N-CSRS 1 tm2413372d1_ncsrs.htm N-CSRS

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-21339

 

Morgan Stanley Institutional Liquidity Funds

(Exact name of registrant as specified in charter)

 

1585 Broadway, New York, New York 10036
(Address of principal executive offices) (Zip code)

 

John H. Gernon
1585 Broadway, New York, New York 10036
(Name and address of agent for service)

 

Registrant's telephone number, including area code: 212-762-1886

 

Date of fiscal year end: October 31,

 

Date of reporting period: April 30, 2024

 

 

 

 

 

 

Item 1 - Report to Shareholders

 

 

 

Morgan Stanley Institutional Liquidity Funds

Money Market Portfolio

Prime Portfolio

Government Portfolio

Government Securities Portfolio

Treasury Portfolio

Treasury Securities Portfolio

Tax-Exempt Portfolio

Semi-Annual Report

April 30, 2024

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Table of Contents

Shareholders' Letter

    

2

    

Performance Summary

    

3

    

Expense Examples

    

5

    

Portfolio of Investments:

  

Money Market Portfolio

    

8

    

Prime Portfolio

    

12

    

Government Portfolio

    

16

    

Government Securities Portfolio

    

23

    

Treasury Portfolio

    

25

    

Treasury Securities Portfolio

    

28

    

Tax-Exempt Portfolio

    

29

    

Statements of Assets and Liabilities

    

32

    

Statements of Operations

    

38

    

Statements of Changes in Net Assets

    

40

    

Financial Highlights

    

48

    

Notes to Financial Statements

    

63

    

Important Notices

    

70

    

U.S. Customer Privacy Notice

    

71

    

Trustees and Officers Information

    

74

    

This report is authorized for distribution only when preceded or accompanied by prospectuses of the Morgan Stanley Institutional Liquidity Funds (the "Trust"). To receive a prospectus and/or Statement of Additional Information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (888) 378-1630. Please read the prospectus carefully before you invest or send money.

Additionally, you can access information about the Trust including performance, characteristics and investment team commentary, through Morgan Stanley Investment Management's website: www.morganstanley.com/liquidity.

There is no assurance that a fund will achieve its investment objective. The Trust is subject to market risk, which is the possibility that market values of securities owned by the Trust will decline and, therefore, the value of the Trust's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Trust. Please see the prospectus for more complete information on investment risks.


1

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Shareholders' Letter

Dear Shareholders:

We are pleased to present the Morgan Stanley Institutional Liquidity Funds (the "Trust") Semi-Annual Report for the period ended April 30, 2024. The Trust currently offers seven funds (Money Market, Prime, Government, Government Securities, Treasury, Treasury Securities and Tax-Exempt), which together are designed to provide flexible cash management options. The Trust's funds provide investors with a means to help them meet specific cash investment needs, whether they need a rated fund, capital preservation, or tax-efficient returns.

Sincerely,

John H. Gernon
President and Principal Executive Officer

May 2024


2

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Performance Summary

The seven-day current and seven-day effective yields (effective yield assumes an annualization of the current yield with all dividends reinvested) as of April 30, 2024 were as follows:

   

Subsidized Yields

  

Non-Subsidized Yields

  
    7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		  

Money Market Portfolio Wealth Class

    

5.35

%

    

5.49

%

    

5.31

%

    

5.45

%

  

Money Market Portfolio Wealth S Class

    

5.29

%

    

5.43

%

    

5.26

%

    

5.40

%

  

Money Market Portfolio Advisory Class

    

5.10

%

    

5.23

%

    

5.06

%

    

5.19

%

  

Money Market Portfolio Participant Class

    

4.84

%

    

4.96

%

    

4.82

%

    

4.93

%

  

Money Market Portfolio Cash Management Class

    

5.20

%

    

5.33

%

    

5.16

%

    

5.29

%

  

Money Market Portfolio Select Class

    

4.55

%

    

4.65

%

    

4.52

%

    

4.62

%

  

Money Market Portfolio Impact Partner Class+

    

5.35

%

    

5.49

%

    

5.32

%

    

5.46

%

  

Money Market Portfolio Advisor Class++

    

5.35

%

    

5.49

%

    

5.32

%

    

5.46

%

  

Prime Portfolio Institutional Class

    

5.37

%

    

5.52

%

    

5.36

%

    

5.51

%

  

Prime Portfolio Institutional Select Class

    

5.32

%

    

5.47

%

    

5.31

%

    

5.45

%

  

Prime Portfolio Advisory Class

    

5.12

%

    

5.25

%

    

5.12

%

    

5.25

%

  

Prime Portfolio Cash Management Class

    

5.22

%

    

5.36

%

    

5.21

%

    

5.35

%

  

Prime Portfolio CastleOak Shares Class

    

5.37

%

    

5.52

%

    

5.36

%

    

5.51

%

  

Prime Portfolio Impact Class

    

5.37

%

    

5.52

%

    

5.36

%

    

5.51

%

  

Prime Portfolio Impact Partner Class+

    

5.38

%

    

5.52

%

    

5.37

%

    

5.52

%

  

Government Portfolio Institutional Class

    

5.22

%

    

5.36

%

    

5.16

%

    

5.30

%

  

Government Portfolio Institutional Select Class

    

5.17

%

    

5.30

%

    

5.11

%

    

5.24

%

  

Government Portfolio Investor Class

    

5.12

%

    

5.25

%

    

5.07

%

    

5.19

%

  

Government Portfolio Administrative Class

    

5.07

%

    

5.20

%

    

5.02

%

    

5.14

%

  

Government Portfolio Advisory Class

    

4.97

%

    

5.09

%

    

4.92

%

    

5.04

%

  

Government Portfolio Participant Class

    

4.72

%

    

4.83

%

    

4.67

%

    

4.77

%

  

Government Portfolio Cash Management Class

    

5.07

%

    

5.19

%

    

5.01

%

    

5.14

%

  

Government Portfolio Select Class

    

4.42

%

    

4.52

%

    

4.37

%

    

4.46

%

  

Government Portfolio Castleoak Shares Class

    

5.22

%

    

5.36

%

    

5.17

%

    

5.30

%

  

Government Portfolio Impact Class

    

5.22

%

    

5.35

%

    

5.16

%

    

5.30

%

  

Government Portfolio Impact Partner Class+

    

5.23

%

    

5.36

%

    

5.17

%

    

5.31

%

  

Government Portfolio Advisor Class++

    

5.23

%

    

5.36

%

    

5.17

%

    

5.31

%

  

Government Securities Portfolio Institutional Class

    

5.15

%

    

5.28

%

    

5.13

%

    

5.26

%

  

Government Securities Portfolio Institutional Select Class

    

5.10

%

    

5.23

%

    

5.08

%

    

5.21

%

  

Government Securities Portfolio Investor Class

    

5.05

%

    

5.18

%

    

5.04

%

    

5.17

%

  

Government Securities Portfolio Administrative Class

    

5.01

%

    

5.13

%

    

5.00

%

    

5.12

%

  

Government Securities Portfolio Advisory Class

    

4.90

%

    

5.02

%

    

4.88

%

    

5.00

%

  

Government Securities Portfolio Participant Class

    

4.90

%

    

5.02

%

    

4.63

%

    

4.74

%

  

Government Securities Portfolio Cash Management Class

    

5.00

%

    

5.13

%

    

4.98

%

    

5.11

%

  

Treasury Portfolio Institutional Class

    

5.15

%

    

5.28

%

    

5.14

%

    

5.27

%

  

Treasury Portfolio Institutional Select Class

    

5.10

%

    

5.23

%

    

5.09

%

    

5.22

%

  

Treasury Portfolio Investor Class

    

5.05

%

    

5.18

%

    

5.04

%

    

5.17

%

  

Treasury Portfolio Administrative Class

    

5.00

%

    

5.13

%

    

4.99

%

    

5.12

%

  

Treasury Portfolio Advisory Class

    

4.90

%

    

5.02

%

    

4.89

%

    

5.01

%

  

Treasury Portfolio Participant Class

    

4.65

%

    

4.76

%

    

4.64

%

    

4.75

%

  

Treasury Portfolio Cash Management Class

    

5.00

%

    

5.13

%

    

4.99

%

    

5.12

%

  

Treasury Portfolio Select Class

    

4.35

%

    

4.45

%

    

4.35

%

    

4.45

%

  

Treasury Portfolio Advisor Class++

    

5.15

%

    

5.29

%

    

5.15

%

    

5.29

%

  

Treasury Securities Portfolio Institutional Class

    

5.16

%

    

5.29

%

    

5.15

%

    

5.28

%

  

Treasury Securities Portfolio Institutional Select Class

    

5.11

%

    

5.24

%

    

5.10

%

    

5.23

%

  

Treasury Securities Portfolio Investor Class

    

5.06

%

    

5.18

%

    

5.05

%

    

5.18

%

  

Treasury Securities Portfolio Administrative Class

    

5.01

%

    

5.13

%

    

5.00

%

    

5.13

%

  

Treasury Securities Portfolio Advisory Class

    

4.91

%

    

5.03

%

    

4.90

%

    

5.02

%

  

Treasury Securities Portfolio Participant Class

    

4.66

%

    

4.77

%

    

4.65

%

    

4.76

%

  

Treasury Securities Portfolio Cash Management Class

    

5.01

%

    

5.13

%

    

5.00

%

    

5.13

%

  

Treasury Securities Portfolio Select Class

    

4.36

%

    

4.46

%

    

4.36

%

    

4.46

%

  

Treasury Securities Portfolio Impact Class+

    

5.16

%

    

5.29

%

    

5.16

%

    

5.29

%

  


3

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Performance Summary (cont'd)

   

Subsidized Yields

  

Non-Subsidized Yields

  
    7-day
Current
Yield		   7-day
Effective
Yield		   7-day
Current
Yield		   7-day
Effective
Yield		  

Treasury Securities Portfolio Impact Partner Class+

    

5.16

%

    

5.29

%

    

5.16

%

    

5.29

%

  

Tax-Exempt Portfolio Wealth Class*†

    

3.52

%

    

3.58

%

    

3.36

%

    

3.42

%

  

Tax-Exempt Portfolio Wealth S Class*††

    

3.47

%

    

3.53

%

    

3.32

%

    

3.37

%

  

Tax-Exempt Portfolio Cash Management Class*

    

3.37

%

    

3.43

%

    

3.21

%

    

3.27

%

  

Tax-Exempt Portfolio Select Class*+++

    

2.72

%

    

2.76

%

    

2.57

%

    

2.61

%

  

Tax-Exempt Portfolio Advisor Class*++

    

3.52

%

    

3.58

%

    

3.37

%

    

3.42

%

  

+  Commenced offering on March 5, 2024.

++  Commenced offering on March 27, 2024.

*  Effective February 29, 2024, the Tax-Exempt Portfolio operates as a "retail money market fund."

†  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.

+++  Commenced offering on February 29, 2024.

The non-subsidized yield reflects what the yield would have been had a fee and/or expense waiver not been in place during the period shown.

Money Market, Government, Government Securities, Treasury, Treasury Securities and Tax-Exempt are STABLE NET ASSET VALUE ("NAV") FUNDS. You could lose money by investing in these Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in these Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Morgan Stanley and its affiliates (the "sponsor") has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. Prime is a FLOATING NAV FUND. You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares. An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time. Please read the Trust's prospectuses carefully before you invest or send money.

The Tax-Exempt Portfolio may invest a portion of its total assets in bonds that may subject certain investors to the federal Alternative Minimum Tax ("AMT"). Investors should consult their tax adviser for further information on tax implications.

Yield quotation more closely reflects the current earnings of the Funds than the total return. As with all money market funds, yields will fluctuate as market conditions change and the seven-day yields are not necessarily indicative of future performance.


4

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Expense Examples

As a shareholder of a Fund, you incur ongoing costs, which may include advisory fees, administration fees, administration plan fees, service and shareholder administration plan fees, distribution plan fees, shareholder services plan fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2024 and held for the entire six-month period.

Actual Expenses

The table on the following page provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table on the following page provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the information for each class in the table is useful in comparing ongoing costs, and will not help you determine the relative total cost of owning different funds that have transactional costs, such as sales charges (loads) or exchange fees.


5

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Expense Examples (cont'd)

    Beginning
Account
Value
11/1/23		   Actual Ending
Account
Value
4/30/24		   Hypothetical
Ending Account
Value		   Actual
Expenses
Paid
During
Period		   Hypothetical
Expenses Paid
During Period		   Net
Expense
Ratio
During
Period++		  

Money Market Portfolio Wealth Class

  

$

1,000.00

    

$

1,027.30

    

$

1,023.87

    

$

1.01

*

  

$

1.01

*

    

0.20

%

  

Money Market Portfolio Wealth S Class

    

1,000.00

      

1,027.04

      

1,023.62

      

1.26

*

    

1.26

*

    

0.25

    

Money Market Portfolio Advisory Class

    

1,000.00

      

1,026.02

      

1,022.63

      

2.27

*

    

2.26

*

    

0.45

    

Money Market Portfolio Participant Class

    

1,000.00

      

1,024.74

      

1,021.38

      

3.52

*

    

3.52

*

    

0.70

    

Money Market Portfolio Cash Management Class

    

1,000.00

      

1,026.54

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Money Market Portfolio Select Class

    

1,000.00

      

1,023.23

      

1,019.89

      

5.03

*

    

5.02

*

    

1.00

    

Money Market Portfolio Impact Partner Class

    

1,000.00

      

1,008.39

      

1,007.48

      

0.31

**

    

0.31

**

    

0.20

    

Money Market Portfolio Advisor Class

    

1,000.00

      

1,005.14

      

1,004.59

      

0.19

***

    

0.19

***

    

0.20

    

Prime Portfolio Institutional Class

    

1,000.00

      

1,027.26

      

1,023.87

      

1.01

*

    

1.01

*

    

0.20

    

Prime Portfolio Institutional Select Class

    

1,000.00

      

1,027.00

      

1,023.62

      

1.26

*

    

1.26

*

    

0.25

    

Prime Portfolio Advisory Class

    

1,000.00

      

1,025.86

      

1,022.63

      

2.27

*

    

2.26

      

0.45

    

Prime Portfolio Cash Management Class

    

1,000.00

      

1,026.49

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Prime Portfolio CastleOak Shares Class

    

1,000.00

      

1,027.16

      

1,023.87

      

1.01

*

    

1.01

*

    

0.20

    

Prime Portfolio Impact Class

    

1,000.00

      

1,027.26

      

1,023.87

      

1.01

*

    

1.01

*

    

0.20

    

Prime Portfolio Impact Partner Class

    

1,000.00

      

1,008.13

      

1,007.48

      

0.31

**

    

0.31

**

    

0.20

    

Government Portfolio Institutional Class

    

1,000.00

      

1,026.40

      

1,024.07

      

0.81

*

    

0.81

*

    

0.16

    

Government Portfolio Institutional Select Class

    

1,000.00

      

1,026.13

      

1,023.82

      

1.06

*

    

1.06

*

    

0.21

    

Government Portfolio Investor Class

    

1,000.00

      

1,025.89

      

1,023.57

      

1.31

*

    

1.31

*

    

0.26

    

Government Portfolio Administrative Class

    

1,000.00

      

1,025.63

      

1,023.32

      

1.56

*

    

1.56

*

    

0.31

    

Government Portfolio Advisory Class

    

1,000.00

      

1,025.12

      

1,022.82

      

2.06

*

    

2.06

*

    

0.41

    

Government Portfolio Participant Class

    

1,000.00

      

1,023.85

      

1,021.58

      

3.32

*

    

3.32

*

    

0.66

    

Government Portfolio Cash Management Class

    

1,000.00

      

1,025.62

      

1,023.32

      

1.56

*

    

1.56

*

    

0.31

    

Government Portfolio Select Class

    

1,000.00

      

1,022.32

      

1,020.09

      

4.83

*

    

4.82

*

    

0.96

    

Government Portfolio Castleoak Shares Class

    

1,000.00

      

1,026.40

      

1,024.07

      

0.81

*

    

0.81

*

    

0.16

    

Government Portfolio Impact Class

    

1,000.00

      

1,026.39

      

1,024.07

      

0.81

*

    

0.81

*

    

0.16

    

Government Portfolio Impact Partner Class

    

1,000.00

      

1,008.18

      

1,007.55

      

0.23

**

    

0.23

**

    

0.15

    

Government Portfolio Advisor Class

    

1,000.00

      

1,005.01

      

1,004.64

      

0.14

***

    

0.14

***

    

0.15

    

Government Securities Portfolio Institutional Class

    

1,000.00

      

1,026.07

      

1,023.87

      

1.01

*

    

1.01

*

    

0.20

    

Government Securities Portfolio Institutional Select Class

    

1,000.00

      

1,025.84

      

1,023.62

      

1.26

*

    

1.26

*

    

0.25

    

Government Securities Portfolio Investor Class

    

1,000.00

      

1,025.57

      

1,023.37

      

1.51

*

    

1.51

*

    

0.30

    

Government Securities Portfolio Administrative Class

    

1,000.00

      

1,025.33

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Government Securities Portfolio Advisory Class

    

1,000.00

      

1,024.80

      

1,022.63

      

2.27

*

    

2.26

*

    

0.45

    

Government Securities Portfolio Participant Class

    

1,000.00

      

1,024.79

      

1,022.63

      

2.27

*

    

2.26

*

    

0.45

    

Government Securities Portfolio Cash Management Class

    

1,000.00

      

1,025.31

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Treasury Portfolio Institutional Class

    

1,000.00

      

1,026.16

      

1,023.87

      

1.01

*

    

1.01

*

    

0.20

    

Treasury Portfolio Institutional Select Class

    

1,000.00

      

1,025.89

      

1,023.62

      

1.26

*

    

1.26

*

    

0.25

    

Treasury Portfolio Investor Class

    

1,000.00

      

1,025.65

      

1,023.37

      

1.51

*

    

1.51

*

    

0.30

    

Treasury Portfolio Administrative Class

    

1,000.00

      

1,025.40

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Treasury Portfolio Advisory Class

    

1,000.00

      

1,024.88

      

1,022.63

      

2.27

*

    

2.26

*

    

0.45

    

Treasury Portfolio Participant Class

    

1,000.00

      

1,023.61

      

1,021.38

      

3.52

*

    

3.52

*

    

0.70

    

Treasury Portfolio Cash Management Class

    

1,000.00

      

1,025.40

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Treasury Portfolio Select Class

    

1,000.00

      

1,022.09

      

1,019.89

      

5.03

*

    

5.02

*

    

1.00

    

Treasury Portfolio Advisor Class

    

1,000.00

      

1,004.95

      

1,004.59

      

0.19

***

    

0.19

***

    

0.20

    

Treasury Securities Portfolio Institutional Class

    

1,000.00

      

1,026.18

      

1,023.87

      

1.01

*

    

1.01

*

    

0.20

    

Treasury Securities Portfolio Institutional Select Class

    

1,000.00

      

1,025.92

      

1,023.62

      

1.26

*

    

1.26

*

    

0.25

    

Treasury Securities Portfolio Investor Class

    

1,000.00

      

1,025.66

      

1,023.37

      

1.51

*

    

1.51

*

    

0.30

    

Treasury Securities Portfolio Administrative Class

    

1,000.00

      

1,025.42

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Treasury Securities Portfolio Advisory Class

    

1,000.00

      

1,024.91

      

1,022.63

      

2.27

*

    

2.26

*

    

0.45

    

Treasury Securities Portfolio Participant Class

    

1,000.00

      

1,023.63

      

1,021.38

      

3.52

*

    

3.52

*

    

0.70

    

Treasury Securities Portfolio Cash Management Class

    

1,000.00

      

1,025.40

      

1,023.12

      

1.76

*

    

1.76

*

    

0.35

    

Treasury Securities Portfolio Select Class

    

1,000.00

      

1,022.11

      

1,019.89

      

5.03

*

    

5.02

*

    

1.00

    

Treasury Securities Portfolio Impact Class

    

1,000.00

      

1,008.09

      

1,007.48

      

0.31

**

    

0.31

**

    

0.20

    

Treasury Securities Portfolio Impact Partner Class

    

1,000.00

      

1,008.09

      

1,007.48

      

0.31

**

    

0.31

**

    

0.20

    


6

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Expense Examples (cont'd)

    Beginning
Account
Value
11/1/23		   Actual Ending
Account
Value
4/30/24		   Hypothetical
Ending Account
Value		   Actual
Expenses
Paid
During
Period		   Hypothetical
Expenses Paid
During Period		   Net
Expense
Ratio
During
Period++		  

Tax-Exempt Portfolio Wealth Class+

  

$

1,000.00

    

$

1,016.66

    

$

1,023.87

    

$

1.00

*

  

$

1.01

*

    

0.20

%

  

Tax-Exempt Portfolio Wealth S Class+

    

1,000.00

      

1,016.41

      

1,023.62

      

1.25

*

    

1.26

*

    

0.25

    

Tax-Exempt Portfolio Cash Management Class

    

1,000.00

      

1,015.90

      

1,023.12

      

1.75

*

    

1.76

*

    

0.35

    

Tax-Exempt Portfolio Select Class

    

1,000.00

      

1,004.46

      

1,006.78

      

1.70

****

    

1.70

****

    

1.00

    

Tax-Exempt Portfolio Advisor Class

    

1,000.00

      

1,003.43

      

1,004.59

      

0.19

***

    

0.19

***

    

0.20

    

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/366 (to reflect the most recent one-half year period).

**  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 57/366 (to reflect the actual days in the period).

***  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 35/366 (to reflect the actual days in the period).

****  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 62/366 (to reflect the actual days in the period).

+  Class name change for Tax-Exempt effective February 29, 2024.

++  Annualized.


7

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (8.1%)

  

Domestic Banks (3.2%)

  

Bank of America NA,

  

5.18%, 2/3/25

  

$

7,000

    

$

7,000

    

5.20%, 1/29/25

    

3,000

      

3,000

    

5.24%, 3/3/25

    

5,000

      

5,000

    

5.75%, 11/19/24

    

10,000

      

10,000

    

5.92%, 8/9/24

    

15,000

      

15,000

    

5.95%, 8/5/24

    

10,000

      

10,000

    

Citibank NA

  

5.92%, 6/21/24 - 7/30/24

    

25,000

      

25,000

    
     

75,000

    

International Banks (4.9%)

  

Bank of Montreal

  

5.40%, 4/28/25

    

2,000

      

2,000

    

BNP Paribas SA

  

5.88%, 6/21/24

    

10,000

      

10,000

    

Cooperatieve Rabobank UA

  

5.90%, 8/14/24

    

4,000

      

4,000

    

Natixis SA

  

5.94%, 6/14/24

    

10,000

      

10,000

    

Svenska Handelsbanken AB,

  

5.27%, 3/24/25

    

13,000

      

13,001

    

5.39%, 3/19/25

    

8,000

      

8,000

    

5.42%, 4/9/25

    

10,000

      

10,001

    

5.51%, 12/3/24

    

30,000

      

30,001

    

5.56%, 12/11/24

    

10,000

      

10,000

    

5.91%, 7/16/24

    

10,000

      

10,000

    

Toronto-Dominion Bank

  

5.88%, 6/14/24

    

10,000

      

10,000

    
     

117,003

    

Total Certificates of Deposit (Cost $192,003)

    

192,003

    

Commercial Paper (a) (20.9%)

  

Asset-Backed Diversified Financial Services (5.1%)

  

Atlantic Asset Securitization LLC,

  

5.88%, 6/17/24 - 6/20/24

    

20,000

      

19,847

    

5.91%, 7/17/24

    

5,000

      

4,939

    

CDP Financial, Inc.

  

5.33%, 5/1/24

    

10,000

      

10,000

    

Fairway Finance Co. LLC,

  

5.39%, 11/22/24

    

5,000

      

4,853

    

5.90%, 7/16/24

    

10,000

      

9,881

    

LMA Americas LLC,

  

5.44%, 12/10/24

    

1,000

      

968

    

5.52%, 12/13/24

    

4,000

      

3,868

    

5.91%, 7/16/24

    

5,000

      

4,940

    

Old Line Funding LLC

  

5.48%, 6/21/24

    

5,000

      

4,962

    

Podium Funding Trust,

  

5.39%, 11/14/24

    

15,000

      

14,575

    

5.41%, 12/13/24

    

2,000

      

1,935

    

Starbird Funding Corp.

  

5.93%, 7/12/24 (b)

    

15,000

      

14,830

    
    Face
Amount
(000)		   Value
(000)		  

Thunder Bay Funding LLC

  

5.41%, 11/25/24

  

$

20,000

    

$

19,399

    

Versailles Commercial Paper LLC

  

5.92%, 7/2/24

    

5,000

      

4,951

    
     

119,948

    

Automobiles (4.2%)

  

Toyota Credit Canada, Inc.

  

5.57%, 9/26/24

    

5,000

      

4,888

    

Toyota Credit de Puerto Rico Corp.,

  

5.49%, 12/16/24

    

22,500

      

21,746

    

5.61%, 1/6/25

    

5,000

      

4,813

    

5.96%, 5/6/24

    

5,000

      

4,996

    

5.98%, 6/7/24

    

20,000

      

19,882

    

Toyota Finance Australia

  

5.49%, 8/22/24 - 9/9/24

    

34,000

      

33,403

    

Toyota Motor Credit Corp.,

  

5.90%, 6/14/24

    

5,000

      

4,966

    

5.91%, 6/28/24

    

5,000

      

4,954

    
     

99,648

    

Automobiles Manufacturing (0.4%)

  

Volvo Treasury North America LP

  

5.42%, 6/18/24 (b)

    

10,000

      

9,929

    

Computer Technology (1.0%)

  

Microsoft Corp.

  

5.52%, 6/12/24

    

25,000

      

24,843

    

Consumer, Non-Cyclical (0.6%)

  

LVMH Moet Hennessy Louis Vuitton,

  

5.35%, 11/18/24

    

5,000

      

4,857

    

5.36%, 11/25/24

    

8,500

      

8,247

    
     

13,104

    

Domestic Banks (2.7%)

  

ABN Amro Funding USA LLC

  

5.70%, 5/29/24

    

5,000

      

4,978

    

ING U.S. Funding LLC,

  

5.41%, 11/22/24

    

17,000

      

16,497

    

5.43%, 12/23/24 (b)

    

30,000

      

28,973

    

5.44%, 12/16/24

    

15,000

      

14,501

    
     

64,949

    

Health Care Services (1.1%)

  

UnitedHealth Group, Inc.

  

5.33%, 5/1/24

    

25,000

      

25,000

    

Insurance (0.2%)

  

Pricoa Short Term Funding LLC

  

5.53%, 10/15/24

    

5,000

      

4,875

    

International Banks (5.6%)

  

Australia & New Zealand Banking Group Ltd.,

  

5.89%, 8/2/24

    

20,000

      

19,709

    

5.90%, 7/15/24

    

10,000

      

9,882

    

Cooperatieve Rabobank UA

  

5.89%, 6/10/24

    

5,000

      

4,969

    

DNB Bank ASA

  

5.90%, 6/13/24 - 7/16/24

    

25,000

      

24,780

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (cont'd)

  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank

  

5.30%, 5/1/24

  

$

1,000

    

$

1,000

    

Suncorp-Metway Ltd.,

  

5.57%, 10/21/24

    

4,000

      

3,896

    

5.58%, 10/28/24

    

5,000

      

4,864

    

5.60%, 6/4/24 - 6/5/24

    

8,000

      

7,958

    

5.68%, 6/3/24

    

5,000

      

4,975

    

5.73%, 5/29/24 (b)

    

3,000

      

2,987

    

Svenska Handelsbanken AB

  

5.33%, 3/13/25

    

20,000

      

19,112

    

Westpac Banking Corp.,

  

5.50%, 4/17/25

    

10,000

      

9,491

    

5.52%, 4/14/25

    

10,000

      

9,494

    

5.53%, 4/16/25

    

10,000

      

9,490

    
     

132,607

    

Total Commercial Paper (Cost $494,903)

    

494,903

    

Corporate Bonds (3.9%)

  

Insurance (0.4%)

  

Metropolitan Life Global Funding I,

  

0.55%, 6/7/24 (b)

    

1,350

      

1,343

    

0.70%, 9/27/24 (b)

    

1,140

      

1,118

    

2.80%, 3/21/25 (b)

    

1,305

      

1,276

    

New York Life Global Funding

  

3.15%, 6/6/24 (b)

    

5,370

      

5,357

    
     

9,094

    

International Banks (3.5%)

  

ASB Bank Ltd.

  

3.13%, 5/23/24 (b)

    

4,701

      

4,694

    

Banco Santander SA

  

2.71%, 6/27/24

    

27,943

      

27,819

    

Barclays Bank PLC

  

3.75%, 5/15/24

    

15,000

      

14,988

    

Cooperatieve Rabobank UA

  

3.88%, 8/22/24

    

11,132

      

11,075

    

Skandinaviska Enskilda Banken AB

  

0.65%, 9/9/24 (b)

    

4,560

      

4,480

    

Sumitomo Mitsui Trust Bank Ltd.

