finance Authority, IN , |  |  |
| Environmental Refunding Revenue Bonds, <br> Series 2009 A-3<br>|  |  |
| 3.00%, 12/1/39  | 5000 | 5000 |
| JPMorgan Chase Putters/Drivers Trust, AL, |  |  |
| Various States Certificates 5065 |  |  |
| 3.12%, 7/1/31 (b) | 5000 | 5000 |
| JPMorgan Chase Putters/Drivers Trust, NC, |  |  |
| Various States Certificates 5093 |  |  |
| 3.12%, 7/1/40 (b) | 7000 | 7000 |
| JPMorgan Chase Putters/Drivers Trust, PA, |  |  |
| Various States Certificates 5077 |  |  |
| 3.12%, 11/13/29 (b) | 9000 | 9000 |
| JPMorgan Chase Putters/Drivers Trust, SC, |  |  |
| Various States Certificates 5076 |  |  |
| 3.12%, 9/26/31 (b) | 4900 | 4900 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Long Island Power Authority, NY, |  |  |
| Electric System General Revenue Bonds <br> Series 2023 D<br>|  |  |
| 2.90%, 5/1/33  | $7500 | $7500 |
| Electric System General Revenue Bonds, <br> Series 2026 A<br>|  |  |
| 2.90%, 9/1/42  | 8000 | 8000 |
| Loudoun County Individual Development <br> Authority, VA,<br>|  |  |
| Revenue Bonds Howard Hughes Medical <br> Institute Series 2003 D<br>|  |  |
| 2.90%, 2/15/38  | 5000 | 5000 |
| Massachusetts Water Resources Authority, MA, |  |  |
| Multi-Modal Subordinated General Revenue <br> Bonds, 1999 Series B<br>|  |  |
| 2.92%, 8/1/28  | 6000 | 6000 |
| Metropolitan Sewerage District of Buncombe <br> County, NC,<br>|  |  |
| North Carolina Sewerage System Revenue <br> Refunding Bonds Series 2008 A<br>|  |  |
| 3.04%, 7/1/31  | 6040 | 6040 |
| Miami-Dade County Industrial Development <br> Authority, FL,<br>|  |  |
| Revenue Refunding Bonds Series 2021 |  |  |
| 3.10%, 5/1/46  | 6500 | 6500 |
| Missouri Health & Educational Facilities <br> Authority, MO,<br>|  |  |
| BJC Health System Series C |  |  |
| 3.10%, 5/15/38  | 5000 | 5000 |
| New York City Municipal Water Finance <br> Authority, NY,<br>|  |  |
| Water and Sewer System Second General <br> Resolution Revenue Bonds, Adjustable Rate <br> Fiscal 2013 Series AA Subseries AA-2<br>|  |  |
| 2.90%, 6/15/46  | 5000 | 5000 |
| New York City Transitional Finance Authority, <br> NY,<br>|  |  |
| Future Tax Fiscal 2013 Series A Subseries <br> A-7<br>|  |  |
| 3.04%, 8/1/39  | 9000 | 9000 |
| New York State Energy Research & <br> Development Authority, NY,<br>|  |  |
| Facilities Revenue Bonds, Consolidated <br> Edison Co. Series 2005 Subseries A-2<br>|  |  |
| 2.80%, 5/1/39  | 7000 | 7000 |
| Consolidated Edison Company of New <br> York Inc. (Project) Series 2005 A<br>|  |  |
| 2.80%, 5/1/39  | 7000 | 7000 |
| Consolidated Edison Company of New York, <br> Inc. Project Facilities Revenue Bonds <br> Series 2005A Subseries 2005 A-2<br>|  |  |
| 3.30%, 5/1/39  | 7000 | 7000 |
| Novant Health, Inc., NH, |  |  |
| National Finance Authority Health Care <br> Facilities Revenue Bonds Novant Health <br> Obligated Group Series 2024 C<br>|  |  |
| 3.15%, 11/1/64  | 5000 | 5000 |
| Orlando Utilities Commission, FL, |  |  |
| Utility System Revenue Bonds Series 2008-1 |  |  |
| 3.47%, 10/1/33  | 9000 | 9000 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Weekly Variable Rate Bonds (a)^ (cont'd) | Weekly Variable Rate Bonds (a)^ (cont'd) | Weekly Variable Rate Bonds (a)^ (cont'd) |
| Pennsylvania Turnpike Commission, PA, |  |  |
| Series 2019 |  |  |
| 3.12%, 12/1/38  | $5000 | $5000 |
| RBC Municipal Products Inc Trust, GA, |  |  |
| Certificates E-155 |  |  |
| 3.13%, 1/1/27 (b) | 9000 | 9000 |
| RBC Municipal Products Inc Trust, MO, |  |  |
| Certificates E-158 |  |  |
| 3.12%, 7/1/28 (b) | 6315 | 6315 |
| RBC Municipal Products Inc Trust, NY, |  |  |
| Certificates E-159 |  |  |
| 3.12%, 9/1/28 (b) | 5000 | 5000 |
| Certificates E-166 |  |  |
| 3.12%, 8/1/29 (b) | 7000 | 7000 |
| RBC Municipal Products Inc Trust, OH, |  |  |
| Certificates C-22 |  |  |
| 3.13%, 7/15/35 (b) | 4910 | 4910 |
| RBC Municipal Products Inc Trust, SC, |  |  |
| Certificates E-165 |  |  |
| 3.12%, 9/1/28 (b) | 6500 | 6500 |
| RBC Municipal Products Inc Trust, VA, |  |  |
| Certificates C-20 |  |  |
| 3.13%, 5/1/39 (b) | 2000 | 2000 |
| RBC Municipal Products Trust Inc, NY, |  |  |
| Certificates G -130 |  |  |
| 3.12%, 12/15/33 (b) | 5000 | 5000 |
| RBC Municipal Products Trust Inc, TN, |  |  |
| Certificates E-168 |  |  |
| 3.12%, 6/16/26 (b) | 6500 | 6500 |
| State of Texas, TX, |  |  |
| Veterans Bonds Series 2022 |  |  |
| 3.00%, 6/1/53  | 5850 | 5850 |
| Veterans Bonds Series 2025 B |  |  |
| 3.45%, 12/1/55  | 5300 | 5300 |
| Transportation Commission Mobility Fund, <br> Series 2006 B<br>|  |  |
| 3.47%, 4/1/36  | 12500 | 12500 |
| Tender Option Bond Trust Receipts/Certificates, <br> AZ,<br>|  |  |
| Maricopa County, Arizona Industrial <br> Development Authority Certificates <br> 2023-BAML6007<br>|  |  |
| 3.24%, 4/1/56 (b) | 1900 | 1900 |
| Tender Option Bond Trust Receipts/Certificates, <br> MA,<br>|  |  |
| Boston Children's Hospital Trust Certificates <br> 2024-BAML5050<br>|  |  |
| 3.11%, 3/1/49 (b) | 5000 | 5000 |
| Massachusetts State Development Finance <br> Agency Certificates 2023-BAML6005<br>|  |  |
| 3.24%, 12/1/37 (b) | 9200 | 9200 |
| Utah Water Finance Agency, UT, |  |  |
| Series 2008 B-2 |  |  |
| 3.20%, 10/1/35  | 9700 | 9700 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Series 2008 B |  |  |
| 3.20%, 10/1/37  | 10395 | $10395 |
| Wisconsin Housing & Economic Development <br> Authority, WI,<br>|  |  |
| Home Ownership Revenue 2025 Series C |  |  |
| 3.05%, 9/1/50  | 5000 | 5000 |
| **Total Weekly Variable Rate Bonds (Cost $322,110)** | **Total Weekly Variable Rate Bonds (Cost $322,110)** | 322110 |
| Daily Variable Rate Bonds (a)^ (22.9%) | Daily Variable Rate Bonds (a)^ (22.9%) | Daily Variable Rate Bonds (a)^ (22.9%) |
| City of San Antonio, TX, |  |  |
| Water System Subordinate Lien Revenue <br> Refunding Bonds, Series 2024 A<br>|  |  |
| 3.40%, 5/1/54  | 10000 | 10000 |
| Gulf Coast, TX , |  |  |
| Industrial Development Authority Revenue <br> Bonds (Exxonmobil Project) Series 2012<br>|  |  |
| 3.40%, 11/1/41  | 10000 | 10000 |
| Indiana Finance Authority, IN, |  |  |
| Environmental Refunding Duke Energy <br> Indiana, Inc. Series 2009 A-4<br>|  |  |
| 3.40%, 12/1/39  | 8200 | 8200 |
| Environmental Refunding Revenue Bonds <br> Series 2009 A-5<br>|  |  |
| 3.40%, 10/1/40  | 8000 | 8000 |
| Indiana Municipal Power Agency, IN, |  |  |
| Variable Rate Demand Power Supply System <br> Refunding Revenue Bonds Series 2019 B<br>|  |  |
| 3.40%, 1/1/42  | 18000 | 18000 |
| Industrial Development Board of the Parish of <br> East Baton Rouge Louisiana, Inc., LA,<br>|  |  |
| Exxonmobil Project, Series 2010 A |  |  |
| 3.45%, 8/1/35  | 6700 | 6700 |
| JP Morgan Chase Putters/Drivers Trust, SC, |  |  |
| Various States Certificates 5053 |  |  |
| 3.40%, 5/1/47 (b)(c) | 13700 | 13700 |
| Mississippi Business Finance Corp., MS, |  |  |
| Gulf Opportunity Zone Industrial Development <br> Revenue Bonds (Chevron U.S.A., Inc. Project) <br> Series 2009<br>|  |  |
| 3.40%, 12/1/30  | 13700 | 13700 |
| Gulf Opportunity Zone Industrial Development <br> Revenue Bonds (Chevron U.S.A., Inc. Project) <br> Series 2010<br>|  |  |
| 3.45%, 11/1/35  | 10000 | 10000 |
| New York City Municipal Water Finance <br> Authority, NY,<br>|  |  |
| Water and Sewer System Second General <br> Resolution Revenue Bonds, Adjustable Rate <br> Fiscal 2025<br>|  |  |
| 3.44%, 6/15/55  | 15000 | 15000 |
| Ohio Water Development Authority, OH, |  |  |
| State of Ohio Water Pollution Control Loan <br> Fund Revenue Bonds Series 2024 C<br>|  |  |
| 3.35%, 12/1/54  | 12000 | 12000 |
| State of Louisiana, LA, |  |  |
| Gasoline and Fuels Tax Second Lien Revenue <br> Refunding Bonds 2023 Series A-1<br>|  |  |
| 3.35%, 5/1/43  | 12100 | 12100 |
| **Total Daily Variable Rate Bonds (Cost $137,400)** | **Total Daily Variable Rate Bonds (Cost $137,400)** | 137400 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Commercial Paper (d) (12.0%) | Commercial Paper (d) (12.0%) | Commercial Paper (d) (12.0%) |
| Denver Colorado City, CO, |  |  |
| County Board Water Commisioner Water <br> Revenue Sub Lien Series 2023 A<br>|  |  |
| 2.40%, 6/4/26  | $4000 | $4000 |
| Illinois Finance Authority, IL, |  |  |
| <br>Northwestern University |  |  |
| 2.50%, 10/6/26  | 5000 | 5000 |
| Illinois Finance Authority, IL , |  |  |
| <br>Northwestern University |  |  |
| 2.50%, 10/5/26  | 5000 | 5000 |
| Lincoln Nebraska Electric System, NE, |  |  |
| Revenue Series 2020 |  |  |
| 2.42%, 5/21/26  | 5000 | 5000 |
| Louisville and Jefferson County, KY, |  |  |
| Metropolitan Sewer District & Drain System <br> Revenue Series 67<br>|  |  |
| 2.48%, 5/5/26  | 5000 | 5000 |
| Massachusetts State Developing Finance <br> Agency, MA,<br>|  |  |
| Revenue VRDO Series 2025 A |  |  |
| 2.60%, 5/6/26  | 5000 | 5000 |
| Missouri Health & Educational Facilities <br> Authority, MO,<br>|  |  |
| BJC Health System Series D |  |  |
| 2.47%, 5/1/26  | 5000 | 5000 |
| Nebraska, NE, |  |  |
| Public Power Distribution Series A-1 |  |  |
| 2.42%, 5/21/26  | 5000 | 5000 |
| Public Power Distribution Series A-1 |  |  |
| 2.42%, 5/21/26  | 6000 | 6000 |
| New York State Power Authority, NY, |  |  |
| Series 4 |  |  |
| 2.60%, 6/17/26  | 5000 | 5000 |
| Oklahoma City Water Utilities Trust, OK, |  |  |
| Series 131 |  |  |
| 2.43%, 6/16/26  | 5000 | 5000 |
| Omaha Public Power District, NE, |  |  |
| Revenue Series A |  |  |
| 2.60%, 8/18/26  | 2000 | 2000 |
| Pennsylvania Higher Educational Facilities <br> Authority, PA,<br>|  |  |
| Revenue Series 29 |  |  |
| 2.42%, 5/21/26  | 5000 | 5000 |
| San Antonio Texas, TX, |  |  |
| Electric & Gas Revenue Subseries D-1 |  |  |
| 2.60%, 5/12/26  | 5000 | 5000 |
| University of Texas, TX, |  |  |
| Permanent University Funding, Series A |  |  |
| 2.50%, 8/27/26  | 5000 | 5000 |
| **Total Commercial Paper (Cost $72,000)** | **Total Commercial Paper (Cost $72,000)** | 72000 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Municipal Bonds & Notes (8.5%) | Municipal Bonds & Notes (8.5%) | Municipal Bonds & Notes (8.5%) |
| Bergen County Improvement Authority/The, NJ, |  |  |
| County Guaranteed Governmental Pooled <br> Project Notes Series 2025 A<br>|  |  |
| 4.00%, 5/21/26  | $5000 | $5002 |
| County Guaranteed Project Note (Bergen <br> New Bridge Medical Center Project) <br> Series 2025<br>|  |  |
| 4.00%, 6/30/26  | 6800 | 6811 |
| County Guaranteed Governmental Pooled <br> Loan Project Notes Series 2025 B<br>|  |  |
| 4.00%, 10/14/26  | 5000 | 5031 |
| City of Austin, TX, |  |  |
| Texas Public Improvement & Refunding <br> Bonds Series 2025<br>|  |  |
| 5.00%, 9/1/26  | 920 | 927 |
| City of Charlotte, NC, |  |  |
| North Carolina General Obligation Refunding <br> Bonds Series 2025 B<br>|  |  |
| 5.00%, 7/1/26  | 7470 | 7499 |
| Commonwealth of Virginia, VA, |  |  |
| General Obligation Refunding Bonds <br> Series 2024 B<br>|  |  |
| 5.00%, 6/1/26  | 2500 | 2505 |
| Del Valle Independent School District, TX, |  |  |
| Unlimited Tax Refunding Bonds Series 2025 <br> B<br>|  |  |
| 5.00%, 6/15/26  | 2000 | 2006 |
| Hampton Roads Sanitation District, VA, |  |  |
| Subordinate Wastewater Revenue Bonds <br> Series 2025 A<br>|  |  |
| 5.00%, 7/15/26  | 3425 | 3441 |
| Miami-Dade County, FL, |  |  |
| Water and Sewer System Revenue Refunding <br> Bonds, Series 2025 B<br>|  |  |
| 5.00%, 10/1/26  | 2500 | 2524 |
| State of North Carolina, NC, |  |  |
| Limited Obligation Refunding Bonds <br> Series 2025 B<br>|  |  |
| 5.00%, 5/1/26  | 5250 | 5250 |
| State of Ohio, OH, |  |  |
| Major New State Infrastructure Project <br> Revenue and Refunding Bonds, Series 2026 - <br> 1<br>|  |  |
| 5.00%, 12/15/26 (c) | 4500 | 4564 |
| State of Tennessee, TN, |  |  |
| General Obligation Bonds2023 Series A |  |  |
| 5.00%, 5/1/26  | 4005 | 4005 |
| Texas Transportation Commission State of <br> Texas, TX,<br>|  |  |
| General Obligation Mobility Fund Refunding <br> Bonds Series 2024<br>|  |  |
| 5.00%, 10/1/26  | 485 | 490 |
| General Obligation Mobility Fund Refunding <br> Bonds Series 2025<br>|  |  |
| 5.00%, 10/1/26  | 1000 | 1010 |
| **Total Municipal Bonds & Notes (Cost $51,065)** | **Total Municipal Bonds & Notes (Cost $51,065)** | 51065 |

---

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**<br> **Amount**<br> **(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value**<br> **(000)**<br>|
| Closed-End Investment Companies (a)^ (3.3%) | Closed-End Investment Companies (a)^ (3.3%) | Closed-End Investment Companies (a)^ (3.3%) |
| Nuveen AMT-Free Municipal Credit Income Fund, <br> OT,<br>|  |  |
| Series 1 |  |  |
| 3.16%, 12/1/43 (b) | $10000 | $10000 |
| Nuveen AMT-Free Quality Municipal Income <br> Fund, OT,<br>|  |  |
| Series 4-4895 |  |  |
| 3.17%, 9/11/56 (b) | 10000 | 10000 |
| **Total Closed-End Investment** <br> **Companies (Cost $20,000)** | **Total Closed-End Investment** <br> **Companies (Cost $20,000)** | 20000 |
| Semi-Annual Variable Rate Bond (a) (1.2%) | Semi-Annual Variable Rate Bond (a) (1.2%) | Semi-Annual Variable Rate Bond (a) (1.2%) |
| Tender Option Bond Trust Receipts/Certificates, <br> AL,<br>|  |  |
| University of Alabama at Birmingham, St. <br> Vincent's Health System Authority Certificates <br> 2025-BAML5063<br>|  |  |
| SIFMA Municipal Swap Index + 0.20%, <br> 3.29%, 11/1/54 **(Cost $7,000)** (b)<br>| 7000 | 7000 |
| Quarterly Variable Rate Bond (a) (0.9%) | Quarterly Variable Rate Bond (a) (0.9%) | 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)**  | 5375 | 5375 |
| **Total Investments (102.5%) (Cost $614,950) (e)(f)** | **Total Investments (102.5%) (Cost $614,950) (e)(f)** | 614950 |
| Liabilities in Excess of Other Assets (-2.5%) | Liabilities in Excess of Other Assets (-2.5%) | (15290)<br>|
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | 599660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Floating or variable rate securities: The rates disclosed are as of <br> April 30, 2026. For securities based on a published reference rate and <br> spread, the reference rate and spread are indicated in the description <br> in the Portfolio of Investments. Certain variable rate securities may not <br> be based on a published reference rate and spread but are determined <br> by the issuer or agent and are based on current market conditions. <br> These securities do not indicate a reference rate and spread in their <br> description in the Portfolio of Investments.<br>|
| (b) | 144A security — Certain conditions for public sale may exist. Unless <br> otherwise noted, these securities are deemed to be liquid.<br>|
| (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 <br> purchased on a forward commitment basis.<br>|
| (f) | The aggregate cost for federal income tax purposes approximates the <br> aggregate cost for book purposes.<br>|
| ^ | The dates disclosed are the final maturity dates. Principal owed can be <br> recovered through demand on the interest reset dates. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Weekly Variable Rate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52.4<br> %<br>|
| Daily Variable Rate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 |
| Municipal Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Other\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **State/Territory** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| New York | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $87500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.6<br> %<br>|
| Texas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Indiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Ohio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Utah | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| North Carolina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| South Carolina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Colorado | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| Mississippi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Virginia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Louisiana | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Nebraska | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| New Jersey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Missouri | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Alabama | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Tennessee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Nevada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Oklahoma | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Kentucky | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Arizona | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $614950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102.5<br> %<br>|

