# EDGAR Filing Document

**Accession Number:** 0001227155
**File Stem:** 0001104659-26-000208
**Filing Date:** 2026-1
**Character Count:** 546028
**Document Hash:** 098300a029735c47db2e5dc330f6fd3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000208.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001104659-26-000208

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21339
- **FILM NUMBER:** 26502634

**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           |

?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)

John H. Gernon

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

(Name and Address of Agent for Services)

<u>(212) 762-1886</u>

(Registrant's Telephone Number)

<u>October 31,</u>

Date of Fiscal Year End

<u>October 31, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Report to shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname9d2cee11-4146-415f-b79e-2ad2dca6d7ba)<br> **[Administrative - MGOXX](#classname9d2cee11-4146-415f-b79e-2ad2dca6d7ba)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamea714389e-f066-495c-a883-5d477c79fbb6)<br> **[Advisor - MALXX](#classnamea714389e-f066-495c-a883-5d477c79fbb6)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamec7ed09a0-2a03-4172-9fd5-ee2ff4000e24)<br> **[Advisory - MAYXX](#classnamec7ed09a0-2a03-4172-9fd5-ee2ff4000e24)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnamecbc2876e-41a8-4223-b445-81607ee2a7ab)<br> **[Cash Management - MSGXX](#classnamecbc2876e-41a8-4223-b445-81607ee2a7ab)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname9b23fced-7eba-455c-875c-89eb7d20da8a)<br> **[CastleOak Shares - COSXX](#classname9b23fced-7eba-455c-875c-89eb7d20da8a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname1d92e186-bc3e-46de-b9d3-2ef42224e127)<br> **[Impact - IMPXX](#classname1d92e186-bc3e-46de-b9d3-2ef42224e127)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname82b14357-b180-4f34-b981-d7bcfa97d19d)<br> **[Impact Partner - IPGXX](#classname82b14357-b180-4f34-b981-d7bcfa97d19d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname10ec7d07-7f96-453a-b224-c18388f3827d)<br> **[Institutional - MVRXX](#classname10ec7d07-7f96-453a-b224-c18388f3827d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname75bd7a95-e427-47a8-a480-35c655e07c3e)<br> **[Institutional Plus - MPXXX](#classname75bd7a95-e427-47a8-a480-35c655e07c3e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname6d08d12c-24d3-4f9c-8955-96652e13df64)<br> **[Institutional Select - MGSXX](#classname6d08d12c-24d3-4f9c-8955-96652e13df64)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname7c60e041-961f-4fe9-b822-5642ed9d29d7)<br> **[Investor - MVVXX](#classname7c60e041-961f-4fe9-b822-5642ed9d29d7)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classname09be3aec-bd7e-47c0-9670-40befb4ef525)<br> **[Participant - MPCXX](#classname09be3aec-bd7e-47c0-9670-40befb4ef525)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Portfolio](#classnameb0d0b7c3-f466-4059-abda-659077e5ed91)<br> **[Select - MSDXX](#classnameb0d0b7c3-f466-4059-abda-659077e5ed91)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnamef92231d7-df8d-42af-a53c-a26fa30c3bb8)<br> **[Administrative - MGAXX](#classnamef92231d7-df8d-42af-a53c-a26fa30c3bb8)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname0566b630-2d0b-47d3-9ee1-5d3cc44462f7)<br> **[Advisory - MVAXX](#classname0566b630-2d0b-47d3-9ee1-5d3cc44462f7)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnamec6f7c44e-41c0-4707-9239-02e6386ddb8c)<br> **[Cash Management - MCHXX](#classnamec6f7c44e-41c0-4707-9239-02e6386ddb8c)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname6927efb9-9e27-4917-bb76-234824ce6e3d)<br> **[Institutional - MUIXX](#classname6927efb9-9e27-4917-bb76-234824ce6e3d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnameb3771704-9914-4ddb-a6d5-38f9a67ed874)<br> **[Institutional Select - MSVXX](#classnameb3771704-9914-4ddb-a6d5-38f9a67ed874)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classnamef9d7a893-2633-4e38-bd30-ba85e1dbcf3d)<br> **[Investor - MVIXX](#classnamef9d7a893-2633-4e38-bd30-ba85e1dbcf3d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio](#classname4591719f-6151-45a8-9de5-f3f5277276ee)<br> **[Participant - MGPXX](#classname4591719f-6151-45a8-9de5-f3f5277276ee)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnameb4c99617-1e3b-4870-82f1-e427555335fc)<br> **[Advisor - MAPXX](#classnameb4c99617-1e3b-4870-82f1-e427555335fc)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname8de1eaef-9775-4cef-8a02-3bdd5e28ff43)<br> **[Advisory - MBDXX](#classname8de1eaef-9775-4cef-8a02-3bdd5e28ff43)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname32ebff6d-13c7-41cf-a007-1aabadf71eb4)<br> **[Cash Management - MLKXX](#classname32ebff6d-13c7-41cf-a007-1aabadf71eb4)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname4d77b3f4-ec32-406a-bd3a-dc558020edf6)<br> **[Impact Partner - IPFXX](#classname4d77b3f4-ec32-406a-bd3a-dc558020edf6)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname48a356a0-db3a-413b-8dfd-35e4c0ea3e4e)<br> **[Participant - MEPXX](#classname48a356a0-db3a-413b-8dfd-35e4c0ea3e4e)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classnamef4622a6c-f2a4-49fc-b018-c28fee4532d2)<br> **[Select - MSKXX](#classnamef4622a6c-f2a4-49fc-b018-c28fee4532d2)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname8e23523c-2d42-453d-834e-87f2eccd55cd)<br> **[Wealth - MWMXX](#classname8e23523c-2d42-453d-834e-87f2eccd55cd)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio](#classname2d503411-3d3c-4cb3-a02b-723c0783f69a)<br> **[Wealth S - MWSXX](#classname2d503411-3d3c-4cb3-a02b-723c0783f69a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnamed73e03a3-35b4-4f54-903c-d0c18ecad5fd)<br> **[Advisory - MAVXX](#classnamed73e03a3-35b4-4f54-903c-d0c18ecad5fd)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname34bcb261-305c-4194-8830-10d070c58183)<br> **[Cash Management - MSPXX](#classname34bcb261-305c-4194-8830-10d070c58183)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnamea03f8558-29c1-4bf9-8896-fcedc134cb5f)<br> **[CastleOak Shares - CASXX](#classnamea03f8558-29c1-4bf9-8896-fcedc134cb5f)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnameabf053bf-66cb-4c71-a3a2-7e7d3219d65a)<br> **[Impact - IMTXX](#classnameabf053bf-66cb-4c71-a3a2-7e7d3219d65a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classname153e410c-cf38-4c0f-8f24-c5afe3dc487a)<br> **[Impact Partner - IPYXX](#classname153e410c-cf38-4c0f-8f24-c5afe3dc487a)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnamef700c75f-5f12-4bc2-a0fa-c301e2f40330)<br> **[Institutional - MPFXX](#classnamef700c75f-5f12-4bc2-a0fa-c301e2f40330)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Prime Portfolio](#classnameea33bedf-30cf-45e2-95d1-68d99d5b0bfc)<br> **[Institutional Select - MPEXX](#classnameea33bedf-30cf-45e2-95d1-68d99d5b0bfc)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname1294893d-f79a-47c6-8545-cc4df57b28da)<br> **[Advisor - MAXXX](#classname1294893d-f79a-47c6-8545-cc4df57b28da)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname5bb4a4ea-11cb-4131-87d4-df1980e20500)<br> **[Cash Management - TECXX](#classname5bb4a4ea-11cb-4131-87d4-df1980e20500)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classnameb7db04e1-688a-4a67-a365-337361523410)<br> **[Select - TSXXX](#classnameb7db04e1-688a-4a67-a365-337361523410)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname41551d72-697a-49a0-8ff1-850a721ef242)<br> **[Wealth - TEWXX](#classname41551d72-697a-49a0-8ff1-850a721ef242)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio](#classname5d7fea53-dd54-43db-b215-378a366eb0d8)<br> **[Wealth S - TWSXX](#classname5d7fea53-dd54-43db-b215-378a366eb0d8)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname739ca418-3607-4f78-b338-60b3d66ad70f)<br> **[Administrative - MTTXX](#classname739ca418-3607-4f78-b338-60b3d66ad70f)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname06d36910-4f5b-4c3b-9270-e6a26c1015d8)<br> **[Advisor - MATXX](#classname06d36910-4f5b-4c3b-9270-e6a26c1015d8)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classnamed8aac1fa-50b7-485b-abb6-eec922bed4df)<br> **[Advisory - MAOXX](#classnamed8aac1fa-50b7-485b-abb6-eec922bed4df)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname46745194-86a9-49b8-8576-8e923f33a21f)<br> **[Cash Management - MREXX](#classname46745194-86a9-49b8-8576-8e923f33a21f)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classnamee48180d5-68d9-48bb-b1d2-f57b0b8bdf67)<br> **[Institutional - MISXX](#classnamee48180d5-68d9-48bb-b1d2-f57b0b8bdf67)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classnamef9a31eaf-79e7-400a-a578-6023f3afb318)<br> **[Institutional Plus - MRXXX](#classnamef9a31eaf-79e7-400a-a578-6023f3afb318)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname675957bc-3a37-4f79-a050-3918e6cb65e9)<br> **[Institutional Select - MTSXX](#classname675957bc-3a37-4f79-a050-3918e6cb65e9)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classnamebb88bdeb-70a1-4c64-9b14-4d07c57c3e1d)<br> **[Investor - MTNXX](#classnamebb88bdeb-70a1-4c64-9b14-4d07c57c3e1d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname84e2473d-6677-4a29-86bd-2708897510a1)<br> **[Participant - MTCXX](#classname84e2473d-6677-4a29-86bd-2708897510a1)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio](#classname6ae6d476-8ad0-43d7-a89e-10d443f0f560)<br> **[Select - MSTXX](#classname6ae6d476-8ad0-43d7-a89e-10d443f0f560)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname305e4ecf-96c5-4b8d-a0bb-fdd14677e23f)<br> **[Administrative - MAMXX](#classname305e4ecf-96c5-4b8d-a0bb-fdd14677e23f)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname4eea5856-4f05-4596-999e-0234291cbd36)<br> **[Advisor - MAZXX](#classname4eea5856-4f05-4596-999e-0234291cbd36)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamee1ce4c51-8d77-4fe1-a937-25e4ee0fc5e9)<br> **[Advisory - MVYXX](#classnamee1ce4c51-8d77-4fe1-a937-25e4ee0fc5e9)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnameb8223a2c-d770-457f-b225-ae44d69ebb0d)<br> **[Cash Management - MHSXX](#classnameb8223a2c-d770-457f-b225-ae44d69ebb0d)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamedaa51394-41f7-4849-b147-85ec673a09a7)<br> **[Impact - IMXXX](#classnamedaa51394-41f7-4849-b147-85ec673a09a7)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname1bee23d9-ad92-464c-a04a-927288407442)<br> **[Impact Partner - IPUXX](#classname1bee23d9-ad92-464c-a04a-927288407442)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname1914d9f1-87a0-4cff-8585-99b455ded592)<br> **[Institutional - MSUXX](#classname1914d9f1-87a0-4cff-8585-99b455ded592)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamef6276c74-1cc7-4e92-9120-77373a2ab099)<br> **[Institutional Plus - MSXXX](#classnamef6276c74-1cc7-4e92-9120-77373a2ab099)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamed60f2b42-7311-4e94-b077-54293598e060)<br> **[Institutional Select - MSSXX](#classnamed60f2b42-7311-4e94-b077-54293598e060)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnamea32853e1-58b1-4416-a7c3-7ddd3f3c6c72)<br> **[Investor - MNVXX](#classnamea32853e1-58b1-4416-a7c3-7ddd3f3c6c72)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classnameda7d2b23-fe5b-4c51-936b-d5a4e042afbc)<br> **[Participant - MPRXX](#classnameda7d2b23-fe5b-4c51-936b-d5a4e042afbc)**  |
|  [Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio](#classname680aeccf-6ba6-4da0-8073-f5a1272ab175)<br> **[Select - MSEXX](#classname680aeccf-6ba6-4da0-8073-f5a1272ab175)**  |

---

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Administrative Class MGOXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $31 | 0.30% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MGOXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Advisor Class MALXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $15 | 0.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MALXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Advisory Class MAYXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $41 | 0.40% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MAYXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Cash Management Class MSGXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $31 | 0.30% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MSGXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# CastleOak Shares Class COSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $15 | 0.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# COSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Impact Class IMPXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $15 | 0.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# IMPXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Impact Partner Class IPGXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $15 | 0.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# IPGXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Institutional Class MVRXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $15 | 0.15% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MVRXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Institutional Plus Class MPXXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of August 26, 2025 to October 31, 2025. 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 year?
(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 Plus Class | $3 | 0.17%<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 | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MPXXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Institutional Select Class MGSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MGSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Investor Class MVVXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $26 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MVVXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Participant Class MPCXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $66 | 0.65% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MPCXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Portfolio

# Select Class MSDXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $97 | 0.95% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $173292614010 |
| # of Portfolio Holdings | 343 |
| Total Advisory Fees Paid | $169852889 |

---

## 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](tm2530536d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 35.1% |
| 91-120 Days | 9.6% |
| 61-90 Days | 12.8% |
| 31-60 Days | 8.4% |
| 1-30 Days | 34.1% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Agency Securities | 14.2% |
| U.S. Treasury Securities | 36.5% |
| Repurchase Agreements | 49.3% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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
Annual Shareholder Report October 31, 2025

# MSDXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Administrative Class MGAXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MGAXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Advisory Class MVAXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $46 | 0.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MVAXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Cash Management Class MCHXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MCHXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Institutional Class MUIXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MUIXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Institutional Select Class MSVXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $26 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSVXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Investor Class MVIXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $31 | 0.30% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MVIXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

# Participant Class MGPXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $46 | 0.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5658934344 |
| # of Portfolio Holdings | 221 |
| Total Advisory Fees Paid | $6373413 |

---

## 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](tm2530536d1_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 19.0% |
| 91-120 Days | 4.2% |
| 61-90 Days | 5.7% |
| 31-60 Days | 21.4% |
| 1-30 Days | 49.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Repurchase Agreements | 3.3% |
| U.S. Agency Securities | 9.3% |
| U.S. Treasury Securities | 87.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MGPXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Advisor Class MAPXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $18 | 0.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MAPXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Advisory Class MBDXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $44 | 0.43% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MBDXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Cash Management Class MLKXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $34 | 0.33% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MLKXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Impact Partner Class IPFXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $18 | 0.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# IPFXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Participant Class MEPXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $69 | 0.68% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MEPXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Select Class MSKXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $100 | 0.98% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSKXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Wealth Class MWMXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $18 | 0.18% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MWMXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

# Wealth S Class MWSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $24 | 0.23% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3668415336 |
| # of Portfolio Holdings | 146 |
| Total Advisory Fees Paid | $3361264 |

---

## 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](tm2530536d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 23.0% |
| 91-120 Days | 3.2% |
| 61-90 Days | 7.3% |
| 31-60 Days | 8.9% |
| 1-30 Days | 57.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 3.8% |
| Corporate Bonds | 6.7% |
| Floating Rate Notes | 12.7% |
| Commercial Paper | 19.4% |
| Repurchase Agreements | 57.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MWSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# Advisory Class MAVXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $46 | 0.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MAVXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# Cash Management Class MSPXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSPXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# CastleOak Shares Class CASXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# CASXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# Impact Class IMTXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# IMTXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# Impact Partner Class IPYXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# IPYXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# Institutional Class MPFXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MPFXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

# Institutional Select Class MPEXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $26 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12986466707 |
| # of Portfolio Holdings | 142 |
| Total Advisory Fees Paid | $17433582 |

---

## 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](tm2530536d1_tsrimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 36.3% |
| 91-120 Days | 3.3% |
| 61-90 Days | 6.1% |
| 31-60 Days | 10.6% |
| 1-30 Days | 43.7% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Certificates of Deposit | 1.5% |
| Corporate Bonds | 2.8% |
| Floating Rate Notes | 14.2% |
| Commercial Paper | 25.1% |
| Repurchase Agreements | 56.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MPEXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

# Advisor Class MAXXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518394478 |
| # of Portfolio Holdings | 86 |
| Total Advisory Fees Paid | $71378 |

---

## 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](tm2530536d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 27.5% |
| Pennsylvania | 3.8% |
| Mississippi | 4.2% |
| Florida | 4.6% |
| North Carolina | 4.9% |
| Indiana | 5.1% |
| New Jersey | 5.5% |
| Ohio | 8.6% |
| Massachusetts | 8.8% |
| Texas | 12.9% |
| New York | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;States less than 3% each |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Quarterly Variable Rate Bonds | 2.6% |
| Closed-End Investment Companies | 3.8% |
| Municipal Bonds & Notes | 11.5% |
| Commercial Paper | 14.4% |
| Daily Variable Rate Bonds | 16.6% |
| Weekly Variable Rate Bonds | 51.1% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MAXXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

# Cash Management Class TECXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $35 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518394478 |
| # of Portfolio Holdings | 86 |
| Total Advisory Fees Paid | $71378 |

---

## 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](tm2530536d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 27.5% |
| Pennsylvania | 3.8% |
| Mississippi | 4.2% |
| Florida | 4.6% |
| North Carolina | 4.9% |
| Indiana | 5.1% |
| New Jersey | 5.5% |
| Ohio | 8.6% |
| Massachusetts | 8.8% |
| Texas | 12.9% |
| New York | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;States less than 3% each |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Quarterly Variable Rate Bonds | 2.6% |
| Closed-End Investment Companies | 3.8% |
| Municipal Bonds & Notes | 11.5% |
| Commercial Paper | 14.4% |
| Daily Variable Rate Bonds | 16.6% |
| Weekly Variable Rate Bonds | 51.1% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# TECXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

# Select Class TSXXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $101 | 1.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518394478 |
| # of Portfolio Holdings | 86 |
| Total Advisory Fees Paid | $71378 |

---

## 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](tm2530536d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 27.5% |
| Pennsylvania | 3.8% |
| Mississippi | 4.2% |
| Florida | 4.6% |
| North Carolina | 4.9% |
| Indiana | 5.1% |
| New Jersey | 5.5% |
| Ohio | 8.6% |
| Massachusetts | 8.8% |
| Texas | 12.9% |
| New York | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;States less than 3% each |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Quarterly Variable Rate Bonds | 2.6% |
| Closed-End Investment Companies | 3.8% |
| Municipal Bonds & Notes | 11.5% |
| Commercial Paper | 14.4% |
| Daily Variable Rate Bonds | 16.6% |
| Weekly Variable Rate Bonds | 51.1% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# TSXXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

# Wealth Class TEWXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518394478 |
| # of Portfolio Holdings | 86 |
| Total Advisory Fees Paid | $71378 |

---

## 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](tm2530536d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 27.5% |
| Pennsylvania | 3.8% |
| Mississippi | 4.2% |
| Florida | 4.6% |
| North Carolina | 4.9% |
| Indiana | 5.1% |
| New Jersey | 5.5% |
| Ohio | 8.6% |
| Massachusetts | 8.8% |
| Texas | 12.9% |
| New York | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;States less than 3% each |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Quarterly Variable Rate Bonds | 2.6% |
| Closed-End Investment Companies | 3.8% |
| Municipal Bonds & Notes | 11.5% |
| Commercial Paper | 14.4% |
| Daily Variable Rate Bonds | 16.6% |
| Weekly Variable Rate Bonds | 51.1% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# TEWXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

# Wealth S Class TWSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $25 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $518394478 |
| # of Portfolio Holdings | 86 |
| Total Advisory Fees Paid | $71378 |

---

## 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](tm2530536d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference\*</sup> | 27.5% |
| Pennsylvania | 3.8% |
| Mississippi | 4.2% |
| Florida | 4.6% |
| North Carolina | 4.9% |
| Indiana | 5.1% |
| New Jersey | 5.5% |
| Ohio | 8.6% |
| Massachusetts | 8.8% |
| Texas | 12.9% |
| New York | 14.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;States less than 3% each |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Quarterly Variable Rate Bonds | 2.6% |
| Closed-End Investment Companies | 3.8% |
| Municipal Bonds & Notes | 11.5% |
| Commercial Paper | 14.4% |
| Daily Variable Rate Bonds | 16.6% |
| Weekly Variable Rate Bonds | 51.1% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# TWSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Administrative Class MTTXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MTTXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Advisor Class MATXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MATXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Advisory Class MAOXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $46 | 0.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MAOXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Cash Management Class MREXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MREXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Institutional Class MISXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MISXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Institutional Plus Class MRXXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of August 26, 2025 to October 31, 2025. 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 year?
(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 Plus Class | $4 | 0.22%<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 | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MRXXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Institutional Select Class MTSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $26 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MTSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Investor Class MTNXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $31 | 0.30% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MTNXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Participant Class MTCXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $71 | 0.70% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MTCXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

# Select Class MSTXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $102 | 1.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34302352795 |
| # of Portfolio Holdings | 209 |
| Total Advisory Fees Paid | $47058969 |

---

## 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](tm2530536d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 30.0% |
| 91-120 Days | 7.6% |
| 61-90 Days | 11.5% |
| 31-60 Days | 6.3% |
| 1-30 Days | 44.6% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Securities | 45.6% |
| Repurchase Agreements | 54.4% |

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSTXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Administrative Class MAMXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MAMXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Advisor Class MAZXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MAZXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Advisory Class MVYXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $46 | 0.45% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MVYXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Cash Management Class MHSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $36 | 0.35% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MHSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Impact Class IMXXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# IMXXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Impact Partner Class IPUXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# IPUXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Institutional Class MSUXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $20 | 0.20% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSUXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Institutional Plus Class MSXXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of August 26, 2025 to October 31, 2025. 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 year?
(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 Plus Class | $4 | 0.22%<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 | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSXXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Institutional Select Class MSSXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $26 | 0.25% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSSXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Investor Class MNVXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $31 | 0.30% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MNVXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Participant Class MPRXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $71 | 0.70% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MPRXX -TSR-AR

# Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

# Select Class MSEXX
![Image](tm2530536d1_tsrimg013.jpg)

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to October 31, 2025. 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 year?
(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 | $102 | 1.00% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56424798225 |
| # of Portfolio Holdings | 204 |
| Total Advisory Fees Paid | $79696696 |

---

## 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](tm2530536d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 121+ Days | 24.0% |
| 91-120 Days | 5.3% |
| 61-90 Days | 9.0% |
| 31-60 Days | 23.5% |
| 1-30 Days | 38.2% |

---

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530536d1_tsrimg005.jpg)

---

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

---

## Additional Information
![QR Code](tm2530536d1_tsrimg014.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 calling1-888-378-1630 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
Annual Shareholder Report October 31, 2025

# MSEXX -TSR-AR
(b) Not applicable.

**Item 2. Code of Ethics**

The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1 (212) 259-1155. The Registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

**Item 3. Audit Committee Financial Expert**

The registrant's Board of Trustees has determined that Jakki L. Haussler, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

**Item 4. Principal Accountant Fees and Services**

(a) – (d)

The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended October 31, 2024 and October 31, 2025 by the registrant's principal accountant, Ernst & Young LLP, for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by Ernst & Young LLP during those periods.

2025

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $282450 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Fees | $— | $—<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $— |
| Total | $282450 | $— |

---

2024

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $282450 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Fees | $— | $372395<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $372395 |
| Total | $282450 | $372395 |

---

N/A – Not applicable, as not required by Item 4.

(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant's tax returns.

(4) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5) The Fees included under "All Other Fees" are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) See table above.

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") whose members are:

Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

**Item 6. Schedule of Investments**

(a) Please see the 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**

![](j25305362_aa001.jpg)

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

Annual Financial Statements and Additional Information

October 31, 2025

![](j25305362_aa002.jpg)

------

**2025 Annual Report**

**October 31, 2025**

**Table of Contents** (unaudited)

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| Portfolio of Investments: | Portfolio of Investments: |
| [Money Market Portfolio](#MoneyMarketPortfolio-2) | 2 |
| [Prime Portfolio](#PrimePortfolio-2) | 6 |
| [Government Portfolio](#GovernmentPortfolio-2) | 10 |
| [Government Securities Portfolio](#GovernmentSecuritiesPortfolio-2) | 18 |
| [Treasury Portfolio](#TreasuryPortfolio-2) | 20 |
| [Treasury Securities Portfolio](#TreasurySecuritiesPortfolio-2) | 24 |
| [Tax-Exempt Portfolio](#TaxExemptPortfolio-2) | 25 |
| [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-2) | 29 |
| [Statements of Operations](#StatementsofOperations-2) | 33 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-2) | 35 |
| [Financial Highlights](#FinancialHighlights-2) | 46 |
| [Notes to Financial Statements](#NotestoFinancialStatements-2) | 61 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-2) | 69 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-2) | 70 |
| [Federal Tax Notice](#FederalTaxNotice-2) | 73 |
| Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. |