  

0.80%, 9/16/24 (b)

    

19,645

      

19,293

    
     

82,349

    

Total Corporate Bonds (Cost $91,443)

    

91,443

    

Floating Rate Notes (9.1%)

  

Asset-Backed Diversified Financial Services (4.4%)

  

Chariot Funding LLC,

  
SOFR + 0.25%, 5.57%,
9/18/24 - 9/25/24 (b)(c)		    

105,000

      

105,000

    

Automobiles (0.4%)

  

Toyota Motor Credit Corp.,

  

SOFR + 0.50%, 5.82%, 12/9/24 (c)

    

10,000

      

10,000

    

Finance (1.1%)

  

Citigroup Global Markets, Inc.,

  

SOFR + 0.35%, 5.67%, 7/1/24 (b)(c)

    

25,000

      

25,000

    
    Face
Amount
(000)		   Value
(000)		  

International Banks (3.2%)

  

Bank of Nova Scotia,

  

SOFR + 0.39%, 5.71%, 6/21/24 (c)

  

$

10,000

    

$

10,000

    

Barclays Bank PLC,

  

SOFR + 0.32%, 5.64%, 6/21/24 (c)

    

10,000

      

10,000

    
BPCE SA,  

SOFR + 0.35%, 5.67%, 7/1/24 (b)(c)

    

30,000

      

30,000

    

Oversea-Chinese Banking Corp.,

  

SOFR + 0.35%, 5.67%, 5/24/24 (c)

    

15,000

      

15,000

    

UBS AG London,

  

5.65%, 12/18/24 (b)(c)

    

10,000

      

10,000

    
     

75,000

    

Total Floating Rate Notes (Cost $215,000)

    

215,000

    

Repurchase Agreements (45.8%)

  
ABN Amro Securities LLC, (5.47%, dated 4/30/24,
due 5/1/24; proceeds $25,004; fully
collateralized by a U.S. Government
agency security, 5.50% due 4/20/53;
U.S. Government obligations, 1.38% - 3.75%
due 12/31/28 - 5/15/51 and Corporate Bonds,
1.50% - 8.75% due 7/30/24 - 6/15/53;
valued at $25,970)		    

25,000

      

25,000

    
Bank of America Securities, Inc., (5.34%,
dated 4/24/24, due 5/1/24; proceeds
$10,010; fully collateralized by a
Money Market, 0.00% due 7/3/24;
valued at $10,500)		    

10,000

      

10,000

    
Bank of America Securities, Inc., (5.82% (c),
dated 10/27/23, due 10/28/24; proceeds
$31,780; fully collateralized by various
Common Stocks and Preferred Stocks (d);
valued at $31,500) (Demand 5/1/24)		    

30,000

      

30,000

    
Bank of America Securities, Inc., (5.37%,
dated 4/30/24, due 5/1/24; proceeds
$25,004; fully collateralized by various
Corporate Bonds, 1.65% - 6.90%
due 1/28/25 - 5/15/53; valued at $26,250)		    

25,000

      

25,000

    
Barclays Bank PLC, (5.40%, dated 4/30/24,
due 5/1/24; proceeds $80,012; fully
collateralized by various Common Stocks (d);
valued at $84,013)		    

80,000

      

80,000

    
BMO Capital Markets Corp., (5.42%,
dated 4/30/24, due 5/1/24; proceeds
$30,005; fully collateralized by a
U.S. Government agency security, 4.50%
due 8/1/48 and Corporate Bonds,
0.00% - 9.50% due 5/14/24 - 1/15/51;
valued at $31,511)		    

30,000

      

30,000

    
BNP Paribas SA, (5.52%, dated 4/30/24,
due 5/1/24; proceeds $20,003; fully
collateralized by various Corporate Bonds,
4.00% - 10.25% due 10/15/27 - 6/15/76 (d);
valued at $21,200)		    

20,000

      

20,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
BNP Paribas SA, (Interest in $550,000 joint
repurchase agreement, 5.32%, dated 4/30/24
under which BNP Paribas SA, will repurchase
the securities provided as collateral for
$550,081 on 5/1/24. The securities provided
as collateral at the end of the period held with
BNY Mellon, tri-party agent, were various
U.S. Government agency securities and
U.S. Government obligations with various
maturities to 4/20/64; valued at $565,272)		  

$

200,000

    

$

200,000

    
Citigroup Global Markets, Inc., (5.42% (c),
dated 2/22/24, due 5/7/24; proceeds
$60,678; fully collateralized by various
U.S. Government obligations, 0.88% - 4.00%
due 2/28/30 - 11/15/31; valued at $61,200)
(Demand 5/1/24)		    

60,000

      

60,000

    
Credit Agricole Corporate and Investment Bank,
(5.40% (c), dated 12/12/23, due 5/7/24;
proceeds $24,529; fully collateralized by
various Corporate Bonds, 0.61% - 8.25%
due 9/8/24 - 1/15/55; valued at $25,200)
(Demand 5/1/24)		    

24,000

      

24,000

    
Credit Agricole Corporate and Investment Bank,
(5.37%, dated 4/26/24, due 5/3/24;
proceeds $20,021; fully collateralized by
various Corporate Bonds, 0.85% - 9.00%
due 10/30/24 - 4/15/53; valued at $21,001)		    

20,000

      

20,000

    
Credit Agricole Corporate and Investment Bank,
(5.40% (c), dated 11/7/23, due 5/7/24;
proceeds $11,300; fully collateralized by
various Corporate Bonds, 0.98% - 7.39%
due 5/1/25 - 6/1/54; valued at $11,550)
(Demand 5/1/24)		    

11,000

      

11,000

    
Credit Agricole Corporate and Investment Bank,
(5.37%, dated 4/25/24, due 5/1/24;
proceeds $30,027; fully collateralized by
various Corporate Bonds, 1.25% - 7.00%
due 5/7/24 - 8/15/52; valued at $31,501)		    

30,000

      

30,000

    
ING Financial Markets LLC, (5.40%, dated 4/30/24,
due 5/1/24; proceeds $20,003; fully
collateralized by various Corporate Bonds,
2.44% - 7.00% due 9/1/24 - 8/12/61;
valued at $21,001)		    

20,000

      

20,000

    
JP Morgan Clearing Corp., (5.52% (c), dated 8/1/23,
due 5/7/24; proceeds $73,005; fully
collateralized by various Corporate Bonds,
1.75% - 9.03% due 11/22/24 - 5/20/70 (d);
valued at $74,244) (Demand 5/1/24)		    

70,000

      

70,000

    
JP Morgan Securities LLC, (5.74% (c),
dated 12/18/23, due 9/13/24; proceeds
$26,076; fully collateralized by various
Corporate Bonds, 3.50% - 12.00%
due 5/30/24 - 9/1/42; valued at $26,686)
(Demand 5/1/24)		    

25,000

      

25,000

    
Mizuho Securities USA LLC, (5.64%, dated 3/21/24,
due 6/12/24; proceeds $5,065; fully
collateralized by a U.S. Government obligation,
1.75% due 1/15/34; valued at $5,100)		    

5,000

      

5,000

    
    Face
Amount
(000)		   Value
(000)		  
Mizuho Securities USA LLC, (5.44%, dated 4/30/24,
due 5/1/24; proceeds $33,005; fully
collateralized by various Common Stocks (d);
valued at $34,650)		  

$

33,000

    

$

33,000

    
MUFG Securities Americas, Inc., (5.38%,
dated 4/30/24, due 5/1/24; proceeds $15,002;
fully collateralized by various Common Stocks (d);
valued at $15,752)		    

15,000

      

15,000

    
MUFG Securities Americas, Inc., (5.38%,
dated 4/30/24, due 5/1/24; proceeds $41,006;
fully collateralized by various Common Stocks (d);
valued at $43,056)		    

41,000

      

41,000

    
MUFG Securities Americas, Inc., (5.37%,
dated 4/30/24, due 5/1/24; proceeds $40,006;
fully collateralized by various Corporate Bonds,
2.30% - 6.70% due 5/15/25 - 3/26/34;
valued at $42,007)		    

40,000

      

40,000

    
RBC Capital Markets LLC, (5.42%, dated 4/24/24,
due 5/1/24; proceeds $18,019; fully
collateralized by various Corporate Bonds,
2.95% - 7.00% due 3/25/25 - 8/15/47;
valued at $18,901)		    

18,000

      

18,000

    
Societe Generale SA, (5.35%, dated 4/24/24,
due 5/1/24; proceeds $90,094; fully
collateralized by various Corporate Bonds,
0.63% - 8.50% due 6/25/24 - 7/15/64 (d);
valued at $94,599)		    

90,000

      

90,000

    
Societe Generale SA, (5.47%, dated 4/30/24,
due 5/1/24; proceeds $15,002; fully
collateralized by various Corporate Bonds,
6.00% - 8.75% due 4/1/27 - 1/15/30;
valued at $15,903)		    

15,000

      

15,000

    
TD Securities USA LLC, (5.39%, dated 4/30/24,
due 5/1/24; proceeds $76,011; fully
collateralized by various Corporate Bonds,
1.83% - 8.75% due 4/7/25 - 5/12/61;
valued at $79,800)		    

76,000

      

76,000

    
TD Securities USA LLC, (5.42% (c), dated 3/27/24,
due 5/7/24; proceeds $33,204; fully
collateralized by various Corporate Bonds,
4.58% - 6.69% due 12/10/25 - 9/13/34;
valued at $34,651) (Demand 5/1/24)		    

33,000

      

33,000

    
Wells Fargo Securities LLC, (5.65%, dated 3/13/24,
due 6/11/24; proceeds $40,565; fully
collateralized by various Corporate Bonds,
2.50% - 6.70% due 9/10/24 - 3/17/62;
valued at $42,000)		    

40,000

      

40,000

    

Total Repurchase Agreements (Cost $1,086,000)

    

1,086,000

    

Time Deposits (8.6%)

  

International Banks (8.6%)

  

Canadian Imperial Bank of Commerce

  

5.31%, 5/1/24

    

105,000

      

105,000

    

DNB Bank ASA (New York Branch)

  

5.30%, 5/1/24

    

1,000

      

1,000

    

Mizuho Bank Ltd.

  

5.32%, 5/1/24

    

79,000

      

79,000

    

National Bank of Canada (Montreal Branch)

  

5.31%, 5/1/24

    

5,000

      

5,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (cont'd)

  

Skandinaviska Enskilda Banken AB

  

5.31%, 5/1/24

  

$

5,000

    

$

5,000

    

Svenska Handelsbanken AB (New York Branch)

  

5.30%, 5/1/24

    

10,000

      

10,000

    

Total Time Deposits (Cost $205,000)

    

205,000

    

Total Investments (96.4%) (Cost $2,284,349) (e)

    

2,284,349

    

Other Assets in Excess of Liabilities (3.6%)

    

85,580

    

Net Assets (100.0%)

  

$

2,369,929

    

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

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

(c)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of April 30, 2024.

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

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

47.5

%

  

Commercial Paper

    

21.7

    

Floating Rate Notes

    

9.4

    

Time Deposits

    

9.0

    

Certificates of Deposit

    

8.4

    

Other*

    

4.0

    

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.
11

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Certificates of Deposit (11.4%)

  

Domestic Banks (4.2%)

  

Bank of America NA,

  

5.24%, 3/3/25

  

$

95,000

    

$

94,725

    

5.75%, 11/19/24

    

40,000

      

40,020

    

5.92%, 8/9/24

    

100,000

      

100,072

    

5.95%, 8/5/24

    

45,000

      

45,034

    

6.00%, 9/23/24

    

75,000

      

75,103

    

Citibank NA

  

5.92%, 6/21/24 - 7/30/24

    

275,000

      

275,190

    
     

630,144

    

International Banks (7.2%)

  

Bank of Montreal

  

5.40%, 4/28/25

    

48,000

      

47,921

    

Bank of Nova Scotia

  

5.90%, 6/24/24

    

115,000

      

115,061

    

BNP Paribas SA

  

5.88%, 6/21/24

    

85,000

      

85,042

    

Cooperatieve Rabobank UA

  

5.90%, 8/14/24

    

30,000

      

30,029

    

Natixis SA

  

5.94%, 6/14/24

    

80,000

      

80,038

    

Svenska Handelsbanken AB,

  

5.27%, 3/24/25

    

85,000

      

84,751

    

5.39%, 3/19/25

    

51,000

      

50,916

    

5.42%, 4/9/25

    

25,000

      

24,963

    

5.51%, 12/3/24

    

168,000

      

167,884

    

5.56%, 12/11/24

    

90,000

      

89,965

    

5.89%, 7/24/24

    

25,000

      

25,021

    

5.91%, 7/16/24

    

100,000

      

100,082

    

Toronto-Dominion Bank

  

5.88%, 6/14/24

    

65,000

      

65,028

    

6.00%, 9/20/24

    

100,000

      

100,132

    
     

1,066,833

    

Total Certificates of Deposit (Cost $1,697,016)

    

1,696,977

    

Commercial Paper (a) (21.1%)

  

Asset-Backed Diversified Financial Services (4.1%)

  

Atlantic Asset Securitization LLC,

  

5.88%, 6/17/24 - 6/20/24

    

135,000

      

134,007

    

5.91%, 7/17/24

    

60,000

      

59,295

    

CDP Financial, Inc.

  

5.33%, 5/1/24

    

40,000

      

39,994

    

Fairway Finance Co. LLC

  

5.90%, 7/16/24

    

50,000

      

49,423

    

LMA Americas LLC,

  

5.44%, 12/10/24

    

10,000

      

9,666

    

5.91%, 7/16/24

    

25,000

      

24,712

    

Old Line Funding LLC

  

5.48%, 6/21/24

    

95,000

      

94,256

    
    Face
Amount
(000)		   Value
(000)		  

Podium Funding Trust,

  

5.39%, 11/14/24

  

$

60,000

    

$

58,210

    

5.41%, 12/13/24

    

13,000

      

12,555

    

5.74%, 6/17/24

    

35,000

      

34,750

    

Starbird Funding Corp.

  

5.93%, 7/12/24 (b)

    

50,000

      

49,455

    

Versailles Commercial Paper LLC

  

5.92%, 7/2/24

    

45,000

      

44,574

    
     

610,897

    

Automobiles (2.7%)

  

Toyota Credit Canada, Inc.,

  

5.57%, 9/26/24

    

45,000

      

44,005

    

5.97%, 7/10/24

    

50,000

      

49,470

    

Toyota Credit de Puerto Rico Corp.,

  

5.41%, 10/4/24

    

35,000

      

34,177

    

5.96%, 5/6/24

    

20,000

      

19,982

    

Toyota Finance Australia

  

5.49%, 8/22/24

    

170,000

      

167,133

    

Toyota Motor Credit Corp.,

  

5.90%, 6/14/24

    

30,000

      

29,801

    

5.91%, 6/28/24

    

60,000

      

59,478

    
     

404,046

    

Automobiles Manufacturing (0.2%)

  

Volvo Treasury North America LP

  

5.42%, 6/18/24 (b)

    

25,000

      

24,810

    

Diversified Financial Services (0.3%)

  

CDP Financial, Inc.

  

5.58%, 12/9/24

    

50,000

      

48,352

    

Domestic Banks (4.1%)

  

ABN Amro Funding USA LLC,

  

5.70%, 5/28/24 (b)

    

25,000

      

24,895

    

5.70%, 5/29/24

    

45,000

      

44,804

    

Bank of America Securities, Inc.

  

5.56%, 12/3/24

    

25,000

      

24,186

    

ING U.S. Funding LLC,

  

5.36%, 11/15/24

    

150,000

      

145,533

    

5.41%, 11/22/24

    

175,000

      

169,609

    

5.43%, 12/23/24 (b)

    

150,000

      

144,698

    

5.44%, 12/16/24

    

60,000

      

57,941

    
     

611,666

    

Health Care Services (0.9%)

  

UnitedHealth Group, Inc.

  

5.33%, 5/1/24

    

125,000

      

124,982

    

Insurance (1.5%)

  

MetLife Short Term Funding LLC

  

5.75%, 5/17/24 - 6/5/24

    

180,545

      

179,901

    

Pricoa Short Term Funding LLC

  

5.53%, 10/15/24

    

45,000

      

43,866

    
     

223,767

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

International Banks (7.3%)

  

Australia & New Zealand Banking Group Ltd.,

  

5.89%, 8/2/24

  

$

80,000

    

$

78,896

    

5.90%, 7/15/24

    

90,000

      

88,994

    

Barclays Bank PLC

  

5.87%, 5/2/24 - 5/6/24 (b)

    

100,000

      

99,941

    

Cooperatieve Rabobank UA

  

5.89%, 6/10/24

    

70,000

      

69,579

    

DNB Bank ASA

  

5.90%, 6/13/24 - 7/16/24

    

185,000

      

183,395

    

DZ Bank AG Deutsche Zentral-Genossenschaftsbank

  

5.30%, 5/1/24

    

73,000

      

72,989

    

Suncorp-Metway Ltd.,

  

5.57%, 10/21/24

    

25,000

      

24,357

    

5.58%, 10/28/24

    

25,000

      

24,333

    

5.60%, 6/4/24 - 6/5/24

    

92,000

      

91,514

    

5.73%, 5/29/24 (b)

    

22,000

      

21,905

    

Toronto Dominion Bank

  

5.94%, 7/18/24

    

75,000

      

74,121

    

Westpac Banking Corp.,

  

5.50%, 4/17/25

    

100,000

      

94,876

    

5.52%, 4/14/25

    

100,000

      

94,920

    

5.53%, 4/16/25

    

63,000

      

59,781

    
     

1,079,601

    

Total Commercial Paper (Cost $3,128,705)

    

3,128,121

    

Corporate Bonds (0.5%)

  

International Banks (0.5%)

  

Banco Santander SA

  

2.71%, 6/27/24

    

3,300

      

3,285

    

Barclays Bank PLC

  

3.75%, 5/15/24

    

75,000

      

74,946

    

Svenska Handelsbanken AB

  

0.55%, 6/11/24 (b)

    

2,500

      

2,486

    

UBS AG London

  

0.70%, 8/9/24 (b)

    

1,373

      

1,354

    

Total Corporate Bonds (Cost $82,066)

    

82,071

    

Floating Rate Notes (c) (8.5%)

  

Asset-Backed Diversified Financial Services (3.3%)

  

Chariot Funding LLC,

  

SOFR + 0.25%, 5.57%, 9/18/24 - 9/25/24 (b)

    

490,000

      

490,013

    

Automobiles (0.5%)

  

Toyota Motor Credit Corp.,

  

SOFR + 0.50%, 5.82%, 12/9/24 (c)

    

75,000

      

75,137

    

Finance (0.8%)

  

Citigroup Global Markets, Inc.,

  

SOFR + 0.35%, 5.67%, 7/1/24 (b)

    

115,000

      

115,048

    
    Face
Amount
(000)		   Value
(000)		  

International Banks (3.9%)

  

Bank of Nova Scotia,

  

SOFR + 0.39%, 5.71%, 6/21/24

  

$

50,000

    

$

50,021

    

Barclays Bank PLC,

  

SOFR + 0.32%, 5.64%, 6/20/24 - 6/21/24

    

190,000

      

190,064

    
BPCE SA,  

SOFR + 0.35%, 5.67%, 7/1/24 (b)

    

275,000

      

275,149

    

UBS AG London,

  

5.65%, 12/18/24 (b)

    

75,000

      

75,013

    
     

590,247

    

Total Floating Rate Notes (Cost $1,270,000)

    

1,270,445

    

Repurchase Agreements (45.2%)

  
ABN Amro Securities LLC, (Interest in $900,000
joint repurchase agreement, 5.32%, dated
4/30/24 under which ABN Amro Securities LLC,
will repurchase the securities provided as
collateral for $900,133 on 5/1/24. The
securities provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government agency securities
and a U.S. Government obligation with various
maturities to 8/20/53; valued at $926,686)		    

650,000

      

650,000

    
ABN Amro Securities LLC, (5.47%, dated 4/30/24,
due 5/1/24; proceeds $225,034; fully
collateralized by various U.S. Government agency
securities, 2.00% - 7.00% due 6/1/24 - 8/20/53,
U.S. Government obligations, 0.75% - 6.50%
due 10/15/25 - 5/15/51 and Corporate Bonds,
0.63% - 9.70% due 5/15/24 - 4/22/64;
valued at $234,803)		    

225,000

      

225,000

    
Bank of America Securities, Inc., (5.82% (c),
dated 10/27/23, due 10/28/24; proceeds
$47,670; fully collateralized by various
Common Stocks and Preferred Stocks; valued
at $47,250) (Demand 5/1/24)		    

45,000

      

45,000

    
Bank of America Securities, Inc., (5.37%, dated
4/30/24, due 5/1/24; proceeds $175,026;
fully collateralized by various Corporate Bonds,
1.00% - 7.34% due 5/13/24 - 5/15/77; valued
at $183,751)		    

175,000

      

175,000

    
Bank of America Securities, Inc., (5.34%, dated
4/24/24, due 5/1/24; proceeds $90,093;
fully collateralized by various Money Markets,
0.00% due 5/1/24 - 7/1/24;
valued at $94,500)		    

90,000

      

90,000

    
Barclays Bank PLC, (5.40%, dated 4/30/24,
due 5/1/24; proceeds $300,045; fully
collateralized by various Common Stocks (d);
valued at $315,047)		    

300,000

      

300,000

    
BMO Capital Markets Corp., (5.42%, dated
4/30/24, due 5/1/24; proceeds $25,004;
fully collateralized by various U.S. Government
agency securities, 4.75% due 12/1/28, a
U.S. Government obligation, 4.00% due 2/15/34
and Corporate Bonds, 2.89% - 6.88%
due 7/1/24 - 8/15/45;
valued at $26,181)		    

25,000

      

25,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
BNP Paribas SA, (5.59% (c), dated 5/16/22,
due 5/7/24; proceeds $506,010; fully
collateralized by various Corporate Bonds,
0.00% - 13.50% due 8/16/24 - 12/31/79 (d);
valued at $482,106) (Demand 5/1/24)		  

$

455,000

    

$

455,000

    
BNP Paribas SA, (5.53% (c), dated 6/29/22,
due 5/7/24; proceeds $77,290; fully
collateralized by various Corporate Bonds,
2.25% - 11.00% due 2/15/28 - 12/31/79 (d);
valued at $74,146) (Demand 5/1/24)		    

70,000

      

70,000

    
BNP Paribas SA, (5.52%, dated 4/30/24,
due 5/1/24; proceeds $30,005; fully
collateralized by various Corporate Bonds,
2.62% - 11.75% due 2/1/25 - 12/31/79 (d);
valued at $31,798)		    

30,000

      

30,000

    
Citigroup Global Markets, Inc., (5.42% (c),
dated 2/22/24, due 5/7/24; proceeds
$343,839; fully collateralized by various
U.S. Government obligations, 0.88% - 4.13%
due 3/31/30 - 11/15/32; valued at $346,800)
(Demand 5/1/24)		    

340,000

      

340,000

    
Credit Agricole Corporate and Investment Bank,
(5.40% (c), dated 11/7/23, due 5/7/24;
proceeds $91,430; fully collateralized by
various Corporate Bonds, 0.61% - 7.50%
due 5/16/24 - 6/1/54; valued at $93,450)
(Demand 5/1/24)		    

89,000

      

89,000

    
Credit Agricole Corporate and Investment Bank,
(5.40% (c), dated 12/12/23, due 5/7/24;
proceeds $179,881; fully collateralized by
various Corporate Bonds, 0.61% - 9.63%
due 5/7/24 - 10/1/96; valued at $184,801)
(Demand 5/1/24)		    

176,000

      

176,000

    
Credit Agricole Corporate and Investment Bank,
(5.41% (c), dated 1/18/23, due 5/7/24;
proceeds $107,138; fully collateralized by
various Corporate Bonds, 0.78% - 8.75%
due 7/5/24 - 6/1/54; valued at $105,001)
(Demand 5/1/24)		    

100,000

      

100,000

    
Credit Agricole Corporate and Investment Bank,
(5.37%, dated 4/25/24, due 5/1/24; proceeds
$110,098; fully collateralized by various
Corporate Bonds, 0.86% - 8.20%
due 4/23/25 - 6/1/54; valued at $115,501)		    

110,000

      

110,000

    
Credit Agricole Corporate and Investment Bank,
(5.37%, dated 4/26/24, due 5/3/24;
proceeds $40,042; fully collateralized by
various Corporate Bonds, 2.13% - 2.70%
due 8/16/29 - 8/14/30; valued at $42,001)		    

40,000

      

40,000

    
ING Financial Markets LLC, (5.40%, dated 4/30/24,
due 5/1/24; proceeds $5,001; fully
collateralized by various Corporate Bonds,
2.44% - 7.50% due 4/9/25 - 8/12/61;
valued at $5,250)		    

5,000

      

5,000

    
JP Morgan Clearing Corp., (5.54% (c), dated
1/5/24, due 5/7/24; proceeds $91,704;
fully collateralized by various Convertible
Bonds, 0.00% - 3.75% due 3/15/26 - 3/15/30,
Common Stocks and Preferred Stocks (d);
valued at $96,216) (Demand 5/1/24)		    

90,000

      

90,000

    
    Face
Amount
(000)		   Value
(000)		  
JP Morgan Clearing Corp., (5.52% (c), dated
7/31/23, due 5/7/24; proceeds $109,524;
fully collateralized by various Corporate Bonds,
0.01% - 11.75% due 8/1/24 - 2/8/72 (d);
valued at $111,579) (Demand 5/1/24)		  

$

105,000

    

$

105,000

    
JP Morgan Securities LLC, (5.57% (c), dated
11/17/21, due 5/7/24; proceeds $210,818;
fully collateralized by various Convertible Bonds,
0.00% - 3.75% due 3/15/26 - 3/15/30,
Common Stocks and Preferred Stocks (d);
valued at $197,512) (Demand 5/1/24)		    

185,000

      

185,000

    
JP Morgan Securities LLC, (5.77% (c), dated
1/5/23, due 7/29/24; proceeds $338,371;
fully collateralized by various Corporate Bonds,
3.50% - 11.00% due 6/15/24 - 12/31/79 (d);
valued at $330,180) (Demand 5/1/24)		    

310,000

      

310,000

    
Mizuho Securities USA LLC, (5.64%, dated
3/21/24, due 6/12/24; proceeds $35,455;
fully collateralized by a U.S. Government
obligation, 0.38% due 12/31/25;
valued at $35,700)		    

35,000

      

35,000

    
Mizuho Securities USA LLC, (5.44%, dated
4/30/24, due 5/1/24; proceeds $217,033;
fully collateralized by various Common
Stocks (d); valued at $227,850)		    

217,000

      

217,000

    
MUFG Securities Americas, Inc., (5.38%,
dated 4/30/24, due 5/1/24; proceeds
$85,013; fully collateralized by various
Common Stocks (d); valued at $89,263)		    

85,000

      

85,000

    
MUFG Securities Americas, Inc., (5.37%,
dated 4/30/24, due 5/1/24; proceeds
$220,033; fully collateralized by various
Corporate Bonds, 1.16% - 8.74%
due 1/28/25 - 12/31/79 (d);
valued at $231,035)		    

220,000

      

220,000

    
MUFG Securities Americas, Inc., (5.38%,
dated 4/30/24, due 5/1/24; proceeds
$309,046; fully collateralized by various
U.S. Government obligation, 0.00% - 4.75%
due 5/15/24 - 2/29/28 and Common
Stocks (d); valued at $324,496)		    

309,000

      

309,000

    
MUFG Securities Americas, Inc., (5.37%,
dated 4/30/24, due 5/1/24; proceeds
$127,019; fully collateralized by various
U.S. Government obligations, 0.25% - 2.88%
due 8/31/25 - 11/30/25 and Corporate Bonds,
0.48% - 8.75% due 11/15/24 - 11/15/53 (d);
valued at $133,370)		    

127,000

      

127,000

    
RBC Capital Markets LLC, (5.42%, dated 4/24/24,
due 5/1/24; proceeds $432,455; fully
collateralized by a U.S. Government agency
security, 5.50% due 7/1/53 and various
Corporate Bonds, 0.85% - 9.00%
due 5/6/24 - 1/15/87 (d);
valued at $453,359)		    

432,000

      

432,000

    
Societe Generale SA, (5.35%, dated 4/24/24,
due 5/1/24; proceeds $420,437; fully
collateralized by various Corporate Bonds,
0.00% - 7.85% due 6/25/24 - 11/1/63 (d);
valued at $441,459)		    

420,000

      

420,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Societe Generale SA, (5.47%, dated 4/30/24,
due 5/1/24; proceeds $255,039; fully
collateralized by various Corporate Bonds,
2.40% - 13.38% due 5/15/24 - 12/31/79 (d);
valued at $270,104)		  

$

255,000

    

$

255,000

    
TD Securities USA LLC, (5.42% (c), dated 3/27/24,
due 5/7/24; proceeds $218,339; fully
collateralized by various Corporate Bonds,
2.38% - 7.12% due 1/28/25 - 7/24/48;
valued at $227,851) (Demand 5/1/24)		    

217,000

      

217,000

    
TD Securities USA LLC, (5.39%, dated 4/30/24,
due 5/1/24; proceeds $275,041; fully
collateralized by various Corporate Bonds,
3.06% - 6.63% due 6/10/24 - 3/1/52;
valued at $288,751)		    

275,000

      

275,000

    
Wells Fargo Securities LLC, (5.65%,
dated 3/13/24, due 6/11/24; proceeds
$272,800; fully collateralized by various
Corporate Bonds, 0.98% - 9.35%
due 5/28/24 - 12/31/79 (d);
valued at $282,450)		    

269,000

      

269,000

    
Wells Fargo Securities LLC, (Interest in
$4,650,000 joint repurchase agreement,
5.32%, dated 4/30/24 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$4,650,687 on 5/1/24. The securities
provided as collateral at the end of the period
held with BNY Mellon, tri-party agent, were
various U.S. Government agency securities
with various maturities to 4/20/54;
valued at $4,789,500)		    

230,000

      

230,000

    

Total Repurchase Agreements (Cost $6,706,000)

    

6,706,000

    

Time Deposits (9.9%)

  

International Banks (9.9%)

  

Canadian Imperial Bank of Commerce

  

5.31%, 5/1/24

    

195,000

      

195,000

    

DNB Bank ASA (New York Branch)

  

5.30%, 5/1/24

    

448,000

      

448,000

    

Mizuho Bank Ltd.

  

5.32%, 5/1/24

    

490,000

      

490,000

    

National Bank of Canada (Montreal Branch)

  

5.31%, 5/1/24

    

163,000

      

163,000

    

Skandinaviska Enskilda Banken AB

  

5.31%, 5/1/24

    

95,000

      

95,000

    

Svenska Handelsbanken AB (New York)

  

5.30%, 5/1/24

    

75,000

      

75,000

    

Total Time Deposits (Cost $1,466,000)

    

1,466,000

    

Total Investments (96.6%) (Cost $14,349,787) (e)

    

14,349,614

    

Other Assets in Excess of Liabilities (3.4%)

    

500,758

    

Net Assets (100.0%)

  

$

14,850,372

    

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

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

(c)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of April 30, 2024.

(e)  At April 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,771,823,000 and the aggregate gross unrealized depreciation is approximately $1,944,838,000, resulting in net unrealized depreciation of approximately $173,015,000.

‡  Amount is less than 0.05%.

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

46.7

%

  

Commercial Paper

    

21.8

    

Certificates of Deposit

    

11.8

    

Time Deposits

    

10.2

    

Floating Rate Notes

    

8.9

    

Other*

    

0.6

    

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.
15

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (68.4%)

  
ABN Amro Securities LLC, (Interest in $900,000
joint repurchase agreement, 5.32%, dated
4/30/24 under which ABN Amro
Securities LLC, will repurchase the securities
provided as collateral for $900,133
on 5/1/24. The securities provided as
collateral at the end of the period held with
BNY Mellon, tri-party agent, were various
U.S. Government agency securities and a
U.S. Government obligation with various
maturities to 8/20/53; valued at $926,686)		  

$

110,000

    

$

110,000

    
Bank of America NA, (5.40%, dated 4/30/24,
due 4/30/25; proceeds $105,475; fully
collateralized by various U.S. Government
agency securities, 2.00% - 3.50%
due 4/1/42 - 1/1/51; valued at $103,000)		    

100,000

      

100,000

    
Bank of America NA, (5.40%, dated 4/25/24,
due 3/31/25; proceeds $210,200; fully
collateralized by various U.S. Government
agency securities, 2.00% - 4.00%
due 5/1/40 - 5/1/51; valued at $206,000)		    

200,000

      

200,000

    
Bank of America NA, (5.37%, dated 4/23/24,
due 3/31/25; proceeds $262,754; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50%
due 1/1/42 - 6/1/47; valued at $257,500)		    

250,000

      

250,000

    
Bank of America NA, (5.41%, dated 4/19/24,
due 10/15/24; proceeds $102,690; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50%
due 1/1/45 - 4/1/46; valued at $103,000)		    

100,000

      

100,000

    
Bank of America NA, (5.55%, dated 11/28/23,
due 5/28/24; proceeds $102,806; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50%
due 4/1/42 - 2/1/50; valued at $103,000)		    

100,000

      

100,000

    
Bank of America NA, (5.41%, dated 4/22/24,
due 10/15/24; proceeds $102,645; fully
collateralized by various U.S. Government
agency securities, 3.00% - 3.50%
due 5/1/42 - 9/1/46; valued at $103,000)		    

100,000

      

100,000

    
Bank of America NA, (5.32%, dated 4/30/24,
due 5/1/24; proceeds $550,081; fully
collateralized by various U.S. Government
agency securities, 3.00% - 4.00%
due 3/1/35 - 5/1/49; valued at $566,500)		    

550,000

      

550,000

    
Bank of America NA, (5.39%, dated 12/8/23,
due 9/10/24; proceeds $104,147; fully
collateralized by various U.S. Government
agency securities, 3.50% due
5/1/42 - 8/1/45; valued at $103,000)		    

100,000

      

100,000

    
Bank of America Securities, Inc., (5.32%,
dated 4/30/24, due 5/1/24; proceeds
$635,094; fully collateralized by a
U.S. Government obligation, 4.88%
due 10/31/28; valued at $647,700)		    

635,000

      

635,000

    
Bank of America Securities, Inc., (5.33%,
dated 4/30/24, due 5/1/24; proceeds
$800,118; fully collateralized by various
U.S. Government obligations, 0.00% - 2.50%
due 5/31/27 - 11/15/37; valued at
$816,000)		    

800,000

      

800,000

    
    Face
Amount
(000)		   Value
(000)		  
Bank of America Securities, Inc., (5.33%,
dated 4/30/24, due 5/1/24; proceeds
$300,044; fully collateralized by various
U.S. Government obligations, 0.00% - 3.75%
due 1/15/26 - 8/15/44; valued at
$306,000)		  

$

300,000

    

$

300,000

    
Bank of America Securities, Inc., (5.33%,
dated 4/30/24, due 5/1/24; proceeds
$300,044; fully collateralized by various
U.S. Government obligations, 0.00% - 3.87%
due 1/15/26 - 5/15/52; valued at
$306,000)		    

300,000

      

300,000

    
Bank of America Securities, Inc., (5.31%,
dated 4/30/24, due 5/1/24; proceeds
$1,125,166; fully collateralized by various
U.S. Government obligations, 0.00% - 4.38%
due 8/15/26 - 11/15/52;
valued at $1,147,500)		    

1,125,000

      

1,125,000

    
Bank of America Securities, Inc., (5.30%,
dated 4/30/24, due 5/1/24; proceeds
$352,052; fully collateralized by various
U.S. Government obligations, 0.00% - 4.38%
due 8/15/26 - 5/15/49; valued at
$359,040)		    

352,000

      

352,000

    
Bank of America Securities, Inc., (5.33%, dated
3/21/24, due 5/2/24; proceeds $503,109;
fully collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
11/30/28 - 5/15/50; valued at $510,000)		    

500,000

      

500,000

    
Bank of Montreal, (5.39%, dated 3/21/24,
due 5/2/24; proceeds $251,572; fully
collateralized by various U.S. Government
agency securities, 0.00% - 6.50% due
2/25/31 - 3/20/73; valued at $262,500)		    

250,000

      

250,000

    
Bank of Montreal, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $100,015; fully
collateralized by various U.S. Government
obligations, 0.38% - 1.13% due
4/30/25 - 8/31/28; valued at $102,000)		    

100,000

      

100,000

    
Bank of Nova Scotia, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $1,360,201; fully
collateralized by various U.S. Government
obligations, 0.13% - 6.38% due
7/15/24 - 2/15/54; valued at $1,387,200)		    

1,360,000

      

1,360,000

    
Barclays Bank PLC, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $300,044; fully
collateralized by a U.S. Government obligation,
1.25% due 8/15/31; valued at $306,045)		    

300,000

      

300,000

    
Barclays Bank PLC, (5.40% (a), dated 3/6/19,
due 5/7/24; proceeds $256,670; fully
collateralized by various U.S. Government
agency securities, 2.50% - 6.50%
due 1/20/42 - 4/20/54; valued at $206,927)
(Demand 5/1/24)		    

200,000

      

200,000

    
Barclays Bank PLC, (5.45% (a), dated 4/24/24,
due 6/4/24; proceeds $402,483; fully
collateralized by various U.S. Government
agency securities, 2.50% - 7.00%
due 4/20/46 - 4/15/59; valued at $412,437)
(Demand 5/1/24)		    

400,000

      

400,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Barclays Bank PLC, (5.40% (a), dated 2/20/20,
due 5/7/24; proceeds $123,070; fully
collateralized by various U.S. Government
agency securities, 3.00% - 4.00%
due 8/15/42 - 1/20/54; valued at $103,464)
(Demand 5/1/24)		  

$

100,000

    

$

100,000

    
BMO Capital Markets Corp., (5.38%, dated
4/30/24, due 5/1/24; proceeds $250,037;
fully collateralized by various U.S. Government
agency securities, 0.00% - 10.15% due
6/25/24 - 2/20/74; valued at $262,500)		    

