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)

John H. Gernon

1585 Broadway, New York, New York 10036

(Name and Address of Agent for Services)

(212) 762-1886

(Registrant’s Telephone Number)

October 31,

Date of Fiscal Year End

April 30, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

TABLE OF CONTENTS

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Administrative - MGOXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Advisor - MALXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Advisory - MAYXX

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

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

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Impact - IMPXX

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

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Institutional - MVRXX

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

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Investor - MVVXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Participant - MPCXX

Morgan Stanley Institutional Liquidity Funds - Government Portfolio Select - MSDXX

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Advisory - MAVXX

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

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

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Impact - IMTXX

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

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Institutional - MPFXX

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

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

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

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

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

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

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Administrative - MTTXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Advisor - MATXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Advisory - MAOXX

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

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Institutional - MISXX

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

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Investor - MTNXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Participant - MTCXX

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio Select - MSTXX

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

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

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

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

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

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

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

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

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

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

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

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Administrative Class MGOXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$15	0.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

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

Householding

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MGOXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Advisor Class MALXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$8	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MALXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Advisory Class MAYXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisory Class	$20	0.40%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAYXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Cash Management Class MSGXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$15	0.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSGXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

CastleOak Shares Class COSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CastleOak Shares Class	$8	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

COSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Impact Class IMPXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Class	$8	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IMPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Impact Partner Class IPGXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Partner Class	$8	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IPGXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Institutional Class MVRXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$8	0.15%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MVRXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Institutional Select Class MGSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Select Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MGSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Investor Class MVVXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$13	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MVVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Participant Class MPCXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Participant Class	$33	0.65%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MPCXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Select Class MSDXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Select Class	$48	0.95%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$172,560,497,806
# of Portfolio Holdings	249

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	43.5%
91-120 Days	3.3%
61-90 Days	9.2%
31-60 Days	3.6%
1-30 Days	40.4%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	13.7%
U.S. Treasury Securities	37.0%
Repurchase Agreements	49.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSDXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Administrative Class MGAXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MGAXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Advisory Class MVAXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisory Class	$23	0.45%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MVAXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Cash Management Class MCHXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MCHXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Institutional Class MUIXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MUIXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Institutional Select Class MSVXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Select Class	$13	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Investor Class MVIXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$15	0.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MVIXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Government Securities Portfolio

Participant Class MGPXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Participant Class	$23	0.45%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$4,962,465,978
# of Portfolio Holdings	119

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	28.9%
91-120 Days	2.1%
61-90 Days	5.9%
31-60 Days	13.3%
1-30 Days	49.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Agency Securities	27.6%
U.S. Treasury Securities	72.4%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MGPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Advisor Class MAPXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$9	0.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Advisory Class MBDXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisory Class	$21	0.42%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MBDXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Cash Management Class MLKXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$16	0.32%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MLKXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Impact Partner Class IPFXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Partner Class	$9	0.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IPFXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Participant Class MEPXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Participant Class	$34	0.67%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MEPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Select Class MSKXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Select Class	$49	0.97%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSKXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Wealth Class MWMXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Wealth Class	$9	0.17%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MWMXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio

Wealth S Class MWSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Wealth S Class	$11	0.22%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$3,420,032,710
# of Portfolio Holdings	149

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	30.8%
91-120 Days	4.0%
61-90 Days	3.5%
31-60 Days	9.6%
1-30 Days	52.1%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	2.0%
Certificates of Deposit	2.1%
Corporate Bonds	6.5%
Floating Rate Notes	15.6%
Commercial Paper	18.7%
Repurchase Agreements	55.1%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MWSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Advisory Class MAVXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Prime Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisory Class	$23	0.45%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Cash Management Class MSPXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSPXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

CastleOak Shares Class CASXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CastleOak Shares Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

CASXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Impact Class IMTXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IMTXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Impact Partner Class IPYXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Partner Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IPYXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Institutional Class MPFXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MPFXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Prime Portfolio

Institutional Select Class MPEXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Select Class	$13	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$12,190,969,240
# of Portfolio Holdings	157

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	27.0%
91-120 Days	2.7%
61-90 Days	5.5%
31-60 Days	9.9%
1-30 Days	54.9%

Asset Allocation (% of total investments)

Value	Value
Time Deposits	1.9%
Certificates of Deposit	1.9%
Corporate Bonds	3.2%
Floating Rate Notes	15.9%
Commercial Paper	23.3%
Repurchase Agreements	53.8%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MPEXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Advisor Class MAXXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$501,457,040
# of Portfolio Holdings	83

What did the Fund invest in?

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

Summary by State (% of total Investments)

Value	Value
Other^{Footnote Reference*}	26.4%
New Jersey	3.4%
Pennsylvania	3.9%
Alabama	4.5%
Utah	4.7%
Florida	5.0%
Indiana	7.0%
Ohio	8.1%
Massachusetts	10.1%
New York	12.6%
Texas	14.3%

Footnote	Description
Footnote^*	States less than 3% each

Asset Allocation (% of total investments)

Value	Value
Floating Rate Notes	0.7%
Quarterly Variable Rate Bond	1.2%
Semi-Annual Variable Rate Bond	2.5%
Closed-End Investment Companies	4.0%
Municipal Bonds & Notes	9.4%
Commercial Paper	14.6%
Daily Variable Rate Bonds	17.4%
Weekly Variable Rate Bonds	50.2%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Cash Management Class TECXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$17	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$501,457,040
# of Portfolio Holdings	83

What did the Fund invest in?

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

Summary by State (% of total Investments)

Value	Value
Other^{Footnote Reference*}	26.4%
New Jersey	3.4%
Pennsylvania	3.9%
Alabama	4.5%
Utah	4.7%
Florida	5.0%
Indiana	7.0%
Ohio	8.1%
Massachusetts	10.1%
New York	12.6%
Texas	14.3%

Footnote	Description
Footnote^*	States less than 3% each

Asset Allocation (% of total investments)

Value	Value
Floating Rate Notes	0.7%
Quarterly Variable Rate Bond	1.2%
Semi-Annual Variable Rate Bond	2.5%
Closed-End Investment Companies	4.0%
Municipal Bonds & Notes	9.4%
Commercial Paper	14.6%
Daily Variable Rate Bonds	17.4%
Weekly Variable Rate Bonds	50.2%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

TECXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Select Class TSXXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Select Class	$50	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$501,457,040
# of Portfolio Holdings	83

What did the Fund invest in?

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

Summary by State (% of total Investments)

Value	Value
Other^{Footnote Reference*}	26.4%
New Jersey	3.4%
Pennsylvania	3.9%
Alabama	4.5%
Utah	4.7%
Florida	5.0%
Indiana	7.0%
Ohio	8.1%
Massachusetts	10.1%
New York	12.6%
Texas	14.3%

Footnote	Description
Footnote^*	States less than 3% each

Asset Allocation (% of total investments)

Value	Value
Floating Rate Notes	0.7%
Quarterly Variable Rate Bond	1.2%
Semi-Annual Variable Rate Bond	2.5%
Closed-End Investment Companies	4.0%
Municipal Bonds & Notes	9.4%
Commercial Paper	14.6%
Daily Variable Rate Bonds	17.4%
Weekly Variable Rate Bonds	50.2%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

TSXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Wealth Class TEWXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Wealth Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$501,457,040
# of Portfolio Holdings	83

What did the Fund invest in?

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

Summary by State (% of total Investments)

Value	Value
Other^{Footnote Reference*}	26.4%
New Jersey	3.4%
Pennsylvania	3.9%
Alabama	4.5%
Utah	4.7%
Florida	5.0%
Indiana	7.0%
Ohio	8.1%
Massachusetts	10.1%
New York	12.6%
Texas	14.3%

Footnote	Description
Footnote^*	States less than 3% each

Asset Allocation (% of total investments)

Value	Value
Floating Rate Notes	0.7%
Quarterly Variable Rate Bond	1.2%
Semi-Annual Variable Rate Bond	2.5%
Closed-End Investment Companies	4.0%
Municipal Bonds & Notes	9.4%
Commercial Paper	14.6%
Daily Variable Rate Bonds	17.4%
Weekly Variable Rate Bonds	50.2%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

TEWXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Tax-Exempt Portfolio

Wealth S Class TWSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Wealth S Class	$12	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$501,457,040
# of Portfolio Holdings	83

What did the Fund invest in?