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Portfolio of Investments

**Stablecoin Reserves Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Face** <br>**Amount** <br>**(000)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Value** <br>**(000)**<br>|
| Repurchase Agreements (70.0%) | Repurchase Agreements (70.0%) | Repurchase Agreements (70.0%) |
| Bank of America Securities, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $100,010; <br> fully collateralized by various <br> U.S. Government obligations, 3.88% - 4.00% <br> due 4/15/29 - 6/30/32; valued at <br> $102,045)<br>| $100 | $100 |
| Citigroup Global Markets, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $50,005; <br> fully collateralized by various <br> U.S. Government obligations, 1.50% - 4.00% <br> due 2/15/30 - 3/31/30; valued at $51,030)<br>| 50 | 50 |
| Northern Trust Co. - Fixed Income Clearing <br> Corp., (3.64%, dated 4/30/26, due 5/1/26; <br> proceeds $100,010; fully collateralized by a <br> U.S. Government obligation, 4.50% due <br> 5/31/29; valued at $102,040)<br>| 100 | 100 |
| RBC Dominion Securities, Inc., (3.64%, dated <br> 4/30/26, due 5/1/26; proceeds $100,010; <br> fully collateralized by various <br> U.S. Government obligations, 0.00% - 4.63% <br> due 9/24/26 - 11/15/54; valued at <br> $102,022)<br>| 100 | 100 |
| **Total Repurchase Agreements (Cost $350)** | **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)** | **Total U.S. Treasury Securities (Cost $145)** | 145 |
| **Total Investments (99.0%) (Cost $495) (b)** | **Total Investments (99.0%) (Cost $495) (b)** | 495 |
| Other Assets in Excess of Liabilities (1.0%)  | Other Assets in Excess of Liabilities (1.0%)  | 5 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the yield to maturity at April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Classification** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Total Investments**<br>|
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70.7<br> %<br>|
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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

------

**2026 Semi-Annual Report**

------

April 30, 2026 (unaudited)

Statements of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Money Market** <br>**Portfolio** <br>**(000)**<br>| **Prime** <br>**Portfolio** <br>**(000)**<br>| **Government** <br>**Portfolio** <br>**(000)**<br>| **Government** <br>**Securities** <br>**Portfolio** <br>**(000)**<br>|
| **Assets:** |  |  |  |  |
| Investments in Securities of Unaffiliated Issuers, at Cost | $3512830 | $12668961 | $211795499 | $4962217 |
| Total Investments in Securities, at Value<sup>(1)</sup> <br>| 3512830 | 12668506 | 211795499 | 4962217 |
| Cash | 99226 | 601151 | 10506101 | 153689 |
| Receivable for Investments Sold | 8830 | 4906 | 2578193 | 307264 |
| Interest Receivable | 6789 | 25611 | 781401 | 6945 |
| Receivable for Portfolio Shares Sold | 54 |  | 271 | 318596 |
| Other Assets | 411 | 746 | 4928 | 2108 |
| **Total Assets** | 3628140 | 13300920 | 225666393 | 5750819 |
| **Liabilities:** |  |  |  |  |
| Payable for Investments Purchased | 4203 | 9376 | 3783951 | 318188 |
| Payable for Portfolio Shares Redeemed | 3592 | 1374 | 10274 | 318611 |
| Dividends Payable | —<br> @<br>| 10006 | 297857 | 690 |
| Payable for Advisory Fees | 308 | 1513 | 17197 | 312 |
| Payable for Administration Fees | 151 | 551 | 8916 | 185 |
| Payable for Administration Plan Fees — Wealth S/Institutional Select Class | —<br> @<br>| 2 | 400 | —<br> @<br>|
| Payable for Administration Plan Fees — Investor Class |  |  | 592 | —<br> @<br>|
| Payable for Administration Plan Fees — Administrative Class |  |  | 54 | —<br> @<br>|
| Payable for Service and Shareholder Administration Plan Fees — <br>Advisory Class<br>| —<br> @<br>| —<br> @<br>| 476 | 3 |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Participant Class<br>| —<br> @<br>|  | 1311 | 830 |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Cash Management Class<br>| —<br> @<br>| —<br> @<br>| —<br> @<br>| —<br> @<br>|
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Select Class<br>| —<br> @<br>|  | —<br> @<br>|  |
| Payable for Administration Plan Fees — Institutional Plus Class |  |  | —<br> @<br>|  |
| Payable for Custodian Fees | 65 | 124 | 1430 | 58 |
| Payable for Professional Fees | 52 | 119 | 88 | 64 |
| Payable for Transfer Agency Fees | 16 | 40 | 55 | 3 |
| Other Liabilities | 122 | 533 | 4345 | 489 |
| **Total Liabilities** | 8509 | 23638 | 4126946 | 639433 |
| **Net Assets** | $3619631 | $13277282 | $221539447 | $5111386 |
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in-Capital | $3620739 | $13293465 | $221571872 | $5112974 |
| Total Accumulated Loss | (1108)<br>| (16183)<br>| (32425)<br>| (1588)<br>|
| **Net Assets** | $3619631 | $13277282 | $221539447 | $5111386 |
| <sup>(1)</sup>**Including:** |  |  |  |  |
| Repurchase Agreements, at Value | $2046000 | $7085000 | $116873544 | $— |

---

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**<br> **Portfolio**<br> **(000)**<br>| **Prime**<br> **Portfolio**<br> **(000)**<br>| **Government**<br> **Portfolio**<br> **(000)**<br>| **Government**<br> **Securities**<br> **Portfolio**<br> **(000)**<br>|
| **WEALTH/INSTITUTIONAL CLASS:** |  |  |  |  |
| **Net Assets** | $3458295 | $12214285 | $192680832 | $446224 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 3458247990 | 12213594741 | 192704925754 | 446254144 |
| **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 | $42331 | $9970136 | $60 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 60928 | 42340553 | 9974142488 | 60001 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $0.9998 | $1.000 | $1.000 |
| **INVESTOR CLASS:** |  |  |  |  |
| **Net Assets** | $— | $— | $7245150 | $60 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>|  |  | 7245755659 | 59842 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $1.000 | $1.000 |
| **ADMINISTRATIVE CLASS:** |  |  |  |  |
| **Net Assets** | $— | $— | $455507 | $60 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>|  |  | 455575621 | 59684 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $1.000 | $1.000 |
| **ADVISORY CLASS:** |  |  |  |  |
| **Net Assets** | $60 | $61 | $2521859 | $14986 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 60228 | 61026 | 2522198270 | 14988576 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.0001 | $1.000 | $1.000 |
| **PARTICIPANT CLASS:** |  |  |  |  |
| **Net Assets** | $59 | $— | $3119320 | $4649860 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 59446 |  | 3119755350 | 4650400904 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $— | $1.000 | $1.000 |
| **CASH MANAGEMENT CLASS:** |  |  |  |  |
| **Net Assets** | $1444 | $368 | $182 | $136 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 1453957 | 368095 | 180953 | 135755 |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>| 56906 |  | 57998 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $— | $1.000 | $— |
| **CASTLEOAK SHARES CLASS:** |  |  |  |  |
| **Net Assets** | $— | $985477 | $3485658 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>|  | 985451553 | 3485746825 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.0000 | $1.000 | $— |
| **IMPACT CLASS:** |  |  |  |  |
| **Net Assets** | $— | $15151 | $1050885 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>|  | 15153047 | 1051034531 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.0001 | $1.000 | $— |

---

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**<br> **Portfolio**<br> **(000)**<br>| **Prime**<br> **Portfolio**<br> **(000)**<br>| **Government**<br> **Portfolio**<br> **(000)**<br>| **Government**<br> **Securities**<br> **Portfolio**<br> **(000)**<br>|
| **IMPACT PARTNER CLASS:** |  |  |  |  |
| **Net Assets** | $60016 | $19609 | $893222 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 60016990 | 19609762 | 893180691 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.0000 | $1.000 | $— |
| **ADVISOR CLASS:** |  |  |  |  |
| **Net Assets** | $99639 | $— | $116587 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 99639126 |  | 116584912 |  |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>|  |  | 51291 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $1.000 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | Amount is less than $500. |

---

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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Treasury** <br>**Portfolio** <br>**(000)**<br>| **Treasury** <br>**Securities** <br>**Portfolio** <br>**(000)**<br>| **Tax-Exempt** <br>**Portfolio** <br>**(000)**<br>| **Stablecoin** <br>**Reserves** <br>**Portfolio** <br>**(000)**<br>|
| **Assets:** |  |  |  |  |
| Investments in Securities of Unaffiliated Issuers, at Cost | $33779353 | $66425812 | $614950 | $495 |
| Total Investments in Securities, at Value<sup>(1)</sup> <br>| 33779353 | 66425812 | 614950 | 495 |
| Cash | 1000752 | 1880093 | 99 | 6 |
| Receivable for Investments Sold | 247034 | 1943410 |  |  |
| Interest Receivable | 99838 | 45333 | 2945 | —<br> @<br>|
| Receivable for Portfolio Shares Sold | 1221 |  | —<br> @<br>|  |
| Prepaid Offering Costs |  |  |  | 159 |
| Due from Adviser |  |  |  | 22 |
| Other Assets | 1371 | 1801 | 227 |  |
| **Total Assets** | 35129569 | 70296449 | 618221 | 682 |
| **Liabilities:** |  |  |  |  |
| Payable for Investments Purchased | 905874 | 7106082 | 18264 |  |
| Dividends Payable | 44830 | 35632 | 17 | 1 |
| Payable for Advisory Fees | 4202 | 7406 | 13 |  |
| Payable for Portfolio Shares Redeemed | 1031 | 9972 | 157 |  |
| Payable for Administration Fees | 1458 | 2567 | 23 | —<br> @<br>|
| Payable for Administration Plan Fees — Wealth S/ Institutional Select Class | 181 | —<br> @<br>| —<br> @<br>|  |
| 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 — <br>Advisory Class<br>| 102 | 4 |  |  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Participant Class<br>| 2050 | 9 |  |  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Cash Management Class<br>| —<br> @<br>| 1 | —<br> @<br>|  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Select Class<br>| —<br> @<br>| —<br> @<br>| —<br> @<br>|  |
| Payable for Impact Partner Class |  |  |  |  |
| Payable for Administration Plan Fees — Institutional Plus Class | —<br> @<br>| —<br> @<br>|  |  |
| Payable for Custodian Fees | 278 | 471 | 11 | —<br> @<br>|
| Payable for Professional Fees | 81 | 31 | 44 | 15 |
| Payable for Offering Costs |  |  |  | 166 |
| Payable for Transfer Agency Fees | 14 | 23 | 10 | —<br> @<br>|
| Other Liabilities | 1101 | 1511 | 22 | —<br> @<br>|
| **Total Liabilities** | 961215 | 7163728 | 18561 | 182 |
| **Net Assets** | $34168354 | $63132721 | $599660 | $500 |
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in-Capital | $34177881 | $63141710 | $599685 | $500 |
| Total Accumulated Loss | (9527)<br>| (8989)<br>| (25)<br>|  |
| **Net Assets** | $34168354 | $63132721 | $599660 | $500 |
| <sup>(1)</sup>**Including:** |  |  |  |  |
| Repurchase Agreements, at Value | $21693387 | $— | $— | $350 |

---

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**<br> **Portfolio**<br> **(000)**<br>| **Treasury**<br> **Securities**<br> **Portfolio**<br> **(000)**<br>| **Tax-Exempt**<br> **Portfolio**<br> **(000)**<br>| **Stablecoin**<br> **Reserves**<br> **Portfolio**<br> **(000)**<br>|
| **WEALTH/INSTITUTIONAL CLASS:** |  |  |  |  |
| **Net Assets** | $24184439 | $62898919 | $599312 | $500 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 24189906252 | 62907018904 | 599326505 | 500000 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 | $1.000 |
| **WEALTH S/INSTITUTIONAL SELECT CLASS:** |  |  |  |  |
| **Net Assets** | $4598278 | $4809 | $56 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 4600543537 | 4813889 | 56305 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 | $— |
| **INVESTOR CLASS:** |  |  |  |  |
| **Net Assets** | $81628 | $115447 | $— | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 81652890 | 115445455 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— | $— |
| **ADMINISTRATIVE CLASS:** |  |  |  |  |
| **Net Assets** | $47692 | $70158 | $— | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 47692788 | 70162805 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— | $— |
| **ADVISORY CLASS:** |  |  |  |  |
| **Net Assets** | $502862 | $16629 | $— | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 502987864 | 16635606 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— | $— |
| **PARTICIPANT CLASS:** |  |  |  |  |
| **Net Assets** | $4598177 | $20502 | $— | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 4598720928 | 20510800 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— | $— |
| **CASH MANAGEMENT CLASS:** |  |  |  |  |
| **Net Assets** | $2014 | $5948 | $192 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 2013107 | 5952251 | 192082 |  |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>| 57831 | 57700 | 50000 |  |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>|  | 50000 |  |  |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>|  | 50000 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.000 | $— | $— |

---

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**<br> **Portfolio**<br> **(000)**<br>| **Treasury**<br> **Securities**<br> **Portfolio**<br> **(000)**<br>| **Tax-Exempt**<br> **Portfolio**<br> **(000)**<br>| **Stablecoin**<br> **Reserves**<br> **Portfolio**<br> **(000)**<br>|
| **ADVISOR CLASS:** |  |  |  |  |
| **Net Assets** | $153155 | $50 | $50 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest <br>(unlimited number of shares authorized) (not in 000's)<br>| 153150549 | 50000 | 50000 |  |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>| 51273 | 51265 |  |  |
| **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 <br>(unlimited number of shares authorized) (not in 000's)<br>|  | 50411 |  |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.000 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | Amount is less than $500. |

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Statements of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Money Market** <br>**Portfolio** <br>**(000)**<br>| **Prime** <br>**Portfolio** <br>**(000)**<br>| **Government** <br>**Portfolio** <br>**(000)**<br>| **Government** <br>**Securities** <br>**Portfolio** <br>**(000)**<br>|
| **Investment Income:** |  |  |  |  |
| Interest | $72070 | $267889 | $3899955 | $86225 |
| **Expenses:** |  |  |  |  |
| Advisory Fees (Note B) | 2723 | 10143 | 153711 | 3406 |
| Administration Fees (Note C) | 908 | 3381 | 51237 | 1135 |
| Registration Fees | 153 | 117 | 221 | 827 |
| Professional Fees | 135 | 148 | 154 | 129 |
| Custodian Fees (Note F) | 54 | 111 | 1167 | 55 |
| Transfer Agency Fees (Note E) | 51 | 123 | 154 | 10 |
| Trustees' Fees and Expenses | 23 | 84 | 1176 | 32 |
| Shareholder Reporting Fees | 19 | 23 | 123 | 41 |
| Pricing Fees | 12 | 97 | 30 | 17 |
| Administration Plan Fees — Wealth S/Institutional Select Class (Note D) | —<br> @<br>| 9 | 2170 | —<br> @<br>|
| Administration Plan Fees — Investor Class (Note D) |  |  | 3580 | —<br> @<br>|
| Administration Plan Fees — Administrative Class (Note D) |  |  | 473 | —<br> @<br>|
| Administration Plan Fees — Institutional Plus Class (Note D) |  |  | —<br> @<br>|  |
| Service and Shareholder Administration Plan Fees — Advisory Class (Note D) | —<br> @<br>| —<br> @<br>| 2922 | 18 |
| Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) | —<br> @<br>|  | 7887 | 9870 |
| Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) | 1 | —<br> @<br>| —<br> @<br>| —<br> @<br>|
| Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) | —<br> @<br>|  | —<br> @<br>|  |
| Other Expenses | 42 | 127 | 698 | 73 |
| Total Expenses | 4121 | 14363 | 225703 | 15613 |
| Waiver of Advisory Fees (Note B) | (853)<br>| (829)<br>| (54961)<br>| (1183)<br>|
| Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |  |  |  | (4935)<br>|
| Net Expenses | 3268 | 13534 | 170742 | 9495 |
| **Net Investment Income** | 68802 | 254355 | 3729213 | 76730 |
| **Realized Gain:** |  |  |  |  |
| Investments Sold | 26 | 208 | 2845 | 554 |
| **Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
| Investments |  | (2014)<br>|  |  |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 26 | (1806)<br>| 2845 | 554 |
| Net Increase in Net Assets Resulting from Operations | $68828 | $252549 | $3732058 | $77284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | Amount is less than $500. |

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Statements of Operations (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Treasury** <br>**Portfolio** <br>**(000)**<br>| **Treasury** <br>**Securities** <br>**Portfolio** <br>**(000)**<br>| **Tax-Exempt** <br>**Portfolio** <br>**(000)**<br>| **Stablecoin** <br>**Reserves** <br>**Portfolio**<sup>(1)</sup> <br>**(000)**<br>|
| **Investment Income:** |  |  |  |  |
| Interest | $647353 | $1121748 | $7130 | $1 |
| **Expenses:** |  |  |  |  |
| Advisory Fees (Note B) | 25486 | 44347 | 422 | —<br> @<br>|
| Administration Plan Fees — Wealth S/Institutional Select Class (Note D) | 994 | 1 | —<br> @<br>|  |
| 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) | —<br> @<br>| —<br> @<br>|  |  |
| Service and Shareholder Administration Plan Fees — Advisory Class (Note D) | 571 | 22 |  |  |
| Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) | 10278 | 54 |  |  |
| Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) | 1 | 5 | —<br> @<br>|  |
| Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) | —<br> @<br>| —<br> @<br>| —<br> @<br>|  |
| Administration Fees (Note C) | 8495 | 14782 | 141 | —<br> @<br>|
| Custodian Fees (Note F) | 249 | 438 | 11 | —<br> @<br>|
| 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 | —<br> @<br>|
| Shareholder Reporting Fees | 22 | 76 | 10 | —<br> @<br>|
| Pricing Fees | 19 | 17 | 13 | —<br> @<br>|
| Offering Costs |  |  |  | 7 |
| Other Expenses | 172 | 261 | 37 |  |
| Total Expenses | 46885 | 60920 | 881 | 22 |
| Waiver of Advisory Fees (Note B) | (985)<br>| (1590)<br>| (318)<br>| (—<br> @)<br>|
| Waiver of Administration Fees (Note C) |  |  |  | (—<br> @)<br>|
| Expenses Reimbursed by Adviser (Note B) |  |  |  | (22)<br>|
| Net Expenses | 45900 | 59330 | 563 |  |
| **Net Investment Income** | 601453 | 1062418 | 6567 | 1 |
| **Realized Gain:** |  |  |  |  |
| Investments Sold | 682 | 1935 |  | —<br> @<br>|
| Net Increase in Net Assets Resulting from Operations | $602135 | $1064353 | $6567 | $1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | Amount is less than $500. |
| (1) | Commencement of Operations April 16, 2026. |