250,000

      

250,000

    
BMO Capital Markets Corp., (5.39%, dated
3/21/24, due 5/2/24; proceeds $402,515;
fully collateralized by various U.S. Government
agency securities, 0.00% - 10.84% due
6/25/24 - 2/20/74; valued at $420,000)		    

400,000

      

400,000

    
BMO Capital Markets Corp., (5.33%, dated
4/30/24, due 5/1/24; proceeds $250,037;
fully collateralized by various U.S. Government
agency securities, 3.00% - 9.94% due
1/1/25 - 6/15/65 and a U.S. Government
obligation, 2.00% due 11/15/26;
valued at $257,426)		    

250,000

      

250,000

    
BMO Capital Markets Corp., (5.34%, dated
3/21/24, due 5/2/24; proceeds $603,738;
fully collateralized by various U.S. Government
agency securities, 4.26% - 9.94% due
1/1/25 - 4/25/49 and U.S. Government
obligations, 0.00% - 4.50% due
9/26/24 - 3/31/26; valued at $617,971)		    

600,000

      

600,000

    
BMO Harris Bank NA, (5.32%, dated 4/30/24,
due 5/1/24; proceeds $250,037; fully
collateralized by various U.S. Government
agency securities, 0.93% - 4.00% due
10/1/27 - 9/1/51; valued at $266,188)		    

250,000

      

250,000

    
BNP Paribas SA, (Interest in $550,000 joint
repurchase agreement, 5.32%, dated
4/30/24 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $550,081 on 5/1/24. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government agency
securities and U.S. Government obligations
with various maturities to 4/20/64;
valued at $565,272)		    

210,000

      

210,000

    
BNP Paribas SA, (5.52% (a), dated 9/2/20,
due 6/4/24; proceeds $121,022; fully
collateralized by various U.S. Government
agency securities, 0.00% - 6.50% due
11/1/29 - 3/20/54 and U.S. Government
obligations, 0.00% - 4.63% due
7/11/24 - 5/15/34; valued at $104,198)
(Demand 5/1/24)		    

100,000

      

100,000

    
BNP Paribas SA, (5.52% (a), dated 3/23/21,
due 7/1/24; proceeds $118,339; fully
collateralized by various U.S. Government
agency securities, 0.00% - 6.50% due
5/1/29 - 3/25/61 and U.S. Government
obligations, 0.00% - 2.13% due
3/15/25 - 2/15/50; valued at $103,032)
(Demand 5/1/24)		    

100,000

      

100,000

    
    Face
Amount
(000)		   Value
(000)		  
BNP Paribas SA, (5.52% (a), dated 4/8/20,
due 6/4/24; proceeds $369,828; fully
collateralized by various U.S. Government
agency securities, 0.00% - 7.03%
due 2/25/27 - 3/20/54 and U.S.
Government obligations, 0.00% - 4.63% due
5/23/24 - 2/15/53; valued at $311,016)
(Demand 5/1/24)		  

$

300,000

    

$

300,000

    
BNP Paribas SA, (5.52% (a), dated 5/6/22,
due 7/1/24; proceeds $448,269; fully
collateralized by various U.S. Government
agency securities, 0.00% - 7.50% due
5/15/26 - 11/20/72 and U.S. Government
obligations, 0.00% - 1.88% due
3/15/25 - 2/15/51; valued at $414,496)
(Demand 5/1/24)		    

400,000

      

400,000

    
BNP Paribas SA, (Interest in $1,100,000 joint
repurchase agreement, 5.31%, dated
4/30/24 under which BNP Paribas SA, will
repurchase the securities provided as
collateral for $1,100,162 on 5/1/24. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to
8/15/53; valued at $1,122,000)		    

700,000

      

700,000

    
BNP Paribas SA, (5.45% (a), dated 2/28/24,
due 2/28/25; proceeds $1,055,408; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.75% due
5/16/24 - 11/15/53; valued at $1,020,000)
(Demand 5/1/24)		    

1,000,000

      

1,000,000

    
BNP Paribas SA, (5.46% (a), dated 2/5/24,
due 2/5/25; proceeds $633,306; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.88% due
7/31/24 - 8/15/53; valued at $612,000)
(Demand 5/1/24)		    

600,000

      

600,000

    
BNP Paribas SA, (5.45% (a), dated 2/13/24,
due 2/13/25; proceeds $633,245; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.45% due
5/16/24 - 8/15/51; valued at $612,000)
(Demand 5/1/24)		    

600,000

      

600,000

    
BNP Paribas SA, (5.40% (a), dated 1/25/24,
due 7/24/24; proceeds $1,027,150; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.53% due
5/15/24 - 8/15/50; valued at $1,020,000)
(Demand 5/1/24)		    

1,000,000

      

1,000,000

    
BNP Paribas SA, (5.45% (a), dated 4/23/24,
due 4/23/25; proceeds $1,055,257; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.53% due
5/7/24 - 11/15/53; valued at $1,020,000)
(Demand 5/1/24)		    

1,000,000

      

1,000,000

    
BNP Paribas SA, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $50,007; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.57% due
11/30/25 - 8/15/51; valued at $51,000)		    

50,000

      

50,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
BNP Paribas SA, (5.45% (a), dated 2/21/24,
due 2/21/25; proceeds $949,868; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.57% due
6/6/24 - 2/15/53; valued at $918,000)
(Demand 5/1/24)		  

$

900,000

    

$

900,000

    
BNP Paribas SA, (5.44% (a), dated 3/18/24,
due 3/18/25; proceeds $949,640; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.75% due
5/16/24 - 8/15/53; valued at $918,000)
(Demand 5/1/24)		    

900,000

      

900,000

    
BNP Paribas SA, (5.45%, dated 11/14/23,
due 5/13/24; proceeds $667,811; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.88% due
5/23/24 - 11/15/52; valued at $663,000)
(Demand 5/7/24)		    

650,000

      

650,000

    
BNP Paribas SA, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $60,009; fully
collateralized by various U.S. Government
obligations, 2.88% - 4.88% due
4/30/26 - 5/15/32; valued at $61,200)		    

60,000

      

60,000

    
Canadian Imperial Bank of Commerce, (5.31%,
dated 4/30/24, due 5/1/24; proceeds
$250,037; fully collateralized by various
U.S. Government obligations, 0.00% - 4.88%
due 7/31/24 - 11/15/53;
valued at $255,000)		    

250,000

      

250,000

    
Citibank NA, (5.33%, dated 4/24/24,
due 5/1/24; proceeds $500,518; fully
collateralized by various U.S. Government
agency securities, 0.00% - 9.50% due
6/20/24 - 12/15/65; valued at $515,000)		    

500,000

      

500,000

    
Citigroup Global Markets, Inc., (5.33%,
dated 4/24/24, due 5/1/24; proceeds
$1,501,555; fully collateralized by various
U.S. Government agency securities,
2.00% - 6.00% due 7/15/52 - 12/20/52;
valued at $1,545,001)		    

1,500,000

      

1,500,000

    
Citigroup Global Markets, Inc., (5.33%,
dated 4/25/24, due 5/2/24; proceeds
$1,001,036; fully collateralized by various
U.S. Government agency securities,
2.50% - 7.50% due 11/20/52 - 4/20/53;
valued at $1,030,001)		    

1,000,000

      

1,000,000

    
Citigroup Global Markets, Inc., (5.38%,
dated 4/9/24, due 7/9/24; proceeds
$101,360; fully collateralized by various
U.S. Government agency securities,
4.00% - 6.00% due 10/1/52;
valued at $103,001)		    

100,000

      

100,000

    
Citigroup Global Markets, Inc., (5.33%, dated
4/30/24, due 5/1/24; proceeds $628,093;
fully collateralized by various U.S. Government
obligations, 0.00% due 6/27/24 - 7/31/25;
valued at $640,560)		    

628,000

      

628,000

    
Citigroup Global Markets, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $500,074;
fully collateralized by various U.S. Government
obligations, 0.75% - 4.38% due
6/30/28 - 8/31/28; valued at $510,000)		    

500,000

      

500,000

    
    Face
Amount
(000)		   Value
(000)		  
Citigroup Global Markets, Inc., (5.32%, dated
4/30/24, due 5/7/24; proceeds $800,828;
fully collateralized by various U.S. Government
obligations, 0.75% - 4.63% due
7/15/28 - 9/30/28; valued at $816,000)		  

$

800,000

    

$

800,000

    
Citigroup Global Markets, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $800,118;
fully collateralized by various U.S. Government
obligations, 1.00% - 4.63% due
7/31/28 - 10/15/28; valued at $816,000)		    

800,000

      

800,000

    
Citigroup Global Markets, Inc., (5.32%, dated
4/25/24, due 5/2/24; proceeds $800,828;
fully collateralized by various U.S. Government
obligations, 1.13% - 4.88% due
8/15/28 - 10/31/28; valued at $816,000)		    

800,000

      

800,000

    
Credit Agricole Corporate and Investment Bank,
(5.31%, dated 4/30/24, due 5/1/24;
proceeds $1,450,214; fully collateralized
by various U.S. Government obligations,
0.00% - 4.63% due 5/15/24 - 11/15/52;
valued at $1,479,000)		    

1,450,000

      

1,450,000

    
Credit Agricole Corporate and Investment Bank,
(Interest in $300,000 joint repurchase
agreement, 5.31%, dated 4/30/24 under
which Credit Agricole Corporate and
Investment Bank, will repurchase the
securities provided as collateral for
$300,044 on 5/1/24. The securities
provided as collateral at the end of the
period held with BNY Mellon, tri-party agent,
were various U.S. Government obligations
with various maturities to 5/15/30;
valued at $306,000)		    

300,000

      

300,000

    
Credit Agricole Corporate and Investment Bank,
(5.31%, dated 4/30/24, due 5/1/24;
proceeds $80,012; fully collateralized by
various U.S. Government obligations,
0.88% - 1.50% due 8/15/26 - 11/15/30;
valued at $81,600)		    

80,000

      

80,000

    
Daiwa Capital Markets America, Inc., (5.33%,
dated 4/30/24, due 5/1/24; proceeds
$1,000,148; fully collateralized by various
U.S. Government agency securities,
1.50% - 8.00% due 4/8/27 - 5/1/54 and
U.S. Government obligations, 0.00% - 4.63%
due 5/2/24 - 5/15/52; valued at
$1,029,398)		    

1,000,000

      

1,000,000

    
Daiwa Capital Markets America, Inc., (5.32%,
dated 4/30/24, due 5/1/24; proceeds
$300,044; fully collateralized by various
U.S. Government obligations, 0.13% - 4.63%
due 7/31/24 - 8/15/53; valued at
$306,045)		    

300,000

      

300,000

    
Deutsche Bank Securities, Inc., (5.33%,
dated 4/30/24, due 5/1/24; proceeds
$125,019; fully collateralized by a U.S.
Government obligation, 2.13% due 4/15/29;
valued at $127,500)		    

125,000

      

125,000

    
Deutsche Bank Securities, Inc., (5.31%,
dated 4/30/24, due 5/1/24; proceeds
$1,600,236; fully collateralized by various
U.S. Government obligations, 0.00% - 4.63%
due 10/31/24 - 2/15/39;
valued at $1,632,000)		    

1,600,000

      

1,600,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Deutsche Bank Securities, Inc., (5.33%, dated
4/30/24, due 5/1/24; proceeds $500,074;
fully collateralized by various U.S. Government
obligations, 0.25% - 4.88% due
10/31/25 - 8/15/33; valued at $510,000)		  

$

500,000

    

$

500,000

    
Deutsche Bank Securities, Inc., (5.33%, dated
4/30/24, due 5/1/24; proceeds $800,118;
fully collateralized by various U.S. Government
obligations, 0.38% - 4.38% due
1/31/25 - 5/15/32; valued at $816,000)		    

800,000

      

800,000

    
Deutsche Bank Securities, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $800,118;
fully collateralized by various U.S. Government
obligations, 0.38% - 4.38% due
12/31/25 - 7/31/29; valued at $816,000)		    

800,000

      

800,000

    
Federal Reserve Bank of New York, (5.30%,
dated 4/30/24, due 5/1/24; proceeds
$8,101,193; fully collateralized by various
U.S. Government obligations, 0.38% - 3.13%
due 8/15/24 - 2/15/31;
valued at $8,101,193)		    

8,100,000

      

8,100,000

    
Fixed Income Clearing Corp., (5.33%, dated
4/30/24, due 5/1/24; proceeds $1,200,178;
fully collateralized by a U.S. Government
obligation, 4.88% due 4/30/26; valued at
$1,224,000)		    

1,200,000

      

1,200,000

    
Fixed Income Clearing Corp., (5.32%, dated
4/30/24, due 5/1/24; proceeds $3,860,570;
fully collateralized by various U.S. Government
agency securities, 1.50% - 8.00% due
5/1/27 - 6/1/62; valued at $3,937,201)		    

3,860,000

      

3,860,000

    
Fixed Income Clearing Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds $4,300,634;
fully collateralized by various U.S. Government
obligations, 0.25% - 4.75% due
7/31/25 - 3/31/29; valued at $4,386,647)		    

4,300,000

      

4,300,000

    
Fixed Income Clearing Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds $3,300,487;
fully collateralized by various U.S. Government
obligations, 0.63% - 4.38% due
5/15/41 - 8/15/43; valued at $3,366,000)		    

3,300,000

      

3,300,000

    
Fixed Income Clearing Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds $1,600,236;
fully collateralized by various U.S. Government
obligations, 3.38% - 4.13% due
9/30/27 - 8/15/53; valued at $1,632,000)		    

1,600,000

      

1,600,000

    
Fixed Income Clearing Corp., (5.32%, dated
4/30/24, due 5/1/24; proceeds $800,118;
fully collateralized by various U.S. Government
obligations, 4.00% - 4.75% due
11/15/52 - 11/15/53; valued at $816,000)		    

800,000

      

800,000

    
ING Financial Markets LLC, (5.33%, dated
4/30/24, due 5/1/24; proceeds $550,081;
fully collateralized by various U.S. Government
agency securities, 1.50% - 6.75% due
10/1/30 - 5/1/58; valued at $566,500)		    

550,000

      

550,000

    
ING Financial Markets LLC, (5.32%, dated
4/24/24, due 5/1/24; proceeds $150,155;
fully collateralized by various U.S. Government
obligations, 0.00% - 4.88% due
6/25/24 - 8/15/50; valued at $153,000)		    

150,000

      

150,000

    
    Face
Amount
(000)		   Value
(000)		  
ING Financial Markets LLC, (5.31%, dated
4/30/24, due 5/1/24; proceeds $300,044;
fully collateralized by various U.S. Government
obligations, 0.25% - 5.25% due
4/30/25 - 11/15/53; valued at $306,000)		  

$

300,000

    

$

300,000

    
JP Morgan Securities LLC, (5.46% (a), dated
9/27/23, due 7/30/24; proceeds
$1,046,562; fully collateralized by various
U.S. Government agency securities,
0.00% - 11.72% due 4/25/25 - 6/16/65;
valued at $1,054,773) (Demand 5/1/24)		    

1,000,000

      

1,000,000

    
JP Morgan Securities LLC, (5.48% (a), dated
4/28/22, due 7/30/24; proceeds $337,629;
fully collateralized by various U.S. Government
agency securities, 0.00% - 6.00% due
2/25/27 - 6/16/64; valued at $316,437)
(Demand 5/1/24)		    

300,000

      

300,000

    
JP Morgan Securities LLC, (5.48% (a), dated
8/17/21, due 7/30/24; proceeds
$1,309,608; fully collateralized by various
U.S. Government agency securities,
0.00% - 6.50% due 5/25/26 - 7/16/65;
valued at $1,186,639) (Demand 5/1/24)		    

1,125,000

      

1,125,000

    
JP Morgan Securities LLC, (5.48% (a), dated
5/23/22, due 7/30/24; proceeds
$560,813; fully collateralized by various
U.S. Government agency securities,
0.00% - 7.79% due 11/25/24 - 2/16/66;
valued at $527,395) (Demand 5/1/24)		    

500,000

      

500,000

    
JP Morgan Securities LLC, (5.48% (a), dated
6/1/22, due 7/30/24; proceeds $560,128;
fully collateralized by various U.S. Government
agency securities, 0.00% - 7.94% due
9/25/24 - 7/16/64; valued at $527,395)
(Demand 5/1/24)		    

500,000

      

500,000

    
JP Morgan Securities LLC, (5.32%, dated
4/30/24, due 5/1/24; proceeds $6,350,938;
fully collateralized by various U.S. Government
agency securities, 1.50% - 8.00% due
6/6/33 - 6/15/65; valued at $6,541,358)		    

6,350,000

      

6,350,000

    
JP Morgan Securities LLC, (5.33%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by various U.S. Government
agency securities, 1.95% - 8.00% due
2/20/26 - 2/15/66; valued at $205,191)		    

200,000

      

200,000

    
JP Morgan Securities LLC, (5.33%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by various U.S. Government
agency securities, 2.00% - 6.50% due
5/1/31 - 8/1/58; valued at $206,030)		    

200,000

      

200,000

    
JP Morgan Securities LLC, (5.33%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by various U.S. Government
agency securities, 2.00% - 6.50% due
5/20/27 - 4/1/54; valued at $206,030)		    

200,000

      

200,000

    
JP Morgan Securities LLC, (5.33%, dated
4/30/24, due 5/1/24; proceeds $100,015;
fully collateralized by various U.S. Government
agency securities, 2.00% - 7.50% due
2/20/36 - 1/20/62; valued at $103,015)		    

100,000

      

100,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
JP Morgan Securities LLC, (5.31%, dated
4/30/24, due 5/1/24; proceeds $4,943,729;
fully collateralized by various U.S. Government
obligations, 0.00% - 5.00% due
7/31/24 - 1/31/29; valued at $5,042,604)		  

$

4,943,000

    

$

4,943,000

    
Mizuho Securities USA LLC, (5.45% (a), dated
4/23/24, due 6/4/24; proceeds $1,006,358;
fully collateralized by various U.S. Government
agency securities, 0.00% - 15.94% due
2/25/25 - 11/1/53; valued at $1,050,000)
(Demand 5/1/24)		    

1,000,000

      

1,000,000

    
Mizuho Securities USA LLC, (5.44% (a), dated
4/25/24, due 5/2/24; proceeds $250,264;
fully collateralized by various U.S. Government
agency securities, 0.00% - 5.50% due
8/15/30 - 8/25/61 and a U.S. Government
obligation, 1.00% due 7/31/28; valued at
$260,205) (Demand 5/1/24)		    

250,000

      

250,000

    
MUFG Securities (Canada) Ltd., (5.33%, dated
4/24/24, due 5/1/24; proceeds $425,440;
fully collateralized by various U.S. Government
agency securities, 0.40% - 6.50% due
6/14/24 - 3/1/54 and U.S. Government
obligations, 0.25% - 6.38% due
5/31/25 - 8/15/53; valued at $437,364)		    

425,000

      

425,000

    
MUFG Securities (Canada) Ltd., (5.32%, dated
4/30/24, due 5/1/24; proceeds $425,063;
fully collateralized by various U.S. Government
agency securities, 0.40% - 7.00% due
6/14/24 - 1/20/72 and U.S. Government
obligations, 0.00% - 4.75% due
6/25/24 - 2/15/54; valued at $437,334)		    

425,000

      

425,000

    
MUFG Securities Americas, Inc., (5.33%, dated
4/30/24, due 5/1/24; proceeds $100,015;
fully collateralized by various U.S. Government
agency securities, 2.00% - 6.50% due
11/1/25 - 1/1/52 and U.S. Government
obligations, 0.00% - 4.38% due
5/9/24 - 5/15/46; valued at $102,015)		    

100,000

      

100,000

    
MUFG Securities Americas, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $250,037;
fully collateralized by various U.S. Government
obligations, 0.00% due 2/15/28 - 5/15/43;
valued at $255,038)		    

250,000

      

250,000

    
Natixis SA, (Interest in $500,000 joint repurchase
agreement, 5.32%, dated 4/30/24 under
which Natixis SA, will repurchase the securities
provided as collateral for $500,074 on 5/1/24.
The securities provided as collateral at the end
of the period held with BNY Mellon, tri-party
agent, were various U.S. Government agency
securities and U.S. Government obligations
with various maturities to 9/15/65;
valued at $511,368)		    

500,000

      

500,000

    
Natixis SA, (5.33%, dated 3/21/24, due 5/2/24;
proceeds $3,018,655; fully collateralized by
various U.S. Government agency securities,
0.00% - 6.50% due 4/1/28 - 4/1/56 and
U.S. Government obligations, 0.25% - 5.00%
due 5/15/24 - 2/15/53; valued at
$3,081,256)		    

3,000,000

      

3,000,000

    
    Face
Amount
(000)		   Value
(000)		  
Natixis SA, (5.37% (a), dated 12/8/21, due
5/7/24; proceeds $84,856; fully
collateralized by various U.S. Government
agency securities, 0.00% - 6.50% due
8/1/28 - 4/1/56 and U.S. Government
obligations, 0.00% - 4.88% due
6/13/24 - 11/15/53; valued at $76,716)
(Demand 5/1/24)		  

$

75,000

    

$

75,000

    
Natixis SA, (5.33%, dated 4/23/24, due
6/12/24; proceeds $503,701; fully
collateralized by various U.S. Government
agency securities, 0.00% - 7.50% due
8/1/28 - 4/1/56 and U.S. Government
obligations, 0.13% - 4.38% due
4/15/25 - 2/15/53; valued at $513,245)
(Demand 5/7/24)		    

500,000

      

500,000

    
Natixis SA, (Interest in $1,800,000 joint
repurchase agreement, 5.31%, dated
4/30/24 under which Natixis SA, will
repurchase the securities provided as
collateral for $1,800,266 on 5/1/24. The
securities provided as collateral at the end of
the period held with BNY Mellon, tri-party
agent, were various U.S. Government
obligations with various maturities to
2/15/54; valued at $1,836,000)		    

300,000

      

300,000

    
Natixis SA, (5.31%, dated 4/30/24, due 5/1/24;
proceeds $700,103; fully collateralized by
various U.S. Government obligations,
0.00% - 5.00% due 5/31/24 - 11/15/53;
valued at $714,000)		    

700,000

      

700,000

    
NatWest Markets Securities, Inc., (5.33%,
dated 4/25/24, due 5/2/24; proceeds
$250,259; fully collateralized by various
U.S. Government agency securities,
3.00% - 5.50% due 1/1/47 - 8/1/53;
valued at $257,767)		    

250,000

      

250,000

    
NatWest Markets Securities, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $150,022;
fully collateralized by various U.S. Government
obligations, 4.13% - 4.50% due
3/31/26 - 3/31/31; valued at $153,023)		    

150,000

      

150,000

    
Nomura Securities, (5.32%, dated 4/30/24,
due 5/1/24; proceeds $1,790,265; fully
collateralized by various U.S. Government
agency securities, 0.00% - 5.57% due
2/18/25 - 6/1/57 and U.S. Government
obligations, 0.00% due 8/15/27 - 2/15/54;
valued at $1,826,203)		    

1,790,000

      

1,790,000

    
Norinchukin Bank , (5.32%, dated 4/30/24,
due 5/1/24; proceeds $150,022; fully
collateralized by a U.S. Government obligation,
3.50% due 4/30/28; valued at $153,001)		    

150,000

      

150,000

    
Norinchukin Bank , (5.34%, dated 4/25/24,
due 5/2/24; proceeds $617,641; fully
collateralized by various U.S. Government
obligations, 1.88% - 3.50% due
4/30/28 - 5/15/33; valued at $629,339)		    

617,000

      

617,000

    
Northwestern Mutual Life Insurance Company,
(5.34%, dated 4/30/24, due 5/1/24;
proceeds $800,119; fully collateralized by
various U.S. Government agency securities,
2.00% - 5.50% due 9/1/42 - 3/1/53;
valued at $824,000)		    

800,000

      

800,000

    

The accompanying notes are an integral part of the financial statements.
20

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Prudential Legacy Insurance Company of
New Jersey, (5.33%, dated 4/30/24,
due 5/1/24; proceeds $610,500; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.75% due
11/15/37 - 11/15/53; valued at $622,618)		  

$

610,409

    

$

610,409

    
RBC Dominion Securities, (5.31%, dated
4/30/24, due 5/1/24; proceeds $250,037;
fully collateralized by various U.S. Government
obligations, 0.75% - 3.88% due
1/15/28 - 2/15/45; valued at $255,000)		    

250,000

      

250,000

    
Royal Bank of Canada, (5.33% (a), dated 3/21/24,
due 5/2/24; proceeds $3,018,655; fully
collateralized by various U.S. Government
agency securities, 2.00% - 6.50% due
12/1/37 - 4/1/54 and U.S. Government
obligations, 0.50% - 7.63% due
2/15/25 - 8/15/52; valued at $3,064,296)
(Demand 5/2/24)		    

3,000,000

      

3,000,000

    
Royal Bank of Canada, (5.47% (a), dated
11/14/23, due 5/23/24; proceeds
$1,029,021; fully collateralized by various
U.S. Government agency securities,
2.00% - 7.00% due 1/1/27 - 9/1/62;
valued at $1,030,000) (Demand 5/7/24)		    

1,000,000

      

1,000,000

    
Royal Bank of Canada, (5.02% (a), dated 3/21/24,
due 2/28/25; proceeds $1,047,969; fully
collateralized by various U.S. Government
agency securities, 2.00% - 7.00% due
7/1/32 - 1/1/58; valued at $1,030,000)
(Demand 5/7/24)		    

1,000,000

      

1,000,000

    
Santander U.S. Capital Markets LLC, (5.31%,
dated 4/30/24, due 5/1/24; proceeds
$200,030; fully collateralized by various
U.S. Government obligations, 0.00% - 5.00%
due 5/15/24 - 5/15/30; valued at $204,000)		    

200,000

      

200,000

    
Societe Generale SA, (5.32%, dated 4/30/24,
due 5/1/24; proceeds $1,250,184; fully
collateralized by various U.S. Government
obligations, 0.13% - 3.63% due
2/15/42 - 2/15/54; valued at $1,275,188)		    

1,250,000

      

1,250,000

    
Societe Generale SA, (5.30%, dated 4/30/24,
due 5/1/24; proceeds $478,070; fully
collateralized by various U.S. Government
obligations, 1.38% - 3.00% due
11/15/40 - 8/15/52; valued at $487,632)		    

478,000

      

478,000

    
Sumitomo Mitsui Banking Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds $2,050,302;
fully collateralized by various U.S. Government
obligations, 0.63% - 4.75% due
5/31/24 - 8/15/45; valued at $2,091,308)		    

2,050,000

      

2,050,000

    
TD Securities USA LLC, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $800,118; fully
collateralized by various U.S. Government
obligations, 1.50% - 4.75% due
8/15/26 - 11/15/53; valued at $816,000)		    

800,000

      

800,000

    
    Face
Amount
(000)		   Value
(000)		  
Wells Fargo Securities LLC, (Interest in
$4,650,000 joint repurchase agreement,
5.32%, dated 4/30/24 under which Wells
Fargo Securities LLC, will repurchase the
securities provided as collateral for
$4,650,687 on 5/1/24. The securities
provided as collateral at the end of the period
held with BNY Mellon, tri-party agent, were
various U.S. Government agency securities
with various maturities to 4/20/54;
valued at $4,789,500)		  

$

4,260,000

    

$

4,260,000

    

Total Repurchase Agreements (Cost $98,243,409)

    

98,243,409

    

U.S. Agency Securities (12.9%)

  

Federal Farm Credit Bank,

  

4.63%, 1/27/25

    

170,925

      

170,744

    

4.75%, 1/24/25 - 2/28/25

    

361,560

      

361,387

    

4.88%, 1/17/25 - 2/21/25

    

596,425

      

596,031

    

5.00%, 1/7/25 - 3/6/25

    

352,925

      

352,844

    

5.25%, 12/13/24

    

233,000

      

232,983

    

5.30%, 11/14/24 (b)

    

95,000

      

92,385

    

SOFR + 0.05%, 5.37%, 6/20/25 (a)

    

239,000

      

239,000

    

SOFR + 0.08%, 5.40%, 12/12/25 (a)

    

96,000

      

96,000

    

SOFR + 0.10%, 5.42%, 2/25/26 (a)

    

459,000

      

459,000

    

SOFR + 0.11%, 5.43%, 1/8/26 (a)

    

315,000

      

315,000

    

SOFR + 0.14%, 5.46%, 2/12/26 (a)

    

476,000

      

476,000

    

SOFR + 0.15%, 5.47%, 2/14/25 - 1/12/26 (a)

    

817,580

      

817,580

    

SOFR + 0.16%, 5.48%, 5/2/25 - 1/23/26 (a)

    

772,015

      

772,015

    

SOFR + 0.17%, 5.49%, 7/28/25 - 1/9/26 (a)

    

1,193,200

      

1,193,200

    

5.50%, 9/20/24 (b)

    

76,900

      

75,320

    

SOFR + 0.19%, 5.51%, 6/20/25 (a)

    

369,754

      

369,754

    

SOFR + 0.20%, 5.52%, 12/5/24 - 6/9/25 (a)

    

679,100

      

679,100

    

Federal Home Loan Bank,

  

4.78%, 1/17/25 (b)

    

192,000

      

185,652

    

4.80%, 1/28/25 (b)

    

238,000

      

229,764

    

4.84%, 1/3/25

    

238,000

      

237,965

    

4.85%, 1/17/25

    

237,000

      

236,960

    

4.85%, 1/27/25 (b)

    

236,000

      

227,775

    

4.86%, 1/23/25 (b)

    

377,000

      

364,012

    

4.91%, 11/7/24 (b)

    

239,000

      

233,040

    

4.92%, 11/15/24 (b)

    

907,000

      

883,479

    

4.95%, 2/3/25 (b)

    

476,000

      

458,650

    

4.97%, 2/20/25 (b)

    

245,000

      

235,484

    

5.00%, 2/10/25 (b)

    

573,000

      

551,379

    

5.04%, 2/14/25 - 2/25/25 (b)

    

429,000

      

412,112

    

5.05%, 2/7/25 (b)

    

238,000

      

229,033

    

5.14%, 11/29/24 (b)

    

245,000

      

237,865

    

5.15%, 5/6/24

    

597,000

      

597,000

    

5.16%, 4/10/25 (b)

    

96,000

      

91,505

    

5.18%, 10/3/24 (b)

    

312,000

      

305,256

    

5.19%, 10/31/24 (b)

    

238,000

      

231,939

    

5.33%, 10/2/24 (b)(c)

    

362,000

      

353,932

    

SOFR + 0.13%, 5.45%, 10/3/25 - 3/24/26 (a)

    

1,133,000

      

1,133,126

    

SOFR + 0.14%, 5.46%, 1/16/26 (a)

    

238,000

      

238,000

    

5.48%, 9/20/24 (b)

    

241,000

      

236,066

    

SOFR + 0.17%, 5.49%, 6/26/25 - 2/20/26 (a)

    

1,190,000

      

1,190,000

    

SOFR + 0.19%, 5.51%, 10/30/25 (a)

    

192,000

      

192,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Agency Securities (cont'd)

  
SOFR + 0.20%, 5.52%,
11/13/25 - 1/13/26 (a)		  

$

1,509,000

    

$

1,509,000

    

SOFR + 0.21%, 5.53%, 11/25/25 (a)

    

192,000

      

192,000

    

Federal Home Loan Mortgage Corp.,

  

4.32%, 3/21/25

    

149,000

      

148,073

    

Total U.S. Agency Securities (Cost $18,439,410)

    

18,439,410

    

U.S. Treasury Securities (16.8%)

  

U.S. Treasury Bill,

  

4.81%, 1/23/25 (d)

    

789,000

      

762,291

    

4.83%, 12/26/24 (d)

    

295,000

      

286,017

    

4.94%, 2/20/25 (d)

    

237,000

      

227,897

    

5.05%, 3/20/25 (d)

    

584,000

      

558,838

    

5.18%, 4/17/25 (d)

    

448,000

      

426,539

    

5.27%, 7/5/24 (d)

    

1,292,000

      

1,280,208

    

5.28%, 8/15/24 (d)

    

1,453,000

      

1,431,337

    

5.31%, 9/12/24 - 9/26/24 (d)

    

4,956,659

      

4,854,081

    

5.37%, 10/17/24 (d)

    

1,868,000

      

1,822,800

    

5.39%, 10/31/24 (c)(d)

    

1,195,000

      

1,163,798

    

5.41%, 6/13/24 - 8/1/24 (c)(d)

    

1,752,000

      

1,732,712

    

U.S. Treasury Notes,

  

0.25%, 5/15/24

    

44,000

      

43,913

    

0.38%, 8/15/24

    

564,000

      

555,938

    

0.50%, 3/31/25

    

370,780

      

356,202

    

0.75%, 11/15/24

    

1,156,000

      

1,128,799

    

1.13%, 1/15/25

    

693,000

      

675,592

    

1.38%, 1/31/25

    

537,000

      

523,836

    

1.50%, 2/15/25

    

501,000

      

488,711

    

1.75%, 3/15/25

    

404,000

      

393,247

    

2.25%, 11/15/24

    

428,000

      

421,236

    

2.38%, 8/15/24

    

816,000

      

809,094

    

2.63%, 4/15/25

    

293,000

      

286,583

    

3.88%, 4/30/25

    

297,000

      

293,541

    

4.25%, 12/31/24

    

942,000

      

936,768

    

4.63%, 2/28/25

    

296,000

      

295,665

    
3 Month Treasury Money Market Yield +
0.13%, 5.45%, 7/31/25 (a)		    

180,000

      

180,069

    
3 Month Treasury Money Market Yield +
0.14%, 5.47%, 10/31/24 (a)		    

12,339

      

12,345

    
3 Month Treasury Money Market Yield +
0.15%, 5.48%, 4/30/26 (a)		    

1,023,000

      

1,022,988

    
3 Month Treasury Money Market Yield +
0.17%, 5.50%, 10/31/25 (a)		    

496,000

      

496,391

    
3 Month Treasury Money Market Yield +
0.25%, 5.57%, 1/31/26 (a)		    

635,000

      

635,549

    

Total U.S. Treasury Securities (Cost $24,102,985)

    

24,102,985

    

Total Investments (98.1%) (Cost $140,785,804) (e)(f)

    

140,785,804

    

Other Assets in Excess of Liabilities (1.9%)

    

2,764,875

    

Net Assets (100.0%)

  

$

143,550,679

    

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

(d)  Rate shown is the yield to maturity at April 30, 2024.