---

***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.***

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Money Market Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Certificates of Deposit (3.7%) | Certificates of Deposit (3.7%) | Certificates of Deposit (3.7%) |
| Domestic Banks (1.4%) | Domestic Banks (1.4%) | Domestic Banks (1.4%) |
| Bank of America NA | Bank of America NA | Bank of America NA |
| 4.34%, 7/8/26 | $25000 | $25000 |
| Citibank NA | Citibank NA | Citibank NA |
| 4.48%, 2/25/26 | 25000 | 25000 |
|  |  | 50000 |
| International Bank (2.3%) | International Bank (2.3%) | International Bank (2.3%) |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 4.00%, 4/22/26 | 85950 | 85950 |
| **Total Certificates of Deposit (Cost $135,950)** | **Total Certificates of Deposit (Cost $135,950)** | 135950 |
| Commercial Paper (a) (18.9%) | Commercial Paper (a) (18.9%) | Commercial Paper (a) (18.9%) |
| Asset-Backed Diversified Financial Services (0.1%) | Asset-Backed Diversified Financial Services (0.1%) | Asset-Backed Diversified Financial Services (0.1%) |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 4.20%, 5/21/26 | 5000 | 4887 |
| Automobiles (3.4%) | Automobiles (3.4%) | Automobiles (3.4%) |
| Toyota Credit Canada, Inc., | Toyota Credit Canada, Inc., | Toyota Credit Canada, Inc., |
| 4.08%, 6/3/26 | 3000 | 2930 |
| 4.50%, 1/28/26 | 10000 | 9896 |
| Toyota Credit de Puerto Rico Corp., | Toyota Credit de Puerto Rico Corp., | Toyota Credit de Puerto Rico Corp., |
| 4.12%, 6/1/26 - 6/22/26 | 35000 | 34113 |
| 4.49%, 1/22/26 - 4/24/26 | 13000 | 12816 |
| 4.50%, 11/24/25 | 7000 | 6982 |
| 4.54%, 3/2/26 | 5000 | 4928 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| 4.00%, 6/29/26 | 10000 | 9744 |
| 4.38%, 4/1/26 | 10000 | 9825 |
| 4.39%, 4/10/26 | 2000 | 1963 |
| Toyota Motor Finance | Toyota Motor Finance | Toyota Motor Finance |
| 4.43%, 12/9/25 | 30000 | 29870 |
|  |  | 123067 |
| Automobiles Manufacturing (0.3%) | Automobiles Manufacturing (0.3%) | Automobiles Manufacturing (0.3%) |
| Volvo Group Treasury North America LP | Volvo Group Treasury North America LP | Volvo Group Treasury North America LP |
| 4.09%, 1/16/26 | 11000 | 10908 |
| Consumer, Non-Cyclical (0.7%) | Consumer, Non-Cyclical (0.7%) | Consumer, Non-Cyclical (0.7%) |
| Unilever Capital Corp Ltd. | Unilever Capital Corp Ltd. | Unilever Capital Corp Ltd. |
| 4.13%, 12/15/25 | 26600 | 26473 |
| Diversified Financial Services (2.3%) | Diversified Financial Services (2.3%) | Diversified Financial Services (2.3%) |
| CDP Financial, Inc., | CDP Financial, Inc., | CDP Financial, Inc., |
| 4.17%, 3/13/26 | 10000 | 9853 |
| 4.29%, 7/6/26 | 25000 | 24301 |
| 4.39%, 6/10/26 | 6000 | 5847 |
| Metlife Short Term Fund, | Metlife Short Term Fund, | Metlife Short Term Fund, |
| 4.04%, 4/7/26 (b) | 11972 | 11768 |
| 4.05%, 4/9/26 | 15000 | 14741 |
| 4.06%, 3/20/26 | 8000 | 7879 |
| Pacific Life Short Term | Pacific Life Short Term | Pacific Life Short Term |
| 4.04%, 1/20/26 | 10000 | 9913 |
|  |  | 84302 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Domestic Banks (2.1%) | Domestic Banks (2.1%) | Domestic Banks (2.1%) |
| ABN Amro Funding USA LLC, | ABN Amro Funding USA LLC, | ABN Amro Funding USA LLC, |
| 4.42%, 1/12/26 | $10000 | $9916 |
| 4.43%, 1/16/26 - 1/21/26 (b) | 17000 | 16843 |
| 4.44%, 1/5/26 | 10000 | 9924 |
| Bank of America Securities, Inc. | Bank of America Securities, Inc. | Bank of America Securities, Inc. |
| 4.57%, 12/5/25 | 15000 | 14942 |
| ING U.S. Funding LLC | ING U.S. Funding LLC | ING U.S. Funding LLC |
| 4.30%, 4/6/26 | 25000 | 24555 |
|  |  | 76180 |
| Finance (2.2%) | Finance (2.2%) | Finance (2.2%) |
| Barclays Capital, Inc., | Barclays Capital, Inc., | Barclays Capital, Inc., |
| 4.48%, 12/3/25 | 5000 | 4982 |
| 4.50%, 12/10/25 | 25000 | 24887 |
| Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., |
| 4.38%, 5/15/26 | 30000 | 29326 |
| 4.51%, 12/12/25 | 20000 | 19906 |
|  |  | 79101 |
| International Banks (7.8%) | International Banks (7.8%) | International Banks (7.8%) |
| Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
| 4.15%, 5/11/26 | 14000 | 13704 |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| 4.07%, 3/11/26 (b) | 10000 | 9858 |
| Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank |
| 4.04%, 7/2/26 | 10000 | 9738 |
| DNB Bank ASA, | DNB Bank ASA, | DNB Bank ASA, |
| 4.21%, 5/22/26 | 12000 | 11728 |
| 4.34%, 3/16/26 | 10000 | 9846 |
| Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
| 4.01%, 7/7/26 | 10000 | 9734 |
| Macquarie Bank Ltd., | Macquarie Bank Ltd., | Macquarie Bank Ltd., |
| 2.90%, 3/25/26 | 23000 | 22641 |
| 4.04%, 3/26/26 | 7000 | 6890 |
| 4.07%, 4/1/26 (b) | 16000 | 15736 |
| Norddeutsche Landesbank | Norddeutsche Landesbank | Norddeutsche Landesbank |
| 4.28%, 2/17/26 (b) | 13000 | 12840 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 4.55%, 11/6/25 | 15000 | 14994 |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 4.44%, 1/12/26 | 30000 | 29747 |
| Suncorp Bank Norfina Ltd., | Suncorp Bank Norfina Ltd., | Suncorp Bank Norfina Ltd., |
| 4.30%, 5/5/26 | 10000 | 9791 |
| 4.38%, 3/23/26 | 10000 | 9837 |
| 4.49%, 12/16/25 | 5000 | 4974 |
| Svenska Handelsbanken AB, | Svenska Handelsbanken AB, | Svenska Handelsbanken AB, |
| 4.29%, 3/16/26 | 5000 | 4924 |
| 4.55%, 12/4/25 | 25000 | 24906 |
| 4.56%, 12/2/25 | 10000 | 9965 |
| 4.59%, 11/18/25 | 15000 | 14972 |
| Swedbank AB, | Swedbank AB, | Swedbank AB, |
| 4.22%, 5/22/26 | 25000 | 24432 |
| 4.40%, 5/1/26 | 10000 | 9788 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Money Market Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Commercial Paper (a) (cont'd) | Commercial Paper (a) (cont'd) | Commercial Paper (a) (cont'd) |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| UBS AG London | UBS AG London | UBS AG London |
| 0.00%, 12/3/25 | 5617 | 5597 |
|  |  | 286642 |
| **Total Commercial Paper (Cost $691,560)** | **Total Commercial Paper (Cost $691,560)** | 691560 |
| Corporate Bonds (6.4%) | Corporate Bonds (6.4%) | Corporate Bonds (6.4%) |
| Automobiles (0.4%) | Automobiles (0.4%) | Automobiles (0.4%) |
| BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
| 2.80%, 4/11/26 (b) | 2100 | 2088 |
| Toyota Motor Corp. | Toyota Motor Corp. | Toyota Motor Corp. |
| 1.34%, 3/25/26 | 11000 | 10877 |
|  |  | 12965 |
| Chemicals (0.2%) | Chemicals (0.2%) | Chemicals (0.2%) |
| Linde, Inc. | Linde, Inc. | Linde, Inc. |
| 3.20%, 1/30/26 | 5911 | 5893 |
| Consumer, Non-Cyclical (0.2%) | Consumer, Non-Cyclical (0.2%) | Consumer, Non-Cyclical (0.2%) |
| Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. |
| 4.80%, 3/2/26 | 2000 | 2004 |
| Nestle Holdings, Inc., | Nestle Holdings, Inc., | Nestle Holdings, Inc., |
| 0.63%, 1/15/26 (b) | 1103 | 1095 |
| 5.25%, 3/13/26 (b) | 5000 | 5019 |
|  |  | 8118 |
| Domestic Banks (1.6%) | Domestic Banks (1.6%) | Domestic Banks (1.6%) |
| Bank of New York Mellon Corp., | Bank of New York Mellon Corp., | Bank of New York Mellon Corp., |
| 0.75%, 1/28/26 | 5000 | 4959 |
| 2.80%, 5/4/26 | 15025 | 14928 |
| Citibank NA, | Citibank NA, | Citibank NA, |
| 4.93%, 8/6/26 | 32487 | 32606 |
| 5.44%, 4/30/26 | 2830 | 2844 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| 5.27%, 8/3/26 | 5000 | 5038 |
|  |  | 60375 |
| Industrials (0.4%) | Industrials (0.4%) | Industrials (0.4%) |
| Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV |
| 6.13%, 8/17/26 (b) | 15125 | 15344 |
| Insurance (1.4%) | Insurance (1.4%) | Insurance (1.4%) |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 5.50%, 12/2/25 (b) | 1559 | 1560 |
| MassMutual Global Funding II, | MassMutual Global Funding II, | MassMutual Global Funding II, |
| 1.20%, 7/16/26 (b) | 19200 | 18790 |
| 4.50%, 4/10/26 (b) | 1350 | 1351 |
| Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding |
| 5.40%, 6/20/26 (b) | 8580 | 8643 |
| Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| 5.00%, 1/6/26 (b) | 6924 | 6929 |
| New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| 0.85%, 1/15/26 (b) | 7500 | 7451 |
| Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, |
| 0.80%, 1/14/26 (b) | 4919 | 4886 |
| 4.70%, 4/6/26 (b) | 1955 | 1959 |
|  |  | 51569 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| International Banks (2.2%) | International Banks (2.2%) | International Banks (2.2%) |
| ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
| 1.25%, 6/22/26 (b) | $11900 | $11684 |
| Australia & New Zealand Banking Group Ltd., | Australia & New Zealand Banking Group Ltd., | Australia & New Zealand Banking Group Ltd., |
| 3.70%, 11/16/25 | 2000 | 1999 |
| 5.09%, 12/8/25 | 12000 | 12007 |
| Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
| 4.39%, 3/3/26 (b) | 5600 | 5538 |
| Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. |
| 3.90%, 1/15/26 (b) | 4000 | 3997 |
| National Australia Bank Ltd. | National Australia Bank Ltd. | National Australia Bank Ltd. |
| 3.38%, 1/14/26 | 1000 | 998 |
| Skandinaviska Enskilda Banken AB, | Skandinaviska Enskilda Banken AB, | Skandinaviska Enskilda Banken AB, |
| 1.20%, 9/9/26 (b) | 2869 | 2802 |
| 1.40%, 11/19/25 (b) | 9000 | 8988 |
| Swedbank AB | Swedbank AB | Swedbank AB |
| 5.47%, 6/15/26 (b) | 10000 | 10093 |
| UBS AG | UBS AG | UBS AG |
| 1.25%, 8/7/26 | 5000 | 4886 |
| UBS AG London | UBS AG London | UBS AG London |
| 1.25%, 6/1/26 | 17218 | 16916 |
| Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| 1.15%, 6/3/26 | 2160 | 2122 |
|  |  | 82030 |
| **Total Corporate Bonds (Cost $236,294)** | **Total Corporate Bonds (Cost $236,294)** | 236294 |
| Floating Rate Notes (c) (12.3%) | Floating Rate Notes (c) (12.3%) | Floating Rate Notes (c) (12.3%) |
| Asset-Backed Diversified Financial Services (1.5%) | Asset-Backed Diversified Financial Services (1.5%) | Asset-Backed Diversified Financial Services (1.5%) |
| Chariot Funding LLC, | Chariot Funding LLC, | Chariot Funding LLC, |
| SOFR + 0.22%, 4.49%, 2/12/26 (b) | 15000 | 15000 |
| Collateralized Commercial Paper Flex, | Collateralized Commercial Paper Flex, | Collateralized Commercial Paper Flex, |
| SOFR + 0.30%, 4.34%, 3/10/26 | 5000 | 5000 |
| Fairway Finance Co. LLC, | Fairway Finance Co. LLC, | Fairway Finance Co. LLC, |
| SOFR + 0.27%, 4.31%, 2/24/26 (b) | 5000 | 5000 |
| Old Line Funding LLC, | Old Line Funding LLC, | Old Line Funding LLC, |
| SOFR + 0.28%, 4.55%, 11/14/25 (b) | 10000 | 10000 |
| Paradelle Funding LLC, | Paradelle Funding LLC, | Paradelle Funding LLC, |
| SOFR + 0.27%, 4.31%, 11/21/25 | 10000 | 10000 |
| Podium Funding Trust, | Podium Funding Trust, | Podium Funding Trust, |
| SOFR + 0.20%, 4.24%, 12/15/25 | 10000 | 10000 |
|  |  | 55000 |
| Automobiles (0.5%) | Automobiles (0.5%) | Automobiles (0.5%) |
| BMW U.S. Capital LLC, | BMW U.S. Capital LLC, | BMW U.S. Capital LLC, |
| SOFR + 0.55%, 4.84%, 4/2/26 (b) | 3057 | 3060 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| SOFR + 0.35%, 4.62%, 12/9/25 | 15000 | 15000 |
|  |  | 18060 |
| Consumer, Cyclical (0.1%) | Consumer, Cyclical (0.1%) | Consumer, Cyclical (0.1%) |
| Home Depot, Inc., | Home Depot, Inc., | Home Depot, Inc., |
| SOFR + 0.33%, 4.59%, 12/24/25 | 5000 | 5001 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Money Market Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Floating Rate Notes (c) (cont'd) | Floating Rate Notes (c) (cont'd) | Floating Rate Notes (c) (cont'd) |
| Domestic Banks (2.2%) | Domestic Banks (2.2%) | Domestic Banks (2.2%) |
| Bank of America NA, | Bank of America NA, | Bank of America NA, |
| 4.64%, 7/9/26 | $15000 | $15000 |
| Bank of America Securities, Inc., | Bank of America Securities, Inc., | Bank of America Securities, Inc., |
| 4.66%, 11/14/25 - 12/2/25 | 45000 | 45000 |
| ING U.S. Funding LLC, | ING U.S. Funding LLC, | ING U.S. Funding LLC, |
| SOFR + 0.22%, 4.49%, 12/19/25 | 10000 | 10000 |
| SOFR + 0.34%, 4.61%, 12/18/25 | 10000 | 10000 |
|  |  | 80000 |
| Finance (0.9%) | Finance (0.9%) | Finance (0.9%) |
| Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., |
| SOFR + 0.22%, 4.49%, 12/18/25 (b) | 15000 | 15000 |
| SOFR + 0.39%, 4.66%, 11/24/25 (b) | 18000 | 18000 |
|  |  | 33000 |
| Insurance (1.2%) | Insurance (1.2%) | Insurance (1.2%) |
| New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, |
| SOFR + 0.35%, 4.62%, 7/31/26 (b) | 21000 | 21000 |
| Pricoa Short Term Funding LLC, | Pricoa Short Term Funding LLC, | Pricoa Short Term Funding LLC, |
| SOFR + 0.25%, 4.52%, 11/26/25 (b) | 25000 | 25000 |
|  |  | 46000 |
| International Banks (5.9%) | International Banks (5.9%) | International Banks (5.9%) |
| ASB Bank Ltd., | ASB Bank Ltd., | ASB Bank Ltd., |
| SOFR + 0.30%, 4.57%, 3/10/26 (b) | 15000 | 15000 |
| Bank of Montreal, | Bank of Montreal, | Bank of Montreal, |
| SOFR + 0.35%, 4.39%, 2/3/26 | 10000 | 10000 |
| SOFR + 0.39%, 4.43%, 8/14/26 | 20000 | 20000 |
| Bank of New Zealand, | Bank of New Zealand, | Bank of New Zealand, |
| SOFR + 0.22%, 4.54%, 12/5/25 (b) | 10000 | 10000 |
| Macquarie Bank Ltd., | Macquarie Bank Ltd., | Macquarie Bank Ltd., |
| SOFR + 0.23%, 4.50%, 1/20/26 - 1/22/26 (b) | 30000 | 30000 |
| Nordea Bank Abp, | Nordea Bank Abp, | Nordea Bank Abp, |
| SOFR + 0.31%, 4.35%, 12/5/25 | 15000 | 15002 |
| Oversea Chinese Banking Corp. Ltd., | Oversea Chinese Banking Corp. Ltd., | Oversea Chinese Banking Corp. Ltd., |
| SOFR + 0.21%, 4.48%, 12/18/25 | 15000 | 15001 |
| Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, |
| SOFR + 0.45%, 4.72%, 4/23/26 (b) | 20000 | 20000 |
| UBS AG London, | UBS AG London, | UBS AG London, |
| SOFR + 0.26%, 4.59%, 3/16/26 (b) | 15000 | 15000 |
| SOFR + 0.32%, 4.64%, 2/13/26 (b) | 25000 | 25000 |
| United Overseas Bank Ltd., | United Overseas Bank Ltd., | United Overseas Bank Ltd., |
| SOFR + 0.17%, 4.45%, 1/12/26 (b) | 40000 | 40000 |
|  |  | 215003 |
| **Total Floating Rate Notes (Cost $452,064)** | **Total Floating Rate Notes (Cost $452,064)** | 452064 |
| Repurchase Agreements (55.8%) | Repurchase Agreements (55.8%) | Repurchase Agreements (55.8%) |
| Bank of America Securities, Inc., (4.72% (e), <br>dated 6/30/25, due 1/29/26; proceeds <br>$30,837; fully collateralized by various <br>Common Stocks and Preferred Stocks; <br>valued at $31,500) | 30000 | 30000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Bank of America Securities, Inc., (4.76% (e), <br>dated 10/24/25, due 1/29/26; proceeds <br>$25,321; fully collateralized by various <br>Common Stocks and Preferred Stocks; <br>valued at $26,250) | $25000 | $25000 |
| Bank of Nova Scotia, (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $20,007; fully <br>collateralized by various Common Stocks (d); <br>valued at $21,000) | 20000 | 20000 |
| Bank of Nova Scotia, (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $162,056; fully <br>collateralized by various Corporate Bonds, <br>0.75% - 7.51% due 2/2/26 - 8/16/77; <br>valued at $170,100) | 162000 | 162000 |
| BNP Paribas Prime Brokerage, Inc., (4.15%, <br>dated 10/31/25, due 11/7/25; proceeds <br>$25,020; fully collateralized by various <br>Common Stocks and Preferred Stocks (d); <br>valued at $26,271) | 25000 | 25000 |
| BNP Paribas Prime Brokerage, Inc., (4.20%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$138,048; fully collateralized by various <br>Common Stocks and Preferred Stocks (d); <br>valued at $144,951) | 138000 | 138000 |
| BNP Paribas SA, (4.20%, dated 10/31/25, <br>due 11/3/25; proceeds $20,007; fully <br>collateralized by various Corporate Bonds, <br>3.13% - 9.50% due 3/1/27 - 6/4/81; <br>valued at $21,118) | 20000 | 20000 |
| BNP Paribas SA, (Interest in $550,000 joint <br>repurchase agreement, 4.14%, dated 10/31/25 <br>under which BNP Paribas SA, will repurchase <br>the securities provided as collateral for <br>$550,190 on 11/3/25. The securities provided <br>as collateral at the end of the period held with <br>BNY Mellon, tri-party agent, were various <br>U.S. Government agency securities and <br>U.S. Government obligations with various <br>maturities to 5/20/65; valued at $566,444) | 319000 | 319000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.30% (e), dated 12/12/23, due 11/7/25; <br>proceeds $25,993; fully collateralized by <br>various Corporate Bonds, 1.75% - 9.00% <br>due 1/9/26 - 1/17/54; valued at $25,200) | 24000 | 24000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.16%, dated 10/31/25, due 11/3/25; <br>proceeds $98,034; fully collateralized by <br>various Corporate Bonds, 2.05% - 8.13% <br>due 1/9/26 - 2/28/52; valued at $102,901) | 98000 | 98000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.14%, dated 10/31/25, due 11/7/25; <br>proceeds $50,040; fully collateralized by <br>various Corporate Bonds, 2.10% - 8.13% <br>due 2/19/26 - 6/15/54; valued at $52,500) | 50000 | 50000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.42% (e), dated 11/7/23, due 11/7/25; <br>proceeds $11,988; fully collateralized by <br>various Corporate Bonds, 2.39% - 7.38% <br>due 10/30/26 - 6/15/54; valued at $11,550) | 11000 | 11000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Money Market Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| HSBC Securities USA, Inc., (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $125,043; fully <br>collateralized by various Corporate Bonds, <br>1.38% - 7.13% due 3/1/27 - 10/15/65; <br>valued at $131,296) | $125000 | $125000 |
| ING Financial Markets LLC, (4.18%, dated 10/31/25, <br>due 11/3/25; proceeds $10,003; fully <br>collateralized by various Common Stocks; <br>valued at $10,500) | 10000 | 10000 |
| ING Financial Markets LLC, (4.18%, dated 10/31/25, <br>due 11/3/25; proceeds $50,017; fully <br>collateralized by various Common Stocks; <br>valued at $52,500) | 50000 | 50000 |
| JP Morgan Clearing Corp., (4.32% (e), <br>dated 8/1/23, due 11/7/25; proceeds <br>$76,964; fully collateralized by a <br>Corporate Bond, 9.75% due 2/15/33; <br>valued at $74,491) | 70000 | 70000 |
| JP Morgan Clearing Corp., (4.45% (e), <br>dated 9/17/25, due 11/7/25; proceeds <br>$75,473; fully collateralized by various <br>Corporate Bonds, 6.63% - 11.18% <br>due 5/1/29 - 1/15/34; valued at $79,819) | 75000 | 75000 |
| Mizuho Securities USA LLC, (4.49% (e), <br>dated 10/17/25, due 2/3/26; proceeds <br>$15,204; fully collateralized by various <br>Common Stocks; valued at $15,750) | 15000 | 15000 |
| Mizuho Securities USA LLC, (4.18%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$138,048; fully collateralized by various <br>Common Stocks; valued at $144,900) | 138000 | 138000 |
| MUFG Securities Americas, Inc., (4.15%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$100,035; fully collateralized by various <br>Common Stocks (d); valued at $105,036) | 100000 | 100000 |
| RBC Capital Markets LLC, (4.20%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$160,056; fully collateralized by various <br>Corporate Bonds, 1.38% - 6.38% <br>due 2/4/26 - 9/15/59; valued at $168,000) | 160000 | 160000 |
| Societe Generale SA, (4.20%, dated 10/31/25, <br>due 11/3/25; proceeds $65,023; fully <br>collateralized by various Corporate Bonds, <br>2.75% - 11.75% due 6/1/26 - 6/4/81 (d); <br>valued at $68,925) | 65000 | 65000 |
| Societe Generale SA, (4.05%, dated 10/30/25, <br>due 11/6/25; proceeds $115,091; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 0.13% due <br>1/15/32 - 11/15/45 and Corporate Bonds, <br>0.80% - 8.63% due 11/13/25 - 5/15/67; <br>valued at $120,835) | 115000 | 115000 |
| TD Securities USA LLC, (4.20%, dated 10/31/25, <br>due 11/3/25; proceeds $117,041; fully <br>collateralized by various Corporate Bonds, <br>3.37% - 6.70% due 1/15/27 - 5/15/55; <br>valued at $122,851) | 117000 | 117000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| TD Securities USA LLC, (3.97% (e), dated 3/27/24, <br>due 11/7/25; proceeds $35,147; fully <br>collateralized by various Corporate Bonds, <br>4.40% - 7.50% due 2/15/28 - 9/23/31; <br>valued at $34,650) | $| 33000 | $33000 |
| Wells Fargo Securities LLC, (4.42% (e), <br>dated 9/17/25, due 8/5/26; proceeds <br>$51,977; fully collateralized by various <br>Corporate Bonds, 1.13% - 7.08% <br>due 1/15/26 - 6/1/65; valued at $52,501) |  | 50000 | 50000 |
| **Total Repurchase Agreements (Cost $2,045,000)** | **Total Repurchase Agreements (Cost $2,045,000)** | **Total Repurchase Agreements (Cost $2,045,000)** | 2045000 |
| **Total Investments (97.1%) (Cost $3,560,868) (f)** | **Total Investments (97.1%) (Cost $3,560,868) (f)** | **Total Investments (97.1%) (Cost $3,560,868) (f)** | 3560868 |
| Other Assets in Excess of Liabilities (2.9%) | Other Assets in Excess of Liabilities (2.9%) | Other Assets in Excess of Liabilities (2.9%) | 107547 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $3668415 |

---

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

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

(c) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of October 31, 2025.

(e) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Repurchase Agreements | 57.4% |
| Commercial Paper | 19.4 |
| Floating Rate Notes | 12.7 |
| Corporate Bonds | 6.7 |
| Other\* | 3.8 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Prime Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Certificates of Deposit (1.4%) | Certificates of Deposit (1.4%) | Certificates of Deposit (1.4%) |
| Domestic Bank (0.8%) | Domestic Bank (0.8%) | Domestic Bank (0.8%) |
| Bank of America NA | Bank of America NA | Bank of America NA |
| 4.34%, 7/8/26 | $100000 | $100217 |
| International Bank (0.6%) | International Bank (0.6%) | International Bank (0.6%) |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 4.00%, 4/22/26 | 85000 | 84974 |
| **Total Certificates of Deposit (Cost $185,000)** | **Total Certificates of Deposit (Cost $185,000)** | 185191 |
| Commercial Paper (a) (23.9%) | Commercial Paper (a) (23.9%) | Commercial Paper (a) (23.9%) |
| Asset-Backed Diversified Financial Services (0.5%) | Asset-Backed Diversified Financial Services (0.5%) | Asset-Backed Diversified Financial Services (0.5%) |
| Podium Funding Trust | Podium Funding Trust | Podium Funding Trust |
| 4.20%, 5/21/26 | 10000 | 9780 |
| Thunder Bay Funding LLC | Thunder Bay Funding LLC | Thunder Bay Funding LLC |
| 3.98%, 6/9/26 | 50000 | 48805 |
|  |  | 58585 |
| Automobiles (3.5%) | Automobiles (3.5%) | Automobiles (3.5%) |
| Toyota Credit Canada, Inc., | Toyota Credit Canada, Inc., | Toyota Credit Canada, Inc., |
| 4.38%, 12/15/25 | 50000 | 49747 |
| 4.50%, 1/28/26 | 40000 | 39612 |
| Toyota Credit de Puerto Rico Corp., | Toyota Credit de Puerto Rico Corp., | Toyota Credit de Puerto Rico Corp., |
| 4.11%, 6/1/26 | 65000 | 63476 |
| 4.32%, 5/1/26 | 10000 | 9798 |
| 4.49%, 1/22/26 - 4/24/26 | 52000 | 51307 |
| 4.50%, 11/24/25 | 18000 | 17953 |
| 4.54%, 3/2/26 | 15000 | 14794 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| 0.00%, 2/6/26 | 50000 | 49466 |
| 4.38%, 4/1/26 | 30000 | 29505 |
| 4.39%, 4/10/26 | 9000 | 8843 |
| Toyota Motor Finance | Toyota Motor Finance | Toyota Motor Finance |
| 4.43%, 12/9/25 | 117000 | 116496 |
|  |  | 450997 |
| Automobiles Manufacturing (0.3%) | Automobiles Manufacturing (0.3%) | Automobiles Manufacturing (0.3%) |
| Volvo Group Treasury North America LP | Volvo Group Treasury North America LP | Volvo Group Treasury North America LP |
| 4.09%, 1/16/26 | 39000 | 38656 |
| Diversified Financial Services (2.6%) | Diversified Financial Services (2.6%) | Diversified Financial Services (2.6%) |
| CDP Financial, Inc., | CDP Financial, Inc., | CDP Financial, Inc., |
| 4.17%, 3/13/26 | 40000 | 39411 |
| 4.29%, 7/6/26 | 125000 | 121646 |
| 4.39%, 6/10/26 | 19000 | 18542 |
| Metlife Short Term Fund, | Metlife Short Term Fund, | Metlife Short Term Fund, |
| 4.04%, 4/7/26 (b) | 41000 | 40301 |
| 4.05%, 4/9/26 | 48057 | 47227 |
| 4.06%, 3/20/26 | 30170 | 29713 |
| Pacific Life Short Term | Pacific Life Short Term | Pacific Life Short Term |
| 4.04%, 1/20/26 | 40000 | 39646 |
|  |  | 336486 |
| Domestic Banks (2.8%) | Domestic Banks (2.8%) | Domestic Banks (2.8%) |
| ABN Amro Funding USA LLC, | ABN Amro Funding USA LLC, | ABN Amro Funding USA LLC, |
| 4.42%, 1/12/26 | 35000 | 34716 |
| 4.43%, 1/16/26 - 1/21/26 (b) | 67000 | 66407 |
| 4.44%, 1/5/26 | 40000 | 39706 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Bank of America Securities, Inc. | Bank of America Securities, Inc. | Bank of America Securities, Inc. |
| 4.57%, 12/5/25 | 100000 | 99612 |
| ING U.S. Funding LLC | ING U.S. Funding LLC | ING U.S. Funding LLC |
| 4.30%, 4/6/26 | 125000 | 122862 |
|  |  | 363303 |
| Finance (1.8%) | Finance (1.8%) | Finance (1.8%) |
| Barclays Capital, Inc., | Barclays Capital, Inc., | Barclays Capital, Inc., |
| 4.48%, 12/3/25 | 18000 | 17933 |
| 4.50%, 12/10/25 | 75000 | 74663 |
| Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., |
| 4.38%, 5/15/26 | 120000 | 117446 |
| 4.51%, 12/12/25 | 30000 | 29861 |
|  |  | 239903 |
| International Banks (12.4%) | International Banks (12.4%) | International Banks (12.4%) |
| Australia & New Zealand Banking Group Ltd., | Australia & New Zealand Banking Group Ltd., | Australia & New Zealand Banking Group Ltd., |
| 4.15%, 5/11/26 | 40000 | 39178 |
| 4.32%, 7/16/26 | 48500 | 47178 |
| Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
| 4.14%, 3/2/26 (b) | 20200 | 19924 |
| Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| 4.07%, 3/11/26 (b) | 40000 | 39414 |
| Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank |
| 4.04%, 7/2/26 | 30000 | 29219 |
| DBS Bank Ltd., | DBS Bank Ltd., | DBS Bank Ltd., |
| 4.03%, 3/24/26 (b) | 50000 | 49215 |
| 4.13%, 1/26/26 | 75000 | 74287 |
| 4.17%, 12/18/25 - 12/19/25 | 170000 | 169105 |
| DNB Bank ASA, | DNB Bank ASA, | DNB Bank ASA, |
| 4.21%, 5/22/26 | 45000 | 44014 |
| 4.34%, 3/16/26 | 40000 | 39409 |
| Federation Des Caisses Desjardins | Federation Des Caisses Desjardins | Federation Des Caisses Desjardins |
| 4.15%, 3/2/26 | 25000 | 24664 |
| Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
| 4.01%, 7/7/26 | 40000 | 38934 |
| Macquarie Bank Ltd., | Macquarie Bank Ltd., | Macquarie Bank Ltd., |
| 2.90%, 3/25/26 | 188000 | 185020 |
| 4.04%, 3/26/26 | 26000 | 25585 |
| 4.07%, 4/1/26 (b) | 62000 | 60971 |
| 4.45%, 11/3/25 | 100000 | 99967 |
| Norddeutsche Landesbank | Norddeutsche Landesbank | Norddeutsche Landesbank |
| 4.28%, 2/17/26 (b) | 47000 | 46430 |
| Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
| 4.44%, 1/12/26 | 100000 | 99178 |
| Suncorp Bank Norfina Ltd., | Suncorp Bank Norfina Ltd., | Suncorp Bank Norfina Ltd., |
| 4.30%, 5/5/26 | 40000 | 39195 |
| 4.38%, 3/23/26 | 40000 | 39374 |
| 4.49%, 12/16/25 | 25000 | 24874 |
| Svenska Handelsbanken AB, | Svenska Handelsbanken AB, | Svenska Handelsbanken AB, |
| 4.29%, 3/16/26 | 50000 | 49260 |
| 4.55%, 12/4/25 | 125000 | 124527 |
| 4.56%, 12/2/25 | 50000 | 49822 |
| 4.59%, 11/18/25 | 58000 | 57884 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Prime Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Commercial Paper (a) (cont'd) | Commercial Paper (a) (cont'd) | Commercial Paper (a) (cont'd) |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| Swedbank AB, | Swedbank AB, | Swedbank AB, |
| 4.22%, 5/22/26 | 75000 | 73363 |
| 4.40%, 5/1/26 | 25000 | 24509 |
|  |  | 1614500 |
| **Total Commercial Paper (Cost $3,101,628)** | **Total Commercial Paper (Cost $3,101,628)** | 3102430 |
| Corporate Bonds (2.7%) | Corporate Bonds (2.7%) | Corporate Bonds (2.7%) |
| Automobiles (0.6%) | Automobiles (0.6%) | Automobiles (0.6%) |
| Toyota Motor Corp. | Toyota Motor Corp. | Toyota Motor Corp. |
| 1.34%, 3/25/26 | 44527 | 44034 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| 1.13%, 6/18/26 | 15440 | 15163 |
| 4.45%, 5/18/26 | 16230 | 16272 |
| 4.55%, 8/7/26 | 7574 | 7605 |
|  |  | 83074 |
| Chemicals (0.2%) | Chemicals (0.2%) | Chemicals (0.2%) |
| Linde, Inc. | Linde, Inc. | Linde, Inc. |
| 3.20%, 1/30/26 | 20000 | 19945 |
| Domestic Banks (0.1%) | Domestic Banks (0.1%) | Domestic Banks (0.1%) |
| Citibank NA, | Citibank NA, | Citibank NA, |
| 4.93%, 8/6/26 | 8000 | 8047 |
| 5.44%, 4/30/26 | 10636 | 10695 |
|  |  | 18742 |
| Industrials (0.2%) | Industrials (0.2%) | Industrials (0.2%) |
| Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV |
| 6.13%, 8/17/26 (b) | 21797 | 22172 |
| Insurance (0.8%) | Insurance (0.8%) | Insurance (0.8%) |
| MassMutual Global Funding II, | MassMutual Global Funding II, | MassMutual Global Funding II, |
| 1.20%, 7/16/26 (b) | 50000 | 49005 |
| 4.50%, 4/10/26 (b) | 17920 | 17945 |
| New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, |
| 2.35%, 7/14/26 (b) | 3500 | 3461 |
| 4.70%, 4/2/26 (b)(c) | 35999 | 36082 |
|  |  | 106493 |
| International Banks (0.8%) | International Banks (0.8%) | International Banks (0.8%) |
| Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
| 4.39%, 3/3/26 (b) | 8925 | 8834 |
| Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
| 4.94%, 1/26/26 (b) | 3200 | 3205 |
| Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
| 1.40%, 11/19/25 (b) | 19300 | 19274 |
| Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
| 5.25%, 6/15/26 (b) | 5000 | 5035 |
| Swedbank AB | Swedbank AB | Swedbank AB |
| 5.47%, 6/15/26 (b) | 18000 | 18154 |
| UBS AG London | UBS AG London | UBS AG London |
| 1.25%, 6/1/26 | 47465 | 46667 |
|  |  | 101169 |
| **Total Corporate Bonds (Cost $351,346)** | **Total Corporate Bonds (Cost $351,346)** | 351595 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Floating Rate Notes (d) (13.5%) | Floating Rate Notes (d) (13.5%) | Floating Rate Notes (d) (13.5%) |
| Asset-Backed Diversified Financial Services (2.4%) | Asset-Backed Diversified Financial Services (2.4%) | Asset-Backed Diversified Financial Services (2.4%) |
| Chariot Funding LLC, | Chariot Funding LLC, | Chariot Funding LLC, |
| SOFR + 0.22%, 4.49%, 2/12/26 (b) | $75000 | $75000 |
| SOFR + 0.28%, 4.55%, 2/23/26 (b) | 50000 | 50001 |
| Collateralized Commercial Paper Flex, | Collateralized Commercial Paper Flex, | Collateralized Commercial Paper Flex, |
| SOFR + 0.30%, 4.34%, 3/10/26 | 18000 | 18001 |
| Fairway Finance Co. LLC, | Fairway Finance Co. LLC, | Fairway Finance Co. LLC, |
| SOFR + 0.27%, 4.31%, 2/24/26 (b) | 17000 | 17000 |
| Old Line Funding LLC, | Old Line Funding LLC, | Old Line Funding LLC, |
| SOFR + 0.28%, 4.55%, 11/14/25 (b) | 90000 | 90005 |
| Paradelle Funding LLC, | Paradelle Funding LLC, | Paradelle Funding LLC, |
| SOFR + 0.27%, 4.31%, 11/21/25 | 25000 | 25003 |
| Podium Funding Trust, | Podium Funding Trust, | Podium Funding Trust, |
| SOFR + 0.20%, 4.24%, 12/15/25 | 40000 | 40005 |
|  |  | 315015 |
| Automobiles (0.8%) | Automobiles (0.8%) | Automobiles (0.8%) |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |
| SOFR + 0.35%, 4.62%, 12/9/25 | 100000 | 100022 |
| Domestic Banks (2.8%) | Domestic Banks (2.8%) | Domestic Banks (2.8%) |
| Bank of America NA, | Bank of America NA, | Bank of America NA, |
| 4.64%, 7/9/26 | 50000 | 50004 |
| Bank of America Securities, Inc., | Bank of America Securities, Inc., | Bank of America Securities, Inc., |
| 4.66%, 11/14/25 - 12/2/25 | 140000 | 140014 |
| ING U.S. Funding LLC, | ING U.S. Funding LLC, | ING U.S. Funding LLC, |
| SOFR + 0.22%, 4.49%, 12/19/25 | 130000 | 130019 |
| SOFR + 0.34%, 4.61%, 12/18/25 | 50000 | 50015 |
|  |  | 370052 |
| Finance (0.4%) | Finance (0.4%) | Finance (0.4%) |
| Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., | Citigroup Global Markets, Inc., |
| SOFR + 0.22%, 4.49%, 12/18/25 (b) | 53000 | 53008 |
| Insurance (1.4%) | Insurance (1.4%) | Insurance (1.4%) |
| New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, |
| SOFR + 0.35%, 4.62%, 7/31/26 (b) | 86000 | 86031 |
| Pricoa Short Term Funding LLC, | Pricoa Short Term Funding LLC, | Pricoa Short Term Funding LLC, |
| SOFR + 0.25%, 4.52%, 11/26/25 (b) | 90000 | 90011 |
|  |  | 176042 |
| International Banks (5.7%) | International Banks (5.7%) | International Banks (5.7%) |
| Bank of Montreal, | Bank of Montreal, | Bank of Montreal, |
| SOFR + 0.39%, 4.43%, 8/14/26 | 70000 | 70017 |
| Bank of New Zealand, | Bank of New Zealand, | Bank of New Zealand, |
| SOFR + 0.22%, 4.54%, 12/5/25 (b) | 35000 | 35004 |
| Macquarie Bank Ltd., | Macquarie Bank Ltd., | Macquarie Bank Ltd., |
| SOFR + 0.23%, 4.50%, 1/20/26 - 1/27/26 (b) | 125000 | 125031 |
| Nordea Bank Abp, | Nordea Bank Abp, | Nordea Bank Abp, |
| SOFR + 0.31%, 4.35%, 12/5/25 | 55000 | 55014 |
| Sumitomo Mitsui Banking Corp., | Sumitomo Mitsui Banking Corp., | Sumitomo Mitsui Banking Corp., |
| SOFR + 0.23%, 4.27%, 11/21/25 | 17500 | 17501 |
| Toronto-Dominion Bank, | Toronto-Dominion Bank, | Toronto-Dominion Bank, |
| SOFR + 0.45%, 4.72%, 4/23/26 (b) | 80000 | 80094 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Prime Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Floating Rate Notes (d) (cont'd) | Floating Rate Notes (d) (cont'd) | Floating Rate Notes (d) (cont'd) | Floating Rate Notes (d) (cont'd) | Floating Rate Notes (d) (cont'd) |
| International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) | International Banks (cont'd) |
| UBS AG London, | UBS AG London, | UBS AG London, | UBS AG London, | UBS AG London, |
| SOFR + 0.26%, 4.59%, 3/16/26 (b) | $| 50000 | $| 50003 |
| SOFR + 0.32%, 4.64%, 2/13/26 (b) |  | 150000 |  | 150004 |
| United Overseas Bank Ltd., | United Overseas Bank Ltd., | United Overseas Bank Ltd., | United Overseas Bank Ltd., | United Overseas Bank Ltd., |
| SOFR + 0.17%, 4.45%, 1/12/26 (b) |  | 160000 |  | 160017 |
|  |  |  |  | 742685 |
| **Total Floating Rate Notes (Cost $1,756,507)** | **Total Floating Rate Notes (Cost $1,756,507)** | **Total Floating Rate Notes (Cost $1,756,507)** |  | 1756824 |
| Repurchase Agreements (53.9%) | Repurchase Agreements (53.9%) | Repurchase Agreements (53.9%) | Repurchase Agreements (53.9%) | Repurchase Agreements (53.9%) |
| ABN AMRO Securities LLC, (Interest in $550,000 <br>joint repurchase agreement, 4.18%, dated <br>10/31/25 under which ABN AMRO Securities <br>LLC, will repurchase the securities provided <br>as collateral for $550,192 on 11/3/25. 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 6/20/55; <br>valued at $566,498) |  | 410000 |  | 410000 |
| Bank of America Securities, Inc., (4.72% (f), dated <br>6/30/25, due 1/29/26; proceeds $46,256; <br>fully collateralized by various Common Stocks <br>and Preferred Stocks; valued at $47,250) (e) |  | 45000 |  | 45000 |
| Bank of America Securities, Inc., (4.76% (f), dated <br>10/24/25, due 1/29/26; proceeds $75,962; <br>fully collateralized by various Common Stocks <br>and Preferred Stocks; valued at $78,750) (e) |  | 75000 |  | 75000 |
| Bank of Nova Scotia, (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $158,055; fully <br>collateralized by various Common Stocks; <br>valued at $165,900) (e) |  | 158000 |  | 158000 |
| Bank of Nova Scotia, (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $469,162; fully <br>collateralized by various Corporate Bonds, <br>1.75% - 6.15% due 1/13/26 - 11/1/54; <br>valued at $492,450) |  | 469000 |  | 469000 |
| BNP Paribas Prime Brokerage, Inc., (4.20%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$32,011; fully collateralized by various <br>Common Stocks; valued at $33,612) (e) |  | 32000 |  | 32000 |
| BNP Paribas Prime Brokerage, Inc., (4.15%, <br>dated 10/31/25, due 11/7/25; proceeds <br>$47,038; fully collateralized by various <br>Common Stocks and Preferred Stocks; <br>valued at $49,390) (e) |  | 47000 |  | 47000 |
| BNP Paribas SA, (4.21% (f), dated 10/9/25, <br>due 11/7/25; proceeds $526,780; fully <br>collateralized by various Corporate Bonds, <br>0.00% - 13.50% due 5/1/26 - 6/4/81; <br>valued at $556,370) (e) |  | 525000 |  | 525000 |
| BNP Paribas SA, (4.20%, dated 10/31/25, <br>due 11/3/25; proceeds $5,002; fully <br>collateralized by various Corporate Bonds, <br>3.88% - 10.00% due 2/15/29 - 12/31/79; <br>valued at $5,299) (e) |  | 5000 |  | 5000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Citigroup Global Markets, Inc., (4.18%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$250,087; fully collateralized by various <br>Common Stocks; valued at $262,500) (e) | $250000 | $250000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.44% (f), dated 1/18/23, due 11/7/25; <br>proceeds $112,621; fully collateralized by <br>various Corporate Bonds, 0.95% - 8.13% <br>due 1/15/26 - 5/1/60; valued at $105,000) (e) | 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.42% (f), dated 11/7/23, due 11/7/25; <br>proceeds $96,995; fully collateralized by <br>various Corporate Bonds, 1.00% - 8.13% <br>due 11/3/25 - 3/1/55; valued at $93,451) (e) | 89000 | 89000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.30% (f), dated 12/12/23, due 11/7/25; <br>proceeds $190,618; fully collateralized by <br>various Corporate Bonds, 1.04% - 9.00% <br>due 2/25/26 - 5/1/60; valued at $184,800) (e) | 176000 | 176000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.14%, dated 10/31/25, due 11/7/25; <br>proceeds $100,081; fully collateralized by <br>various Corporate Bonds, 1.05% - 7.33% <br>due 1/12/26 - 5/19/63; valued at $105,000) | 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank, <br>(4.16%, dated 10/31/25, due 11/3/25; <br>proceeds $187,065; fully collateralized by <br>various Corporate Bonds, 1.25% - 8.13% due <br>1/9/26 - 5/19/63; valued at $196,351) (e) | 187000 | 187000 |
| HSBC Securities USA, Inc., (4.15%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$225,078; fully collateralized by various <br>Corporate Bonds, 1.50% - 7.62% due <br>1/15/26 - 11/15/68; valued at $236,332) | 225000 | 225000 |
| ING Financial Markets LLC, (4.18%, dated <br>10/31/25, due 11/3/25; proceeds <br>$200,070; fully collateralized by various <br>Common Stocks; valued at $210,000) (e) | 200000 | 200000 |
| JP Morgan Clearing Corp., (4.45% (f), dated <br>9/17/25, due 11/7/25; proceeds $201,261; <br>fully collateralized by various Corporate Bonds, <br>3.88% - 14.00% due 10/1/27 - 3/15/56; <br>valued at $212,813) | 200000 | 200000 |
| JP Morgan Clearing Corp., (4.32% (f), dated <br>7/31/23, due 11/7/25; proceeds $115,458; <br>fully collateralized by various Corporate Bonds, <br>4.00% - 9.50% due 5/1/26 - 1/15/34; <br>valued at $111,737) | 105000 | 105000 |
| JP Morgan Securities LLC, (4.12% (f), dated <br>11/17/21, due 11/7/25; proceeds $215,721; <br>fully collateralized by various Corporate <br>Bonds, 0.50% - 1.38% due 12/1/30 - 6/1/31 <br>and Common Stocks and Preferred Stocks; <br>valued at $197,474) (e) | 185000 | 185000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Prime Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| JP Morgan Securities LLC, (4.40% (f), dated <br>10/7/25, due 11/7/25; proceeds $75,284; <br>fully collateralized by various Corporate Bonds, <br>0.50% - 1.38% due 12/1/30 - 6/1/31, <br>Common Stocks and Preferred Stocks; <br>valued at $80,075) (e) | $75000 | $75000 |
| Mizuho Securities USA LLC, (4.49% (f), dated <br>10/17/25, due 2/3/26; proceeds $111,495; <br>fully collateralized by various Common Stocks; <br>valued at $115,500) (e) | 110000 | 110000 |
| Mizuho Securities USA LLC, (4.18%, dated <br>10/31/25, due 11/3/25; proceeds $350,122; <br>fully collateralized by various Common Stocks; <br>valued at $367,500) (e) | 350000 | 350000 |
| MUFG Securities Americas, Inc., (4.15%, dated <br>10/31/25, due 11/3/25; proceeds $400,138; <br>fully collateralized by various Common Stocks; <br>valued at $420,145) (e) | 400000 | 400000 |
| MUFG Securities Americas, Inc., (4.15%, dated <br>10/31/25, due 11/3/25; proceeds $100,035; <br>fully collateralized by various Corporate Bonds, <br>2.45% - 7.00% due 3/1/26 - 5/1/79; <br>valued at $105,037) (e) | 100000 | 100000 |
| RBC Capital Markets LLC, (4.20%, dated <br>10/31/25, due 11/3/25; proceeds $516,181; <br>fully collateralized by various Corporate Bonds, <br>1.16% - 7.50% due 4/3/26 - 6/1/77; <br>valued at $541,800) | 516000 | 516000 |
| Societe Generale SA, (4.20%, dated 10/31/25, <br>due 11/3/25; proceeds $150,053; fully <br>collateralized by various Corporate Bonds, <br>1.85% - 12.25% due 12/15/25 - 12/31/79; <br>valued at $159,050) (e) | 150000 | 150000 |
| Societe Generale SA, (4.05%, dated 10/30/25, <br>due 11/6/25; proceeds $385,303; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.50% due <br>7/15/26 - 2/15/53 and Corporate Bonds, <br>1.00% - 8.13% due 1/1/26 - 10/27/85; <br>valued at $404,413) (e) | 385000 | 385000 |
| TD Securities USA LLC, (3.97% (f), dated 3/27/24, <br>due 11/7/25; proceeds $231,119; fully <br>collateralized by various Corporate Bonds, <br>2.87% - 9.70% due 12/9/25 - 11/26/85; <br>valued at $227,850) | 217000 | 217000 |
| TD Securities USA LLC, (4.20%, dated 10/31/25, <br>due 11/3/25; proceeds $326,114; fully <br>collateralized by various Corporate Bonds, <br>3.88% - 4.95% due 1/12/28 - 8/4/31 and <br>a U.S. Government agency security, 4.52% <br>due 11/12/27; valued at $335,683) | 326000 | 326000 |
| Wells Fargo Securities LLC, (4.42% (f), dated <br>9/17/25, due 8/5/26; proceeds $171,523; <br>fully collateralized by various Corporate Bonds, <br>1.05% - 9.40% due 12/15/25 - 12/31/79; <br>valued at $173,251) (e) | 165000 | 165000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Wells Fargo Securities LLC, (Interest in <br>$3,400,000 joint repurchase agreement, <br>4.16%, dated 10/31/25 under which Wells <br>Fargo Securities LLC, will repurchase the <br>securities provided as collateral for <br>$3,401,179 on 11/3/25. The securities <br>provided as collateral at the end of the period <br>held with BNY Mellon, tri-party agent, were <br>various U.S. Government agency securities <br>and U.S. Government obligations with <br>various maturities to 10/20/55; <br>valued at $3,488,645) | $| 615000 | $615000 |
| **Total Repurchase Agreements (Cost $6,992,000)** | **Total Repurchase Agreements (Cost $6,992,000)** | **Total Repurchase Agreements (Cost $6,992,000)** | 6992000 |
| **Total Investments (95.4%) (Cost $12,386,481) (g)(h)** | **Total Investments (95.4%) (Cost $12,386,481) (g)(h)** | **Total Investments (95.4%) (Cost $12,386,481) (g)(h)** | 12388040 |
| Other Assets in Excess of Liabilities (4.6%) | Other Assets in Excess of Liabilities (4.6%) | Other Assets in Excess of Liabilities (4.6%) | 598427 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $12986467 |

---

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

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

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

(d) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(e) 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 October 31, 2025.