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Money Market** <br>**Portfolio** | **Money Market** <br>**Portfolio** | **Prime** <br>**Portfolio** | **Prime** <br>**Portfolio** |
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>| **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net Investment Income | $68802 | $153359 | $254355 | $571206 |
| Net Realized Gain | 26 | 42 | 208 | 561 |
| Net Change in Unrealized Appreciation (Depreciation) |  |  | (2014)<br>| (2436)<br>|
| **Net Increase in Net Assets Resulting from Operations** | 68828 | 153401 | 252549 | 569331 |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| **Wealth/Institutional Class** | (66665)<br>| (150813)<br>| (233639)<br>| (510757)<br>|
| **Wealth S/Institutional Select Class** | (1)<br>| (3)<br>| (703)<br>| (1500)<br>|
| **Advisory Class** | (1)<br>| (2)<br>| (1)<br>| (2)<br>|
| **Participant Class** | (1)<br>| (2)<br>|  |  |
| **Cash Management Class** | (27)<br>| (68)<br>| (6)<br>| (15)<br>|
| **Select Class** | (1)<br>| (2)<br>|  |  |
| **CastleOak Shares Class** |  |  | (18074)<br>| (53436)<br>|
| **Impact Class** |  |  | (17)<br>| (424)<br>|
| **Impact Partner Class** | (579)<br>| (88)<br>| (1915)<br>| (5071)<br>|
| **Advisor Class** | (1526)<br>| (2380)<br>|  |  |
| Total Dividends and Distributions to Shareholders | (68801)<br>| (153358)<br>| (254355)<br>| (571205)<br>|
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |  |  |
| **Wealth/Institutional Class:** |  |  |  |  |
| Subscribed | 2137997 | 5045187 | 25640062 | 44399888 |
| Distributions Reinvested | 66512 | 148342 | 168916 | 351913 |
| Redeemed | (2330024)<br>| (4513589)<br>| (25463530)<br>| (44561851)<br>|
| **Wealth S/Institutional Select Class:** |  |  |  |  |
| Subscribed |  |  | 20554 | 36520 |
| Distributions Reinvested | 1 | 3 | 713 | 1490 |
| Redeemed |  |  | (22085)<br>| (26120)<br>|
| **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)<br>| (327)<br>| (—<br> @)<br>| (4)<br>|
| **Select Class:** |  |  |  |  |
| Distributions Reinvested | 1 | 2 |  |  |
| **CastleOak Shares Class:** |  |  |  |  |
| Subscribed |  |  | 186022 | 1474178 |
| Distributions Reinvested |  |  | 16170 | 46663 |
| Redeemed |  |  | (213912)<br>| (1790944)<br>|
| **Impact Class:** |  |  |  |  |
| Subscribed |  |  | 86203 | 384899 |
| Redeemed |  |  | (71101)<br>| (684762)<br>|
| **Impact Partner Class:** |  |  |  |  |
| Subscribed | 59927 | 18500 | 198586 | 523511 |
| Distributions Reinvested | 573 | 80 |  |  |
| Redeemed | (15334)<br>| (3779)<br>| (253985)<br>| (916732)<br>|
| **Advisor Class:** |  |  |  |  |
| Subscribed | 130164 | 163483 |  |  |
| Distributions Reinvested | 1540 | 2364 |  |  |
| Redeemed | (100088)<br>| (135383)<br>|  |  |
| Net Increase (Decrease) in Net Assets Resulting from <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Share Transactions<br>| (48811)<br>| 724955 | 292621 | (761334)<br>|
| Total Increase (Decrease) in Net Assets | (48784)<br>| 724998 | 290815 | (763208)<br>|
| **Net Assets:** |  |  |  |  |
| Beginning of Period  | 3668415 | 2943417 | 12986467 | 13749675 |
| End of Period | $3619631 | $3668415 | $13277282 | $12986467 |

---

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)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Money Market**<br> **Portfolio** | **Money Market**<br> **Portfolio** | **Prime**<br> **Portfolio** | **Prime**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **(1) Capital Share Transactions:** |  |  |  |  |
| **Wealth/Institutional Class:** |  |  |  |  |
| Shares Subscribed | 2137997 | 5045187 | 25635226 | 44391962 |
| Shares Issued on Distributions Reinvested | 66512 | 148342 | 168882 | 351855 |
| Shares Redeemed | (2330024)<br>| (4513589)<br>| (25458967)<br>| (44553864)<br>|
| Net Increase (Decrease) in Wealth/Institutional Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (125515)<br>| 679941 | 345141 | 189953 |
| **Wealth S/Institutional Select Class:** |  |  |  |  |
| Shares Subscribed |  |  | 20557 | 36525 |
| Shares Issued on Distributions Reinvested | 1 | 3 | 713 | 1490 |
| Shares Redeemed |  |  | (22088)<br>| (26121)<br>|
| Net Increase (Decrease) in Wealth S/Institutional Select Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 1 | 3 | (818)<br>| 11894 |
| **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)<br>| (327)<br>| (—<br> @@)<br>| (4)<br>|
| Net Increase (Decrease) in Cash Management Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (82)<br>| (259)<br>| 7 | 11 |
| **Select Class:** |  |  |  |  |
| Shares Issued on Distributions Reinvested | 1 | 2 |  |  |
| **CastleOak Shares Class:** |  |  |  |  |
| Shares Subscribed |  |  | 185995 | 1473890 |
| Shares Issued on Distributions Reinvested |  |  | 16167 | 46657 |
| Shares Redeemed |  |  | (213896)<br>| (1790650)<br>|
| Net Decrease in CastleOak Shares Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>|  |  | (11734)<br>| (270103)<br>|
| **Impact Class:** |  |  |  |  |
| Shares Subscribed |  |  | 86195 | 384836 |
| Shares Redeemed |  |  | (71092)<br>| (684616)<br>|
| Net Increase (Decrease) in Impact Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>|  |  | 15103 | (299780)<br>|
| **Impact Partner Class:** |  |  |  |  |
| Shares Subscribed | 59927 | 18500 | 198539 | 523409 |
| Shares Issued on Distributions Reinvested | 573 | 80 |  |  |
| Shares Redeemed | (15334)<br>| (3779)<br>| (253949)<br>| (916586)<br>|
| Net Increase (Decrease) in Impact Partner Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 45166 | 14801 | (55410)<br>| (393177)<br>|
| **Advisor Class:** |  |  |  |  |
| Shares Subscribed | 130164 | 163483 |  |  |
| Shares Issued on Distributions Reinvested | 1540 | 2364 |  |  |
| Shares Redeemed | (100088)<br>| (135383)<br>|  |  |
| Net Increase in Advisor Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 31616 | 30464 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | Amount is less than $500. |
| @@ | Amount is less than 500 shares. |

---

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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Government** <br>**Portfolio** | **Government** <br>**Portfolio** | **Government** <br>**Securities** <br>**Portfolio** | **Government** <br>**Securities** <br>**Portfolio** |
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>| **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net Investment Income | $3729213 | $7443304 | $76730 | $211380 |
| Net Realized Gain | 2845 | 3718 | 554 | 308 |
| **Net Increase in Net Assets Resulting from Operations** | 3732058 | 7447022 | 77284 | 211688 |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| **Institutional Class** | (3243137)<br>| (6361591)<br>| (10454)<br>| (34713)<br>|
| **Institutional Select Class** | (156356)<br>| (262760)<br>| (1)<br>| (2)<br>|
| **Investor Class** | (127585)<br>| (276349)<br>| (1)<br>| (2)<br>|
| **Administrative Class** | (11100)<br>| (17284)<br>| (1)<br>| (2)<br>|
| **Advisory Class** | (39889)<br>| (119508)<br>| (238)<br>| (1601)<br>|
| **Participant Class** | (49865)<br>| (115426)<br>| (66032)<br>| (175053)<br>|
| **Cash Management Class** | (3)<br>| (17)<br>| (2)<br>| (5)<br>|
| **Select Class** | (1)<br>| (2)<br>|  |  |
| **CastleOak Shares Class** | (58995)<br>| (164776)<br>|  |  |
| **Impact Class** | (26404)<br>| (67415)<br>|  |  |
| **Impact Partner Class** | (13997)<br>| (56064)<br>|  |  |
| **Advisor Class** | (1878)<br>| (2112)<br>|  |  |
| **Institutional Plus Class** | (1)<br>| (—<br> @)<br>|  |  |
| Total Dividends and Distributions to Shareholders | (3729211)<br>| (7443304)<br>| (76729)<br>| (211378)<br>|
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |  |  |
| **Institutional Class:** |  |  |  |  |
| Subscribed | 710608004 | 1181190016 | 2107252 | 5219820 |
| Distributions Reinvested | 1665208 | 3173277 | 5967 | 22068 |
| Redeemed | (666379553)<br>| (1169881764)<br>| (2397248)<br>| (5524958)<br>|
| **Institutional Select Class:** |  |  |  |  |
| Subscribed | 14973358 | 28612955 |  |  |
| Distributions Reinvested | 154045 | 250846 | 1 | 2 |
| Redeemed | (12528143)<br>| (27350441)<br>|  |  |
| **Investor Class:** |  |  |  |  |
| Subscribed | 5863836 | 10786002 |  |  |
| Distributions Reinvested | 27 | 76 | 1 | 2 |
| Redeemed | (5901378)<br>| (9651278)<br>|  |  |
| **Administrative Class:** |  |  |  |  |
| Subscribed | 1646700 | 1129433 |  |  |
| Distributions Reinvested | 613 | 1876 | 1 | 2 |
| Redeemed | (1911011)<br>| (663777)<br>|  |  |
| **Advisory Class:** |  |  |  |  |
| Subscribed | 5520565 | 10497568 | 21976 | 50133 |
| Distributions Reinvested | 6867 | 17745 | 1 | 2 |
| Redeemed | (5288888)<br>| (10629146)<br>| (21541)<br>| (80750)<br>|
| **Participant Class:** |  |  |  |  |
| Subscribed | 2733433 | 5239555 | 63832822 | 115949858 |
| Distributions Reinvested | 5 | 11 | 66994 | 174159 |
| Redeemed | (2593737)<br>| (5227490)<br>| (64164331)<br>| (115321746)<br>|
| **Cash Management Class:** |  |  |  |  |
| Distributions Reinvested | 3 | 15 | 2 | 5 |
| Redeemed | (25)<br>| (880)<br>|  |  |
| **Select Class:** |  |  |  |  |
| Distributions Reinvested | 1 | 2 |  |  |
| **CastleOak Shares Class:** |  |  |  |  |
| Subscribed | 16229449 | 40896474 |  |  |
| Distributions Reinvested | 13511 | 77353 |  |  |
| Redeemed | (15829289)<br>| (40604081)<br>|  |  |
| **Impact Class:** |  |  |  |  |
| Subscribed | 57649152 | 102871069 |  |  |
| Distributions Reinvested | 17744 | 47490 |  |  |
| Redeemed | (58253490)<br>| (102799345)<br>|  |  |

---

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**<br> **Portfolio** | **Government**<br> **Portfolio** | **Government**<br> **Securities**<br> **Portfolio** | **Government**<br> **Securities**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **Impact Partner Class:** |  |  |  |  |
| Subscribed | $2152264 | $4501584 | $— | $— |
| Distributions Reinvested | 12565 | 53393 |  |  |
| Redeemed | (2363380)<br>| (4406765)<br>|  |  |
| **Advisor Class:** |  |  |  |  |
| Subscribed | 147682 | 178362 |  |  |
| Distributions Reinvested | 1892 | 2095 |  |  |
| Redeemed | (104045)<br>| (131411)<br>|  |  |
| **Institutional Plus Class:** |  |  |  |  |
| Subscribed |  | 50<br> \*<br>|  |  |
| Distributions Reinvested | 1 | —<br> @\*<br>|  |  |
| Net Increase (Decrease) in Net Assets Resulting from <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Share Transactions<br>| 48243986 | 18180869 | (548103)<br>| 488597 |
| Total Increase (Decrease) in Net Assets | 48246833 | 18184587 | (547548)<br>| 488907 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period  | 173292614 | 155108027 | 5658934 | 5170027 |
| End of Period | $221539447 | $173292614 | $5111386 | $5658934 |

---

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**<br> **Portfolio** | **Government**<br> **Portfolio** | **Government**<br> **Securities**<br> **Portfolio** | **Government**<br> **Securities**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **(1) Capital Share Transactions:** |  |  |  |  |
| **Institutional Class:** |  |  |  |  |
| Shares Subscribed | 710608004 | 1181190016 | 2107252 | 5219820 |
| Shares Issued on Distributions Reinvested | 1665208 | 3173277 | 5967 | 22068 |
| Shares Redeemed | (666379553)<br>| (1169881764)<br>| (2397248)<br>| (5524958)<br>|
| Net Increase (Decrease) in Institutional Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 45893659 | 14481529 | (284029)<br>| (283070)<br>|
| **Institutional Select Class:** |  |  |  |  |
| Shares Subscribed | 14973358 | 28612955 |  |  |
| Shares Issued on Distributions Reinvested | 154045 | 250846 | 1 | 2 |
| Shares Redeemed | (12528143)<br>| (27350441)<br>|  |  |
| Net Increase in Institutional Select Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 2599260 | 1513360 | 1 | 2 |
| **Investor Class:** |  |  |  |  |
| Shares Subscribed | 5863836 | 10786002 |  |  |
| Shares Issued on Distributions Reinvested | 27 | 76 | 1 | 2 |
| Shares Redeemed | (5901378)<br>| (9651278)<br>|  |  |
| Net Increase (Decrease) in Investor Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (37515)<br>| 1134800 | 1 | 2 |
| **Administrative Class:** |  |  |  |  |
| Shares Subscribed | 1646700 | 1129433 |  |  |
| Shares Issued on Distributions Reinvested | 613 | 1876 | 1 | 2 |
| Shares Redeemed | (1911011)<br>| (663777)<br>|  |  |
| Net Increase (Decrease) in Administrative Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (263698)<br>| 467532 | 1 | 2 |
| **Advisory Class:** |  |  |  |  |
| Shares Subscribed | 5520565 | 10497568 | 21976 | 50133 |
| Shares Issued on Distributions Reinvested | 6867 | 17745 | 1 | 2 |
| Shares Redeemed | (5288888)<br>| (10629146)<br>| (21541)<br>| (80750)<br>|
| Net Increase (Decrease) in Advisory Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 238544 | (113833)<br>| 436 | (30615)<br>|
| **Participant Class:** |  |  |  |  |
| Shares Subscribed | 2733433 | 5239555 | 63832822 | 115949858 |
| Shares Issued on Distributions Reinvested | 5 | 11 | 66994 | 174159 |
| Shares Redeemed | (2593737)<br>| (5227490)<br>| (64164331)<br>| (115321746)<br>|
| Net Increase (Decrease) in Participant Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 139701 | 12076 | (264515)<br>| 802271 |
| **Cash Management Class:** |  |  |  |  |
| Shares Issued on Distributions Reinvested | 3 | 15 | 2 | 5 |
| Shares Redeemed | (25)<br>| (880)<br>|  |  |
| Net Increase (Decrease) in Cash Management Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (22)<br>| (865)<br>| 2 | 5 |
| **Select Class:** |  |  |  |  |
| Shares Issued on Distributions Reinvested | 1 | 2 |  |  |
| **CastleOak Shares Class:** |  |  |  |  |
| Shares Subscribed | 16229449 | 40896474 |  |  |
| Shares Issued on Distributions Reinvested | 13511 | 77353 |  |  |
| Shares Redeemed | (15829289)<br>| (40604081)<br>|  |  |
| Net Increase in Castleoak Shares Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 413671 | 369746 |  |  |

---

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**<br> **Portfolio** | **Government**<br> **Portfolio** | **Government**<br> **Securities**<br> **Portfolio** | **Government**<br> **Securities**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **Impact Class:** |  |  |  |  |
| Shares Subscribed | 57649152 | 102871069 |  |  |
| Shares Issued on Distributions Reinvested | 17744 | 47490 |  |  |
| Shares Redeemed | (58253490)<br>| (102799345)<br>|  |  |
| Net Increase (Decrease) in Impact Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (586594)<br>| 119214 |  |  |
| **Impact Partner Class:** |  |  |  |  |
| Shares Subscribed | 2152264 | 4501584 |  |  |
| Shares Issued on Distributions Reinvested | 12565 | 53393 |  |  |
| Shares Redeemed | (2363380)<br>| (4406765)<br>|  |  |
| Net Increase (Decrease) in Impact Partner Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (198551)<br>| 148212 |  |  |
| **Advisor Class:** |  |  |  |  |
| Shares Subscribed | 147682 | 178362 |  |  |
| Shares Issued on Distributions Reinvested | 1892 | 2095 |  |  |
| Shares Redeemed | (104045)<br>| (131411)<br>|  |  |
| Net Increase in Advisor Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 45529 | 49046 |  |  |
| **Institutional Plus Class:** |  |  |  |  |
| Shares Subscribed |  | 50<br> \*<br>|  |  |
| Shares Issued on Distributions Reinvested | 1 | —<br> @@\*<br>|  |  |
| Net Increase in Institutional Plus Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 1 | 50 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | Value is less than $500 |
| \* | For the period August 26, 2025 through October 31, 2025. |
| @@ | Amount is less than 500 shares. |