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

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

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

69.8

%

  

U.S. Treasury Securities

    

17.1

    

U.S. Agency Securities

    

13.1

    

Total Investments

    

100.0

%

  

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Government Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreement (62.4%)

  
Federal Reserve Bank of New York, (5.30%,
dated 4/30/24, due 5/1/24; proceeds
$3,224,475; fully collateralized by various
U.S. Government obligations, 1.13% - 2.25%
due 8/15/27 - 11/15/31; valued at
$3,224,475) (Cost $3,224,000)		  

$

3,224,000

    

$

3,224,000

    

U.S. Agency Securities (17.5%)

  

Federal Farm Credit Bank,

  

4.63%, 1/27/25

    

6,000

      

5,994

    

4.75%, 1/24/25 - 2/28/25

    

14,000

      

13,993

    

4.88%, 1/17/25 - 2/21/25

    

26,000

      

25,984

    

5.00%, 1/7/25 - 3/6/25

    

14,000

      

13,997

    

5.25%, 12/13/24

    

9,000

      

8,999

    

5.30%, 11/14/24 (a)

    

4,000

      

3,890

    

SOFR + 0.05%, 5.37%, 6/20/25 (b)

    

9,000

      

9,000

    

SOFR + 0.08%, 5.40%, 12/12/25 (b)

    

3,000

      

3,000

    

SOFR + 0.09%, 5.41%, 8/26/25 (b)

    

100,000

      

100,000

    

SOFR + 0.10%, 5.42%, 2/25/26 (b)

    

18,000

      

18,000

    

SOFR + 0.11%, 5.43%, 1/8/26 (b)

    

13,000

      

13,000

    

SOFR + 0.14%, 5.46%, 2/12/26 (b)

    

21,000

      

21,000

    

SOFR + 0.15%, 5.47%, 6/27/25 - 1/12/26 (b)

    

21,350

      

21,350

    

SOFR + 0.16%, 5.48%, 5/2/25 - 1/23/26 (b)

    

27,960

      

27,960

    

SOFR + 0.17%, 5.49%, 7/28/25 - 1/9/26 (b)

    

40,500

      

40,500

    

5.50%, 9/20/24 (a)

    

2,600

      

2,547

    

SOFR + 0.19%, 5.51%, 6/20/25 (b)

    

13,244

      

13,244

    

SOFR + 0.20%, 5.52%, 6/9/25 (b)

    

17,400

      

17,400

    

Federal Home Loan Bank,

  

4.78%, 1/17/25 (a)

    

7,000

      

6,769

    

4.80%, 1/28/25 (a)

    

10,000

      

9,654

    

4.84%, 1/3/25

    

10,000

      

9,999

    

4.85%, 1/17/25 - 1/27/25(a)

    

23,000

      

22,580

    

4.86%, 1/23/25 (a)

    

16,000

      

15,449

    

4.91%, 11/7/24 (a)

    

9,000

      

8,776

    

4.92%, 11/15/24 (a)

    

37,000

      

36,040

    

4.95%, 2/3/25 (a)

    

20,000

      

19,271

    

4.97%, 2/20/25 (a)

    

4,000

      

3,845

    

5.00%, 2/10/25 (a)

    

23,000

      

22,132

    

5.04%, 2/14/25 - 2/25/25 (a)

    

18,000

      

17,291

    

5.05%, 2/7/25 (a)

    

10,000

      

9,623

    

5.14%, 11/29/24 (a)

    

10,000

      

9,709

    

5.15%, 5/6/24

    

25,000

      

25,000

    

5.16%, 4/10/25 (a)

    

3,000

      

2,860

    

5.18%, 10/3/24 (a)

    

11,000

      

10,762

    

5.19%, 10/31/24 (a)

    

8,000

      

7,796

    

5.27%, 5/1/24 (a)

    

115,000

      

115,000

    

5.33%, 10/2/24 (a)(c)

    

13,000

      

12,710

    

SOFR + 0.13%, 5.45%, 10/3/25 - 2/20/26 (b)

    

38,000

      

38,005

    

SOFR + 0.14%, 5.46%, 1/16/26 (b)

    

10,000

      

10,000

    

5.48%, 9/20/24 (a)

    

8,000

      

7,836

    

SOFR + 0.17%, 5.49%, 6/26/25 - 2/20/26 (b)

    

52,000

      

52,000

    

SOFR + 0.19%, 5.51%, 10/30/25 (b)

    

7,000

      

7,000

    

SOFR + 0.20%, 5.52%, 11/13/25 - 1/13/26 (b)

    

59,000

      

59,000

    

SOFR + 0.21%, 5.53%, 11/25/25 (b)

    

7,000

      

7,000

    

Total U.S. Agency Securities (Cost $905,965)

    

905,965

    
    Face
Amount
(000)		   Value
(000)		  

U.S. Treasury Securities (26.5%)

  

U.S. Treasury Bill,

  

4.79%, 1/23/25 (d)

  

$

19,000

    

$

18,358

    

4.83%, 12/26/24 (d)

    

13,000

      

12,604

    

4.94%, 2/20/25 (d)

    

4,000

      

3,847

    

5.05%, 3/20/25 (d)

    

22,000

      

21,052

    

5.18%, 4/17/25 (d)

    

17,000

      

16,185

    

5.28%, 7/5/24 - 8/15/24 (d)

    

98,000

      

96,741

    

5.31%, 9/12/24 - 9/26/24 (d)

    

156,181

      

152,957

    

5.37%, 5/2/24 - 10/17/24 (d)

    

318,000

      

316,318

    

5.39%, 10/31/24 (c)(d)

    

42,000

      

40,904

    

5.41%, 6/13/24 - 8/1/24 (c)(d)

    

312,000

      

309,778

    

U.S. Treasury Notes,

  

0.25%, 5/15/24

    

7,000

      

6,986

    

0.38%, 8/15/24

    

19,000

      

18,728

    

0.50%, 3/31/25

    

14,660

      

14,084

    

0.75%, 11/15/24

    

43,000

      

41,988

    

1.13%, 1/15/25

    

32,000

      

31,196

    

1.38%, 1/31/25

    

22,000

      

21,459

    

1.50%, 2/15/25

    

21,000

      

20,485

    

1.75%, 3/15/25

    

17,000

      

16,548

    

2.25%, 11/15/24

    

17,000

      

16,731

    

2.38%, 8/15/24

    

32,000

      

31,730

    

2.63%, 4/15/25

    

10,000

      

9,781

    

3.88%, 4/30/25

    

10,000

      

9,884

    

4.25%, 12/31/24

    

42,000

      

41,768

    

4.63%, 2/28/25

    

10,000

      

9,988

    
3 Month Treasury Money Market Yield +
0.13%, 5.45%, 7/31/25 (b)		    

7,000

      

7,003

    
3 Month Treasury Money Market Yield +
0.15%, 5.48%, 4/30/26 (b)		    

39,000

      

38,999

    
3 Month Treasury Money Market Yield +
0.17%, 5.50%, 10/31/25 (b)		    

19,000

      

19,015

    
3 Month Treasury Money Market Yield +
0.25%, 5.57%, 1/31/26 (b)		    

23,000

      

23,020

    

Total U.S. Treasury Securities (Cost $1,368,137)

    

1,368,137

    

Total Investments (106.4%) (Cost $5,498,102) (e)(f)

    

5,498,102

    

Liabilities in Excess of Other Assets (-6.4%)

    

(331,232

)

  

Net Assets (100.0%)

  

$

5,166,870

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Government Securities Portfolio

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

(b)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. 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)  All or a portion of the security is subject to delayed delivery.

(d)  Rate shown is the yield to maturity at April 30, 2024.

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

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

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreement

    

58.6

%

  

U.S. Treasury Securities

    

24.9

    

U.S. Agency Securities

    

16.5

    

Total Investments

    

100.0

%

  

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (73.7%)

  
Bank of America Securities, Inc., (5.33%,
dated 3/21/24, due 5/2/24; proceeds
$503,109; fully collateralized by various
U.S. Government obligations, 0.00%
due 11/15/32 - 11/15/47; valued at
$510,000)		  

$

500,000

    

$

500,000

    
Barclays Bank PLC, (5.31%, dated 4/30/24,
due 5/1/24; proceeds $200,030; fully
collateralized by various U.S. Government
obligations, 1.88% - 3.88% due
2/28/29 - 2/15/43; valued at $204,030)		    

200,000

      

200,000

    
Barclays Bank PLC, (5.33%, dated 3/21/24,
due 5/2/24; proceeds $503,109; fully
collateralized by various U.S. Government
obligations, 3.88% - 4.75% due
12/31/27 - 11/15/43; valued at $513,096)		    

500,000

      

500,000

    
BNP Paribas SA, (Interest in $1,100,000 joint
repurchase agreement, 5.31%, dated
4/30/24 under which BNP Paribas SA,
will repurchase the securities provided as
collateral for $1,100,162 on 5/1/24.
The securities provided as collateral at the
end of the period held with BNY Mellon,
tri-party agent, were various U.S.
Government obligations with various
maturities to 8/15/53; valued at
$1,122,000)		    

400,000

      

400,000

    
BNP Paribas SA, (5.46% (a), dated 2/5/24,
due 2/5/25; proceeds $158,327; fully
collateralized by various U.S. Government
obligations, 0.00% - 2.25% due
7/15/26 - 2/15/54; valued at $153,000)
(Demand 5/1/24)		    

150,000

      

150,000

    
BNP Paribas SA, (5.45% (a), dated 2/13/24,
due 2/13/25; proceeds $422,163; fully
collateralized by various U.S. Government
obligations, 0.00% - 3.75% due
5/23/24 - 2/15/52; valued at $408,000)
(Demand 5/1/24)		    

400,000

      

400,000

    
BNP Paribas SA, (5.44% (a), dated 3/18/24,
due 3/18/25; proceeds $105,516; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.25% due
8/15/25 - 8/15/51; valued at $102,000)
(Demand 5/1/24)		    

100,000

      

100,000

    
BNP Paribas SA, (5.45% (a), dated 2/8/24,
due 2/10/25; proceeds $527,856; fully
collateralized by various U.S. Government
obligations, 0.00% - 4.63% due
5/15/24 - 5/15/48; valued at $510,000)
(Demand 5/1/24)		    

500,000

      

500,000

    
BNP Paribas SA, (5.45%, dated 11/14/23,
due 5/13/24; proceeds $667,811; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.53% due
6/6/24 - 2/15/53; valued at $663,000)
(Demand 5/7/24)		    

650,000

      

650,000

    
BNP Paribas SA, (5.45% (a), dated 2/21/24,
due 2/21/25; proceeds $105,541; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.57% due
1/31/26 - 2/15/52; valued at $102,000)
(Demand 5/1/24)		    

100,000

      

100,000

    
    Face
Amount
(000)		   Value
(000)		  
BNP Paribas SA, (5.48%, dated 11/14/23,
due 5/13/24; proceeds $719,287; fully
collateralized by various U.S. Government
obligations, 0.00% - 5.57% due
5/9/24 - 2/15/54; valued at $714,000)		  

$

700,000

    

$

700,000

    
BNP Paribas SA, (5.40% (a), dated 1/24/24,
due 7/24/24; proceeds $1,027,300; fully
collateralized by various U.S. Government
obligations, 0.00% - 6.88% due
5/23/24 - 11/15/51; valued at $1,020,000)
(Demand 5/1/24)		    

1,000,000

      

1,000,000

    
Citigroup Global Markets, Inc., (5.33%, dated
4/30/24, due 5/1/24; proceeds $122,018;
fully collateralized by various U.S. Government
obligations, 0.00% - 0.25% due
7/5/24 - 7/31/25; valued at $124,440)		    

122,000

      

122,000

    
Citigroup Global Markets, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by various U.S. Government
obligations, 1.25% - 5.25% due
9/30/28 - 11/15/28; valued at $204,261)		    

200,000

      

200,000

    
Citigroup Global Markets, Inc., (5.32%, dated
4/30/24, due 5/7/24; proceeds $200,207;
fully collateralized by various U.S. Government
obligations, 1.38% - 5.25% due
10/15/28 - 11/30/28; valued at $204,351)		    

200,000

      

200,000

    
Citigroup Global Markets, Inc., (5.32%, dated
4/25/24, due 5/2/24; proceeds $200,207;
fully collateralized by various U.S. Government
obligations, 1.38% - 5.25% due
10/31/28 - 11/30/28; valued at $204,365)		    

200,000

      

200,000

    
Deutsche Bank Securities, Inc., (5.33%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by various U.S. Government
obligations, 0.00% due 11/15/26 - 2/15/54;
valued at $204,000)		    

200,000

      

200,000

    
Deutsche Bank Securities, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $400,059;
fully collateralized by various U.S.
Government obligations, 0.00% due
2/15/36 - 2/15/54; valued at $408,000)		    

400,000

      

400,000

    
Federal Reserve Bank of New York, (5.30%,
dated 4/30/24, due 5/1/24; proceeds
$4,900,721; fully collateralized by various
U.S. Government obligations, 1.13% - 1.75%
due 8/15/29 - 5/15/31; valued at
$4,900,721)		    

4,900,000

      

4,900,000

    
Fixed Income Clearing Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds $400,059;
fully collateralized by a U.S. Government
obligation, 4.50% due 4/15/27; valued at
$408,000)		    

400,000

      

400,000

    
Fixed Income Clearing Corp., (5.32%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by a U.S. Government
obligation, 4.75% due 11/15/53; valued at
$204,000)		    

200,000

      

200,000

    
Fixed Income Clearing Corp., (5.33%, dated
4/30/24, due 5/1/24; proceeds $300,044;
fully collateralized by a U.S. Government
obligation, 4.88% due 4/30/26; valued at
$306,000)		    

300,000

      

300,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

    Face
Amount
(000)		   Value
(000)		  

Repurchase Agreements (cont'd)

  
Fixed Income Clearing Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds
$4,500,664; fully collateralized by various
U.S. Government obligations, 0.38% - 4.63%
due 8/15/24 - 2/15/52; valued at
$4,590,677)		  

$

4,500,000

    

$

4,500,000

    
Fixed Income Clearing Corp., (5.31%, dated
4/30/24, due 5/1/24; proceeds $700,103;
fully collateralized by various U.S.
Government obligations, 1.38% - 4.75% due
8/15/43 - 11/15/52; valued at $714,000)		    

700,000

      

700,000

    
Natixis SA, (Interest in $1,800,000 joint
repurchase agreement, 5.31%, dated
4/30/24 under which Natixis SA, will
repurchase the securities provided as
collateral for $1,800,266 on 5/1/24.
The securities provided as collateral at the
end of the period held with BNY Mellon,
tri-party agent, were various U.S. Government
obligation with various maturities to
2/15/54; valued at $1,836,000)		    

1,500,000

      

1,500,000

    
Natixis SA, (5.31%, dated 4/30/24, due
5/1/24; proceeds $200,030; fully
collateralized by various U.S. Government
obligations, 0.13% - 5.00% due
5/15/25 - 2/15/54; valued at $204,000)		    

200,000

      

200,000

    
Natixis SA, (5.33%, dated 4/23/24, due
6/12/24; proceeds $503,701; fully
collateralized by various U.S. Government
obligations, 0.13% - 6.25% due
5/31/25 - 2/15/54; valued at $510,000)
(Demand 5/7/24)		    

500,000

      

500,000

    
NatWest Markets Securities, Inc., (5.31%, dated
4/30/24, due 5/1/24; proceeds $100,015;
fully collateralized by various U.S. Government
obligations, 2.75% - 3.88% due
7/31/27 - 8/15/33; valued at $102,015)		    

100,000

      

100,000

    
Norinchukin Bank , (5.32%, dated 4/30/24,
due 5/1/24; proceeds $100,015; fully
collateralized by a U.S. Government
obligation, 3.50% due 4/30/28; valued at
$102,000)		    

100,000

      

100,000

    
Norinchukin Bank , (5.34%, dated 4/25/24,
due 5/2/24; proceeds $132,137; fully
collateralized by various U.S. Government
obligations, 1.88% - 3.50% due
4/30/28 - 5/15/33; valued at $134,640)		    

132,000

      

132,000

    
RBC Dominion Securities, (5.31%, dated
4/30/24, due 5/1/24; proceeds $200,030;
fully collateralized by various U.S. Government
obligations, 0.00% - 5.45% due
5/15/24 - 8/15/53; valued at $204,000)		    

200,000

      

200,000

    
Santander U.S. Capital Markets LLC, (5.31%,
dated 4/30/24, due 5/1/24; proceeds
$100,015; fully collateralized by various
U.S. Government obligations, 0.00% - 4.63%
due 5/14/24 - 1/15/34; valued at $102,000)		    

100,000

      

100,000

    
Societe Generale SA, (5.35%, dated 4/30/24,
due 5/30/24; proceeds $251,115; fully
collateralized by various U.S. Government
obligations, 1.75% - 2.75% due
8/15/41 - 11/15/47; valued at $256,137)		    

250,000

      

250,000

    

Total Repurchase Agreements (Cost $20,604,000)

    

20,604,000

    
    Face
Amount
(000)		   Value
(000)		  

U.S. Treasury Securities (24.7%)

  

U.S. Treasury Bill,

  

4.82%, 1/23/25 (b)

  

$

657,000

    

$

634,688

    

4.83%, 12/26/24 (b)

    

266,000

      

257,883

    

4.95%, 2/20/25 (b)

    

149,000

      

143,273

    

5.05%, 3/20/25 (b)

    

124,000

      

118,657

    

5.18%, 4/17/25 (b)

    

88,000

      

83,783

    

5.27%, 7/5/24 (b)

    

462,000

      

457,784

    

5.30%, 8/15/24 (b)

    

622,000

      

612,702

    

5.31%, 9/12/24 - 9/26/24 (b)

    

1,020,027

      

998,921

    

5.37%, 10/17/24 (b)

    

450,000

      

439,110

    

5.39%, 10/31/24 (b)(c)

    

234,000

      

227,890

    

5.41%, 6/13/24 - 8/1/24 (b)(c)

    

343,000

      

339,224

    

U.S. Treasury Notes,

  

0.25%, 5/15/24

    

38,000

      

37,925

    

0.38%, 8/15/24

    

105,000

      

103,499

    

0.50%, 3/31/25

    

75,245

      

72,286

    

0.75%, 11/15/24

    

254,000

      

248,023

    

1.13%, 1/15/25

    

242,000

      

235,910

    

1.38%, 1/31/25

    

116,000

      

113,147

    

1.50%, 2/15/25

    

131,000

      

127,798

    

1.75%, 3/15/25

    

155,000

      

150,823

    

2.25%, 11/15/24

    

94,000

      

92,515

    

2.38%, 8/15/24

    

182,000

      

180,461

    

2.63%, 4/15/25

    

61,000

      

59,664

    

3.88%, 4/30/25

    

60,000

      

59,301

    

4.25%, 12/31/24

    

358,000

      

356,165

    

4.63%, 2/28/25

    

82,000

      

81,909

    
3 Month Treasury Money Market Yield +
0.13%, 5.45%, 7/31/25 (a)		    

36,000

      

36,014

    
3 Month Treasury Money Market Yield +
0.14%, 5.47%, 10/31/24 (a)		    

68,553

      

68,589

    
3 Month Treasury Money Market Yield +
0.15%, 5.48%, 4/30/26 (a)		    

265,000

      

264,992

    
3 Month Treasury Money Market Yield +
0.17%, 5.50%, 10/31/25 (a)		    

105,000

      

105,083

    
3 Month Treasury Money Market Yield +
0.25%, 5.57%, 1/31/26 (a)		    

196,000

      

196,165

    

Total U.S. Treasury Securities (Cost $6,904,184)

    

6,904,184

    

Total Investments (98.4%) (Cost $27,508,184) (d)(e)

    

27,508,184

    

Other Assets in Excess of Liabilities (1.6%)

    

446,229

    

Net Assets (100.0%)

  

$

27,954,413

    

The accompanying notes are an integral part of the financial statements.
26

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. 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)  Rate shown is the yield to maturity at April 30, 2024.

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

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

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

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Repurchase Agreements

    

74.9

%

  

U.S. Treasury Securities

    

25.1

    

Total Investments

    

100.0

%

  

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Treasury Securities Portfolio

    Face
Amount
(000)		   Value
(000)		  

U.S. Treasury Securities (110.2%)

  

U.S. Treasury Bill,

  

4.81%, 1/23/25 (a)

  

$

358,000

    

$

345,867

    

4.83%, 12/26/24 (a)

    

96,000

      

93,078

    

4.95%, 2/20/25 (a)

    

121,000

      

116,348

    

5.05%, 3/20/25 (a)

    

202,000

      

193,297

    

5.18%, 4/17/25 (a)

    

149,000

      

141,861

    

5.24%, 7/5/24 (a)

    

300,000

      

297,167

    

5.26%, 8/8/24 (a)

    

250,000

      

246,532

    

5.31%, 9/12/24 - 9/26/24 (a)

    

600,000

      

588,009

    

5.34%, 10/10/24 (a)

    

411,000

      

401,506

    

5.36%, 8/6/24 (a)

    

300,000

      

295,799

    

5.37%, 7/9/24 - 10/24/24 (a)

    

1,385,000

      

1,360,384

    

5.38%, 5/14/24 - 7/23/24 (a)

    

4,214,000

      

4,198,398

    

5.39%, 5/7/24 - 10/31/24 (a)(b)

    

18,897,000

      

18,837,148

    

5.41%, 5/30/24 - 8/20/24 (a)(b)

    

12,695,000

      

12,618,179

    

5.42%, 5/2/24 - 7/25/24 (a)

    

4,658,000

      

4,654,251

    

5.43%, 5/16/24 (a)

    

3,700,000

      

3,691,860

    

U.S. Treasury Notes,

  

0.25%, 5/15/24

    

61,509

      

61,387

    

0.38%, 8/15/24

    

155,000

      

152,785

    

0.50%, 3/31/25

    

97,000

      

93,200

    

0.75%, 11/15/24

    

369,000

      

360,317

    

1.13%, 1/15/25

    

242,000

      

235,922

    

1.38%, 1/31/25

    

169,000

      

164,844

    

1.50%, 2/15/25

    

196,000

      

191,208

    

1.75%, 3/15/25

    

245,000

      

238,395

    

2.25%, 11/15/24

    

137,000

      

134,835

    

2.38%, 8/15/24

    

261,000

      

258,793

    

2.63%, 4/15/25

    

102,000

      

99,766

    

3.88%, 4/30/25

    

101,000

      

99,824

    

4.25%, 12/31/24

    

533,000

      

530,303

    

4.63%, 2/28/25

    

75,000

      

74,913

    
3 Month Treasury Money Market Yield +
0.13%, 5.45%, 7/31/25 (c)		    

60,000

      

60,023

    
3 Month Treasury Money Market Yield +
0.14%, 5.47%, 10/31/24 (c)		    

133,500

      

133,553

    
3 Month Treasury Money Market Yield +
0.15%, 5.48%, 4/30/26 (c)		    

439,000

      

438,987

    
3 Month Treasury Money Market Yield +
0.17%, 5.50%, 10/31/25 (c)		    

177,000

      

177,139

    
3 Month Treasury Money Market Yield +
0.25%, 5.57%, 1/31/26 (c)		    

328,000

      

328,276

    

Total U.S. Treasury Securities (Cost $51,914,154)

    

51,914,154

    

Total Investments (110.2%) (Cost $51,914,154) (d)(e)

    

51,914,154

    

Liabilities in Excess of Other Assets (-10.2%)

    

(4,795,603

)

  

Net Assets (100.0%)

  

$

47,118,551

    

(a)  Rate shown is the yield to maturity at April 30, 2024.

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

(c)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

Portfolio Composition

Classification

   Percentage of
Total Investments		  

U.S. Treasury Securities

    

100.0

%

  

Total Investments

    

100.0

%

  

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Weekly Variable Rate Bonds (a) (59.0%)

  
City of Jacksonville, FL,
Florida Pollution Control Revenue Refunding Bonds
(Florida Power & Light Company Project)
Series 1995
3.97%, 5/1/29		  

$

8,500

    

$

8,500

    
Clark County, NV,
Airport System Revenue
3.80%, 7/1/40		    

5,000

      

5,000

    
Colorado Springs, CO,
Utilities System, Improvement Revenue Bonds
Series 2012A
3.73%, 11/1/41		    

5,000

      

5,000

    
Colorado Springs, CO,
Utilities System Sub Lien,
Ser 2007 A
3.73%, 11/1/37		    

5,000

      

5,000

    
Ser 2005 A
3.92%, 11/1/35		    

5,500

      

5,500

    
Columbus, OH,
Sewer Series 2008 B
3.72%, 6/1/32		    

5,000

      

5,000

    
Escambia County, FL,
Solid Waste Disposal Revenue Bonds (Gulf Power
Company Project) First Series 2009
4.00%, 4/1/39		    

5,000

      

5,000

    
Houston, TX,
Combined Utility System First Lien,
Series 2018 C
3.75%, 5/15/34		    

10,000

      

10,000

    
Series 2004 B2
3.75%, 5/15/34		    

5,000

      

5,000

    
Indiana Finance Authority, IN,
Trinity Health Series 2008 D-1
3.75%, 12/1/34		    

10,000

      

10,000

    
Indiana Finance Authority, IN,
Environmental Refunding Revenue Bonds,
Duke Energy Indiana, Inc. Project,
Series 2009 A-3
3.89%, 12/1/39		    

5,000

      

5,000

    
Long Island Power Authority, NY,
Electric System General Revenue Bonds
Ser 2023D
3.78%, 5/1/33		    

10,000

      

10,000

    
Massachusetts Water Resources Authority, MA,
Series 2008 A-3
3.75%, 8/1/37		    

5,000

      

5,000

    
Metropolitan Sewerage District of
Buncombe County, NC,
North Carolina Sewerage System Revenue
Refunding Bonds Series 2008A
3.72%, 7/1/31		    

5,000

      

5,000

    
Miami-Dade County Industrial Development
Authority, FL,
Revenue Refunding Bonds Series 2021
3.85%, 5/1/46		    

6,500

      

6,500

    
Mississippi Business Finance Corp., MS,
Gulf Opportunity Zone Industrial Development
Revenue Bonds (Chevron U S A Inc. Project)
Series 2010 E
3.74%, 12/1/30		    

5,400

      

5,400

    
    Face
Amount
(000)		   Value
(000)		  
Missouri Health & Educational Facilities Authority, MO,
BJC Health System,
Series 2008 C
3.75%, 5/15/38		  

$

250

    

$

250

    
Series 2008 D
3.75%, 5/15/38		    

5,000

      

5,000

    
New York City Municipal Water Finance
Authority, NY,
Second General Fiscal 2007 Series CC-1
3.80%, 6/15/38		    

5,000

      

5,000

    
New York State Energy Research & Development
Authority, NY,
Facilities Revenue Bonds, Consolidated
Edison Co Ser 2005 Subser A-2 (Mizuho
Corporate Bank LOC)
3.75%, 5/1/39		    

5,400

      

5,400

    
Orlando Utilities Commission, FL, Utility System,
Series 2008-1
3.54%, 10/1/33		    

5,000

      

5,000

    
Series 2015-B
3.54%, 10/1/39		    

5,000

      

5,000

    
Pennsylvania Turnpike Commission, PA,
Second Ser 2019
3.80%, 12/1/38		    

5,000

      

5,000

    
RBC Municipal Products Inc Trust, GA,
Certificates E-155
3.81%, 1/1/27 (b)		    

9,000

      

9,000

    
RBC Municipal Products Trust Inc, MO,
Certificates C-17
3.91%, 12/1/39 (b)		    

5,000

      

5,000

    
RBC Municipal Products Inc Trust, MO,
Certificates G-121
3.97%, 6/1/46 (b)		    

5,920

      

5,920

    
RBC Municipal Products Inc Trust, OH,
Certificates C-22
3.81%, 7/15/35 (b)		    

4,910

      

4,910

    
RBC Municipal Products Trust Inc, TX,
Certificates E-141
3.80%, 12/17/24 (b)		    

3,000

      

3,000

    
RBC Municipal Products Inc Trust, TX,
Certificates G-124
3.97%, 9/1/43 (b)		    

4,800

      

4,800

    
RBC Municipal Products Inc Trust, VA,
Certificates C-20
3.81%, 5/1/39 (b)		    

2,000

      

2,000

    
State of Texas, TX,
Transportation Commission, Mobility Fund,
Series 2006-B
3.54%, 4/1/36		    

5,500

      

5,500

    
Veterans Bonds,
Series 2022
3.95%, 6/1/53		    

7,000

      

7,000

    
Tender Option Bond Trust Receipts/Certificates, AZ,
Certificates 2023-BAML6007
3.92%, 4/1/56 (b)		    

1,900

      

1,900

    
Tender Option Bond Trust Receipts/Certificates, DC,
Certificates 2023-BAML6012
3.92%, 3/1/52 (b)		    

11,875

      

11,875

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Weekly Variable Rate Bonds (cont'd)

  
Tender Option Bond Trust Receipts/Certificates, MA,
Certificates 2024-BAML5050
3.79%, 3/1/49 (b)		  

$

10,000

    

$

10,000

    
Certificates 2023-BAML6005
3.92%, 12/1/37 (b)		    

5,000

      

5,000

    
The Ohio State University, OH,
Variable Rate Demand General Receipts Bonds,
Series 2023 A
3.60%, 6/1/43		    

5,000

      

5,000

    
Series 2023 D2
3.80%, 12/1/44		    

5,000

      

5,000

    
Triborough Bridge & Tunnel Authority, NY,
General Revenue Variable Rate Refunding Bonds
Subseries 2005B-2B
3.78%, 1/1/32		    

5,000

      

5,000

    
Utah Water Finance Agency, UT,
Series 2008 B-2
3.90%, 10/1/35		    

10,000

      

10,000

    
Ser 2008 B
3.90%, 10/1/37		    

10,000

      

10,000

    
Total Weekly Variable Rate Bonds (Cost $242,455)    

242,455

    

Commercial Paper (c) (13.7%)

  
Lincoln Nebraska Electric, NE,
Series 1995
3.75%, 5/24/24		    

5,000

      

5,000

    
Massachusetts Water Resources Authority, MA,
3.65%, 6/13/24		    

5,000

      

5,000

    
Metropolitan Govt Nashville & Davidson County, TN,
3.60%, 12/2/24		    

5,000

      

5,000

    
3.75%, 9/23/24    

5,000

      

5,000

    
Municipal Electric Authority, GA,
Series B
3.45%, 6/5/24		    

5,000

      

5,000

    
Ohio Water Authority, OH,
3.30%, 5/3/24		    

5,000

      

5,000

    
Oklahoma City Water Utilities, OK,
3.70%, 5/15/24		    

5,500

      

5,500

    
San Antonio Electric & Gas, TX,
Series 2019 A-1
3.75%, 9/20/24		    

5,000

      

5,000

    
University of California, CA,
Series A
3.70%, 9/26/24		    

5,000

      

5,000

    
University of Texas, TX,
Series A
3.45%, 10/16/24		    

5,536

      

5,536

    
3.50%, 6/18/24    

5,000

      

5,000

    

Total Commercial Paper (Cost $56,036)

    

56,036

    

Daily Variable Rate Bonds (a) (12.5%)

  
Indiana Finance Authority, IN,
Environmental Refunding Duke Energy Indiana, Inc,
Series 2009 A-4
3.85%, 12/1/39		    

10,000

      

10,000

    
JP Morgan Chase Putters/Drivers Trust, FL,
Certificates Series 5052
3.80%, 12/15/34 (b)		    

3,000

      

3,000

    
    Face
Amount
(000)		   Value
(000)		  
JPMorgan Chase Putters/Drivers Trust, SC,
Certificates Series 5053
3.80%, 5/1/47 (b)		  

$

3,000

    

$

3,000

    
Los Angeles Department of Water & Power, CA,
Water System 2019 Series A Subseries A-2
3.90%, 7/1/45		    

9,000

      

9,000

    
Mississippi Business Finance Corp., MS,
Gulf Opportunity Zone Industrial Development
Revenue Bonds (Chevron U S A Inc. Project)
Series 2009 C
3.95%, 12/1/30		    

4,600

      

4,600

    
New York City General Obligation Bonds, NY,
Fiscal 2023 Adjustable Rate Bonds
Ser A Subser A-3
3.75%, 9/1/49		    

5,400

      

5,400

    
New York City Municipal Water Finance Authority, NY,
Second General Fiscal 2010 Series CC
3.75%, 6/15/41		    

6,500

      

6,500

    
New York City Transitional Finance Authority, NY,
Future Tax Fiscal 2015 Series A Subseries A-4
3.85%, 8/1/43		    

10,000

      

10,000

    

Total Daily Variable Rate Bonds (Cost $51,500)

    

51,500

    

Municipal Bonds & Notes (7.8%)

  
County Square Redevelopment Corp., SC,
Installment Purchase Revenue Bond
Series 2024
5.00%, 2/9/25		    

2,000

      

2,026

    
Jersey City Municipal Utilities Authority
Hudson County, NJ,
Series 2024B
5.00%, 5/1/25		    

5,000

      

5,052

    
Monmouth County, NJ,
Improvement Authority Governmental Pooled
Loan Project Notes,
Series 2024
4.00%, 3/14/25		    

5,000

      

5,034

    
Montgomery County, MD,
Maryland General Obligation Consolidated Public
Improvement Refunding Bonds Series C
5.00%, 10/1/24		    

5,000

      

5,032

    
School District No. 4 of Anderson County, SC,
(SCSDE)
Series 2024
4.00%, 3/27/25		    

5,000

      

5,035

    
The School District Of Philadelphia, PA,
Pennsylvania Tax Revenue Anticipation
Notes Series A
5.00%, 6/28/24		    

4,000

      

4,005

    
Tompkins-Seneca-Tioga Board of Cooperative
Educational Services, NY,
Series 2023
5.00%, 6/28/24		    

5,000

      

5,006

    
Triborough Bridge & Tunnel Authority, NY,
Payroll Mobility Tax Bond Anticipation Notes
Series 2022B
5.00%, 12/16/24		    

1,000

      

1,008

    

Total Municipal Bonds & Notes (Cost $32,198)

    

32,198

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

    Face
Amount
(000)		   Value
(000)		  

Closed-End Investment Companies (a) (4.9%)

  
Nuveen AMT-Free Municipal Credit Income Fund, OT,
Series 1
3.83%, 12/1/43 (b)		  

$

10,000

    

$

10,000

    
Nuveen AMT-Free Quality Municipal Income Fund, OT,
Series 4-4895
3.82%, 9/11/26 (b)		    

10,000

      

10,000

    

Total Closed-End Investment Companies (Cost $20,000)

    

20,000

    

Quarterly Variable Rate Bonds (1.5%)

  
Franklin County, OH,
CHE Trinity Health Credit Group Ser 2013
3.70%, 12/1/46		    

1,250

      

1,250

    
Montgomery County, MD,
Maryland Revenue Bonds (CHE Trinity Health
Credit Group) Series 2013
3.75%, 12/1/41		    

5,000

      

5,000

    

Total Quarterly Variable Rate Bonds (Cost $6,250)

    

6,250

    

Total Investments (99.4%) (Cost $408,439) (d)

    

408,439

    

Other Assets in Excess of Liabilities (0.6%)

    

2,366

    

Net Assets (100.0%)

  

$

410,805

    

(a)  Floating or variable rate securities: The rates disclosed are as of April 30, 2024. 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)  The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.