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

Summary by State (% of total Investments)

Value	Value
Other^{Footnote Reference*}	26.4%
New Jersey	3.4%
Pennsylvania	3.9%
Alabama	4.5%
Utah	4.7%
Florida	5.0%
Indiana	7.0%
Ohio	8.1%
Massachusetts	10.1%
New York	12.6%
Texas	14.3%

Footnote	Description
Footnote^*	States less than 3% each

Asset Allocation (% of total investments)

Value	Value
Floating Rate Notes	0.7%
Quarterly Variable Rate Bond	1.2%
Semi-Annual Variable Rate Bond	2.5%
Closed-End Investment Companies	4.0%
Municipal Bonds & Notes	9.4%
Commercial Paper	14.6%
Daily Variable Rate Bonds	17.4%
Weekly Variable Rate Bonds	50.2%

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

TWSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Administrative Class MTTXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MTTXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Advisor Class MATXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MATXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Advisory Class MAOXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisory Class	$23	0.45%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAOXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Cash Management Class MREXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MREXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Institutional Class MISXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MISXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Institutional Select Class MTSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Select Class	$13	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MTSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Investor Class MTNXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$15	0.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MTNXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Participant Class MTCXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Participant Class	$35	0.70%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MTCXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio

Select Class MSTXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Select Class	$50	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$33,902,365,361
# of Portfolio Holdings	102

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	34.0%
91-120 Days	1.1%
61-90 Days	10.6%
31-60 Days	2.5%
1-30 Days	51.8%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	42.9%
Repurchase Agreements	57.1%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSTXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Administrative Class MAMXX

Semi-Annual Shareholder Report April 30, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/institutional-liquidity. You can also request this information by contacting us at 1-888-378-1630.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Administrative Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAMXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Advisor Class MAZXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MAZXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Advisory Class MVYXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisory Class	$23	0.45%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MVYXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Cash Management Class MHSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Cash Management Class	$18	0.35%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MHSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Impact Class IMXXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IMXXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Impact Partner Class IPUXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Impact Partner Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

IPUXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Institutional Class MSUXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$10	0.20%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSUXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Institutional Select Class MSSXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Select Class	$13	0.25%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSSXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Investor Class MNVXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$15	0.30%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MNVXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Participant Class MPRXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Participant Class	$35	0.70%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MPRXX -TSR-SAR

Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio

Select Class MSEXX

Semi-Annual Shareholder Report April 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Select Class	$50	1.00%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$54,461,995,071
# of Portfolio Holdings	64

What did the Fund invest in?

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

Maturity Schedule (% of total investments)

Value	Value
121+ Days	23.6%
91-120 Days	0.3%
61-90 Days	6.9%
31-60 Days	19.1%
1-30 Days	50.1%

Asset Allocation (% of total investments)

Value	Value
U.S. Treasury Securities	100.0%

Additional Information

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-888-378-1630 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2025

MSEXX -TSR-SAR

(b) Not applicable.

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(a)

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

(b)

Not applicable.

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

Morgan Stanley Institutional Liquidity Funds

Money Market Portfolio

Prime Portfolio

Government Portfolio

Government Securities Portfolio

Treasury Portfolio

Treasury Securities Portfolio

Tax-Exempt Portfolio

Semi-Annual Financial Statements and Additional Information

April 30, 2025

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Items 6 and 7 of Form N-CSR:
Portfolio of Investments:
Money Market Portfolio					2
Prime Portfolio					7
Government Portfolio					12
Government Securities Portfolio					20
Treasury Portfolio					22
Treasury Securities Portfolio					26
Tax-Exempt Portfolio					27
Statements of Assets and Liabilities					31
Statements of Operations					37
Statements of Changes in Net Assets					39
Financial Highlights					46
Notes to Financial Statements					61
Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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

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

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

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Money Market Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (2.1%)
Domestic Bank (0.8%)
Citibank NA
4.48%, 2/25/26	$	25,000	$	25,000
International Banks (1.3%)
Banco Santander SA,
4.51%, 7/8/25		20,000		20,000
4.69%, 6/4/25		15,000		15,000
Toronto-Dominion Bank
5.50%, 5/9/25		10,000		10,000
				45,000
Total Certificates of Deposit (Cost $70,000)				70,000
Commercial Paper (a) (18.1%)
Asset-Backed Diversified Financial Services (3.8%)
Atlantic Asset Securitization LLC,
4.61%, 6/18/25		15,000		14,910
4.62%, 6/17/25		3,000		2,982
Cabot Trail Funding LLC
4.58%, 7/1/25		5,000		4,962
Equitable Short Term Funding LLC
4.45%, 9/15/25		35,000		34,421
LMA Americas LLC,
4.61%, 6/13/25 - 6/16/25		20,000		19,889
4.69%, 6/5/25		15,000		14,933
Paradelle Funding LLC
5.48%, 6/17/25		22,000		21,851
Podium Funding Trust,
4.50%, 7/15/25		5,000		4,954
4.61%, 6/5/25		10,000		9,956
				128,858
Automobile (2.1%)
Toyota Credit de Puerto Rico Corp.,
4.50%, 11/24/25		7,000		6,825
4.52%, 5/2/25		5,000		5,000
4.56%, 7/29/25		25,000		24,724
4.57%, 9/22/25		10,000		9,823
4.60%, 9/8/25		10,000		9,839
Toyota Finance Australia
4.72%, 5/13/25		15,000		14,977
				71,188
Automobiles Manufacturing (0.4%)
Volvo Treasury North America LP
4.40%, 5/7/25		15,200		15,189
Consumer, Non-Cyclical (1.3%)
LVMH Moet Hennessy Louis Vuitton,
4.38%, 9/5/25		35,000		34,471
4.61%, 6/16/25		10,000		9,943
				44,414

	Face Amount (000)		Value (000)
Domestic Banks (1.0%)
Bank of America Securities, Inc.,
4.57%, 12/5/25	$	15,000	$	14,603
4.65%, 11/13/25		20,000		19,517
				34,120
Finance (1.6%)
Citigroup Global Markets, Inc.,
4.51%, 12/12/25		20,000		19,461
4.65%, 6/4/25		35,000		34,850
				54,311
Insurance (0.5%)
Northwestern Mutual Short Term Fund
4.89%, 6/3/25		4,000		3,983
Pricoa Short Term Funding LLC,
4.47%, 8/28/25		10,000		9,855
4.66%, 5/12/25		5,000		4,993
				18,831
International Banks (7.4%)
Australia & New Zealand Banking Group Ltd.,
4.25%, 3/13/26		8,000		7,714
4.50%, 10/27/25		15,000		14,679
Barclays Bank U.K. PLC
4.35%, 5/1/25		30,000		30,000
BPCE SA
4.61%, 6/16/25		15,000		14,914
DNB Bank ASA,
4.27%, 3/20/26		5,000		4,817
4.34%, 3/16/26		10,000		9,631
5.49%, 5/23/25		10,000		9,968
DZ Bank AG Deutsche Zentral-Genossenschaftsbank
4.40%, 9/5/25		15,000		14,772
Macquarie Bank Ltd.
4.62%, 6/9/25		5,000		4,976
National Bank of Canada
4.59%, 6/12/25		10,250		10,196
Royal Bank of Canada,
4.50%, 10/21/25		10,000		9,793
4.55%, 11/6/25		15,000		14,657
5.52%, 5/28/25		5,000		4,980
Suncorp Bank Norfina Ltd.
4.38%, 3/23/26		10,000		9,620
Svenska Handelsbanken AB,
4.29%, 3/16/26		5,000		4,818
4.55%, 12/4/25		25,000		24,345
4.56%, 12/2/25		10,000		9,740
4.59%, 11/18/25		15,000		14,632
U.S. Collateralized Commercial Paper,
4.40%, 9/12/25 (b)		25,000		24,600
4.52%, 7/7/25 (b)		5,000		4,959
Westpac Banking Corp.
4.33%, 3/13/26		10,000		9,636
				253,447
Total Commercial Paper (Cost $620,358)				620,358