---

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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Treasury** <br>**Portfolio** | **Treasury** <br>**Portfolio** | **Treasury** <br>**Securities** <br>**Portfolio** | **Treasury** <br>**Securities** <br>**Portfolio** |
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>| **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net Investment Income | $601453 | $1362523 | $1062418 | $2298477 |
| Net Realized Gain | 682 | 525 | 1935 | 2082 |
| **Net Increase in Net Assets Resulting from Operations** | 602135 | 1363048 | 1064353 | 2300559 |
| **Dividends and Distributions to Shareholders:** |  |  |  |  |
| **Institutional Class** | (454110)<br>| (1071069)<br>| (1058285)<br>| (2288828)<br>|
| **Institutional Select Class** | (70676)<br>| (144013)<br>| (98)<br>| (309)<br>|
| **Investor Class** | (1469)<br>| (7529)<br>| (1660)<br>| (1753)<br>|
| **Administrative Class** | (784)<br>| (1163)<br>| (1626)<br>| (4849)<br>|
| **Advisory Class** | (7661)<br>| (17460)<br>| (298)<br>| (577)<br>|
| **Participant Class** | (63743)<br>| (115853)<br>| (337)<br>| (1872)<br>|
| **Cash Management Class** | (34)<br>| (116)<br>| (109)<br>| (280)<br>|
| **Select Class** | (1)<br>| (2)<br>| (1)<br>| (2)<br>|
| **Impact Class** |  |  | (1)<br>| (2)<br>|
| **Impact Partner Class** |  |  | (1)<br>| (2)<br>|
| **Advisor Class** | (2974)<br>| (5317)<br>| (1)<br>| (2)<br>|
| **Institutional Plus Class** | (1)<br>| (—<br> @)<br>| (1)<br>| (—<br> @)<br>|
| **DAP Class** |  |  | (—<br> @)<br>|  |
| Total Dividends and Distributions to Shareholders | (601453)<br>| (1362522)<br>| (1062418)<br>| (2298476)<br>|
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |  |  |
| **Institutional Class:** |  |  |  |  |
| Subscribed | 100499112 | 179257988 | 101142314 | 174601187 |
| Distributions Reinvested | 246364 | 578345 | 843152 | 1752903 |
| Redeemed | (103318767)<br>| (176475710)<br>| (95290913)<br>| (170017989)<br>|
| **Institutional Select Class:** |  |  |  |  |
| Subscribed | 3907900 | 5480512 | 18721 | 65829 |
| Distributions Reinvested | 71435 | 143271 | 6 | 78 |
| Redeemed | (2955170)<br>| (5259708)<br>| (22625)<br>| (62945)<br>|
| **Investor Class:** |  |  |  |  |
| Subscribed | 834321 | 1749218 | 115023 | 132564 |
| Distributions Reinvested | 1 | 2 | 22 | 43 |
| Redeemed | (809961)<br>| (1766877)<br>| (59277)<br>| (89540)<br>|
| **Administrative Class:** |  |  |  |  |
| Subscribed | 33739 | 59366 | 42231 | 217903 |
| Distributions Reinvested | 73 | 168 | 1 | 2 |
| Redeemed | (20874)<br>| (40674)<br>| (78000)<br>| (226570)<br>|
| **Advisory Class:** |  |  |  |  |
| Subscribed | 1071165 | 2056642 | 21139 | 46670 |
| Distributions Reinvested | 1264 | 2988 | 140 | 324 |
| Redeemed | (982071)<br>| (2056941)<br>| (21942)<br>| (34705)<br>|
| **Participant Class:** |  |  |  |  |
| Subscribed | 6398426 | 7820061 | 1586 | 112497 |
| Distributions Reinvested | 1054 | 1537 | 135 | 1053 |
| Redeemed | (5102194)<br>| (7769323)<br>| (4880)<br>| (116680)<br>|
| **Cash Management Class:** |  |  |  |  |
| Subscribed |  | —<br> @<br>|  |  |
| Distributions Reinvested | 34 | 113 | 109 | 279 |
| Redeemed | (27)<br>| (1549)<br>| (1006)<br>| (388)<br>|
| **Select Class:** |  |  |  |  |
| Distributions Reinvested | 1 | 2 | 1 | 2 |
| **Advisor Class:** |  |  |  |  |
| Subscribed | 189718 | 492905 |  |  |
| Distributions Reinvested | 3004 | 5284 |  |  |
| Redeemed | (203229)<br>| (376799)<br>|  |  |
| **Institutional Plus Class:** |  |  |  |  |
| Subscribed |  | 50<br> \*<br>|  | 50<br> \*<br>|
| Distributions Reinvested | 1 | —<br> @\*<br>| 1 | —<br> @\*<br>|

---

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**<br> **Portfolio** | **Treasury**<br> **Portfolio** | **Treasury**<br> **Securities**<br> **Portfolio** | **Treasury**<br> **Securities**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **DAP Class:** |  |  |  |  |
| Subscribed | $— | $— | $50<br> \*\*<br>| $— |
| Distributions Reinvested |  |  | —<br> @\*\*<br>|  |
| Net Increase (Decrease) in Net Assets Resulting from <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Share Transactions<br>| (134681)<br>| 3900871 | 6705988 | 6382567 |
| Total Increase (Decrease) in Net Assets | (133999)<br>| 3901397 | 6707923 | 6384650 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period  | 34302353 | 30400956 | 56424798 | 50040148 |
| End of Period | $34168354 | $34302353 | $63132721 | $56424798 |

---

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**<br> **Portfolio** | **Treasury**<br> **Portfolio** | **Treasury**<br> **Securities**<br> **Portfolio** | **Treasury**<br> **Securities**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **(1) Capital Share Transactions:** |  |  |  |  |
| **Institutional Class:** |  |  |  |  |
| Shares Subscribed | 100499112 | 179257988 | 101142314 | 174601187 |
| Shares Issued on Distributions Reinvested | 246364 | 578345 | 843152 | 1752903 |
| Shares Redeemed | (103318767)<br>| (176475710)<br>| (95290913)<br>| (170017989)<br>|
| Net Increase (Decrease) in Institutional Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (2573291)<br>| 3360623 | 6694553 | 6336101 |
| **Institutional Select Class:** |  |  |  |  |
| Shares Subscribed | 3907900 | 5480512 | 18721 | 65829 |
| Shares Issued on Distributions Reinvested | 71435 | 143271 | 6 | 78 |
| Shares Redeemed | (2955170)<br>| (5259708)<br>| (22625)<br>| (62945)<br>|
| Net Increase (Decrease) in Institutional Select Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 1024165 | 364075 | (3898)<br>| 2962 |
| **Investor Class:** |  |  |  |  |
| Shares Subscribed | 834321 | 1749218 | 115023 | 132564 |
| Shares Issued on Distributions Reinvested | 1 | 2 | 22 | 43 |
| Shares Redeemed | (809961)<br>| (1766877)<br>| (59277)<br>| (89540)<br>|
| Net Increase (Decrease) in Investor Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 24361 | (17657)<br>| 55768 | 43067 |
| **Administrative Class:** |  |  |  |  |
| Shares Subscribed | 33739 | 59366 | 42231 | 217903 |
| Shares Issued on Distributions Reinvested | 73 | 168 | 1 | 2 |
| Shares Redeemed | (20874)<br>| (40674)<br>| (78000)<br>| (226570)<br>|
| Net Increase (Decrease) in Administrative Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 12938 | 18860 | (35768)<br>| (8665)<br>|
| **Advisory Class:** |  |  |  |  |
| Shares Subscribed | 1071165 | 2056642 | 21139 | 46670 |
| Shares Issued on Distributions Reinvested | 1264 | 2988 | 140 | 324 |
| Shares Redeemed | (982071)<br>| (2056941)<br>| (21942)<br>| (34705)<br>|
| Net Increase (Decrease) in Advisory Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 90358 | 2689 | (663)<br>| 12289 |
| **Participant Class:** |  |  |  |  |
| Shares Subscribed | 6398426 | 7820061 | 1586 | 112497 |
| Shares Issued on Distributions Reinvested | 1054 | 1537 | 135 | 1053 |
| Shares Redeemed | (5102194)<br>| (7769323)<br>| (4880)<br>| (116680)<br>|
| Net Increase (Decrease) in Participant Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 1297286 | 52275 | (3159)<br>| (3130)<br>|
| **Cash Management Class:** |  |  |  |  |
| Shares Subscribed |  | —<br> @@<br>|  |  |
| Shares Issued on Distributions Reinvested | 34 | 113 | 109 | 279 |
| Shares Redeemed | (27)<br>| (1549)<br>| (1006)<br>| (388)<br>|
| Net Increase (Decrease) in Cash Management Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 7 | (1436)<br>| (897)<br>| (109)<br>|
| **Select Class:** |  |  |  |  |
| Shares Issued on Distributions Reinvested | 1 | 2 | 1 | 2 |
| **Advisor Class:** |  |  |  |  |
| Shares Subscribed | 189718 | 492905 |  |  |
| Shares Issued on Distributions Reinvested | 3004 | 5284 |  |  |
| Shares Redeemed | (203229)<br>| (376799)<br>|  |  |
| Net Increase (Decrease) in Advisor Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| (10507)<br>| 121390 |  |  |

---

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**<br> **Portfolio** | **Treasury**<br> **Portfolio** | **Treasury**<br> **Securities**<br> **Portfolio** | **Treasury**<br> **Securities**<br> **Portfolio** |
|  | **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>| **Six Months Ended**<br> **April 30, 2026**<br> **(unaudited)**<br> **(000)**<br>| **Year Ended**<br> **October 31, 2025**<br> **(000)**<br>|
| **Institutional Plus Class:** |  |  |  |  |
| Shares Subscribed |  | 50<br> \*<br>|  | 50<br> \*<br>|
| Shares Issued on Distributions Reinvested | 1 | —<br> @@\*<br>| 1 | —<br> @@\*<br>|
| Net Increase in Institutional Plus Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 1 | 50 | 1 | 50 |
| **DAP Class:** |  |  |  |  |
| Shares Subscribed |  |  | 50<br> \*\*<br>|  |
| Shares Issued on Distributions Reinvested |  |  | —<br> @@\*\*<br>|  |
| Net Increase in DAP Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>|  |  | 50 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | 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. |

---

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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Tax-Exempt** <br>**Portfolio** | **Tax-Exempt** <br>**Portfolio** | **Stablecoin** <br>**Reserves** <br>**Portfolio**<br>|
|  | **Six Months Ended** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>| **Year Ended** <br>**October 31, 2025** <br>**(000)**<br>| **Period from** <br>**April 16, 2026**<sup>(2)</sup> **to** <br>**April 30, 2026** <br>**(unaudited)** <br>**(000)**<br>|
| **Increase (Decrease) in Net Assets:** |  |  |  |
| **Operations:** |  |  |  |
| Net Investment Income | $6567 | $13406 | $1 |
| Net Realized Gain (Loss) |  | (2)<br>| —@ |
| **Net Increase in Net Assets Resulting from Operations** | 6567 | 13404 | 1 |
| **Dividends and Distributions to Shareholders:** |  |  |  |
| **Wealth/Institutional Class** | (6563)<br>| (13396)<br>| (1)<br>|
| **Wealth S Class** | (1)<br>| (1)<br>|  |
| **Cash Management Class** | (2)<br>| (5)<br>|  |
| **Select Class** | (—<br> @)<br>| (1)<br>|  |
| **Advisor Class** | (1)<br>| (1)<br>|  |
| Total Dividends and Distributions to Shareholders | (6567)<br>| (13404)<br>| (1)<br>|
| **Capital Share Transactions:**<sup>(1)</sup> <br>|  |  |  |
| **Wealth/Institutional Class:** |  |  |  |
| Subscribed | 386298 | 661726 | 500 |
| Distributions Reinvested | 6507 | 12874 |  |
| Redeemed | (311542)<br>| (621038)<br>|  |
| **Wealth S Class:** |  |  |  |
| Distributions Reinvested | 1 | 1 |  |
| **Cash Management Class:** |  |  |  |
| Distributions Reinvested | 2 | 5 |  |
| Redeemed | (—<br> @)<br>| (—<br> @)<br>|  |
| Net Increase in Net Assets Resulting from <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Share Transactions<br>| 81266 | 53568 | 500 |
| Total Increase in Net Assets | 81266 | 53568 | 500 |
| **Net Assets:** |  |  |  |
| Beginning of Period  | 518394 | 464826 |  |
| End of Period | $599660 | $518394 | $500 |
| **(1) Capital Share Transactions:** |  |  |  |
| **Wealth/Institutional Class:** |  |  |  |
| Shares Subscribed | 386298 | 661726 | 500 |
| Shares Issued on Distributions Reinvested | 6507 | 12874 |  |
| Shares Redeemed | (311542)<br>| (621038)<br>|  |
| Net Increase in Wealth/Institutional Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 81263 | 53562 | 500 |
| **Wealth S Class:** |  |  |  |
| Shares Issued on Distributions Reinvested | 1 | 1 |  |
| **Cash Management Class:** |  |  |  |
| Shares Issued on Distributions Reinvested | 2 | 5 |  |
| Shares Redeemed | (—<br> @@)<br>| (—<br> @@)<br>|  |
| Net Increase in Cash Management Class <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding<br>| 2 | 5 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (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.