(f) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

(h) At October 31, 2025, the aggregate cost for federal income tax purposes is approximately $12,386,481,000. The aggregate gross unrealized appreciation is approximately $1,832,000 and the aggregate gross unrealized depreciation is approximately $273,000, resulting in net unrealized appreciation of approximately $1,559,000.

SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Repurchase Agreements | 56.4% |
| Commercial Paper | 25.1 |
| Floating Rate Notes | 14.2 |
| Other\* | 4.3 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (46.7%) | Repurchase Agreements (46.7%) | Repurchase Agreements (46.7%) |
| Bank of America NA, (3.87%, dated 10/9/25, <br>due 4/9/26; proceeds $101,957; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 2.50% <br>due 9/1/45 - 10/1/50; valued at $103,000) | $100000 | $100000 |
| Bank of America NA, (3.93%, dated 9/29/25, <br>due 3/30/26; proceeds $458,941; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 3.50% <br>due 4/1/42 - 6/1/50; valued at $463,500) | 450000 | 450000 |
| Bank of America NA, (4.35%, dated 6/13/25, <br>due 12/12/25; proceeds $408,797; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 3.50% <br>due 7/1/42 - 8/1/50; valued at $412,000) | 400000 | 400000 |
| Bank of America NA, (4.18%, dated 8/4/25, <br>due 2/4/26; proceeds $102,136; fully <br>collateralized by various U.S. Government <br>agency securities, 2.50% - 3.00% <br>due 7/1/46 - 10/1/50; valued at $103,000) | 100000 | 100000 |
| Bank of America NA, (4.28%, dated 5/5/25, <br>due 11/3/25; proceeds $102,164; fully <br>collateralized by various U.S. Government <br>agency securities, 2.50% - 3.00% <br>due 7/1/46 - 4/1/50; valued at $103,000) | 100000 | 100000 |
| Bank of America NA, (4.10%, dated 8/29/25, <br>due 3/2/26; proceeds $102,107; fully <br>collateralized by various U.S. Government <br>agency securities, 2.50% - 3.50% <br>due 1/1/47 - 10/1/50; valued at $103,000) | 100000 | 100000 |
| Bank of America NA, (4.08%, dated 9/2/25, <br>due 3/2/26; proceeds $102,051; fully <br>collateralized by various U.S. Government <br>agency securities, 2.50% - 3.50% <br>due 1/1/47 - 10/1/50; valued at $103,000) | 100000 | 100000 |
| Bank of America NA, (4.14%, dated 8/19/25, <br>due 2/18/26; proceeds $204,209; fully <br>collateralized by various U.S. Government <br>agency securities, 2.50% - 3.50% <br>due 11/1/46 - 4/1/50; valued at $206,000) | 200000 | 200000 |
| Bank of America NA, (4.30%, dated 7/15/25, <br>due 1/15/26; proceeds $255,494; fully <br>collateralized by various U.S. Government <br>agency securities, 3.00% - 3.50% <br>due 2/1/42 - 11/1/47; valued at $257,500) | 250000 | 250000 |
| Bank of America NA, (3.87%, dated 10/30/25, <br>due 4/30/26; proceeds $407,826; fully <br>collateralized by various U.S. Government <br>agency securities, 3.00% - 3.50% <br>due 8/1/42 - 10/1/49; valued at $412,000) | 400000 | 400000 |
| Bank of America Securities, Inc., (4.25% (e), <br>dated 10/14/25, due 4/14/26; proceeds <br>$510,746; fully collateralized by various <br>U.S. Government agency securities, <br>0.55% - 8.50% due 12/3/25 - 9/20/75, <br>U.S. Government obligations, 0.00% - 5.55% <br>due 8/15/28 - 8/15/45; valued at $511,708) | 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Bank of America Securities, Inc., (4.41% (e), <br>dated 4/22/25, due 1/22/26; proceeds <br>$1,033,703; fully collateralized by various <br>U.S. Government agency securities, <br>0.65% - 7.00% due 2/25/26 - 8/20/75; <br>valued at $1,027,400) | $1000000 | $1000000 |
| Bank of America Securities, Inc., (4.42% (e), <br>dated 7/30/25, due 7/29/26; proceeds <br>$522,335; fully collateralized by various <br>U.S. Government agency securities, <br>0.80% - 7.50% due 12/18/25 - 8/20/75; <br>valued at $512,421) | 500000 | 500000 |
| Bank of America Securities, Inc., (4.16%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$60,021; fully collateralized by various <br>U.S. Government agency securities, <br>1.20% - 7.50% due 9/15/26 - 7/20/65; <br>valued at $61,731) | 60000 | 60000 |
| Bank of America Securities, Inc., (4.40% (e), <br>dated 7/30/25, due 7/29/26; proceeds <br>$417,787; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.63% <br>due 10/15/27 - 5/15/51; valued at $408,000) | 400000 | 400000 |
| Bank of America Securities, Inc., (4.30% (e), <br>dated 10/20/25, due 10/20/26; proceeds <br>$208,719; fully collateralized by various <br>U.S. Government obligations, 0.00% - 3.50% <br>due 10/15/28 - 5/15/51; valued at $204,000) | 200000 | 200000 |
| Bank of America Securities, Inc., (4.19%. (e), <br>dated 7/16/25, due 1/16/26; proceeds <br>$255,354; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.38% <br>due 11/15/39 - 8/15/48; valued at $255,000) | 250000 | 250000 |
| Bank of America Securities, Inc., (4.30% (e), <br>dated 10/24/25, due 4/24/26; proceeds <br>$204,348; fully collateralized by various <br>U.S. Government obligations, 4.25% due <br>6/30/29 - 6/30/31; valued at $204,000) | 200000 | 200000 |
| Bank of Montreal, (4.03% (e), dated 10/30/25, <br>due 12/11/25; proceeds $251,175; fully <br>collateralized by various U.S. Government <br>agency securities, 0.00% - 6.50% due <br>10/25/47 - 5/20/72; valued at $262,500) | 250000 | 250000 |
| Bank of New York - Fixed Income Clearing Corp., <br>(4.17%, dated 10/31/25, due 11/3/25; <br>proceeds $1,000,348; fully collateralized by <br>various U.S. Government agency securities, <br>1.50% - 8.50% due 6/1/27 - 1/10/55; <br>valued at $1,020,000) | 1000000 | 1000000 |
| Bank of New York - Fixed Income Clearing Corp., <br>(4.13%, dated 10/31/25, due 11/3/25; <br>proceeds $4,201,446; fully collateralized by <br>various U.S. Government obligations, <br>0.63% - 3.88% due 1/15/26 - 1/15/35; <br>valued at $4,284,000) | 4200000 | 4200000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Bank of New York - Fixed Income Clearing Corp., <br>(4.16%, dated 10/31/25, due 11/3/25; <br>proceeds $1,500,520; fully collateralized <br>by various U.S. Government obligations, <br>1.88% - 4.13% due 2/28/27 - 4/30/32; <br>valued at $1,530,000) | $1500000 | $1500000 |
| Barclays Bank PLC, (4.34% (e), dated 6/24/25, <br>due 11/6/25; proceeds $813,032; fully <br>collateralized by various U.S. Government <br>agency securities, 0.00% - 5.00% due <br>11/12/25 - 5/15/55; valued at $819,137) | 800000 | 800000 |
| Barclays Bank PLC, (4.57% (e), dated 10/15/25, <br>due 11/7/25; proceeds $2,206,423; fully <br>collateralized by various U.S. Government <br>agency securities, 0.00% - 7.00% due <br>12/25/26 - 9/16/67; valued at $2,312,212) | 2200000 | 2200000 |
| Barclays Bank PLC, (4.53% (e), dated 10/17/25, <br>due 11/17/25; proceeds $752,928; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 7.00% due <br>3/15/38 - 9/15/67; valued at $774,040) | 750000 | 750000 |
| Barclays Bank PLC, (4.34% (e), dated 7/3/25, <br>due 1/2/26; proceeds $408,833; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>11/28/25 - 5/15/53; valued at $409,569) | 400000 | 400000 |
| Barclays Bank PLC, (4.34% (e), dated 7/1/25, <br>due 1/2/26; proceeds $408,929; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 5.00% due <br>11/6/25 - 2/15/54; valued at $409,568) | 400000 | 400000 |
| Barclays Bank PLC, (4.34% (e), dated 7/9/25, <br>due 1/2/26; proceeds $408,543; fully <br>collateralized by various U.S. Government <br>obligations, 0.38% - 4.38% due <br>11/30/25 - 8/15/51; valued at $409,568) | 400000 | 400000 |
| BMO Capital Markets Corp., (4.03% (e), dated <br>10/30/25, due 12/11/25; proceeds <br>$552,586; fully collateralized by various <br>U.S. Government agency securities, <br>0.00% - 6.72% due 6/25/26 - 8/20/75; <br>valued at $572,637) | 550000 | 550000 |
| BMO Capital Markets Corp., (4.02% (e), dated <br>10/30/25, due 12/11/25; proceeds <br>$602,814; fully collateralized by various <br>U.S. Government agency securities, <br>1.30% - 8.60% due 12/1/28 - 10/1/50; <br>valued at $618,000) | 600000 | 600000 |
| BMO Capital Markets Corp., (4.07%, dated <br>10/31/25, due 11/3/25; proceeds <br>$200,068; fully collateralized by various <br>U.S. Government agency securities, <br>5.17% - 5.69% due 3/1/33 - 9/1/33; <br>valued at $206,000) | 200000 | 200000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| BMO Capital Markets Corp., (4.11%, dated <br>10/31/25, due 11/3/25; proceeds <br>$250,086; fully collateralized by various <br>U.S. Government agency securities, <br>5.50% - 6.50% due 6/20/54 - 3/20/55; <br>valued at $257,500) | $250000 | $250000 |
| BNP Paribas SA, (Interest in $550,000 joint <br>repurchase agreement, 4.14%, dated <br>10/31/25 under which BNP Paribas SA, <br>will repurchase the securities provided as <br>collateral for $550,190 on 11/3/25. 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>agency securities and U.S. Government <br>obligations with various maturities to 5/20/65; <br>valued at $566,444) | 75000 | 75000 |
| BNP Paribas SA, (4.20% (e), dated 10/8/25, <br>due 12/5/25; proceeds $402,707; fully <br>collateralized by various U.S. Government <br>agency securities, 0.00% - 7.50% due <br>12/25/26 - 10/20/74, U.S. Government <br>obligations, 0.00% - 0.88% due <br>1/2/26 - 8/15/47; valued at $417,292) | 400000 | 400000 |
| BNP Paribas SA, (4.20% (e), dated 10/8/25, <br>due 12/30/25; proceeds $504,842; fully <br>collateralized by various U.S. Government <br>agency securities, 0.00% - 7.50% due <br>7/25/26 - 1/20/74, U.S. Government <br>obligations, 0.00% due 2/15/26 - 8/15/47; <br>valued at $522,417) | 500000 | 500000 |
| BNP Paribas SA, (4.43% (e), dated 6/26/25, <br>due 6/25/26; proceeds $783,617; fully <br>collateralized by various U.S. Government <br>agency securities, 1.22% - 8.00% due <br>4/1/26 - 5/20/65, U.S. Government <br>obligations, 0.00% - 4.38% due <br>7/31/26 - 2/15/52; valued at $772,072) | 750000 | 750000 |
| BNP Paribas SA, (4.44% (e), dated 5/13/25, <br>due 5/13/26; proceeds $2,037,842; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.13% due <br>11/15/25 - 2/15/54; valued at $1,989,000) | 1950000 | 1950000 |
| BNP Paribas SA, (4.47% (e), dated 2/28/25, <br>due 2/27/26; proceeds $444,221; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.25% due <br>1/15/26 - 11/15/52; valued at $433,500) | 425000 | 425000 |
| BNP Paribas SA, (4.46% (e), dated 3/18/25, <br>due 3/18/26; proceeds $888,411; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.38% due <br>1/13/26 - 2/15/54; valued at $867,000) | 850000 | 850000 |
| BNP Paribas SA, (4.45% (e), dated 4/23/25, due <br>4/23/26; proceeds $888,359; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.50% due <br>3/31/26 - 5/15/46; valued at $867,000) | 850000 | 850000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| BNP Paribas SA, (4.04% (e), dated 8/12/25, <br>due 2/12/26; proceeds $433,776; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/15/26 - 11/15/54; valued at $433,500) | $425000 | $425000 |
| BNP Paribas SA, (4.06%, dated 8/20/25, <br>due 2/19/26; proceeds $867,543; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/15/26 - 5/15/54; valued at $867,000) | 850000 | 850000 |
| BNP Paribas SA, (3.74% (e), dated 10/23/25, <br>due 4/23/26; proceeds $407,563; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/15/27 - 5/15/53; valued at $408,000) | 400000 | 400000 |
| BNP Paribas SA, (4.48% (e), dated 2/5/25, <br>due 2/5/26; proceeds $627,266; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/8/26 - 2/15/52; valued at $612,000) | 600000 | 600000 |
| BNP Paribas SA, (4.21% (e), dated 7/24/25, <br>due 1/26/26; proceeds $1,532,628; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>9/30/26 - 5/15/54; valued at $1,530,000) | 1500000 | 1500000 |
| BNP Paribas SA, (4.48% (e), dated 2/13/25, <br>due 2/13/26; proceeds $731,788; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.88% due <br>11/30/25 - 11/15/52; valued at $714,000) | 700000 | 700000 |
| BNP Paribas SA, (4.48% (e), dated 2/10/25, <br>due 2/10/26; proceeds $261,358; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 5.25% due <br>2/28/26 - 2/15/54; valued at $255,000) | 250000 | 250000 |
| BNP Paribas SA, (4.48% (e), dated 2/21/25, <br>due 2/20/26; proceeds $940,732; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 6.38% due <br>11/4/25 - 8/15/55; valued at $918,000) | 900000 | 900000 |
| Canadian Imperial Bank of Commerce, (4.14%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$200,069; fully collateralized by various <br>U.S. Government obligations, 0.13% - 4.63% <br>due 1/15/26 - 2/15/51; valued at $204,000) | 200000 | 200000 |
| Citibank NA, (4.01%, dated 10/30/25, <br>due 11/6/25; proceeds $500,390; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 7.50% due <br>11/20/25 - 10/20/65; valued at $515,000) | 500000 | 500000 |
| Citigroup Global Markets, Inc., (4.21% (e), dated <br>10/8/25, due 4/8/26; proceeds $1,021,284; <br>fully collateralized by various U.S. Government <br>agency securities, 1.50% - 4.50% due <br>1/20/51 - 7/20/51; valued at $1,030,000) | 1000000 | 1000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Citigroup Global Markets, Inc., (4.71% (e), dated <br>7/25/25, due 1/22/26; proceeds $767,764; <br>fully collateralized by various U.S. Government <br>agency securities, 2.00% - 4.50% due <br>11/20/50 - 2/20/51; valued at $772,500) | $750000 | $750000 |
| Citigroup Global Markets, Inc., (4.40% (e), dated <br>7/8/25, due 1/8/26; proceeds $1,022,468; <br>fully collateralized by various U.S. Government <br>agency securities, 2.00% - 5.00% due <br>6/20/50 - 12/20/50; valued at $1,030,000) | 1000000 | 1000000 |
| Citigroup Global Markets, Inc., (4.29%, dated <br>5/6/25, due 11/5/25; proceeds $255,452; <br>fully collateralized by various U.S. Government <br>agency securities, 2.00% - 5.50% due <br>5/20/50 - 6/20/50; valued at $257,500) | 250000 | 250000 |
| Citigroup Global Markets, Inc., (4.16%, dated <br>10/31/25, due 11/3/25; proceeds $250,087; <br>fully collateralized by various U.S. Government <br>agency securities, 2.00% - 7.00% due <br>12/20/49 - 5/20/50; valued at $257,500) | 250000 | 250000 |
| Citigroup Global Markets, Inc., (4.36%, dated <br>5/22/25, due 11/18/25; proceeds $102,180; <br>fully collateralized by various U.S. Government <br>agency securities, 2.50% - 5.50% due <br>11/15/49 - 1/15/50; valued at $103,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.35%, dated <br>5/13/25, due 11/12/25; proceeds $255,528; <br>fully collateralized by various U.S. Government <br>agency securities, 2.50% - 6.50% due <br>5/15/49 - 11/20/49; valued at $257,500) | 250000 | 250000 |
| Citigroup Global Markets, Inc., (4.37%, dated <br>5/21/25, due 11/21/25; proceeds $102,234; <br>fully collateralized by various U.S. Government <br>agency securities, 3.00% - 5.50% due <br>12/15/47 - 1/20/48; valued at $103,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.37%, dated <br>5/29/25, due 11/28/25; proceeds $102,221; <br>fully collateralized by various U.S. Government <br>agency securities, 3.00% - 5.50% due <br>6/20/50; valued at $103,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.24% (e), dated <br>10/17/25, due 4/17/26; proceeds $510,705; <br>fully collateralized by various U.S. Government <br>agency securities, 3.00% - 7.00% due <br>1/20/48 - 5/20/49; valued at $515,000) | 500000 | 500000 |
| Citigroup Global Markets, Inc., (4.71% (e), dated <br>7/22/25, due 1/22/26; proceeds $1,024,078; <br>fully collateralized by various U.S. Government <br>agency securities, 3.00% - 7.00% due <br>2/20/48 - 9/20/55; valued at $1,030,000) | 1000000 | 1000000 |
| Citigroup Global Markets, Inc., (3.87%, dated <br>10/9/25, due 4/9/26; proceeds $101,957; <br>fully collateralized by various U.S. Government <br>agency securities, 3.02% - 7.00% due <br>7/1/55; valued at $103,000) | 100000 | 100000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Citigroup Global Markets, Inc., (4.35%, dated <br>7/8/25, due 12/8/25; proceeds $203,698; <br>fully collateralized by various U.S. Government <br>agency securities, 4.00% - 6.00% due <br>6/1/55 - 7/1/55; valued at $206,000) | $200000 | $200000 |
| Citigroup Global Markets, Inc., (4.30%, dated <br>7/25/25, due 1/26/26; proceeds $204,419; <br>fully collateralized by various U.S. Government <br>agency securities, 4.00% - 6.50% due <br>7/1/55; valued at $206,000) | 200000 | 200000 |
| Citigroup Global Markets, Inc., (4.16%, dated <br>8/19/25, due 2/18/26; proceeds $102,115; <br>fully collateralized by various U.S. Government <br>agency securities, 4.50% - 7.00% due <br>7/1/55; valued at $103,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.34%, dated <br>8/1/25, due 2/2/26; proceeds $102,230; <br>fully collateralized by various U.S. Government <br>agency securities, 5.00% - 6.50% due <br>6/1/55; valued at $103,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.37%, dated <br>6/9/25, due 12/9/25; proceeds $255,554; <br>fully collateralized by various U.S. Government <br>agency securities, 5.00% - 6.50% due <br>6/1/55 - 7/1/55; valued at $257,500) | 250000 | 250000 |
| Citigroup Global Markets, Inc., (4.10%, dated <br>8/14/25, due 2/17/26; proceeds $204,259; <br>fully collateralized by various U.S. Government <br>agency securities, 5.00% - 6.50% due <br>7/1/55; valued at $206,000) | 200000 | 200000 |
| Citigroup Global Markets, Inc., (4.31%, dated <br>7/16/25, due 1/16/26; proceeds $102,203; <br>fully collateralized by various U.S. Government <br>agency securities, 5.00% - 7.00% due <br>6/1/55; valued at $103,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.17%, dated <br>8/12/25, due 2/11/26; proceeds $204,240; <br>fully collateralized by various U.S. Government <br>agency securities, 5.00% - 7.00% due <br>7/1/55; valued at $206,000) | 200000 | 200000 |
| Citigroup Global Markets, Inc., (4.40% (e), dated <br>10/10/25, due 4/10/26; proceeds $408,898; <br>fully collateralized by various U.S. Government <br>obligations, 0.63% - 4.75% due <br>11/15/42 - 11/15/43; valued at $408,000) | 400000 | 400000 |
| Citigroup Global Markets, Inc., (4.05%, dated <br>10/31/25, due 11/3/25; proceeds $400,135; <br>fully collateralized by various U.S. Government <br>obligations, 0.63% - 4.75% due <br>11/15/42 - 11/15/43; valued at $408,000) | 400000 | 400000 |
| Credit Agricole Corporate and Investment Bank, <br>(3.90%, dated 10/31/25, due 11/3/25; <br>proceeds $250,081; fully collateralized by <br>various U.S. Government obligations, <br>0.00% - 4.75% due 11/15/25 - 2/15/50; <br>valued at $255,000) | 250000 | 250000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Credit Agricole Securities (USA), Inc. - Fixed <br>Income Clearing Corp., (4.15%, dated <br>10/31/25, due 11/3/25; proceeds $300,104; <br>fully collateralized by various U.S. Government <br>obligations, 3.13% - 4.25% due <br>1/15/28 - 11/15/41; valued at $306,000) | $300000 | $300000 |
| Daiwa Capital Markets America, Inc., (4.15%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$600,208; fully collateralized by various <br>U.S. Government agency securities, <br>2.00% - 7.50% due 11/13/26 - 10/1/55, <br>U.S. Government obligations, 1.25% - 3.75% <br>due 6/30/27 - 3/31/28; valued at $617,946) | 600000 | 600000 |
| Daiwa Capital Markets America, Inc., (4.14%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$300,104; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.88% <br>due 1/15/26 - 2/15/54; valued at $306,106) | 300000 | 300000 |
| Deutsche Bank Securities, Inc., (3.95%, dated <br>10/31/25, due 11/3/25; proceeds $250,082; <br>fully collateralized by various U.S. Government <br>obligations, 2.75% - 4.50% due <br>2/15/44 - 5/15/53; valued at $255,000) | 250000 | 250000 |
| Goldman Sachs & Co. LLC, (4.15%, dated <br>10/31/25, due 11/3/25; proceeds $500,173; <br>fully collateralized by various U.S. Government <br>obligations, 0.00% - 1.25% due <br>4/30/28 - 8/15/55; valued at $510,000) | 500000 | 500000 |
| Goldman Sachs & Co. LLC, (4.05%, dated <br>10/31/25, due 11/3/25; proceeds $250,084; <br>fully collateralized by various U.S. Government <br>obligations, 0.00% - 4.38% due <br>11/30/28 - 2/15/31; valued at $255,000) | 250000 | 250000 |
| JP Morgan Securities LLC, (4.05%, dated <br>10/29/25, due 11/4/25; proceeds <br>$200,135; fully collateralized by a <br>U.S. Government obligation, 0.75% <br>due 7/15/28; valued at $204,115) | 200000 | 200000 |
| JP Morgan Securities LLC, (4.36% (e), dated <br>7/3/25, due 11/7/25; proceeds <br>$2,284,600; fully collateralized by a <br>U.S. Government obligation, 1.63% <br>due 10/15/29; valued at $2,303,854) | 2250000 | 2250000 |
| JP Morgan Securities LLC, (4.43% (e), dated <br>6/1/22, due 1/30/26; proceeds $582,386; <br>fully collateralized by various U.S. Government <br>agency securities, 0.00% - 6.00% due <br>7/25/30 - 7/16/65; valued at $527,095) | 500000 | 500000 |
| JP Morgan Securities LLC, (4.50% (e), dated <br>5/23/22, due 1/30/26; proceeds $584,325; <br>fully collateralized by various U.S. Government <br>agency securities, 0.00% - 6.50% due <br>2/25/27 - 8/20/65; valued at $527,095) | 500000 | 500000 |
| JP Morgan Securities LLC, (4.43% (e), dated <br>4/28/22, due 1/30/26; proceeds $350,687; <br>fully collateralized by various U.S. Government <br>agency securities, 0.00% - 6.50% due <br>3/25/31 - 5/16/67; valued at $316,257) | 300000 | 300000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| JP Morgan Securities LLC, (4.39% (e), dated <br>6/11/25, due 11/7/25; proceeds $509,083; <br>fully collateralized by various U.S. Government <br>agency securities, 0.00% - 6.50% due <br>8/25/29 - 5/16/67; valued at $527,040) | $500000 | $500000 |
| JP Morgan Securities LLC, (4.43% (e), dated <br>8/17/21, due 1/30/26; proceeds $1,350,238; <br>fully collateralized by various U.S. Government <br>agency securities, 0.00% - 7.00% due <br>9/25/26 - 4/16/67; valued at $1,185,964) | 1125000 | 1125000 |
| JP Morgan Securities LLC, (4.23% (e), dated <br>10/7/25, due 11/7/25; proceeds $4,265,473; <br>fully collateralized by various U.S. Government <br>agency securities, 1.50% - 7.50% due <br>7/20/27 - 12/15/66; valued at $4,390,644) | 4250000 | 4250000 |
| JP Morgan Securities LLC, (4.14%, dated <br>10/31/25, due 11/4/25; proceeds <br>$1,581,727; fully collateralized by various <br>U.S. Government obligations, 0.00% - 0.88% <br>due 2/15/27 - 11/15/30; valued <br>at $1,613,176) | 1581000 | 1581000 |
| JP Morgan Securities, Inc. - Fixed Income <br>Clearing Corp., (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $2,350,813; fully <br>collateralized by various U.S. Government <br>agency securities, 1.50% - 7.50% due <br>9/20/29 - 9/15/66; valued at $2,421,337) | 2350000 | 2350000 |
| JP Morgan Securities, Inc. - Fixed Income <br>Clearing Corp., (4.14%, dated 10/31/25, <br>due 11/3/25; proceeds $1,127,389; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.88% due <br>12/11/25 - 6/30/30; valued at $1,149,937) | 1127000 | 1127000 |
| MUFG Securities Americas, Inc., (4.11%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$300,103; fully collateralized by various <br>U.S. Government agency securities, <br>0.00% - 7.00% due 3/1/26 - 10/25/55; <br>valued at $312,788) | 300000 | 300000 |
| MUFG Securities Canada Ltd., (4.15%, dated <br>10/31/25, due 11/3/25; proceeds <br>$1,200,415; fully collateralized by various <br>U.S. Government agency securities, <br>1.50% - 7.50% due 8/26/26 - 6/1/64, <br>U.S. Government obligations, 2.25% - 4.38% <br>due 5/15/29 - 5/15/49; valued <br>at $1,235,754) | 1200000 | 1200000 |
| MUFG Securities Canada Ltd., (4.14%, dated <br>10/31/25, due 11/3/25; proceeds <br>$500,173; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.88% <br>due 1/15/26 - 5/15/51; valued at $510,176) | 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Natixis SA, (Interest in $1,900,000 joint <br>repurchase agreement, 4.18%, dated <br>10/31/25 under which Natixis SA, will <br>repurchase the securities provided as <br>collateral for $1,900,662 on 11/3/25. <br>The securities provided as collateral at the <br>end of the period held with BNY Mellon, <br>tri-party agent, were various U.S. Government <br>agency securities and U.S. Government <br>obligations with various maturities to <br>4/1/56; valued at $1,942,325) | $1900000 | $1900000 |
| Natixis SA, (4.09% (e), dated 12/8/21, due <br>11/7/25; proceeds $87,185; fully <br>collateralized by various U.S. Government <br>agency securities, 1.90% - 7.00% due <br>7/1/29 - 2/20/68, U.S. Government <br>obligations, 0.00% - 4.88% due <br>4/16/26 - 2/15/54; valued at $76,665) | 75000 | 75000 |
| Natixis SA, (4.30%, dated 7/29/25, due <br>1/29/26; proceeds $204,396; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 7.00% due <br>2/1/29 - 10/1/55, U.S. Government <br>obligations, 2.25% - 4.50% due <br>7/31/29 - 11/15/48; valued at $205,790) | 200000 | 200000 |
| Natixis SA, (3.79%, dated 10/24/25, due <br>4/22/26; proceeds $101,895; fully <br>collateralized by various U.S. Government <br>agency securities, 2.30% - 7.00% due <br>2/1/29 - 10/1/55, U.S. Government <br>obligations, 0.63% - 4.63% due <br>6/30/26 - 8/15/46; valued at $102,002) | 100000 | 100000 |
| Natixis SA, (4.17%, dated 10/31/25, due <br>11/3/25; proceeds $500,174; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>11/15/25 - 5/15/50; valued at $510,000) | 500000 | 500000 |
| NatWest Markets Securities, Inc., (4.00%, <br>dated 10/30/25, due 11/6/25; proceeds <br>$1,200,933; fully collateralized by various <br>U.S. Government agency securities, <br>1.02% - 6.50% due 11/25/25 - 6/1/62; <br>valued at $1,236,384) | 1200000 | 1200000 |
| NatWest Markets Securities, Inc., (4.17%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$850,295; fully collateralized by various <br>U.S. Government agency securities, <br>4.50% - 6.00% due 9/1/48 - 8/1/55; <br>valued at $875,804) | 850000 | 850000 |
| NatWest Markets Securities, Inc., (3.99%, <br>dated 10/30/25, due 11/6/25; proceeds <br>$350,272; fully collateralized by various <br>U.S. Government obligations, 0.50% - 4.50% <br>due 8/31/26 - 8/15/33; valued at $357,277) | 350000 | 350000 |
| Nomura Securities International, Inc., (4.16%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$500,173; fully collateralized by various <br>U.S. Government agency securities, <br>0.00% - 4.95% due 1/29/26 - 9/26/33, <br>U.S. Government obligations, 0.00% - 4.38% <br>due 11/15/25 - 2/15/50; valued <br>at $510,044) | 500000 | 500000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Northern Trust Co. - Fixed Income Clearing Corp., <br>(4.10%, dated 10/31/25, due 11/3/25; <br>proceeds $1,200,410; fully collateralized by <br>various U.S. Government obligations, <br>3.88% - 4.13% due 12/1/31; valued <br>at $1,224,000) | $1200000 | $1200000 |
| Northern Trust Co. - Fixed Income Clearing Corp., <br>(4.12%, dated 10/31/25, due 11/3/25; <br>proceeds $1,000,343; fully collateralized by <br>various U.S. Government obligations, <br>4.00% - 4.13% due 10/31/29; valued <br>at $1,020,000) | 1000000 | 1000000 |
| Northwestern Mutual Life Insurance Co., <br>(4.18%, dated 10/31/25, due 11/3/25; <br>proceeds $600,209; fully collateralized by <br>various U.S. Government agency securities, <br>2.00% - 5.50% due 12/1/39 - 8/1/54; <br>valued at $618,000) | 600000 | 600000 |
| Prudential Legacy Insurance Co. of New Jersey, <br>(4.18%, dated 10/31/25, due 11/3/25; <br>proceeds $321,587; fully collateralized by <br>various U.S. Government obligations, <br>0.00% - 4.63% due 2/15/39 - 5/15/54; <br>valued at $327,905) | 321475 | 321475 |
| Royal Bank of Canada, (3.70% (e), dated 10/20/25, <br>due 5/1/26; proceeds $509,918; fully <br>collateralized by a U.S. Government obligation, <br>3.88% due 3/31/27; valued at $510,000) | 500000 | 500000 |
| Royal Bank of Canada, (3.84% (e), dated 9/30/25, <br>due 4/1/26; proceeds $2,039,040; fully <br>collateralized by various U.S. Government <br>agency securities, 1.27% - 7.50% due <br>9/1/26 - 9/1/63, U.S. Government obligations, <br>0.00% - 4.00% due 11/15/26 - 8/15/48; <br>valued at $2,059,953) | 2000000 | 2000000 |
| Royal Bank of Canada, (4.20% (e), dated 7/9/25, <br>due 2/2/26; proceeds $512,133; fully <br>collateralized by various U.S. Government <br>agency securities, 1.90% - 6.00% due <br>1/1/30 - 9/1/63; valued at $515,000) | 500000 | 500000 |
| Royal Bank of Canada, (4.09% (e), dated 9/2/25, <br>due 1/20/26; proceeds $2,031,811; fully <br>collateralized by various U.S. Government <br>agency securities, 2.00% - 7.50% due <br>8/1/38 - 10/1/55, U.S. Government <br>obligations, 0.00% - 4.63% due <br>11/6/25 - 2/15/55; valued at $2,040,021) | 2000000 | 2000000 |
| Royal Bank of Canada, (4.25% (e), dated 8/12/25, <br>due 11/10/25; proceeds $202,125; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.00% due <br>11/6/25 - 5/15/52; valued at $204,000) | 200000 | 200000 |
| Royal Bank of Canada, (3.85% (e), dated 9/24/25, <br>due 3/31/26; proceeds $1,020,106; fully <br>collateralized by various U.S. Government <br>obligations, 1.88% - 3.88% due <br>2/28/27 - 6/15/28; valued at $1,020,000) | 1000000 | 1000000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Royal Bank of Canada, (4.27% (e), dated 5/13/25, <br>due 11/10/25; proceeds $510,734; fully <br>collateralized by various U.S. Government <br>obligations, 2.00% - 4.00% due <br>1/15/26 - 12/15/27, U.S. Government <br>agency security, 6.00% due 10/1/54; <br>valued at $511,255) | $500000 | $500000 |
| Santander U.S. Capital Markets LLC, (4.11%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$500,171; fully collateralized by various <br>U.S. Government agency securities, <br>0.00% - 6.50% due 12/11/25 - 3/20/71, <br>U.S. Government obligations, 0.00% due <br>11/4/25 - 7/9/26; valued at $522,198) | 500000 | 500000 |
| Santander U.S. Capital Markets LLC, (4.11%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$200,069; fully collateralized by various <br>U.S. Government agency securities, <br>0.00% - 6.63% due 10/15/32 - 11/16/67, <br>U.S. Government obligations, 0.00% due <br>6/11/26 - 10/29/26; valued at $208,387) | 200000 | 200000 |
| Teacher Retirement System of Texas, (4.25%, <br>dated 11/3/25, due 11/4/25; proceeds <br>$1,001,075) (a) | 1000957 | 1000957 |
| Teacher Retirement System of Texas, (4.06%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$1,001,010; fully collateralized by various <br>U.S. Government obligations, 1.38% - 4.75% <br>due 11/15/40 - 11/15/53; valued <br>at $1,020,684) | 1000671 | 1000671 |
| Wells Fargo Bank NA, (4.01%, dated 10/30/25, <br>due 11/6/25; proceeds $1,000,780; fully <br>collateralized by a U.S. Government agency <br>security, 4.00% due 5/20/52; valued <br>at $1,030,000) | 1000000 | 1000000 |
| Wells Fargo Clearing Services LLC - Fixed Income <br>Clearing Corp., (4.00%, dated 10/30/25, <br>due 11/6/25; proceeds $400,311; fully <br>collateralized by a U.S. Government obligation, <br>4.25% due 6/30/29; valued at $408,000) | 400000 | 400000 |
| Wells Fargo Clearing Services LLC - Fixed Income <br>Clearing Corp., (4.15%, dated 10/31/25, <br>due 11/3/25; proceeds $1,000,346; fully <br>collateralized by various U.S. Government <br>obligations, 2.00% - 4.25% due <br>11/15/26 - 2/28/31; valued at $1,020,000) | 1000000 | 1000000 |
| Wells Fargo Securities LLC, (Interest in <br>$3,400,000 joint repurchase agreement, <br>4.16%, dated 10/31/25 under which Wells <br>Fargo Securities LLC, will repurchase the <br>securities provided as collateral for <br>$3,401,179 on 11/3/25. The securities <br>provided as collateral at the end of the period <br>held with BNY Mellon, tri-party agent, were <br>various U.S. Government agency securities <br>and U.S. Government obligations with various <br>maturities to 10/20/55; valued <br>at $3,488,645) | 2687000 | 2687000 |
| **Total Repurchase Agreements (Cost $80,903,103)** | **Total Repurchase Agreements (Cost $80,903,103)** | 80903103 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Agency Securities (13.4%) | U.S. Agency Securities (13.4%) | U.S. Agency Securities (13.4%) |
| Federal Farm Credit Bank, | Federal Farm Credit Bank, | Federal Farm Credit Bank, |
| Fed Funds Rate + 0.12%, 3.99%, 6/23/27 (b) | $97000 | $97000 |
| Fed Funds Rate + 0.18%, 4.05%, 9/23/27 (b) | 96000 | 96000 |
| SOFR + 0.12%, 4.16%, 7/30/27 - 8/27/27 (b) | 362000 | 362000 |
| Federal Reserve Bank Prime Loan <br>Rate - 3.08%, 4.17%, 12/18/26 (b) | 147000 | 147000 |
| SOFR + 0.13%, 4.17%, 9/2/27 - 10/22/27 (b) | 858000 | 858000 |
| SOFR + 0.14%, 4.18%, 9/9/26 - 11/4/26 (b) | 710000 | 710000 |
| SOFR + 0.15%, 4.19%, <br>11/27/26 - 10/14/27 (b) | 1226000 | 1226000 |
| Federal Reserve Bank Prime Loan <br>Rate - 3.06%, 4.19%, 3/23/27 (b) | 193000 | 193000 |
| SOFR + 0.16%, 4.20%, 11/14/25 (b) | 192000 | 192000 |
| Federal Reserve Bank Prime Loan <br>Rate - 2.99%, 4.26%, 10/2/26 (b) | 48000 | 48000 |
| Federal Home Loan Bank, | Federal Home Loan Bank, | Federal Home Loan Bank, |
| 3.77%, 4/14/26 (c) | 248000 | 243882 |
| 3.78%, 4/2/26 (c) | 238000 | 234331 |
| 3.79%, 3/18/26 (c) | 478000 | 471332 |
| 3.80%, 3/20/26 (c) | 478000 | 471220 |
| 3.81%, 4/1/26 (c) | 482000 | 474549 |
| 3.83%, 2/23/26 (c) | 240000 | 237185 |
| 3.84%, 3/11/26 (c) | 254000 | 250600 |
| 3.87%, 1/26/26 (c) | 96000 | 95144 |
| 3.88%, 1/30/26 (c) | 432000 | 427965 |
| 3.90%, 1/9/26 (c) | 191000 | 189631 |
| 3.91%, 12/30/25 (c) | 963000 | 957092 |
| 3.93%, 12/19/25 - 8/19/26 (c) | 225000 | 222687 |
| 3.95%, 4/16/26 (c) | 382000 | 375300 |
| 3.97%, 3/4/26 (c) | 564000 | 556620 |
| 3.98%, 3/3/26 (c) | 241000 | 237867 |
| 4.01%, 2/25/26 (c) | 241000 | 237999 |
| 4.02%, 2/3/26 - 3/6/26 (c) | 1208000 | 1193648 |
| SOFR - 0.01%, 4.03%, 2/17/26 (b) | 482000 | 482000 |
| 4.04%, 2/18/26 (c) | 408000 | 403205 |
| SOFR, 4.04%, 4/16/26 - 4/22/26 (b) | 1926000 | 1926000 |
| 4.05%, 2/9/26 (c) | 480000 | 474812 |
| 4.06%, 1/23/26 (c) | 239000 | 236852 |
| 4.07%, 1/22/26 (c) | 241000 | 238858 |
| 4.11%, 1/2/26 (c) | 588000 | 584016 |
| SOFR + 0.11%, 4.15%, 7/15/27 (b) | 198000 | 197964 |
| 4.17%, 12/26/25 (c) | 895000 | 889662 |
| 4.18%, 11/14/25 - 11/21/25 (c) | 394000 | 393207 |
| 4.21%, 11/12/25 (c) | 41000 | 40958 |
| SOFR + 0.17%, 4.21%, 9/24/27 (b) | 240000 | 240000 |
| 4.22%, 11/10/25 (c) | 96000 | 95923 |
| SOFR + 0.18%, 4.22%, <br>11/25/26 - 9/21/27 (b) | 1356000 | 1356000 |
| 4.23%, 11/6/25 (c) | 998000 | 997654 |
| SOFR + 0.19%, 4.23%, 12/18/26 (b) | 488000 | 488000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |
| SOFR + 0.08%, 4.12%, 1/8/27 (b) | $| 114000 | $| 114000 |
| SOFR + 0.13%, 4.17%, 8/25/27 (b) |  | 561000 |  | 561000 |
| SOFR + 0.14%, 4.18%, <br>10/23/26 - 10/6/27 (b) |  | 2735000 |  | 2735000 |
| **Total U.S. Agency Securities (Cost $23,261,163)** | **Total U.S. Agency Securities (Cost $23,261,163)** | **Total U.S. Agency Securities (Cost $23,261,163)** |  | 23261163 |
| U.S. Treasury Securities (34.6%) | U.S. Treasury Securities (34.6%) | U.S. Treasury Securities (34.6%) | U.S. Treasury Securities (34.6%) | U.S. Treasury Securities (34.6%) |
| U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, |
| 3.61%, 10/29/26 (d) |  | 448000 |  | 432439 |
| 3.76%, 4/30/26 (d) |  | 1119000 |  | 1098837 |
| 3.82%, 4/9/26 - 9/3/26 (d) |  | 928000 |  | 908578 |
| 3.84%, 3/26/26 - 4/2/26 (d) |  | 3379000 |  | 3327592 |
| 3.85%, 3/19/26 (d) |  | 509400 |  | 501916 |
| 3.89%, 2/3/26 (d) |  | 560000 |  | 554569 |
| 3.90%, 4/16/26 (d) |  | 1922000 |  | 1889394 |
| 3.91%, 1/29/26 - 2/17/26 (d) |  | 3848000 |  | 3811137 |
| 3.93%, 8/6/26 (d) |  | 594000 |  | 576859 |
| 3.97%, 12/30/25 (d) |  | 373000 |  | 370629 |
| 4.01%, 1/22/26 - 3/5/26 (d) |  | 1983000 |  | 1958874 |
| 4.02%, 12/11/25 (d) |  | 1135000 |  | 1130029 |
| 4.04%, 11/25/25 (d) |  | 1036000 |  | 1033321 |
| 4.06%, 12/16/25 - 1/2/26 (d) |  | 3518000 |  | 3496437 |
| 4.07%, 1/29/26 - 2/26/26 (d) |  | 1732000 |  | 1713107 |
| 4.08%, 11/20/25 (d) |  | 731000 |  | 729577 |
| 4.09%, 1/8/26 - 2/19/26 (d) |  | 929000 |  | 919659 |
| 4.10%, 12/4/25 - 7/9/26 (d) |  | 1857000 |  | 1840632 |
| 4.11%, 12/26/25 - 5/14/26 (d) |  | 2410000 |  | 2386543 |
| 4.12%, 11/28/25 - 6/11/26 (d) |  | 4535011 |  | 4506113 |
| 4.13%, 12/30/25 (d) |  | 401000 |  | 398448 |
| 4.14%, 11/12/25 (d) |  | 1077000 |  | 1075862 |
| 4.16%, 12/23/25 (d) |  | 1122000 |  | 1115689 |
| 4.17%, 2/19/26 (d) |  | 157000 |  | 155090 |
| 4.22%, 12/9/25 (d) |  | 1109000 |  | 1104448 |
| 4.25%, 11/13/25 (d) |  | 368000 |  | 367576 |
| 4.29%, 1/8/26 (d) |  | 523000 |  | 519021 |
| U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, |
| 0.38%, 12/31/25 - 1/31/26 |  | 1144000 |  | 1134668 |
| 0.63%, 7/31/26 |  | 296000 |  | 288667 |
| 0.75%, 3/31/26 |  | 310000 |  | 305811 |
| 1.13%, 10/31/26 |  | 298000 |  | 290567 |
| 1.50%, 8/15/26 |  | 449000 |  | 440552 |
| 1.63%, 2/15/26 - 5/15/26 |  | 723000 |  | 716286 |
| 1.88%, 6/30/26 |  | 88000 |  | 86929 |
| 2.25%, 11/15/25 |  | 158000 |  | 157897 |
| 2.63%, 12/31/25 |  | 316000 |  | 315214 |
| 3.50%, 9/30/26 |  | 451000 |  | 450170 |
| 3.75%, 4/15/26 - 8/31/26 |  | 580000 |  | 578736 |
| 3 Month Treasury Money Market Yield + <br>0.10%, 3.86%, 1/31/27 (b) |  | 1146000 |  | 1146049 |
| 3.88%, 1/15/26 |  | 559000 |  | 558551 |
| 3 Month Treasury Money Market Yield + <br>0.16%, 3.93%, 4/30/27 - 7/31/27 (b) |  | 4984935 |  | 4983778 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) |
| 3 Month Treasury Money Market Yield + <br>0.18%, 3.95%, 7/31/26 (b) | $| 1901850 | $1900905 |
| 3 Month Treasury Money Market Yield + <br>0.19%, 3.96%, 10/31/27 (b) |  | 1248000 | 1247965 |
| 3 Month Treasury Money Market Yield + <br>0.21%, 3.97%, 10/31/26 (b) |  | 2519000 | 2519607 |
| 4.00%, 12/15/25 |  | 77000 | 76967 |
| 4.13%, 6/15/26 |  | 300000 | 299988 |
| 4.25%, 12/31/25 - 11/30/26 |  | 909000 | 909998 |
| 4.50%, 11/15/25 - 7/15/26 |  | 716000 | 717888 |
| 4.63%, 2/28/26 - 11/15/26 |  | 1887000 | 1895286 |
| 4.88%, 11/30/25 - 5/31/26 |  | 1065000 | 1067835 |
| **Total U.S. Treasury Securities (Cost $60,012,690)** | **Total U.S. Treasury Securities (Cost $60,012,690)** | **Total U.S. Treasury Securities (Cost $60,012,690)** | 60012690 |
| **Total Investments (94.7%) (Cost $164,176,956) (f)(g)** | **Total Investments (94.7%) (Cost $164,176,956) (f)(g)** | **Total Investments (94.7%) (Cost $164,176,956) (f)(g)** | 164176956 |
| Other Assets in Excess of Liabilities (5.3%) | Other Assets in Excess of Liabilities (5.3%) | Other Assets in Excess of Liabilities (5.3%) | 9115658 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $173292614 |