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (6.3%)
Automobile (0.3%)
Toyota Motor Corp.
1.34%, 3/25/26	$	11,000	$	10,715
Automobiles Manufacturing (0.0%)‡
Mercedes-Benz Finance North America LLC
3.30%, 5/19/25 (b)		1,142		1,141
Consumer, Non-Cyclical (0.3%)
Colgate-Palmolive Co.
4.80%, 3/2/26		2,000		2,009
GlaxoSmithKline Capital, Inc.
3.63%, 5/15/25		1,643		1,642
Nestle Holdings, Inc.
0.63%, 1/15/26 (b)		1,103		1,075
PepsiCo, Inc.
4.55%, 2/13/26		5,244		5,252
				9,978
Domestic Banks (0.7%)
Wells Fargo Bank NA,
4.81%, 1/15/26		8,000		8,021
5.55%, 8/1/25		17,293		17,331
				25,352
Industrials (0.2%)
Siemens Financieringsmaatschappij
1.20%, 3/11/26 (b)		6,985		6,806
Insurance (2.5%)
Equitable Financial Life Global Funding
1.40%, 7/7/25 (b)		5,058		5,029
MassMutual Global Funding II,
3.40%, 3/8/26 (b)		10,021		9,933
4.15%, 8/26/25 (b)		2,250		2,247
4.50%, 4/10/26 (b)		1,350		1,352
Met Tower Global Funding
3.70%, 6/13/25 (b)		12,859		12,843
Metropolitan Life Global Funding I,
0.95%, 7/2/25 (b)		19,042		18,916
5.00%, 1/6/26 (b)		6,924		6,946
New York Life Global Funding,
0.85%, 1/15/26 (b)		4,900		4,781
0.95%, 6/24/25 (b)		6,500		6,459
3.60%, 8/5/25 (b)		6,000		5,985
Northwestern Mutual Global Funding,
0.80%, 1/14/26 (b)		8,114		7,906
4.70%, 4/6/26 (b)		1,100		1,104
				83,501
International Banks (2.3%)
Australia & New Zealand Banking Group Ltd.
5.09%, 12/8/25		6,000		6,018
Banque Federative du Credit Mutuel SA
4.52%, 7/13/25 (b)		14,375		14,372

	Face Amount (000)		Value (000)
Cooperatieve Rabobank UA
5.50%, 7/18/25	$	4,955	$	4,965
National Australia Bank Ltd.
5.20%, 5/13/25		5,000		5,000
Nationwide Building Society,
3.90%, 7/21/25 (b)		6,905		6,895
4.58%, 8/28/25 (b)		3,000		2,966
Nordea Bank Abp
3.60%, 6/6/25 (b)		2,060		2,056
Skandinaviska Enskilda Banken AB,
0.85%, 9/2/25 (b)		11,648		11,505
3.70%, 6/9/25 (b)		21,720		21,692
Societe Generale SA
1.38%, 7/8/25 (b)		1,960		1,948
Svenska Handelsbanken AB
3.65%, 6/10/25 (b)		1,000		999
				78,416
Total Corporate Bonds (Cost $215,909)				215,909
Floating Rate Notes (c) (15.1%)
Asset-Backed Diversified Financial Services (8.5%)
Chariot Funding LLC,
SOFR + 0.45%, 4.81%, 12/11/25 (b)		15,000		15,000
SOFR + 0.47%, 4.83%, 12/15/25 - 12/16/25 (b)		85,000		85,000
Fairway Finance Co. LLC,
4.66%, 10/28/25 (b)		10,000		10,000
Old Line Funding LLC,
4.56%, 9/12/25 - 9/16/25 (b)		50,000		50,000
4.60%, 8/4/25 (b)		20,000		20,000
SOFR + 0.30%, 4.66%, 6/23/25 (b)		20,000		20,000
Paradelle Funding LLC,
4.63%, 11/21/25		10,000		10,000
Thunder Bay Funding LLC,
4.56%, 9/16/25 (b)		11,000		11,000
4.60%, 8/4/25 (b)		25,000		25,000
4.61%, 8/4/25 (b)		35,000		35,000
4.71%, 11/6/25 (b)		10,000		10,000
				291,000
Automobile (0.4%)
Toyota Motor Credit Corp.,
SOFR + 0.35%, 4.71%, 12/9/25		15,000		15,000
Domestic Banks (2.1%)
Bank of America NA,
4.76%, 1/9/26		17,000		17,000
Bank of America Securities, Inc.,
4.75%, 11/14/25 - 12/2/25		45,000		45,000
ING U.S. Funding LLC,
4.70%, 12/18/25		10,000		10,000
				72,000
Finance (0.5%)
Citigroup Global Markets, Inc.,
SOFR + 0.39%, 4.75%, 11/24/25 (b)		18,000		18,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
International Banks (3.6%)
Bank of Montreal,
SOFR + 0.35%, 4.71%, 2/3/26	$	10,000	$	10,000
SOFR + 0.38%, 4.74%, 11/13/25 - 1/6/26 (b)		50,000		50,000
Macquarie Bank Ltd.,
4.57%, 8/13/25 (b)		15,000		15,000
4.58%, 9/17/25 (b)		5,000		5,000
4.59%, 7/25/25 (b)		5,000		5,000
Nordea Bank Abp,
SOFR + 0.96%, 5.36%, 6/6/25 (b)		1,200		1,201
Toronto-Dominion Bank,
4.81%, 4/23/26 (b)		20,000		20,000
UBS AG London,
4.60%, 10/3/25 (b)		15,000		15,000
				121,201
Total Floating Rate Notes (Cost $517,201)				517,201
Repurchase Agreements (53.3%)
ABN Amro Securities LLC, (4.48%, dated 4/30/25, due 5/1/25; proceeds $25,003; fully collateralized by various U.S. Government agency securities, 5.50% due 4/20/53 - 10/20/54, U.S. Government obligation, 3.38% due 11/15/48 and Corporate Bonds, 5.75% - 6.00% due 5/15/54; valued at $25,756)		25,000		25,000
Bank of America Securities, Inc., (4.83% (c), dated 9/24/24, due 9/29/25; proceeds $31,489; fully collateralized by various Common Stocks and Preferred Stocks (d); valued at $31,500) (Demand 5/1/25)		30,000		30,000
Bank of Nova Scotia, (4.45%, dated 4/30/25, due 5/1/25; proceeds $22,003; fully collateralized by various Common Stocks (d); valued at $23,100)		22,000		22,000
Bank of Nova Scotia, (4.44%, dated 4/30/25, due 5/1/25; proceeds $145,018; fully collateralized by various Corporate Bonds, 1.60% - 6.63% due 7/30/25 - 5/15/53; valued at $152,250)		145,000		145,000
Barclays Bank PLC, (4.41%, dated 4/30/25, due 5/1/25; proceeds $38,005; fully collateralized by various Corporate Bonds, 1.20% - 6.25% due 5/1/25 - 9/1/44; valued at $39,905)		38,000		38,000
Barclays Bank PLC, (4.41%, dated 4/30/25, due 5/1/25; proceeds $15,002; fully collateralized by various U.S. Government obligations, 0.38% - 2.13% due 7/15/25 - 2/15/48; valued at $15,302)		15,000		15,000
BNP Paribas Prime Brokerage, Inc., (4.45%, dated 4/30/25, due 5/1/25; proceeds $150,019; fully collateralized by various Common Stocks and Preferred Stocks (d); valued at $157,519)		150,000		150,000
BNP Paribas SA, (4.53%, dated 4/30/25, due 5/1/25; proceeds $20,003; fully collateralized by various Corporate Bonds, 2.83% - 12.00% due 6/26/26 - 6/4/81; valued at $21,177)		20,000		20,000