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Money Market Portfolio:** |  |  |  |  |  |
| **Wealth Class**<sup>+</sup> <br>|  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.019<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.019)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.053<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.053)<br>| 1.000 |
| Year Ended 10/31/23 | 1.001 | 0.048<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.049)<br>| 1.000 |
| Year Ended 10/31/22 | 1.0009 | 0.0099<br> (1)<br>| 0.0002<br> (2)<br>| &nbsp;&nbsp; (0.0103)<br>| 1.0007 |
| Year Ended 10/31/21 | 1.0010 | 0.0006<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0006)<br>| 1.0009 |
| **Wealth S Class**<sup>++</sup> <br>|  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.053<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.053)<br>| 1.000 |
| Year Ended 10/31/23 | 1.001 | 0.047<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.048)<br>| 1.000 |
| Year Ended 10/31/22 | 1.0007 | 0.0096<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0099)<br>| 1.0005 |
| Year Ended 10/31/21 | 1.0008 | 0.0004<br> (1)(2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0004)(2)<br>| 1.0007 |
| **Advisory Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.001 | 0.045<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.0011 | 0.0083<br> (1)<br>| 0.0002<br> (2)<br>| &nbsp;&nbsp; (0.0087)<br>| 1.0009 |
| Year Ended 10/31/21 | 1.0012 | 0.0003<br> (1)(2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0003)(2)<br>| 1.0011 |
| **Participant Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.016<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.016)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.039<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.039)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.048<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.048)<br>| 1.000 |
| Year Ended 10/31/23 | 1.001 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.0007 | 0.0070<br> (1)<br>| 0.0002<br> (2)<br>| &nbsp;&nbsp; (0.0074)<br>| 1.0005 |
| Year Ended 10/31/21 | 1.0008 | 0.0003<br> (1)(2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0003)(2)<br>| 1.0007 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.052<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.052)<br>| 1.000 |
| Year Ended 10/31/23 | 1.001 | 0.046<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.047)<br>| 1.000 |
| Year Ended 10/31/22 | 1.0007 | 0.0090<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0093)<br>| 1.0005 |
| Year Ended 10/31/21 | 1.0007 | 0.0003<br> (1)(2)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0003)(2)<br>| 1.0007 |
| **Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.015<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.015)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.036<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.036)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.045<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| For the Period Ended 10/31/23(7) | 1.000 | 0.042<br> (1)<br>| &nbsp;&nbsp; (0.009)<br>| &nbsp;&nbsp; (0.033)<br>| 1.000 |
| **Impact Partner Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.019<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.019)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| For the Period Ended 10/31/24(8) | 1.000 | 0.035<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.035)<br>| 1.000 |
| **Advisor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.019<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.019)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| For the Period Ended 10/31/24(9) | 1.000 | 0.032<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.032)<br>| 1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.90<br> %(3)<br>| &nbsp;&nbsp; $3458295 | 0.18<br> %(4)<br>| 0.23<br> %(4)<br>| 3.79<br> %(4)<br>| 3.74<br> %(4)<br>|
| 4.51<br> %<br>| &nbsp;&nbsp; 3583782 | 0.18<br> %<br>| 0.23<br> %<br>| 4.42<br> %<br>| 4.37<br> %<br>|
| 5.48<br> %(5)<br>| &nbsp;&nbsp; 2903797 | 0.19<br> %<br>| 0.23<br> %<br>| 5.31<br> %<br>| 5.27<br> %<br>|
| 4.89<br> %<br>| &nbsp;&nbsp; 2134251 | 0.18<br> %<br>| 0.25<br> %<br>| 4.78<br> %<br>| 4.71<br> %<br>|
| 1.01<br> %<br>| &nbsp;&nbsp; 3192797 | 0.16<br> %<br>| 0.22<br> %<br>| 0.99<br> %<br>| 0.93<br> %<br>|
| 0.05<br> %<br>| &nbsp;&nbsp; 3291307 | 0.14<br> %<br>| 0.22<br> %<br>| 0.06<br> %<br>| &nbsp;&nbsp; (0.02)%<br>|
| 1.87<br> %(3)<br>| &nbsp;&nbsp; $61 | 0.23<br> %(4)(6)<br>| 0.28<br> %(4)<br>| 3.74<br> %(4)<br>| 3.69<br> %(4)<br>|
| 4.45<br> %<br>| &nbsp;&nbsp; 60 | 0.23<br> %(6)<br>| 0.28<br> %<br>| 4.37<br> %<br>| 4.32<br> %<br>|
| 5.42<br> %(5)<br>| &nbsp;&nbsp; 57 | 0.24<br> %(6)<br>| 0.28<br> %<br>| 5.26<br> %<br>| 5.22<br> %<br>|
| 4.85<br> %<br>| &nbsp;&nbsp; 54 | 0.23<br> %(6)<br>| 0.30<br> %<br>| 4.73<br> %<br>| 4.66<br> %<br>|
| 0.98<br> %<br>| &nbsp;&nbsp; 53 | 0.19<br> %(6)<br>| 0.27<br> %<br>| 0.96<br> %<br>| 0.88<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 51 | 0.16<br> %(6)<br>| 0.27<br> %<br>| 0.04<br> %<br>| &nbsp;&nbsp; (0.07)%<br>|
| 1.77<br> %(3)<br>| &nbsp;&nbsp; $60 | 0.43<br> %(4)(6)<br>| 0.48<br> %(4)<br>| 3.54<br> %(4)<br>| 3.49<br> %(4)<br>|
| 4.24<br> %<br>| &nbsp;&nbsp; 59 | 0.43<br> %(6)<br>| 0.48<br> %<br>| 4.17<br> %<br>| 4.12<br> %<br>|
| 5.21<br> %(5)<br>| &nbsp;&nbsp; 57 | 0.44<br> %(6)<br>| 0.48<br> %<br>| 5.06<br> %<br>| 5.02<br> %<br>|
| 4.60<br> %<br>| &nbsp;&nbsp; 54 | 0.43<br> %(6)<br>| 0.50<br> %<br>| 4.53<br> %<br>| 4.46<br> %<br>|
| 0.85<br> %<br>| &nbsp;&nbsp; 52 | 0.32<br> %(6)<br>| 0.47<br> %<br>| 0.83<br> %<br>| 0.68<br> %<br>|
| 0.02<br> %<br>| &nbsp;&nbsp; 51 | 0.17<br> %(6)<br>| 0.47<br> %<br>| 0.03<br> %<br>| &nbsp;&nbsp; (0.27)%<br>|
| 1.65<br> %(3)<br>| &nbsp;&nbsp; $59 | 0.68<br> %(4)(6)<br>| 0.73<br> %(4)<br>| 3.29<br> %(4)<br>| 3.24<br> %(4)<br>|
| 3.98<br> %<br>| &nbsp;&nbsp; 58 | 0.68<br> %(6)<br>| 0.73<br> %<br>| 3.92<br> %<br>| 3.87<br> %<br>|
| 4.95<br> %(5)<br>| &nbsp;&nbsp; 56 | 0.69<br> %(6)<br>| 0.73<br> %<br>| 4.81<br> %<br>| 4.77<br> %<br>|
| 4.39<br> %<br>| &nbsp;&nbsp; 54 | 0.68<br> %(6)<br>| 0.75<br> %<br>| 4.28<br> %<br>| 4.21<br> %<br>|
| 0.72<br> %<br>| &nbsp;&nbsp; 51 | 0.45<br> %(6)<br>| 0.72<br> %<br>| 0.70<br> %<br>| 0.43<br> %<br>|
| 0.02<br> %<br>| &nbsp;&nbsp; 51 | 0.17<br> %(6)<br>| 0.72<br> %<br>| 0.03<br> %<br>| &nbsp;&nbsp; (0.52)%<br>|
| 1.82<br> %(3)<br>| &nbsp;&nbsp; $1444 | 0.33<br> %(4)(6)<br>| 0.38<br> %(4)<br>| 3.64<br> %(4)<br>| 3.59<br> %(4)<br>|
| 4.35<br> %<br>| &nbsp;&nbsp; 1526 | 0.33<br> %(6)<br>| 0.38<br> %<br>| 4.27<br> %<br>| 4.22<br> %<br>|
| 5.32<br> %(5)<br>| &nbsp;&nbsp; 1786 | 0.34<br> %(6)<br>| 0.38<br> %<br>| 5.16<br> %<br>| 5.12<br> %<br>|
| 4.75<br> %<br>| &nbsp;&nbsp; 4161 | 0.33<br> %(6)<br>| 0.40<br> %<br>| 4.63<br> %<br>| 4.56<br> %<br>|
| 0.91<br> %<br>| &nbsp;&nbsp; 7338 | 0.25<br> %(6)<br>| 0.37<br> %<br>| 0.90<br> %<br>| 0.78<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 8341 | 0.17<br> %(6)<br>| 0.37<br> %<br>| 0.03<br> %<br>| &nbsp;&nbsp; (0.17)%<br>|
| 1.50<br> %(3)<br>| &nbsp;&nbsp; $57 | 0.98<br> %(4)(6)<br>| 1.03<br> %(4)<br>| 2.99<br> %(4)<br>| 2.94<br> %(4)<br>|
| 3.67<br> %<br>| &nbsp;&nbsp; 56 | 0.98<br> %(6)<br>| 1.03<br> %<br>| 3.62<br> %<br>| 3.57<br> %<br>|
| 4.64<br> %(5)<br>| &nbsp;&nbsp; 54 | 0.99<br> %(6)<br>| 1.03<br> %<br>| 4.51<br> %<br>| 4.47<br> %<br>|
| 3.37<br> %(3)<br>| &nbsp;&nbsp; 52 | 0.98<br> %(4)(6)<br>| 1.05<br> %(4)<br>| 5.44<br> %(4)<br>| 5.37<br> %(4)<br>|
| 1.90<br> %(3)<br>| &nbsp;&nbsp; $60016 | 0.18<br> %(4)<br>| 0.23<br> %(4)<br>| 3.79<br> %(4)<br>| 3.74<br> %(4)<br>|
| 4.50<br> %<br>| &nbsp;&nbsp; 14851 | 0.18<br> %<br>| 0.23<br> %<br>| 4.42<br> %<br>| 4.37<br> %<br>|
| 3.54<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.19<br> %(4)<br>| 0.23<br> %(4)<br>| 5.31<br> %(4)<br>| 5.27<br> %(4)<br>|
| 1.90<br> %(3)<br>| &nbsp;&nbsp; $99639 | 0.18<br> %(4)<br>| 0.23<br> %(4)<br>| 3.79<br> %(4)<br>| 3.74<br> %(4)<br>|
| 4.51<br> %<br>| &nbsp;&nbsp; 68023 | 0.18<br> %<br>| 0.23<br> %<br>| 4.42<br> %<br>| 4.37<br> %<br>|
| 3.20<br> %(3)<br>| &nbsp;&nbsp; 37560 | 0.19<br> %(4)<br>| 0.23<br> %(4)<br>| 5.31<br> %(4)<br>| 5.27<br> %(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Prime Portfolio:** |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.0002 | &nbsp;&nbsp; $0.0185<br> (1)<br>| &nbsp;&nbsp; $0.0001<br> (2)<br>| &nbsp;&nbsp; $(0.0187)<br>| &nbsp;&nbsp; $1.0001 |
| Year Ended 10/31/25 | 1.0003 | 0.0441<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0441)<br>| 1.0002 |
| Year Ended 10/31/24 | 1.0002 | 0.0534<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0534)<br>| 1.0003 |
| Year Ended 10/31/23 | 0.9999 | 0.0491<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0489)<br>| 1.0002 |
| Year Ended 10/31/22 | 1.0001 | 0.0104<br> (1)<br>| &nbsp;&nbsp; (0.0002)(2)<br>| &nbsp;&nbsp; (0.0104)<br>| 0.9999 |
| Year Ended 10/31/21 | 1.0001 | 0.0007<br> (1)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0007)<br>| 1.0001 |
| **Institutional Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $0.9999 | &nbsp;&nbsp; $0.0182<br> (1)<br>| &nbsp;&nbsp; $0.0001<br> (2)<br>| &nbsp;&nbsp; $(0.0184)<br>| &nbsp;&nbsp; $0.9998 |
| Year Ended 10/31/25 | 1.0000 | 0.0436<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0436)<br>| 0.9999 |
| Year Ended 10/31/24 | 0.9999 | 0.0529<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0529)<br>| 1.0000 |
| Year Ended 10/31/23 | 0.9996 | 0.0486<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0484)<br>| 0.9999 |
| Year Ended 10/31/22 | 0.9998 | 0.0100<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0101)<br>| 0.9996 |
| Year Ended 10/31/21 | 0.9998 | 0.0004<br> (1)(2)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0005)<br>| 0.9998 |
| **Advisory Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.0002 | &nbsp;&nbsp; $0.0173<br> (1)<br>| &nbsp;&nbsp; $0.0001<br> (2)<br>| &nbsp;&nbsp; $(0.0175)<br>| &nbsp;&nbsp; $1.0001 |
| Year Ended 10/31/25 | 1.0003 | 0.0417<br> (1)<br>| &nbsp;&nbsp; (0.0002)(2)<br>| &nbsp;&nbsp; (0.0416)<br>| 1.0002 |
| Year Ended 10/31/24 | 1.0002 | 0.0509<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0509)<br>| 1.0003 |
| Year Ended 10/31/23 | 1.0000 | 0.0466<br> (1)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0464)<br>| 1.0002 |
| Year Ended 10/31/22 | 0.9998 | 0.0096<br> (1)<br>| &nbsp;&nbsp; (0.0006)<br>| &nbsp;&nbsp; (0.0088)<br>| 1.0000 |
| Year Ended 10/31/21 | 0.9997 | 0.0005<br> (1)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0004)(2)<br>| 0.9998 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $0.9999 | &nbsp;&nbsp; $0.0177<br> (1)<br>| &nbsp;&nbsp; $0.0001<br> (2)<br>| &nbsp;&nbsp; $(0.0179)<br>| &nbsp;&nbsp; $0.9998 |
| Year Ended 10/31/25 | 1.0000 | 0.0426<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0426)<br>| 0.9999 |
| Year Ended 10/31/24 | 0.9999 | 0.0519<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0519)<br>| 1.0000 |
| Year Ended 10/31/23 | 0.9998 | 0.0476<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0474)<br>| 0.9999 |
| Year Ended 10/31/22 | 1.0000 | 0.0095<br> (1)<br>| &nbsp;&nbsp; (0.0003)(2)<br>| &nbsp;&nbsp; (0.0094)<br>| 0.9998 |
| Year Ended 10/31/21 | 1.0000 | 0.0004<br> (1)(2)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0004)(2)<br>| 1.0000 |
| **CastleOak Shares Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.0001 | &nbsp;&nbsp; $0.0184<br> (1)<br>| &nbsp;&nbsp; $0.0002<br> (2)<br>| &nbsp;&nbsp; $(0.0187)<br>| &nbsp;&nbsp; $1.0000 |
| Year Ended 10/31/25 | 1.0003 | 0.0441<br> (1)<br>| &nbsp;&nbsp; (0.0002)(2)<br>| &nbsp;&nbsp; (0.0441)<br>| 1.0001 |
| Year Ended 10/31/24 | 1.0002 | 0.0534<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0534)<br>| 1.0003 |
| Year Ended 10/31/23 | 0.9999 | 0.0491<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0489)<br>| 1.0002 |
| For the Period Ended 10/31/22(10) | 1.0000 | 0.0025<br> (1)<br>| &nbsp;&nbsp; (0.0002)(2)<br>| &nbsp;&nbsp; (0.0024)<br>| 0.9999 |
| **Impact Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.0002 | &nbsp;&nbsp; $0.0186<br> (1)<br>| &nbsp;&nbsp; $0.0000<br> (2)<br>| &nbsp;&nbsp; $(0.0187)<br>| &nbsp;&nbsp; $1.0001 |
| Year Ended 10/31/25 | 1.0003 | 0.0442<br> (1)<br>| &nbsp;&nbsp; (0.0002)(2)<br>| &nbsp;&nbsp; (0.0441)<br>| 1.0002 |
| Year Ended 10/31/24 | 1.0002 | 0.0534<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0534)<br>| 1.0003 |
| Year Ended 10/31/23 | 0.9999 | 0.0491<br> (1)<br>| 0.0001<br> (2)<br>| &nbsp;&nbsp; (0.0489)<br>| 1.0002 |
| For the Period Ended 10/31/22(11) | 0.9997 | 0.0105<br> (1)<br>| &nbsp;&nbsp; (0.0003)(2)<br>| &nbsp;&nbsp; (0.0100)<br>| 0.9999 |
| **Impact Partner Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.0002 | &nbsp;&nbsp; $0.0185<br> (1)<br>| &nbsp;&nbsp; $0.0000<br> (2)<br>| &nbsp;&nbsp; $(0.0187)<br>| &nbsp;&nbsp; $1.0000 |
| Year Ended 10/31/25 | 1.0003 | 0.0441<br> (1)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0441)<br>| 1.0002 |
| For the Period Ended 10/31/24(8) | 1.0000 | 0.0325<br> (1)<br>| 0.0026 | &nbsp;&nbsp; (0.0348)<br>| 1.0003 |

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.88<br> %(3)<br>| &nbsp;&nbsp; $12214285 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.76<br> %(4)<br>| 3.75<br> %(4)<br>|
| 4.47<br> %<br>| &nbsp;&nbsp; 11870484 | 0.20<br> %<br>| 0.22<br> %<br>| 4.41<br> %<br>| 4.39<br> %<br>|
| 5.49<br> %(5)<br>| &nbsp;&nbsp; 11682116 | 0.20<br> %<br>| 0.21<br> %<br>| 5.34<br> %<br>| 5.33<br> %<br>|
| 5.02<br> %<br>| &nbsp;&nbsp; 15994223 | 0.20<br> %<br>| 0.21<br> %<br>| 4.91<br> %<br>| 4.90<br> %<br>|
| 1.02<br> %<br>| &nbsp;&nbsp; 14651432 | 0.15<br> %<br>| 0.21<br> %<br>| 1.05<br> %<br>| 0.99<br> %<br>|
| 0.07<br> %<br>| &nbsp;&nbsp; 16772763 | 0.14<br> %<br>| 0.21<br> %<br>| 0.06<br> %<br>| &nbsp;&nbsp; (0.01)%<br>|
| 1.85<br> %(3)<br>| &nbsp;&nbsp; $42331 | 0.25<br> %(4)(6)<br>| 0.26<br> %(4)<br>| 3.71<br> %(4)<br>| 3.70<br> %(4)<br>|
| 4.42<br> %<br>| &nbsp;&nbsp; 43154 | 0.25<br> %(6)<br>| 0.27<br> %<br>| 4.36<br> %<br>| 4.34<br> %<br>|
| 5.44<br> %(5)<br>| &nbsp;&nbsp; 31266 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 5.29<br> %<br>| 5.28<br> %<br>|
| 4.97<br> %<br>| &nbsp;&nbsp; 22140 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 4.86<br> %<br>| 4.85<br> %<br>|
| 0.99<br> %<br>| &nbsp;&nbsp; 22760 | 0.19<br> %(6)<br>| 0.26<br> %<br>| 1.01<br> %<br>| 0.94<br> %<br>|
| 0.05<br> %<br>| &nbsp;&nbsp; 5723 | 0.16<br> %(6)<br>| 0.26<br> %<br>| 0.04<br> %<br>| &nbsp;&nbsp; (0.06)%<br>|
| 1.75<br> %(3)<br>| &nbsp;&nbsp; $61 | 0.45<br> %(4)(6)<br>| 0.46<br> %(4)<br>| 3.51<br> %(4)<br>| 3.50<br> %(4)<br>|
| 4.21<br> %<br>| &nbsp;&nbsp; 60 | 0.45<br> %(6)<br>| 0.47<br> %<br>| 4.16<br> %<br>| 4.14<br> %<br>|
| 5.21<br> %(5)<br>| &nbsp;&nbsp; 58 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 5.09<br> %<br>| 5.08<br> %<br>|
| 4.76<br> %<br>| &nbsp;&nbsp; 58315 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 4.66<br> %<br>| 4.65<br> %<br>|
| 0.90<br> %<br>| &nbsp;&nbsp; 52 | 0.24<br> %(6)<br>| 0.46<br> %<br>| 0.96<br> %<br>| 0.74<br> %<br>|
| 0.05<br> %<br>| &nbsp;&nbsp; 1659 | 0.14<br> %(6)<br>| 0.46<br> %<br>| 0.06<br> %<br>| &nbsp;&nbsp; (0.26)%<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $368 | 0.35<br> %(4)(6)<br>| 0.36<br> %(4)<br>| 3.61<br> %(4)<br>| 3.60<br> %(4)<br>|
| 4.32<br> %<br>| &nbsp;&nbsp; 362 | 0.35<br> %(6)<br>| 0.37<br> %<br>| 4.26<br> %<br>| 4.24<br> %<br>|
| 5.33<br> %(5)<br>| &nbsp;&nbsp; 351 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 5.19<br> %<br>| 5.18<br> %<br>|
| 4.85<br> %<br>| &nbsp;&nbsp; 424 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.76<br> %<br>| 4.75<br> %<br>|
| 0.93<br> %<br>| &nbsp;&nbsp; 4733 | 0.25<br> %(6)<br>| 0.36<br> %<br>| 0.95<br> %<br>| 0.84<br> %<br>|
| 0.04<br> %<br>| &nbsp;&nbsp; 5343 | 0.16<br> %(6)<br>| 0.36<br> %<br>| 0.04<br> %<br>| &nbsp;&nbsp; (0.16)%<br>|
| 1.87<br> %(3)<br>| &nbsp;&nbsp; $985477 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.76<br> %(4)<br>| 3.75<br> %(4)<br>|
| 4.47<br> %<br>| &nbsp;&nbsp; 997323 | 0.20<br> %<br>| 0.22<br> %<br>| 4.41<br> %<br>| 4.39<br> %<br>|
| 5.49<br> %(5)<br>| &nbsp;&nbsp; 1267627 | 0.20<br> %<br>| 0.21<br> %<br>| 5.34<br> %<br>| 5.33<br> %<br>|
| 5.01<br> %<br>| &nbsp;&nbsp; 866430 | 0.20<br> %<br>| 0.21<br> %<br>| 4.91<br> %<br>| 4.90<br> %<br>|
| 0.24<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.15<br> %(4)<br>| 0.21<br> %(4)<br>| 1.05<br> %(4)<br>| 0.99<br> %(4)<br>|
| 1.87<br> %(3)<br>| &nbsp;&nbsp; $15151 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.76<br> %(4)<br>| 3.75<br> %(4)<br>|
| 4.48<br> %<br>| &nbsp;&nbsp; 50 | 0.20<br> %<br>| 0.22<br> %<br>| 4.41<br> %<br>| 4.39<br> %<br>|
| 5.49<br> %(5)<br>| &nbsp;&nbsp; 299927 | 0.20<br> %<br>| 0.21<br> %<br>| 5.34<br> %<br>| 5.33<br> %<br>|
| 5.02<br> %<br>| &nbsp;&nbsp; 321574 | 0.20<br> %<br>| 0.21<br> %<br>| 4.91<br> %<br>| 4.90<br> %<br>|
| 1.03<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.15<br> %(4)<br>| 0.21<br> %(4)<br>| 1.05<br> %(4)<br>| 0.99<br> %(4)<br>|
| 1.87<br> %(3)<br>| &nbsp;&nbsp; $19609 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.76<br> %(4)<br>| 3.75<br> %(4)<br>|
| 4.47<br> %<br>| &nbsp;&nbsp; 75034 | 0.20<br> %<br>| 0.22<br> %<br>| 4.41<br> %<br>| 4.39<br> %<br>|
| 3.53<br> %(3)<br>| &nbsp;&nbsp; 468330 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 5.34<br> %(4)<br>| 5.33<br> %(4)<br>|