---

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

(b) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

(d) Rate shown is the yield to maturity at October 31, 2025.

(e) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

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

SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Repurchase Agreements | 49.3% |
| U.S. Treasury Securities | 36.5 |
| U.S. Agency Securities | 14.2 |
| Total Investments | 100.0% |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Government Securities Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreement (3.5%) | Repurchase Agreement (3.5%) | Repurchase Agreement (3.5%) |
| Federal Reserve Bank of New York, (3.75%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$200,063; fully collateralized by a U.S. <br>Government obligation, 1.63% due 5/15/31; <br>valued at $200,063) **(Cost $200,000)** | $200000 | $200000 |
| U.S. Agency Securities (10.0%) | U.S. Agency Securities (10.0%) | U.S. Agency Securities (10.0%) |
| Federal Farm Credit Bank, | Federal Farm Credit Bank, | Federal Farm Credit Bank, |
| Fed Funds Rate + 0.12%, 3.99%, 6/23/27 (a) | 3000 | 3000 |
| Fed Funds Rate + 0.18%, 4.05%, 9/23/27 (a) | 3000 | 3000 |
| SOFR + 0.12%, 4.16%, 7/30/27 - 8/27/27 (a) | 11000 | 11000 |
| Federal Reserve Bank Prime Loan Rate - 3.08%, <br>4.17%, 12/18/26 (a) | 2000 | 2000 |
| SOFR + 0.13%, 4.17%, 9/22/27 - 10/22/27 (a) | 15000 | 15000 |
| SOFR + 0.14%, 4.18%, 9/9/26 - 11/4/26 (a) | 19000 | 19000 |
| SOFR + 0.15%, 4.19%, 12/4/26 - 10/1/27 (a) | 19000 | 19000 |
| Federal Reserve Bank Prime Loan Rate - 3.06%, <br>4.19%, 3/23/27 (a) | 6000 | 6000 |
| SOFR + 0.16%, 4.20%, 11/14/25 (a) | 7000 | 7000 |
| Federal Reserve Bank Prime Loan Rate - 2.99%, <br>4.26%, 10/2/26 (a) | 2000 | 2000 |
| Federal Home Loan Bank, | Federal Home Loan Bank, | Federal Home Loan Bank, |
| 3.78%, 4/2/26 (b) | 10000 | 9846 |
| 3.79%, 3/18/26 (b) | 19000 | 18735 |
| 3.80%, 3/20/26 (b) | 19000 | 18731 |
| 3.81%, 4/1/26 (b) | 15000 | 14768 |
| 3.83%, 2/23/26 (b) | 8000 | 7906 |
| 3.84%, 3/11/26 (b) | 8000 | 7893 |
| 3.87%, 1/26/26 (b) | 3000 | 2973 |
| 3.88%, 1/30/26 (b) | 15000 | 14860 |
| 3.90%, 1/9/26 (b) | 8000 | 7943 |
| 3.91%, 12/30/25 (b) | 30000 | 29816 |
| 3.93%, 12/19/25 - 8/19/26 (b) | 10000 | 9899 |
| 3.95%, 4/16/26 (b) | 14000 | 13754 |
| 3.97%, 3/4/26 (b) | 17000 | 16777 |
| 3.98%, 3/3/26 (b) | 7000 | 6909 |
| 4.01%, 2/25/26 (b) | 7000 | 6913 |
| 4.02%, 2/3/26 - 3/6/26 (b) | 66000 | 65214 |
| SOFR - 0.01%, 4.03%, 2/17/26 (a) | 15000 | 15000 |
| 4.04%, 2/18/26 (b) | 14000 | 13836 |
| SOFR, 4.04%, 4/16/26 - 4/22/26 (a) | 60000 | 60000 |
| 4.05%, 2/9/26 (b) | 17000 | 16816 |
| 4.06%, 1/23/26 (b) | 9000 | 8919 |
| 4.07%, 1/22/26 (b) | 7000 | 6938 |
| 4.11%, 1/2/26 (b) | 9000 | 8941 |
| SOFR + 0.11%, 4.15%, 7/15/27 (a) | 1000 | 1000 |
| 4.17%, 12/26/25 (b) | 11000 | 10934 |
| 4.18%, 11/14/25 - 11/21/25 (b) | 13000 | 12974 |
| 4.21%, 11/12/25 (b) | 1000 | 999 |
| SOFR + 0.17%, 4.21%, 9/24/27 (a) | 8000 | 8000 |
| 4.22%, 11/10/25 (b) | 3000 | 2998 |
| SOFR + 0.18%, 4.22%, 12/9/26 - 9/21/27 (a) | 24000 | 24000 |
| 4.23%, 11/6/25 (b) | 27000 | 26990 |
| SOFR + 0.19%, 4.23%, 12/18/26 (a) | 10000 | 10000 |
| **Total U.S. Agency Securities (Cost $568,282)** | **Total U.S. Agency Securities (Cost $568,282)** | 568282 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Treasury Securities (94.1%) | U.S. Treasury Securities (94.1%) | U.S. Treasury Securities (94.1%) |
| U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, |
| 3.61%, 10/29/26 (c) | $14000 | $13514 |
| 3.76%, 4/30/26 (c) | 36000 | 35352 |
| 3.82%, 4/9/26 - 9/3/26 (c) | 32000 | 31351 |
| 3.84%, 3/26/26 - 4/2/26 (c) | 116000 | 114237 |
| 3.85%, 3/19/26 (c) | 16800 | 16553 |
| 3.89%, 2/3/26 (c) | 19000 | 18816 |
| 3.90%, 4/16/26 (c) | 61000 | 59963 |
| 3.91%, 1/29/26 - 2/17/26 (c) | 121000 | 119842 |
| 3.93%, 8/6/26 (c) | 13000 | 12625 |
| 3.97%, 12/30/25 (c) | 11000 | 10930 |
| 3.98%, 12/2/25 (c)(d) | 1000000 | 996959 |
| 4.01%, 1/22/26 - 3/5/26 (c) | 58000 | 57293 |
| 4.02%, 12/11/25 (c) | 33000 | 32856 |
| 4.04%, 11/25/25 (c) | 531000 | 529715 |
| 4.06%, 12/16/25 - 1/2/26 (c) | 111000 | 110318 |
| 4.07%, 1/29/26 - 2/26/26 (c) | 53000 | 52419 |
| 4.08%, 11/20/25 (c) | 23000 | 22954 |
| 4.09%, 1/8/26 - 2/19/26 (c) | 30000 | 29701 |
| 4.10%, 11/18/25 - 7/9/26 (c) | 301000 | 300068 |
| 4.11%, 12/26/25 - 5/14/26 (c) | 75000 | 74290 |
| 4.12%, 11/28/25 - 6/11/26 (c) | 233857 | 232714 |
| 4.13%, 11/4/25 - 12/30/25 (c) | 61000 | 60931 |
| 4.14%, 11/12/25 (c) | 139000 | 138859 |
| 4.15%, 11/13/25 (c) | 301000 | 300679 |
| 4.16%, 12/23/25 (c) | 36000 | 35797 |
| 4.17%, 2/19/26 (c) | 5000 | 4939 |
| 4.20%, 11/4/25 (c) | 1264000 | 1263858 |
| 4.22%, 12/9/25 (c) | 33000 | 32865 |
| 4.29%, 1/8/26 (c) | 14000 | 13893 |
| U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, |
| 0.38%, 12/31/25 - 1/31/26 | 17000 | 16873 |
| 0.63%, 7/31/26 | 10000 | 9752 |
| 0.75%, 3/31/26 | 8000 | 7892 |
| 1.13%, 10/31/26 | 10000 | 9751 |
| 1.50%, 8/15/26 | 14000 | 13735 |
| 1.63%, 2/15/26 - 5/15/26 | 20000 | 19809 |
| 1.88%, 6/30/26 | 3000 | 2964 |
| 2.25%, 11/15/25 | 5000 | 4997 |
| 2.63%, 12/31/25 | 10000 | 9975 |
| 3.50%, 9/30/26 | 14000 | 13974 |
| 3.75%, 4/15/26 - 8/31/26 | 18000 | 17959 |
| 3 Month Treasury Money Market Yield + <br>0.10%, 3.86%, 1/31/27 (a) | 18000 | 18000 |
| 3.88%, 1/15/26 | 16000 | 15987 |
| 3 Month Treasury Money Market Yield + <br>0.16%, 3.93%, 4/30/27 - 7/31/27 (a) | 114000 | 113994 |
| 3 Month Treasury Money Market Yield + <br>0.18%, 3.95%, 7/31/26 (a) | 70000 | 69965 |
| 3 Month Treasury Money Market Yield + <br>0.19%, 3.96%, 10/31/27 (a) | 39000 | 38999 |
| 3 Month Treasury Money Market Yield + <br>0.21%, 3.97%, 10/31/26 (a) | 60000 | 60012 |
| 4.00%, 12/15/25 | 3000 | 2999 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Government Securities Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) |
| 4.13%, 6/15/26 | $| 10000 | $10000 |
| 4.25%, 12/31/25 - 11/30/26 |  | 26000 | 26033 |
| 4.50%, 11/15/25 - 7/15/26 |  | 25000 | 25069 |
| 4.63%, 2/28/26 - 11/15/26 |  | 58800 | 59095 |
| 4.88%, 11/30/25 - 5/31/26 |  | 31000 | 31087 |
| **Total U.S. Treasury Securities (Cost $5,323,212)** | **Total U.S. Treasury Securities (Cost $5,323,212)** | **Total U.S. Treasury Securities (Cost $5,323,212)** | 5323212 |
| **Total Investments (107.6%) (Cost $6,091,494) (e)(f)** | **Total Investments (107.6%) (Cost $6,091,494) (e)(f)** | **Total Investments (107.6%) (Cost $6,091,494) (e)(f)** | 6091494 |
| Liabilities in Excess of Other Assets (-7.6%) | Liabilities in Excess of Other Assets (-7.6%) | Liabilities in Excess of Other Assets (-7.6%) | (432560) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $5658934 |

---

(a) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

(c) Rate shown is the yield to maturity at October 31, 2025.

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

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

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

SOFR Secured Overnight Financing Rate.

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| U.S. Treasury Securities | 87.4% |
| U.S. Agency Securities | 9.3 |
| Other\* | 3.3 |
| Total Investments | 100.0% |

---

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

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Treasury Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (53.1%) | Repurchase Agreements (53.1%) | Repurchase Agreements (53.1%) |
| Bank of America Securities, Inc., (4.19% (a), <br>dated 7/16/25, due 1/16/26; proceeds <br>$255,354; fully collateralized by various <br>U.S. Government obligations, 0.00% - 2.13% <br>due 4/15/28 - 11/15/47; valued at <br>$255,000) | $250000 | $250000 |
| Bank of America Securities, Inc., (4.30% (a), <br>dated 10/24/25, due 4/24/26; proceeds <br>$51,087; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.63% <br>due 2/15/26 - 8/15/50; valued at $51,000) | 50000 | 50000 |
| Bank of America Securities, Inc., (4.40% (a), <br>dated 7/30/25, due 7/29/26; proceeds <br>$104,447; fully collateralized by various <br>U.S. Government obligations, 0.50% - 4.50% <br>due 5/15/27 - 11/15/32; valued at <br>$102,000) | 100000 | 100000 |
| Bank of America Securities, Inc., (4.30% (a), <br>dated 10/20/25, due 10/20/26; proceeds <br>$52,180; fully collateralized by various <br>U.S. Government obligations, 0.63% - 1.63% <br>due 1/15/26 - 2/15/26; valued at $51,000) | 50000 | 50000 |
| Bank of New York - Fixed Income Clearing Corp., <br>(4.13%, dated 10/31/25, due 11/3/25; <br>proceeds $3,801,308; fully collateralized by <br>various U.S. Government obligations, <br>0.00% - 4.13% due 10/29/26 - 2/15/33; <br>valued at $3,876,000) | 3800000 | 3800000 |
| Barclays Bank PLC, (4.34% (a), dated 7/9/25, <br>due 1/2/26; proceeds $102,136; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>11/20/25 - 11/15/54; valued at $102,392) | 100000 | 100000 |
| Barclays Bank PLC, (4.34% (a), dated 7/3/25, <br>due 1/2/26; proceeds $102,208; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 5.00% due <br>11/28/25 - 8/15/51; valued at $102,392) | 100000 | 100000 |
| Barclays Bank PLC, (4.34% (a), dated 7/1/25, <br>due 1/2/26; proceeds $102,232; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 6.38% due <br>11/13/25 - 8/15/52; valued at $102,392) | 100000 | 100000 |
| Barclays Bank PLC, (4.34% (a), dated 6/24/25, <br>due 11/6/25; proceeds $203,258; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 6.38% due <br>11/28/25 - 2/15/33; valued at $204,784) | 200000 | 200000 |
| BNP Paribas SA, (Interest in $900,000 joint <br>repurchase agreement, 4.14%, <br>dated 10/31/25 under which BNP Paribas <br>SA, will repurchase the securities provided as <br>collateral for $900,311 on 11/3/25. 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 2/15/55; <br>valued at $918,000) | 900000 | 900000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| BNP Paribas SA, (4.04% (a), dated 8/12/25, <br>due 2/12/26; proceeds $76,549; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.25% due <br>1/15/26 - 11/15/41; valued at $76,500) | $75000 | $75000 |
| BNP Paribas SA, (4.48% (a), dated 2/13/25, <br>due 2/13/26; proceeds $313,624; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.25% due <br>12/18/25 - 11/15/53; valued at $306,000) | 300000 | 300000 |
| BNP Paribas SA, (4.42% (a), dated 6/26/25, <br>due 6/25/26; proceeds $208,944; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.25% due <br>4/30/26 - 11/15/52; valued at $204,000) | 200000 | 200000 |
| BNP Paribas SA, (4.47% (a), dated 2/28/25, <br>due 2/27/26; proceeds $78,392; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.38% due <br>3/15/27 - 2/15/53; valued at $76,500) | 75000 | 75000 |
| BNP Paribas SA, (4.06% (a), dated 8/20/25, <br>due 2/19/26; proceeds $153,096; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/15/26 - 11/15/55; valued at $153,000) | 150000 | 150000 |
| BNP Paribas SA, (4.48% (a), dated 2/5/25, <br>due 2/5/26; proceeds $156,816; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/15/26 - 2/15/53; valued at $153,000) | 150000 | 150000 |
| BNP Paribas SA, (4.48% (a), dated 2/10/25, <br>due 2/10/26; proceeds $261,358; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>1/31/26 - 5/15/54; valued at $255,000) | 250000 | 250000 |
| BNP Paribas SA, (4.45% (a), dated 4/23/25, <br>due 4/23/26; proceeds $156,769; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>11/4/25 - 2/15/55; valued at $153,000) | 150000 | 150000 |
| BNP Paribas SA, (4.48% (a), dated 2/21/25, <br>due 2/20/26; proceeds $104,526; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.63% due <br>2/28/26 - 2/15/53; valued at $102,000) | 100000 | 100000 |
| BNP Paribas SA, (4.21% (a), dated 7/24/25, <br>due 1/26/26; proceeds $510,876; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.75% due <br>10/15/26 - 11/15/53; valued at $510,000) | 500000 | 500000 |
| BNP Paribas SA, (4.44% (a), dated 5/13/25, <br>due 5/13/26; proceeds $52,252; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.88% due <br>4/30/26 - 2/15/44; valued at $51,000) | 50000 | 50000 |
| BNP Paribas SA, (4.46% (a), dated 3/18/25, <br>due 3/18/26; proceeds $156,778; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 5.50% due <br>11/4/25 - 5/15/54; valued at $153,000) | 150000 | 150000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Treasury Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| BNP Paribas SA, (3.74% (a), dated 10/23/25, <br>due 4/23/26; proceeds $101,891; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 5.50% due <br>8/15/26 - 8/15/55; valued at $102,000) | $100000 | $100000 |
| Citigroup Global Markets, Inc., (4.35%, <br>dated 6/9/25, due 12/9/25; proceeds <br>$102,211; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.29%, <br>dated 7/8/25, due 1/8/26; proceeds <br>$102,193; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.28%, <br>dated 7/25/25, due 1/26/26; proceeds <br>$102,199; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.32%, <br>dated 8/1/25, due 2/2/26; proceeds <br>$102,220; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.15%, <br>dated 8/12/25, due 2/11/26; proceeds <br>$102,110; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.08%, <br>dated 8/14/25, due 2/17/26; proceeds <br>$102,119; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.14%, <br>dated 8/19/25, due 2/18/26; proceeds <br>$102,105; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (3.85%, <br>dated 10/9/25, due 4/9/26; proceeds <br>$101,946; fully collateralized by various <br>U.S. Government obligations, 0.00% - 1.75% <br>due 1/29/26 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.05%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$500,169; fully collateralized by various <br>U.S. Government obligations, 0.00% <br>due 1/15/26 - 3/26/26; valued at $510,000) | 500000 | 500000 |
| Citigroup Global Markets, Inc., (4.00%, <br>dated 10/30/25, due 11/6/25; proceeds <br>$500,389; fully collateralized by various <br>U.S. Government obligations, 0.63% - 4.75% <br>due 11/15/42 - 11/15/43; valued at <br>$510,000) | 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Citigroup Global Markets, Inc., (4.27%, <br>dated 5/6/25, due 11/5/25; proceeds <br>$102,171; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $102,000) | $100000 | $100000 |
| Citigroup Global Markets, Inc., (4.33%, <br>dated 5/13/25, due 11/12/25; proceeds <br>$102,201; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.35%, <br>dated 5/21/25, due 11/21/25; proceeds <br>$51,112; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $51,000) | 50000 | 50000 |
| Citigroup Global Markets, Inc., (4.34%, <br>dated 5/22/25, due 11/18/25; proceeds <br>$102,170; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.35%, <br>dated 5/29/25, due 11/28/25; proceeds <br>$102,211; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.35%, <br>dated 7/31/25, due 11/3/25; proceeds <br>$101,148; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $102,000) | 100000 | 100000 |
| Citigroup Global Markets, Inc., (4.40% (a), <br>dated 10/10/25, due 4/10/26; proceeds <br>$204,449; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $204,000) | 200000 | 200000 |
| Citigroup Global Markets, Inc., (4.23% (a), <br>dated 10/17/25, due 4/17/26; proceeds <br>$510,680; fully collateralized by various <br>U.S. Government obligations, 1.75% - 4.38% <br>due 6/30/27 - 8/15/41; valued at $510,000) | 500000 | 500000 |
| Credit Agricole Corporate and Investment Bank, <br>(Interest in $300,000 joint repurchase <br>agreement, 4.15%, dated 10/31/25 under <br>which Credit Agricole Corporate and <br>Investment Bank, will repurchase the <br>securities provided as collateral for $300,104 <br>on 11/3/25. The securities provided as <br>collateral at the end of the period held with <br>BNY Mellon, tri-party agent, were various <br>U.S. Government obligations with various <br>maturities to 11/15/32; valued at $306,000) | 300000 | 300000 |
| Credit Agricole Securities (USA), Inc. - Fixed <br>Income Clearing Corp., (4.15%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$200,069; fully collateralized by a U.S. <br>Government obligation, 3.13% due 11/15/41; <br>valued at $204,000) | 200000 | 200000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Treasury Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) | Repurchase Agreements (cont'd) |
| Deutsche Bank Securities, Inc., (4.15%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$500,173; fully collateralized by various <br>U.S. Government obligations, 0.00% - 3.88% <br>due 10/29/26 - 8/15/55; valued at $510,000) | $500000 | $500000 |
| Deutsche Bank Securities, Inc., (3.95%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$250,082; fully collateralized by various <br>U.S. Government obligations, 2.75% - 4.25% <br>due 5/15/42 - 2/15/54; valued at $255,000) | 250000 | 250000 |
| JP Morgan Securities LLC, (4.05%, <br>dated 10/29/25, due 11/4/25; proceeds <br>$65,044; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.00% <br>due 5/15/29 - 10/31/29; valued at $66,337) | 65000 | 65000 |
| JP Morgan Securities LLC, (4.36% (a), <br>dated 7/3/25, due 11/7/25; proceeds <br>$1,776,911; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.25% <br>due 1/31/30 - 1/15/31; valued at <br>$1,791,886) | 1750000 | 1750000 |
| JP Morgan Securities LLC, (4.14%, <br>dated 10/31/25, due 11/4/25; proceeds <br>$293,135; fully collateralized by various <br>U.S. Government obligations, 0.00% - 4.63% <br>due 10/31/27 - 11/15/46; valued at <br>$298,963) | 293000 | 293000 |
| Natixis SA, (Interest in $1,800,000 joint <br>repurchase agreement, 4.17%, <br>dated 10/31/25 under which Natixis SA, will <br>repurchase the securities provided as <br>collateral for $1,800,626 on 11/3/25. <br>The securities provided as collateral at the <br>end of the period held with BNY Mellon, <br>tri-party agent, were various U.S. Government <br>obligations with various maturities to <br>11/15/53; valued at $1,836,000) | 1800000 | 1800000 |
| Natixis SA, (3.78%, dated 10/24/25, <br>due 4/22/26; proceeds $101,890; fully <br>collateralized by various U.S. Government <br>obligations, 0.00% - 4.88% due <br>11/30/25 - 11/15/52; valued at $102,000) | 100000 | 100000 |
| Natixis SA, (4.28%, dated 7/29/25, <br>due 1/29/26; proceeds $102,188; fully <br>collateralized by various U.S. Government <br>obligations, 0.38% - 4.88% due <br>11/30/25 - 2/15/49; valued at $102,000) | 100000 | 100000 |
| Northern Trust Co. - Fixed Income Clearing Corp., <br>(4.10%, dated 10/31/25, due 11/3/25; <br>proceeds $800,273; fully collateralized by <br>various U.S. Government obligations, 3.88% <br>due 8/31/32; valued at $816,000) | 800000 | 800000 |
| Teacher Retirement System of Texas, (4.25%, <br>dated 11/3/25, due 11/4/25; proceeds <br>$500,415) (b) | 500356 | 500356 |
| Teacher Retirement System of Texas, (4.06%, <br>dated 10/31/25, due 11/3/25; proceeds <br>$500,838; fully collateralized by various <br>U.S. Government obligations, 1.75% - 2.25% <br>due 8/15/41 - 8/15/49; valued at $510,682) | 500668 | 500668 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Wells Fargo Clearing Services LLC - Fixed Income <br>Clearing Corp., (4.00%, dated 10/30/25, <br>due 11/6/25; proceeds $100,078; fully <br>collateralized by a U.S. Government obligation, <br>3.88% due 7/31/30; valued at $102,000) | $| 100000 | $ | 100000 |
| **Total Repurchase Agreements (Cost $18,209,024)** | **Total Repurchase Agreements (Cost $18,209,024)** | **Total Repurchase Agreements (Cost $18,209,024)** |  | 18209024 |
| U.S. Treasury Securities (44.4%) | U.S. Treasury Securities (44.4%) | U.S. Treasury Securities (44.4%) | U.S. Treasury Securities (44.4%) | U.S. Treasury Securities (44.4%) |
| U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, |
| 3.61%, 10/29/26 (c) |  | 85000 |  | 82047 |
| 3.76%, 4/30/26 (c) |  | 216000 |  | 212109 |
| 3.82%, 4/9/26 - 9/3/26 (c) |  | 173000 |  | 169398 |
| 3.84%, 3/26/26 - 4/2/26 (c) |  | 1034000 |  | 1018163 |
| 3.85%, 3/19/26 (c) |  | 240000 |  | 236442 |
| 3.89%, 2/3/26 (c) |  | 105000 |  | 103981 |
| 3.90%, 4/16/26 (c) |  | 500000 |  | 491446 |
| 3.91%, 1/29/26 - 2/17/26 (c) |  | 851000 |  | 842682 |
| 3.93%, 8/6/26 (c) |  | 170000 |  | 165096 |
| 3.97%, 12/30/25 (c) |  | 69000 |  | 68561 |
| 4.01%, 1/22/26 - 3/5/26 (c) |  | 375000 |  | 370457 |
| 4.02%, 12/11/25 (c) |  | 259000 |  | 257871 |
| 4.04%, 11/25/25 (c) |  | 205000 |  | 204470 |
| 4.06%, 12/16/25 - 1/2/26 (c) |  | 859000 |  | 853697 |
| 4.07%, 1/29/26 - 2/26/26 (c) |  | 356000 |  | 352099 |
| 4.08%, 11/20/25 (c) |  | 141000 |  | 140726 |
| 4.09%, 1/8/26 - 2/19/26 (c) |  | 199000 |  | 197005 |
| 4.10%, 12/4/25 - 7/9/26 (c) |  | 378000 |  | 374704 |
| 4.11%, 12/26/25 - 5/14/26 (c) |  | 773000 |  | 766304 |
| 4.12%, 11/28/25 - 6/11/26 (c) |  | 927654 |  | 921602 |
| 4.13%, 12/30/25 (c) |  | 75000 |  | 74522 |
| 4.14%, 11/12/25 (c) |  | 211000 |  | 210777 |
| 4.16%, 12/23/25 (c) |  | 219000 |  | 217768 |
| 4.17%, 2/19/26 (c) |  | 36000 |  | 35562 |
| 4.22%, 12/9/25 (c) |  | 217000 |  | 216109 |
| 4.25%, 11/13/25 (c) |  | 73000 |  | 72916 |
| 4.27%, 1/22/26 (c) |  | 338000 |  | 334901 |
| 4.28%, 12/11/25 (c) |  | 6000 |  | 5974 |
| 4.29%, 1/8/26 (c) |  | 98000 |  | 97254 |
| U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, |
| 0.38%, 12/31/25 - 1/31/26 |  | 212000 |  | 210275 |
| 0.63%, 7/31/26 |  | 59000 |  | 57538 |
| 0.75%, 3/31/26 |  | 56000 |  | 55243 |
| 1.13%, 10/31/26 |  | 57000 |  | 55578 |
| 1.50%, 8/15/26 |  | 88000 |  | 86340 |
| 1.63%, 2/15/26 - 5/15/26 |  | 143000 |  | 141650 |
| 1.88%, 6/30/26 |  | 17000 |  | 16793 |
| 2.25%, 11/15/25 |  | 28000 |  | 27982 |
| 2.63%, 12/31/25 |  | 56000 |  | 55861 |
| 3.50%, 9/30/26 |  | 83000 |  | 82847 |
| 3.75%, 4/15/26 - 8/31/26 |  | 124000 |  | 123734 |
| 3 Month Treasury Money Market Yield + <br>0.10%, 3.86%, 1/31/27 (d) |  | 512000 |  | 512003 |
| 3.88%, 1/15/26 |  | 98000 |  | 97921 |
| 3 Month Treasury Money Market Yield + <br>0.15%, 3.92%, 4/30/26 (d) |  | 57000 |  | 56999 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Treasury Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) | U.S. Treasury Securities (cont'd) |
| 3 Month Treasury Money Market Yield + <br>0.16%, 3.93%, 4/30/27 - 7/31/27 (d) | $| 1474462 | $1474123 |
| 3 Month Treasury Money Market Yield + <br>0.18%, 3.95%, 7/31/26 (d) |  | 657000 | 656733 |
| 3 Month Treasury Money Market Yield + <br>0.19%, 3.96%, 10/31/27 (d) |  | 631000 | 630987 |
| 3 Month Treasury Money Market Yield + <br>0.21%, 3.97%, 10/31/26 (d) |  | 885000 | 885317 |
| 4.00%, 12/15/25 |  | 15000 | 14994 |
| 4.13%, 6/15/26 |  | 55000 | 54998 |
| 4.25%, 12/31/25 - 11/30/26 |  | 161000 | 161187 |
| 4.50%, 11/15/25 - 7/15/26 |  | 137000 | 137352 |
| 4.63%, 2/28/26 - 11/15/26 |  | 344800 | 346354 |
| 4.88%, 11/30/25 - 5/31/26 |  | 212000 | 212587 |
| **Total U.S. Treasury Securities (Cost $15,250,039)** | **Total U.S. Treasury Securities (Cost $15,250,039)** | **Total U.S. Treasury Securities (Cost $15,250,039)** | 15250039 |
| **Total Investments (97.5%) (Cost $33,459,063) (e)(f)** | **Total Investments (97.5%) (Cost $33,459,063) (e)(f)** | **Total Investments (97.5%) (Cost $33,459,063) (e)(f)** | 33459063 |
| Other Assets in Excess of Liabilities (2.5%) | Other Assets in Excess of Liabilities (2.5%) | Other Assets in Excess of Liabilities (2.5%) | 843290 |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $34302353 |

---

(a) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

(c) Rate shown is the yield to maturity at October 31, 2025.