LOC  Letter of Credit.

Portfolio Composition

Classification

   Percentage of
Total Investments		  

Weekly Variable Rate Bonds

    

59.4

%

  

Commercial Paper

    

13.7

    

Daily Variable Rate Bonds

    

12.6

    

Municipal Bonds & Notes

    

7.9

    

Other*

    

6.4

    

Total Investments

    

100.0

%

  

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

State/Territory

   Value
(000)		   Percentage of
Net Assets		  

New York

  

$

53,314

      

13.0

%

  

Texas

    

50,836

      

12.5

    

Massachusetts

    

45,000

      

10.9

    

Florida

    

33,000

      

8.0

    

Ohio

    

26,160

      

6.3

    

Indiana

    

25,000

      

6.2

    

Utah

    

20,000

      

4.8

    

Missouri

    

16,170

      

4.0

    

Colorado

    

15,500

      

3.8

    

Georgia

    

14,000

      

3.4

    

California

    

14,000

      

3.4

    

District of Columbia

    

11,875

      

2.9

    

New Jersey

    

10,086

      

2.4

    

South Carolina

    

10,061

      

2.4

    

Maryland

    

10,032

      

2.4

    

Tennessee

    

10,000

      

2.4

    

Mississippi

    

10,000

      

2.4

    

Pennsylvania

    

9,005

      

2.2

    

Oklahoma

    

5,500

      

1.4

    

North Carolina

    

5,000

      

1.2

    

Nevada

    

5,000

      

1.2

    

Nebraska

    

5,000

      

1.2

    

Virginia

    

2,000

      

0.5

    

Arizona

    

1,900

      

0.5

    
   

$

408,439

      

99.4

%

  

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Assets and Liabilities

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

Assets:

  

Investments in Securities of Unaffiliated Issuers, at Cost

  

$

2,284,349

    

$

14,349,787

    

$

140,785,804

    

$

5,498,102

    

Total Investments in Securities, at Value(1)​

    

2,284,349

      

14,349,614

      

140,785,804

      

5,498,102

    

Cash

    

63,973

      

459,090

      

5,355,944

      

4,693

    

Receivable for Investments Sold

    

14,911

      

—

      

662,564

      

24,621

    

Interest Receivable

    

8,204

      

67,532

      

329,128

      

6,546

    

Other Assets

    

276

      

687

      

3,907

      

659

    

Total Assets

    

2,371,713

      

14,876,923

      

147,137,347

      

5,534,621

    

Liabilities:

  

Payable for Investments Purchased

    

—

      

3,316

      

3,250,442

      

363,392

    

Dividends Payable

    

—

@

    

16,787

      

300,012

      

2,145

    

Payable for Portfolio Shares Redeemed

    

1,249

      

3,393

      

12,633

      

16

    

Payable for Advisory Fees

    

223

      

1,766

      

11,131

      

562

    

Payable for Administration Fees

    

101

      

633

      

5,846

      

215

    

Payable for Administration Plan Fees — Wealth S**/ Institutional Select Class

    

—

@

    

1

      

226

      

—

@

  

Payable for Administration Plan Fees — Investor Class

    

—

      

—

      

476

      

—

@

  

Payable for Administration Plan Fees — Administrative Class

    

—

      

—

      

38

      

—

@

  
Payable for Service and Shareholder Administration Plan Fees —
Advisory Class		    

—

@

    

—

@

    

449

      

9

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

—

@

    

—

      

1,068

      

848

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

—

@

    

—

@

    

—

@

    

—

@

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

—

@

    

—

      

—

@

    

—

    

Payable for Custodian Fees

    

30

      

95

      

715

      

23

    

Payable for Professional Fees

    

61

      

45

      

41

      

32

    

Payable for Transfer Agency Fees

    

13

      

35

      

40

      

7

    

Other Liabilities

    

107

      

480

      

3,551

      

502

    

Total Liabilities

    

1,784

      

26,551

      

3,586,668

      

367,751

    

Net Assets

  

$

2,369,929

    

$

14,850,372

    

$

143,550,679

    

$

5,166,870

    

Net Assets Consist of:

  

Paid-in-Capital

  

$

2,371,101

    

$

14,866,943

    

$

143,590,740

    

$

5,169,521

    

Total Accumulated Loss

    

(1,172

)

    

(16,571

)

    

(40,061

)

    

(2,651

)

  

Net Assets

  

$

2,369,929

    

$

14,850,372

    

$

143,550,679

    

$

5,166,870

    
(1​)​ Including:
Repurchase Agreements, at Value		  

$

1,086,000

    

$

6,706,000

    

$

98,243,409

    

$

3,224,000

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Assets and Liabilities (cont'd)

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

WEALTH*/INSTITUTIONAL CLASS:

  

Net Assets

  

$

2,365,742

    

$

13,247,615

    

$

123,468,489

    

$

1,013,533

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

2,365,765,413

      

13,246,579,292

      

123,499,104,573

      

1,013,720,185

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.0001

    

$

1.000

    

$

1.000

    

WEALTH S**/INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

56

    

$

21,374

    

$

5,610,162

    

$

55

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

55,793

      

21,378,393

      

5,614,459,890

      

55,216

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

0.9998

    

$

1.000

    

$

1.000

    

INVESTOR CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

5,428,508

    

$

55

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

—

      

—

      

5,429,400,953

      

55,088

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

—

    

$

—

    

$

292,488

    

$

55

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

—

      

—

      

292,579,401

      

54,998

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

—

    

$

1.000

    

$

1.000

    

ADVISORY CLASS:

  

Net Assets

  

$

55

    

$

56

    

$

2,539,212

    

$

46,697

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

55,371

      

56,056

      

2,539,653,600

      

46,706,087

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.0013

    

$

1.000

    

$

1.000

    

PARTICIPANT CLASS:

  

Net Assets

  

$

55

    

$

—

    

$

2,593,386

    

$

4,106,350

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

54,925

      

—

      

2,593,952,252

      

4,107,792,599

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

—

    

$

1.000

    

$

1.000

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

3,569

    

$

435

    

$

1,185

    

$

125

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

3,577,528

      

434,903

      

1,186,345

      

125,097

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

0.9998

    

$

1.000

    

$

1.000

    

SELECT CLASS:

  

Net Assets

  

$

53

    

$

—

    

$

54

    

$

—

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

52,892

      

—

      

54,050

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

—

    

$

1.000

    

$

—

    

CASTLEOAK SHARES CLASS:

  

Net Assets

  

$

—

    

$

1,250,531

    

$

2,981,598

    

$

—

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

—

      

1,250,505,539

      

2,981,857,929

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

1.0000

    

$

1.000

    

$

—

    

IMPACT CLASS:

  

Net Assets

  

$

—

    

$

330,311

    

$

635,488

    

$

—

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

—

      

330,274,053

      

635,703,361

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

1.0001

    

$

1.000

    

$

—

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Assets and Liabilities (cont'd)

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

IMPACT PARTNER CLASS:

  

Net Assets

  

$

50

    

$

50

    

$

50

    

$

—

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

50,000

      

49,980

      

50,000

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.0001

    

$

1.000

    

$

—

    

ADVISOR CLASS:

  

Net Assets

  

$

349

    

$

—

    

$

59

    

$

—

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

349,029

      

—

      

59,101

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

—

    

$

1.000

    

$

—

    

*  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.

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
34

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Assets and Liabilities

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

Assets:

  

Investments in Securities of Unaffiliated Issuers, at Cost

  

$

27,508,184

    

$

51,914,154

    

$

408,439

    

Total Investments in Securities, at Value(1)​

    

27,508,184

      

51,914,154

      

408,439

    

Cash

    

924,024

      

5,259

      

420

    

Receivable for Investments Sold

    

62,667

      

996,484

      

—

    

Interest Receivable

    

84,155

      

15,249

      

2,014

    

Other Assets

    

1,230

      

1,478

      

185

    

Total Assets

    

28,580,260

      

52,932,624

      

411,058

    

Liabilities:

  

Payable for Investments Purchased

    

567,114

      

5,744,062

      

—

    

Dividends Payable

    

50,351

      

50,457

      

22

    

Payable for Portfolio Shares Redeemed

    

1,603

      

10,438

      

146

    

Payable for Advisory Fees

    

3,345

      

5,587

      

—

    

Payable for Administration Fees

    

1,172

      

1,941

      

15

    

Payable for Administration Plan Fees — Wealth S**/ Institutional Select Class

    

126

      

—

@

    

—

@

  

Payable for Administration Plan Fees — Investor Class

    

9

      

—

@

    

—

    

Payable for Administration Plan Fees — Administrative Class

    

1

      

12

      

—

    

Payable for Service and Shareholder Administration Plan Fees — Advisory Class

    

81

      

30

      

—

    

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

    

868

      

13

      

—

    

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

    

120

      

189

      

3

    

Payable for Professional Fees

    

38

      

52

      

32

    

Payable for Transfer Agency Fees

    

13

      

14

      

11

    

Other Liabilities

    

1,006

      

1,277

      

24

    

Total Liabilities

    

625,847

      

5,814,073

      

253

    

Net Assets

  

$

27,954,413

    

$

47,118,551

    

$

410,805

    

Net Assets Consist of:

  

Paid-in-Capital

  

$

27,964,542

    

$

47,132,616

    

$

410,825

    

Total Accumulated Loss

    

(10,129

)

    

(14,065

)

    

(20

)

  

Net Assets

  

$

27,954,413

    

$

47,118,551

    

$

410,805

    
(1​)​ Including:
Repurchase Agreements, at Value		  

$

20,604,000

    

$

—

    

$

—

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Assets and Liabilities (cont'd)

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

WEALTH*/INSTITUTIONAL CLASS:

  

Net Assets

  

$

22,164,049

    

$

46,814,341

    

$

409,739

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

22,169,952,169

      

46,827,497,411

      

409,749,739

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.000

    

WEALTH S**/INSTITUTIONAL SELECT CLASS:

  

Net Assets

  

$

3,032,361

    

$

7,989

    

$

53

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

3,034,700,010

      

7,994,441

      

53,378

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.000

    

INVESTOR CLASS:

  

Net Assets

  

$

75,208

    

$

755

    

$

—

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

75,236,653

      

757,208

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADMINISTRATIVE CLASS:

  

Net Assets

  

$

10,436

    

$

103,126

    

$

—

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

10,437,959

      

103,141,846

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

ADVISORY CLASS:

  

Net Assets

  

$

419,614

    

$

152,997

    

$

—

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

419,743,806

      

153,004,822

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

PARTICIPANT CLASS:

  

Net Assets

  

$

2,249,282

    

$

32,349

    

$

—

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

2,249,905,150

      

32,361,077

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

—

    

CASH MANAGEMENT CLASS:

  

Net Assets

  

$

3,359

    

$

6,840

    

$

913

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

3,358,275

      

6,844,598

      

912,711

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.000

    

SELECT CLASS:

  

Net Assets

  

$

54

    

$

54

    

$

50

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

53,959

      

53,862

      

50,000

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

1.000

    

$

1.000

    

IMPACT CLASS:

  

Net Assets

  

$

—

    

$

50

    

$

—

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

—

      

50,000

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

1.000

    

$

—

    

IMPACT PARTNER CLASS:

  

Net Assets

  

$

—

    

$

50

    

$

—

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

—

      

50,000

      

—

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

—

    

$

1.000

    

$

—

    

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Assets and Liabilities (cont'd)

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

ADVISOR CLASS:

  

Net Assets

  

$

50

    

$

—

    

$

50

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

50,000

      

—

      

50,000

    

Net Asset Value, Offering and Redemption Price Per Share

  

$

1.000

    

$

—

    

$

1.000

    

*  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.

@  Amount is less than $500.

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Operations

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

Investment Income:

  

Interest

  

$

65,816

    

$

466,121

    

$

3,782,472

    

$

148,064

    

Expenses:

  

Advisory Fees (Note B)

    

1,758

      

12,419

      

105,064

      

4,130

    

Administration Fees (Note C)

    

586

      

4,140

      

35,021

      

1,377

    

Professional Fees

    

97

      

88

      

103

      

90

    

Registration Fees

    

64

      

56

      

71

      

37

    

Custodian Fees (Note F)

    

62

      

173

      

1,316

      

55

    

Transfer Agency Fees (Note E)

    

57

      

110

      

103

      

15

    

Shareholder Reporting Fees

    

24

      

32

      

133

      

43

    

Trustees' Fees and Expenses

    

17

      

122

      

1,105

      

42

    

Pricing Fees

    

8

      

23

      

13

      

4

    

Administration Plan Fees — Wealth S*/Institutional Select Class (Note D)

    

—

@

    

5

      

1,376

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

—

      

—

      

2,748

      

—

@

  

Administration Plan Fees — Administrative Class (Note D)

    

—

      

—

      

217

      

—

@

  

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

    

—

@

    

1

      

2,516

      

62

    

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

    

—

@

    

—

      

6,192

      

10,640

    

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

    

3

      

—

@

    

1

      

—

@

  

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

    

—

@

    

—

      

—

@

    

—

    

Other Expenses

    

34

      

76

      

464

      

58

    

Total Expenses

    

2,710

      

17,245

      

156,443

      

16,553

    

Waiver of Advisory Fees (Note B)

    

(362

)

    

(679

)

    

(32,782

)

    

(344

)

  

Reimbursement of Transfer Agency Fees (Note B)

    

(2

)

    

(45

)

    

(169

)

    

(6

)

  

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

    

—

      

—

      

—

      

(5,320

)

  

Net Expenses

    

2,346

      

16,521

      

123,492

      

10,883

    

Net Investment Income

    

63,470

      

449,600

      

3,658,980

      

137,181

    

Realized Gain (Loss):

  

Investments Sold

    

(6

)

    

54

      

(5,558

)

    

(152

)

  

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

—

      

(2,026

)

    

—

      

—

    

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

    

(6

)

    

(1,972

)

    

(5,558

)

    

(152

)

  

Net Increase in Net Assets Resulting from Operations

  

$

63,464

    

$

447,628

    

$

3,653,422

    

$

137,029

    

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

@  Amount is less than $500.

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

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Statements of Operations

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

Investment Income:

  

Interest

  

$

814,050

    

$

1,255,402

    

$

8,291

    

Expenses:

  

Advisory Fees (Note B)

    

22,626

      

34,886

      

357

    

Administration Fees (Note C)

    

7,542

      

11,629

      

119

    

Administration Plan Fees — Wealth S*/Institutional Select Class (Note D)

    

767

      

2

      

—

@

  

Administration Plan Fees — Investor Class (Note D)

    

43

      

3

      

—

    

Administration Plan Fees — Administrative Class (Note D)

    

12

      

71

      

—

    

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

    

503

      

96

      

—

    

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

    

5,339

      

86

      

—

    

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

    

3

      

5

      

1

    

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

    

—

@

    

—

@

    

—

@

  

Custodian Fees (Note F)

    

260

      

394

      

9

    

Trustees' Fees and Expenses

    

230

      

331

      

4

    

Professional Fees

    

95

      

106

      

102

    

Registration Fees

    

51

      

58

      

43

    

Transfer Agency Fees (Note E)

    

48

      

49

      

27

    

Shareholder Reporting Fees

    

33

      

83

      

12

    

Pricing Fees

    

2

      

10

      

8

    

Other Expenses

    

146

      

172

      

32

    

Total Expenses

    

37,700

      

47,981

      

714

    

Waiver of Advisory Fees (Note B)

    

(865

)

    

(1,203

)

    

(237

)

  

Reimbursement of Transfer Agency Fees (Note B)

    

(72

)

    

(66

)

    

(3

)

  

Waiver of Administration Fees (Note C)

    

—

      

—

      

(2

)

  

Net Expenses

    

36,763

      

46,712

      

472

    

Net Investment Income

    

777,287

      

1,208,690

      

7,819

    

Realized Loss:

  

Investments Sold

    

(2,356

)

    

(2,826

)

    

—

    

Change in Unrealized Appreciation (Depreciation):

  

Investments

    

—

      

—

      

50

    

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

    

(2,356

)

    

(2,826

)

    

50

    

Net Increase in Net Assets Resulting from Operations

  

$

774,931

    

$

1,205,864

    

$

7,869

    

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

@  Amount is less than $500.

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets

    Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		   Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

63,470

    

$

98,853

    

$

449,600

    

$

819,957

    

Net Realized Gain (Loss)

    

(6

)

    

22

      

54

      

184

    

Net Change in Unrealized Appreciation (Depreciation)

    

—

      

536

      

(2,026

)

    

3,952

    

Net Increase in Net Assets Resulting from Operations

    

63,464

      

99,411

      

447,628

      

824,093

    

Dividends and Distributions to Shareholders:

  

Wealth*/Institutional Class

    

(63,348

)

    

(98,588

)

    

(414,640

)

    

(773,217

)

  

Wealth S**/Institutional Select Class

    

(1

)

    

(3

)

    

(512

)

    

(1,009

)

  

Advisory Class

    

(1

)

    

(2

)

    

(18

)

    

(1,125

)

  

Participant Class

    

(1

)

    

(2

)

    

—

      

—

    

Cash Management Class

    

(104

)

    

(256

)

    

(11

)

    

(53

)

  

Select Class

    

(1

)

    

(2

)

    

—

      

—

    

CastleOak Shares Class

    

—

      

—

      

(25,526

)

    

(31,890

)

  

Impact Class

    

—

      

—

      

(8,781

)

    

(12,663

)

  

Impact Partner Class

    

(—

@)

    

—

      

(—

@)

    

—

    

Advisor Class

    

(—

@)

    

—

      

—

      

—

    

Total Dividends and Distributions to Shareholders

    

(63,456

)

    

(98,853

)

    

(449,488

)

    

(819,957

)

  

Capital Share Transactions:(1)​

  

Wealth*/Institutional Class:

  

Subscribed

    

1,656,482

      

4,507,998

      

39,885,710

      

83,864,604

    

Distributions Reinvested

    

62,311

      

89,115

      

287,771

      

535,479

    

Redeemed

    

(1,487,308

)

    

(5,656,223

)

    

(42,918,454

)

    

(83,061,400

)

  

Wealth S**/Institutional Select Class:

  

Subscribed

    

—

      

52

      

8,849

      

23,665

    

Distributions Reinvested

    

1

      

2

      

512

      

1,008

    

Redeemed

    

—

      

(53

)

    

(10,124

)

    

(25,301

)

  

Advisory Class:

  

Subscribed

    

—

      

52

      

—

      

216,675

    

Distributions Reinvested

    

1

      

2

      

18

      

1,124

    

Redeemed

    

—

      

(52

)

    

(58,279

)

    

(159,542

)

  

Participant Class:

  

Subscribed

    

—

      

52

      

—

      

—

    

Distributions Reinvested

    

1

      

2

      

—

      

—

    

Redeemed

    

—

      

(52

)

    

—

      

—

    

Cash Management Class:

  

Subscribed

    

—

      

7,186

      

—

      

—

    

Distributions Reinvested

    

104

      

235

      

11

      

48

    

Redeemed

    

(697

)

    

(10,591

)

    

(—

@)

    

(4,359

)

  

Select Class:

  

Subscribed

    

—

      

50

***

    

—

      

—

    

Distributions Reinvested

    

1

      

2

***

    

—

      

—

    

CastleOak Shares Class:++

  

Subscribed

    

—

      

—

      

704,799

      

1,433,913

    

Distributions Reinvested

    

—

      

—

      

17,993

      

28,191

    

Redeemed

    

—

      

(102

)

    

(338,509

)

    

(595,785

)

  

Impact Class:

  

Subscribed

    

—

      

—

      

—

      

347,699

    

Distributions Reinvested

    

—

      

—

      

8,779

      

12,574

    

Redeemed

    

—

      

—

      

—

      

(38,700

)

  

Impact Partner Class:

  

Subscribed

    

50

****

    

—

      

50

****

    

—

    

Advisor Class:

  

Subscribed

    

349

+

    

—

      

—

      

—

    

Distributions Reinvested

    

—

@+

    

—

      

—

      

—

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

231,295

      

(1,062,325

)

    

(2,410,874

)

    

2,579,893

    

Total Increase (Decrease) in Net Assets

    

231,303

      

(1,061,767

)

    

(2,412,734

)

    

2,584,029

    

Net Assets:

  

Beginning of Period

    

2,138,626

      

3,200,393

      

17,263,106

      

14,679,077

    

End of Period

  

$

2,369,929

    

$

2,138,626

    

$

14,850,372

    

$

17,263,106

    

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets (cont'd)

    Money Market
Portfolio		   Prime
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		   Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

(1) Capital Share Transactions:

  

Wealth*/Institutional Class:

  

Shares Subscribed

    

1,656,482

      

4,507,255

      

39,870,312

      

83,851,171

    

Shares Issued on Distributions Reinvested

    

62,311

      

89,101

      

287,669

      

535,395

    

Shares Redeemed

    

(1,487,308

)

    

(5,652,560

)

    

(42,902,345

)

    

(83,048,244

)

  
Net Increase (Decrease) in Wealth*/Institutional Class
Shares Outstanding		    

231,485

      

(1,056,204

)

    

(2,744,364

)

    

1,338,322

    

Wealth S**/Institutional Select Class:

  

Shares Subscribed

    

—

      

52

      

8,847

      

23,668

    

Shares Issued on Distributions Reinvested

    

1

      

2

      

512

      

1,008

    

Shares Redeemed

    

—

      

(53

)

    

(10,122

)

    

(25,303

)

  
Net Increase (Decrease) in Wealth S**/Institutional
Select Class Shares Outstanding		    

1

      

1

      

(763

)

    

(627

)

  

Advisory Class:

  

Shares Subscribed

    

—

      

52

      

—

      

216,629

    

Shares Issued on Distributions Reinvested

    

1

      

2

      

18

      

1,124

    

Shares Redeemed

    

—

      

(52

)

    

(58,263

)

    

(159,505

)

  
Net Increase (Decrease) in Advisory Class
Shares Outstanding		    

1

      

2

      

(58,245

)

    

58,248

    

Participant Class:

  

Shares Subscribed

    

—

      

52

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

1

      

2

      

—

      

—

    

Shares Redeemed

    

—

      

(52

)

    

—

      

—

    

Net Increase in Participant Class Shares Outstanding

    

1

      

2

      

—

      

—

    

Cash Management Class:

  

Shares Subscribed

    

—

      

7,186

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

104

      

235

      

11

      

48

    

Shares Redeemed

    

(697

)

    

(10,586

)

    

(—

@@)

    

(4,358

)

  
Net Increase (Decrease) in Cash Management Class
Shares Outstanding		    

(593

)

    

(3,165

)

    

11

      

(4,310

)

  

Select Class:

  

Shares Subscribed

    

—

      

50

***

    

—

      

—

    

Shares Issued on Distributions Reinvested

    

1

      

2

***

    

—

      

—

    

Net Increase in Select Class Shares Outstanding

    

1

      

52

      

—

      

—

    

CastleOak Shares Class:++

  

Shares Subscribed

    

—

      

—

      

704,614

      

1,433,819

    

Shares Issued on Distributions Reinvested

    

—

      

—

      

17,988

      

28,188

    

Shares Redeemed

    

—

      

(102

)

    

(338,389

)

    

(595,765

)

  
Net Increase (Decrease) in CastleOak Shares Class
Shares Outstanding		    

—

      

(102

)

    

384,213

      

866,242

    

Impact Class:

  

Shares Subscribed

    

—

      

—

      

—

      

347,568

    

Shares Issued on Distributions Reinvested

    

—

      

—

      

8,776

      

12,572

    

Shares Redeemed

    

—

      

—

      

—

      

(38,692

)

  

Net Increase in Impact Class Shares Outstanding

    

—

      

—

      

8,776

      

321,448

    

Impact Partner Class:

  

Shares Subscribed

    

50

****

    

—

      

50

****

    

—

    

Advisor Class:

  

Shares Subscribed

    

349

+

    

—

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

—

@@+

    

—

      

—

      

—

    

Net Increase in Advisor Class Shares Outstanding

    

349

      

—

      

—

      

—

    

*  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.

***  For the period January 23, 2023 through October 30, 2023.

****  For the period March 5, 2024 through April 30, 2024.

@  Amount is less than $500.

+  For the period March 27, 2024 through April 30, 2024.

++  CastleOak Shares Class was fully liquidated from Money Market Portfolio effective January 23, 2023.

@@  Amount is less than 500 shares.

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		   Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

3,658,980

    

$

6,877,575

    

$

137,181

    

$

255,531

    

Net Realized Loss

    

(5,558

)

    

(8,021

)

    

(152

)

    

(268

)

  

Net Increase in Net Assets Resulting from Operations

    

3,653,422

      

6,869,554

      

137,029

      

255,263

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(3,169,160

)

    

(5,852,020

)

    

(31,084

)

    

(47,724

)

  

Institutional Select Class

    

(142,871

)

    

(469,961

)

    

(1

)

    

(7

)

  

Investor Class

    

(141,238

)

    

(199,264

)

    

(1

)

    

(2

)

  

Administrative Class

    

(7,369

)

    

(14,209

)

    

(1

)

    

(2

)

  

Advisory Class

    

(50,231

)

    

(68,986

)

    

(1,224

)

    

(2,182

)

  

Participant Class

    

(58,708

)

    

(103,138

)

    

(104,854

)

    

(205,599

)

  

Cash Management Class

    

(41

)

    

(79

)

    

(9

)

    

(15

)

  

Select Class

    

(1

)

    

(2

)

    

—

      

—

    

CastleOak Shares Class

    

(70,872

)

    

(102,319

)

    

—

      

—

    

Impact Class

    

(17,526

)

    

(67,597

)

    

—

      

—

    

Impact Partner Class

    

(—

@)

    

—

      

—

      

—

    

Advisor Class

    

(—

@)

    

—

      

—

      

—

    

Total Dividends and Distributions to Shareholders

    

(3,658,017

)

    

(6,877,575

)

    

(137,174

)

    

(255,531

)

  

Capital Share Transactions:(1)​

  

Institutional Class:

  

Subscribed

    

500,535,345

      

1,032,015,520

      

3,290,561

      

7,488,193

    

Distributions Reinvested

    

1,643,341

      

2,815,827

      

15,734

      

27,577

    

Redeemed

    

(503,653,028

)

    

(1,015,001,092

)

    

(3,390,602

)

    

(7,235,584

)

  

Institutional Select Class:

  

Subscribed

    

9,793,352

      

32,778,713

      

—

      

37,500

    

Distributions Reinvested

    

134,793

      

434,971

      

1

      

2

    

Redeemed

    

(9,933,327

)

    

(47,420,138

)

    

—

      

(37,500

)

  

Investor Class:

  

Subscribed

    

5,824,684

      

8,954,732

      

—

      

—

    

Distributions Reinvested

    

129

      

100

      

1

      

2

    

Redeemed

    

(5,196,834

)

    

(8,146,176

)

    

—

      

—

    

Administrative Class:

  

Subscribed

    

270,781

      

641,397

      

—

      

—

    

Distributions Reinvested

    

2,018

      

3,411

      

1

      

2

    

Redeemed

    

(382,851

)

    

(556,387

)

    

—

      

—

    

Advisory Class:

  

Subscribed

    

5,203,905

      

5,889,303

      

26,895

      

57,520

    

Distributions Reinvested

    

7,587

      

7,837

      

1

      

2

    

Redeemed

    

(4,569,379

)

    

(5,428,311

)

    

(33,118

)

    

(44,981

)

  

Participant Class:

  

Subscribed

    

2,354,458

      

3,713,219

      

48,697,958

      

97,063,541

    

Distributions Reinvested

    

5

      

8

      

104,857

      

205,624

    

Redeemed

    

(2,303,452

)

    

(3,461,686

)

    

(49,235,546

)

    

(99,744,740

)

  

Cash Management Class:

  

Distributions Reinvested

    

41

      

79

      

9

      

15

    

Redeemed

    

(600

)

    

(96

)

    

(225

)

    

—

    

Select Class:

  

Distributions Reinvested

    

1

      

2

      

—

      

—

    

CastleOak Shares Class:

  

Subscribed

    

14,716,051

      

27,326,870

      

—

      

—

    

Distributions Reinvested

    

43,365

      

68,179

      

—

      

—

    

Redeemed

    

(14,082,761

)

    

(25,461,495

)

    

—

      

—

    

Impact Class:

  

Subscribed

    

17,091,643

      

137,480,871

      

—

      

—

    

Distributions Reinvested

    

10,874

      

37,743

      

—

      

—

    

Redeemed

    

(17,308,277

)

    

(137,503,768

)

    

—

      

—

    

Impact Partner Class:

  

Subscribed

    

50

*

    

—

      

—

      

—

    

Advisor Class:

  

Subscribed

    

59

**

    

—

      

—

      

—

    

Distributions Reinvested

    

—

@**

    

—

      

—

      

—

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

201,973

      

9,189,633

      

(523,473

)

    

(2,182,827

)

  

Total Increase (Decrease) in Net Assets

    

197,378

      

9,181,612

      

(523,618

)

    

(2,183,095

)

  

Net Assets:

  

Beginning of Period

    

143,353,301

      

134,171,689

      

5,690,488

      

7,873,583

    

End of Period

  

$

143,550,679

    

$

143,353,301

    

$

5,166,870

    

$

5,690,488

    

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets (cont'd)

    Government
Portfolio		   Government Securities
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		   Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

(1) Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

500,535,345

      

1,032,015,520

      

3,290,561

      

7,488,193

    

Shares Issued on Distributions Reinvested

    

1,643,341

      

2,815,827

      

15,734

      

27,577

    

Shares Redeemed

    

(503,653,028

)

    

(1,015,001,092

)

    

(3,390,602

)

    

(7,235,584

)

  
Net Increase (Decrease) in Institutional Class
Shares Outstanding		    

(1,474,342

)

    

19,830,255

      

(84,307

)

    

280,186

    

Institutional Select Class:

  

Shares Subscribed

    

9,793,352

      

32,778,713

      

—

      

37,500

    

Shares Issued on Distributions Reinvested

    

134,793

      

434,971

      

1

      

2

    

Shares Redeemed

    

(9,933,327

)

    

(47,420,138

)

    

—

      

(37,500

)

  
Net Increase (Decrease) in Institutional Select Class
Shares Outstanding		    

(5,182

)

    

(14,206,454

)

    

1

      

2

    

Investor Class:

  

Shares Subscribed

    

5,824,684

      

8,954,732

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

129

      

100

      

1

      

2

    

Shares Redeemed

    

(5,196,834

)

    

(8,146,176

)

    

—

      

—

    

Net Increase in Investor Class Shares Outstanding

    

627,979

      

808,656

      

1

      

2

    

Administrative Class:

  

Shares Subscribed

    

270,781

      

641,397

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

2,018

      

3,411

      

1

      

2

    

Shares Redeemed

    

(382,851

)

    

(556,387

)

    

—

      

—

    
Net Increase (Decrease) in Administrative Class
Shares Outstanding		    

(110,052

)

    

88,421

      

1

      

2

    

Advisory Class:

  

Shares Subscribed

    

5,203,905

      

5,889,303

      

26,895

      

57,520

    

Shares Issued on Distributions Reinvested

    

7,587

      

7,837

      

1

      

2

    

Shares Redeemed

    

(4,569,379

)

    

(5,428,311

)

    

(33,118

)

    

(44,981

)

  
Net Increase (Decrease) in Advisory Class
Shares Outstanding		    

642,113

      

468,829

      

(6,222

)

    

12,541

    

Participant Class:

  

Shares Subscribed

    

2,354,458

      

3,713,219

      

48,697,958

      

97,063,541

    

Shares Issued on Distributions Reinvested

    

5

      

8

      

104,857

      

205,624

    

Shares Redeemed

    

(2,303,452

)

    

(3,461,686

)

    

(49,235,546

)

    

(99,744,740

)

  
Net Increase (Decrease) in Participant Class
Shares Outstanding		    

51,011

      

251,541

      

(432,731

)

    

(2,475,575

)

  

Cash Management Class:

  

Shares Issued on Distributions Reinvested

    

41

      

79

      

9

      

15

    

Shares Redeemed

    

(600

)

    

(96

)

    

(225

)

    

—

    
Net Increase (Decrease) in Cash Management Class
Shares Outstanding		    

(559

)

    

(17

)

    

(216

)

    

15

    

Select Class:

  

Shares Issued on Distributions Reinvested

    

1

      

2

      

—

      

—

    

Castleoak Shares Class:

  

Shares Subscribed

    

14,716,051

      

27,326,870

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

43,365

      

68,179

      

—

      

—

    

Shares Redeemed

    

(14,082,761

)

    

(25,461,495

)

    

—

      

—

    
Net Increase in Castleoak Shares Class
Shares Outstanding		    

676,655

      

1,933,554

      

—

      

—

    

Impact Class:

  

Shares Subscribed

    

17,091,643

      

137,480,871

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

10,874

      

37,743

      

—

      

—

    

Shares Redeemed

    

(17,308,277

)

    

(137,503,768

)

    

—

      

—

    
Net Increase (Decrease) in Impact Class
Shares Outstanding		    

(205,760

)

    

14,846

      

—

      

—

    

Impact Partner Class:

  

Shares Subscribed

    

50

*

    

—

      

—

      

—

    

Advisor Class:

  

Shares Subscribed

    

59

**

    

—

      

—

      

—

    

Shares Issued on Distributions Reinvested

    

—

@@**

    

—

      

—

      

—

    

Net Increase in Advisor Class Shares Outstanding

    

59

      

—

      

—

      

—

    

*  For the period March 5, 2024 through April 30, 2024.