	Face Amount (000)		Value (000)
BNP Paribas SA, (Interest in $550,000 joint repurchase agreement, 4.38%, dated 4/30/25 under which BNP Paribas SA, will repurchase the securities provided as collateral for $550,067 on 5/1/25. 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 4/20/65; valued at $566,166)	$	200,000	$	200,000
Credit Agricole Corporate and Investment Bank, (4.44% (c), dated 12/12/23, due 5/7/25; proceeds $25,516; fully collateralized by various Corporate Bonds, 1.13% - 9.02% due 6/12/25 - 6/15/54; valued at $25,200) (Demand 5/1/25)		24,000		24,000
Credit Agricole Corporate and Investment Bank, (4.44% (c), dated 11/7/23, due 5/7/25; proceeds $11,742; fully collateralized by various Corporate Bonds, 1.65% - 7.50% due 6/12/25 - 6/1/54; valued at $11,550) (Demand 5/1/25)		11,000		11,000
Credit Agricole Corporate and Investment Bank, (4.39%, dated 4/30/25, due 5/7/25; proceeds $57,049; fully collateralized by various U.S. Government agency securities, 4.50% - 7.50% due 10/20/52 - 1/20/55, U.S. Government obligations, 2.38% - 4.38% due 10/15/28 - 12/31/29 and Corporate Bonds, 3.20% - 6.09% due 11/21/25 - 7/15/51; valued at $59,098)		57,000		57,000
HSBC Securities USA, Inc., (4.43%, dated 4/30/25, due 5/1/25; proceeds $125,015; fully collateralized by various U.S. Government agency securities, 2.00% - 4.50% due 5/20/47 - 8/20/52 and Corporate Bonds, 1.09% - 6.90% due 12/9/26 - 12/31/79; valued at $131,266)		125,000		125,000
ING Financial Markets LLC, (4.41%, dated 4/30/25, due 5/1/25; proceeds $93,011; fully collateralized by various Common Stocks (d); valued at $97,650)		93,000		93,000
ING Financial Markets LLC, (4.40%, dated 4/30/25, due 5/1/25; proceeds $20,002; fully collateralized by various Corporate Bonds, 4.75% - 4.85% due 1/15/28 - 6/15/28; valued at $21,000)		20,000		20,000
JP Morgan Clearing Corp., (4.53% (c), dated 8/1/23, due 5/7/25; proceeds $75,681; fully collateralized by various Corporate Bonds, 3.63% - 12.25% due 10/15/25 - 3/15/38; valued at $74,480) (Demand 5/1/25)		70,000		70,000
JP Morgan Securities LLC, (4.78% (c), dated 12/17/24, due 12/17/25; proceeds $26,212; fully collateralized by various Corporate Bonds, 5.38% - 12.63% due 5/1/25 - 12/21/65; valued at $26,654) (Demand 5/1/25)		25,000		25,000
Mizuho Securities USA LLC, (4.47%, dated 4/30/25, due 5/1/25; proceeds $50,006; fully collateralized by various Common Stocks; valued at $52,500)		50,000		50,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
MUFG Securities Americas, Inc., (4.39%, dated 4/30/25, due 5/1/25; proceeds $40,005; fully collateralized by various Common Stocks (d); valued at $42,005)	$	40,000	$	40,000
MUFG Securities Americas, Inc., (4.39%, dated 4/30/25, due 5/1/25; proceeds $32,004; fully collateralized by various Common Stocks (d); valued at $33,604)		32,000		32,000
MUFG Securities Americas, Inc., (4.39%, dated 4/30/25, due 5/1/25; proceeds $20,002; fully collateralized by various Common Stocks (d); valued at $21,003)		20,000		20,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $21,003; fully collateralized by various Corporate Bonds, 1.23% - 6.50% due 4/28/27 - 5/1/55; valued at $22,053)		21,000		21,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $20,002; fully collateralized by various Corporate Bonds, 2.13% - 6.25% due 7/24/28 - 10/15/54 (d); valued at $21,003)		20,000		20,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $11,001; fully collateralized by various Corporate Bonds, 2.60% - 5.52`% due 1/13/28 - 6/15/35; valued at $11,759)		11,000		11,000
RBC Capital Markets LLC, (4.42%, dated 4/29/25, due 5/6/25; proceeds $140,120; fully collateralized by various Corporate Bonds, 1.13% - 6.25% due 5/11/25 - 4/5/54; valued at $147,000)		140,000		140,000
Societe Generale SA, (4.40%, dated 4/24/25, due 5/1/25; proceeds $115,098; fully collateralized by various Corporate Bonds, 1.05% - 7.38% due 6/14/25 - 11/24/84; valued at $120,853)		115,000		115,000
Societe Generale SA, (4.48%, dated 4/30/25, due 5/1/25; proceeds $52,006; fully collateralized by various Corporate Bonds, 2.89% - 13.00% due 1/15/26 - 11/15/66 (d); valued at $55,114)		52,000		52,000
TD Securities USA LLC, (4.40%, dated 4/30/25, due 5/1/25; proceeds $70,009; fully collateralized by various Corporate Bonds, 3.35% - 6.20% due 9/15/26 - 3/14/52; valued at $73,500)		70,000		70,000
TD Securities USA LLC, (4.43% (c), dated 3/27/24, due 5/7/25; proceeds $34,649; fully collateralized by various Corporate Bonds, 5.75% - 6.61% due 1/15/28 - 4/23/29; valued at $34,746) (Demand 5/1/25)		33,000		33,000
Wells Fargo Securities LLC, (4.62%, dated 3/17/25, due 6/16/25; proceeds $75,876; fully collateralized by various Corporate Bonds, 1.63% - 8.50% due 6/15/25 - 7/15/64; valued at $78,750)		75,000		75,000

	Face Amount (000)		Value (000)
Wells Fargo Securities LLC, (Interest in $3,400,000 joint repurchase agreement, 4.38%, dated 4/30/25 under which Wells Fargo Securities LLC, will repurchase the securities provided as collateral for $3,400,414 on 5/1/25. 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 4/20/55; valued at $3,502,000)	$	74,000	$	74,000
Total Repurchase Agreements (Cost $1,823,000)				1,823,000
Time Deposits (1.9%)
International Banks (1.9%)
Australia & New Zealand Banking Group Ltd.
4.33%, 5/1/25		1,000		1,000
Canadian Imperial Bank of Commerce
4.33%, 5/1/25		1,000		1,000
DNB Bank ASA (New York Branch)
4.32%, 5/1/25		1,000		1,000
Mizuho Bank Ltd.
4.33%, 5/1/25		1,000		1,000
National Bank of Canada (Montreal Branch)
4.33%, 5/1/25		61,000		61,000
Total Time Deposits (Cost $65,000)				65,000
Total Investments (96.8%) (Cost $3,311,468) (e)				3,311,468
Other Assets in Excess of Liabilities (3.2%)				108,565
Net Assets (100.0%)			$	3,420,033

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

(d) Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of April 30, 2025.

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

‡ Amount is less than 0.05%.

SOFR Secured Overnight Financing Rate.

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		55.1	%
Commercial Paper		18.7
Floating Rate Notes		15.6
Corporate Bonds		6.5
Other*		4.1
Total Investments		100.0	%

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

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Prime Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (1.8%)
International Banks (1.8%)
Banco Santander SA,
4.51%, 7/8/25	$	77,000	$	77,002
4.69%, 6/4/25		75,000		75,013
Toronto-Dominion Bank
5.50%, 5/9/25		70,000		70,016
Total Certificates of Deposit (Cost $222,000)				222,031
Commercial Paper (a) (21.9%)
Asset-Backed Diversified Financial Services (5.0%)
Atlantic Asset Securitization LLC,
4.62%, 6/17/25		12,000		11,929
4.69%, 6/6/25		20,000		19,909
Cabot Trail Funding LLC
4.58%, 7/1/25		95,000		94,277
Equitable Short Term Funding LLC
4.45%, 9/15/25		335,000		329,468
LMA Americas LLC,
4.61%, 6/13/25 - 6/16/25		70,000		69,612
4.63%, 6/23/25		10,000		9,934
4.69%, 6/5/25		60,000		59,736
Podium Funding Trust
4.50%, 7/15/25		15,000		14,860
				609,725
Automobile (2.1%)
Toyota Credit Canada, Inc.
4.38%, 12/15/25		50,000		48,675
Toyota Credit de Puerto Rico Corp.,
4.50%, 11/24/25		18,000		17,559
4.52%, 5/2/25		30,000		29,993
4.54%, 7/16/25		10,000		9,905
4.56%, 9/29/25		30,000		29,450
4.57%, 9/22/25		37,000		36,350
4.60%, 9/8/25		20,000		19,680
4.71%, 5/28/25		20,000		19,932
Toyota Finance Australia
4.72%, 5/13/25		50,000		49,921
				261,465
Chemicals (0.6%)
Air Liquide U.S. LLC
4.38%, 9/22/25		75,000		73,696
Consumer, Non-Cyclical (0.3%)
LVMH Moet Hennessy Louis Vuitton
4.61%, 6/16/25		40,000		39,773
Domestic Banks (2.1%)
Bank of America Securities, Inc.,
4.57%, 12/5/25		100,000		97,408
4.65%, 11/13/25		55,000		53,703
ING U.S. Funding LLC
4.58%, 6/20/25 - 6/23/25		100,000		99,360
				250,471