(d) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Repurchase Agreements | 54.4% |
| U.S. Treasury Securities | 45.6 |
| Total Investments | 100.0% |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Treasury Securities Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| U.S. Treasury Securities (103.3%) | U.S. Treasury Securities (103.3%) | U.S. Treasury Securities (103.3%) |
| U.S. Treasury Bill, | U.S. Treasury Bill, | U.S. Treasury Bill, |
| 3.61%, 10/29/26 (a) | $127000 | $122601 |
| 3.76%, 4/30/26 (a) | 500000 | 490996 |
| 3.78%, 4/23/26 (a) | 250000 | 245654 |
| 3.82%, 4/9/26 - 9/3/26 (a) | 447000 | 438361 |
| 3.83%, 2/24/26 (a) | 250000 | 247069 |
| 3.84%, 3/26/26 - 4/2/26 (a) | 1200000 | 1181788 |
| 3.85%, 3/19/26 (a) | 563000 | 554768 |
| 3.86%, 3/12/26 (a) | 334000 | 329533 |
| 3.88%, 2/10/26 (a) | 359000 | 355271 |
| 3.89%, 2/3/26 (a) | 500000 | 495158 |
| 3.90%, 4/16/26 (a) | 667000 | 655578 |
| 3.91%, 1/27/26 - 2/17/26 (a) | 1302000 | 1289608 |
| 3.92%, 1/20/26 (a) | 300000 | 297520 |
| 3.93%, 8/6/26 (a) | 284000 | 275796 |
| 3.95%, 1/13/26 (a) | 500000 | 496203 |
| 3.97%, 12/30/25 (a)(b) | 1000000 | 993949 |
| 3.98%, 12/2/25 (a)(b) | 1500000 | 1495438 |
| 4.01%, 1/22/26 - 3/5/26 (a) | 550000 | 544336 |
| 4.02%, 12/11/25 (a) | 1483000 | 1476846 |
| 4.04%, 11/25/25 - 12/9/25 (a) | 3100000 | 3090946 |
| 4.06%, 12/16/25 - 2/26/26 (a) | 4768000 | 4740138 |
| 4.07%, 12/2/25 - 1/15/26 (a) | 2306000 | 2294328 |
| 4.08%, 11/20/25 (a) | 1874000 | 1870456 |
| 4.09%, 11/18/25 - 2/19/26 (a) | 5780000 | 5766988 |
| 4.10%, 12/4/25 - 7/9/26 (a) | 2807000 | 2791080 |
| 4.11%, 12/26/25 - 5/14/26 (a) | 1324000 | 1312105 |
| 4.12%, 11/28/25 - 6/11/26 (a) | 5984123 | 5961945 |
| 4.13%, 12/30/25 (a) | 500000 | 496818 |
| 4.14%, 11/12/25 (a) | 2874000 | 2871079 |
| 4.15%, 11/13/25 (a) | 1471000 | 1469342 |
| 4.20%, 11/4/25 (a) | 2521000 | 2520712 |
| 4.23%, 11/6/25 (a) | 343000 | 342884 |
| 4.30%, 12/18/25 (a) | 83000 | 82569 |
| U.S. Treasury Notes, | U.S. Treasury Notes, | U.S. Treasury Notes, |
| 0.38%, 12/31/25 - 1/31/26 | 316000 | 313399 |
| 0.63%, 7/31/26 | 97000 | 94597 |
| 0.75%, 3/31/26 | 94000 | 92730 |
| 1.13%, 10/31/26 | 101000 | 98481 |
| 1.50%, 8/15/26 | 147000 | 144235 |
| 1.63%, 2/15/26 - 5/15/26 | 228000 | 225844 |
| 1.88%, 6/30/26 | 31000 | 30623 |
| 2.25%, 11/15/25 | 44000 | 43971 |
| 2.63%, 12/31/25 | 88000 | 87781 |
| 3.50%, 9/30/26 | 150000 | 149724 |
| 3.75%, 4/15/26 - 8/31/26 | 193000 | 192584 |
| 3 Month Treasury Money Market Yield + <br>0.10%, 3.86%, 1/31/27 (c) | 860000 | 860005 |
| 3.88%, 1/15/26 | 137000 | 136889 |
| 3 Month Treasury Money Market Yield + <br>0.15%, 3.92%, 4/30/26 (c) | 36000 | 36000 |
| 3 Month Treasury Money Market Yield + <br>0.16%, 3.93%, 4/30/27 - 7/31/27 (c) | 2416539 | 2415942 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| 3 Month Treasury Money Market Yield + <br>0.18%, 3.95%, 7/31/26 (c) | $| 1314000 | $1313759 |
| 3 Month Treasury Money Market Yield + <br>0.19%, 3.96%, 10/31/27 (c) |  | 1133000 | 1132977 |
| 3 Month Treasury Money Market Yield + <br>0.21%, 3.97%, 10/31/26 (c) |  | 1291000 | 1291409 |
| 4.00%, 12/15/25 |  | 31000 | 30987 |
| 3 Month Treasury Money Market Yield + <br>0.25%, 4.01%, 1/31/26 (c) |  | 465000 | 465081 |
| 4.13%, 6/15/26 |  | 97000 | 96996 |
| 4.25%, 12/31/25 - 11/30/26 |  | 263000 | 263341 |
| 4.50%, 11/15/25 - 7/15/26 |  | 237000 | 237629 |
| 4.63%, 2/28/26 - 11/15/26 |  | 597200 | 599952 |
| 4.88%, 11/30/25 - 5/31/26 |  | 354000 | 354984 |
| **Total U.S. Treasury Securities (Cost $58,307,783)** | **Total U.S. Treasury Securities (Cost $58,307,783)** | **Total U.S. Treasury Securities (Cost $58,307,783)** | 58307783 |
| **Total Investments (103.3%) (Cost $58,307,783) (d)(e)** | **Total Investments (103.3%) (Cost $58,307,783) (d)(e)** | **Total Investments (103.3%) (Cost $58,307,783) (d)(e)** | 58307783 |
| Liabilities in Excess of Other Assets (–3.3%) | Liabilities in Excess of Other Assets (–3.3%) | Liabilities in Excess of Other Assets (–3.3%) | (1882985) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $56424798 |

---

(a) Rate shown is the yield to maturity at October 31, 2025.

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

(c) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| U.S. Treasury Securities | 100.0% |
| Total Investments | 100.0% |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments

**Tax-Exempt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Weekly Variable Rate Bonds (a)^ (51.8%) | Weekly Variable Rate Bonds (a)^ (51.8%) | Weekly Variable Rate Bonds (a)^ (51.8%) |
| City of Colorado, CO,<br>Utilities System Refunding Revenue Bonds<br>Series 2009 C<br>3.32%, 11/1/28 | $5055 | $5055 |
| City of Jacksonville, FL,<br>Florida Pollution Control Revenue Refunding <br>Bonds (Florida Power & Light Company Project)<br>Series 1995<br>3.55%, 5/1/29 | 8500 | 8500 |
| Colorado Springs, CO,<br>Utilities System Improvement Revenue Bonds<br>Series 2012 A<br>3.15%, 11/1/41 | 11500 | 11500 |
| Columbus, OH,<br>Sewer Revenue Bonds<br>Series 2008 B<br>3.37%, 6/1/32 | 5000 | 5000 |
| County of Clark, NV Airport System Subordinate <br>Lien Revenue Bonds Series 2008D-2B (NV),<br>Airport System Revenue<br>3.25%, 7/1/40 | 5200 | 5200 |
| Escambia County, FL,<br>Solid Waste Disposal Revenue Bonds (Gulf <br>Power Company Project) First Series 2009<br>2.75%, 4/1/39 | 5000 | 5000 |
| Indiana Finance Authority Environmental Refunding <br>Revenue Bonds, Series 2009A-3, Duke Energy <br>Indiana, Inc. Project (IN),<br>Series 2009 A-3<br>3.33%, 12/1/39 | 5000 | 5000 |
| JPMorgan Chase Putters/Drivers Trust, AL,<br>Various States Certificates 5065<br>3.25%, 7/1/31 (b) | 5000 | 5000 |
| JPMorgan Chase Putters/Drivers Trust, NC,<br>Various States Certificates 5093<br>3.25%, 7/1/40 (b) | 7000 | 7000 |
| JPMorgan Chase Putters/Drivers Trust, PA,<br>Various States Certificates 5077<br>3.25%, 11/13/29 (b) | 9000 | 9000 |
| JPMorgan Chase Putters/Drivers Trust, SC,<br>Various States Certificates 5076<br>3.25%, 9/26/31 (b) | 4900 | 4900 |
| Long Island Power Authority, NY,<br>Electric System General Revenue Bonds<br>Series 2023 D<br>3.15%, 5/1/33 | 7000 | 7000 |
| Massachusetts Water Resources Authority, MA,<br>Multi-Modal Subordinated General Revenue <br>Refunding Bonds<br>Series 2025 E<br>3.20%, 8/1/31 | 7030 | 7030 |
| Metropolitan Sewerage District of Buncombe <br>County, NC,<br>North Carolina Sewerage System Revenue <br>Refunding Bonds<br>Series 2008 A<br>3.17%, 7/1/31 | 6040 | 6040 |
| Miami-Dade County Industrial Development <br>Authority, FL,<br>Revenue Refunding Bonds<br>Series 2021<br>3.35%, 5/1/46 | 6500 | 6500 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| 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<br>Series AA Subseries AA-2<br>3.15%, 6/15/46 | $6995 | $6995 |
| Water and Sewer System Second General <br>Resolution Revenue Bonds, Adjustable Rate <br>Fiscal 2007<br>Series CC<br>3.20%, 6/15/38 | 5000 | 5000 |
| New York City Transitional Finance Authority Future <br>Tax Secured Subordinate Bonds Fiscal 2023 <br>Series A (NY),<br>Future Tax Fiscal 2013<br>Series A Subseries A-7<br>3.20%, 8/1/39 | 5000 | 5000 |
| New York State Energy Research & Development <br>Authority, NY,<br>Facilities Revenue Bonds, Consolidated Edison <br>Co. Series 2005 Subseries A-2 <br>2.60%, 5/1/39 | 8100 | 8100 |
| Consolidated Edison Company of New York, Inc. <br>Project Facilities Revenue Bonds<br>Series 2005A Subseries 2005A-2<br>3.25%, 5/1/39 | 9500 | 9500 |
| Novant Health, Inc., NH,<br>National Finance Authority Health Care Facilities <br>Revenue Bonds Novant Health Obligated Group<br>Series 2024 C<br>3.17%, 11/1/64 | 5000 | 5000 |
| Orlando Utilities Commission, FL,<br>Utility System Revenue Bonds<br>Series 2008-1<br>3.27%, 10/1/33 | 4160 | 4160 |
| Pennsylvania Turnpike Commission, PA,<br>Series 2019<br>3.32%, 12/1/38 | 6200 | 6200 |
| RBC Municipal Products Inc Trust, GA,<br>Certificates E-155<br>3.26%, 1/1/27 (b) | 9000 | 9000 |
| RBC Municipal Products Inc Trust, MO,<br>Certificates E-158<br>3.25%, 7/1/28 (b) | 6475 | 6475 |
| RBC Municipal Products Inc Trust, NY,<br>Certificates E-159<br>3.25%, 9/1/28 (b) | 8000 | 8000 |
| Various States Certificates 166<br>3.25%, 8/1/29 (b) | 7000 | 7000 |
| RBC Municipal Products Inc Trust, OH,<br>Various States Certificates 164<br>3.25%, 8/1/28 (b) | 6500 | 6500 |
| Certificates C-22<br>3.26%, 7/15/35 (b) | 4910 | 4910 |
| RBC Municipal Products Inc Trust, SC,<br>Various States Certificates 165<br>3.25%, 9/1/28 (b) | 6500 | 6500 |
| RBC Municipal Products Inc Trust, VA,<br>Certificates C-20<br>3.26%, 5/1/39 (b) | 2000 | 2000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Tax-Exempt Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Weekly Variable Rate Bonds (a)^ (cont'd) | Weekly Variable Rate Bonds (a)^ (cont'd) | Weekly Variable Rate Bonds (a)^ (cont'd) | Weekly Variable Rate Bonds (a)^ (cont'd) | Weekly Variable Rate Bonds (a)^ (cont'd) |
| State of Texas, TX,<br>Veterans Bonds<br>Series 2022<br>3.25%, 6/1/53 | $| 5730 | $| 5730 |
| Tender Option Bond Trust Receipts/Certificates, AL,<br>Certificates 2023-BAML5063<br>3.42%, 11/1/54 (b) |  | 7000 |  | 7000 |
| Tender Option Bond Trust Receipts/Certificates, AZ,<br>Certificates 2023-BAML6007<br>3.37%, 4/1/56 (b) |  | 1900 |  | 1900 |
| Tender Option Bond Trust Receipts/Certificates, MA,<br>Certificates 2024-BAML5050<br>3.24%, 3/1/49 (b) |  | 5000 |  | 5000 |
| Certificates 2023-BAML6005<br>3.37%, 12/1/37 (b) |  | 9200 |  | 9200 |
| The Ohio State University, OH,<br>Variable Rate Demand General Receipts Bonds<br>Series 2023 A<br>3.10%, 6/1/43 |  | 5000 |  | 5000 |
| Triborough Bridge & Tunnel Authority, NY,<br>General Revenue Variable Rate Refunding Bonds<br>Subseries 2005 B-2B<br>3.20%, 1/1/32 |  | 7200 |  | 7200 |
| University of Texas System (TX),<br>Revenue Financing System Bonds<br>Series 2008B<br>3.25%, 8/1/39 |  | 4300 |  | 4300 |
| Utah Water Finance Agency, UT,<br>Series 2008 B-2<br>3.35%, 10/1/35 |  | 9700 |  | 9700 |
| Series 2008 B<br>3.35%, 10/1/37 |  | 8395 |  | 8395 |
| Wisconsin Housing & Economic Development <br>Authority Home Ownership Revenue,<br>2025 Series C<br>3.20%, 9/1/50 |  | 6900 |  | 6900 |
| **Total Weekly Variable Rate Bonds (Cost $268,390)** | **Total Weekly Variable Rate Bonds (Cost $268,390)** | **Total Weekly Variable Rate Bonds (Cost $268,390)** |  | 268390 |
| Daily Variable Rate Bonds (a)^ (16.8%) | Daily Variable Rate Bonds (a)^ (16.8%) | Daily Variable Rate Bonds (a)^ (16.8%) | Daily Variable Rate Bonds (a)^ (16.8%) | Daily Variable Rate Bonds (a)^ (16.8%) |
| City of San Antonio, TX,<br>Water System Subordinate Lien Revenue Bonds<br>Series 2025D<br>3.95%, 5/1/55 |  | 10000 |  | 10000 |
| East Baton Rouge Parish Industrial Development <br>Board Inc, LA,<br>Revenue Bonds, Exxonmobile Project<br>Series 2010 B<br>3.92%, 12/1/40 |  | 5000 |  | 5000 |
| Indiana Finance Authority, IN,<br>Environmental Refunding Duke Energy Indiana, Inc.<br>Series 2009 A-4<br>4.00%, 12/1/39 |  | 7000 |  | 7000 |
| Indiana Municipal Power Agency, IN,<br>Variable Rate Demand Power Supply System <br>Refunding Revenue Bonds<br>Series 2019 B<br>3.95%, 1/1/42 |  | 15000 |  | 15000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** | **Value<br>(000)** |
| Mississippi Business Finance Corp., MS,<br>Gulf Opportunity Zone Industrial Development <br>Revenue Bonds (Chevron U.S.A. Inc. Project)<br>Series 2007 B<br>3.95%, 12/1/30 | $| 11100 | $| 11100 |
| Gulf Opportunity Zone Industrial Development <br>Revenue Bonds (Chevron U.S.A. Inc. Project)<br>Series 2007 E<br>3.95%, 12/1/30 |  | 11200 |  | 11200 |
| New York City Municipal Water Finance Authority, NY,<br>Water and Sewer System Second General <br>Resolution Revenue Bonds, Adjustable Rate <br>Fiscal 2021 Series EE Subseries EE-1<br>3.95%, 6/15/45 |  | 10000 |  | 10000 |
| Ohio Water Development Authority, State of Ohio <br>Water Pollution Control Loan Fund Revenue <br>Bonds Series 2024C (OH),<br>Revenue Bonds<br>Series 2024C<br>4.00%, 12/1/54 |  | 18000 |  | 18000 |
| **Total Daily Variable Rate Bonds (Cost $87,300)** | **Total Daily Variable Rate Bonds (Cost $87,300)** | **Total Daily Variable Rate Bonds (Cost $87,300)** |  | 87300 |
| Commercial Paper (c) (14.6%) | Commercial Paper (c) (14.6%) | Commercial Paper (c) (14.6%) | Commercial Paper (c) (14.6%) | Commercial Paper (c) (14.6%) |
| Dallas Texas Waterworks & Sewer System Revenue <br>Series G (TX),<br>2.61%, 11/17/25 |  | 9600 |  | 9600 |
| Harris County Texas Toll Road First Lien Revenue <br>Series K (TX),<br>2.80%, 11/6/25 |  | 5000 |  | 5000 |
| Hennepin County Series C (MN),<br>2.58%, 2/3/26 |  | 5000 |  | 5000 |
| Illinois Finance Authority Revenue (IL),<br>2.70%, 12/15/25 |  | 5000 |  | 5000 |
| Illinois Finance Authority Revenue 8 (IL),<br>2.82%, 12/11/25 |  | 5000 |  | 5000 |
| Lower Colorado River Authority Series B (TX),<br>2.67%, 11/5/25 |  | 6500 |  | 6500 |
| Massachusetts State Developing Finance Agency <br>Revenue VRDO Series 2025A (MA),<br>2.75%, 12/2/25 |  | 5000 |  | 5000 |
| Metropolitan Government Nashville & Davidson <br>County Water & Sewer Revenue (TN),<br>2.64%, 2/3/26 |  | 5000 |  | 5000 |
| Nebraska Public Power Distribution Series A-1 (NE),<br>2.70%, 11/20/25 |  | 5000 |  | 5000 |
| New Jersey State Educational Facilities Authority <br>Revenue Series 1997 (NJ),<br>2.70%, 12/9/25 |  | 5000 |  | 5000 |
| Pennsylvania Higher Educational Facilities Authority <br>Revenue (PA),<br>2.75%, 11/12/25 |  | 5000 |  | 5000 |
| University Texas, Permanent University Fund <br>Series A (TX),<br>3.00%, 11/18/25 |  | 5000 |  | 5000 |
| University Texas, University Revenue Series A (TX),<br>2.67%, 4/7/26 |  | 4500 |  | 4500 |
| 2.71%, 3/3/26 - 3/4/26 |  | 5000 |  | 5000 |
| **Total Commercial Paper (Cost $75,600)** | **Total Commercial Paper (Cost $75,600)** | **Total Commercial Paper (Cost $75,600)** |  | 75600 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Tax-Exempt Portfolio**

---

| | | |
|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| Municipal Bonds & Notes (11.6%) | Municipal Bonds & Notes (11.6%) | Municipal Bonds & Notes (11.6%) |
| Bergen County Improvement Authority/The, NJ,<br>County Guaranteed Governmental Pooled <br>Project Notes<br>Series 2025 A<br>4.00%, 5/21/26 | $5000 | $5022 |
| County Guaranteed Project Note (Bergen New <br>Bridge Medical Center Project)<br>Series 2025<br>4.00%, 6/30/26 | 6800 | 6842 |
| County Guaranteed Governmental Pooled Loan <br>Project Notes<br>Series 2025 B<br>4.00%, 10/14/26 | 5000 | 5064 |
| Burlington County Bridge Commission, NJ,<br>Lease Revenue Notes (Government Leasing <br>Program)<br>Series 2024 D<br>4.25%, 12/11/25 | 1775 | 1777 |
| City of Austin, TX,<br>Texas Public Improvement & Refunding Bonds<br>Series 2025<br>5.00%, 9/1/26 | 920 | 937 |
| City of Charlotte, NC,<br>North Carolina General Obligation Refunding Bonds<br>Series 2025 B<br>5.00%, 7/1/26 (d) | 7470 | 7581 |
| City of San Antonio, TX,<br>Texas General Improvement Bonds<br>Series 2023<br>5.00%, 2/1/26 | 3800 | 3814 |
| Commonwealth of Virginia, VA,<br>General Obligation Refunding Bonds<br>Series 2024B<br>5.00%, 6/1/26 | 2500 | 2534 |
| Del Valle Independent School District, TX,<br>Unlimited Tax Refunding Bonds<br>Series 2025 B<br>5.00%, 6/15/26 | 2000 | 2029 |
| Hampton Roads Sanitation District, VA,<br>Subordinate Wastewater Revenue Bonds<br>Series 2025 A<br>5.00%, 7/15/26 | 2100 | 2133 |
| Houston Independent School District, TX,<br>Limited Tax Refunding Bonds<br>Series 2025 B<br>5.00%, 2/15/26 | 3750 | 3768 |
| Idaho Health Facilities Authority, ID,<br>Revenue Bonds Trinity Health Credit Group<br>Series 2015ID<br>5.00%, 12/1/25 | 2800 | 2800 |
| Monmouth County Improvement Authority, NJ,<br>(Monmouth County, New Jersey) Governmental <br>Pooled Loan Project Notes<br>Series 2025<br>4.00%, 3/13/26 | 5000 | 5021 |
| State of North Carolina, NC,<br>Limited Obligation Refunding Bonds<br>Series 2025 B<br>5.00%, 5/1/26 (d) | 5250 | 5306 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>Amount<br>(000)** | **Face<br>Amount<br>(000)** | **Value<br>(000)** |
| State of Tennessee, TN,<br>General Obligation Bonds<br>2023 Series A<br>5.00%, 5/1/26 | $| 4005 | $4053 |
| Texas Transportation Commission State of Texas,<br>General Obligation Mobility Fund Refunding Bonds<br>Series 2024<br>5.00%, 10/1/26 |  | 485 | 495 |
| General Obligation Mobility Fund Refunding Bonds<br>Series 2025<br>5.00%, 10/1/26 (d) |  | 1000 | 1022 |
| **Total Municipal Bonds & Notes (Cost $60,198)** | **Total Municipal Bonds & Notes (Cost $60,198)** | **Total Municipal Bonds & Notes (Cost $60,198)** | 60198 |
| Closed-End Investment Companies (a)^ (3.9%) | Closed-End Investment Companies (a)^ (3.9%) | Closed-End Investment Companies (a)^ (3.9%) | Closed-End Investment Companies (a)^ (3.9%) |
| Nuveen AMT-Free Municipal Credit Income Fund, OT,<br>Series 1<br>3.29%, 12/1/43 (b) |  | 10000 | 10000 |
| Nuveen AMT-Free Quality Municipal Income Fund, OT,<br>Series 4-4895<br>3.30%, 9/11/26 (b) |  | 10000 | 10000 |
| **Total Closed-End Investment Companies (Cost $20,000)** | **Total Closed-End Investment Companies (Cost $20,000)** | **Total Closed-End Investment Companies (Cost $20,000)** | 20000 |
| Quarterly Variable Rate Bonds (a) (2.6%) | Quarterly Variable Rate Bonds (a) (2.6%) | Quarterly Variable Rate Bonds (a) (2.6%) | Quarterly Variable Rate Bonds (a) (2.6%) |
| County of Montgomery, MD,<br>Maryland Revenue Bonds (CHE Trinity Health <br>Credit Group)<br>Series 2013<br>2.90%, 12/1/41 |  | 7500 | 7500 |
| Franklin County, OH,<br>CHE Trinity Health Credit Group<br>Series 2013<br>3.00%, 12/1/46 |  | 6000 | 6000 |
| **Total Quarterly Variable Rate Bonds (Cost $13,500)** | **Total Quarterly Variable Rate Bonds (Cost $13,500)** | **Total Quarterly Variable Rate Bonds (Cost $13,500)** | 13500 |
| **Total Investments (101.3%) (Cost $524,988) (e)(f)** | **Total Investments (101.3%) (Cost $524,988) (e)(f)** | **Total Investments (101.3%) (Cost $524,988) (e)(f)** | 524988 |
| Liabilities in Excess of Other Assets ((1.3)%) | Liabilities in Excess of Other Assets ((1.3)%) | Liabilities in Excess of Other Assets ((1.3)%) | (6594) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $518394 |

---

(a) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

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

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

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

^ The dates disclosed are the final maturity dates. Principal owed can be recovered through demand on the interest reset dates.

LOC Letter of Credit.

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

------

**2025 Annual Report**

**October 31, 2025**

Portfolio of Investments (cont'd)

**Tax-Exempt Portfolio**

**Portfolio Composition**

---

| | |
|:---|:---|
| **Classification** | **Percentage of<br>Total Investments** |
| Weekly Variable Rate Bonds | 51.1% |
| Daily Variable Rate Bonds | 16.6 |
| Commercial Paper | 14.4 |
| Municipal Bonds & Notes | 11.5 |
| Other\* | 6.4 |
| Total Investments | 100.0% |

---

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

---

| | | |
|:---|:---|:---|
| **State/Territory** | **Value<br>(000)** | **Percentage of<br>Net Assets** |
| New York | $73795 | 14.2% |
| Texas | 67695 | 13.1 |
| Massachusetts | 46230 | 8.9 |
| Ohio | 45410 | 8.8 |
| New Jersey | 28726 | 5.5 |
| Indiana | 27000 | 5.2 |
| North Carolina | 25927 | 5.0 |
| Florida | 24160 | 4.7 |
| Mississippi | 22300 | 4.3 |
| Pennsylvania | 20200 | 3.9 |
| Utah | 18095 | 3.5 |
| Colorado | 16555 | 3.2 |
| Alabama | 12000 | 2.3 |
| South Carolina | 11400 | 2.2 |
| Illinois | 10000 | 1.9 |
| Tennessee | 9053 | 1.7 |
| Georgia | 9000 | 1.7 |
| Maryland | 7500 | 1.4 |
| Wisconsin | 6900 | 1.3 |
| Virginia | 6667 | 1.3 |
| Missouri | 6475 | 1.3 |
| Nevada | 5200 | 1.0 |
| Louisiana | 5000 | 1.0 |
| Minnesota | 5000 | 1.0 |
| New Hampshire | 5000 | 1.0 |
| Nebraska | 5000 | 1.0 |
| Idaho | 2800 | 0.5 |
| Arizona | 1900 | 0.4 |
|  | $524988 | 101.3% |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Money Market<br>Portfolio<br>(000)** | **Prime<br>Portfolio<br>(000)** | **Government<br>Portfolio<br>(000)** | **Government<br>Securities<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $3560868 | $12386481 | $164176956 | $6091494 |
| Total Investments in Securities, at Value<sup>(1)</sup> | 3560868 | 12388040 | 164176956 | 6091494 |
| Cash | 100761 | 600663 | 9239558 | 542638 |
| Receivable for Investments Sold |  |  | 1015276 | 32655 |
| Interest Receivable | 6992 | 18739 | 583750 | 3612 |
| Receivable for Portfolio Shares Sold | 2869 |  |  |  |
| Other Assets | 316 | 647 | 4248 | 1750 |
| **Total Assets** | 3671806 | 13008089 | 175019788 | 6672149 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased |  | 2219 | 1372352 | 1008812 |
| Dividends Payable | 824 | 14849 | 313623 | 1974 |
| Payable for Advisory Fees | 316 | 1563 | 14050 | 490 |
| Payable for Portfolio Shares Redeemed | 1855 | 1653 | 11439 | 21 |
| Payable for Administration Fees | 166 | 585 | 7482 | 242 |
| Payable for Administration Plan Fees — Wealth S/Institutional Select Class |  | 2 | 317 |  |
| Payable for Administration Plan Fees — Investor Class |  |  | 649 |  |
| Payable for Administration Plan Fees — Administrative Class |  |  | 110 |  |
| Payable for Administration Plan Fees — Institutional Plus Class |  |  |  |  |
| Payable for Service and Shareholder Administration Plan Fees — <br>Advisory Class |  |  | 541 | 6 |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Participant Class |  |  | 1387 | 1054 |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Cash Management Class |  |  |  |  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — <br>Select Class |  |  |  |  |
| Payable for Custodian Fees | 40 | 84 | 1104 | 41 |
| Payable for Professional Fees | 53 | 102 | 74 | 57 |
| Payable for Transfer Agency Fees | 9 | 24 | 32 | 4 |
| Other Liabilities | 128 | 541 | 4014 | 514 |
| **Total Liabilities** | 3391 | 21622 | 1727174 | 1013215 |
| **Net Assets** | $3668415 | $12986467 | $173292614 | $5658934 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $3669550 | $13000844 | $173327886 | $5661077 |
| Total Accumulated Loss | (1135 | (14377 | (35272 | (2143 |
| **Net Assets** | $3668415 | $12986467 | $173292614 | $5658934 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Repurchase Agreements, at Value | $2045000 | $6992000 | $80903103 | $200000 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Money Market<br>Portfolio<br>(000)** | **Prime<br>Portfolio<br>(000)** | **Government<br>Portfolio<br>(000)** | **Government<br>Securities<br>Portfolio<br>(000)** |
| **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** |
| **Net Assets** | $3583782 | $11870484 | $146784735 | $730183 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 3583762903 | 11868454201 | 146811266924 | 730283424 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.0002 | $1.000 | $1.000 |
| **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** |
| **Net Assets** | $60 | $43154 | $7370753 | $59 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 59810 | 43159027 | 7374882644 | 58959 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $0.9999 | $1.000 | $1.000 |
| **INVESTOR CLASS:** | **INVESTOR CLASS:** | **INVESTOR CLASS:** | **INVESTOR CLASS:** | **INVESTOR CLASS:** |
| **Net Assets** | $— | $— | $7282560 | $59 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) |  |  | 7283270523 | 58816 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $1.000 | $1.000 |
| **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** |
| **Net Assets** | $— | $— | $719189 | $59 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) |  |  | 719272793 | 58676 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $1.000 | $1.000 |
| **ADVISORY CLASS:** | **ADVISORY CLASS:** | **ADVISORY CLASS:** | **ADVISORY CLASS:** | **ADVISORY CLASS:** |
| **Net Assets** | $59 | $60 | $2283282 | $14548 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 59181 | 59973 | 2283654196 | 14552717 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.0002 | $1.000 | $1.000 |
| **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** |
| **Net Assets** | $58 | $— | $2979571 | $4913893 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 58485 |  | 2980054585 | 4914916279 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $— | $1.000 | $1.000 |
| **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** |
| **Net Assets** | $1526 | $362 | $204 | $133 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 1536067 | 361836 | 202765 | 133462 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $0.9999 | $1.000 | $1.000 |
| **SELECT CLASS:** | **SELECT CLASS:** | **SELECT CLASS:** | **SELECT CLASS:** | **SELECT CLASS:** |
| **Net Assets** | $56 | $— | $57 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 56069 |  | 57181 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $— | $1.000 | $— |
| **CASTLEOAK SHARES CLASS:** | **CASTLEOAK SHARES CLASS:** | **CASTLEOAK SHARES CLASS:** | **CASTLEOAK SHARES CLASS:** | **CASTLEOAK SHARES CLASS:** |
| **Net Assets** | $— | $997323 | $3071939 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) |  | 997184633 | 3072076086 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.0001 | $1.000 | $— |
| **IMPACT CLASS:** | **IMPACT CLASS:** | **IMPACT CLASS:** | **IMPACT CLASS:** | **IMPACT CLASS:** |
| **Net Assets** | $— | $50 | $1637455 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) |  | 50015 | 1637628478 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.0002 | $1.000 | $— |
| **IMPACT PARTNER CLASS:** | **IMPACT PARTNER CLASS:** | **IMPACT PARTNER CLASS:** | **IMPACT PARTNER CLASS:** | **IMPACT PARTNER CLASS:** |
| **Net Assets** | $14851 | $75034 | $1091762 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 14851019 | 75019991 | 1091731626 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.0002 | $1.000 | $— |
| **ADVISOR CLASS:** | **ADVISOR CLASS:** | **ADVISOR CLASS:** | **ADVISOR CLASS:** | **ADVISOR CLASS:** |
| **Net Assets** | $68023 | $— | $71057 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 68022942 |  | 71055787 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $— | $1.000 | $— |
| **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** |
| **Net Assets** | $— | $— | $50 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) |  |  | 50374 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $— | $1.000 | $— |

---

@ Amount is less than $500.