---

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Government Portfolio:** |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.052<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.052)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.047<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.047)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.009<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.009)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Institutional Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.047<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.009<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.009)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Investor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.046<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.009)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Administrative Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.046<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Advisory Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.040<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.049<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.049)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Participant Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.015<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.015)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.038<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.038)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.047<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.047)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.006<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.006)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.046<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.014<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.014)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.035<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.035)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.039<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.039)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.005<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.005)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Castleoak Shares Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.052<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.052)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.047<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.047)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.009<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.009)<br>| 1.000 |
| For the Period Ended 10/31/21(12) | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Impact Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.052<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.052)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.047<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.047)<br>| 1.000 |
| For the Period Ended 10/31/22(11) | 1.000 | 0.009<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.009)<br>| 1.000 |
| **Impact Partner Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| For the Period Ended 10/31/24(8) | 1.000 | 0.034<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.034)<br>| 1.000 |
| **Advisor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| For the Period Ended 10/31/24(9) | 1.000 | 0.031<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.031)<br>| 1.000 |
| **Institutional Plus Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| For the Period Ended 10/31/25(13) | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.83<br> %(3)<br>| &nbsp;&nbsp; $192680832 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 3.66<br> %(4)<br>| 3.61<br> %(4)<br>|
| 4.36<br> %<br>| &nbsp;&nbsp; 146784735 | 0.15<br> %<br>| 0.20<br> %<br>| 4.29<br> %<br>| 4.24<br> %<br>|
| 5.32<br> %(5)<br>| &nbsp;&nbsp; 132300048 | 0.15<br> %<br>| 0.20<br> %<br>| 5.18<br> %<br>| 5.13<br> %<br>|
| 4.77<br> %<br>| &nbsp;&nbsp; 124946773 | 0.16<br> %<br>| 0.21<br> %<br>| 4.72<br> %<br>| 4.67<br> %<br>|
| 0.93<br> %<br>| &nbsp;&nbsp; 105123361 | 0.12<br> %<br>| 0.21<br> %<br>| 0.92<br> %<br>| 0.83<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 125443478 | 0.07<br> %<br>| 0.21<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.12)%<br>|
| 1.81<br> %(3)<br>| &nbsp;&nbsp; $9970136 | 0.20<br> %(4)(6)<br>| 0.25<br> %(4)<br>| 3.61<br> %(4)<br>| 3.56<br> %(4)<br>|
| 4.31<br> %<br>| &nbsp;&nbsp; 7370753 | 0.20<br> %(6)<br>| 0.25<br> %<br>| 4.24<br> %<br>| 4.19<br> %<br>|
| 5.26<br> %(5)<br>| &nbsp;&nbsp; 5857261 | 0.20<br> %(6)<br>| 0.25<br> %<br>| 5.13<br> %<br>| 5.08<br> %<br>|
| 4.72<br> %<br>| &nbsp;&nbsp; 5615525 | 0.21<br> %(6)<br>| 0.26<br> %<br>| 4.67<br> %<br>| 4.62<br> %<br>|
| 0.89<br> %<br>| &nbsp;&nbsp; 19822512 | 0.15<br> %(6)<br>| 0.26<br> %<br>| 0.89<br> %<br>| 0.78<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 22579049 | 0.07<br> %(6)<br>| 0.26<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.17)%<br>|
| 1.78<br> %(3)<br>| &nbsp;&nbsp; $7245150 | 0.25<br> %(4)(6)<br>| 0.30<br> %(4)<br>| 3.56<br> %(4)<br>| 3.51<br> %(4)<br>|
| 4.26<br> %<br>| &nbsp;&nbsp; 7282560 | 0.25<br> %(6)<br>| 0.30<br> %<br>| 4.19<br> %<br>| 4.14<br> %<br>|
| 5.21<br> %(5)<br>| &nbsp;&nbsp; 6147621 | 0.25<br> %(6)<br>| 0.30<br> %<br>| 5.08<br> %<br>| 5.03<br> %<br>|
| 4.67<br> %<br>| &nbsp;&nbsp; 4800726 | 0.26<br> %(6)<br>| 0.31<br> %<br>| 4.62<br> %<br>| 4.57<br> %<br>|
| 0.86<br> %<br>| &nbsp;&nbsp; 3992292 | 0.19<br> %(6)<br>| 0.31<br> %<br>| 0.85<br> %<br>| 0.73<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 1433481 | 0.07<br> %(6)<br>| 0.31<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.22)%<br>|
| 1.76<br> %(3)<br>| &nbsp;&nbsp; $455507 | 0.30<br> %(4)(6)<br>| 0.35<br> %(4)<br>| 3.51<br> %(4)<br>| 3.46<br> %(4)<br>|
| 4.20<br> %<br>| &nbsp;&nbsp; 719189 | 0.30<br> %(6)<br>| 0.36<br> %<br>| 4.14<br> %<br>| 4.09<br> %<br>|
| 5.16<br> %(5)<br>| &nbsp;&nbsp; 251650 | 0.30<br> %(6)<br>| 0.35<br> %<br>| 5.03<br> %<br>| 4.98<br> %<br>|
| 4.61<br> %<br>| &nbsp;&nbsp; 402547 | 0.31<br> %(6)<br>| 0.36<br> %<br>| 4.57<br> %<br>| 4.52<br> %<br>|
| 0.83<br> %<br>| &nbsp;&nbsp; 314143 | 0.21<br> %(6)<br>| 0.36<br> %<br>| 0.83<br> %<br>| 0.68<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 357558 | 0.07<br> %(6)<br>| 0.36<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.27)%<br>|
| 1.71<br> %(3)<br>| &nbsp;&nbsp; $2521859 | 0.40<br> %(4)(6)<br>| 0.45<br> %(4)<br>| 3.41<br> %(4)<br>| 3.36<br> %(4)<br>|
| 4.10<br> %<br>| &nbsp;&nbsp; 2283282 | 0.40<br> %(6)<br>| 0.45<br> %<br>| 4.04<br> %<br>| 3.99<br> %<br>|
| 5.05<br> %(5)<br>| &nbsp;&nbsp; 2397061 | 0.40<br> %(6)<br>| 0.45<br> %<br>| 4.93<br> %<br>| 4.88<br> %<br>|
| 4.51<br> %<br>| &nbsp;&nbsp; 1897168 | 0.41<br> %(6)<br>| 0.46<br> %<br>| 4.47<br> %<br>| 4.42<br> %<br>|
| 0.77<br> %<br>| &nbsp;&nbsp; 1428422 | 0.27<br> %(6)<br>| 0.46<br> %<br>| 0.77<br> %<br>| 0.58<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 1794163 | 0.07<br> %(6)<br>| 0.46<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.37)%<br>|
| 1.58<br> %(3)<br>| &nbsp;&nbsp; $3119320 | 0.65<br> %(4)(6)<br>| 0.70<br> %(4)<br>| 3.16<br> %(4)<br>| 3.11<br> %(4)<br>|
| 3.84<br> %<br>| &nbsp;&nbsp; 2979571 | 0.65<br> %(6)<br>| 0.70<br> %<br>| 3.79<br> %<br>| 3.74<br> %<br>|
| 4.79<br> %(5)<br>| &nbsp;&nbsp; 2967432 | 0.65<br> %(6)<br>| 0.70<br> %<br>| 4.68<br> %<br>| 4.63<br> %<br>|
| 4.25<br> %<br>| &nbsp;&nbsp; 2542447 | 0.66<br> %(6)<br>| 0.71<br> %<br>| 4.22<br> %<br>| 4.17<br> %<br>|
| 0.65<br> %<br>| &nbsp;&nbsp; 2291041 | 0.40<br> %(6)<br>| 0.71<br> %<br>| 0.64<br> %<br>| 0.33<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 2082873 | 0.07<br> %(6)<br>| 0.71<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.62)%<br>|
| 1.76<br> %(3)<br>| &nbsp;&nbsp; $182 | 0.30<br> %(4)(6)<br>| 0.35<br> %(4)<br>| 3.51<br> %(4)<br>| 3.46<br> %(4)<br>|
| 4.20<br> %<br>| &nbsp;&nbsp; 204 | 0.30<br> %(6)<br>| 0.35<br> %<br>| 4.14<br> %<br>| 4.09<br> %<br>|
| 5.16<br> %(5)<br>| &nbsp;&nbsp; 1067 | 0.30<br> %(6)<br>| 0.35<br> %<br>| 5.03<br> %<br>| 4.98<br> %<br>|
| 4.61<br> %<br>| &nbsp;&nbsp; 1745 | 0.31<br> %(6)<br>| 0.36<br> %<br>| 4.57<br> %<br>| 4.52<br> %<br>|
| 0.83<br> %<br>| &nbsp;&nbsp; 1761 | 0.20<br> %(6)<br>| 0.36<br> %<br>| 0.84<br> %<br>| 0.68<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 4397 | 0.07<br> %(6)<br>| 0.36<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.27)%<br>|
| 1.43<br> %(3)<br>| &nbsp;&nbsp; $58 | 0.95<br> %(4)(6)<br>| 1.00<br> %(4)<br>| 2.86<br> %(4)<br>| 2.81<br> %(4)<br>|
| 3.53<br> %<br>| &nbsp;&nbsp; 57 | 0.95<br> %(6)<br>| 1.00<br> %<br>| 3.49<br> %<br>| 3.44<br> %<br>|
| 4.48<br> %(5)<br>| &nbsp;&nbsp; 55 | 0.95<br> %(6)<br>| 1.00<br> %<br>| 4.38<br> %<br>| 4.33<br> %<br>|
| 3.94<br> %<br>| &nbsp;&nbsp; 53 | 0.96<br> %(6)<br>| 1.01<br> %<br>| 3.92<br> %<br>| 3.87<br> %<br>|
| 0.52<br> %<br>| &nbsp;&nbsp; 51 | 0.53<br> %(6)<br>| 1.01<br> %<br>| 0.51<br> %<br>| 0.03<br> %<br>|
| 0.03<br> %<br>| &nbsp;&nbsp; 51 | 0.07<br> %(6)<br>| 1.01<br> %<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.92)%<br>|
| 1.83<br> %(3)<br>| &nbsp;&nbsp; $3485658 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 3.66<br> %(4)<br>| 3.61<br> %(4)<br>|
| 4.36<br> %<br>| &nbsp;&nbsp; 3071939 | 0.15<br> %<br>| 0.20<br> %<br>| 4.29<br> %<br>| 4.24<br> %<br>|
| 5.32<br> %(5)<br>| &nbsp;&nbsp; 2702094 | 0.15<br> %<br>| 0.20<br> %<br>| 5.18<br> %<br>| 5.13<br> %<br>|
| 4.77<br> %<br>| &nbsp;&nbsp; 2305053 | 0.16<br> %<br>| 0.21<br> %<br>| 4.72<br> %<br>| 4.67<br> %<br>|
| 0.93<br> %<br>| &nbsp;&nbsp; 371597 | 0.12<br> %<br>| 0.21<br> %<br>| 0.92<br> %<br>| 0.83<br> %<br>|
| 0.01<br> %(3)<br>| &nbsp;&nbsp; 371765 | 0.07<br> %(4)<br>| 0.21<br> %(4)<br>| 0.02<br> %(4)<br>| &nbsp;&nbsp; (0.12)%(4)<br>|
| 1.83<br> %(3)<br>| &nbsp;&nbsp; $1050885 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 3.66<br> %(4)<br>| 3.61<br> %(4)<br>|
| 4.36<br> %<br>| &nbsp;&nbsp; 1637455 | 0.15<br> %<br>| 0.20<br> %<br>| 4.29<br> %<br>| 4.24<br> %<br>|
| 5.32<br> %(5)<br>| &nbsp;&nbsp; 1518203 | 0.15<br> %<br>| 0.20<br> %<br>| 5.18<br> %<br>| 5.13<br> %<br>|
| 4.77<br> %<br>| &nbsp;&nbsp; 841264 | 0.16<br> %<br>| 0.21<br> %<br>| 4.72<br> %<br>| 4.67<br> %<br>|
| 0.91<br> %(3)<br>| &nbsp;&nbsp; 826509 | 0.12<br> %(4)<br>| 0.21<br> %(4)<br>| 0.92<br> %(4)<br>| 0.83<br> %(4)<br>|
| 1.83<br> %(3)<br>| &nbsp;&nbsp; $893222 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 3.66<br> %(4)<br>| 3.61<br> %(4)<br>|
| 4.36<br> %<br>| &nbsp;&nbsp; 1091762 | 0.15<br> %<br>| 0.20<br> %<br>| 4.29<br> %<br>| 4.24<br> %<br>|
| 3.45<br> %(3)<br>| &nbsp;&nbsp; 943525 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 5.18<br> %(4)<br>| 5.13<br> %(4)<br>|
| 1.83<br> %(3)<br>| &nbsp;&nbsp; $116587 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 3.66<br> %(4)<br>| 3.61<br> %(4)<br>|
| 4.36<br> %<br>| &nbsp;&nbsp; 71057 | 0.15<br> %<br>| 0.20<br> %<br>| 4.29<br> %<br>| 4.24<br> %<br>|
| 3.12<br> %(3)<br>| &nbsp;&nbsp; 22010 | 0.15<br> %(4)<br>| 0.20<br> %(4)<br>| 5.18<br> %(4)<br>| 5.13<br> %(4)<br>|
| 1.82<br> %(3)<br>| &nbsp;&nbsp; $51 | 0.17<br> %(4)(6)<br>| 0.22<br> %(4)<br>| 3.64<br> %(4)<br>| 3.59<br> %(4)<br>|
| 0.75<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.17<br> %(4)(6)<br>| 0.22<br> %(4)<br>| 4.27<br> %(4)<br>| 4.22<br> %(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Government Securities Portfolio:** |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.046<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Institutional Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.006<br> (1)<br>| 0.002 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Investor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.006<br> (1)<br>| 0.002 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Administrative Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.049)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.006<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Advisory Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.016<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.016)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.039<br> (1)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.039)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.049<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.048)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.043<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.005<br> (1)<br>| 0.002 | &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Participant Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.016<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.016)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.039<br> (1)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.039)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.049<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.048)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.043<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.005<br> (1)<br>| 0.002 | &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.040<br> (1)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| &nbsp;&nbsp; (0.001)<br>| &nbsp;&nbsp; (0.049)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.006<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $446224 | 0.20<br> %(4)<br>| 0.25<br> %(4)<br>| 3.60<br> %(4)<br>| 3.55<br> %(4)<br>|
| 4.26<br> %<br>| &nbsp;&nbsp; 730183 | 0.20<br> %<br>| 0.23<br> %<br>| 4.20<br> %<br>| 4.17<br> %<br>|
| 5.24<br> %(5)<br>| &nbsp;&nbsp; 1013205 | 0.20<br> %<br>| 0.23<br> %<br>| 5.12<br> %<br>| 5.09<br> %<br>|
| 4.71<br> %<br>| &nbsp;&nbsp; 1097870 | 0.20<br> %<br>| 0.21<br> %<br>| 4.57<br> %<br>| 4.56<br> %<br>|
| 0.83<br> %<br>| &nbsp;&nbsp; 817742 | 0.13<br> %<br>| 0.22<br> %<br>| 0.57<br> %<br>| 0.48<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 1622265 | 0.06<br> %<br>| 0.22<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.16)%<br>|
| 1.77<br> %(3)<br>| &nbsp;&nbsp; $60 | 0.25<br> %(4)(6)<br>| 0.30<br> %(4)<br>| 3.55<br> %(4)<br>| 3.50<br> %(4)<br>|
| 4.21<br> %<br>| &nbsp;&nbsp; 59 | 0.25<br> %(6)<br>| 0.28<br> %<br>| 4.15<br> %<br>| 4.12<br> %<br>|
| 5.19<br> %(5)<br>| &nbsp;&nbsp; 57 | 0.25<br> %(6)<br>| 0.28<br> %<br>| 5.07<br> %<br>| 5.04<br> %<br>|
| 4.66<br> %<br>| &nbsp;&nbsp; 54 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 4.52<br> %<br>| 4.51<br> %<br>|
| 0.80<br> %<br>| &nbsp;&nbsp; 51 | 0.16<br> %(6)<br>| 0.27<br> %<br>| 0.54<br> %<br>| 0.43<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.06<br> %(6)<br>| 0.27<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.21)%<br>|
| 1.75<br> %(3)<br>| &nbsp;&nbsp; $60 | 0.30<br> %(4)(6)<br>| 0.35<br> %(4)<br>| 3.50<br> %(4)<br>| 3.45<br> %(4)<br>|
| 4.16<br> %<br>| &nbsp;&nbsp; 59 | 0.30<br> %(6)<br>| 0.33<br> %<br>| 4.10<br> %<br>| 4.07<br> %<br>|
| 5.14<br> %(5)<br>| &nbsp;&nbsp; 56 | 0.30<br> %(6)<br>| 0.33<br> %<br>| 5.02<br> %<br>| 4.99<br> %<br>|
| 4.61<br> %<br>| &nbsp;&nbsp; 54 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 4.47<br> %<br>| 4.46<br> %<br>|
| 0.77<br> %<br>| &nbsp;&nbsp; 51 | 0.19<br> %(6)<br>| 0.32<br> %<br>| 0.51<br> %<br>| 0.38<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.06<br> %(6)<br>| 0.32<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.26)%<br>|
| 1.72<br> %(3)<br>| &nbsp;&nbsp; $60 | 0.35<br> %(4)(6)<br>| 0.40<br> %(4)<br>| 3.47<br> %(4)<br>| 3.42<br> %(4)<br>|
| 4.11<br> %<br>| &nbsp;&nbsp; 59 | 0.35<br> %(6)<br>| 0.38<br> %<br>| 4.05<br> %<br>| 4.02<br> %<br>|
| 5.09<br> %(5)<br>| &nbsp;&nbsp; 56 | 0.35<br> %(6)<br>| 0.38<br> %<br>| 4.97<br> %<br>| 4.94<br> %<br>|
| 4.56<br> %<br>| &nbsp;&nbsp; 54 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.42<br> %<br>| 4.41<br> %<br>|
| 0.74<br> %<br>| &nbsp;&nbsp; 51 | 0.22<br> %(6)<br>| 0.37<br> %<br>| 0.48<br> %<br>| 0.33<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.06<br> %(6)<br>| 0.37<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.31)%<br>|
| 1.67<br> %(3)<br>| &nbsp;&nbsp; $14986 | 0.45<br> %(4)(6)<br>| 0.50<br> %(4)<br>| 3.35<br> %(4)<br>| 3.30<br> %(4)<br>|
| 4.00<br> %<br>| &nbsp;&nbsp; 14548 | 0.45<br> %(6)<br>| 0.48<br> %<br>| 3.95<br> %<br>| 3.92<br> %<br>|
| 4.98<br> %(5)<br>| &nbsp;&nbsp; 45161 | 0.45<br> %(6)<br>| 0.48<br> %<br>| 4.87<br> %<br>| 4.84<br> %<br>|
| 4.45<br> %<br>| &nbsp;&nbsp; 52920 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 4.32<br> %<br>| 4.31<br> %<br>|
| 0.69<br> %<br>| &nbsp;&nbsp; 40382 | 0.27<br> %(6)<br>| 0.47<br> %<br>| 0.43<br> %<br>| 0.23<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 39201 | 0.06<br> %(6)<br>| 0.47<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.41)%<br>|
| 1.67<br> %(3)<br>| &nbsp;&nbsp; $4649860 | 0.45<br> %(4)(6)<br>| 0.75<br> %(4)<br>| 3.35<br> %(4)<br>| 3.05<br> %(4)<br>|
| 4.00<br> %<br>| &nbsp;&nbsp; 4913893 | 0.45<br> %(6)<br>| 0.73<br> %<br>| 3.95<br> %<br>| 3.67<br> %<br>|
| 4.98<br> %(5)<br>| &nbsp;&nbsp; 4111364 | 0.45<br> %(6)<br>| 0.73<br> %<br>| 4.87<br> %<br>| 4.59<br> %<br>|
| 4.45<br> %<br>| &nbsp;&nbsp; 4539195 | 0.45<br> %(6)<br>| 0.71<br> %<br>| 4.32<br> %<br>| 4.06<br> %<br>|
| 0.69<br> %<br>| &nbsp;&nbsp; 7014979 | 0.24<br> %(6)<br>| 0.72<br> %<br>| 0.46<br> %<br>| &nbsp;&nbsp; (0.02)%<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 15949390 | 0.06<br> %(6)<br>| 0.72<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.66)%<br>|
| 1.72<br> %(3)<br>| &nbsp;&nbsp; $136 | 0.35<br> %(4)(6)<br>| 0.40<br> %(4)<br>| 3.45<br> %(4)<br>| 3.40<br> %(4)<br>|
| 4.11<br> %<br>| &nbsp;&nbsp; 133 | 0.35<br> %(6)<br>| 0.38<br> %<br>| 4.05<br> %<br>| 4.02<br> %<br>|
| 5.08<br> %(5)<br>| &nbsp;&nbsp; 128 | 0.35<br> %(6)<br>| 0.38<br> %<br>| 4.97<br> %<br>| 4.94<br> %<br>|
| 4.56<br> %<br>| &nbsp;&nbsp; 341 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.42<br> %<br>| 4.41<br> %<br>|
| 0.74<br> %<br>| &nbsp;&nbsp; 327 | 0.22<br> %(6)<br>| 0.37<br> %<br>| 0.48<br> %<br>| 0.33<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 356 | 0.06<br> %(6)<br>| 0.37<br> %<br>| 0.00<br> %(14)<br>| &nbsp;&nbsp; (0.31)%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Treasury Portfolio:** |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.046<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.009)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Institutional Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.009)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Investor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Administrative Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Advisory Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.016<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.016)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.040<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.049<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.049)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.043<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Participant Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.015<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.015)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.037<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.037)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.046<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.006<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.006)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.014<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.014)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.034<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.034)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.038<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.038)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.004<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.005)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Advisor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| For the Period Ended 10/31/24(9) | 1.000 | 0.030<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.030)<br>| 1.000 |
| **Institutional Plus Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| For the Period Ended 10/31/25(13) | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.81<br> %(3)<br>| &nbsp;&nbsp; $24184439 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.61<br> %(4)<br>| 3.60<br> %(4)<br>|
| 4.29<br> %<br>| &nbsp;&nbsp; 26757217 | 0.20<br> %<br>| 0.21<br> %<br>| 4.23<br> %<br>| 4.22<br> %<br>|
| 5.25<br> %(5)<br>| &nbsp;&nbsp; 23396182 | 0.20<br> %<br>| 0.21<br> %<br>| 5.12<br> %<br>| 5.11<br> %<br>|
| 4.72<br> %<br>| &nbsp;&nbsp; 26005390 | 0.20<br> %<br>| 0.21<br> %<br>| 4.60<br> %<br>| 4.59<br> %<br>|
| 0.89<br> %<br>| &nbsp;&nbsp; 22268805 | 0.14<br> %<br>| 0.21<br> %<br>| 0.83<br> %<br>| 0.76<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 21468388 | 0.07<br> %<br>| 0.21<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.13)%<br>|
| 1.78<br> %(3)<br>| &nbsp;&nbsp; $4598278 | 0.25<br> %(4)(6)<br>| 0.26<br> %(4)<br>| 3.56<br> %(4)<br>| 3.55<br> %(4)<br>|
| 4.24<br> %<br>| &nbsp;&nbsp; 3574031 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 4.18<br> %<br>| 4.17<br> %<br>|
| 5.20<br> %(5)<br>| &nbsp;&nbsp; 3209904 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 5.07<br> %<br>| 5.06<br> %<br>|
| 4.67<br> %<br>| &nbsp;&nbsp; 3114544 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 4.55<br> %<br>| 4.54<br> %<br>|
| 0.86<br> %<br>| &nbsp;&nbsp; 8610123 | 0.17<br> %(6)<br>| 0.26<br> %<br>| 0.80<br> %<br>| 0.71<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 14878731 | 0.07<br> %(6)<br>| 0.26<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.18)%<br>|
| 1.76<br> %(3)<br>| &nbsp;&nbsp; $81628 | 0.30<br> %(4)(6)<br>| 0.31<br> %(4)<br>| 3.51<br> %(4)<br>| 3.50<br> %(4)<br>|
| 4.19<br> %<br>| &nbsp;&nbsp; 57265 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 4.13<br> %<br>| 4.12<br> %<br>|
| 5.15<br> %(5)<br>| &nbsp;&nbsp; 74918 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 5.02<br> %<br>| 5.01<br> %<br>|
| 4.62<br> %<br>| &nbsp;&nbsp; 69342 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 4.50<br> %<br>| 4.49<br> %<br>|
| 0.83<br> %<br>| &nbsp;&nbsp; 89461 | 0.21<br> %(6)<br>| 0.31<br> %<br>| 0.76<br> %<br>| 0.66<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 26713 | 0.07<br> %(6)<br>| 0.31<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.23)%<br>|