	Face Amount (000)		Value (000)
Finance (1.5%)
Citigroup Global Markets, Inc.,
4.51%, 12/12/25	$	30,000	$	29,201
4.65%, 6/4/25		150,000		149,362
				178,563
Insurance (1.2%)
Northwestern Mutual Short Term Fund
4.57%, 8/4/25		17,000		16,805
Pricoa Short Term Funding LLC,
4.47%, 8/28/25		40,000		39,417
4.61%, 6/13/25		50,000		49,732
4.66%, 5/12/25		45,000		44,935
				150,889
International Banks (9.1%)
Australia & New Zealand Banking Group Ltd.
4.25%, 3/13/26		27,000		26,068
Bank of Montreal
5.60%, 5/1/25		50,000		49,994
Barclays Bank U.K. PLC
4.35%, 5/1/25		70,000		69,992
BPCE SA
4.61%, 6/16/25		50,000		49,715
DNB Bank ASA,
4.27%, 3/20/26		45,000		43,369
4.34%, 3/16/26		40,000		38,566
5.49%, 5/23/25		20,000		19,945
DZ Bank AG Deutsche Zentral-Genossenschaftsbank
4.40%, 9/5/25		30,000		29,535
Macquarie Bank Ltd.
4.62%, 6/9/25		20,000		19,902
Royal Bank of Canada,
4.50%, 10/21/25		50,000		48,970
5.52%, 5/28/25		20,000		19,932
Suncorp Bank Norfina Ltd.,
4.38%, 3/23/26		40,000		38,526
4.63%, 6/10/25 (b)		25,500		25,374
4.71%, 5/5/25 - 6/2/25 (b)		104,000		103,658
Svenska Handelsbanken AB,
4.29%, 3/16/26		50,000		48,211
4.55%, 12/4/25		125,000		121,846
4.56%, 12/2/25		50,000		48,748
4.59%, 11/18/25		58,000		56,630
U.S. Collateralized Commercial Paper,
4.40%, 9/12/25 (b)		50,000		49,177
4.52%, 7/7/25 (b)		45,000		44,625
Westpac Banking Corp.,
0.00%, 3/12/26		60,000		57,881
4.33%, 3/13/26		100,000		96,458
				1,107,122
Total Commercial Paper (Cost $2,671,057)				2,671,704

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (3.1%)
Automobile (0.5%)
Toyota Motor Corp.
1.34%, 3/25/26	$	41,310	$	40,262
Toyota Motor Credit Corp.
3.65%, 8/18/25		20,000		19,955
				60,217
Consumer, Non-Cyclical (0.2%)
Nestle Holdings, Inc.
5.25%, 3/13/26 (b)		16,461		16,607
Domestic Banks (0.3%)
Citibank NA
5.44%, 4/30/26		6,391		6,455
Wells Fargo Bank NA
4.81%, 1/15/26		26,500		26,590
				33,045
Industrials (0.3%)
Siemens Financieringsmaatschappij
1.20%, 3/11/26 (b)		40,266		39,240
Insurance (1.0%)
Equitable Financial Life Global Funding
1.40%, 7/7/25 (b)		40,910		40,658
MassMutual Global Funding II,
3.40%, 3/8/26 (b)		11,776		11,677
4.15%, 8/26/25 (b)		2,140		2,137
4.50%, 4/10/26 (b)		16,520		16,550
Metropolitan Life Global Funding I,
0.95%, 7/2/25 (b)		13,442		13,357
4.05%, 8/25/25 (b)		2,132		2,128
New York Life Global Funding,
0.85%, 1/15/26 (b)		8,000		7,805
4.70%, 4/2/26 (b)		22,415		22,501
Northwestern Mutual Global Funding
0.80%, 1/14/26 (b)		4,309		4,205
				121,018
International Banks (0.8%)
Australia & New Zealand Banking Group Ltd.
5.00%, 3/18/26		20,775		20,924
Bank of New Zealand
4.39%, 3/3/26 (b)		8,925		8,688
Banque Federative du Credit Mutuel SA
4.52%, 7/13/25 (b)		5,010		5,004
Commonwealth Bank of Australia
5.32%, 3/13/26		10,456		10,560
Lloyds Bank PLC
3.50%, 5/14/25		2,723		2,722
Nordea Bank Abp
4.75%, 9/22/25 (b)		8,888		8,895
Skandinaviska Enskilda Banken AB,
0.85%, 9/2/25 (b)		1,000		989
1.40%, 11/19/25 (b)		19,300		18,974
3.70%, 6/9/25 (b)		6,765		6,756

	Face Amount (000)		Value (000)
Societe Generale SA
4.35%, 6/13/25 (b)	$	5,900	$	5,896
Svenska Handelsbanken AB
3.65%, 6/10/25 (b)		11,330		11,319
				100,727
Total Corporate Bonds (Cost $370,732)				370,854
Floating Rate Notes (c) (14.9%)
Asset-Backed Diversified Financial Services (7.1%)
Chariot Funding LLC,
SOFR + 0.45%, 4.81%, 12/11/25 (b)		60,000		60,015
SOFR + 0.47%, 4.83%, 12/15/25 (b)		140,000		140,047
Fairway Finance Co. LLC,
4.66%, 10/28/25 (b)		25,000		25,001
Old Line Funding LLC,
4.56%, 9/12/25 - 9/16/25 (b)		150,000		149,954
4.60%, 8/4/25 (b)		50,000		50,000
SOFR + 0.30%, 4.66%, 6/23/25 (b)		180,000		180,006
Paradelle Funding LLC,
4.63%, 11/21/25		25,000		24,993
Thunder Bay Funding LLC,
4.56%, 9/16/25 (b)		39,000		38,986
4.60%, 8/4/25 (b)		45,000		44,999
4.61%, 8/4/25 (b)		65,000		65,000
4.71%, 11/6/25 (b)		90,000		90,003
				869,004
Automobile (0.8%)
Toyota Motor Credit Corp.,
SOFR + 0.35%, 4.71%, 12/9/25		100,000		99,914
Automobiles Manufacturing (0.0%)‡
BMW U.S. Capital LLC,
SOFR + 0.62%, 5.03%, 8/11/25 (b)		4,833		4,834
Diversified Financial Services (0.2%)
CDP Financial, Inc.,
4.65%, 9/15/25 (b)		20,000		20,002
Domestic Banks (2.2%)
Bank of America NA,
4.76%, 1/9/26		80,000		80,007
Bank of America Securities, Inc.,
4.75%, 11/14/25 - 12/2/25		140,000		140,052
ING U.S. Funding LLC,
4.70%, 12/18/25		50,000		49,997
				270,056
International Banks (4.6%)
Bank of Montreal,
SOFR + 0.38%, 4.74%, 11/13/25 - 1/6/26 (b)		245,000		245,065
Macquarie Bank Ltd.,
4.57%, 8/13/25 (b)		35,000		34,997
4.58%, 9/17/25 (b)		40,000		39,991
4.59%, 7/25/25 (b)		20,000		20,001
SOFR + 0.25%, 4.61%, 6/2/25 (b)		40,000		40,004
Nordea Bank Abp,
SOFR + 0.96%, 5.36%, 6/6/25 (b)		2,250		2,252