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| | **Treasury<br>Portfolio<br>(000)** | **Treasury<br>Securities<br>Portfolio<br>(000)** | **Tax-Exempt<br>Portfolio<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Investments in Securities of Unaffiliated Issuers, at Cost | $33459063 | $58307783 | $524988 |
| Total Investments in Securities, at Value<sup>(1)</sup> | 33459063 | 58307783 | 524988 |
| Cash | 1160188 | 474763 | 4438 |
| Receivable for Investments Sold | 192967 | 423200 | 5001 |
| Interest Receivable | 104070 | 28526 | 2357 |
| Receivable for Portfolio Shares Sold | 21111 |  |  |
| Other Assets | 1215 | 1617 | 158 |
| **Total Assets** | 34938614 | 59235889 | 536942 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for Investments Purchased | 569498 | 2736325 | 18218 |
| Dividends Payable | 56367 | 51466 | 105 |
| Payable for Portfolio Shares Redeemed | 1818 | 11498 | 109 |
| Payable for Advisory Fees | 4076 | 7369 | 6 |
| Payable for Administration Fees | 1439 | 2570 | 19 |
| Payable for Administration Plan Fees — Wealth S/Institutional Select Class | 166 |  |  |
| Payable for Administration Plan Fees — Investor Class | 7 | 6 |  |
| Payable for Administration Plan Fees — Administrative Class | 5 | 14 |  |
| Payable for Administration Plan Fees — Institutional Plus Class |  |  |  |
| Payable for Service and Shareholder Administration Plan Fees — Advisory Class | 92 | 4 |  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — Participant Class | 1432 | 11 |  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — Cash Management Class |  | 1 |  |
| Payable for Distribution Plan and Shareholder Services Plan Fees — Select Class |  |  |  |
| Payable for Custodian Fees | 202 | 330 | 6 |
| Payable for Professional Fees | 61 | 43 | 55 |
| Payable for Transfer Agency Fees | 10 | 19 | 6 |
| Other Liabilities | 1088 | 1435 | 24 |
| **Total Liabilities** | 636261 | 2811091 | 18548 |
| **Net Assets** | $34302353 | $56424798 | $518394 |
| **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** | **Net Assets Consist of:** |
| Paid-in-Capital | $34312562 | $56435722 | $518419 |
| Total Accumulated Loss | (10209 | (10924 | (25 |
| **Net Assets** | $34302353 | $56424798 | $518394 |
| **<sup>(1</sup><sup>)</sup> Including:**<br> Repurchase Agreements, at Value | $18209024 | $— | $— |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Assets and Liabilities (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| | **Treasury<br>Portfolio<br>(000)** | **Treasury<br>Securities<br>Portfolio<br>(000)** | **Tax-Exempt<br>Portfolio<br>(000)** |
| **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** | **WEALTH/INSTITUTIONAL CLASS:** |
| **Net Assets** | $26757217 | $56202440 | $518048 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 26763198004 | 56212465886 | 518063754 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 |
| **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** | **WEALTH S/INSTITUTIONAL SELECT CLASS:** |
| **Net Assets** | $3574031 | $8706 | $56 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 3576378791 | 8711147 | 55665 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 |
| **INVESTOR CLASS:** | **INVESTOR CLASS:** | **INVESTOR CLASS:** | **INVESTOR CLASS:** |
| **Net Assets** | $57265 | $59676 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 57291863 | 59677149 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— |
| **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** | **ADMINISTRATIVE CLASS:** |
| **Net Assets** | $34752 | $105923 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 34754103 | 105931667 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— |
| **ADVISORY CLASS:** | **ADVISORY CLASS:** | **ADVISORY CLASS:** | **ADVISORY CLASS:** |
| **Net Assets** | $412496 | $17292 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 412630153 | 17299223 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— |
| **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** | **PARTICIPANT CLASS:** |
| **Net Assets** | $3300819 | $23659 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 3301434940 | 23668609 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— |
| **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** | **CASH MANAGEMENT CLASS:** |
| **Net Assets** | $2007 | $6845 | $190 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 2005830 | 6849648 | 190191 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 |
| **SELECT CLASS:** | **SELECT CLASS:** | **SELECT CLASS:** | **SELECT CLASS:** |
| **Net Assets** | $57 | $57 | $50 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 57030 | 56906 | 50000 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 |
| **IMPACT CLASS:** | **IMPACT CLASS:** | **IMPACT CLASS:** | **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) |  | 50000 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.000 | $— |
| **IMPACT PARTNER CLASS:** | **IMPACT PARTNER CLASS:** | **IMPACT PARTNER CLASS:** | **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) |  | 50000 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $— | $1.000 | $— |
| **ADVISOR CLASS:** | **ADVISOR CLASS:** | **ADVISOR CLASS:** | **ADVISOR CLASS:** |
| **Net Assets** | $163659 | $50 | $50 |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 163656897 | 50000 | 50000 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $1.000 |
| **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** | **INSTITUTIONAL PLUS CLASS:** |
| **Net Assets** | $50 | $50 | $— |
| **Shares Outstanding** $0.01 par value shares of beneficial interest<br>(unlimited number of shares authorized) (not in 000's) | 50368 | 50364 |  |
| **Net Asset Value, Offering and Redemption Price Per Share** | $1.000 | $1.000 | $— |

---

@ Amount is less than $500.

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Money Market<br>Portfolio<br>(000)** | **Prime<br>Portfolio<br>(000)** | **Government<br>Portfolio<br>(000)** | **Government<br>Securities<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Interest | $159464 | $597266 | $7741963 | $233309 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 5228 | 19533 | 262602 | 8000 |
| Administration Fees (Note C) | 1743 | 6511 | 87534 | 2667 |
| Professional Fees | 312 | 581 | 371 | 332 |
| Registration Fees | 232 | 209 | 518 | 839 |
| Custodian Fees (Note F) | 123 | 250 | 2982 | 113 |
| Transfer Agency Fees (Note E) | 107 | 253 | 331 | 30 |
| Shareholder Reporting Fees | 53 | 83 | 260 | 61 |
| Trustees' Fees and Expenses | 53 | 195 | 2457 | 85 |
| Pricing Fees | 31 | 205 | 63 | 41 |
| Administration Plan Fees — Wealth S/Institutional Select Class (Note D) |  | 17 | 3122 |  |
| Administration Plan Fees — Investor Class (Note D) |  |  | 6640 |  |
| Administration Plan Fees — Administrative Class (Note D) |  |  | 638 |  |
| Administration Plan Fees — Institutional Plus Class (Note D) |  |  |  |  |
| Service and Shareholder Administration Plan Fees — Advisory Class (Note D) |  |  | 7459 | 102 |
| Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |  |  | 15324 | 22321 |
| Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) | 2 | 1 | 1 |  |
| Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) |  |  |  |  |
| Other Expenses | 88 | 322 | 1106 | 126 |
| Total Expenses | 7972 | 28160 | 391408 | 34717 |
| Waiver of Advisory Fees (Note B) | (1867 | (2100 | (92749 | (1627 |
| Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) |  |  |  | (11161 |
| Net Expenses | 6105 | 26060 | 298659 | 21929 |
| **Net Investment Income** | 153359 | 571206 | 7443304 | 211380 |
| **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** | **Realized Gain:** |
| Investments Sold | 42 | 561 | 3718 | 308 |
| **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** | **Change in Unrealized Appreciation (Depreciation):** |
| Investments |  | (2436 |  |  |
| **Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)** | 42 | (1875 | 3718 | 308 |
| Net Increase in Net Assets Resulting from Operations | $153401 | $569331 | $7447022 | $211688 |

---

@ Amount is less than $500.

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| | **Treasury<br>Portfolio<br>(000)** | **Treasury<br>Securities<br>Portfolio<br>(000)** | **Tax-Exempt<br>Portfolio<br>(000)** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Interest | $1446950 | $2409506 | $14421 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Advisory Fees (Note B) | 49268 | 82876 | 762 |
| Administration Fees (Note C) | 16423 | 27625 | 254 |
| Administration Plan Fees — Wealth S/Institutional Select Class (Note D) | 1736 | 4 |  |
| Administration Plan Fees — Investor Class (Note D) | 183 | 43 |  |
| Administration Plan Fees — Administrative Class (Note D) | 43 | 181 |  |
| Administration Plan Fees — Institutional Plus Class (Note D) |  |  |  |
| Service and Shareholder Administration Plan Fees — Advisory Class (Note D) | 1103 | 37 |  |
| Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D) | 15667 | 253 |  |
| Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D) | 4 | 10 |  |
| Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D) |  |  |  |
| Custodian Fees (Note F) | 572 | 968 | 18 |
| Trustees' Fees and Expenses | 458 | 774 | 13 |
| Professional Fees | 411 | 382 | 318 |
| Registration Fees | 244 | 279 | 182 |
| Transfer Agency Fees (Note E) | 111 | 165 | 62 |
| Shareholder Reporting Fees | 52 | 167 | 16 |
| Pricing Fees | 38 | 34 | 28 |
| Other Expenses | 323 | 411 | 76 |
| Total Expenses | 86636 | 114209 | 1729 |
| Waiver of Advisory Fees (Note B) | (2209 | (3180 | (691 |
| Waiver of Administration Fees (Note C) |  |  | (23 |
| Net Expenses | 84427 | 111029 | 1015 |
| **Net Investment Income** | 1362523 | 2298477 | 13406 |
| **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** | **Realized Gain (Loss):** |
| Investments Sold | 525 | 2082 | (2 |
| Net Increase in Net Assets Resulting from Operations | $1363048 | $2300559 | $13404 |

---

@ Amount is less than $500.

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Money Market<br>Portfolio** | **Money Market<br>Portfolio** | **Prime<br>Portfolio** | **Prime<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $153359 | $128861 | $571206 | $852454 |
| Net Realized Gain | 42 | 2 | 561 | 23 |
| Net Change in Unrealized Appreciation (Depreciation) |  |  | (2436) | 2142 |
| Net Increase in Net Assets Resulting from Operations | 153401 | 128863 | 569331 | 854619 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Wealth/Institutional Class** | (150813) | (128337 | (510757) | (774692 |
| **Wealth S/Institutional Select Class** | (3) | (3 | (1500) | (1291 |
| **Advisory Class** | (2) | (3 | (2) | (20 |
| **Participant Class** | (2) | (3 |  |  |
| **Cash Management Class** | (68) | (153 | (15) | (22 |
| **Select Class** | (2) | (2 |  |  |
| **CastleOak Shares Class** |  |  | (53436) | (56506 |
| **Impact Class** |  |  | (424) | (17864 |
| **Impact Partner Class** | (88) | (2 | (5071) | (2016 |
| **Advisor Class** | (2380) | (358 |  |  |
| Total Dividends and Distributions to Shareholders | (153358) | (128861 | (571205) | (852411 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Wealth/Institutional Class:** | **Wealth/Institutional Class:** | **Wealth/Institutional Class:** | **Wealth/Institutional Class:** | **Wealth/Institutional Class:** |
| Subscribed | 5045187 | 3439069 | 44399888 | 73422163 |
| Distributions Reinvested | 148342 | 126486 | 351913 | 527856 |
| Redeemed | (4513589) | (2796012 | (44561851) | (78264314 |
| **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** |
| Subscribed |  |  | 36520 | 23329 |
| Distributions Reinvested | 3 | 3 | 1490 | 1291 |
| Redeemed |  |  | (26120) | (15499 |
| **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** |
| Distributions Reinvested | 2 | 3 | 2 | 19 |
| Redeemed |  |  |  | (58279 |
| **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** |
| Distributions Reinvested | 2 | 3 |  |  |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Distributions Reinvested | 68 | 150 | 15 | 22 |
| Redeemed | (327) | (2526 | (4) | (94 |
| **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** |
| Distributions Reinvested | 2 | 2 |  |  |
| **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** |
| Subscribed |  |  | 1474178 | 1461611 |
| Distributions Reinvested |  |  | 46663 | 38741 |
| Redeemed |  |  | (1790944) | (1099266 |
| **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** |
| Subscribed |  |  | 384899 | 500010 |
| Distributions Reinvested |  |  |  | 14752 |
| Redeemed |  |  | (684762) | (536381 |
| **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** |
| Subscribed | 18500 | 50 | 523511 | 618400 |
| Distributions Reinvested | 80 |  |  |  |
| Redeemed | (3779) |  | (916732) | (150000 |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Subscribed | 163483 | 48929 |  |  |
| Distributions Reinvested | 2364 | 357 |  |  |
| Redeemed | (135383) | (11725 |  |  |
| Net Increase (Decrease) in Net Assets Resulting from <br>Capital Share Transactions | 724955 | 804789 | (761334) | (3515639 |
| Total Increase (Decrease) in Net Assets | 724998 | 804791 | (763208) | (3513431 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 2943417 | 2138626 | 13749675 | 17263106 |
| End of Period | $3668415 | $2943417 | $12986467 | $13749675 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Money Market<br>Portfolio** | **Money Market<br>Portfolio** | **Prime<br>Portfolio** | **Prime<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Wealth/Institutional Class:** | **Wealth/Institutional Class:** | **Wealth/Institutional Class:** | **Wealth/Institutional Class:** | **Wealth/Institutional Class:** |
| Shares Subscribed | 5045187 | 3439069 | 44391962 | 73398840 |
| Shares Issued on Distributions Reinvested | 148342 | 126486 | 351855 | 527702 |
| Shares Redeemed | (4513589) | (2796012 | (44553864) | (78238984 |
| Net Increase (Decrease) in Wealth/Institutional Class <br>Shares Outstanding | 679941 | 769543 | 189953 | (4312442 |
| **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** | **Wealth S/Institutional Select Class:** |
| Shares Subscribed |  |  | 36525 | 23330 |
| Shares Issued on Distributions Reinvested | 3 | 3 | 1490 | 1291 |
| Shares Redeemed |  |  | (26121) | (15497 |
| Net Increase in Wealth S/Institutional <br>Select Class Shares Outstanding | 3 | 3 | 11894 | 9124 |
| **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** |
| Shares Issued on Distributions Reinvested | 2 | 3 | 2 | 20 |
| Shares Redeemed |  |  |  | (58263 |
| Net Increase (Decrease) in Advisory Class <br>Shares Outstanding | 2 | 3 | 2 | (58243 |
| **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** |
| Shares Issued on Distributions Reinvested | 2 | 3 |  |  |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Shares Issued on Distributions Reinvested | 68 | 150 | 15 | 22 |
| Shares Redeemed | (327) | (2526 | (4) | (95 |
| Net Increase (Decrease) in Cash Management Class <br>Shares Outstanding | (259) | (2376 | 11 | (73 |
| **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** |
| Shares Issued on Distributions Reinvested | 2 | 2 |  |  |
| **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** |
| Shares Subscribed |  |  | 1473890 | 1461252 |
| Shares Issued on Distributions Reinvested |  |  | 46657 | 38732 |
| Shares Redeemed |  |  | (1790650) | (1098989 |
| Net Increase (Decrease) in CastleOak Shares Class <br>Shares Outstanding |  |  | (270103) | 400995 |
| **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** |
| Shares Subscribed |  |  | 384836 | 499720 |
| Shares Issued on Distributions Reinvested |  |  |  | 14747 |
| Shares Redeemed |  |  | (684616) | (536136 |
| Net Decrease in Impact Class <br>Shares Outstanding |  |  | (299780) | (21669 |
| **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** |
| Shares Subscribed | 18500 | 50 | 523409 | 618122 |
| Shares Issued on Distributions Reinvested | 80 |  |  |  |
| Shares Redeemed | (3779) |  | (916586) | (149925 |
| Net Increase (Decrease) in Impact Partner Class <br>Shares Outstanding | 14801 | 50 | (393177) | 468197 |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Shares Subscribed | 163483 | 48929 |  |  |
| Shares Issued on Distributions Reinvested | 2364 | 357 |  |  |
| Shares Redeemed | (135383) | (11725 |  |  |
| Net Increase in Advisor Class <br>Shares Outstanding | 30464 | 37561 |  |  |

---

\* For the period March 5, 2024 through October 31, 2024.

+ For the period March 27, 2024 through October 31, 2024.

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Government<br>Portfolio** | **Government<br>Portfolio** | **Government Securities<br>Portfolio** | **Government Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $7443304 | $7373642 | $211380 | $260332 |
| Net Realized Gain (Loss) | 3718 | (3696) | 308 | 49 |
| Net Increase in Net Assets Resulting from Operations | 7447022 | 7369946 | 211688 | 260381 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Institutional Class** | (6361591 | (6348797) | (34713) | (56251) |
| **Institutional Select Class** | (262760 | (286344) | (2) | (3) |
| **Investor Class** | (276349 | (294837) | (2) | (3) |
| **Administrative Class** | (17284 | (14383) | (2) | (3) |
| **Advisory Class** | (119508 | (104128) | (1601) | (2288) |
| **Participant Class** | (115426 | (123213) | (175053) | (201768) |
| **Cash Management Class** | (17 | (69) | (5) | (12) |
| **Select Class** | (2 | (2) |  |  |
| **CastleOak Shares Class** | (164776 | (151799) |  |  |
| **Impact Class** | (67415 | (44543) |  |  |
| **Impact Partner Class** | (56064 | (5140) |  |  |
| **Advisor Class** | (2112 | (215) |  |  |
| **Institutional Plus Class** | (— |  |  |  |
| Total Dividends and Distributions to Shareholders | (7443304 | (7373470) | (211378) | (260328) |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| Subscribed | 1181190016 | 1020522920 | 5219820 | 6672018 |
| Distributions Reinvested | 3173277 | 3258601 | 22068 | 31669 |
| Redeemed | (1169881764 | (1016425229) | (5524958) | (6788360) |
| **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** |
| Subscribed | 28612955 | 22485227 |  |  |
| Distributions Reinvested | 250846 | 269554 | 2 | 3 |
| Redeemed | (27350441 | (22512901) |  |  |
| **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** |
| Subscribed | 10786002 | 11251562 |  |  |
| Distributions Reinvested | 76 | 225 | 2 | 3 |
| Redeemed | (9651278 | (9904739) |  |  |
| **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** |
| Subscribed | 1129433 | 659578 |  |  |
| Distributions Reinvested | 1876 | 3878 | 2 | 3 |
| Redeemed | (663777 | (814345) |  |  |
| **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** |
| Subscribed | 10497568 | 11298141 | 50133 | 44916 |
| Distributions Reinvested | 17745 | 17054 | 2 | 3 |
| Redeemed | (10629146 | (10815248) | (80750) | (52679) |
| **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** |
| Subscribed | 5239555 | 5721956 | 115949858 | 94973930 |
| Distributions Reinvested | 11 | 11 | 174159 | 201778 |
| Redeemed | (5227490 | (5296928) | (115321746) | (95603585) |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Distributions Reinvested | 15 | 69 | 5 | 12 |
| Redeemed | (880 | (747) |  | (225) |
| **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** |
| Distributions Reinvested | 2 | 2 |  |  |
| **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** | **CastleOak Shares Class:** |
| Subscribed | 40896474 | 27109050 |  |  |
| Distributions Reinvested | 77353 | 87280 |  |  |
| Redeemed | (40604081 | (26799202) |  |  |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Government<br>Portfolio** | **Government<br>Portfolio** | **Government Securities<br>Portfolio** | **Government Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** |
| Subscribed | 102871069 | 60104713 |  |  |
| Distributions Reinvested | 47490 | 26909 |  |  |
| Redeemed | (102799345 | (59454671 |  |  |
| **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** |
| Subscribed | 4501584 | 1261381 |  |  |
| Distributions Reinvested | 53393 | 5139 |  |  |
| Redeemed | (4406765 | (323000 |  |  |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Subscribed | 178362 | 38624 |  |  |
| Distributions Reinvested | 2095 | 214 |  |  |
| Redeemed | (131411 | (16828 |  |  |
| **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** |
| Subscribed | 50 |  |  |  |
| Distributions Reinvested |  |  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from <br>Capital Share Transactions | 18180869 | 11758250 | 488597 | (520514) |
| Total Increase (Decrease) in Net Assets | 18184587 | 11754726 | 488907 | (520461) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 155108027 | 143353301 | 5170027 | 5690488 |
| End of Period | $173292614 | $155108027 | $5658934 | $5170027 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Government<br>Portfolio** | **Government<br>Portfolio** | **Government Securities<br>Portfolio** | **Government Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| Shares Subscribed | 1181190016 | 1020522920 | 5219820 | 6672018 |
| Shares Issued on Distributions Reinvested | 3173277 | 3258601 | 22068 | 31669 |
| Shares Redeemed | (1169881764) | (1016425229) | (5524958) | (6788360) |
| Net Increase (Decrease) in Institutional Class <br>Shares Outstanding | 14481529 | 7356292 | (283070) | (84673) |
| **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** |
| Shares Subscribed | 28612955 | 22485227 |  |  |
| Shares Issued on Distributions Reinvested | 250846 | 269554 | 2 | 3 |
| Shares Redeemed | (27350441) | (22512901) |  |  |
| Net Increase in Institutional Select <br>Class Shares Outstanding | 1513360 | 241880 | 2 | 3 |
| **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** |
| Shares Subscribed | 10786002 | 11251562 |  |  |
| Shares Issued on Distributions Reinvested | 76 | 225 | 2 | 3 |
| Shares Redeemed | (9651278) | (9904739) |  |  |
| Net Increase in Investor Class Shares Outstanding | 1134800 | 1347048 | 2 | 3 |
| **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** |
| Shares Subscribed | 1129433 | 659578 |  |  |
| Shares Issued on Distributions Reinvested | 1876 | 3878 | 2 | 3 |
| Shares Redeemed | (663777) | (814345) |  |  |
| Net Increase (Decrease) in Administrative Class <br>Shares Outstanding | 467532 | (150889) | 2 | 3 |
| **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** |
| Shares Subscribed | 10497568 | 11298141 | 50133 | 44916 |
| Shares Issued on Distributions Reinvested | 17745 | 17054 | 2 | 3 |
| Shares Redeemed | (10629146) | (10815248) | (80750) | (52679) |
| Net Increase (Decrease) in Advisory Class <br>Shares Outstanding | (113833) | 499947 | (30615) | (7760) |
| **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** |
| Shares Subscribed | 5239555 | 5721956 | 115949858 | 94973930 |
| Shares Issued on Distributions Reinvested | 11 | 11 | 174159 | 201778 |
| Shares Redeemed | (5227490) | (5296928) | (115321746) | (95603585) |
| Net Increase (Decrease) in Participant Class <br>Shares Outstanding | 12076 | 425039 | 802271 | (427877) |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Shares Issued on Distributions Reinvested | 15 | 69 | 5 | 12 |
| Shares Redeemed | (880) | (747) |  | (225) |
| Net Increase (Decrease) in Cash Management Class <br>Shares Outstanding | (865) | (678) | 5 | (213) |
| **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** |
| Shares Issued on Distributions Reinvested | 2 | 2 |  |  |
| **Castleoak Shares Class:** | **Castleoak Shares Class:** | **Castleoak Shares Class:** | **Castleoak Shares Class:** | **Castleoak Shares Class:** |
| Shares Subscribed | 40896474 | 27109050 |  |  |
| Shares Issued on Distributions Reinvested | 77353 | 87280 |  |  |
| Shares Redeemed | (40604081) | (26799202) |  |  |
| Net Increase in Castleoak Shares Class <br>Shares Outstanding | 369746 | 397128 |  |  |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Government<br>Portfolio** | **Government<br>Portfolio** | **Government Securities<br>Portfolio** | **Government Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** |
| Shares Subscribed | 102871069 | 60104713 |  |  |
| Shares Issued on Distributions Reinvested | 47490 | 26909 |  |  |
| Shares Redeemed | (102799345 | (59454671 |  |  |
| Net Increase in Impact Class Shares Outstanding | 119214 | 676951 |  |  |
| **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** |
| Shares Subscribed | 4501584 | 1261381 |  |  |
| Shares Issued on Distributions Reinvested | 53393 | 5139 |  |  |
| Shares Redeemed | (4406765 | (323000 |  |  |
| Net Increase in Impact Partner Class Shares Outstanding | 148212 | 943520 |  |  |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Shares Subscribed | 178362 | 38624 |  |  |
| Shares Issued on Distributions Reinvested | 2095 | 214 |  |  |
| Shares Redeemed | (131411 | (16828 |  |  |
| Net Increase in Advisor Class Shares Outstanding | 49046 | 22010 |  |  |
| **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** |
| Shares Subscribed | 50 |  |  |  |
| Shares Issued on Distributions Reinvested |  |  |  |  |
| Net Increase in Institutional Plus Class Shares Outstanding | 50 |  |  |  |

---

@ Value is less than $500

\* For the period March 5, 2024 through October 31, 2024.

\*\* For the period March 27, 2024 through October 31, 2024.

\*\*\* 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.

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Treasury<br>Portfolio** | **Treasury<br>Portfolio** | **Treasury Securities<br>Portfolio** | **Treasury Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $1362523 | $1492990 | $2298477 | $2436508 |
| Net Realized Gain (Loss) | 525 | (2824 | 2082 | (1763 |
| Net Increase in Net Assets Resulting from Operations | 1363048 | 1490166 | 2300559 | 2434745 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Institutional Class** | (1071069 | (1210023 | (2288828 | (2423411 |
| **Institutional Select Class** | (144013 | (153103 | (309 | (369 |
| **Investor Class** | (7529 | (4860 | (1753 | (240 |
| **Administrative Class** | (1163 | (638 | (4849 | (5188 |
| **Advisory Class** | (17460 | (20389 | (577 | (5415 |
| **Participant Class** | (115853 | (103178 | (1872 | (1467 |
| **Cash Management Class** | (116 | (194 | (280 | (346 |
| **Select Class** | (2 | (2 | (2 | (2 |
| **Impact Class** |  |  | (2 | (2 |
| **Impact Partner Class** |  |  | (2 | (2 |
| **Advisor Class** | (5317 | (531 | (2 | (1 |
| **Institutional Plus Class** | (— |  | (— |  |
| Total Dividends and Distributions to Shareholders | (1362522 | (1492918 | (2298476 | (2436443 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| Subscribed | 179257988 | 141574047 | 174601187 | 160420749 |
| Distributions Reinvested | 578345 | 662207 | 1752903 | 1807377 |
| Redeemed | (176475710 | (144843225 | (170017989 | (158377727 |
| **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** |
| Subscribed | 5480512 | 5189985 | 65829 | 43130 |
| Distributions Reinvested | 143271 | 153113 | 78 | 96 |
| Redeemed | (5259708 | (5247466 | (62945 | (46703 |
| **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** |
| Subscribed | 1749218 | 1284525 | 132564 | 16893 |
| Distributions Reinvested | 2 | 238 | 43 | 167 |
| Redeemed | (1766877 | (1279180 | (89540 | (9246 |
| **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** |
| Subscribed | 59366 | 38124 | 217903 | 104979 |
| Distributions Reinvested | 168 | 263 | 2 | 3 |
| Redeemed | (40674 | (31047 | (226570 | (78783 |
| **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** |
| Subscribed | 2056642 | 2078559 | 46670 | 376068 |
| Distributions Reinvested | 2988 | 3236 | 324 | 4236 |
| Redeemed | (2056941 | (2085638 | (34705 | (478065 |
| **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** |
| Subscribed | 7820061 | 5435578 | 112497 | 5318 |
| Distributions Reinvested | 1537 | 651 | 1053 | 11 |
| Redeemed | (7769323 | (4530357 | (116680 | (14031 |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Subscribed |  |  |  |  |
| Distributions Reinvested | 113 | 194 | 279 | 346 |
| Redeemed | (1549 | (1469 | (388 | (771 |
| **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** |
| Distributions Reinvested | 2 | 2 | 2 | 2 |
| **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** |
| Subscribed |  |  |  | 50 |
| **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** |
| Subscribed |  |  |  | 50 |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Subscribed | 492905 | 136039 |  | 50 |
| Distributions Reinvested | 5284 | 529 |  |  |
| Redeemed | (376799 | (94302 |  |  |
| **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** |
| Subscribed | 50 |  | 50 |  |
| Distributions Reinvested |  |  |  |  |
| Net Increase (Decrease) in Net Assets Resulting from <br>Capital Share Transactions | 3900871 | (1555394 | 6382567 | 3774199 |
| Total Increase (Decrease) in Net Assets | 3901397 | (1558146 | 6384650 | 3772501 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 30400956 | 31959102 | 50040148 | 46267647 |
| End of Period | $34302353 | $30400956 | $56424798 | $50040148 |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Treasury<br>Portfolio** | **Treasury<br>Portfolio** | **Treasury Securities<br>Portfolio** | **Treasury Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** | **Institutional Class:** |
| Shares Subscribed | 179257988 | 141574047 | 174601187 | 160420749 |
| Shares Issued on Distributions Reinvested | 578345 | 662207 | 1752903 | 1807377 |
| Shares Redeemed | (176475710 | (144843225 | (170017989) | (158377727) |
| Net Increase (Decrease) in Institutional Class <br>Shares Outstanding | 3360623 | (2606971 | 6336101 | 3850399 |
| **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** | **Institutional Select Class:** |
| Shares Subscribed | 5480512 | 5189985 | 65829 | 43130 |
| Shares Issued on Distributions Reinvested | 143271 | 153113 | 78 | 96 |
| Shares Redeemed | (5259708 | (5247466 | (62945) | (46703) |
| Net Increase (Decrease) in Institutional Select Class <br>Shares Outstanding | 364075 | 95632 | 2962 | (3477) |
| **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** | **Investor Class:** |
| Shares Subscribed | 1749218 | 1284525 | 132564 | 16893 |
| Shares Issued on Distributions Reinvested | 2 | 238 | 43 | 167 |
| Shares Redeemed | (1766877 | (1279180 | (89540) | (9246) |
| Net Increase (Decrease) in Investor Class <br>Shares Outstanding | (17657 | 5583 | 43067 | 7814 |
| **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** | **Administrative Class:** |
| Shares Subscribed | 59366 | 38124 | 217903 | 104979 |
| Shares Issued on Distributions Reinvested | 168 | 263 | 2 | 3 |
| Shares Redeemed | (40674 | (31047 | (226570) | (78783) |
| Net Increase (Decrease) in Administrative Class <br>Shares Outstanding | 18860 | 7340 | (8665) | 26199 |
| **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** | **Advisory Class:** |
| Shares Subscribed | 2056642 | 2078559 | 46670 | 376068 |
| Shares Issued on Distributions Reinvested | 2988 | 3236 | 324 | 4236 |
| Shares Redeemed | (2056941 | (2085638 | (34705) | (478065) |
| Net Increase (Decrease) in Advisory Class <br>Shares Outstanding | 2689 | (3843 | 12289 | (97761) |
| **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** | **Participant Class:** |
| Shares Subscribed | 7820061 | 5435578 | 112497 | 5318 |
| Shares Issued on Distributions Reinvested | 1537 | 651 | 1053 | 11 |
| Shares Redeemed | (7769323 | (4530357 | (116680) | (14031) |
| Net Increase (Decrease) in Participant Class <br>Shares Outstanding | 52275 | 905872 | (3130) | (8702) |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Shares Subscribed |  |  |  |  |
| Shares Issued on Distributions Reinvested | 113 | 194 | 279 | 346 |
| Shares Redeemed | (1549 | (1469 | (388) | (771) |
| Net Decrease in Cash Management Class <br>Shares Outstanding | (1436 | (1275 | (109) | (425) |
| **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** | **Select Class:** |
| Shares Issued on Distributions Reinvested | 2 | 2 | 2 | 2 |
| **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** | **Impact Class:** |
| Shares Subscribed |  |  |  | 50<br> \* |
| **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** | **Impact Partner Class:** |
| Shares Subscribed |  |  |  | 50<br> \* |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Treasury<br>Portfolio** | **Treasury<br>Portfolio** | **Treasury Securities<br>Portfolio** | **Treasury Securities<br>Portfolio** | **Treasury Securities<br>Portfolio** | **Treasury Securities<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Shares Subscribed | 492905 | 136039 |  |  | 50 | \*\*\* |
| Shares Issued on Distributions Reinvested | 5284 | 529 |  |  |  |  |
| Shares Redeemed | (376799 | (94302 |  |  |  |  |
| Net Increase in Advisor Class Shares Outstanding | 121390 | 42266 |  |  | 50 |  |
| **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** | **Institutional Plus Class:** |
| Shares Subscribed | 50 |  | 50 | \*\*\*\* |  |  |
| Shares Issued on Distributions Reinvested |  |  |  | @@\*\*\*\* |  |  |
| Net Increase in Institutional Plus Class Shares Outstanding | 50 |  | 50 |  |  |  |

---

@ Value is less than $500

\* For the period March 5, 2024 through October 31, 2024.

\*\* For the period March 27, 2024 through October 31, 2024.

\*\*\* For the period June 27, 2024 through October 31, 2024.

\*\*\*\* 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.

------

**2025 Annual Report**

**October 31, 2025**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **Tax-Exempt<br>Portfolio** | **Tax-Exempt<br>Portfolio** |
| | **Year Ended<br>October 31, 2025<br>(000)** | **Year Ended<br>October 31, 2024<br>(000)** |
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net Investment Income | $13406 | $14960 |
| Net Realized Gain (Loss) | (2 |  |
| Net Change in Unrealized Appreciation (Depreciation) |  | 50 |
| Net Increase in Net Assets Resulting from Operations | 13404 | 15010 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| **Wealth Class\*** | (13396 | (14928 |
| **Wealth S Class\*\*** | (1 | (2 |
| **Cash Management Class** | (5 | (28 |
| **Select Class** | (1 | (1 |
| **Advisor Class** | (1 | (1 |
| Total Dividends and Distributions to Shareholders | (13404 | (14960 |
| **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** | **Capital Share Transactions:<sup>(1)</sup>** |
| **Wealth Class:\*** | **Wealth Class:\*** | **Wealth Class:\*** |
| Subscribed | 661726 | 770454 |
| Distributions Reinvested | 12874 | 13200 |
| Redeemed | (621038 | (792959 |
| **Wealth S Class:\*\*** | **Wealth S Class:\*\*** | **Wealth S Class:\*\*** |
| Subscribed |  |  |
| Distributions Reinvested | 1 | 2 |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Subscribed |  | 2 |
| Distributions Reinvested | 5 | 23 |
| Redeemed | (— | (1133 |
| **Select Class:** | **Select Class:** | **Select Class:** |
| Subscribed |  | 50 |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Subscribed |  | 50 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 53568 | (10311 |
| Total Increase (Decrease) in Net Assets | 53568 | (10261 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of Period | 464826 | 475087 |
| End of Period | $518394 | $464826 |
| **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** | **(1) Capital Share Transactions:** |
| **Wealth Class:\*** | **Wealth Class:\*** | **Wealth Class:\*** |
| Shares Subscribed | 661726 | 770450 |
| Shares Issued on Distributions Reinvested | 12874 | 13200 |
| Shares Redeemed | (621038 | (792947 |
| Net Increase (Decrease) in Wealth Class Shares Outstanding | 53562 | (9297 |
| **Wealth S Class:\*\*** | **Wealth S Class:\*\*** | **Wealth S Class:\*\*** |
| Shares Subscribed |  |  |
| Shares Issued on Distributions Reinvested | 1 | 2 |
| Net Increase in Wealth S Class Shares Outstanding | 1 | 2 |
| **Cash Management Class:** | **Cash Management Class:** | **Cash Management Class:** |
| Shares Subscribed |  | 2 |
| Shares Issued on Distributions Reinvested | 5 | 23 |
| Shares Redeemed | (— | (1133 |
| Net Increase (Decrease) in Cash Management Class Shares Outstanding | 5 | (1108 |
| **Select Class:** | **Select Class:** | **Select Class:** |
| Shares Subscribed |  | 50 |
| **Advisor Class:** | **Advisor Class:** | **Advisor Class:** |
| Shares Subscribed |  | 50 |

---

@ Amount is less than $500.

\* Institutional Class was renamed Wealth Class for Tax-Exempt Portfolio effective February 29, 2024.

\*\* Institutional Select Class was renamed Wealth S Class for Tax-Exempt Portfolio effective February 29, 2024.

\*\*\* For the period February 29, 2024 through October 31, 2024.

\*\*\*\* For the period March 27, 2024 through October 31, 2024.

@@ Amount is less than 500 shares.

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

------

(This Page has been left blank intentionally.)