**  For the period March 27, 2024 through April 30, 2024.

@  Amount is less than $500.

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		   Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

777,287

    

$

1,440,599

    

$

1,208,690

    

$

1,940,703

    

Net Realized Loss

    

(2,356

)

    

(475

)

    

(2,826

)

    

(9,043

)

  

Net Increase in Net Assets Resulting from Operations

    

774,931

      

1,440,124

      

1,205,864

      

1,931,660

    

Dividends and Distributions to Shareholders:

  

Institutional Class

    

(635,408

)

    

(1,092,375

)

    

(1,203,010

)

    

(1,934,215

)

  

Institutional Select Class

    

(78,878

)

    

(225,906

)

    

(176

)

    

(1,169

)

  

Investor Class

    

(2,179

)

    

(5,016

)

    

(149

)

    

(297

)

  

Administrative Class

    

(401

)

    

(388

)

    

(2,395

)

    

(2,303

)

  

Advisory Class

    

(9,956

)

    

(18,560

)

    

(1,905

)

    

(1,343

)

  

Participant Class

    

(50,144

)

    

(98,141

)

    

(808

)

    

(1,048

)

  

Cash Management Class

    

(110

)

    

(211

)

    

(176

)

    

(326

)

  

Select Class

    

(1

)

    

(2

)

    

(1

)

    

(2

)

  

Impact Class

    

—

      

—

      

(—

@)

    

—

    

Impact Partner Class

    

—

      

—

      

(—

@)

    

—

    

Advisor Class

    

(—

@)

    

—

      

—

      

—

    

Total Dividends and Distributions to Shareholders

    

(777,077

)

    

(1,440,599

)

    

(1,208,620

)

    

(1,940,703

)

  

Capital Share Transactions:(1)​

  

Institutional Class:

  

Subscribed

    

71,269,673

      

156,199,335

      

83,007,458

      

174,816,403

    

Distributions Reinvested

    

341,435

      

569,060

      

893,855

      

1,335,835

    

Redeemed

    

(75,450,702

)

    

(153,031,489

)

    

(83,099,781

)

    

(174,362,185

)

  

Institutional Select Class:

  

Subscribed

    

2,205,686

      

6,618,308

      

20,501

      

243,375

    

Distributions Reinvested

    

78,880

      

225,922

      

38

      

140

    

Redeemed

    

(2,366,540

)

    

(12,339,698

)

    

(21,772

)

    

(260,060

)

  

Investor Class:

  

Subscribed

    

665,725

      

671,488

      

788

      

13,050

    

Distributions Reinvested

    

154

      

332

      

149

      

297

    

Redeemed

    

(660,007

)

    

(691,937

)

    

(8,977

)

    

(4,602

)

  

Administrative Class:

  

Subscribed

    

22,920

      

13,540

      

47,224

      

133,573

    

Distributions Reinvested

    

166

      

181

      

1

      

2

    

Redeemed

    

(21,202

)

    

(13,236

)

    

(32,480

)

    

(61,863

)

  

Advisory Class:

  

Subscribed

    

1,007,316

      

2,168,998

      

212,256

      

354,441

    

Distributions Reinvested

    

1,506

      

3,115

      

1,780

      

1,114

    

Redeemed

    

(1,002,862

)

    

(2,237,697

)

    

(163,803

)

    

(287,471

)

  

Participant Class:

  

Subscribed

    

2,346,512

      

3,967,937

      

1,642

      

37,835

    

Distributions Reinvested

    

167

      

80

      

5

      

8

    

Redeemed

    

(2,440,062

)

    

(4,412,395

)

    

(4,786

)

    

(2,628

)

  

Cash Management Class:

  

Distributions Reinvested

    

110

      

211

      

176

      

326

    

Redeemed

    

(1,469

)

    

(292

)

    

(715

)

    

(1,422

)

  

Select Class:

  

Distributions Reinvested

    

1

      

2

      

1

      

2

    

Impact Class:

  

Subscribed

    

—

      

—

      

50

*

    

—

    

Impact Partner Class:

  

Subscribed

    

—

      

—

      

50

*

    

—

    

Advisor Class:

  

Subscribed

    

50

**

    

—

      

—

      

—

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

(4,002,543

)

    

(2,288,235

)

    

853,660

      

1,956,170

    

Total Increase (Decrease) in Net Assets

    

(4,004,689

)

    

(2,288,710

)

    

850,904

      

1,947,127

    

Net Assets:

  

Beginning of Period

    

31,959,102

      

34,247,812

      

46,267,647

      

44,320,520

    

End of Period

  

$

27,954,413

    

$

31,959,102

    

$

47,118,551

    

$

46,267,647

    

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets (cont'd)

    Treasury
Portfolio		   Treasury Securities
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		   Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

(1) Capital Share Transactions:

  

Institutional Class:

  

Shares Subscribed

    

71,269,673

      

156,199,335

      

83,007,458

      

174,816,403

    

Shares Issued on Distributions Reinvested

    

341,435

      

569,060

      

893,855

      

1,335,835

    

Shares Redeemed

    

(75,450,702

)

    

(153,031,489

)

    

(83,099,781

)

    

(174,362,185

)

  
Net Increase (Decrease) in Institutional Class
Shares Outstanding		    

(3,839,594

)

    

3,736,906

      

801,532

      

1,790,053

    

Institutional Select Class:

  

Shares Subscribed

    

2,205,686

      

6,618,308

      

20,501

      

243,375

    

Shares Issued on Distributions Reinvested

    

78,880

      

225,922

      

38

      

140

    

Shares Redeemed

    

(2,366,540

)

    

(12,339,698

)

    

(21,772

)

    

(260,060

)

  
Net Decrease in Institutional Select Class
Shares Outstanding		    

(81,974

)

    

(5,495,468

)

    

(1,233

)

    

(16,545

)

  

Investor Class:

  

Shares Subscribed

    

665,725

      

671,488

      

788

      

13,050

    

Shares Issued on Distributions Reinvested

    

154

      

332

      

149

      

297

    

Shares Redeemed

    

(660,007

)

    

(691,937

)

    

(8,977

)

    

(4,602

)

  
Net Increase (Decrease) in Investor Class
Shares Outstanding		    

5,872

      

(20,117

)

    

(8,040

)

    

8,745

    

Administrative Class:

  

Shares Subscribed

    

22,920

      

13,540

      

47,224

      

133,573

    

Shares Issued on Distributions Reinvested

    

166

      

181

      

1

      

2

    

Shares Redeemed

    

(21,202

)

    

(13,236

)

    

(32,480

)

    

(61,863

)

  

Net Increase in Administrative Class Shares Outstanding

    

1,884

      

485

      

14,745

      

71,712

    

Advisory Class:

  

Shares Subscribed

    

1,007,316

      

2,168,998

      

212,256

      

354,441

    

Shares Issued on Distributions Reinvested

    

1,506

      

3,115

      

1,780

      

1,114

    

Shares Redeemed

    

(1,002,862

)

    

(2,237,697

)

    

(163,803

)

    

(287,471

)

  
Net Increase (Decrease) in Advisory Class
Shares Outstanding		    

5,960

      

(65,584

)

    

50,233

      

68,084

    

Participant Class:

  

Shares Subscribed

    

2,346,512

      

3,967,937

      

1,642

      

37,835

    

Shares Issued on Distributions Reinvested

    

167

      

80

      

5

      

8

    

Shares Redeemed

    

(2,440,062

)

    

(4,412,395

)

    

(4,786

)

    

(2,628

)

  
Net Increase (Decrease) in Participant Class
Shares Outstanding		    

(93,383

)

    

(444,378

)

    

(3,139

)

    

35,215

    

Cash Management Class:

  

Shares Issued on Distributions Reinvested

    

110

      

211

      

176

      

326

    

Shares Redeemed

    

(1,469

)

    

(292

)

    

(715

)

    

(1,422

)

  
Net Decrease in Cash Management Class
Shares Outstanding		    

(1,359

)

    

(81

)

    

(539

)

    

(1,096

)

  

Select Class:

  

Shares Issued on Distributions Reinvested

    

1

      

2

      

1

      

2

    

Impact Class:

  

Shares Subscribed

    

—

      

—

      

50

*

    

—

    

Impact Partner Class:

  

Shares Subscribed

    

—

      

—

      

50

*

    

—

    

Advisor Class:

  

Shares Subscribed

    

50

**

    

—

      

—

      

—

    

*  For the period March 5, 2024 through April 30, 2024.

**  For the period March 27, 2024 through April 30, 2024.

@  Amount is less than $500.

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

2024 Semi-Annual Report

April 30, 2024

Statements of Changes in Net Assets

    Tax-Exempt
Portfolio		  
    Six Months Ended
April 30, 2024
(unaudited)
(000)		   Year Ended
October 31, 2023
(000)		  

Increase (Decrease) in Net Assets:

  

Operations:

  

Net Investment Income

  

$

7,819

    

$

13,682

    

Net Change in Unrealized Appreciation (Depreciation)

    

50

      

(51

)

  

Net Increase in Net Assets Resulting from Operations

    

7,869

      

13,631

    

Dividends and Distributions to Shareholders:

  

Wealth*

    

(7,796

)

    

(13,627

)

  

Wealth S**

    

(1

)

    

(1

)

  

Cash Management Class

    

(17

)

    

(54

)

  

Select Class

    

(—

@)

    

—

    

Advisor Class

    

(—

@)

    

—

    

Total Dividends and Distributions to Shareholders

    

(7,814

)

    

(13,682

)

  

Capital Share Transactions:(1)​

  

Wealth:*

  

Subscribed

    

504,697

      

1,248,954

    

Distributions Reinvested

    

6,278

      

12,611

    

Redeemed

    

(575,031

)

    

(1,251,995

)

  

Wealth S:**

  

Distributions Reinvested

    

1

      

1

    

Cash Management Class:

  

Subscribed

    

2

      

—

    

Distributions Reinvested

    

14

      

52

    

Redeemed

    

(398

)

    

(2,204

)

  

Select Class:

  

Subscribed

    

50

***

    

—

    

Advisor Class:

  

Subscribed

    

50

****

    

—

    

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

    

(64,337

)

    

7,419

    

Total Increase (Decrease) in Net Assets

    

(64,282

)

    

7,368

    

Net Assets:

  

Beginning of Period

    

475,087

      

467,719

    

End of Period

  

$

410,805

    

$

475,087

    

(1) Capital Share Transactions:

  

Wealth Class:*

  

Shares Subscribed

    

504,692

      

1,249,043

    

Shares Issued on Distributions Reinvested

    

6,278

      

12,612

    

Shares Redeemed

    

(575,018

)

    

(1,252,062

)

  

Net Increase (Decrease) in Wealth Class Shares Outstanding

    

(64,048

)

    

9,593

    

Wealth S Class:**

  

Shares Issued on Distributions Reinvested

    

1

      

1

    

Cash Management Class:

  

Shares Subscribed

    

2

      

—

    

Shares Issued on Distributions Reinvested

    

14

      

52

    

Shares Redeemed

    

(398

)

    

(2,204

)

  

Net Decrease in Cash Management Class Shares Outstanding

    

(382

)

    

(2,152

)

  

Select Class:

  

Shares Subscribed

    

50

***

    

—

    

Advisor Class:

  

Shares Subscribed

    

50

****

    

—

    

*  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 April 30, 2024.

****  For the period March 27, 2024 through April 30, 2024.

@  Amount is less than $500.

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

(This Page has been left blank intentionally.)

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Money Market Portfolio:

  

Wealth Class+

  

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.027

(1)

  

$

0.000

(2)

  

$

(0.027

)

  

$

1.000

      

2.73

%(3)(4)

  

Year Ended 10/31/23

    

1.001

      

0.048

(1)

    

0.000

(2)

    

(0.049

)

    

1.000

      

4.89

%

  

Year Ended 10/31/22

    

1.0009

      

0.0099

(1)

    

0.0002

(2)

    

(0.0103

)

    

1.0007

      

1.01

%

  

Year Ended 10/31/21

    

1.0010

      

0.0006

(1)

    

(0.0001

)(2)

    

(0.0006

)

    

1.0009

      

0.05

%

  

Year Ended 10/31/20

    

1.0008

      

0.0087

(1)

    

0.0005

      

(0.0090

)

    

1.0010

      

0.92

%

  

Year Ended 10/31/19

    

1.0004

      

0.0239

(1)

    

0.0005

      

(0.0240

)

    

1.0008

      

2.46

%

  

Wealth S Class++

  

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.027

(1)

  

$

0.000

(2)

  

$

(0.027

)

  

$

1.000

      

2.70

%(3)(4)

  

Year Ended 10/31/23

    

1.001

      

0.047

(1)

    

0.000

(2)

    

(0.048

)

    

1.000

      

4.85

%

  

Year Ended 10/31/22

    

1.0007

      

0.0096

(1)

    

0.0001

(2)

    

(0.0099

)

    

1.0005

      

0.98

%

  

Year Ended 10/31/21

    

1.0008

      

0.0004

(1)(2)

    

(0.0001

)(2)

    

(0.0004

)(2)

    

1.0007

      

0.03

%

  

Year Ended 10/31/20

    

1.0006

      

0.0082

(1)

    

0.0005

      

(0.0085

)

    

1.0008

      

0.87

%

  

Year Ended 10/31/19

    

1.0002

      

0.0233

(1)

    

0.0006

      

(0.0235

)

    

1.0006

      

2.41

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.60

%(3)(4)

  

Year Ended 10/31/23

    

1.001

      

0.045

(1)

    

0.000

(2)

    

(0.046

)

    

1.000

      

4.60

%

  

Year Ended 10/31/22

    

1.0011

      

0.0083

(1)

    

0.0002

(2)

    

(0.0087

)

    

1.0009

      

0.85

%

  

Year Ended 10/31/21

    

1.0012

      

0.0003

(1)(2)

    

(0.0001

)(2)

    

(0.0003

)(2)

    

1.0011

      

0.02

%

  

Year Ended 10/31/20

    

1.0010

      

0.0065

(1)

    

0.0005

      

(0.0068

)

    

1.0012

      

0.70

%

  

Year Ended 10/31/19

    

1.0007

      

0.0213

(1)

    

0.0005

      

(0.0215

)

    

1.0010

      

2.20

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.024

(1)

  

$

0.000

(2)

  

$

(0.024

)

  

$

1.000

      

2.47

%(3)(4)

  

Year Ended 10/31/23

    

1.001

      

0.043

(1)

    

0.000

(2)

    

(0.044

)

    

1.000

      

4.39

%

  

Year Ended 10/31/22

    

1.0007

      

0.0070

(1)

    

0.0002

(2)

    

(0.0074

)

    

1.0005

      

0.72

%

  

Year Ended 10/31/21

    

1.0008

      

0.0003

(1)(2)

    

(0.0001

)(2)

    

(0.0003

)(2)

    

1.0007

      

0.02

%

  

Year Ended 10/31/20

    

1.0006

      

0.0049

(1)

    

0.0005

      

(0.0052

)

    

1.0008

      

0.54

%

  

Year Ended 10/31/19

    

1.0003

      

0.0188

(1)

    

0.0005

      

(0.0190

)

    

1.0006

      

1.94

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.65

%(3)(4)

  

Year Ended 10/31/23

    

1.001

      

0.046

(1)

    

0.000

(2)

    

(0.047

)

    

1.000

      

4.75

%

  

Year Ended 10/31/22

    

1.0007

      

0.0090

(1)

    

0.0001

(2)

    

(0.0093

)

    

1.0005

      

0.91

%

  

Year Ended 10/31/21

    

1.0007

      

0.0003

(1)(2)

    

0.0000

(2)

    

(0.0003

)(2)

    

1.0007

      

0.03

%

  

Year Ended 10/31/20

    

1.0005

      

0.0073

(1)

    

0.0004

(2)

    

(0.0075

)

    

1.0007

      

0.78

%

  

Year Ended 10/31/19

    

1.0002

      

0.0223

(1)

    

0.0005

      

(0.0225

)

    

1.0005

      

2.30

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.023

(1)

  

$

0.000

(2)

  

$

(0.023

)

  

$

1.000

      

2.32

%(3)(4)

  

For the Period Ended 10/31/23(7)

    

1.000

      

0.042

(1)

    

(0.009

)

    

(0.033

)

    

1.000

      

3.37

%

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

1.000

    

$

0.008

(1)

  

$

0.000

(2)

  

$

(0.008

)

  

$

1.000

      

0.84

%(4)

  

Advisor Class

  

For the Period Ended 04/30/24 (unaudited)(9)

  

$

1.000

    

$

0.005

(1)

  

$

0.000

(2)

  

$

(0.005

)

  

$

1.000

      

0.51

%(4)

  

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

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
Excluding
Interest
Expenses		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Money Market Portfolio:

  

Wealth Class+

  

Six Months Ended 04/30/24 (unaudited)

  

$

2,365,742

      

0.20

%(5)

    

N/A

      

0.23

%(5)

    

5.41

%(5)

    

5.38

%(5)

  

Year Ended 10/31/23

    

2,134,251

      

0.18

%

    

N/A

      

0.25

%

    

4.78

%

    

4.71

%

  

Year Ended 10/31/22

    

3,192,797

      

0.16

%

    

N/A

      

0.22

%

    

0.99

%

    

0.93

%

  

Year Ended 10/31/21

    

3,291,307

      

0.14

%

    

N/A

      

0.22

%

    

0.06

%

    

(0.02

)%

  

Year Ended 10/31/20

    

4,142,846

      

0.13

%

    

N/A

      

0.22

%

    

0.87

%

    

0.78

%

  

Year Ended 10/31/19

    

3,345,665

      

0.16

%

    

0.16

%

    

0.22

%

    

2.38

%

    

2.32

%

  

Wealth S Class++

  

Six Months Ended 04/30/24 (unaudited)

  

$

56

      

0.25

%(5)(6)

    

N/A

      

0.28

%(5)

    

5.36

%(5)

    

5.33

%(5)

  

Year Ended 10/31/23

    

54

      

0.23

%(6)

    

N/A

      

0.30

%

    

4.73

%

    

4.66

%

  

Year Ended 10/31/22

    

53

      

0.19

%(6)

    

N/A

      

0.27

%

    

0.96

%

    

0.88

%

  

Year Ended 10/31/21

    

51

      

0.16

%(6)

    

N/A

      

0.27

%

    

0.04

%

    

(0.07

)%

  

Year Ended 10/31/20

    

51

      

0.18

%(6)

    

N/A

      

0.27

%

    

0.82

%

    

0.73

%

  

Year Ended 10/31/19

    

51

      

0.21

%(6)

    

0.21

%(6)

    

0.27

%

    

2.33

%

    

2.27

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

55

      

0.45

%(5)(6)

    

N/A

      

0.48

%(5)

    

5.16

%(5)

    

5.13

%(5)

  

Year Ended 10/31/23

    

54

      

0.43

%(6)

    

N/A

      

0.50

%

    

4.53

%

    

4.46

%

  

Year Ended 10/31/22

    

52

      

0.32

%(6)

    

N/A

      

0.47

%

    

0.83

%

    

0.68

%

  

Year Ended 10/31/21

    

51

      

0.17

%(6)

    

N/A

      

0.47

%

    

0.03

%

    

(0.27

)%

  

Year Ended 10/31/20

    

51

      

0.36

%(6)

    

N/A

      

0.47

%

    

0.65

%

    

0.54

%

  

Year Ended 10/31/19

    

51

      

0.41

%(6)

    

0.41

%(6)

    

0.47

%

    

2.13

%

    

2.07

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

55

      

0.70

%(5)(6)

    

N/A

      

0.73

%(5)

    

4.91

%(5)

    

4.88

%(5)

  

Year Ended 10/31/23

    

54

      

0.68

%(6)

    

N/A

      

0.75

%

    

4.28

%

    

4.21

%

  

Year Ended 10/31/22

    

51

      

0.45

%(6)

    

N/A

      

0.72

%

    

0.70

%

    

0.43

%

  

Year Ended 10/31/21

    

51

      

0.17

%(6)

    

N/A

      

0.72

%

    

0.03

%

    

(0.52

)%

  

Year Ended 10/31/20

    

51

      

0.52

%(6)

    

N/A

      

0.72

%

    

0.49

%

    

0.29

%

  

Year Ended 10/31/19

    

51

      

0.66

%(6)

    

0.66

%(6)

    

0.72

%

    

1.88

%

    

1.82

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

3,569

      

0.35

%(5)(6)

    

N/A

      

0.38

%(5)

    

5.26

%(5)

    

5.23

%(5)

  

Year Ended 10/31/23

    

4,161

      

0.33

%(6)

    

N/A

      

0.40

%

    

4.63

%

    

4.56

%

  

Year Ended 10/31/22

    

7,338

      

0.25

%(6)

    

N/A

      

0.37

%

    

0.90

%

    

0.78

%

  

Year Ended 10/31/21

    

8,341

      

0.17

%(6)

    

N/A

      

0.37

%

    

0.03

%

    

(0.17

)%

  

Year Ended 10/31/20

    

8,784

      

0.28

%(6)

    

N/A

      

0.37

%

    

0.72

%

    

0.63

%

  

Year Ended 10/31/19

    

11,789

      

0.31

%(6)

    

0.31

%(6)

    

0.37

%

    

2.23

%

    

2.17

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

53

      

1.00

%(5)(6)

    

N/A

      

1.03

%(5)

    

4.61

%(5)

    

4.58

%(5)

  

For the Period Ended 10/31/23(7)

    

52

      

0.98

%(6)

    

N/A

      

1.05

%

    

5.44

%

    

5.37

%

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

50

      

0.20

%(5)

    

N/A

      

0.23

%(5)

    

5.41

%(5)

    

5.38

%(5)

  

Advisor Class

  

For the Period Ended 04/30/24 (unaudited)(9)

  

$

349

      

0.20

%(5)

    

N/A

      

0.23

%(5)

    

5.41

%(5)

    

5.38

%(5)

  

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

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Prime Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.0002

    

$

0.0270

(1)

  

$

(0.0001

)(2)

  

$

(0.0270

)

  

$

1.0001

      

2.73

%(3)(4)

  

Year Ended 10/31/23

    

0.9999

      

0.0491

(1)

    

0.0001

(2)

    

(0.0489

)

    

1.0002

      

5.02

%

  

Year Ended 10/31/22

    

1.0001

      

0.0104

(1)

    

(0.0002

)(2)

    

(0.0104

)

    

0.9999

      

1.02

%

  

Year Ended 10/31/21

    

1.0001

      

0.0007

(1)

    

0.0000

(2)

    

(0.0007

)

    

1.0001

      

0.07

%

  

Year Ended 10/31/20

    

1.0008

      

0.0081

(1)

    

0.0001

(2)

    

(0.0089

)

    

1.0001

      

0.83

%

  

Year Ended 10/31/19

    

1.0005

      

0.0240

(1)

    

0.0002

(2)

    

(0.0239

)

    

1.0008

      

2.45

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

0.9999

    

$

0.0268

(1)

  

$

(0.0002

)(2)

  

$

(0.0267

)

  

$

0.9998

      

2.70

%(3)(4)

  

Year Ended 10/31/23

    

0.9996

      

0.0486

(1)

    

0.0001

(2)

    

(0.0484

)

    

0.9999

      

4.97

%

  

Year Ended 10/31/22

    

0.9998

      

0.0100

(1)

    

(0.0001

)(2)

    

(0.0101

)

    

0.9996

      

0.99

%

  

Year Ended 10/31/21

    

0.9998

      

0.0004

(1)(2)

    

0.0001

(2)

    

(0.0005

)

    

0.9998

      

0.05

%

  

Year Ended 10/31/20

    

1.0006

      

0.0076

(1)

    

0.0001

(2)

    

(0.0085

)

    

0.9998

      

0.77

%

  

Year Ended 10/31/19

    

1.0003

      

0.0233

(1)

    

0.0004

(2)

    

(0.0234

)

    

1.0006

      

2.40

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.0002

    

$

0.0258

(1)

  

$

0.0011

    

$

(0.0258

)

  

$

1.0013

      

2.59

%(3)(4)

  

Year Ended 10/31/23

    

1.0000

      

0.0466

(1)

    

0.0000

(2)

    

(0.0464

)

    

1.0002

      

4.76

%

  

Year Ended 10/31/22

    

0.9998

      

0.0096

(1)

    

(0.0006

)(2)

    

(0.0088

)

    

1.0000

      

0.90

%

  

Year Ended 10/31/21

    

0.9997

      

0.0005

(1)

    

0.0000

(2)

    

(0.0004

)(2)

    

0.9998

      

0.05

%

  

Year Ended 10/31/20

    

1.0003

      

0.0058

(1)

    

0.0003

(2)

    

(0.0067

)

    

0.9997

      

0.61

%

  

Year Ended 10/31/19

    

1.0000

      

0.0213

(1)

    

0.0004

(2)

    

(0.0214

)

    

1.0003

      

2.19

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

0.9999

    

$

0.0263

(1)

  

$

(0.0001

)(2)

  

$

(0.0263

)

  

$

0.9998

      

2.65

%(3)(4)

  

Year Ended 10/31/23

    

0.9998

      

0.0476

(1)

    

(0.0001

)(2)

    

(0.0474

)

    

0.9999

      

4.85

%

  

Year Ended 10/31/22

    

1.0000

      

0.0095

(1)

    

(0.0003

)(2)

    

(0.0094

)

    

0.9998

      

0.93

%

  

Year Ended 10/31/21

    

1.0000

      

0.0004

(1)(2)

    

0.0000

(2)

    

(0.0004

)(2)

    

1.0000

      

0.04

%

  

Year Ended 10/31/20

    

1.0005

      

0.0066

(1)

    

0.0004

(2)

    

(0.0075

)

    

1.0000

      

0.70

%

  

Year Ended 10/31/19

    

1.0003

      

0.0223

(1)

    

0.0003

(2)

    

(0.0224

)

    

1.0005

      

2.29

%

  

CastleOak Shares Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.0002

    

$

0.0270

(1)

  

$

(0.0002

)(2)

  

$

(0.0270

)

  

$

1.0000

      

2.72

%(3)(4)

  

Year Ended 10/31/23

    

0.9999

      

0.0491

(1)

    

0.0001

(2)

    

(0.0489

)

    

1.0002

      

5.01

%

  

For the Period Ended 10/31/22(10)

    

1.0000

      

0.0025

(1)

    

(0.0002

)(2)

    

(0.0024

)

    

0.9999

      

0.24

%(4)

  

Impact Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.0002

    

$

0.0270

(1)

  

$

(0.0001

)(2)

  

$

(0.0270

)

  

$

1.0001

      

2.73

%(3)(4)

  

Year Ended 10/31/23

    

0.9999

      

0.0491

(1)

    

0.0001

(2)

    

(0.0489

)

    

1.0002

      

5.02

%

  

For the Period Ended 10/31/22(11)

    

0.9997

      

0.0105

(1)

    

(0.0003

)(2)

    

(0.0100

)

    

0.9999

      

1.03

%(4)

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

1.0000

    

$

0.0084

(1)

  

$

0.0001

(2)

  

$

(0.0084

)

  

$

1.0001

      

0.81

%(4)

  

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

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Prime Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

13,247,615

      

0.20

%(5)

    

0.21

%(5)

    

5.43

%(5)

    

5.42

%(5)

  

Year Ended 10/31/23

    

15,994,223

      

0.20

%

    

0.21

%

    

4.91

%

    

4.90

%

  

Year Ended 10/31/22

    

14,651,432

      

0.15

%

    

0.21

%

    

1.05

%

    

0.99

%

  

Year Ended 10/31/21

    

16,772,763

      

0.14

%

    

0.21

%

    

0.06

%

    

(0.01

)%

  

Year Ended 10/31/20

    

20,230,517

      

0.13

%

    

0.21

%

    

0.81

%

    

0.73

%

  

Year Ended 10/31/19

    

12,521,950

      

0.16

%

    

0.21

%

    

2.38

%

    

2.33

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

21,374

      

0.25

%(5)(6)

    

0.26

%(5)

    

5.38

%(5)

    

5.37

%(5)

  

Year Ended 10/31/23

    

22,140

      

0.25

%(6)

    

0.26

%

    

4.86

%

    

4.85

%

  

Year Ended 10/31/22

    

22,760

      

0.19

%(6)

    

0.26

%

    

1.01

%

    

0.94

%

  

Year Ended 10/31/21

    

5,723

      

0.16

%(6)

    

0.26

%

    

0.04

%

    

(0.06

)%

  

Year Ended 10/31/20

    

24,041

      

0.18

%(6)

    

0.26

%

    

0.76

%

    

0.68

%

  

Year Ended 10/31/19

    

12,203

      

0.21

%(6)

    

0.26

%

    

2.33

%

    

2.28

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

56

      

0.45

%(5)(6)

    

0.46

%(5)

    

5.18

%(5)

    

5.17

%(5)

  

Year Ended 10/31/23

    

58,315

      

0.45

%(6)

    

0.46

%

    

4.66

%

    

4.65

%

  

Year Ended 10/31/22

    

52

      

0.24

%(6)

    

0.46

%

    

0.96

%

    

0.74

%

  

Year Ended 10/31/21

    

1,659

      

0.14

%(6)

    

0.46

%

    

0.06

%

    

(0.26

)%

  

Year Ended 10/31/20

    

51

      

0.36

%(6)

    

0.46

%

    

0.59

%

    

0.49

%

  

Year Ended 10/31/19

    

51

      

0.41

%(6)

    

0.46

%

    

2.13

%

    

2.08

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

435

      

0.35

%(5)(6)

    

0.36

%(5)

    

5.28

%(5)

    

5.27

%(5)

  

Year Ended 10/31/23

    

424

      

0.35

%(6)

    

0.36

%

    

4.76

%

    

4.75

%

  

Year Ended 10/31/22

    

4,733

      

0.25

%(6)

    

0.36

%

    

0.95

%

    

0.84

%

  

Year Ended 10/31/21

    

5,343

      

0.16

%(6)

    

0.36

%

    

0.04

%

    

(0.16

)%

  

Year Ended 10/31/20

    

5,573

      

0.28

%(6)

    

0.36

%

    

0.66

%

    

0.58

%

  

Year Ended 10/31/19

    

13,537

      

0.31

%(6)

    

0.36

%

    

2.23

%

    

2.18

%

  

CastleOak Shares Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1,250,531

      

0.20

%(5)

    

0.21

%(5)

    

5.43

%(5)

    

5.42

%(5)

  

Year Ended 10/31/23

    

866,430

      

0.20

%

    

0.21

%

    

4.91

%

    

4.90

%

  

For the Period Ended 10/31/22(10)

    

50

      

0.15

%(5)

    

0.21

%(5)

    

1.05

%(5)

    

0.99

%(5)

  

Impact Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

330,311

      

0.20

%(5)

    

0.21

%(5)

    

5.43

%(5)

    

5.42

%(5)

  

Year Ended 10/31/23

    

321,574

      

0.20

%

    