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
International Banks (cont'd)
Svenska Handelsbanken AB,
SOFR + 0.91%, 5.23%, 6/10/25 (b)	$	5,000	$	5,003
Toronto-Dominion Bank,
4.81%, 4/23/26 (b)		80,000		80,024
UBS AG London,
4.60%, 10/3/25 (b)		50,000		49,985
4.61%, 10/14/25 (b)		15,000		14,995
Westpac Banking Corp.,
SOFR + 1.00%, 5.41%, 8/26/25		25,000		25,063
				557,380
Total Floating Rate Notes (Cost $1,821,159)				1,821,190
Repurchase Agreements (50.5%)
ABN Amro Securities LLC, (Interest in $550,000 joint repurchase agreement, 4.41%, dated 4/30/25 under which ABN Amro Securities LLC, will repurchase the securities provided as collateral for $550,067 on 5/1/25. 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 obligation with various maturities to 10/20/54; valued at $566,431)		410,000		410,000
ABN Amro Securities LLC, (4.48%, dated 4/30/25, due 5/1/25; proceeds $125,016; fully collateralized by various U.S. Government agency securities, 2.00% - 7.00% due 7/1/25 - 10/20/54, U.S. Government obligations, 1.25% - 4.75% due 3/31/28 - 5/15/54 and Corporate Bonds, 2.45% - 7.13% due 4/6/31 - 6/25/64; valued at $129,673)		125,000		125,000
Bank of America Securities, Inc., (4.83% (c), dated 9/24/24, due 9/29/25; proceeds $47,234; fully collateralized by various Common Stocks and Preferred Stocks; valued at $47,250) (Demand 5/1/25) (d)		45,000		45,000
Bank of Nova Scotia, (4.45%, dated 4/30/25, due 5/1/25; proceeds $128,016; fully collateralized by various Common Stocks; valued at $134,400) (d)		128,000		128,000
Bank of Nova Scotia, (4.44%, dated 4/30/25, due 5/1/25; proceeds $501,062; fully collateralized by various Corporate Bonds, 2.25% - 8.25% due 9/12/25 - 4/1/54; valued at $526,050)		501,000		501,000
Barclays Bank PLC, (4.41%, dated 4/30/25, due 5/1/25; proceeds $211,026; fully collateralized by various U.S. Government obligations, 0.00% - 4.38% due 8/31/28 - 2/15/50 and Corporate Bonds, 0.80% - 7.39% due 5/14/25 - 4/20/67; valued at $221,577)		211,000		211,000
Barclays Bank PLC, (4.41%, dated 4/30/25, due 5/1/25; proceeds $85,010; fully collateralized by various U.S. Government obligations, 0.13% - 3.25% due 7/15/25 - 2/15/55; valued at $86,711)		85,000		85,000

	Face Amount (000)		Value (000)
BMO Capital Markets Corp., (4.43%, dated 4/30/25, due 5/1/25; proceeds $6,001; fully collateralized by various U.S. Government agency security, 4.50% due 5/20/27 and Corporate Bonds, 0.75% - 9.50% due 6/1/25 - 2/15/53; valued at $6,293)	$	6,000	$	6,000
BNP Paribas Prime Brokerage, Inc., (4.45%, dated 4/30/25, due 5/1/25; proceeds $98,012; fully collateralized by various Common Stocks and Preferred Stocks; valued at $102,913) (d)		98,000		98,000
BNP Paribas SA, (4.54% (c), dated 6/29/22, due 5/7/25; proceeds $79,207; fully collateralized by various Corporate Bonds, 2.50% - 11.75% due 2/1/26 - 11/15/66; valued at $74,052) (Demand 5/1/25) (d)		70,000		70,000
BNP Paribas SA, (4.60% (c), dated 5/16/22, due 5/7/25; proceeds $518,197; fully collateralized by various Corporate Bonds, 2.75% - 13.50% due 5/11/25 - 6/4/81; valued at $482,122) (Demand 5/1/25) (d)		455,000		455,000
BNP Paribas SA, (4.53%, dated 4/30/25, due 5/1/25; proceeds $5,001; fully collateralized by various Corporate Bonds, 3.50% - 11.50% due 5/15/28 - 12/31/79; valued at $5,300) (d)		5,000		5,000
Credit Agricole Corporate and Investment Bank, (4.44% (c), dated 11/7/23, due 5/7/25; proceeds $95,004; fully collateralized by various Corporate Bonds, 0.75% - 9.02% due 7/7/25 - 5/1/54; valued at $93,450) (Demand 5/1/25) (d)		89,000		89,000
Credit Agricole Corporate and Investment Bank, (4.44% (c), dated 12/12/23, due 5/7/25; proceeds $187,114; fully collateralized by various Corporate Bonds, 1.09% - 7.75% due 6/12/25 - 6/11/55; valued at $184,953) (Demand 5/1/25)		176,000		176,000
Credit Agricole Corporate and Investment Bank, (4.45% (c), dated 1/18/23, due 5/7/25; proceeds $110,383; fully collateralized by various Corporate Bonds, 1.13% - 9.02% due 5/8/25 - 6/1/54; valued at $105,000) (Demand 5/1/25) (d)		100,000		100,000
Credit Agricole Corporate and Investment Bank, (4.39%, dated 4/30/25, due 5/7/25; proceeds $93,079; fully collateralized by various U.S. Government agency security, 3.50% due 5/20/51 and Corporate Bonds, 1.70% - 7.15% due 7/21/25 - 12/15/54; valued at $97,459)		93,000		93,000
HSBC Securities USA, Inc., (4.43%, dated 4/30/25, due 5/1/25; proceeds $125,015; fully collateralized by various Corporate Bonds, 1.35% - 6.65% due 3/15/27 - 11/15/55; valued at $131,267)		125,000		125,000
ING Financial Markets LLC, (4.41%, dated 4/30/25, due 5/1/25; proceeds $103,013; fully collateralized by various Common Stocks; valued at $108,150) (d)		103,000		103,000
ING Financial Markets LLC, (4.40%, dated 4/30/25, due 5/1/25; proceeds $30,004; fully collateralized by various Corporate Bonds, 2.50% - 5.70% due 4/15/26 - 1/15/33; valued at $31,501)		30,000		30,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
JP Morgan Clearing Corp., (4.53% (c), dated 7/31/23, due 5/7/25; proceeds $113,535; fully collateralized by various Corporate Bonds, 3.38% - 11.75% due 6/18/25 - 11/15/66; valued at $111,720) (Demand 5/1/25)	$	105,000	$	105,000
JP Morgan Securities LLC, (4.58% (c), dated 11/17/21, due 5/7/25; proceeds $214,820; fully collateralized by various Corporate Bonds, 0.50% - 5.75% due 12/15/25 - 6/1/54 and Common Stocks and Preferred Stocks; valued at $206,595) (Demand 5/1/25) (d)		185,000		185,000
JP Morgan Securities LLC, (4.78% (c), dated 1/5/23, due 7/29/25; proceeds $348,527; fully collateralized by various Corporate Bonds, 3.50% - 12.88% due 9/1/25 - 6/19/47; valued at $329,909) (Demand 5/1/25)		310,000		310,000
Mizuho Securities USA LLC, (4.47%, dated 4/30/25, due 5/1/25; proceeds $75,009; fully collateralized by various Common Stocks; valued at $78,750) (d)		75,000		75,000
MUFG Securities Americas, Inc., (4.39%, dated 4/30/25, due 5/1/25; proceeds $260,032; fully collateralized by various Common Stocks; valued at $273,033) (d)		260,000		260,000
MUFG Securities Americas, Inc., (4.39%, dated 4/30/25, due 5/1/25; proceeds $118,014; fully collateralized by various Common Stocks; valued at $123,915) (d)		118,000		118,000
MUFG Securities Americas, Inc., (4.39%, dated 4/30/25, due 5/1/25; proceeds $30,004; fully collateralized by various Common Stocks; valued at $31,504) (d)		30,000		30,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $79,010; fully collateralized by various Corporate Bonds, 1.23% - 7.95% due 6/30/25 - 12/31/79; valued at $82,960) (d)		79,000		79,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $80,010; fully collateralized by various Corporate Bonds, 1.95% - 6.45% due 10/21/27 - 7/5/54; valued at $84,010)		80,000		80,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $39,005; fully collateralized by various Corporate Bonds, 2.05% - 7.05% due 1/9/26 - 12/31/79; valued at $40,956) (d)		39,000		39,000
RBC Capital Markets LLC, (4.42%, dated 4/29/25, due 5/6/25; proceeds $558,480; fully collateralized by various Corporate Bonds, 0.55% - 10.20% due 5/28/25 - 10/1/66; valued at $585,901)		558,000		558,000
Societe Generale SA, (4.40%, dated 4/24/25, due 5/1/25; proceeds $385,329; fully collateralized by various Corporate Bonds, 1.05% - 8.75% due 6/14/25 - 12/31/79; valued at $404,596) (d)		385,000		385,000
Societe Generale SA, (4.48%, dated 4/30/25, due 5/1/25; proceeds $237,029; fully collateralized by various Corporate Bonds, 3.52% - 13.50% due 8/15/25 - 11/15/66; valued at $251,252) (d)		237,000		237,000