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** |
| **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** |
| Year Ended 10/31/25 | $1.000 | $0.044 | (1) | $0.000 | $(0.044 | $1.000 | 4.51% |
| Year Ended 10/31/24 | 1.000 | 0.053 | (1) | 0.000 | (0.053 | 1.000 | 5.48%(3) |
| Year Ended 10/31/23 | 1.001 | 0.048 | (1) | 0.000 | (0.049 | 1.000 | 4.89% |
| Year Ended 10/31/22 | 1.0009 | 0.0099 | (1) | 0.0002 | (0.0103 | 1.0007 | 1.01% |
| Year Ended 10/31/21 | 1.0010 | 0.0006 | (1) | (0.0001 | (0.0006 | 1.0009 | 0.05% |
| **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** |
| Year Ended 10/31/25 | $1.000 | $0.044 | (1) | $0.000 | $(0.044 | $1.000 | 4.45% |
| Year Ended 10/31/24 | 1.000 | 0.053 | (1) | 0.000 | (0.053 | 1.000 | 5.42%(3) |
| Year Ended 10/31/23 | 1.001 | 0.047 | (1) | 0.000 | (0.048 | 1.000 | 4.85% |
| Year Ended 10/31/22 | 1.0007 | 0.0096 | (1) | 0.0001 | (0.0099 | 1.0005 | 0.98% |
| Year Ended 10/31/21 | 1.0008 | 0.0004 | (1)(2) | (0.0001 | (0.0004 | 1.0007 | 0.03% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.24% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (0.051 | 1.000 | 5.21%(3) |
| Year Ended 10/31/23 | 1.001 | 0.045 | (1) | 0.000 | (0.046 | 1.000 | 4.60% |
| Year Ended 10/31/22 | 1.0011 | 0.0083 | (1) | 0.0002 | (0.0087 | 1.0009 | 0.85% |
| Year Ended 10/31/21 | 1.0012 | 0.0003 | (1)(2) | (0.0001 | (0.0003 | 1.0011 | 0.02% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $1.000 | $0.039 | (1) | $0.000 | $(0.039 | $1.000 | 3.98% |
| Year Ended 10/31/24 | 1.000 | 0.048 | (1) | 0.000 | (0.048 | 1.000 | 4.95%(3) |
| Year Ended 10/31/23 | 1.001 | 0.043 | (1) | 0.000 | (0.044 | 1.000 | 4.39% |
| Year Ended 10/31/22 | 1.0007 | 0.0070 | (1) | 0.0002 | (0.0074 | 1.0005 | 0.72% |
| Year Ended 10/31/21 | 1.0008 | 0.0003 | (1)(2) | (0.0001 | (0.0003 | 1.0007 | 0.02% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.000 | $0.043 | (1) | $0.000 | $(0.043 | $1.000 | 4.35% |
| Year Ended 10/31/24 | 1.000 | 0.052 | (1) | 0.000 | (0.052 | 1.000 | 5.32%(3) |
| Year Ended 10/31/23 | 1.001 | 0.046 | (1) | 0.000 | (0.047 | 1.000 | 4.75% |
| Year Ended 10/31/22 | 1.0007 | 0.0090 | (1) | 0.0001 | (0.0093 | 1.0005 | 0.91% |
| Year Ended 10/31/21 | 1.0007 | 0.0003 | (1)(2) | 0.0000 | (0.0003 | 1.0007 | 0.03% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.036 | (1) | $0.000 | $(0.036 | $1.000 | 3.67% |
| Year Ended 10/31/24 | 1.000 | 0.045 | (1) | 0.000 | (0.045 | 1.000 | 4.64%(3) |
| For the Period Ended 10/31/23(5) | 1.000 | 0.042 | (1) | (0.009 | (0.033 | 1.000 | 3.37%(6) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $1.000 | $0.044 | (1) | $0.000 | $(0.044 | $1.000 | 4.50% |
| For the Period Ended 10/31/24(8) | 1.000 | 0.035 | (1) | 0.000 | (0.035 | 1.000 | 3.54%(6) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $1.000 | $0.044 | (1) | $0.000 | $(0.044 | $1.000 | 4.51% |
| For the Period Ended 10/31/24(9) | 1.000 | 0.032 | (1) | 0.000 | (0.032 | 1.000 | 3.20%(6) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** | **Money Market Portfolio:** |
| **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** | **Wealth Class+** |
| Year Ended 10/31/25 | $3583782 | 0.18% | 0.23% | 4.42% | 4.37% |
| Year Ended 10/31/24 | 2903797 | 0.19% | 0.23% | 5.31% | 5.27% |
| Year Ended 10/31/23 | 2134251 | 0.18% | 0.25% | 4.78% | 4.71% |
| Year Ended 10/31/22 | 3192797 | 0.16% | 0.22% | 0.99% | 0.93% |
| Year Ended 10/31/21 | 3291307 | 0.14% | 0.22% | 0.06% | (0.02)% |
| **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** | **Wealth S Class++** |
| Year Ended 10/31/25 | $60 | 0.23%(4) | 0.28% | 4.37% | 4.32% |
| Year Ended 10/31/24 | 57 | 0.24%(4) | 0.28% | 5.26% | 5.22% |
| Year Ended 10/31/23 | 54 | 0.23%(4) | 0.30% | 4.73% | 4.66% |
| Year Ended 10/31/22 | 53 | 0.19%(4) | 0.27% | 0.96% | 0.88% |
| Year Ended 10/31/21 | 51 | 0.16%(4) | 0.27% | 0.04% | (0.07)% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $59 | 0.43%(4) | 0.48% | 4.17% | 4.12% |
| Year Ended 10/31/24 | 57 | 0.44%(4) | 0.48% | 5.06% | 5.02% |
| Year Ended 10/31/23 | 54 | 0.43%(4) | 0.50% | 4.53% | 4.46% |
| Year Ended 10/31/22 | 52 | 0.32%(4) | 0.47% | 0.83% | 0.68% |
| Year Ended 10/31/21 | 51 | 0.17%(4) | 0.47% | 0.03% | (0.27)% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $58 | 0.68%(4) | 0.73% | 3.92% | 3.87% |
| Year Ended 10/31/24 | 56 | 0.69%(4) | 0.73% | 4.81% | 4.77% |
| Year Ended 10/31/23 | 54 | 0.68%(4) | 0.75% | 4.28% | 4.21% |
| Year Ended 10/31/22 | 51 | 0.45%(4) | 0.72% | 0.70% | 0.43% |
| Year Ended 10/31/21 | 51 | 0.17%(4) | 0.72% | 0.03% | (0.52)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1526 | 0.33%(4) | 0.38% | 4.27% | 4.22% |
| Year Ended 10/31/24 | 1786 | 0.34%(4) | 0.38% | 5.16% | 5.12% |
| Year Ended 10/31/23 | 4161 | 0.33%(4) | 0.40% | 4.63% | 4.56% |
| Year Ended 10/31/22 | 7338 | 0.25%(4) | 0.37% | 0.90% | 0.78% |
| Year Ended 10/31/21 | 8341 | 0.17%(4) | 0.37% | 0.03% | (0.17)% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $56 | 0.98%(4) | 1.03% | 3.62% | 3.57% |
| Year Ended 10/31/24 | 54 | 0.99%(4) | 1.03% | 4.51% | 4.47% |
| For the Period Ended 10/31/23(5) | 52 | 0.98%(4)(7) | 1.05%(7) | 5.44%(7) | 5.37%(7) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $14851 | 0.18% | 0.23% | 4.42% | 4.37% |
| For the Period Ended 10/31/24(8) | 50 | 0.19%(7) | 0.23%(7) | 5.31%(7) | 5.27%(7) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $68023 | 0.18% | 0.23% | 4.42% | 4.37% |
| For the Period Ended 10/31/24(9) | 37560 | 0.19%(7) | 0.23%(7) | 5.31%(7) | 5.27%(7) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $1.0003 | $0.0441 | (1) | $(0.0001 | $(0.0441 | $1.0002 | 4.47% |
| Year Ended 10/31/24 | 1.0002 | 0.0534 | (1) | 0.0001 | (0.0534 | 1.0003 | 5.49%(3) |
| Year Ended 10/31/23 | 0.9999 | 0.0491 | (1) | 0.0001 | (0.0489 | 1.0002 | 5.02% |
| Year Ended 10/31/22 | 1.0001 | 0.0104 | (1) | (0.0002 | (0.0104 | 0.9999 | 1.02% |
| Year Ended 10/31/21 | 1.0001 | 0.0007 | (1) | 0.0000 | (0.0007 | 1.0001 | 0.07% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $1.0000 | $0.0436 | (1) | $(0.0001 | $(0.0436 | $0.9999 | 4.42% |
| Year Ended 10/31/24 | 0.9999 | 0.0529 | (1) | 0.0001 | (0.0529 | 1.0000 | 5.44%(3) |
| Year Ended 10/31/23 | 0.9996 | 0.0486 | (1) | 0.0001 | (0.0484 | 0.9999 | 4.97% |
| Year Ended 10/31/22 | 0.9998 | 0.0100 | (1) | (0.0001 | (0.0101 | 0.9996 | 0.99% |
| Year Ended 10/31/21 | 0.9998 | 0.0004 | (1)(2) | 0.0001 | (0.0005 | 0.9998 | 0.05% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $1.0003 | $0.0417 | (1) | $(0.0002 | $(0.0416 | $1.0002 | 4.21% |
| Year Ended 10/31/24 | 1.0002 | 0.0509 | (1) | 0.0001 | (0.0509 | 1.0003 | 5.21%(3) |
| Year Ended 10/31/23 | 1.0000 | 0.0466 | (1) | 0.0000 | (0.0464 | 1.0002 | 4.76% |
| Year Ended 10/31/22 | 0.9998 | 0.0096 | (1) | (0.0006 | (0.0088 | 1.0000 | 0.90% |
| Year Ended 10/31/21 | 0.9997 | 0.0005 | (1) | 0.0000 | (0.0004 | 0.9998 | 0.05% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.0000 | $0.0426 | (1) | $(0.0001 | $(0.0426 | $0.9999 | 4.32% |
| Year Ended 10/31/24 | 0.9999 | 0.0519 | (1) | 0.0001 | (0.0519 | 1.0000 | 5.33%(3) |
| Year Ended 10/31/23 | 0.9998 | 0.0476 | (1) | (0.0001 | (0.0474 | 0.9999 | 4.85% |
| Year Ended 10/31/22 | 1.0000 | 0.0095 | (1) | (0.0003 | (0.0094 | 0.9998 | 0.93% |
| Year Ended 10/31/21 | 1.0000 | 0.0004 | (1)(2) | 0.0000 | (0.0004 | 1.0000 | 0.04% |
| **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** |
| Year Ended 10/31/25 | $1.0003 | $0.0441 | (1) | $(0.0002 | $(0.0441 | $1.0001 | 4.47% |
| Year Ended 10/31/24 | 1.0002 | 0.0534 | (1) | 0.0001 | (0.0534 | 1.0003 | 5.49%(3) |
| Year Ended 10/31/23 | 0.9999 | 0.0491 | (1) | 0.0001 | (0.0489 | 1.0002 | 5.01% |
| For the Period Ended 10/31/22(10) | 1.0000 | 0.0025 | (1) | (0.0002 | (0.0024 | 0.9999 | 0.24%(6) |
| **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** |
| Year Ended 10/31/25 | $1.0003 | $0.0442 | (1) | $(0.0002 | $(0.0441 | $1.0002 | 4.48% |
| Year Ended 10/31/24 | 1.0002 | 0.0534 | (1) | 0.0001 | (0.0534 | 1.0003 | 5.49%(3) |
| Year Ended 10/31/23 | 0.9999 | 0.0491 | (1) | 0.0001 | (0.0489 | 1.0002 | 5.02% |
| For the Period Ended 10/31/22(11) | 0.9997 | 0.0105 | (1) | (0.0003 | (0.0100 | 0.9999 | 1.03%(6) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $1.0003 | $0.0441 | (1) | $(0.0001 | $(0.0441 | $1.0002 | 4.47% |
| For the Period Ended 10/31/24(8) | 1.0000 | 0.0325 | (1) | 0.0026 | (0.0348 | 1.0003 | 3.53%(6) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** | **Prime Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $11870484 | 0.20% | 0.22% | 4.41% | 4.39% |
| Year Ended 10/31/24 | 11682116 | 0.20% | 0.21% | 5.34% | 5.33% |
| Year Ended 10/31/23 | 15994223 | 0.20% | 0.21% | 4.91% | 4.90% |
| Year Ended 10/31/22 | 14651432 | 0.15% | 0.21% | 1.05% | 0.99% |
| Year Ended 10/31/21 | 16772763 | 0.14% | 0.21% | 0.06% | (0.01)% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $43154 | 0.25%(4) | 0.27% | 4.36% | 4.34% |
| Year Ended 10/31/24 | 31266 | 0.25%(4) | 0.26% | 5.29% | 5.28% |
| Year Ended 10/31/23 | 22140 | 0.25%(4) | 0.26% | 4.86% | 4.85% |
| Year Ended 10/31/22 | 22760 | 0.19%(4) | 0.26% | 1.01% | 0.94% |
| Year Ended 10/31/21 | 5723 | 0.16%(4) | 0.26% | 0.04% | (0.06)% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $60 | 0.45%(4) | 0.47% | 4.16% | 4.14% |
| Year Ended 10/31/24 | 58 | 0.45%(4) | 0.46% | 5.09% | 5.08% |
| Year Ended 10/31/23 | 58315 | 0.45%(4) | 0.46% | 4.66% | 4.65% |
| Year Ended 10/31/22 | 52 | 0.24%(4) | 0.46% | 0.96% | 0.74% |
| Year Ended 10/31/21 | 1659 | 0.14%(4) | 0.46% | 0.06% | (0.26)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $362 | 0.35%(4) | 0.37% | 4.26% | 4.24% |
| Year Ended 10/31/24 | 351 | 0.35%(4) | 0.36% | 5.19% | 5.18% |
| Year Ended 10/31/23 | 424 | 0.35%(4) | 0.36% | 4.76% | 4.75% |
| Year Ended 10/31/22 | 4733 | 0.25%(4) | 0.36% | 0.95% | 0.84% |
| Year Ended 10/31/21 | 5343 | 0.16%(4) | 0.36% | 0.04% | (0.16)% |
| **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** | **CastleOak Shares Class** |
| Year Ended 10/31/25 | $997323 | 0.20% | 0.22% | 4.41% | 4.39% |
| Year Ended 10/31/24 | 1267627 | 0.20% | 0.21% | 5.34% | 5.33% |
| Year Ended 10/31/23 | 866430 | 0.20% | 0.21% | 4.91% | 4.90% |
| For the Period Ended 10/31/22(10) | 50 | 0.15%(7) | 0.21%(7) | 1.05%(7) | 0.99%(7) |
| **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** |
| Year Ended 10/31/25 | $50 | 0.20% | 0.22% | 4.41% | 4.39% |
| Year Ended 10/31/24 | 299927 | 0.20% | 0.21% | 5.34% | 5.33% |
| Year Ended 10/31/23 | 321574 | 0.20% | 0.21% | 4.91% | 4.90% |
| For the Period Ended 10/31/22(11) | 50 | 0.15%(7) | 0.21%(7) | 1.05%(7) | 0.99%(7) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $75034 | 0.20% | 0.22% | 4.41% | 4.39% |
| For the Period Ended 10/31/24(8) | 468330 | 0.20%(7) | 0.21%(7) | 5.34%(7) | 5.33%(7) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $1.000 | $0.043 | (1) | $0.000 | $(0.043 | $1.000 | 4.36% |
| Year Ended 10/31/24 | 1.000 | 0.052 | (1) | 0.000 | (0.052 | 1.000 | 5.32%(3) |
| Year Ended 10/31/23 | 1.000 | 0.047 | (1) | 0.000 | (0.047 | 1.000 | 4.77% |
| Year Ended 10/31/22 | 1.000 | 0.009 | (1) | 0.000 | (0.009 | 1.000 | 0.93% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.31% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (0.051 | 1.000 | 5.26%(3) |
| Year Ended 10/31/23 | 1.000 | 0.047 | (1) | (0.001 | (0.046 | 1.000 | 4.72% |
| Year Ended 10/31/22 | 1.000 | 0.009 | (1) | 0.000 | (0.009 | 1.000 | 0.89% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.26% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (0.051 | 1.000 | 5.21%(3) |
| Year Ended 10/31/23 | 1.000 | 0.046 | (1) | 0.000 | (0.046 | 1.000 | 4.67% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.001 | (0.009 | 1.000 | 0.86% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | $(0.041 | $1.000 | 4.20% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (0.050 | 1.000 | 5.16%(3) |
| Year Ended 10/31/23 | 1.000 | 0.046 | (1) | (0.001 | (0.045 | 1.000 | 4.61% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.000 | (0.008 | 1.000 | 0.83% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $1.000 | $0.040 | (1) | $0.000 | $(0.040 | $1.000 | 4.10% |
| Year Ended 10/31/24 | 1.000 | 0.049 | (1) | 0.000 | (0.049 | 1.000 | 5.05%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | (0.001 | (0.044 | 1.000 | 4.51% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.000 | (0.008 | 1.000 | 0.77% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $1.000 | $0.038 | (1) | $0.000 | $(0.038 | $1.000 | 3.84% |
| Year Ended 10/31/24 | 1.000 | 0.047 | (1) | 0.000 | (0.047 | 1.000 | 4.79%(3) |
| Year Ended 10/31/23 | 1.000 | 0.042 | (1) | 0.000 | (0.042 | 1.000 | 4.25% |
| Year Ended 10/31/22 | 1.000 | 0.006 | (1) | 0.000 | (0.006 | 1.000 | 0.65% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | $(0.041 | $1.000 | 4.20% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (0.050 | 1.000 | 5.16%(3) |
| Year Ended 10/31/23 | 1.000 | 0.046 | (1) | (0.001 | (0.045 | 1.000 | 4.61% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.000 | (0.008 | 1.000 | 0.83% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.035 | (1) | $0.000 | $(0.035 | $1.000 | 3.53% |
| Year Ended 10/31/24 | 1.000 | 0.044 | (1) | 0.000 | (0.044 | 1.000 | 4.48%(3) |
| Year Ended 10/31/23 | 1.000 | 0.039 | (1) | 0.000 | (0.039 | 1.000 | 3.94% |
| Year Ended 10/31/22 | 1.000 | 0.005 | (1) | 0.000 | (0.005 | 1.000 | 0.52% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.03% |
| **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** |
| Year Ended 10/31/25 | $1.000 | $0.043 | (1) | $0.000 | $(0.043 | $1.000 | 4.36% |
| Year Ended 10/31/24 | 1.000 | 0.052 | (1) | 0.000 | (0.052 | 1.000 | 5.32%(3) |
| Year Ended 10/31/23 | 1.000 | 0.047 | (1) | 0.000 | (0.047 | 1.000 | 4.77% |
| Year Ended 10/31/22 | 1.000 | 0.009 | (1) | 0.000 | (0.009 | 1.000 | 0.93% |
| For the Period Ended 10/31/21(12) | 1.000 | 0.000 | (1)(2) | (0.000 | (0.000 | 1.000 | 0.01%(6) |
| **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** |
| Year Ended 10/31/25 | $1.000 | $0.043 | (1) | $0.000 | $(0.043 | $1.000 | 4.36% |
| Year Ended 10/31/24 | 1.000 | 0.052 | (1) | 0.000 | (0.052 | 1.000 | 5.32%(3) |
| Year Ended 10/31/23 | 1.000 | 0.047 | (1) | 0.000 | (0.047 | 1.000 | 4.77% |
| For the Period Ended 10/31/22(11) | 1.000 | 0.009 | (1) | 0.000 | (0.009 | 1.000 | 0.91%(6) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $1.000 | $0.043 | (1) | $0.000 | $(0.043 | $1.000 | 4.36% |
| For the Period Ended 10/31/24(8) | 1.000 | 0.034 | (1) | 0.000 | (0.034 | 1.000 | 3.45%(6) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $1.000 | $0.043 | (1) | $0.000 | $(0.043 | $1.000 | 4.36% |
| For the Period Ended 10/31/24(9) | 1.000 | 0.031 | (1) | 0.000 | (0.031 | 1.000 | 3.12%(6) |
| **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** |
| For the Period Ended 10/31/25(13) | $1.000 | $0.008 | (1) | $0.000 | $(0.008 | $1.000 | 0.75%(6) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** | **Government Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $146784735 | 0.15% | 0.20% | 4.29% | 4.24% |
| Year Ended 10/31/24 | 132300048 | 0.15% | 0.20% | 5.18% | 5.13% |
| Year Ended 10/31/23 | 124946773 | 0.16% | 0.21% | 4.72% | 4.67% |
| Year Ended 10/31/22 | 105123361 | 0.12% | 0.21% | 0.92% | 0.83% |
| Year Ended 10/31/21 | 125443478 | 0.07% | 0.21% | 0.02% | (0.12)% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $7370753 | 0.20%(4) | 0.25% | 4.24% | 4.19% |
| Year Ended 10/31/24 | 5857261 | 0.20%(4) | 0.25% | 5.13% | 5.08% |
| Year Ended 10/31/23 | 5615525 | 0.21%(4) | 0.26% | 4.67% | 4.62% |
| Year Ended 10/31/22 | 19822512 | 0.15%(4) | 0.26% | 0.89% | 0.78% |
| Year Ended 10/31/21 | 22579049 | 0.07%(4) | 0.26% | 0.02% | (0.17)% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $7282560 | 0.25%(4) | 0.30% | 4.19% | 4.14% |
| Year Ended 10/31/24 | 6147621 | 0.25%(4) | 0.30% | 5.08% | 5.03% |
| Year Ended 10/31/23 | 4800726 | 0.26%(4) | 0.31% | 4.62% | 4.57% |
| Year Ended 10/31/22 | 3992292 | 0.19%(4) | 0.31% | 0.85% | 0.73% |
| Year Ended 10/31/21 | 1433481 | 0.07%(4) | 0.31% | 0.02% | (0.22)% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $719189 | 0.30%(4) | 0.35% | 4.14% | 4.09% |
| Year Ended 10/31/24 | 251650 | 0.30%(4) | 0.35% | 5.03% | 4.98% |
| Year Ended 10/31/23 | 402547 | 0.31%(4) | 0.36% | 4.57% | 4.52% |
| Year Ended 10/31/22 | 314143 | 0.21%(4) | 0.36% | 0.83% | 0.68% |
| Year Ended 10/31/21 | 357558 | 0.07%(4) | 0.36% | 0.02% | (0.27)% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $2283282 | 0.40%(4) | 0.45% | 4.04% | 3.99% |
| Year Ended 10/31/24 | 2397061 | 0.40%(4) | 0.45% | 4.93% | 4.88% |
| Year Ended 10/31/23 | 1897168 | 0.41%(4) | 0.46% | 4.47% | 4.42% |
| Year Ended 10/31/22 | 1428422 | 0.27%(4) | 0.46% | 0.77% | 0.58% |
| Year Ended 10/31/21 | 1794163 | 0.07%(4) | 0.46% | 0.02% | (0.37)% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $2979571 | 0.65%(4) | 0.70% | 3.79% | 3.74% |
| Year Ended 10/31/24 | 2967432 | 0.65%(4) | 0.70% | 4.68% | 4.63% |
| Year Ended 10/31/23 | 2542447 | 0.66%(4) | 0.71% | 4.22% | 4.17% |
| Year Ended 10/31/22 | 2291041 | 0.40%(4) | 0.71% | 0.64% | 0.33% |
| Year Ended 10/31/21 | 2082873 | 0.07%(4) | 0.71% | 0.02% | (0.62)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $204 | 0.30%(4) | 0.35% | 4.14% | 4.09% |
| Year Ended 10/31/24 | 1067 | 0.30%(4) | 0.35% | 5.03% | 4.98% |
| Year Ended 10/31/23 | 1745 | 0.31%(4) | 0.36% | 4.57% | 4.52% |
| Year Ended 10/31/22 | 1761 | 0.20%(4) | 0.36% | 0.84% | 0.68% |
| Year Ended 10/31/21 | 4397 | 0.07%(4) | 0.36% | 0.02% | (0.27)% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $57 | 0.95%(4) | 1.00% | 3.49% | 3.44% |
| Year Ended 10/31/24 | 55 | 0.95%(4) | 1.00% | 4.38% | 4.33% |
| Year Ended 10/31/23 | 53 | 0.96%(4) | 1.01% | 3.92% | 3.87% |
| Year Ended 10/31/22 | 51 | 0.53%(4) | 1.01% | 0.51% | 0.03% |
| Year Ended 10/31/21 | 51 | 0.07%(4) | 1.01% | 0.02% | (0.92)% |
| **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** | **Castleoak Shares Class** |
| Year Ended 10/31/25 | $3071939 | 0.15% | 0.20% | 4.29% | 4.24% |
| Year Ended 10/31/24 | 2702094 | 0.15% | 0.20% | 5.18% | 5.13% |
| Year Ended 10/31/23 | 2305053 | 0.16% | 0.21% | 4.72% | 4.67% |
| Year Ended 10/31/22 | 371597 | 0.12% | 0.21% | 0.92% | 0.83% |
| For the Period Ended 10/31/21(12) | 371765 | 0.07%(7) | 0.21%(7) | 0.02%(7) | (0.12)%(7) |
| **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** |
| Year Ended 10/31/25 | $1637455 | 0.15% | 0.20% | 4.29% | 4.24% |
| Year Ended 10/31/24 | 1518203 | 0.15% | 0.20% | 5.18% | 5.13% |
| Year Ended 10/31/23 | 841264 | 0.16% | 0.21% | 4.72% | 4.67% |
| For the Period Ended 10/31/22(11) | 826509 | 0.12%(7) | 0.21%(7) | 0.92%(7) | 0.83%(7) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $1091762 | 0.15% | 0.20% | 4.29% | 4.24% |
| For the Period Ended 10/31/24(8) | 943525 | 0.15%(7) | 0.20%(7) | 5.18%(7) | 5.13%(7) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $71057 | 0.15% | 0.20% | 4.29% | 4.24% |
| For the Period Ended 10/31/24(9) | 22010 | 0.15%(7) | 0.20%(7) | 5.18%(7) | 5.13%(7) |
| **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** |
| For the Period Ended 10/31/25(13) | $50 | 0.17%(4)(7) | 0.22%(7) | 4.27%(7) | 4.22%(7) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.26% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (0.051 | 1.000 | 5.24%(3) |
| Year Ended 10/31/23 | 1.000 | 0.046 | (1) | 0.000 | (0.046 | 1.000 | 4.71% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.001 | (0.008 | 1.000 | 0.83% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $(0.001 | $(0.041 | $1.000 | 4.21% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | (0.001 | (0.050 | 1.000 | 5.19%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | 0.001 | (0.046 | 1.000 | 4.66% |
| Year Ended 10/31/22 | 1.000 | 0.006 | (1) | 0.002 | (0.008 | 1.000 | 0.80% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 | (0.000 | 1.000 | 0.01% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | $(0.041 | $1.000 | 4.16% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (0.050 | 1.000 | 5.14%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | 0.000 | (0.045 | 1.000 | 4.61% |
| Year Ended 10/31/22 | 1.000 | 0.006 | (1) | 0.002 | (0.008 | 1.000 | 0.77% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 | (0.000 | 1.000 | 0.01% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $(0.001 | $(0.040 | $1.000 | 4.11% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | (0.001 | (0.049 | 1.000 | 5.09%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.001 | (0.045 | 1.000 | 4.56% |
| Year Ended 10/31/22 | 1.000 | 0.006 | (1) | 0.001 | (0.007 | 1.000 | 0.74% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $1.000 | $0.039 | (1) | $(0.000 | $(0.039 | $1.000 | 4.00% |
| Year Ended 10/31/24 | 1.000 | 0.049 | (1) | (0.001 | (0.048 | 1.000 | 4.98%(3) |
| Year Ended 10/31/23 | 1.000 | 0.043 | (1) | 0.001 | (0.044 | 1.000 | 4.45% |
| Year Ended 10/31/22 | 1.000 | 0.005 | (1) | 0.002 | (0.007 | 1.000 | 0.69% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $1.000 | $0.039 | (1) | $(0.000 | $(0.039 | $1.000 | 4.00% |
| Year Ended 10/31/24 | 1.000 | 0.049 | (1) | (0.001 | (0.048 | 1.000 | 4.98%(3) |
| Year Ended 10/31/23 | 1.000 | 0.043 | (1) | 0.001 | (0.044 | 1.000 | 4.45% |
| Year Ended 10/31/22 | 1.000 | 0.005 | (1) | 0.002 | (0.007 | 1.000 | 0.69% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.000 | $0.040 | (1) | $(0.000 | $(0.040 | $1.000 | 4.11% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | (0.001 | (0.049 | 1.000 | 5.08%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.001 | (0.045 | 1.000 | 4.56% |
| Year Ended 10/31/22 | 1.000 | 0.006 | (1) | 0.001 | (0.007 | 1.000 | 0.74% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** | **Government Securities Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $730183 | 0.20% | 0.23% | 4.20% | 4.17% |
| Year Ended 10/31/24 | 1013205 | 0.20% | 0.23% | 5.12% | 5.09% |
| Year Ended 10/31/23 | 1097870 | 0.20% | 0.21% | 4.57% | 4.56% |
| Year Ended 10/31/22 | 817742 | 0.13% | 0.22% | 0.57% | 0.48% |
| Year Ended 10/31/21 | 1622265 | 0.06% | 0.22% | 0.00%(14) | (0.16)% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $59 | 0.25%(4) | 0.28% | 4.15% | 4.12% |
| Year Ended 10/31/24 | 57 | 0.25%(4) | 0.28% | 5.07% | 5.04% |
| Year Ended 10/31/23 | 54 | 0.25%(4) | 0.26% | 4.52% | 4.51% |
| Year Ended 10/31/22 | 51 | 0.16%(4) | 0.27% | 0.54% | 0.43% |
| Year Ended 10/31/21 | 51 | 0.06%(4) | 0.27% | 0.00%(14) | (0.21)% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $59 | 0.30%(4) | 0.33% | 4.10% | 4.07% |
| Year Ended 10/31/24 | 56 | 0.30%(4) | 0.33% | 5.02% | 4.99% |
| Year Ended 10/31/23 | 54 | 0.30%(4) | 0.31% | 4.47% | 4.46% |
| Year Ended 10/31/22 | 51 | 0.19%(4) | 0.32% | 0.51% | 0.38% |
| Year Ended 10/31/21 | 51 | 0.06%(4) | 0.32% | 0.00%(14) | (0.26)% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $59 | 0.35%(4) | 0.38% | 4.05% | 4.02% |
| Year Ended 10/31/24 | 56 | 0.35%(4) | 0.38% | 4.97% | 4.94% |
| Year Ended 10/31/23 | 54 | 0.35%(4) | 0.36% | 4.42% | 4.41% |
| Year Ended 10/31/22 | 51 | 0.22%(4) | 0.37% | 0.48% | 0.33% |
| Year Ended 10/31/21 | 51 | 0.06%(4) | 0.37% | 0.00%(14) | (0.31)% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $14548 | 0.45%(4) | 0.48% | 3.95% | 3.92% |
| Year Ended 10/31/24 | 45161 | 0.45%(4) | 0.48% | 4.87% | 4.84% |
| Year Ended 10/31/23 | 52920 | 0.45%(4) | 0.46% | 4.32% | 4.31% |
| Year Ended 10/31/22 | 40382 | 0.27%(4) | 0.47% | 0.43% | 0.23% |
| Year Ended 10/31/21 | 39201 | 0.06%(4) | 0.47% | 0.00%(14) | (0.41)% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $4913893 | 0.45%(4) | 0.73% | 3.95% | 3.67% |
| Year Ended 10/31/24 | 4111364 | 0.45%(4) | 0.73% | 4.87% | 4.59% |
| Year Ended 10/31/23 | 4539195 | 0.45%(4) | 0.71% | 4.32% | 4.06% |
| Year Ended 10/31/22 | 7014979 | 0.24%(4) | 0.72% | 0.46% | (0.02)% |
| Year Ended 10/31/21 | 15949390 | 0.06%(4) | 0.72% | 0.00%(14) | (0.66)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $133 | 0.35%(4) | 0.38% | 4.05% | 4.02% |
| Year Ended 10/31/24 | 128 | 0.35%(4) | 0.38% | 4.97% | 4.94% |
| Year Ended 10/31/23 | 341 | 0.35%(4) | 0.36% | 4.42% | 4.41% |
| Year Ended 10/31/22 | 327 | 0.22%(4) | 0.37% | 0.48% | 0.33% |
| Year Ended 10/31/21 | 356 | 0.06%(4) | 0.37% | 0.00%(14) | (0.31)% |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | (2) | $(0.042 | $1.000 | 4.29% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (2) | (0.051 | 1.000 | 5.25%(3) |
| Year Ended 10/31/23 | 1.000 | 0.046 | (1) | 0.000 | (2) | (0.046 | 1.000 | 4.72% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.001 |  | (0.009 | 1.000 | 0.89% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | (2) | $(0.042 | $1.000 | 4.24% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (2) | (0.051 | 1.000 | 5.20%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | 0.001 |  | (0.046 | 1.000 | 4.67% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.001 |  | (0.009 | 1.000 | 0.86% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | (2) | $(0.041 | $1.000 | 4.19% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (2) | (0.050 | 1.000 | 5.15%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | 0.000 | (2) | (0.045 | 1.000 | 4.62% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.000 | (2) | (0.008 | 1.000 | 0.83% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | (2) | $(0.041 | $1.000 | 4.14% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (2) | (0.050 | 1.000 | 5.10%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.001 |  | (0.045 | 1.000 | 4.56% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.001 |  | (0.008 | 1.000 | 0.80% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $1.000 | $0.040 | (1) | $0.000 | (2) | $(0.040 | $1.000 | 4.03% |
| Year Ended 10/31/24 | 1.000 | 0.049 | (1) | 0.000 | (2) | (0.049 | 1.000 | 4.99%(3) |
| Year Ended 10/31/23 | 1.000 | 0.043 | (1) | 0.001 |  | (0.044 | 1.000 | 4.46% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.000 | (2) | (0.007 | 1.000 | 0.74% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $1.000 | $0.037 | (1) | $0.000 | (2) | $(0.037 | $1.000 | 3.77% |
| Year Ended 10/31/24 | 1.000 | 0.046 | (1) | 0.000 | (2) | (0.046 | 1.000 | 4.73%(3) |
| Year Ended 10/31/23 | 1.000 | 0.041 | (1) | 0.000 | (2) | (0.041 | 1.000 | 4.20% |
| Year Ended 10/31/22 | 1.000 | 0.006 | (1) | 0.000 | (2) | (0.006 | 1.000 | 0.62% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | (2) | $(0.041 | $1.000 | 4.14% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (2) | (0.050 | 1.000 | 5.10%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.001 |  | (0.045 | 1.000 | 4.57% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.001 |  | (0.008 | 1.000 | 0.80% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.034 | (1) | $0.000 | (2) | $(0.034 | $1.000 | 3.46% |
| Year Ended 10/31/24 | 1.000 | 0.043 | (1) | 0.000 | (2) | (0.043 | 1.000 | 4.42%(3) |
| Year Ended 10/31/23 | 1.000 | 0.038 | (1) | 0.000 | (2) | (0.038 | 1.000 | 3.89% |
| Year Ended 10/31/22 | 1.000 | 0.004 | (1) | 0.001 |  | (0.005 | 1.000 | 0.48% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | (0.000 |)(2) | (0.000 | 1.000 | 0.01% |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | (2) | $(0.042 | $1.000 | 4.30% |
| For the Period Ended 10/31/24(9) | 1.000 | 0.030 | (1) | 0.000 | (2) | (0.030 | 1.000 | 3.08%(6) |
| **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** |
| For the Period Ended 10/31/25(13) | $1.000 | $0.008 | (1) | $0.000 | (2) | $(0.008 | $1.000 | 0.74%(6) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** | **Treasury Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $26757217 | 0.20% | 0.21% | 4.23% | 4.22% |
| Year Ended 10/31/24 | 23396182 | 0.20% | 0.21% | 5.12% | 5.11% |
| Year Ended 10/31/23 | 26005390 | 0.20% | 0.21% | 4.60% | 4.59% |
| Year Ended 10/31/22 | 22268805 | 0.14% | 0.21% | 0.83% | 0.76% |
| Year Ended 10/31/21 | 21468388 | 0.07% | 0.21% | 0.01% | (0.13)% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $3574031 | 0.25%(4) | 0.26% | 4.18% | 4.17% |
| Year Ended 10/31/24 | 3209904 | 0.25%(4) | 0.26% | 5.07% | 5.06% |
| Year Ended 10/31/23 | 3114544 | 0.25%(4) | 0.26% | 4.55% | 4.54% |
| Year Ended 10/31/22 | 8610123 | 0.17%(4) | 0.26% | 0.80% | 0.71% |
| Year Ended 10/31/21 | 14878731 | 0.07%(4) | 0.26% | 0.01% | (0.18)% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $57265 | 0.30%(4) | 0.31% | 4.13% | 4.12% |
| Year Ended 10/31/24 | 74918 | 0.30%(4) | 0.31% | 5.02% | 5.01% |
| Year Ended 10/31/23 | 69342 | 0.30%(4) | 0.31% | 4.50% | 4.49% |
| Year Ended 10/31/22 | 89461 | 0.21%(4) | 0.31% | 0.76% | 0.66% |
| Year Ended 10/31/21 | 26713 | 0.07%(4) | 0.31% | 0.01% | (0.23)% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $34752 | 0.35%(4) | 0.36% | 4.08% | 4.07% |
| Year Ended 10/31/24 | 15892 | 0.35%(4) | 0.36% | 4.97% | 4.96% |
| Year Ended 10/31/23 | 8553 | 0.35%(4) | 0.36% | 4.45% | 4.44% |
| Year Ended 10/31/22 | 8067 | 0.26%(4) | 0.36% | 0.71% | 0.61% |
| Year Ended 10/31/21 | 3294 | 0.07%(4) | 0.36% | 0.01% | (0.28)% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $412496 | 0.45%(4) | 0.46% | 3.98% | 3.97% |
| Year Ended 10/31/24 | 409801 | 0.45%(4) | 0.46% | 4.87% | 4.86% |
| Year Ended 10/31/23 | 413681 | 0.45%(4) | 0.46% | 4.35% | 4.34% |
| Year Ended 10/31/22 | 479272 | 0.29%(4) | 0.46% | 0.68% | 0.51% |
| Year Ended 10/31/21 | 511566 | 0.07%(4) | 0.46% | 0.01% | (0.38)% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $3300819 | 0.70%(4) | 0.71% | 3.73% | 3.72% |
| Year Ended 10/31/24 | 3248495 | 0.70%(4) | 0.71% | 4.62% | 4.61% |
| Year Ended 10/31/23 | 2342820 | 0.70%(4) | 0.71% | 4.10% | 4.09% |
| Year Ended 10/31/22 | 2787233 | 0.35%(4) | 0.71% | 0.62% | 0.26% |
| Year Ended 10/31/21 | 2998738 | 0.07%(4) | 0.71% | 0.01% | (0.63)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $2007 | 0.35%(4) | 0.36% | 4.08% | 4.07% |
| Year Ended 10/31/24 | 3443 | 0.35%(4) | 0.36% | 4.97% | 4.96% |
| Year Ended 10/31/23 | 4719 | 0.35%(4) | 0.36% | 4.45% | 4.44% |
| Year Ended 10/31/22 | 4800 | 0.23%(4) | 0.36% | 0.74% | 0.61% |
| Year Ended 10/31/21 | 17412 | 0.07%(4) | 0.36% | 0.01% | (0.28)% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $57 | 1.00%(4) | 1.01% | 3.43% | 3.42% |
| Year Ended 10/31/24 | 55 | 1.00%(4) | 1.01% | 4.32% | 4.31% |
| Year Ended 10/31/23 | 53 | 1.00%(4) | 1.01% | 3.80% | 3.79% |
| Year Ended 10/31/22 | 51 | 0.54%(4) | 1.01% | 0.43% | (0.04)% |
| Year Ended 10/31/21 | 51 | 0.07%(4) | 1.01% | 0.01% | (0.93)% |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $163659 | 0.20% | 0.21% | 4.23% | 4.22% |
| For the Period Ended 10/31/24(9) | 42266 | 0.20%(7) | 0.21%(7) | 5.12%(7) | 5.11%(7) |
| **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** |
| For the Period Ended 10/31/25(13) | $50 | 0.22%(4)(7) | 0.23%(7) | 4.21%(7) | 4.20%(7) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>on Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.25% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (0.051 | 1.000 | 5.26%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | 0.000 | (0.045 | 1.000 | 4.63% |
| Year Ended 10/31/22 | 1.000 | 0.008 | (1) | 0.000 | (0.008 | 1.000 | 0.82% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | $(0.041 | $1.000 | 4.20% |
| Year Ended 10/31/24 | 1.000 | 0.051 | (1) | 0.000 | (0.051 | 1.000 | 5.21%(3) |
| Year Ended 10/31/23 | 1.000 | 0.045 | (1) | 0.000 | (0.045 | 1.000 | 4.58% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.001 | (0.008 | 1.000 | 0.79% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $1.000 | $0.041 | (1) | $0.000 | $(0.041 | $1.000 | 4.15% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (0.050 | 1.000 | 5.15%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.000 | (0.044 | 1.000 | 4.53% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.001 | (0.008 | 1.000 | 0.75% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $1.000 | $0.040 | (1) | $0.000 | $(0.040 | $1.000 | 4.10% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (0.050 | 1.000 | 5.10%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.000 | (0.044 | 1.000 | 4.48% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.000 | (0.007 | 1.000 | 0.72% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $1.000 | $0.039 | (1) | $0.000 | $(0.039 | $1.000 | 3.99% |
| Year Ended 10/31/24 | 1.000 | 0.049 | (1) | 0.000 | (0.049 | 1.000 | 5.00%(3) |
| Year Ended 10/31/23 | 1.000 | 0.043 | (1) | 0.000 | (0.043 | 1.000 | 4.37% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.000 | (0.007 | 1.000 | 0.67% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $1.000 | $0.037 | (1) | $0.000 | $(0.037 | $1.000 | 3.73% |
| Year Ended 10/31/24 | 1.000 | 0.046 | (1) | 0.000 | (0.046 | 1.000 | 4.73%(3) |
| Year Ended 10/31/23 | 1.000 | 0.040 | (1) | 0.000 | (0.040 | 1.000 | 4.11% |
| Year Ended 10/31/22 | 1.000 | 0.005 | (1) | 0.000 | (0.005 | 1.000 | 0.54% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.000 | $0.040 | (1) | $0.000 | $(0.040 | $1.000 | 4.09% |
| Year Ended 10/31/24 | 1.000 | 0.050 | (1) | 0.000 | (0.050 | 1.000 | 5.10%(3) |
| Year Ended 10/31/23 | 1.000 | 0.044 | (1) | 0.000 | (0.044 | 1.000 | 4.47% |
| Year Ended 10/31/22 | 1.000 | 0.007 | (1) | 0.000 | (0.007 | 1.000 | 0.72% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.034 | (1) | $0.000 | $(0.034 | $1.000 | 3.42% |
| Year Ended 10/31/24 | 1.000 | 0.043 | (1) | 0.000 | (0.043 | 1.000 | 4.42%(3) |
| Year Ended 10/31/23 | 1.000 | 0.037 | (1) | 0.000 | (0.037 | 1.000 | 3.80% |
| Year Ended 10/31/22 | 1.000 | 0.004 | (1) | 0.000 | (0.004 | 1.000 | 0.42% |
| Year Ended 10/31/21 | 1.000 | 0.000 | (1)(2) | 0.000 | (0.000 | 1.000 | 0.01% |
| **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.26% |
| For the Period Ended 10/31/24(8) | 1.000 | 0.033 | (1) | 0.000 | (0.033 | 1.000 | 3.40%(6) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.26% |
| For the Period Ended 10/31/24(8) | 1.000 | 0.033 | (1) | 0.000 | (0.033 | 1.000 | 3.40%(6) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $1.000 | $0.042 | (1) | $0.000 | $(0.042 | $1.000 | 4.26% |
| For the Period Ended 10/31/24(15) | 1.000 | 0.017 | (1) | 0.000 | (0.017 | 1.000 | 1.75%(6) |
| **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** |
| For the Period Ended 10/31/25(13) | $1.000 | $0.007 | (1) | $0.000 | $(0.007 | $1.000 | 0.73%(6) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** | **Treasury Securities Portfolio:** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Year Ended 10/31/25 | $56202440 | 0.20% | 0.21% | 4.18% | 4.17% |
| Year Ended 10/31/24 | 49864264 | 0.20% | 0.21% | 5.12% | 5.11% |
| Year Ended 10/31/23 | 46015555 | 0.20% | 0.21% | 4.54% | 4.53% |
| Year Ended 10/31/22 | 44234518 | 0.13% | 0.21% | 0.76% | 0.68% |
| Year Ended 10/31/21 | 52515537 | 0.06% | 0.21% | 0.01% | (0.14)% |
| **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** | **Institutional Select Class** |
| Year Ended 10/31/25 | $8706 | 0.25%(4) | 0.26% | 4.13% | 4.12% |
| Year Ended 10/31/24 | 5744 | 0.25%(4) | 0.26% | 5.07% | 5.06% |
| Year Ended 10/31/23 | 9222 | 0.25%(4) | 0.26% | 4.49% | 4.48% |
| Year Ended 10/31/22 | 25769 | 0.16%(4) | 0.26% | 0.73% | 0.63% |
| Year Ended 10/31/21 | 1052857 | 0.06%(4) | 0.26% | 0.01% | (0.19)% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year Ended 10/31/25 | $59676 | 0.30%(4) | 0.31% | 4.08% | 4.07% |
| Year Ended 10/31/24 | 16608 | 0.30%(4) | 0.31% | 5.02% | 5.01% |
| Year Ended 10/31/23 | 8795 | 0.30%(4) | 0.31% | 4.44% | 4.43% |
| Year Ended 10/31/22 | 51 | 0.20%(4) | 0.31% | 0.69% | 0.58% |
| Year Ended 10/31/21 | 51 | 0.06%(4) | 0.31% | 0.01% | (0.24)% |
| **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| Year Ended 10/31/25 | $105923 | 0.35%(4) | 0.36% | 4.03% | 4.02% |
| Year Ended 10/31/24 | 114583 | 0.35%(4) | 0.36% | 4.97% | 4.96% |
| Year Ended 10/31/23 | 88387 | 0.35%(4) | 0.36% | 4.39% | 4.38% |
| Year Ended 10/31/22 | 16684 | 0.22%(4) | 0.36% | 0.67% | 0.53% |
| Year Ended 10/31/21 | 18968 | 0.06%(4) | 0.36% | 0.01% | (0.29)% |
| **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** | **Advisory Class** |
| Year Ended 10/31/25 | $17292 | 0.45%(4) | 0.46% | 3.93% | 3.92% |
| Year Ended 10/31/24 | 5002 | 0.45%(4) | 0.46% | 4.87% | 4.86% |
| Year Ended 10/31/23 | 102764 | 0.45%(4) | 0.46% | 4.29% | 4.28% |
| Year Ended 10/31/22 | 34684 | 0.24%(4) | 0.46% | 0.65% | 0.43% |
| Year Ended 10/31/21 | 38959 | 0.06%(4) | 0.46% | 0.01% | (0.39)% |
| **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** | **Participant Class** |
| Year Ended 10/31/25 | $23659 | 0.70%(4) | 0.71% | 3.68% | 3.67% |
| Year Ended 10/31/24 | 26788 | 0.70%(4) | 0.71% | 4.62% | 4.61% |
| Year Ended 10/31/23 | 35491 | 0.70%(4) | 0.71% | 4.04% | 4.03% |
| Year Ended 10/31/22 | 285 | 0.42%(4) | 0.71% | 0.47% | 0.18% |
| Year Ended 10/31/21 | 259 | 0.06%(4) | 0.71% | 0.01% | (0.64)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $6845 | 0.35%(4) | 0.36% | 4.03% | 4.02% |
| Year Ended 10/31/24 | 6954 | 0.35%(4) | 0.36% | 4.97% | 4.96% |
| Year Ended 10/31/23 | 7380 | 0.35%(4) | 0.36% | 4.39% | 4.38% |
| Year Ended 10/31/22 | 8478 | 0.23%(4) | 0.36% | 0.66% | 0.53% |
| Year Ended 10/31/21 | 9921 | 0.06%(4) | 0.36% | 0.01% | (0.29)% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $57 | 1.00%(4) | 1.01% | 3.38% | 3.37% |
| Year Ended 10/31/24 | 55 | 1.00%(4) | 1.01% | 4.32% | 4.31% |
| Year Ended 10/31/23 | 53 | 1.00%(4) | 1.01% | 3.74% | 3.73% |
| Year Ended 10/31/22 | 51 | 0.53%(4) | 1.01% | 0.36% | (0.12)% |
| Year Ended 10/31/21 | 51 | 0.06%(4) | 1.01% | 0.01% | (0.94)% |
| **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** | **Impact Class** |
| Year Ended 10/31/25 | $50 | 0.20% | 0.21% | 4.18% | 4.17% |
| For the Period Ended 10/31/24(8) | 50 | 0.20%(7) | 0.21%(7) | 5.12%(7) | 5.11%(7) |
| **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** | **Impact Partner Class** |
| Year Ended 10/31/25 | $50 | 0.20% | 0.21% | 4.18% | 4.17% |
| For the Period Ended 10/31/24(8) | 50 | 0.20%(7) | 0.21%(7) | 5.12%(7) | 5.11%(7) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $50 | 0.20% | 0.21% | 4.18% | 4.17% |
| For the Period Ended 10/31/24(15) | 50 | 0.20%(7) | 0.21%(7) | 5.12%(7) | 5.11%(7) |
| **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** | **Institutional Plus Class** |
| For the Period Ended 10/31/25(13) | $50 | 0.22%(4)(7) | 0.23%(7) | 4.16%(7) | 4.15%(7) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income** | **Net<br>Investment<br>Income** | **Net Realized and<br>Unrealized Gain<br>(Loss) on<br>Investments** | **Distributions<br>From Net<br>Investment<br>Income** | **Net Asset<br>Value,<br>End of<br>Period** | **Total<br>Return** |
| **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** |
| **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** |
| Year Ended 10/31/25 | $1.000 | $0.027 | (1) | $(0.000 | $(0.027 | $1.000 | 2.68% |
| Year Ended 10/31/24 | 1.000 | 0.033 | (1) | 0.000 | (0.033 | 1.000 | 3.34%(3) |
| Year Ended 10/31/23 | 1.0001 | 0.0291 | (1) | 0.0000 | (0.0293 | 0.9999 | 2.95% |
| Year Ended 10/31/22 | 1.0001 | 0.0076 | (1) | (0.0014 | (0.0062 | 1.0001 | 0.61% |
| Year Ended 10/31/21 | 1.0001 | 0.0001 | (1)(2) | 0.0000 | (0.0001 | 1.0001 | 0.01% |
| **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** |
| Year Ended 10/31/25 | $1.000 | $0.026 | (1) | $(0.000 | $(0.026 | $1.000 | 2.63% |
| Year Ended 10/31/24 | 1.000 | 0.032 | (1) | 0.000 | (0.032 | 1.000 | 3.29%(3) |
| Year Ended 10/31/23 | 1.0001 | 0.0286 | (1) | 0.0000 | (0.0288 | 0.9999 | 2.89% |
| Year Ended 10/31/22 | 1.0001 | 0.0072 | (1) | (0.0014 | (0.0058 | 1.0001 | 0.59% |
| Year Ended 10/31/21 | 1.0001 | 0.0001 | (1)(2) | 0.0000 | (0.0001 | 1.0001 | 0.01% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $1.000 | $0.025 | (1) | $(0.000 | $(0.025 | $1.000 | 2.53% |
| Year Ended 10/31/24 | 1.000 | 0.031 | (1) | 0.000 | (0.031 | 1.000 | 3.18%(3) |
| Year Ended 10/31/23 | 1.0001 | 0.0278 | (1) | (0.0002 | (0.0278 | 0.9999 | 2.78% |
| Year Ended 10/31/22 | 1.0001 | 0.0067 | (1) | (0.0015 | (0.0052 | 1.0001 | 0.52% |
| Year Ended 10/31/21 | 1.0002 | 0.0001 | (1)(2) | (0.0001 | (0.0001 | 1.0001 | 0.00%(14) |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $1.000 | $0.019 | (1) | $(0.000 | $(0.019 | $1.000 | 1.86% |
| For the Period Ended 10/31/24(16) | 1.000 | 0.017 | (1) | 0.000 | (0.017 | 1.000 | 1.69%(6) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $1.000 | $0.027 | (1) | $(0.000 | $(0.027 | $1.000 | 2.68% |
| For the Period Ended 10/31/24(9) | 1.000 | 0.020 | (1) | 0.000 | (0.020 | 1.000 | 1.99%(6) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Financial Highlights (cont'd)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net<br>Assets,<br>End of<br>Period<br>(000)** | **Ratio of<br>Expenses to<br>Average Net<br>Assets** | **Ratio of<br>Expenses to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** | **Ratio of Net<br>Investment<br>Income<br>to Average<br>Net Assets** | **Ratio of<br>Net Investment<br>Income (Loss)<br>to Average<br>Net Assets<br>(Before Waivers/<br>Reimbursement)** |
| **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** | **Tax-Exempt Portfolio:** |
| **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** | **Wealth Class\*** |
| Year Ended 10/31/25 | $518048 | 0.20% | 0.34% | 2.66% | 2.52% |
| Year Ended 10/31/24 | 464486 | 0.20% | 0.32% | 3.26% | 3.14% |
| Year Ended 10/31/23 | 473740 | 0.18% | 0.32% | 2.91% | 2.77% |
| Year Ended 10/31/22 | 464221 | 0.13% | 0.39% | 0.76% | 0.50% |
| Year Ended 10/31/21 | 247727 | 0.08% | 0.34% | 0.01% | (0.25)% |
| **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** | **Wealth S Class\*\*** |
| Year Ended 10/31/25 | $56 | 0.25%(4) | 0.39% | 2.61% | 2.47% |
| Year Ended 10/31/24 | 54 | 0.25%(4) | 0.37% | 3.21% | 3.09% |
| Year Ended 10/31/23 | 53 | 0.23%(4) | 0.37% | 2.86% | 2.72% |
| Year Ended 10/31/22 | 51 | 0.17%(4) | 0.44% | 0.72% | 0.45% |
| Year Ended 10/31/21 | 51 | 0.08%(4) | 0.39% | 0.01% | (0.30)% |
| **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** | **Cash Management Class** |
| Year Ended 10/31/25 | $190 | 0.35%(4) | 0.49% | 2.51% | 2.37% |
| Year Ended 10/31/24 | 186 | 0.35%(4) | 0.47% | 3.11% | 2.99% |
| Year Ended 10/31/23 | 1294 | 0.33%(4) | 0.47% | 2.76% | 2.62% |
| Year Ended 10/31/22 | 3447 | 0.22%(4) | 0.54% | 0.67% | 0.35% |
| Year Ended 10/31/21 | 4670 | 0.08%(4) | 0.49% | 0.01% | (0.40)% |
| **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** | **Select Class** |
| Year Ended 10/31/25 | $50 | 1.00%(4) | 1.14% | 1.86% | 1.72% |
| For the Period Ended 10/31/24(16) | 50 | 1.00%(4)(7) | 1.12%(7) | 2.46%(7) | 2.34%(7) |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| Year Ended 10/31/25 | $50 | 0.20% | 0.34% | 2.66% | 2.52% |
| For the Period Ended 10/31/24(9) | 50 | 0.20%(7) | 0.32%(7) | 3.26%(7) | 3.14%(7) |