| 1.73<br> %(3)<br>| &nbsp;&nbsp; $47692 | 0.35<br> %(4)(6)<br>| 0.36<br> %(4)<br>| 3.46<br> %(4)<br>| 3.45<br> %(4)<br>|
| 4.14<br> %<br>| &nbsp;&nbsp; 34752 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.08<br> %<br>| 4.07<br> %<br>|
| 5.10<br> %(5)<br>| &nbsp;&nbsp; 15892 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.97<br> %<br>| 4.96<br> %<br>|
| 4.56<br> %<br>| &nbsp;&nbsp; 8553 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.45<br> %<br>| 4.44<br> %<br>|
| 0.80<br> %<br>| &nbsp;&nbsp; 8067 | 0.26<br> %(6)<br>| 0.36<br> %<br>| 0.71<br> %<br>| 0.61<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 3294 | 0.07<br> %(6)<br>| 0.36<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.28)%<br>|
| 1.68<br> %(3)<br>| &nbsp;&nbsp; $502862 | 0.45<br> %(4)(6)<br>| 0.46<br> %(4)<br>| 3.36<br> %(4)<br>| 3.35<br> %(4)<br>|
| 4.03<br> %<br>| &nbsp;&nbsp; 412496 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 3.98<br> %<br>| 3.97<br> %<br>|
| 4.99<br> %(5)<br>| &nbsp;&nbsp; 409801 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 4.87<br> %<br>| 4.86<br> %<br>|
| 4.46<br> %<br>| &nbsp;&nbsp; 413681 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 4.35<br> %<br>| 4.34<br> %<br>|
| 0.74<br> %<br>| &nbsp;&nbsp; 479272 | 0.29<br> %(6)<br>| 0.46<br> %<br>| 0.68<br> %<br>| 0.51<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 511566 | 0.07<br> %(6)<br>| 0.46<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.38)%<br>|
| 1.56<br> %(3)<br>| &nbsp;&nbsp; $4598177 | 0.70<br> %(4)(6)<br>| 0.71<br> %(4)<br>| 3.11<br> %(4)<br>| 3.10<br> %(4)<br>|
| 3.77<br> %<br>| &nbsp;&nbsp; 3300819 | 0.70<br> %(6)<br>| 0.71<br> %<br>| 3.73<br> %<br>| 3.72<br> %<br>|
| 4.73<br> %(5)<br>| &nbsp;&nbsp; 3248495 | 0.70<br> %(6)<br>| 0.71<br> %<br>| 4.62<br> %<br>| 4.61<br> %<br>|
| 4.20<br> %<br>| &nbsp;&nbsp; 2342820 | 0.70<br> %(6)<br>| 0.71<br> %<br>| 4.10<br> %<br>| 4.09<br> %<br>|
| 0.62<br> %<br>| &nbsp;&nbsp; 2787233 | 0.35<br> %(6)<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.26<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 2998738 | 0.07<br> %(6)<br>| 0.71<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.63)%<br>|
| 1.73<br> %(3)<br>| &nbsp;&nbsp; $2014 | 0.35<br> %(4)(6)<br>| 0.36<br> %(4)<br>| 3.46<br> %(4)<br>| 3.45<br> %(4)<br>|
| 4.14<br> %<br>| &nbsp;&nbsp; 2007 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.08<br> %<br>| 4.07<br> %<br>|
| 5.10<br> %(5)<br>| &nbsp;&nbsp; 3443 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.97<br> %<br>| 4.96<br> %<br>|
| 4.57<br> %<br>| &nbsp;&nbsp; 4719 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.45<br> %<br>| 4.44<br> %<br>|
| 0.80<br> %<br>| &nbsp;&nbsp; 4800 | 0.23<br> %(6)<br>| 0.36<br> %<br>| 0.74<br> %<br>| 0.61<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 17412 | 0.07<br> %(6)<br>| 0.36<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.28)%<br>|
| 1.41<br> %(3)<br>| &nbsp;&nbsp; $58 | 1.00<br> %(4)(6)<br>| 1.01<br> %(4)<br>| 2.81<br> %(4)<br>| 2.80<br> %(4)<br>|
| 3.46<br> %<br>| &nbsp;&nbsp; 57 | 1.00<br> %(6)<br>| 1.01<br> %<br>| 3.43<br> %<br>| 3.42<br> %<br>|
| 4.42<br> %(5)<br>| &nbsp;&nbsp; 55 | 1.00<br> %(6)<br>| 1.01<br> %<br>| 4.32<br> %<br>| 4.31<br> %<br>|
| 3.89<br> %<br>| &nbsp;&nbsp; 53 | 1.00<br> %(6)<br>| 1.01<br> %<br>| 3.80<br> %<br>| 3.79<br> %<br>|
| 0.48<br> %<br>| &nbsp;&nbsp; 51 | 0.54<br> %(6)<br>| 1.01<br> %<br>| 0.43<br> %<br>| &nbsp;&nbsp; (0.04)%<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.07<br> %(6)<br>| 1.01<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.93)%<br>|
| 1.81<br> %(3)<br>| &nbsp;&nbsp; $153155 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.61<br> %(4)<br>| 3.60<br> %(4)<br>|
| 4.30<br> %<br>| &nbsp;&nbsp; 163659 | 0.20<br> %<br>| 0.21<br> %<br>| 4.23<br> %<br>| 4.22<br> %<br>|
| 3.08<br> %(3)<br>| &nbsp;&nbsp; 42266 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 5.12<br> %(4)<br>| 5.11<br> %(4)<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $51 | 0.22<br> %(4)(6)<br>| 0.23<br> %(4)<br>| 3.59<br> %(4)<br>| 3.58<br> %(4)<br>|
| 0.74<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.22<br> %(4)(6)<br>| 0.23<br> %(4)<br>| 4.21<br> %(4)<br>| 4.20<br> %(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Treasury Securities Portfolio:** |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.008<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Institutional Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.051<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.051)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.045<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.045)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Investor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.041<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.041)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.001 | &nbsp;&nbsp; (0.008)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Administrative Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.040<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Advisory Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.016<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.016)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.039<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.039)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.049<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.049)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Participant Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.015<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.015)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.037<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.037)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.046<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.046)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.040<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.005<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.005)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.017<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.017)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.040<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.040)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.050<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.050)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.044<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.044)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.007<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.007)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.014<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.014)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.034<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.034)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.043<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.043)<br>| 1.000 |
| Year Ended 10/31/23 | 1.000 | 0.037<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.037)<br>| 1.000 |
| Year Ended 10/31/22 | 1.000 | 0.004<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.004)<br>| 1.000 |
| Year Ended 10/31/21 | 1.000 | 0.000<br> (1)(2)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.000)(2)<br>| 1.000 |
| **Impact Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| For the Period Ended 10/31/24(8) | 1.000 | 0.033<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.033)<br>| 1.000 |
| **Impact Partner Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| For the Period Ended 10/31/24(8) | 1.000 | 0.033<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.033)<br>| 1.000 |
| **Advisor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.042<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.042)<br>| 1.000 |
| For the Period Ended 10/31/24(15) | 1.000 | 0.017<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.017)<br>| 1.000 |
| **Institutional Plus Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.018<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.018)<br>| &nbsp;&nbsp; $1.000 |
| For the Period Ended 10/31/25(13) | 1.000 | 0.007<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.007)<br>| 1.000 |
| **DAP Class** |  |  |  |  |  |
| For the Period Ended 04/30/26 <br> (unaudited)(16)<br>| &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.008<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.008)<br>| &nbsp;&nbsp; $1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $62898919 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.60<br> %(4)<br>| 3.59<br> %(4)<br>|
| 4.25<br> %<br>| &nbsp;&nbsp; 56202440 | 0.20<br> %<br>| 0.21<br> %<br>| 4.18<br> %<br>| 4.17<br> %<br>|
| 5.26<br> %(5)<br>| &nbsp;&nbsp; 49864264 | 0.20<br> %<br>| 0.21<br> %<br>| 5.12<br> %<br>| 5.11<br> %<br>|
| 4.63<br> %<br>| &nbsp;&nbsp; 46015555 | 0.20<br> %<br>| 0.21<br> %<br>| 4.54<br> %<br>| 4.53<br> %<br>|
| 0.82<br> %<br>| &nbsp;&nbsp; 44234518 | 0.13<br> %<br>| 0.21<br> %<br>| 0.76<br> %<br>| 0.68<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 52515537 | 0.06<br> %<br>| 0.21<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.14)%<br>|
| 1.78<br> %(3)<br>| &nbsp;&nbsp; $4809 | 0.25<br> %(4)(6)<br>| 0.26<br> %(4)<br>| 3.55<br> %(4)<br>| 3.54<br> %(4)<br>|
| 4.20<br> %<br>| &nbsp;&nbsp; 8706 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 4.13<br> %<br>| 4.12<br> %<br>|
| 5.21<br> %(5)<br>| &nbsp;&nbsp; 5744 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 5.07<br> %<br>| 5.06<br> %<br>|
| 4.58<br> %<br>| &nbsp;&nbsp; 9222 | 0.25<br> %(6)<br>| 0.26<br> %<br>| 4.49<br> %<br>| 4.48<br> %<br>|
| 0.79<br> %<br>| &nbsp;&nbsp; 25769 | 0.16<br> %(6)<br>| 0.26<br> %<br>| 0.73<br> %<br>| 0.63<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 1052857 | 0.06<br> %(6)<br>| 0.26<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.19)%<br>|
| 1.75<br> %(3)<br>| &nbsp;&nbsp; $115447 | 0.30<br> %(4)(6)<br>| 0.31<br> %(4)<br>| 3.50<br> %(4)<br>| 3.49<br> %(4)<br>|
| 4.15<br> %<br>| &nbsp;&nbsp; 59676 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 4.08<br> %<br>| 4.07<br> %<br>|
| 5.15<br> %(5)<br>| &nbsp;&nbsp; 16608 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 5.02<br> %<br>| 5.01<br> %<br>|
| 4.53<br> %<br>| &nbsp;&nbsp; 8795 | 0.30<br> %(6)<br>| 0.31<br> %<br>| 4.44<br> %<br>| 4.43<br> %<br>|
| 0.75<br> %<br>| &nbsp;&nbsp; 51 | 0.20<br> %(6)<br>| 0.31<br> %<br>| 0.69<br> %<br>| 0.58<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.06<br> %(6)<br>| 0.31<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.24)%<br>|
| 1.73<br> %(3)<br>| &nbsp;&nbsp; $70158 | 0.35<br> %(4)(6)<br>| 0.36<br> %(4)<br>| 3.45<br> %(4)<br>| 3.44<br> %(4)<br>|
| 4.10<br> %<br>| &nbsp;&nbsp; 105923 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.03<br> %<br>| 4.02<br> %<br>|
| 5.10<br> %(5)<br>| &nbsp;&nbsp; 114583 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.97<br> %<br>| 4.96<br> %<br>|
| 4.48<br> %<br>| &nbsp;&nbsp; 88387 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.39<br> %<br>| 4.38<br> %<br>|
| 0.72<br> %<br>| &nbsp;&nbsp; 16684 | 0.22<br> %(6)<br>| 0.36<br> %<br>| 0.67<br> %<br>| 0.53<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 18968 | 0.06<br> %(6)<br>| 0.36<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.29)%<br>|
| 1.68<br> %(3)<br>| &nbsp;&nbsp; $16629 | 0.45<br> %(4)(6)<br>| 0.46<br> %(4)<br>| 3.35<br> %(4)<br>| 3.34<br> %(4)<br>|
| 3.99<br> %<br>| &nbsp;&nbsp; 17292 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 3.93<br> %<br>| 3.92<br> %<br>|
| 5.00<br> %(5)<br>| &nbsp;&nbsp; 5002 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 4.87<br> %<br>| 4.86<br> %<br>|
| 4.37<br> %<br>| &nbsp;&nbsp; 102764 | 0.45<br> %(6)<br>| 0.46<br> %<br>| 4.29<br> %<br>| 4.28<br> %<br>|
| 0.67<br> %<br>| &nbsp;&nbsp; 34684 | 0.24<br> %(6)<br>| 0.46<br> %<br>| 0.65<br> %<br>| 0.43<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 38959 | 0.06<br> %(6)<br>| 0.46<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.39)%<br>|
| 1.55<br> %(3)<br>| &nbsp;&nbsp; $20502 | 0.70<br> %(4)(6)<br>| 0.71<br> %(4)<br>| 3.10<br> %(4)<br>| 3.09<br> %(4)<br>|
| 3.73<br> %<br>| &nbsp;&nbsp; 23659 | 0.70<br> %(6)<br>| 0.71<br> %<br>| 3.68<br> %<br>| 3.67<br> %<br>|
| 4.73<br> %(5)<br>| &nbsp;&nbsp; 26788 | 0.70<br> %(6)<br>| 0.71<br> %<br>| 4.62<br> %<br>| 4.61<br> %<br>|
| 4.11<br> %<br>| &nbsp;&nbsp; 35491 | 0.70<br> %(6)<br>| 0.71<br> %<br>| 4.04<br> %<br>| 4.03<br> %<br>|
| 0.54<br> %<br>| &nbsp;&nbsp; 285 | 0.42<br> %(6)<br>| 0.71<br> %<br>| 0.47<br> %<br>| 0.18<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 259 | 0.06<br> %(6)<br>| 0.71<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.64)%<br>|
| 1.72<br> %(3)<br>| &nbsp;&nbsp; $5948 | 0.35<br> %(4)(6)<br>| 0.36<br> %(4)<br>| 3.45<br> %(4)<br>| 3.44<br> %(4)<br>|
| 4.09<br> %<br>| &nbsp;&nbsp; 6845 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.03<br> %<br>| 4.02<br> %<br>|
| 5.10<br> %(5)<br>| &nbsp;&nbsp; 6954 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.97<br> %<br>| 4.96<br> %<br>|
| 4.47<br> %<br>| &nbsp;&nbsp; 7380 | 0.35<br> %(6)<br>| 0.36<br> %<br>| 4.39<br> %<br>| 4.38<br> %<br>|
| 0.72<br> %<br>| &nbsp;&nbsp; 8478 | 0.23<br> %(6)<br>| 0.36<br> %<br>| 0.66<br> %<br>| 0.53<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 9921 | 0.06<br> %(6)<br>| 0.36<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.29)%<br>|
| 1.40<br> %(3)<br>| &nbsp;&nbsp; $58 | 1.00<br> %(4)(6)<br>| 1.01<br> %(4)<br>| 2.80<br> %(4)<br>| 2.79<br> %(4)<br>|
| 3.42<br> %<br>| &nbsp;&nbsp; 57 | 1.00<br> %(6)<br>| 1.01<br> %<br>| 3.38<br> %<br>| 3.37<br> %<br>|
| 4.42<br> %(5)<br>| &nbsp;&nbsp; 55 | 1.00<br> %(6)<br>| 1.01<br> %<br>| 4.32<br> %<br>| 4.31<br> %<br>|
| 3.80<br> %<br>| &nbsp;&nbsp; 53 | 1.00<br> %(6)<br>| 1.01<br> %<br>| 3.74<br> %<br>| 3.73<br> %<br>|
| 0.42<br> %<br>| &nbsp;&nbsp; 51 | 0.53<br> %(6)<br>| 1.01<br> %<br>| 0.36<br> %<br>| &nbsp;&nbsp; (0.12)%<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.06<br> %(6)<br>| 1.01<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.94)%<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.60<br> %(4)<br>| 3.59<br> %(4)<br>|
| 4.26<br> %<br>| &nbsp;&nbsp; 50 | 0.20<br> %<br>| 0.21<br> %<br>| 4.18<br> %<br>| 4.17<br> %<br>|
| 3.40<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 5.12<br> %(4)<br>| 5.11<br> %(4)<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.60<br> %(4)<br>| 3.59<br> %(4)<br>|
| 4.26<br> %<br>| &nbsp;&nbsp; 50 | 0.20<br> %<br>| 0.21<br> %<br>| 4.18<br> %<br>| 4.17<br> %<br>|
| 3.40<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 5.12<br> %(4)<br>| 5.11<br> %(4)<br>|
| 1.80<br> %(3)<br>| &nbsp;&nbsp; $50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.60<br> %(4)<br>| 3.59<br> %(4)<br>|
| 4.26<br> %<br>| &nbsp;&nbsp; 50 | 0.20<br> %<br>| 0.21<br> %<br>| 4.18<br> %<br>| 4.17<br> %<br>|
| 1.75<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 5.12<br> %(4)<br>| 5.11<br> %(4)<br>|
| 1.79<br> %(3)<br>| &nbsp;&nbsp; $51 | 0.22<br> %(4)<br>| 0.23<br> %(4)<br>| 3.58<br> %(4)<br>| 3.57<br> %(4)<br>|
| 0.73<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.22<br> %(4)<br>| 0.23<br> %(4)<br>| 4.16<br> %(4)<br>| 4.15<br> %(4)<br>|
| 0.82<br> %(3)<br>| &nbsp;&nbsp; $50 | 0.20<br> %(4)<br>| 0.21<br> %(4)<br>| 3.53<br> %(4)<br>| 3.52<br> %(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Tax-Exempt Portfolio:** |  |  |  |  |  |
| **Wealth Class**<sup>\*</sup> <br>|  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.011<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.011)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.027<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.027)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.033<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.033)<br>| 1.000 |
| Year Ended 10/31/23 | 1.0001 | 0.0291<br> (1)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0293)<br>| 0.9999 |
| Year Ended 10/31/22 | 1.0001 | 0.0076<br> (1)<br>| &nbsp;&nbsp; (0.0014)<br>| &nbsp;&nbsp; (0.0062)<br>| 1.0001 |
| Year Ended 10/31/21 | 1.0001 | 0.0001<br> (1)(2)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| 1.0001 |
| **Wealth S Class**<sup>\*\*</sup> <br>|  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.011<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.011)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.026<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.026)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.032<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.032)<br>| 1.000 |
| Year Ended 10/31/23 | 1.0001 | 0.0286<br> (1)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0288)<br>| 0.9999 |
| Year Ended 10/31/22 | 1.0001 | 0.0072<br> (1)<br>| &nbsp;&nbsp; (0.0014)<br>| &nbsp;&nbsp; (0.0058)<br>| 1.0001 |
| Year Ended 10/31/21 | 1.0001 | 0.0001<br> (1)(2)<br>| 0.0000<br> (2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| 1.0001 |
| **Cash Management Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.011<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.011)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.025<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.025)<br>| 1.000 |
| Year Ended 10/31/24 | 1.000 | 0.031<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.031)<br>| 1.000 |
| Year Ended 10/31/23 | 1.0001 | 0.0278<br> (1)<br>| &nbsp;&nbsp; (0.0002)(2)<br>| &nbsp;&nbsp; (0.0278)<br>| 0.9999 |
| Year Ended 10/31/22 | 1.0001 | 0.0067<br> (1)<br>| &nbsp;&nbsp; (0.0015)<br>| &nbsp;&nbsp; (0.0052)<br>| 1.0001 |
| Year Ended 10/31/21 | 1.0002 | 0.0001<br> (1)(2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| &nbsp;&nbsp; (0.0001)(2)<br>| 1.0001 |
| **Select Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.008<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.008)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.019<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.019)<br>| 1.000 |
| For the Period Ended 10/31/24(17) | 1.000 | 0.017<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.017)<br>| 1.000 |
| **Advisor Class** |  |  |  |  |  |
| Six Months Ended 04/30/26 (unaudited) | &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.011<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.011)<br>| &nbsp;&nbsp; $1.000 |
| Year Ended 10/31/25 | 1.000 | 0.027<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.027)<br>| 1.000 |
| For the Period Ended 10/31/24(9) | 1.000 | 0.020<br> (1)<br>| 0.000<br> (2)<br>| &nbsp;&nbsp; (0.020)<br>| 1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 1.17<br> %(3)<br>| &nbsp;&nbsp; $599312 | 0.20<br> %(4)<br>| 0.31<br> %(4)<br>| 2.33<br> %(4)<br>| 2.22<br> %(4)<br>|
| 2.68<br> %<br>| &nbsp;&nbsp; 518048 | 0.20<br> %<br>| 0.34<br> %<br>| 2.66<br> %<br>| 2.52<br> %<br>|
| 3.34<br> %(5)<br>| &nbsp;&nbsp; 464486 | 0.20<br> %<br>| 0.32<br> %<br>| 3.26<br> %<br>| 3.14<br> %<br>|
| 2.95<br> %<br>| &nbsp;&nbsp; 473740 | 0.18<br> %<br>| 0.32<br> %<br>| 2.91<br> %<br>| 2.77<br> %<br>|
| 0.61<br> %<br>| &nbsp;&nbsp; 464221 | 0.13<br> %<br>| 0.39<br> %<br>| 0.76<br> %<br>| 0.50<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 247727 | 0.08<br> %<br>| 0.34<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.25)%<br>|
| 1.15<br> %(3)<br>| &nbsp;&nbsp; $56 | 0.25<br> %(4)(6)<br>| 0.36<br> %(4)<br>| 2.28<br> %(4)<br>| 2.17<br> %(4)<br>|
| 2.63<br> %<br>| &nbsp;&nbsp; 56 | 0.25<br> %(6)<br>| 0.39<br> %<br>| 2.61<br> %<br>| 2.47<br> %<br>|
| 3.29<br> %(5)<br>| &nbsp;&nbsp; 54 | 0.25<br> %(6)<br>| 0.37<br> %<br>| 3.21<br> %<br>| 3.09<br> %<br>|
| 2.89<br> %<br>| &nbsp;&nbsp; 53 | 0.23<br> %(6)<br>| 0.37<br> %<br>| 2.86<br> %<br>| 2.72<br> %<br>|
| 0.59<br> %<br>| &nbsp;&nbsp; 51 | 0.17<br> %(6)<br>| 0.44<br> %<br>| 0.72<br> %<br>| 0.45<br> %<br>|
| 0.01<br> %<br>| &nbsp;&nbsp; 51 | 0.08<br> %(6)<br>| 0.39<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.30)%<br>|
| 1.10<br> %(3)<br>| &nbsp;&nbsp; $192 | 0.35<br> %(4)(6)<br>| 0.46<br> %(4)<br>| 2.18<br> %(4)<br>| 2.07<br> %(4)<br>|
| 2.53<br> %<br>| &nbsp;&nbsp; 190 | 0.35<br> %(6)<br>| 0.49<br> %<br>| 2.51<br> %<br>| 2.37<br> %<br>|
| 3.18<br> %(5)<br>| &nbsp;&nbsp; 186 | 0.35<br> %(6)<br>| 0.47<br> %<br>| 3.11<br> %<br>| 2.99<br> %<br>|
| 2.78<br> %<br>| &nbsp;&nbsp; 1294 | 0.33<br> %(6)<br>| 0.47<br> %<br>| 2.76<br> %<br>| 2.62<br> %<br>|
| 0.52<br> %<br>| &nbsp;&nbsp; 3447 | 0.22<br> %(6)<br>| 0.54<br> %<br>| 0.67<br> %<br>| 0.35<br> %<br>|
| 0.00<br> %(14)<br>| &nbsp;&nbsp; 4670 | 0.08<br> %(6)<br>| 0.49<br> %<br>| 0.01<br> %<br>| &nbsp;&nbsp; (0.40)%<br>|
| 0.77<br> %(3)<br>| &nbsp;&nbsp; $50 | 1.00<br> %(4)(6)<br>| 1.11<br> %(4)<br>| 1.53<br> %(4)<br>| 1.42<br> %(4)<br>|
| 1.86<br> %<br>| &nbsp;&nbsp; 50 | 1.00<br> %(6)<br>| 1.14<br> %<br>| 1.86<br> %<br>| 1.72<br> %<br>|
| 1.69<br> %(3)<br>| &nbsp;&nbsp; 50 | 1.00<br> %(4)(6)<br>| 1.12<br> %(4)<br>| 2.46<br> %(4)<br>| 2.34<br> %(4)<br>|
| 1.18<br> %(3)<br>| &nbsp;&nbsp; $50 | 0.20<br> %(4)<br>| 0.31<br> %(4)<br>| 2.33<br> %(4)<br>| 2.22<br> %(4)<br>|
| 2.68<br> %<br>| &nbsp;&nbsp; 50 | 0.20<br> %<br>| 0.34<br> %<br>| 2.66<br> %<br>| 2.52<br> %<br>|
| 1.99<br> %(3)<br>| &nbsp;&nbsp; 50 | 0.20<br> %(4)<br>| 0.32<br> %(4)<br>| 3.26<br> %(4)<br>| 3.14<br> %(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Realized and** <br>**Unrealized Gain** <br>**(Loss) on** <br>**Investments**<br>| **Distributions** <br>**From Net** <br>**Investment** <br>**Income**<br>| **Net Asset** <br>**Value,** <br>**End of** <br>**Period**<br>|
| **Stablecoin Reserves Portfolio:**<sup>(18)</sup> <br>|  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |
| For the Period Ended 04/30/26 <br> (unaudited)<br>| &nbsp;&nbsp; $1.000 | &nbsp;&nbsp; $0.001<br> (1)<br>| &nbsp;&nbsp; $0.000<br> (2)<br>| &nbsp;&nbsp; $(0.001)<br>| &nbsp;&nbsp; $1.000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Return**<br>| **Net** <br>**Assets,** <br>**End of** <br>**Period** <br>**(000)**<br>| **Ratio of** <br>**Expenses to** <br>**Average Net** <br>**Assets**<br>| **Ratio of** <br>**Expenses to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>| **Ratio of Net** <br>**Investment** <br>**Income** <br>**to Average** <br>**Net Assets**<br>| **Ratio of** <br>**Net Investment** <br>**Income (Loss)** <br>**to Average** <br>**Net Assets** <br>**(Before Waivers/** <br>**Reimbursement)**<br>|
| 0.14<br> %(3)<br>| &nbsp;&nbsp; $500 | 0.20<br> %(4)<br>| 107.63<br> %(4)<br>| 3.48<br> %(4)<br>| &nbsp;&nbsp; (103.95)%(4)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**2026 Semi-Annual Report**