	Face Amount (000)		Value (000)
TD Securities USA LLC, (4.43% (c), dated 3/27/24, due 5/7/25; proceeds $227,841; fully collateralized by various Corporate Bonds, 1.36% - 9.70% due 6/8/25 - 5/15/67; valued at $227,851) (Demand 5/1/25)	$	217,000	$	217,000
TD Securities USA LLC, (4.40%, dated 4/30/25, due 5/1/25; proceeds $136,017; fully collateralized by various Corporate Bonds, 3.25% - 6.95% due 6/15/26 - 1/28/85; valued at $142,800)		136,000		136,000
Wells Fargo Securities LLC, (4.62%, dated 3/17/25, due 6/16/25; proceeds $160,857; fully collateralized by various Corporate Bonds, 1.38% - 9.40% due 5/13/25 - 10/24/67; valued at $166,951)		159,000		159,000
Wells Fargo Securities LLC, (Interest in $3,400,000 joint repurchase agreement, 4.38%, dated 4/30/25 under which Wells Fargo Securities LLC, will repurchase the securities provided as collateral for $3,400,414 on 5/1/25. 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 4/20/55; valued at $3,502,000)		330,000		330,000
Total Repurchase Agreements (Cost $6,158,000)				6,158,000
Time Deposits (1.7%)
International Banks (1.7%)
Australia & New Zealand Banking
4.33%, 5/1/25		1,000		1,000
Canadian Imperial Bank of Commerce
4.33%, 5/1/25		1,000		1,000
DNB Bank ASA (New York Branch)
4.32%, 5/1/25		1,000		1,000
Mizuho Bank Ltd.
4.33%, 5/1/25		1,000		1,000
National Bank of Canada (Montreal Branch)
4.33%, 5/1/25		201,000		201,000
Total Time Deposits (Cost $205,000)				205,000
Total Investments (93.9%) (Cost $11,447,948) (e)				11,448,779
Other Assets in Excess of Liabilities (6.1%)				742,190
Net Assets (100.0%)			$	12,190,969

(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.

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

(e) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,158,000 and the aggregate gross unrealized depreciation is approximately $327,000, resulting in net unrealized appreciation of approximately $831,000.

‡ Amount is less than 0.05%.

SOFR Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		53.8	%
Commercial Paper		23.3
Floating Rate Notes		15.9
Other*		7.0
Total Investments		100.0	%

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

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (48.1%)
Bank of America NA, (4.25%, dated 3/31/25, due 9/29/25; proceeds $459,669; fully collateralized by various U.S. Government agency securities, 2.00% - 3.50% due 11/1/40 - 8/1/51; valued at $463,500)	$	450,000	$	450,000
Bank of America NA, (4.25%, dated 4/16/25, due 10/15/25; proceeds $102,149; fully collateralized by various U.S. Government agency securities, 2.00% - 3.50% due 11/1/46 - 6/1/51; valued at $103,000)		100,000		100,000
Bank of America NA, (4.36%, dated 2/3/25, due 8/4/25; proceeds $255,511; fully collateralized by various U.S. Government agency securities, 2.00% - 3.50% due 8/1/40 - 5/1/49; valued at $257,500)		250,000		250,000
Bank of America NA, (4.34%, dated 2/28/25, due 8/29/25; proceeds $102,194; fully collateralized by various U.S. Government agency securities, 2.50% - 3.00% due 11/1/46 - 4/1/50; valued at $103,000)		100,000		100,000
Bank of America NA, (4.38%, dated 4/30/25, due 5/1/25; proceeds $550,067; fully collateralized by various U.S. Government agency securities, 2.50% - 3.50% due 12/1/41 - 10/1/51; valued at $566,500)		550,000		550,000
Bank of America NA, (4.40%, dated 1/13/25, due 7/15/25; proceeds $255,592; fully collateralized by various U.S. Government agency securities, 2.50% - 3.50% due 3/1/42 - 8/1/51; valued at $257,500)		250,000		250,000
Bank of America NA, (4.23%, dated 4/30/25, due 10/30/25; proceeds $408,601; fully collateralized by various U.S. Government agency securities, 2.50% - 3.50% due 6/1/42 - 10/1/51; valued at $412,000)		400,000		400,000
Bank of America NA, (4.25%, dated 4/10/25, due 10/9/25; proceeds $102,149; fully collateralized by various U.S. Government agency securities, 3.00% - 3.50% due 8/1/45 - 11/1/47; valued at $103,000)		100,000		100,000
Bank of America Securities, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $1,336,163; fully collateralized by various U.S. Government agency securities, 0.00% - 7.50% due 5/1/25 - 3/15/66; valued at $1,372,626)		1,336,000		1,336,000
Bank of America Securities, Inc., (4.41% (a), dated 4/14/25, due 10/14/25; proceeds $1,022,418; fully collateralized by various U.S. Government agency securities, 0.90% - 7.36% due 7/13/26 - 3/20/75; valued at $1,027,201) (Demand 5/7/25)		1,000,000		1,000,000
Bank of America Securities, Inc., (4.42% (a), dated 4/22/25, due 1/22/26; proceeds $1,033,764; fully collateralized by various U.S. Government agency securities, 2.50% - 8.00% due 9/30/25 - 2/20/75; valued at $1,029,993) (Demand 5/1/25)		1,000,000		1,000,000

	Face Amount (000)		Value (000)
Bank of America Securities, Inc., (4.28%, dated 1/16/25, due 7/16/25; proceeds $255,380; fully collateralized by various U.S. Government obligations, 0.00% - 4.50% due 3/31/26 - 11/15/46; valued at $255,000) (Demand 5/7/25)	$	250,000	$	250,000
Bank of America Securities, Inc., (4.26%, dated 2/5/25, due 8/4/25; proceeds $255,325; fully collateralized by various U.S. Government obligations, 0.00% - 5.00% due 6/17/25 - 8/15/39; valued at $255,000) (Demand 5/7/25)		250,000		250,000
Bank of Montreal, (4.35%, dated 3/20/25, due 5/8/25; proceeds $251,480; fully collateralized by various U.S. Government agency securities, 0.82% - 5.68% due 4/20/51 - 2/20/75; valued at $262,500) (Demand 5/7/25)		250,000		250,000
Bank of New York - Fixed Income Clearing Corp., (4.39%, dated 4/30/25, due 5/1/25; proceeds $2,000,244; fully collateralized by various U.S. Government agency securities, 1.50% - 8.00% due 5/1/27 - 4/1/55; valued at $2,040,000)		2,000,000		2,000,000
Bank of New York - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $2,000,243; fully collateralized by various U.S. Government obligations, 0.63% - 4.13% due 10/15/27 - 8/15/44; valued at $2,040,000)		2,000,000		2,000,000
Barclays Bank PLC, (4.44% (a), dated 12/2/24, due 5/7/25; proceeds $1,223,088; fully collateralized by various U.S. Government agency securities, 0.00% - 6.00% due 7/25/27 - 8/16/63; valued at $1,264,646) (Demand 5/1/25)		1,200,000		1,200,000
BMO Capital Markets Corp., (4.35%, dated 3/20/25, due 5/8/25; proceeds $502,960; fully collateralized by various U.S. Government agency securities, 0.00% - 10.00% due 1/25/26 - 11/20/74; valued at $525,000) (Demand 5/7/25)		500,000		500,000
BMO Capital Markets Corp., (4.43%, dated 4/30/25, due 5/1/25; proceeds $250,031; fully collateralized by various U.S. Government agency securities, 0.00% - 9.50% due 10/16/42 - 5/20/74; valued at $262,500)		250,000		250,000
BMO Capital Markets Corp., (4.33%, dated 3/20/25, due 5/8/25; proceeds $603,536; fully collateralized by various U.S. Government agency securities, 1.30% - 9.11% due 9/1/26 - 1/25/50, U.S. Government obligation, 0.00% due 7/10/25; valued at $617,961) (Demand 5/7/25)		600,000		600,000
BMO Capital Markets Corp., (4.39%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by various U.S. Government agency securities, 4.26% - 8.86% due 9/1/28 - 5/25/50; valued at $206,000)		200,000		200,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
BNP Paribas SA, (Interest in $550,000 joint repurchase agreement, 4.38%, dated 4/30/25 under which BNP Paribas SA, will repurchase the securities provided as collateral for $550,067 on 5/1/25. 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 4/20/65; valued at $566,166)	$	210,000	$	210,000
BNP Paribas SA, (4.53% (a), dated 3/23/21, due 6/30/25; proceeds $119,630; fully collateralized by various U.S. Government agency securities, 0.00% - 6.78% due 3/25/26 - 5/20/74; valued at $105,000) (Demand 5/1/25)		100,000		100,000
BNP Paribas SA, (4.53% (a), dated 4/8/20, due 6/4/25; proceeds $371,083; fully collateralized by various U.S. Government agency securities, 0.00% - 7.00% due 3/25/26 - 11/20/74, U.S. Government obligations, 0.00% - 0.13% due 7/31/25 - 10/15/25; valued at $314,224) (Demand 5/1/25)		300,000		300,000
BNP Paribas SA, (4.53% (a), dated 9/2/20, due 6/4/25; proceeds $121,845; fully collateralized by various U.S. Government agency securities, 0.00% - 7.32% due 7/25/26 - 10/20/74; valued at $104,455) (Demand 5/1/25)		100,000		100,000
BNP Paribas SA, (4.53% (a), dated 5/6/22, due 6/30/25; proceeds $457,934; fully collateralized by various U.S. Government agency securities, 0.00% - 9.00% due 12/25/26 - 12/20/74; valued at $417,517) (Demand 5/1/25)		400,000		400,000
BNP Paribas SA, (Interest in $1,100,000 joint repurchase agreement, 4.37%, dated 4/30/25 under which BNP Paribas SA, will repurchase the securities provided as collateral for $1,100,134 on 5/1/25. 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 8/15/54; valued at $1,122,000)		700,000		700,000
BNP Paribas SA, (4.46% (a), dated 2/10/25, due 2/10/26; proceeds $261,305; fully collateralized by various U.S. Government obligations, 0.00% - 4.00% due 5/15/25 - 11/15/53; valued at $255,000) (Demand 5/1/25)		250,000		250,000
BNP Paribas SA, (4.25%, dated 1/24/25, due 7/24/25; proceeds $1,532,052; fully collateralized by various U.S. Government obligations, 0.00% - 4.13% due 7/17/25 - 11/15/53; valued at $1,530,000) (Demand 5/7/25)		1,500,000		1,500,000