0.21

%

    

4.91

%

    

4.90

%

  

For the Period Ended 10/31/22(11)

    

50

      

0.15

%(5)

    

0.21

%(5)

    

1.05

%(5)

    

0.99

%(5)

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

50

      

0.20

%(5)

    

0.21

%(5)

    

5.43

%(5)

    

5.42

%(5)

  

The accompanying notes are an integral part of the financial statements.
51

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Government Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.64

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.047

(1)

    

0.000

(2)

    

(0.047

)

    

1.000

      

4.77

%

  

Year Ended 10/31/22

    

1.000

      

0.009

(1)

    

0.000

(2)

    

(0.009

)

    

1.000

      

0.93

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.61

%

  

Year Ended 10/31/19

    

1.000

      

0.022

(1)

    

0.000

(2)

    

(0.022

)

    

1.000

      

2.20

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.61

%(3)(4)

  

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

(2)

    

(0.009

)

    

1.000

      

0.89

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.57

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.15

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.59

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.046

(1)

    

0.000

(2)

    

(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

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.55

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.10

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.56

%(3)(4)

  

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

(2)

    

(0.008

)

    

1.000

      

0.83

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.05

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.51

%(3)(4)

  

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

(2)

    

(0.008

)

    

1.000

      

0.77

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.95

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.024

(1)

  

$

0.000

(2)

  

$

(0.024

)

  

$

1.000

      

2.38

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.042

(1)

    

0.000

(2)

    

(0.042

)

    

1.000

      

4.25

%

  

Year Ended 10/31/22

    

1.000

      

0.006

(1)

    

0.000

(2)

    

(0.006

)

    

1.000

      

0.65

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.001

      

(0.004

)

    

1.000

      

0.38

%

  

Year Ended 10/31/19

    

1.000

      

0.017

(1)

    

0.000

(2)

    

(0.017

)

    

1.000

      

1.69

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.56

%(3)(4)

  

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

(2)

    

(0.008

)

    

1.000

      

0.83

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.05

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.022

(1)

  

$

0.000

(2)

  

$

(0.022

)

  

$

1.000

      

2.23

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.039

(1)

    

0.000

(2)

    

(0.039

)

    

1.000

      

3.94

%

  

Year Ended 10/31/22

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.03

%

  

Year Ended 10/31/20

    

1.000

      

0.001

(1)

    

0.002

      

(0.003

)

    

1.000

      

0.26

%

  

Year Ended 10/31/19

    

1.000

      

0.014

(1)

    

0.000

(2)

    

(0.014

)

    

1.000

      

1.39

%

  

Castleoak Shares Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.64

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.047

(1)

    

0.000

(2)

    

(0.047

)

    

1.000

      

4.77

%

  

Year Ended 10/31/22

    

1.000

      

0.009

(1)

    

0.000

(2)

    

(0.009

)

    

1.000

      

0.93

%

  

For the Period Ended 10/31/21(12)

    

1.000

      

0.000

(1)(2)

    

(0.000

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%(4)

  

Impact Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.64

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.047

(1)

    

0.000

(2)

    

(0.047

)

    

1.000

      

4.77

%

  

For the Period Ended 10/31/22(11)

    

1.000

      

0.009

(1)

    

0.000

(2)

    

(0.009

)

    

1.000

      

0.91

%(4)

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

1.000

    

$

0.008

(1)

  

$

0.000

(2)

  

$

(0.008

)

  

$

1.000

      

0.82

%(4)

  

Advisor Class

 

For the Period Ended 04/30/24 (unaudited)(9)

  

$

1.000

    

$

0.005

(1)

  

$

0.000

(2)

  

$

(0.005

)

  

$

1.000

      

0.50

%(4)

  

The accompanying notes are an integral part of the financial statements.
52

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
Excluding
Interest
Expenses		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Government Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

123,468,489

      

0.16

%(5)

    

N/A

      

0.20

%(5)

    

5.24

%(5)

    

5.20

%(5)

  

Year Ended 10/31/23

    

124,946,773

      

0.16

%

    

N/A

      

0.21

%

    

4.72

%

    

4.67

%

  

Year Ended 10/31/22

    

105,123,361

      

0.12

%

    

N/A

      

0.21

%

    

0.92

%

    

0.83

%

  

Year Ended 10/31/21

    

125,443,478

      

0.07

%

    

N/A

      

0.21

%

    

0.02

%

    

(0.12

)%

  

Year Ended 10/31/20

    

75,357,703

      

0.17

%

    

0.17

%

    

0.21

%

    

0.48

%

    

0.44

%

  

Year Ended 10/31/19

    

57,870,416

      

0.17

%

    

0.17

%

    

0.21

%

    

2.17

%

    

2.13

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

5,610,162

      

0.21

%(5)(6)

    

N/A

      

0.25

%(5)

    

5.19

%(5)

    

5.15

%(5)

  

Year Ended 10/31/23

    

5,615,525

      

0.21

%(6)

    

N/A

      

0.26

%

    

4.67

%

    

4.62

%

  

Year Ended 10/31/22

    

19,822,512

      

0.15

%(6)

    

N/A

      

0.26

%

    

0.89

%

    

0.78

%

  

Year Ended 10/31/21

    

22,579,049

      

0.07

%(6)

    

N/A

      

0.26

%

    

0.02

%

    

(0.17

)%

  

Year Ended 10/31/20

    

10,462,967

      

0.20

%(6)

    

0.20

%(6)

    

0.26

%

    

0.45

%

    

0.39

%

  

Year Ended 10/31/19

    

350,876

      

0.22

%(6)

    

0.22

%(6)

    

0.26

%

    

2.12

%

    

2.08

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

5,428,508

      

0.26

%(5)(6)

    

N/A

      

0.30

%(5)

    

5.14

%(5)

    

5.10

%(5)

  

Year Ended 10/31/23

    

4,800,726

      

0.26

%(6)

    

N/A

      

0.31

%

    

4.62

%

    

4.57

%

  

Year Ended 10/31/22

    

3,992,292

      

0.19

%(6)

    

N/A

      

0.31

%

    

0.85

%

    

0.73

%

  

Year Ended 10/31/21

    

1,433,481

      

0.07

%(6)

    

N/A

      

0.31

%

    

0.02

%

    

(0.22

)%

  

Year Ended 10/31/20

    

1,509,475

      

0.25

%(6)

    

0.25

%(6)

    

0.31

%

    

0.40

%

    

0.34

%

  

Year Ended 10/31/19

    

3,447,615

      

0.27

%(6)

    

0.27

%(6)

    

0.31

%

    

2.07

%

    

2.03

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

292,488

      

0.31

%(5)(6)

    

N/A

      

0.35

%(5)

    

5.09

%(5)

    

5.05

%(5)

  

Year Ended 10/31/23

    

402,547

      

0.31

%(6)

    

N/A

      

0.36

%

    

4.57

%

    

4.52

%

  

Year Ended 10/31/22

    

314,143

      

0.21

%(6)

    

N/A

      

0.36

%

    

0.83

%

    

0.68

%

  

Year Ended 10/31/21

    

357,558

      

0.07

%(6)

    

N/A

      

0.36

%

    

0.02

%

    

(0.27

)%

  

Year Ended 10/31/20

    

161,405

      

0.26

%(6)

    

0.26

%(6)

    

0.36

%

    

0.39

%

    

0.29

%

  

Year Ended 10/31/19

    

186,966

      

0.32

%(6)

    

0.32

%(6)

    

0.36

%

    

2.02

%

    

1.98

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

2,539,212

      

0.41

%(5)(6)

    

N/A

      

0.45

%(5)

    

4.99

%(5)

    

4.95

%(5)

  

Year Ended 10/31/23

    

1,897,168

      

0.41

%(6)

    

N/A

      

0.46

%

    

4.47

%

    

4.42

%

  

Year Ended 10/31/22

    

1,428,422

      

0.27

%(6)

    

N/A

      

0.46

%

    

0.77

%

    

0.58

%

  

Year Ended 10/31/21

    

1,794,163

      

0.07

%(6)

    

N/A

      

0.46

%

    

0.02

%

    

(0.37

)%

  

Year Ended 10/31/20

    

1,143,921

      

0.30

%(6)

    

0.30

%(6)

    

0.46

%

    

0.35

%

    

0.19

%

  

Year Ended 10/31/19

    

962,234

      

0.42

%(6)

    

0.42

%(6)

    

0.46

%

    

1.92

%

    

1.88

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

2,593,386

      

0.66

%(5)(6)

    

N/A

      

0.70

%(5)

    

4.74

%(5)

    

4.70

%(5)

  

Year Ended 10/31/23

    

2,542,447

      

0.66

%(6)

    

N/A

      

0.71

%

    

4.22

%

    

4.17

%

  

Year Ended 10/31/22

    

2,291,041

      

0.40

%(6)

    

N/A

      

0.71

%

    

0.64

%

    

0.33

%

  

Year Ended 10/31/21

    

2,082,873

      

0.07

%(6)

    

N/A

      

0.71

%

    

0.02

%

    

(0.62

)%

  

Year Ended 10/31/20

    

1,671,051

      

0.36

%(6)

    

0.36

%(6)

    

0.71

%

    

0.29

%

    

(0.06

)%

  

Year Ended 10/31/19

    

942,575

      

0.67

%(6)

    

0.67

%(6)

    

0.71

%

    

1.67

%

    

1.63

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1,185

      

0.31

%(5)(6)

    

N/A

      

0.35

%(5)

    

5.09

%(5)

    

5.05

%(5)

  

Year Ended 10/31/23

    

1,745

      

0.31

%(6)

    

N/A

      

0.36

%

    

4.57

%

    

4.52

%

  

Year Ended 10/31/22

    

1,761

      

0.20

%(6)

    

N/A

      

0.36

%

    

0.84

%

    

0.68

%

  

Year Ended 10/31/21

    

4,397

      

0.07

%(6)

    

N/A

      

0.36

%

    

0.02

%

    

(0.27

)%

  

Year Ended 10/31/20

    

4,704

      

0.26

%(6)

    

0.26

%(6)

    

0.36

%

    

0.39

%

    

0.29

%

  

Year Ended 10/31/19

    

4,914

      

0.32

%(6)

    

0.32

%(6)

    

0.36

%

    

2.02

%

    

1.98

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

54

      

0.96

%(5)(6)

    

N/A

      

1.00

%(5)

    

4.44

%(5)

    

4.40

%(5)

  

Year Ended 10/31/23

    

53

      

0.96

%(6)

    

N/A

      

1.01

%

    

3.92

%

    

3.87

%

  

Year Ended 10/31/22

    

51

      

0.53

%(6)

    

N/A

      

1.01

%

    

0.51

%

    

0.03

%

  

Year Ended 10/31/21

    

51

      

0.07

%(6)

    

N/A

      

1.01

%

    

0.02

%

    

(0.92

)%

  

Year Ended 10/31/20

    

51

      

0.51

%(6)

    

0.51

%(6)

    

1.01

%

    

0.14

%

    

(0.36

)%

  

Year Ended 10/31/19

    

50

      

0.97

%(6)

    

0.97

%(6)

    

1.01

%

    

1.37

%

    

1.33

%

  

Castleoak Shares Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

2,981,598

      

0.16

%(5)

    

N/A

      

0.20

%(5)

    

5.24

%(5)

    

5.20

%(5)

  

Year Ended 10/31/23

    

2,305,053

      

0.16

%

    

N/A

      

0.21

%

    

4.72

%

    

4.67

%

  

Year Ended 10/31/22

    

371,597

      

0.12

%

    

N/A

      

0.21

%

    

0.92

%

    

0.83

%

  

For the Period Ended 10/31/21(12)

    

371,765

      

0.07

%(5)

    

N/A

      

0.21

%(5)

    

0.02

%(5)

    

(0.12

)%(5)

  

Impact Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

635,488

      

0.16

%(5)

    

N/A

      

0.20

%(5)

    

5.24

%(5)

    

5.20

%(5)

  

Year Ended 10/31/23

    

841,264

      

0.16

%

    

N/A

      

0.21

%

    

4.72

%

    

4.67

%

  

For the Period Ended 10/31/22(11)

    

826,509

      

0.12

%(5)

    

N/A

      

0.21

%(5)

    

0.92

%(5)

    

0.83

%(5)

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

50

      

0.15

%(5)

    

N/A

      

0.19

%(5)

    

5.25

%(5)

    

5.21

%(5)

  

Advisor Class

 

For the Period Ended 04/30/24 (unaudited)(9)

  

$

59

      

0.15

%(5)

    

N/A

      

0.19

%(5)

    

5.25

%(5)

    

5.21

%(5)

  

The accompanying notes are an integral part of the financial statements.
53

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

   Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Government Securities Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.61

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.046

(1)

    

0.000

(2)

    

(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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.005

(1)

    

0.001

      

(0.006

)

    

1.000

      

0.61

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.14

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.58

%(3)(4)

  

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

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.58

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.08

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.56

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.045

(1)

    

0.000

(2)

    

(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

)(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.55

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.03

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.53

%(3)(4)

  

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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

1.98

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.48

%(3)(4)

  

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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.88

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.024

(1)

  

$

0.000

(2)

  

$

(0.024

)

  

$

1.000

      

2.48

%(3)(4)

  

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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.88

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.53

%(3)(4)

  

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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.53

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

1.99

%

  

The accompanying notes are an integral part of the financial statements.
54

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Government Securities Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1,013,533

      

0.20

%(5)

    

0.21

%(5)

    

5.18

%(5)

    

5.17

%(5)

  

Year Ended 10/31/23

    

1,097,870

      

0.20

%

    

0.21

%

    

4.57

%

    

4.56

%

  

Year Ended 10/31/22

    

817,742

      

0.13

%

    

0.22

%

    

0.57

%

    

0.48

%

  

Year Ended 10/31/21

    

1,622,265

      

0.06

%

    

0.22

%

    

0.00

%(13)

    

(0.16

)%

  

Year Ended 10/31/20

    

406,598

      

0.18

%

    

0.21

%

    

0.46

%

    

0.43

%

  

Year Ended 10/31/19

    

157,694

      

0.20

%

    

0.23

%

    

2.12

%

    

2.09

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

55

      

0.25

%(5)(6)

    

0.26

%(5)

    

5.13

%(5)

    

5.12

%(5)

  

Year Ended 10/31/23

    

54

      

0.25

%(6)

    

0.26

%

    

4.52

%

    

4.51

%

  

Year Ended 10/31/22

    

51

      

0.16

%(6)

    

0.27

%

    

0.54

%

    

0.43

%

  

Year Ended 10/31/21

    

51

      

0.06

%(6)

    

0.27

%

    

0.00

%(13)

    

(0.21

)%

  

Year Ended 10/31/20

    

51

      

0.21

%(6)

    

0.27

%

    

0.43

%

    

0.37

%

  

Year Ended 10/31/19

    

51

      

0.25

%(6)

    

0.28

%

    

2.07

%

    

2.04

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

55

      

0.30

%(5)(6)

    

0.31

%(5)

    

5.08

%(5)

    

5.07

%(5)

  

Year Ended 10/31/23

    

54

      

0.30

%(6)

    

0.31

%

    

4.47

%

    

4.46

%

  

Year Ended 10/31/22

    

51

      

0.19

%(6)

    

0.32

%

    

0.51

%

    

0.38

%

  

Year Ended 10/31/21

    

51

      

0.06

%(6)

    

0.32

%

    

0.00

%(13)

    

(0.26

)%

  

Year Ended 10/31/20

    

51

      

0.24

%(6)

    

0.31

%

    

0.39

%

    

0.32

%

  

Year Ended 10/31/19

    

1,006

      

0.30

%(6)

    

0.33

%

    

2.02

%

    

1.99

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

55

      

0.35

%(5)(6)

    

0.36

%(5)

    

5.03

%(5)

    

5.02

%(5)

  

Year Ended 10/31/23

    

54

      

0.35

%(6)

    

0.36

%

    

4.42

%

    

4.41

%

  

Year Ended 10/31/22

    

51

      

0.22

%(6)

    

0.37

%

    

0.48

%

    

0.33

%

  

Year Ended 10/31/21

    

51

      

0.06

%(6)

    

0.37

%

    

0.00

%(13)

    

(0.31

)%

  

Year Ended 10/31/20

    

51

      

0.27

%(6)

    

0.37

%

    

0.37

%

    

0.27

%

  

Year Ended 10/31/19

    

51

      

0.35

%(6)

    

0.38

%

    

1.97

%

    

1.94

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

46,697

      

0.45

%(5)(6)

    

0.46

%(5)

    

4.93

%(5)

    

4.92

%(5)

  

Year Ended 10/31/23

    

52,920

      

0.45

%(6)

    

0.46

%

    

4.32

%

    

4.31

%

  

Year Ended 10/31/22

    

40,382

      

0.27

%(6)

    

0.47

%

    

0.43

%

    

0.23

%

  

Year Ended 10/31/21

    

39,201

      

0.06

%(6)

    

0.47

%

    

0.00

%(13)

    

(0.41

)%

  

Year Ended 10/31/20

    

39,903

      

0.30

%(6)

    

0.46

%

    

0.34

%

    

0.18

%

  

Year Ended 10/31/19

    

38,039

      

0.45

%(6)

    

0.48

%

    

1.87

%

    

1.84

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

4,106,350

      

0.45

%(5)(6)

    

0.71

%(5)

    

4.93

%(5)

    

4.67

%(5)

  

Year Ended 10/31/23

    

4,539,195

      

0.45

%(6)

    

0.71

%

    

4.32

%

    

4.06

%

  

Year Ended 10/31/22

    

7,014,979

      

0.24

%(6)

    

0.72

%

    

0.46

%

    

(0.02

)%

  

Year Ended 10/31/21

    

15,949,390

      

0.06

%(6)

    

0.72

%

    

0.00

%(13)

    

(0.66

)%

  

Year Ended 10/31/20

    

6,549,518

      

0.29

%(6)

    

0.71

%

    

0.35

%

    

(0.07

)%

  

Year Ended 10/31/19

    

2,724,346

      

0.45

%(6)

    

0.73

%

    

1.87

%

    

1.59

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

125

      

0.35

%(5)(6)

    

0.36

%(5)

    

5.03

%(5)

    

5.02

%(5)

  

Year Ended 10/31/23

    

341

      

0.35

%(6)

    

0.36

%

    

4.42

%

    

4.41

%

  

Year Ended 10/31/22

    

327

      

0.22

%(6)

    

0.37

%

    

0.48

%

    

0.33

%

  

Year Ended 10/31/21

    

356

      

0.06

%(6)

    

0.37

%

    

0.00

%(13)

    

(0.31

)%

  

Year Ended 10/31/20

    

356

      

0.26

%(6)

    

0.36

%

    

0.37

%

    

0.27

%

  

Year Ended 10/31/19

    

355

      

0.35

%(6)

    

0.38

%

    

1.97

%

    

1.94

%

  

The accompanying notes are an integral part of the financial statements.
55

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Treasury Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.62

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.57

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.17

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.59

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.54

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.12

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.56

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.51

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.07

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.54

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.49

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.02

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.49

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.45

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.92

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.023

(1)

  

$

0.000

(2)

  

$

(0.023

)

  

$

1.000

      

2.36

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.002

(1)

    

0.002

      

(0.004

)

    

1.000

      

0.36

%

  

Year Ended 10/31/19

    

1.000

      

0.016

(1)

    

0.000

(2)

    

(0.016

)

    

1.000

      

1.66

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.54

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.49

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.02

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.022

(1)

  

$

0.000

(2)

  

$

(0.022

)

  

$

1.000

      

2.21

%(3)(4)

  

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

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.000

(1)(2)

    

0.002

      

(0.002

)

    

1.000

      

0.25

%

  

Year Ended 10/31/19

    

1.000

      

0.013

(1)

    

0.000

(2)

    

(0.013

)

    

1.000

      

1.36

%

  

Advisor Class

 

For the Period Ended 04/30/24 (unaudited)(9)

  

$

1.000

    

$

0.005

(1)

  

$

0.000

(2)

  

$

(0.005

)

  

$

1.000

      

0.50

%(4)

  

The accompanying notes are an integral part of the financial statements.
56

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
Excluding
Interest
Expenses		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Treasury Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

22,164,049

      

0.20

%(5)

    

N/A

      

0.21

%(5)

    

5.20

%(5)

    

5.19

%(5)

  

Year Ended 10/31/23

    

26,005,390

      

0.20

%

    

N/A

      

0.21

%

    

4.60

%

    

4.59

%

  

Year Ended 10/31/22

    

22,268,805

      

0.14

%

    

N/A

      

0.21

%

    

0.83

%

    

0.76

%

  

Year Ended 10/31/21

    

21,468,388

      

0.07

%

    

N/A

      

0.21

%

    

0.01

%

    

(0.13

)%

  

Year Ended 10/31/20

    

22,266,196

      

0.19

%

    

0.19

%

    

0.21

%

    

0.37

%

    

0.35

%

  

Year Ended 10/31/19

    

14,630,148

      

0.19

%

    

N/A

      

0.21

%

    

2.15

%

    

2.13

%

  

Institutional Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

3,032,361

      

0.25

%(5)(6)

    

N/A

      

0.26

%(5)

    

5.15

%(5)

    

5.14

%(5)

  

Year Ended 10/31/23

    

3,114,544

      

0.25

%(6)

    

N/A

      

0.26

%

    

4.55

%

    

4.54

%

  

Year Ended 10/31/22

    

8,610,123

      

0.17

%(6)

    

N/A

      

0.26

%

    

0.80

%

    

0.71

%

  

Year Ended 10/31/21

    

14,878,731

      

0.07

%(6)

    

N/A

      

0.26

%

    

0.01

%

    

(0.18

)%

  

Year Ended 10/31/20

    

10,007,559

      

0.21

%(6)

    

0.21

%(6)

    

0.26

%

    

0.34

%

    

0.29

%

  

Year Ended 10/31/19

    

239,361

      

0.24

%(6)

    

N/A

      

0.26

%

    

2.10

%

    

2.08

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

75,208

      

0.30

%(5)(6)

    

N/A

      

0.31

%(5)

    

5.10

%(5)

    

5.09

%(5)

  

Year Ended 10/31/23

    

69,342

      

0.30

%(6)

    

N/A

      

0.31

%

    

4.50

%

    

4.49

%

  

Year Ended 10/31/22

    

89,461

      

0.21

%(6)

    

N/A

      

0.31

%

    

0.76

%

    

0.66

%

  

Year Ended 10/31/21

    

26,713

      

0.07

%(6)

    

N/A

      

0.31

%

    

0.01

%

    

(0.23

)%

  

Year Ended 10/31/20

    

35,583

      

0.23

%(6)

    

0.23

%(6)

    

0.31

%

    

0.33

%

    

0.25

%

  

Year Ended 10/31/19

    

14,834

      

0.29

%(6)

    

N/A

      

0.31

%

    

2.05

%

    

2.03

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

10,436

      

0.35

%(5)(6)

    

N/A

      

0.36

%(5)

    

5.05

%(5)

    

5.04

%(5)

  

Year Ended 10/31/23

    

8,553

      

0.35

%(6)

    

N/A

      

0.36

%

    

4.45

%

    

4.44

%

  

Year Ended 10/31/22

    

8,067

      

0.26

%(6)

    

N/A

      

0.36

%

    

0.71

%

    

0.61

%

  

Year Ended 10/31/21

    

3,294

      

0.07

%(6)

    

N/A

      

0.36

%

    

0.01

%

    

(0.28

)%

  

Year Ended 10/31/20

    

3,435

      

0.27

%(6)

    

0.27

%(6)

    

0.36

%

    

0.29

%

    

0.20

%

  

Year Ended 10/31/19

    

3,534

      

0.34

%(6)

    

N/A

      

0.36

%

    

2.00

%

    

1.98

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

419,614

      

0.45

%(5)(6)

    

N/A

      

0.46

%(5)

    

4.95

%(5)

    

4.94

%(5)

  

Year Ended 10/31/23

    

413,681

      

0.45

%(6)

    

N/A

      

0.46

%

    

4.35

%

    

4.34

%

  

Year Ended 10/31/22

    

479,272

      

0.29

%(6)

    

N/A

      

0.46

%

    

0.68

%

    

0.51

%

  

Year Ended 10/31/21

    

511,566

      

0.07

%(6)

    

N/A

      

0.46

%

    

0.01

%

    

(0.38

)%

  

Year Ended 10/31/20

    

575,951

      

0.29

%(6)

    

0.29

%(6)

    

0.46

%

    

0.26

%

    

0.09

%

  

Year Ended 10/31/19

    

545,826

      

0.44

%(6)

    

N/A

      

0.46

%

    

1.90

%

    

1.88

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

2,249,282

      

0.70

%(5)(6)

    

N/A

      

0.71

%(5)

    

4.70

%(5)

    

4.69

%(5)

  

Year Ended 10/31/23

    

2,342,820

      

0.70

%(6)

    

N/A

      

0.71

%

    

4.10

%

    

4.09

%

  

Year Ended 10/31/22

    

2,787,233

      

0.35

%(6)

    

N/A

      

0.71

%

    

0.62

%

    

0.26

%

  

Year Ended 10/31/21

    

2,998,738

      

0.07

%(6)

    

N/A

      

0.71

%

    

0.01

%

    

(0.63

)%

  

Year Ended 10/31/20

    

2,383,586

      

0.39

%(6)

    

0.39

%(6)

    

0.71

%

    

0.17

%

    

(0.15

)%

  

Year Ended 10/31/19

    

1,430,849

      

0.69

%(6)

    

N/A

      

0.71

%

    

1.65

%

    

1.63

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

3,359

      

0.35

%(5)(6)

    

N/A

      

0.36

%(5)

    

5.05

%(5)

    

5.04

%(5)

  

Year Ended 10/31/23

    

4,719

      

0.35

%(6)

    

N/A

      

0.36

%

    

4.45

%

    

4.44

%

  

Year Ended 10/31/22

    

4,800

      

0.23

%(6)

    

N/A

      

0.36

%

    

0.74

%

    

0.61

%

  

Year Ended 10/31/21

    

17,412

      

0.07

%(6)

    

N/A

      

0.36

%

    

0.01

%

    

(0.28

)%

  

Year Ended 10/31/20

    

17,563

      

0.27

%(6)

    

0.27

%(6)

    

0.36

%

    

0.29

%

    

0.20

%

  

Year Ended 10/31/19

    

17,886

      

0.34

%(6)

    

N/A

      

0.36

%

    

2.00

%

    

1.98

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

54

      

1.00

%(5)(6)

    

N/A

      

1.01

%(5)

    

4.40

%(5)

    

4.39

%(5)

  

Year Ended 10/31/23

    

53

      

1.00

%(6)

    

N/A

      

1.01

%

    

3.80

%

    

3.79

%

  

Year Ended 10/31/22

    

51

      

0.54

%(6)

    

N/A

      

1.01

%

    

0.43

%

    

(0.04

)%

  

Year Ended 10/31/21

    

51

      

0.07

%(6)

    

N/A

      

1.01

%

    

0.01

%

    

(0.93

)%

  

Year Ended 10/31/20

    

51

      

0.51

%(6)

    

0.51

%(6)

    

1.01

%

    

0.05

%

    

(0.45

)%

  

Year Ended 10/31/19

    

50

      

0.99

%(6)

    

N/A

      

1.01

%

    

1.35

%

    

1.33

%

  

Advisor Class

 

For the Period Ended 04/30/24 (unaudited)(9)

  

$

50

      

0.20

%(5)

    

N/A

      

0.21

%(5)

    

5.20

%(5)

    

5.19

%(5)

  

The accompanying notes are an integral part of the financial statements.
57

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Treasury Securities Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.62

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.045

(1)

    

0.000

(2)

    

(0.045

)

    

1.000

      

4.63

%

  

Year Ended 10/31/22

    

1.000

      

0.008

(1)

    

0.000

(2)

    

(0.008

)

    

1.000

      

0.82

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.61

%

  

Year Ended 10/31/19

    

1.000

      

0.021

(1)

    

0.000

(2)

    

(0.021

)

    

1.000

      

2.12

%

  

Institutional Select Class

  

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.026

(1)

  

$

0.000

(2)

  

$

(0.026

)

  

$

1.000

      

2.59

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.045

(1)

    

0.000

(2)

    

(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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.002

      

(0.006

)

    

1.000

      

0.58

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.07

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.57

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.044

(1)

    

0.000

(2)

    

(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

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.004

(1)

    

0.001

      

(0.005

)

    

1.000

      

0.55

%

  

Year Ended 10/31/19

    

1.000

      

0.020

(1)

    

0.000

(2)

    

(0.020

)

    

1.000

      

2.01

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.54

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.044

(1)

    

0.000

(2)

    

(0.044

)

    

1.000

      

4.48

%

  

Year Ended 10/31/22

    

1.000

      

0.007

(1)

    

0.000

(2)

    

(0.007

)

    

1.000

      

0.72

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.96

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.49

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.043

(1)

    

0.000

(2)

    

(0.043

)

    

1.000

      

4.37

%

  

Year Ended 10/31/22

    

1.000

      

0.007

(1)

    

0.000

(2)

    

(0.007

)

    

1.000

      

0.67

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.002

(1)

    

0.003

      

(0.005

)

    

1.000

      

0.47

%

  

Year Ended 10/31/19

    

1.000

      

0.018

(1)

    

0.000

(2)

    

(0.018

)

    

1.000

      

1.86

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.023

(1)

  

$

0.000

(2)

  

$

(0.023

)

  

$

1.000

      

2.36

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.040

(1)

    

0.000

(2)

    

(0.040

)

    

1.000

      

4.11

%

  

Year Ended 10/31/22

    

1.000

      

0.005

(1)

    

0.000

(2)

    

(0.005

)

    

1.000

      

0.54

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.002

(1)

    

0.002

      

(0.004

)

    

1.000

      

0.37

%

  

Year Ended 10/31/19

    

1.000

      

0.016

(1)

    

0.000

(2)

    

(0.016

)

    

1.000

      

1.61

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.025

(1)

  

$

0.000

(2)

  

$

(0.025

)

  

$

1.000

      

2.54

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.044

(1)

    

0.000

(2)

    

(0.044

)

    

1.000

      

4.47

%

  

Year Ended 10/31/22

    

1.000

      

0.007

(1)

    

0.000

(2)

    

(0.007

)

    

1.000

      

0.72

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.003

(1)

    

0.002

      

(0.005

)

    

1.000

      

0.52

%

  

Year Ended 10/31/19

    

1.000

      

0.019

(1)

    

0.000

(2)

    

(0.019

)

    

1.000

      

1.96

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.022

(1)

  

$

0.000

(2)

  

$

(0.022

)

  

$

1.000

      

2.21

%(3)(4)

  

Year Ended 10/31/23

    

1.000

      

0.037

(1)

    

0.000

(2)

    

(0.037

)

    

1.000

      

3.80

%

  

Year Ended 10/31/22

    

1.000

      

0.004

(1)

    

0.000

(2)

    

(0.004

)

    

1.000

      

0.42

%

  

Year Ended 10/31/21

    

1.000

      

0.000

(1)(2)

    

0.000

(2)

    

(0.000

)(2)

    

1.000

      

0.01

%

  

Year Ended 10/31/20

    

1.000

      

0.001

(1)

    

0.001

      

(0.002

)

    

1.000

      

0.25

%

  

Year Ended 10/31/19

    

1.000

      

0.013

(1)

    

0.000

(2)

    

(0.013

)

    

1.000

      

1.30

%

  

Impact Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

1.000

    

$

0.008

(1)

  

$

0.000

(2)

  

$

(0.008

)

  

$

1.000

      

0.81

%(4)

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

1.000

    

$

0.008

(1)

  

$

0.000

(2)

  

$

(0.008

)

  

$

1.000

      

0.81

%(4)

  

The accompanying notes are an integral part of the financial statements.
58

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
Excluding
Interest
Expenses		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Treasury Securities Portfolio:

  

Institutional Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

46,814,341

      

0.20

%(5)

    

N/A

      

0.21

%(5)

    

5.20

%(5)

    

5.19

%(5)

  

Year Ended 10/31/23

    

46,015,555

      

0.20

%

    

N/A

      

0.21

%

    

4.54

%

    

4.53

%

  

Year Ended 10/31/22

    

44,234,518

      

0.13

%

    

N/A

      

0.21

%

    

0.76

%

    

0.68

%

  

Year Ended 10/31/21

    

52,515,537

      

0.06

%

    

N/A

      

0.21

%

    

0.01

%

    

(0.14

)%

  

Year Ended 10/31/20

    

45,646,654

      

0.18

%

    

0.18

%

    

0.21

%

    

0.43

%

    

0.40

%

  

Year Ended 10/31/19

    

23,790,835

      

0.20

%

    

N/A

      

0.21

%

    

2.09

%

    

2.08

%

  

Institutional Select Class

  

Six Months Ended 04/30/24 (unaudited)

  

$

7,989

      

0.25

%(5)(6)

    

N/A

      

0.26

%(5)

    

5.15

%(5)

    

5.14

%(5)

  

Year Ended 10/31/23

    

9,222

      

0.25

%(6)

    

N/A

      

0.26

%

    

4.49

%

    

4.48

%

  

Year Ended 10/31/22

    

25,769

      

0.16

%(6)

    

N/A

      

0.26

%

    

0.73

%

    

0.63

%

  

Year Ended 10/31/21

    

1,052,857

      

0.06

%(6)

    

N/A

      

0.26

%

    

0.01

%

    

(0.19

)%

  

Year Ended 10/31/20

    

4,118,125

      

0.21

%(6)

    

0.21

%(6)

    

0.26

%

    

0.40

%

    

0.35

%

  