------

**April 30, 2026**

Notes to Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| + | 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, <br> service and shareholder administration plan, distribution plan and/or shareholder services plan (the "plans") fees due to either (1) fluctuations in daily net asset <br> 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' <br> fees for each share class, or (5) a combination of the previous points.<br>|
| (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. |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

------

**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** | **Money Market Portfolio** | **Money Market Portfolio** | **Money Market Portfolio** | **Money Market Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Certificates of** <br> **Deposit**<br>| $— | $189001 | $— | $189001 |
| **Commercial Paper** |  | 595063 |  | 595063 |
| **Corporate Bonds** |  | 220556 |  | 220556 |
| **Floating Rate** <br> **Notes**<br>|  | 462210 |  | 462210 |
| **Repurchase** <br> **Agreements**<br>|  | 2046000 |  | 2046000 |
| **Total Assets** | **$—** | **$3512830** | **$—** | **$3512830** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Prime Portfolio** | **Prime Portfolio** | **Prime Portfolio** | **Prime Portfolio** | **Prime Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Certificates of** <br> **Deposit**<br>| $— | $639633 | $— | $639633 |
| **Commercial** <br> **Paper**<br>|  | 2509822 |  | 2509822 |
| **Corporate** <br> **Bonds**<br>|  | 431063 |  | 431063 |
| **Floating Rate** <br> **Notes**<br>|  | 2002988 |  | 2002988 |
| **Repurchase** <br> **Agreements**<br>|  | 7085000 |  | 7085000 |
| **Total Assets** | **$—** | **$12668506** | **$—** | **$12668506** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Government Portfolio** | **Government Portfolio** | **Government Portfolio** | **Government Portfolio** | **Government Portfolio** |
| **Investment** <br> **Type**<br>| **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Repurchase** <br> **Agreements**<br>| $— | $116873544 | $— | $116873544 |
| **U.S. Agency** <br> **Securities**<br>|  | 44040708 |  | 44040708 |
| **U.S. Treasury** <br> **Securities**<br>|  | 50881247 |  | 50881247 |
| **Total Assets** | **$—** | **$211795499** | **$—** | **$211795499** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Government Securities Portfolio** | **Government Securities Portfolio** | **Government Securities Portfolio** | **Government Securities Portfolio** | **Government Securities Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **U.S. Agency** <br> **Securities**<br>| $— | $1254895 | $— | $1254895 |
| **U.S. Treasury** <br> **Securities**<br>|  | 3707322 |  | 3707322 |
| **Total Assets** | **$—** | **$4962217** | **$—** | **$4962217** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Treasury Portfolio** | **Treasury Portfolio** | **Treasury Portfolio** | **Treasury Portfolio** | **Treasury Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Repurchase** <br> **Agreements**<br>| $— | $21693387 | $— | $21693387 |
| **U.S. Treasury** <br> **Securities**<br>|  | 12085966 |  | 12085966 |
| **Total Assets** | **$—** | **$33779353** | **$—** | **$33779353** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Treasury Securities Portfolio** | **Treasury Securities Portfolio** | **Treasury Securities Portfolio** | **Treasury Securities Portfolio** | **Treasury Securities Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **U.S. Treasury** <br> **Securities**<br>| $— | $66425812 | $— | $66425812 |
| **Total Assets** | **$—** | **$66425812** | **$—** | **$66425812** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Weekly Variable Rate** <br> **Bonds**<br>| $— | $322110 | $— | $322110 |
| **Daily Variable Rate** <br> **Bonds**<br>|  | 137400 |  | 137400 |
| **Commercial Paper** |  | 72000 |  | 72000 |
| **Municipal Bonds &** <br> **Notes**<br>|  | 51065 |  | 51065 |
| **Closed-End** <br> **Investment** <br> **Companies**<br>|  | 20000 |  | 20000 |

---

------

**2026 Semi-Annual Report**

------

**April 30, 2026 (unaudited)**

Notes to Financial Statements (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** | **Tax-Exempt Portfolio** |
| **Investment Type** | **Level 1**<br> **Unadjusted**<br> **quoted**<br> **prices**<br> **(000)**<br>| **Level 2**<br> **Other**<br> **significant**<br> **observable**<br> **inputs**<br> **(000)**<br>| **Level 3**<br> **Significant**<br> **unobservable**<br> **inputs**<br> **(000)**<br>| **Total**<br> **(000)**<br>|
| **Semi-Annual Variable** <br> **Rate Bond**<br>| $— | $7000 | $— | $7000 |
| **Quarterly Variable** <br> **Rate Bond**<br>|  | 5375 |  | 5375 |
| **Total Assets** | **$—** | **$614950** | **$—** | **$614950** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stablecoin Reserves Portfolio** | **Stablecoin Reserves Portfolio** | **Stablecoin Reserves Portfolio** | **Stablecoin Reserves Portfolio** | **Stablecoin Reserves Portfolio** |
| **Investment Type** | **Level 1** <br>**Unadjusted** <br>**quoted** <br>**prices** <br>**(000)**<br>| **Level 2** <br>**Other** <br>**significant** <br>**observable** <br>**inputs** <br>**(000)**<br>| **Level 3** <br>**Significant** <br>**unobservable** <br>**inputs** <br>**(000)**<br>| **Total** <br>**(000)**<br>|
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Repurchase Agreements** | $— | $350 | $— | $350 |
| **U.S. Treasury Securities** |  | 145 |  | 145 |
| **Total Assets** | **$—** | **$495** | **$—** | **$495** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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<br> %<br>|
| **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 |

---

------

**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** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
| **Class** | **Money** <br>**Market**<br>| **Prime** | **Government** | **Government** <br>**Securities**<br>|
| Wealth/Institutional Class | 0.20<br> %<br>| 0.20<br> %<br>| 0.15<br> %<br>| 0.20<br> %<br>|
| 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 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
| **Class** | **Treasury** | **Treasury** <br>**Securities**<br>| **Tax-Exempt** | **Stablecoin** <br>**Reserves**<br>|
| Wealth/Institutional Class | 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %\*<br>|
| 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<br> +<br>|  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

+ Commenced offering on February 5, 2026. <br> \* 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** <br>**Waived and/or** <br>**Reimbursed** <br>**(000)**<br>|
| **Money Market** | $853 |
| **Prime** | 829 |
| **Government** | 54961 |
| **Government Securities** | 1183 |
| **Treasury** | 985 |
| **Treasury Securities** | 1590 |
| **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** <br>**Fees Waived** <br>**(000)**<br>|
| **Stablecoin Reserves** | $—<br> @<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| @ | 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.

------

**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** <br>**Paid From:** | **2025 Distributions** <br>**Paid From:** | **2024 Distributions** <br>**Paid From:** | **2024 Distributions** <br>**Paid From:** |
| **Fund** | **Ordinary** <br>**Income** <br>**(000)**<br>| **Tax-Exempt** <br>**Income** <br>**(000)**<br>| **Ordinary** <br>**Income** <br>**(000)**<br>| **Tax-Exempt** <br>**Income** <br>**(000)**<br>|
| **Money Market** | &nbsp;&nbsp; $153358 | $— | $128861 | $— |
| **Prime** | &nbsp;&nbsp; 571205 |  | 852411 |  |
| **Government** | &nbsp;&nbsp; 7443304 |  | 7373470 |  |
| **Government Securities** | &nbsp;&nbsp; 211378 |  | 260328 |  |
| **Treasury** | &nbsp;&nbsp; 1362522 |  | 1492918 |  |
| **Treasury Securities** | &nbsp;&nbsp; 2298476 |  | 2436443 |  |
| **Tax-Exempt** | &nbsp;&nbsp; 24 | 13380 | 353 | 14607 |

---

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.

------

**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** <br>**Ordinary** <br>**Income** <br>**(000)**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>**(000)**<br>|
| **Money Market** | $879 | $— |
| **Prime** | 15159 |  |
| **Government** | 315871 |  |
| **Government Securities** | 1895 |  |
| **Treasury** | 56998 |  |
| **Treasury Securities** | 52350 |  |
| **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** <br>**Losses** <br>**(No Expiration)** <br>**(000)**<br>| **Long-term** <br>**Losses** <br>**(No Expiration)** <br>**(000)**<br>|
| **Money Market** | &nbsp;&nbsp; $1077 | &nbsp;&nbsp; $— |
| **Prime** | &nbsp;&nbsp; 15702 | &nbsp;&nbsp; — |
| **Government** | &nbsp;&nbsp; 33225 | &nbsp;&nbsp; — |
| **Government Securities** | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; — |
| **Treasury** | &nbsp;&nbsp; 9662 | &nbsp;&nbsp; — |
| **Treasury Securities** | &nbsp;&nbsp; 10262 | &nbsp;&nbsp; 25 |
| **Tax-Exempt** | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |

---

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** <br>**Carryforward** <br>**Utilized** <br>**(000)**<br>|
| **Money Market** | $42 |
| **Prime** | 563 |
| **Government** | 3718 |
| **Government Securities** | 308 |
| **Treasury** | 526 |
| **Treasury Securities** | 2081 |

---

**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

------

**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** <br>**Ownership**<br>|
| **Money Market** | 96.7<br> %<br>|
| **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.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2026 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](tm2618456d1sari003.gif)

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)](tm2618456d1_ex99-cert.htm#a_001) | [Principal Financial Officer's Section 302 certification.](tm2618456d1_ex99-cert.htm#a_001) |
| [(a)(2)(ii)](tm2618456d1_ex99-cert.htm#a_002) | [Principal Executive Officer's Section 302 certification.](tm2618456d1_ex99-cert.htm#a_002) |
| [(b)](tm2618456d1_ex99-906cert.htm) | [Combined Section 906 certification.](tm2618456d1_ex99-906cert.htm) |

---

**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 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Institutional Liquidity Funds**

**FORM N-CSR**

**Exhibit 19(a)(2)(i)**

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of trustees
 (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

| | |
|:---|:---|
| Date: June 18, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Institutional Liquidity Funds**

**FORM N-CSR**

**Exhibit 19(a)(2)(ii)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed
 to the registrant's auditors and the audit committee of the registrant's board of trustees
 (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant's internal control over financial
 reporting.

---

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

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley Institutional Liquidity Funds (the "Trust") that:

(a) the Semi-Annual Report of the Trust on Form N-CSR for the period ended
 April 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or
 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the Trust for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Institutional Liquidity Funds |
| Date: June 18, 2026 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: June 18, 2026 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---