---

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

------

**2025 Annual Report**

**October 31, 2025**

Notes to Financial Highlights

+ Institutional Class was renamed Wealth Class for Money Market Portfolio effective January 23, 2023.

++ Institutional Select Class was renamed Wealth S Class for Money Market Portfolio effective January 23, 2023.

\* Institutional Class was renamed Wealth Class effective February 29, 2024.

\*\* Institutional Select Class was renamed Wealth S Class effective February 29, 2024.

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

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

(3) Reflects prior period transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial to the total return.

(4) Ratio of Expenses to Average Net Assets before and after Maximum Expense Ratios may vary among share classes by more or less than the administration plan, service and shareholder administration plan, distribution plan and/or shareholder services plan (the "plans") fees due to either (1) fluctuations in daily net asset amounts, (2) changes in the plans' fees during the period for each share class, (3) changes in the Funds' expense cap during the year, (4) waivers to the plans' fees for each share class, or (5) a combination of the previous points.

(5) Commenced offering on January 23, 2023.

(6) Not annualized.

(7) Annualized.

(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 29, 2024.

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

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**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements

Morgan Stanley Institutional Liquidity Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a Massachusetts business trust. The Trust is comprised of seven separate, active, diversified portfolios (individually referred to as a "Fund", collectively as the "Funds"). The Trust offers up to thirteen different classes of shares for certain Funds. Each Fund offers the Investor Class, Administrative Class, Advisory Class, Participant Class and Cash Management Class; the 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 and the Institutional Plus Class is only offered to Government, Treasury and Treasury Securities Portfolios. 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. Effective February 29, 2024, the Tax-Exempt Portfolio no longer operated as an "institutional money market fund" with a floating net asset value ("NAV") and commenced operating as a "retail money market fund" with a stable NAV.

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 Statement 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 and Treasury Securities Portfolio remain exempt from the Current Liquidity Fee Framework, but the Board of Trustees reserves its right to opt in to the

Current Liquidity Fee Framework in the future after providing appropriate notice to shareholders.

The Securities and Exchange Commission ("SEC") adopted changes to the rules that govern SEC registered money market funds in July 2023 with phased compliance periods through October 2, 2024. These changes include, among other things: (1) allowing a money market fund's board or its delegate to charge discretionary liquidity fees when it determines such fee would be in the best interest of the fund; (2) removing a fund's ability to impose a temporary suspension of redemptions (except under extraordinary circumstances as part of a liquidation); and (3) substantially increasing the required minimum levels of liquid assets a fund must hold. These changes may affect the investment strategies, performance, yield, operating expenses, number of times a fund prices its shares and continued viability of a fund.

For detailed descriptions of the investment objectives of each of the Funds and other related information, please refer to the prospectuses of the Trust. Generally, the investment objective of the Funds is to seek preservation of capital, daily liquidity and maximum current income (exempt from federal income tax in the case of Tax-Exempt Portfolio).

**A. Significant Accounting Policies:** The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**1. Security Valuation:** (1) Money Market, Government, Government Securities, Treasury, Treasury Securities and Tax-Exempt; 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.

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**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

**2. Repurchase Agreements:** Certain Funds may enter into repurchase agreements under which a Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank, as custodian for the Trust, takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Trust has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

Certain Funds may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the Trust's custodian for investment companies advised by the Trust's Adviser. The Fund will participate on a pro-rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Certain Funds' repurchase agreements are subject to Master Repurchase Agreements which are agreements between a Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with the Trust, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

**3. Fair Value Measurement:** Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Trust's investments. The inputs are summarized in the three broad levels listed below:

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

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

• Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value each Fund's investments as of October 31, 2025:

**Money Market Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Certificates of <br>Deposit** | $— | $135950 | $— | $135950 |
| **Commercial Paper** |  | 691560 |  | 691560 |
| **Corporate Bonds** |  | 236294 |  | 236294 |
| **Floating Rate Notes** |  | 452064 |  | 452064 |
| **Repurchase <br>Agreements** |  | 2045000 |  | 2045000 |
| **Total Assets** | $**—** | $**3560868** | $**—** | $**3560868** |

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**Prime Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Certificates of <br>Deposit** | $— | $185191 | $— | $185191 |
| **Commercial Paper** |  | 3102430 |  | 3102430 |
| **Corporate Bonds** |  | 351595 |  | 351595 |
| **Floating Rate Notes** |  | 1756824 |  | 1756824 |
| **Repurchase <br>Agreements** |  | 6992000 |  | 6992000 |
| **Total Assets** | $**—** | $**12388040** | $**—** | $**12388040** |

---

**Government Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Repurchase <br>Agreements** | $— | $80903103 | $— | $80903103 |
| **U.S. Agency <br>Securities** |  | 23261163 |  | 23261163 |
| **U.S. Treasury <br>Securities** |  | 60012690 |  | 60012690 |
| **Total Assets** | $**—** | $**164176956** | $**—** | $**164176956** |

---

**Government Securities Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Repurchase <br>Agreement** | $— | $200000 | $— | $200000 |
| **U.S. Agency <br>Securities** |  | 568282 |  | 568282 |
| **U.S. Treasury <br>Securities** |  | 5323212 |  | 5323212 |
| **Total Assets** | $**—** | $**6091494** | $**—** | $**6091494** |

---

**Treasury Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Repurchase <br>Agreements** | $— | $18209024 | $— | $18209024 |
| **U.S. Treasury <br>Securities** |  | 15250039 |  | 15250039 |
| **Total Assets** | $**—** | $**33459063** | $**—** | $**33459063** |

---

**Treasury Securities Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **U.S. Treasury <br>Securities** | $— | $58307783 | $— | $58307783 |
| **Total Assets** | $**—** | $**58307783** | $**—** | $**58307783** |

---

**Tax-Exempt Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)** | **Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)** | **Level 3<br>Significant<br>unobservable<br>inputs<br>(000)** | **Total<br>(000)** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Weekly Variable <br>Rate Bonds** | $— | $268390 | $— | $268390 |
| **Daily Variable Rate <br>Bonds** |  | 87300 |  | 87300 |
| **Commercial Paper** |  | 75600 |  | 75600 |
| **Municipal Bonds & <br>Notes** |  | 60198 |  | 60198 |
| **Closed-End Investment <br>Companies** |  | 20000 |  | 20000 |
| **Quarterly Variable <br>Rate Bonds** |  | 13500 |  | 13500 |
| **Total Assets** | $**—** | $**524988** | $**—** | $**524988** |

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**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

**4. When-Issued/Delayed Delivery Securities:** Certain Funds purchase and sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

**5. Indemnifications:** The Trust enters into contracts that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

**6. Dividends and Distributions to Shareholders:** Dividends are accrued and declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

**7. Security Transactions, Income and Expenses:** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

**8. Segment Reporting:** During the year ended October 31, 2025, the Funds adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting* 

*(Topic 280): Improvements to Reportable Segment Disclosures, ("ASU 2023-*07"), which requires incremental disclosures related to a public entity's reportable segments. 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. In connection with the adoption of ASU 2023-07, the Funds' President has been designated as the Funds' 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.

**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:

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| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| Money Market | 0.15% |
| Prime | 0.15 |
| Government | 0.15 |
| Government Securities | 0.15 |
| Treasury | 0.15 |
| Treasury Securities | 0.15 |
| Tax-Exempt | 0.15 |

---

The Adviser has agreed to reduce its advisory fees, its administration fees and/or reimburse each Fund so that total annual operating expenses of each share class, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed the maximum expense ratios:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
|<br>**Class** | **Money<br>Market** | **Prime** | **Government** | **Government** | **Government<br>Securities** |
| Wealth/Institutional Class | 0.20% | 0.20% | 0.15 | %\* | 0.20% |
| Wealth S/Institutional <br>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 | 0.70 | 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 | + |  |

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**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** | **Maximum Expense Ratios** |
|<br>**Class** | **Treasury** | **Treasury** | **Treasury<br>Securities** | **Treasury<br>Securities** | **Tax-Exempt** |
| Wealth/Institutional Class | 0.20 | % | 0.20 | % | 0.20% |
| Wealth S/Institutional Select Class | 0.25 |  | 0.25 |  | 0.25 |
| Investor Class | 0.30 |  | 0.30 |  | 0.30 |
| Administrative Class | 0.35 |  | 0.35 |  | 0.35 |
| Advisory Class | 0.45 |  | 0.45 |  | 0.45 |
| Participant Class | 0.70 |  | 0.70 |  | 0.70 |
| Cash Management Class | 0.35 |  | 0.35 |  | 0.35 |
| Select Class | 1.00 |  | 1.00 |  | 1.00 |
| Impact Class |  |  | 0.20 |  |  |
| Impact Partner Class |  |  | 0.20 |  |  |
| Advisor Class | 0.20 |  | 0.20 |  | 0.20 |
| Institutional Plus Class | 0.22 | + | 0.22 | + |  |

---

\* Effective February 28, 2025, the maximum expense ratios were reduced by 0.03% for all classes in the Portfolio.

+ Commenced offering on August 26, 2025.

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 year ended October 31, 2025, the Funds had advisory fees waived and/or certain expenses reimbursed as follows:

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| | |
|:---|:---|
| **Fund** | **Advisory Fees<br>Waived and/or<br>Reimbursed<br>(000)** |
| Money Market | $1867 |
| Prime | 2100 |
| Government | 92749 |
| Government Securities | 1627 |
| Treasury | 2209 |
| Treasury Securities | 3180 |
| Tax-Exempt | 691 |

---

**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 year ended October 31, 2025, the Fund had administration fees waived as follows:

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| | |
|:---|:---|
| **Fund** | **Administration<br>Fees Waived<br>(000)** |
| Tax-Exempt | $23 |

---

**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.

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 year ended October 31, 2025, this waiver amounted to approximately $6,696,000.

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

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**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

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 year ended October 31, 2025, this waiver amounted to approximately $4,465,000.

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 year ended October 31, 2025.

**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:

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

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)** | **Tax-<br>Exempt<br>Income<br>(000)** | **Undistributed<br>Long-Term<br>Capital Gain<br>(000)** |
| Money Market | $879 | $— | $— |
| Prime | 15159 |  |  |
| Government | 315871 |  |  |
| Government Securities | 1895 |  |  |
| Treasury | 56998 |  |  |
| Treasury Securities | 52350 |  |  |
| Tax-Exempt |  | 106 |  |

---

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)** | **Long-term<br>Losses<br>(No Expiration)<br>(000)** |
| Money Market | $1077 | $— |
| Prime | 15702 |  |
| Government | 33225 |  |
| Government Securities | 1510 |  |
| Treasury | 9662 |  |
| Treasury Securities | 10262 | 25 |
| Tax-Exempt | 4 |  |

---

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability

------

**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

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)** |
| 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. 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 year ended October 31, 2025, 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. Other:** At October 31, 2025, certain Funds had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on these Funds. These Funds and the aggregate percentage of such owners were as follows:

---

| | |
|:---|:---|
| **Fund** | **Percent of<br>Ownership** |
| Money Market | 97.3% |
| Prime | 61.0 |
| Government | 39.7 |
| Government Securities | 87.9 |
| Treasury | 78.1 |
| Treasury Securities | 77.7 |
| Tax-Exempt | 89.2 |

---

**J. Market Risk:** The value of an investment in a Fund is based on the values of the Fund's investments, which change due to economic 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. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in a Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty,embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar 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). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of a Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of a Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and

------

**2025 Annual Report**

**October 31, 2025**

Notes to Financial Statements (cont'd)

exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by a Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**2025 Annual Report**

**October 31, 2025**

Report of Independent Registered Public Accounting Firm

To the Shareholders of Money Market Portfolio, Prime Portfolio, Government Portfolio, Government Securities Portfolio, Treasury Portfolio, Treasury Securities Portfolio and Tax-Exempt Portfolio and the Board of Trustees of Morgan Stanley Institutional Liquidity Funds

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Morgan Stanley Institutional Liquidity Funds (the "Trust") (comprising the Money Market Portfolio, Prime Portfolio, Government Portfolio, Government Securities Portfolio, Treasury Portfolio, Treasury Securities Portfolio, and Tax-Exempt Portfolio (collectively referred to as the "Funds")), including the portfolios of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Morgan Stanley Institutional Liquidity Funds at October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25305362_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

December 24, 2025

------

**2025 Annual Report**

**October 31, 2025**

Investment Advisory Agreement Approval (unaudited)

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Funds. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Funds. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Funds and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Funds**

The Board reviewed the performance, fees and expenses of the Funds compared to their peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Funds. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel.

Performance

The Board noted that the performance of the Money Market, Prime, Government, Government Securities, Tax-Exempt, Treasury and Treasury Securities Portfolios were better than their peer group averages for the one-, three- and five-year periods.

Performance Conclusions

With respect to all of the Funds, after discussion, the Board concluded that performance was competitive with their peer group averages.

Fees and Expenses

The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for the Funds relative to comparable funds and/or other accounts advised by the Adviser and/or compared to their peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Funds' total expense ratios. When a fund's management fee and/or its total expense ratio are higher than its peers, the Board and the Adviser discuss the reasons for this and, where appropriate, they discuss possible waivers and/or caps.

The Board noted that, for the Treasury Portfolio and Treasury Securities Portfolio, the management fee was higher than their peer group averages and total expense ratio was higher than but close to their peer group averages.

The Board noted that for the Prime Portfolio, the actual management fee was higher than its peer group average and the contractual management fee and total expense ratio were higher than but close to its peer group averages.

The Board noted that, for the Money Market Portfolio, the management fee and total expense ratio were higher than but close to its peer group averages.

The Board noted that, for the Tax Exempt Portfolio, the management fee was lower than its peer group averages and the total expense ratio was higher than but close to its peer group average.

------

**2025 Annual Report**

**October 31, 2025**

Investment Advisory Agreement Approval (unaudited) (cont'd)

The Board noted that, for the Government Portfolio, the contractual management fee was higher than its peer group average, and the actual management fee and the total expense ratio were lower than its peer group averages.

The Board noted that, for the Government Securities Portfolio, the management fee and total expense ratio were lower than its peer group averages.

Fee and Expense Conclusion

With respect to the Government Portfolio, Government Securities Portfolio, Money Market Portfolio, and Tax-Exempt Portfolio, after discussion, the Board concluded that the management fee and total expense ratio were competitive with their peer group averages.

With respect to the Prime Portfolio, Treasury Portfolio, and Treasury Securities Portfolio, after discussion, the Board concluded that the (i) management fee was acceptable; and (ii) total expense ratio was competitive with their peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Funds and how that relates to the Funds' total expense ratios and particularly the Funds' management fee rates (which for all the Funds do not include breakpoints). In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Funds and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of each Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Funds and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Funds and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Funds and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Funds and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Funds' operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Funds to continue their relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Funds' Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Funds' business.

------

**2025 Annual Report**

**October 31, 2025**

Investment Advisory Agreement Approval (unaudited) (cont'd)

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of each Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

**2025 Annual Report**

**October 31, 2025**

Federal Tax Notice (unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Fund during the taxable year ended October 31, 2025.

Each of the applicable Funds designated the following percentages of its income dividends as tax-exempt dividends:

---

| | |
|:---|:---|
| **Fund** | **Tax-Exempt<br>Percentage** |
| Tax-Exempt | 99.82% |

---

At October 31, 2025, the following Funds designated some of its distributions paid as business interest income:

---

| | |
|:---|:---|
| **Fund** | **Business<br>Interest<br>Income<br>(000)** |
| Money Market | $148929 |
| Prime | 546539 |
| Government | 7436655 |
| Government Securities | 209421 |
| Treasury | 1321473 |
| Treasury Securities | 2263566 |
| Tax-Exempt | 24 |

---

For federal income tax purposes, the following information is furnished with respect to the earnings of each applicable Fund for the taxable year ended October 31, 2025.

Each of the applicable Funds may designate up to a maximum of the following amounts as qualifying as interest-related dividends and short-term capital gain dividends:

---

| | | |
|:---|:---|:---|
| **Fund** | **Interest<br>Related<br>Dividends** | **Short-Term<br>Capital Gain<br>Dividends** |
| Money Market | $153357699 | $— |
| Prime | 571204946 |  |
| Government | 7443303783 |  |
| Government Securities | 211379240 |  |
| Treasury | 1362522552 |  |
| Treasury Securities | 2298475552 |  |
| Tax-Exempt | 13404113 |  |

---

In January, each applicable Fund provides tax information to shareholders for the preceding calendar year.

------

Morgan Stanley Investment Management Inc.

1585 Broadway

New York, New York 10036© 2025 Morgan Stanley. Morgan Stanley Distribution, Inc.

![](j25305362_za004.jpg)

MSILF-NCSR

10.31.25 ------

**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**

This 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**

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

**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 For Principal Executive and Senior financial Officers - Not applicable (please see Item 2).

---

| | |
|:---|:---|
| (a)(2)(i) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable |

---

---

| | |
|:---|:---|
| [(a)(3)](tm2530536d1_ex99-cert.htm) | [Separate certifications by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act are attached](tm2530536d1_ex99-cert.htm) |

---

---

| | |
|:---|:---|
| (a)(4) | A written solicitation to purchase securities under Rule 23c-1 under the 1940 Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – Not applicable |

---

(a)(5) Change in the registrant's independent public accountant – Not applicable

[(b)](tm2530536d1_ex99-906cert.htm) [A certification by the registrant's principal executive officer and principal financial officer, required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code is attached](tm2530536d1_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.

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

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | December 26, 2025 |

---

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/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |
| Date: | December 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | December 26, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Institutional Liquidity Funds**

**FORM N-CSR**

**Exhibit 19(a)(3)**

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

I, Francis J. Smith, 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: December 26, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Institutional Liquidity Funds**

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<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.

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| | |
|:---|:---|
| Date: December 26, 2025 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

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## 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 Annual Report of the Trust on Form N-CSR for the period ended
 October 31, 2025 (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.**

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| |
|:---|
| Morgan Stanley Institutional Liquidity Funds |
| Date: December 26, 2025 |
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |
| Date: December 26, 2025 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---