Year Ended 10/31/19

    

398,934

      

0.25

%(6)

    

N/A

      

0.26

%

    

2.04

%

    

2.03

%

  

Investor Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

755

      

0.30

%(5)(6)

    

N/A

      

0.31

%(5)

    

5.10

%(5)

    

5.09

%(5)

  

Year Ended 10/31/23

    

8,795

      

0.30

%(6)

    

N/A

      

0.31

%

    

4.44

%

    

4.43

%

  

Year Ended 10/31/22

    

51

      

0.20

%(6)

    

N/A

      

0.31

%

    

0.69

%

    

0.58

%

  

Year Ended 10/31/21

    

51

      

0.06

%(6)

    

N/A

      

0.31

%

    

0.01

%

    

(0.24

)%

  

Year Ended 10/31/20

    

51

      

0.25

%(6)

    

0.25

%(6)

    

0.31

%

    

0.37

%

    

0.31

%

  

Year Ended 10/31/19

    

51

      

0.30

%(6)

    

N/A

      

0.31

%

    

1.99

%

    

1.98

%

  

Administrative Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

103,126

      

0.35

%(5)(6)

    

N/A

      

0.36

%(5)

    

5.05

%(5)

    

5.04

%(5)

  

Year Ended 10/31/23

    

88,387

      

0.35

%(6)

    

N/A

      

0.36

%

    

4.39

%

    

4.38

%

  

Year Ended 10/31/22

    

16,684

      

0.22

%(6)

    

N/A

      

0.36

%

    

0.67

%

    

0.53

%

  

Year Ended 10/31/21

    

18,968

      

0.06

%(6)

    

N/A

      

0.36

%

    

0.01

%

    

(0.29

)%

  

Year Ended 10/31/20

    

2,024

      

0.27

%(6)

    

0.27

%(6)

    

0.36

%

    

0.34

%

    

0.25

%

  

Year Ended 10/31/19

    

2,015

      

0.35

%(6)

    

N/A

      

0.36

%

    

1.94

%

    

1.93

%

  

Advisory Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

152,997

      

0.45

%(5)(6)

    

N/A

      

0.46

%(5)

    

4.95

%(5)

    

4.94

%(5)

  

Year Ended 10/31/23

    

102,764

      

0.45

%(6)

    

N/A

      

0.46

%

    

4.29

%

    

4.28

%

  

Year Ended 10/31/22

    

34,684

      

0.24

%(6)

    

N/A

      

0.46

%

    

0.65

%

    

0.43

%

  

Year Ended 10/31/21

    

38,959

      

0.06

%(6)

    

N/A

      

0.46

%

    

0.01

%

    

(0.39

)%

  

Year Ended 10/31/20

    

17,188

      

0.40

%(6)

    

0.40

%(6)

    

0.46

%

    

0.21

%

    

0.15

%

  

Year Ended 10/31/19

    

42,143

      

0.45

%(6)

    

N/A

      

0.46

%

    

1.84

%

    

1.83

%

  

Participant Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

32,349

      

0.70

%(5)(6)

    

N/A

      

0.71

%(5)

    

4.70

%(5)

    

4.69

%(5)

  

Year Ended 10/31/23

    

35,491

      

0.70

%(6)

    

N/A

      

0.71

%

    

4.04

%

    

4.03

%

  

Year Ended 10/31/22

    

285

      

0.42

%(6)

    

N/A

      

0.71

%

    

0.47

%

    

0.18

%

  

Year Ended 10/31/21

    

259

      

0.06

%(6)

    

N/A

      

0.71

%

    

0.01

%

    

(0.64

)%

  

Year Ended 10/31/20

    

575

      

0.40

%(6)

    

0.40

%(6)

    

0.71

%

    

0.21

%

    

(0.10

)%

  

Year Ended 10/31/19

    

629

      

0.70

%(6)

    

N/A

      

0.71

%

    

1.59

%

    

1.58

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

6,840

      

0.35

%(5)(6)

    

N/A

      

0.36

%(5)

    

5.05

%(5)

    

5.04

%(5)

  

Year Ended 10/31/23

    

7,380

      

0.35

%(6)

    

N/A

      

0.36

%

    

4.39

%

    

4.38

%

  

Year Ended 10/31/22

    

8,478

      

0.23

%(6)

    

N/A

      

0.36

%

    

0.66

%

    

0.53

%

  

Year Ended 10/31/21

    

9,921

      

0.06

%(6)

    

N/A

      

0.36

%

    

0.01

%

    

(0.29

)%

  

Year Ended 10/31/20

    

11,108

      

0.28

%(6)

    

0.28

%(6)

    

0.36

%

    

0.33

%

    

0.25

%

  

Year Ended 10/31/19

    

18,758

      

0.35

%(6)

    

N/A

      

0.36

%

    

1.94

%

    

1.93

%

  

Select Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

54

      

1.00

%(5)(6)

    

N/A

      

1.01

%(5)

    

4.40

%(5)

    

4.39

%(5)

  

Year Ended 10/31/23

    

53

      

1.00

%(6)

    

N/A

      

1.01

%

    

3.74

%

    

3.73

%

  

Year Ended 10/31/22

    

51

      

0.53

%(6)

    

N/A

      

1.01

%

    

0.36

%

    

(0.12

)%

  

Year Ended 10/31/21

    

51

      

0.06

%(6)

    

N/A

      

1.01

%

    

0.01

%

    

(0.94

)%

  

Year Ended 10/31/20

    

51

      

0.54

%(6)

    

0.54

%(6)

    

1.00

%

    

0.07

%

    

(0.39

)%

  

Year Ended 10/31/19

    

50

      

1.00

%(6)

    

N/A

      

1.01

%

    

1.29

%

    

1.28

%

  

Impact Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

50

      

0.20

%(5)

    

N/A

      

0.21

%(5)

    

5.20

%(5)

    

5.19

%(5)

  

Impact Partner Class

 

For the Period Ended 04/30/24 (unaudited)(8)

  

$

50

      

0.20

%(5)

    

N/A

      

0.21

%(5)

    

5.20

%(5)

    

5.19

%(5)

  

The accompanying notes are an integral part of the financial statements.
59

2024 Semi-Annual Report

April 30, 2024

Financial Highlights

    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income		   Net Realized and
Unrealized Gain
(Loss) on
Investments		   Distributions
From Net
Investment
Income		   Net Asset
Value,
End of
Period		   Total
Return		  

Tax-Exempt Portfolio:

  

Wealth Class*

  

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.016

(1)

  

$

0.000

(2)

  

$

(0.016

)

  

$

1.000

      

1.67

%(3)(4)

  

Year Ended 10/31/23

    

1.0001

      

0.0291

(1)

    

0.0000

(2)

    

(0.0293

)

    

0.9999

      

2.95

%

  

Year Ended 10/31/22

    

1.0001

      

0.0076

(1)

    

(0.0014

)(2)

    

(0.0062

)

    

1.0001

      

0.61

%

  

Year Ended 10/31/21

    

1.0001

      

0.0001

(1)(2)

    

0.0000

(2)

    

(0.0001

)(2)

    

1.0001

      

0.01

%

  

Year Ended 10/31/20

    

1.0001

      

0.0064

(1)

    

(0.0004

)(2)

    

(0.0060

)

    

1.0001

      

0.60

%

  

Year Ended 10/31/19

    

1.0000

      

0.0141

(1)

    

0.0001

(2)

    

(0.0141

)

    

1.0001

      

1.43

%

  

Wealth S Class**

  

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.016

(1)

  

$

0.000

(2)

  

$

(0.016

)

  

$

1.000

      

1.64

%(3)(4)

  

Year Ended 10/31/23

    

1.0001

      

0.0286

(1)

    

0.0000

(2)

    

(0.0288

)

    

0.9999

      

2.89

%

  

Year Ended 10/31/22

    

1.0001

      

0.0072

(1)

    

(0.0014

)(2)

    

(0.0058

)

    

1.0001

      

0.59

%

  

Year Ended 10/31/21

    

1.0001

      

0.0001

(1)(2)

    

0.0000

(2)

    

(0.0001

)(2)

    

1.0001

      

0.01

%

  

Year Ended 10/31/20

    

1.0001

      

0.0060

(1)

    

(0.0004

)(2)

    

(0.0056

)

    

1.0001

      

0.56

%

  

Year Ended 10/31/19

    

1.0000

      

0.0136

(1)

    

0.0001

(2)

    

(0.0136

)

    

1.0001

      

1.38

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

1.000

    

$

0.016

(1)

  

$

0.000

(2)

  

$

(0.016

)

  

$

1.000

      

1.59

%(3)(4)

  

Year Ended 10/31/23

    

1.0001

      

0.0278

(1)

    

(0.0002

)(2)

    

(0.0278

)

    

0.9999

      

2.78

%

  

Year Ended 10/31/22

    

1.0001

      

0.0067

(1)

    

(0.0015

)(2)

    

(0.0052

)

    

1.0001

      

0.52

%

  

Year Ended 10/31/21

    

1.0002

      

0.0001

(1)(2)

    

(0.0001

)(2)

    

(0.0001

)(2)

    

1.0001

      

0.00

%(13)

  

Year Ended 10/31/20

    

1.0001

      

0.0054

(1)

    

(0.0003

)(2)

    

(0.0050

)

    

1.0002

      

0.51

%

  

Year Ended 10/31/19

    

1.0000

      

0.0126

(1)

    

0.0001

(2)

    

(0.0126

)

    

1.0001

      

1.27

%

  

Select Class

 

For the Period Ended 04/30/24 (unaudited)(14)

  

$

1.000

    

$

0.004

(1)

  

$

0.000

(2)

  

$

(0.004

)

  

$

1.000

      

0.45

%(4)

  

Advisor Class

 

For the Period Ended 04/30/24 (unaudited)(9)

  

$

1.000

    

$

0.003

(1)

  

$

0.000

(2)

  

$

(0.003

)

  

$

1.000

      

0.34

%(4)

  

The accompanying notes are an integral part of the financial statements.
60

2024 Semi-Annual Report

April 30, 2024

Financial Highlights (cont'd)

    Net
Assets,
End of
Period
(000)		   Ratio of
Expenses to
Average Net
Assets		   Ratio of
Expenses to Average
Net Assets
(Before Waivers/
Reimbursement)		   Ratio of Net
Investment
Income
to Average
Net Assets		   Ratio of
Net Investment
Income (Loss)
to Average
Net Assets
(Before Waivers/
Reimbursement)		  

Tax-Exempt Portfolio:

  

Wealth Class*

  

Six Months Ended 04/30/24 (unaudited)

  

$

409,739

      

0.20

%(5)

    

0.30

%(5)

    

3.29

%(5)

    

3.19

%(5)

  

Year Ended 10/31/23

    

473,740

      

0.18

%

    

0.32

%

    

2.91

%

    

2.77

%

  

Year Ended 10/31/22

    

464,221

      

0.13

%

    

0.39

%

    

0.76

%

    

0.50

%

  

Year Ended 10/31/21

    

247,727

      

0.08

%

    

0.34

%

    

0.01

%

    

(0.25

)%

  

Year Ended 10/31/20

    

366,440

      

0.15

%

    

0.29

%

    

0.63

%

    

0.49

%

  

Year Ended 10/31/19

    

612,147

      

0.15

%

    

0.27

%

    

1.40

%

    

1.28

%

  

Wealth S Class**

  

Six Months Ended 04/30/24 (unaudited)

  

$

53

      

0.25

%(5)(6)

    

0.35

%(5)

    

3.24

%(5)

    

3.14

%(5)

  

Year Ended 10/31/23

    

53

      

0.23

%(6)

    

0.37

%

    

2.86

%

    

2.72

%

  

Year Ended 10/31/22

    

51

      

0.17

%(6)

    

0.44

%

    

0.72

%

    

0.45

%

  

Year Ended 10/31/21

    

51

      

0.08

%(6)

    

0.39

%

    

0.01

%

    

(0.30

)%

  

Year Ended 10/31/20

    

51

      

0.18

%(6)

    

0.34

%

    

0.59

%

    

0.43

%

  

Year Ended 10/31/19

    

50

      

0.20

%(6)

    

0.32

%

    

1.35

%

    

1.23

%

  

Cash Management Class

 

Six Months Ended 04/30/24 (unaudited)

  

$

913

      

0.35

%(5)(6)

    

0.45

%(5)

    

3.14

%(5)

    

3.04

%(5)

  

Year Ended 10/31/23

    

1,294

      

0.33

%(6)

    

0.47

%

    

2.76

%

    

2.62

%

  

Year Ended 10/31/22

    

3,447

      

0.22

%(6)

    

0.54

%

    

0.67

%

    

0.35

%

  

Year Ended 10/31/21

    

4,670

      

0.08

%(6)

    

0.49

%

    

0.01

%

    

(0.40

)%

  

Year Ended 10/31/20

    

4,816

      

0.25

%(6)

    

0.44

%

    

0.53

%

    

0.34

%

  

Year Ended 10/31/19

    

7,435

      

0.30

%(6)

    

0.42

%

    

1.25

%

    

1.13

%

  

Select Class

 

For the Period Ended 04/30/24 (unaudited)(14)

  

$

50

      

1.00

%(5)

    

1.10

%(5)

    

2.49

%(5)

    

2.39

%(5)

  

Advisor Class

 

For the Period Ended 04/30/24 (unaudited)(9)

  

$

50

      

0.20

%(5)

    

0.30

%(5)

    

3.29

%(5)

    

3.19

%(5)

  

The accompanying notes are an integral part of the financial statements.
61

2024 Semi-Annual Report

April 30, 2024

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)  Refer to Note B in the Notes to Financial Statements for discussion of prior period transfer agency fees that were reimbursed in the current period. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return.

(4)  Not annualized.

(5)  Annualized.

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

(7)  Commenced offering on January 23, 2023.

(8)  Commenced offering on March 5, 2024.

(9)  Commenced offering on March 27, 2024.

(10)  Commenced offering on October 4, 2022.

(11)  Commenced offering on March 29, 2022.

(12)  Commenced offering on May 4, 2021.

(13)  Amount is less than 0.005%.

(14)  Commenced offering on February 29, 2024.

The accompanying notes are an integral part of the financial statements.
62

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Liquidity Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a Massachusetts business trust. The Trust is comprised of seven separate, active, diversified portfolios (individually referred to as a "Fund", collectively as the "Funds"). The Trust offers up to twelve 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 and Tax-Exempt Portfolios and Wealth Class (formerly Institutional Class) and Wealth S Class (formerly Institutional Select Class) are only offered to Money Market and Tax-Exempt 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 commenced operating as a "retail money market fund".

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.

During the month of January 2023, CastleOak Shares Class was fully liquidated from Money Market Portfolio. Accordingly, no financial highlights has been presented for this class.

Prime Portfolio operates as "institutional money market funds," which require this Fund to have a floating NAV, rounded to the fourth decimal place. In July 2023, the Securities and Exchange Commission ("SEC") approved certain regulatory changes that impact money market funds. In particular, among other things, the SEC removed the ability of a money market fund to impose a redemption gate (other than as part of a liquidation), while preserving the discretion to impose liquidity fees for non-government money market funds (without regard to weekly liquid asset levels). These changes became effective on October 2, 2023.

Previously, the Prime Portfolio, Money Market Portfolio and Tax-Exempt Portfolio were permitted to impose a liquidity fee and/or redemption gate if the applicable Fund invested less than 30% of its total assets in weekly liquid assets ("Prior Liquidity Fee and Redemption Gate Framework"). As "government money market funds," the Government Portfolio, Government Securities Portfolio, Treasury Portfolio and Treasury Securities Portfolio were exempt from the Prior Liquidity Fee and Redemption Gate Framework, but the Board of Trustees reserved its right to opt-in to the Prior Liquidity Fee and Redemption Gate Framework in the future after providing appropriate notice to shareholders. Effective October 2, 2023, the Funds are no longer permitted to temporarily impose a redemption gate, except as part of its liquidation, and each Fund may subject redemptions to a liquidity fee of up to 2% without regard to the Fund's level of weekly liquid assets if the Fund's Board of Trustees believes such fee to be in the best interest of the Fund and its shareholders ("Current Liquidity Fee Framework"). 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 optin to the Current Liquidity Fee Framework in the future after providing appropriate notice to shareholders.

The SEC adopted changes to the rules that governs 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. As of the date of this report, the Adviser is evaluating the potential impact of these regulatory changes and expects to update the investors in the future as the regulatory compliance deadline approaches.

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


63

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics; and (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser") determines that the price is not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. 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 Fund's repurchase agreements are subject to Master Repurchase Agreements which are agreements between the Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with the Trust, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

3.  Fair Value Measurement: 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 pay to transfer a liability in an orderly transaction between market partcipants 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


64

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements (cont'd)

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.

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

The following is a summary of the inputs used to value each Fund's investments as of April 30, 2024:

Money Market Portfolio

Investment Type

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

Assets:

  
Certificates of
Deposit		  

$

—

    

$

192,003

    

$

—

    

$

192,003

    

Commercial Paper

    

—

      

494,903

      

—

      

494,903

    

Corporate Bonds

    

—

      

91,443

      

—

      

91,443

    

Floating Rate Notes

    

—

      

215,000

      

—

      

215,000

    
Repurchase
Agreements		    

—

      

1,086,000

      

—

      

1,086,000

    

Time Deposits

    

—

      

205,000

      

—

      

205,000

    

Total Assets

  

$

—

    

$

2,284,349

    

$

—

    

$

2,284,349

    

Prime Portfolio

Investment Type

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

Assets:

  
Certificates of
Deposit		  

$

—

    

$

1,696,977

    

$

—

    

$

1,696,977

    

Commercial Paper

    

—

      

3,128,121

      

—

      

3,128,121

    

Corporate Bonds

    

—

      

82,071

      

—

      

82,071

    

Floating Rate Notes

    

—

      

1,270,445

      

—

      

1,270,445

    
Repurchase
Agreements		    

—

      

6,706,000

      

—

      

6,706,000

    

Time Deposits

    

—

      

1,466,000

      

—

      

1,466,000

    

Total Assets

  

$

—

    

$

14,349,614

    

$

—

    

$

14,349,614

    

Government Portfolio

Investment Type

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

Assets:

  
Repurchase
Agreements		  

$

—

    

$

98,243,409

    

$

—

    

$

98,243,409

    
U.S. Agency
Securities		    

—

      

18,439,410

      

—

      

18,439,410

    
U.S. Treasury
Securities		    

—

      

24,102,985

      

—

      

24,102,985

    

Total Assets

  

$

—

    

$

140,785,804

    

$

—

    

$

140,785,804

    

Government Securities Portfolio

Investment Type

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

Assets:

  
Repurchase
Agreement		  

$

—

    

$

3,224,000

    

$

—

    

$

3,224,000

    
U.S. Agency
Securities		    

—

      

905,965

      

—

      

905,965

    
U.S. Treasury
Securities		    

—

      

1,368,137

      

—

      

1,368,137

    

Total Assets

  

$

—

    

$

5,498,102

    

$

—

    

$

5,498,102

    

Treasury Portfolio

Investment Type

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

Assets:

  
Repurchase
Agreements		  

$

—

    

$

20,604,000

    

$

—

    

$

20,604,000

    
U.S. Treasury
Securities		    

—

      

6,904,184

      

—

      

6,904,184

    

Total Assets

  

$

—

    

$

27,508,184

    

$

—

    

$

27,508,184

    


65

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements (cont'd)

Treasury Securities Portfolio

Investment Type

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

Assets:

  
U.S. Treasury
Securities		  

$

—

    

$

51,914,154

    

$

—

    

$

51,914,154

    

Total Assets

  

$

—

    

$

51,914,154

    

$

—

    

$

51,914,154

    

Tax-Exempt Portfolio

Investment Type

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

Assets:

  
Weekly Variable
Rate Bonds		  

$

—

    

$

242,455

    

$

—

    

$

242,455

    

Commercial Paper

    

—

      

56,036

      

—

      

56,036

    
Daily Variable
Rate Bonds		    

—

      

51,500

      

—

      

51,500

    
Municipal Bonds &
Notes		    

—

      

32,198

      

—

      

32,198

    
Closed-End
Investment
Companies		    

—

      

20,000

      

—

      

20,000

    
Quarterly Variable
Rate Bond		    

—

      

6,250

      

—

      

6,250

    

Total Assets

  

$

—

    

$

408,439

    

$

—

    

$

408,439

    

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 Fund 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.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Trust with advisory services under the terms of an Investment Advisory Agreement, paid monthly, at the annual rates of the average daily net assets indicated below:

Fund

  

Advisory Fees

  

Money Market

    

0.15

%

  

Prime

    

0.15

    

Government

    

0.15

    

Government Securities

    

0.15

    

Treasury

    

0.15

    

Treasury Securities

    

0.15

    

Tax-Exempt

    

0.15

    

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

   

Maximum Expense Ratios

  

Class

   Money
Market		  

Prime

  

Government

   Government
Securities		  

Wealth*/Institutional Class

    

0.20

%

    

0.20

%

    

0.20

%

    

0.20

%

  
Wealth S*/Institutional
Select Class		    

0.25

      

0.25

      

0.25

      

0.25

    

Investor Class

    

0.30

      

0.30

      

0.30

      

0.30

    

Administrative Class

    

0.35

      

0.35

      

0.35

      

0.35

    

Advisory Class

    

0.45

      

0.45

      

0.45

      

0.45

    

Participant Class

    

0.70

      

0.70

      

0.70

      

0.45

    

Cash Management Class

    

0.35

      

0.35

      

0.35

      

0.35

    

Select Class

    

1.00

      

—

      

1.00

      

—

    


66

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements (cont'd)

   

Maximum Expense Ratios

  

Class

   Money
Market		  

Prime

  

Government

   Government
Securities		  

CastleOak Shares Class

    

—

%

    

0.20

%

    

0.20

%

    

—

%

  

Impact Class

    

—

      

0.20

      

0.20

      

—

    

Impact Partner Class

    

0.20

+

    

0.20

+

    

0.20

+

    

—

    

Advisor Class

    

0.20

++

    

—

      

0.20

++

    

—

    
   

Maximum Expense Ratios

  

Class

  

Treasury

   Treasury
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

++

  

*  Class name change for Money Market and Tax-Exempt.

+  Commenced offering on March 5, 2024.

++  Commenced offering on March 27, 2024.

+++  Commenced offering on February 29, 2024.

The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Funds' prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratio of expenses to average net assets disclosed in the Funds' Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable a Fund to maintain a minimum level of daily net investment income. For the six months ended April 30, 2024, the Funds had advisory fees waived and/or certain expenses reimbursed as follows:

Fund

   Advisory Fees
Waived and/or
Reimbursed
(000)		  

Money Market

  

$

362

    

Prime

    

679

    

Government

    

32,782

    

Government Securities

    

344

    

Treasury

    

865

    

Treasury Securities

    

1,203

    

Tax-Exempt

    

237

    

The Adviser agreed to reimburse the Fund for prior years overpayment of transfer agency fees. This was reflected as "Reimbursement of Transfer Agency Fees" in the Statement of Operations.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services

pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.05% of each Fund's aver-age daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Trust.

The Administrator has agreed to reduce its administration fees to enable a Fund to maintain a minimum level of daily net investment income.

For the six months ended April 30, 2024, the Fund had administration fees waived as follows:

Fund

   Administration
Fees Waived
(000)		  

Tax-Exempt

  

$

2

    

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 and Administrative Class shares pursuant to which each class of shares will pay the Distributor a monthly fee at an annual rate of up to 0.05%, 0.10% and 0.15%, of the average daily net assets of each such class of shares, respectively, to compensate certain financial intermediaries who provide administrative services to shareholders.

The Trust has also entered into a Service and Shareholder Administration Plan with respect to its Advisory Class shares pursuant to which its Advisory Class shares pays the Distributor a monthly fee at an annual rate of up to 0.25% of the average daily net assets of such class of shares, to compensate certain financial intermediaries who provide administrative services, personal and account maintenance services to shareholders.

The Trust has also entered into a Distribution Plan with respect to its Participant Class, Cash Management Class and Select Class shares pursuant to which each class of shares will pay the Distributor a monthly distribution fee at an annual rate of up to 0.25%, 0.10% and 0.55% of the average daily net assets of such class of shares, respectively, to compensate certain service organizations for providing distribution related services to the Trust. The Distributor has agreed to waive for at least one year the distribution fee on the Participant Class of the Government Securities Portfolio to the extent it exceeds 0.10% of the average daily net assets on an annualized basis. For the


67

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements (cont'd)

six months ended April 30, 2024, this waiver amounted to approximately $3,192,000.

The Trust has also entered into a Shareholder Services Plan with respect to its Participant Class, Cash Management Class and Select Class shares pursuant to which each class of shares will pay the Distributor a monthly service fee at an annual rate of up to 0.25%, 0.05% and 0.25% of the average daily net assets of each such class of shares, respectively, to compensate service organizations for providing administrative services to shareholders. The Distributor has agreed to waive for at least one year the shareholder service fee on the Participant Class of the Government Securities Portfolio to the extent it exceeds 0.15% of the average daily net assets on an annualized basis. For the six months ended April 30, 2024, this waiver amounted to approximately $2,128,000.

The Distributor has agreed to reduce its distribution fees to enable a Fund to maintain a minimum level of daily net investment income for any class of shares in a Fund. This arrangement had no effect for the six months ended April 30, 2024.

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 to 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, 2023 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 2023 and 2022 was as follows:

    2023
Distributions
Paid From:		   2022
Distributions
Paid From:		  

Fund

   Ordinary
Income
(000)		   Tax-
Exempt
Income
(000)		   Ordinary
Income
(000)		   Tax-
Exempt
Income
(000)		  

Money Market

  

$

98,853

    

$

—

    

$

35,366

    

$

—

    

Prime

    

819,957

      

—

      

147,519

      

—

    

Government

    

6,877,575

      

—

      

1,362,663

      

—

    

Government Securities

    

255,531

      

—

      

66,898

      

—

    

Treasury

    

1,440,599

      

—

      

321,802

      

—

    

Treasury Securities

    

1,940,703

      

—

      

389,237

      

—

    

Tax-Exempt

    

282

      

13,400

      

31

      

2,172

    

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, 2023.

At October 31, 2023, the components of distributable earnings for the Fund on a tax basis were as follows:

Fund

   Undistributed
Ordinary
Income
(000)		   Tax-
Exempt
Income
(000)		   Undistributed
Long-term
Capital Gain
(000)		  

Money Market

  

$

36

    

$

—

    

$

—

    

Prime

    

20,683

      

—

      

—

    

Government

    

312,593

      

—

      

—

    

Government Securities

    

2,283

      

—

      

—

    

Treasury

    

64,178

      

—

      

—

    

Treasury Securities

    

50,902

      

—

      

—

    

Tax-Exempt

    

—

      

35

      

—

    


68

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Notes to Financial Statements (cont'd)

At October 31, 2023, the following Funds had available for federal income tax purposes unused short-term and/or long-term capital losses that do not have an expiration date:

Fund

   Short-term
Losses
(No Expiration)
(000)		   Long-term
Losses
(No Expiration)
(000)		  

Money Market

  

$

1,121

    

$

—

    

Prime

    

16,287

      

—

    

Government

    

32,998

      

249

    

Government Securities

    

1,867

      

—

    

Treasury

    

7,364

      

—

    

Treasury Securities

    

10,600

      

7

    

Tax-Exempt

    

2

      

—

    

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Funds for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

During the year ended October 31, 2023, the following Funds utilized capital loss carryforwards for U.S. federal income tax purposes of approximately:

Fund

   Capital Loss
Carryforward
Utilized
(000)		  

Money Market

  

$

22

    

Prime

    

183

    

H. Transactions with Affiliates: The Funds are permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended April 30, 2024, the Funds did not engage in any cross-trade transactions.

The Trust has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the net asset value of the Funds.

I. Other: At April 30, 2024, certain Funds had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on these

Funds. These Funds and the aggregate percentage of such owners were as follows:

Fund

   Percentage of
Ownership		  

Money Market

    

100.0

%

  

Prime

    

57.3

    

Government

    

36.0

    

Government Securities

    

83.1

    

Treasury

    

76.7

    

Treasury Securities

    

78.3

    

Tax-Exempt

    

98.6

    

J. Market Risk: The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt the global economy and financial markets. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, 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 similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in 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 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 the 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 the 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 exacerbate preexisting risks to the Fund.


69

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Important Notices

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley makes these reports available on its public website, www.morganstanley.com/liquidity. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT and monthly holding for each money market fund on Form N-MFP. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may, however, obtain Form N-PORT filings (as well as the Form N-CSR, N-CSRS and N-MFP filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

The Board of Trustees believes that the voting of proxies on securities held by the Trust is an important element of the overall investment process. As such, the Trustees have delegated the responsibility to vote such proxies to the Adviser.

A copy of the Proxy Policy, as well as the Trust's most recent proxy voting record for the 12-month period ended June 30, as filed with the SEC, are available without charge on our web site at www.morganstanley.com/liquidity. The Trust's proxy voting record is also available without charge on the SEC's web site at www.sec.gov.

Householding Notice

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

Tailored Shareholder Reports

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Morgan Stanley Funds.


70

2024 Semi-Annual Report

April 30, 2024 (unaudited)

U.S. Customer Privacy Notice  February 2024

FACTS

  

WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?

  

Why?

  

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

  

What?

   The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◼ Social Security number and income
◼ investment experience and risk tolerance
◼ checking account number and wire transfer instructions		  

How?

  

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

  

 

Reasons we can share your personal information

  

Does MSIM share?

  

Can you limit this sharing?

  
For our everyday business purposes —
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		  

Yes

  

No

  
For our marketing purposes —
to offer our products and services to you		  

Yes

  

No

  

For joint marketing with other financial companies

  

No

  

We don't share

  
For our affiliates' everyday business purposes —
information about your transactions and experiences		  

Yes

  

No*

  
For our affiliates' everyday business purposes —
information about your creditworthiness		  

Yes

  

Yes*

  

For our affiliates to market to you

  

Yes

  

Yes*

  

For non-affiliates to market to you

  

No

  

We don't share

  


71

2024 Semi-Annual Report

April 30, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd)  February 2024

To limit our sharing  Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.

Questions?  Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

  

Who is providing this notice?

   Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (See Affiliates definition below.)  

What we do

  

How does MSIM protect my personal information?

  

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.

  

How does MSIM collect my personal information?

   We collect your personal information, for example, when you
◼ open an account or make deposits or withdrawals from your account
◼ buy securities from us or make a wire transfer
◼ give us your contact information
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.		  

Why can't I limit all sharing?

   Federal law gives you the right to limit only
◼ sharing for affiliates' everyday business purposes — information about your creditworthiness
◼ affiliates from using your information to market to you
◼ sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)		  

What happens when I limit sharing for an account I hold jointly with someone else?

  

Your choices will apply to everyone on your account.

  


72

2024 Semi-Annual Report

April 30, 2024 (unaudited)

U.S. Customer Privacy Notice (cont'd)  February 2024

Definitions

  

Affiliates

   Companies related by common ownership or control. They can be financial and non-financial companies.
◼ Our affiliates include registered investment advisers such as Eaton Vance Management and Calvert Research and Management, registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc., and registered and unregistered funds sponsored by Morgan Stanley Investment Management such as the registered funds within Morgan Stanley Institutional Fund, Inc. (together, the "Investment Management Affiliates"); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Barney LLC and Morgan Stanley & Co. (the, "Morgan Stanley Affiliates").		  

Non-affiliates

   Companies not related by common ownership or control. They can be financial and non-financial companies.
◼ MSIM does not share with non-affiliates so they can market to you.		  

Joint marketing

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

Other important information

  

* Please Note: MSIM does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does MSIM enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent MSIM from sharing your creditworthiness information with the Investment management Affiliates and will prevent the investment Management Affiliates from marketing their products to you.

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

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


73

2024 Semi-Annual Report

April 30, 2024 (unaudited)

Trustees and Officers Information

Trustees

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

Officers

Deidre A. Downes
Chief Compliance Officer

John H. Gernon
President and Principal Executive Officer

Michael J. Key
Vice President

Mary E. Mullin
Secretary and Chief Legal Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Adviser and Administrator

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
1585 Broadway
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
333 W 11th Street
Kansas City, Missouri 64105

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
1585 Broadway
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Congress Street
Boston, Massachusetts 02114

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Morgan, Lewis & Bockius LLP
One State Street
Hartford, Connecticut 06103

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116


74

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
1585 Broadway
New York, New York 10036

© 2024 Morgan Stanley. Morgan Stanley Distribution, Inc.

MSILFSAN
6643966 EXP 06.30.25

 

Item 2. Code of Ethics.

 

Not applicable for semiannual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semiannual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semiannual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semiannual reports.

 

Item 6.

 

(a) Refer to Item 1.

 

(b) Not applicable.

 

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

 

Not applicable.

 

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

 

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

 

Item 9. Closed-End Fund Repurchases

 

Applicable to reports filed by closed-end funds.

 

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

 

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

 

Item 11. Controls and Procedures

 

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

 

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

 

 

 

 

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

 

Not Applicable

 

Item 13. Exhibits

 

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

 

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

 

(c) Section 906 Certification

 

 

 

 

SIGNATURES

 

 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Morgan Stanley Institutional Liquidity Funds

 

/s/ John H. Gernon  
John H. Gernon  
Principal Executive Officer  
June 20, 2024  

 

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

 

/s/ John H. Gernon  
John H. Gernon  
Principal Executive Officer  
June 20, 2024  
   
/s/ Francis J. Smith  
Francis J. Smith  
Principal Financial Officer  
June 20, 2024