	Face Amount (000)		Value (000)
BNP Paribas SA, (4.46% (a), dated 2/5/25, due 2/5/26; proceeds $627,132; fully collateralized by various U.S. Government obligations, 0.00% - 4.44% due 10/31/25 - 11/15/45; valued at $612,000) (Demand 5/1/25)	$	600,000	$	600,000
BNP Paribas SA, (4.45% (a), dated 3/18/25, due 3/18/26; proceeds $888,350; fully collateralized by various U.S. Government obligations, 0.00% - 4.50% due 6/3/25 - 11/15/54; valued at $867,000) (Demand 5/1/25)		850,000		850,000
BNP Paribas SA, (4.46% (a), dated 2/21/25, due 2/20/26; proceeds $940,586; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 5/15/25 - 11/15/54; valued at $918,000) (Demand 5/1/25)		900,000		900,000
BNP Paribas SA, (4.46% (a), dated 2/13/25, due 2/13/26; proceeds $731,654; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 6/30/26 - 2/15/52; valued at $714,000) (Demand 5/1/25)		700,000		700,000
BNP Paribas SA, (4.14%, dated 4/23/25, due 10/23/25; proceeds $408,418; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 7/15/25 - 2/15/47; valued at $408,000) (Demand 5/7/25)		400,000		400,000
BNP Paribas SA, (4.48% (a), dated 5/13/24, due 5/13/25; proceeds $2,090,844; fully collateralized by various U.S. Government obligations, 0.00% - 4.75% due 5/13/25 - 11/15/54; valued at $2,040,000) (Demand 5/1/25)		2,000,000		2,000,000
BNP Paribas SA, (4.46% (a), dated 4/23/25, due 4/23/26; proceeds $888,437; fully collateralized by various U.S. Government obligations, 0.00% - 5.00% due 5/15/25 - 11/15/53; valued at $867,000) (Demand 5/1/25)		850,000		850,000
BNP Paribas SA, (4.27%, dated 2/28/25, due 8/12/25; proceeds $433,318; fully collateralized by various U.S. Government obligations, 0.00% - 5.50% due 5/15/25 - 11/15/54; valued at $433,500) (Demand 5/7/25)		425,000		425,000
BNP Paribas SA, (4.46% (a), dated 2/28/25, due 2/27/26; proceeds $444,166; fully collateralized by various U.S. Government obligations, 0.00% - 6.00% due 5/31/25 - 8/15/40; valued at $433,500) (Demand 5/1/25)		425,000		425,000
BNP Paribas SA, (4.37%, dated 4/30/25, due 5/1/25; proceeds $100,012; fully collateralized by various U.S. Government obligations, 0.88% - 3.50% due 9/30/26 - 9/30/29; valued at $102,000)		100,000		100,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
BNP Paribas Securities Corp. - Fixed Income Clearing Corp., (4.35%, dated 4/30/25, due 5/1/25; proceeds $100,012; fully collateralized by various U.S. Government obligations, 1.25% - 4.43% due 4/30/27 - 2/15/54; valued at $102,000)	$	100,000	$	100,000
BNP Paribas Securities Corp. - Fixed Income Clearing Corp., (4.37%, dated 4/30/25, due 5/1/25; proceeds $500,061; fully collateralized by various U.S. Government obligations, 3.13% - 4.63% due 7/31/29 - 2/15/35; valued at $510,000)		500,000		500,000
Canadian Imperial Bank of Commerce, (4.38%, dated 4/30/25, due 5/1/25; proceeds $300,037; fully collateralized by various U.S. Government agency securities, 2.00% - 7.00% due 4/1/35 - 9/1/61; valued at $309,000)		300,000		300,000
Canadian Imperial Bank of Commerce, (4.37%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by various U.S. Government obligations, 0.00% - 4.75% due 6/17/25 - 11/15/54; valued at $204,000)		200,000		200,000
Citibank NA, (4.37%, dated 4/29/25, due 5/6/25; proceeds $500,425; fully collateralized by various U.S. Government agency securities, 2.00% - 7.50% due 2/1/26 - 5/1/55; valued at $515,000)		500,000		500,000
Citigroup Global Markets, Inc., (4.51%, dated 11/22/24, due 5/22/25; proceeds $204,535; fully collateralized by various U.S. Government agency securities, 2.50% - 7.00% due 4/20/54 - 5/20/54; valued at $206,000)		200,000		200,000
Citigroup Global Markets, Inc., (4.34%, dated 1/16/25, due 7/16/25; proceeds $102,182; fully collateralized by various U.S. Government agency securities, 3.50% - 7.00% due 10/1/54 - 11/1/54; valued at $103,001)		100,000		100,000
Citigroup Global Markets, Inc., (4.39% (a), dated 4/17/25, due 10/17/25; proceeds $511,158; fully collateralized by various U.S. Government agency securities, 3.50% - 8.00% due 5/20/54 - 6/20/54; valued at $515,001) (Demand 5/1/25)		500,000		500,000
Citigroup Global Markets, Inc., (4.32%, dated 1/8/25, due 7/8/25; proceeds $204,344; fully collateralized by various U.S. Government agency securities, 4.00% - 7.50% due 10/1/54; valued at $206,001)		200,000		200,000
Citigroup Global Markets, Inc., (5.10%, dated 7/11/24, due 6/12/25; proceeds $523,800; fully collateralized by various U.S. Government agency securities, 4.50% - 6.50% due 10/1/54; valued at $515,001)		500,000		500,000

	Face Amount (000)		Value (000)
Citigroup Global Markets, Inc., (4.33%, dated 1/24/25, due 7/25/25; proceeds $204,378; fully collateralized by various U.S. Government agency securities, 4.50% - 7.00% due 10/1/54; valued at $206,001)	$	200,000	$	200,000
Citigroup Global Markets, Inc., (4.40%, dated 2/12/25, due 8/12/25; proceeds $204,424; fully collateralized by various U.S. Government agency securities, 4.50% - 7.50% due 10/1/54; valued at $206,001)		200,000		200,000
Citigroup Global Markets, Inc., (4.24%, dated 4/10/25, due 10/9/25; proceeds $102,144; fully collateralized by various U.S. Government agency securities, 5.00% - 6.50% due 10/1/54 - 11/1/54; valued at $103,001)		100,000		100,000
Citigroup Global Markets, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $250,030; fully collateralized by various U.S. Government agency securities, 5.00% - 8.00% due 7/20/54 - 8/20/54; valued at $257,501)		250,000		250,000
Citigroup Global Markets, Inc., (4.51%, dated 11/21/24, due 5/20/25; proceeds $102,255; fully collateralized by various U.S. Government agency securities, 5.50% - 7.00% due 5/20/54 - 7/15/54, U.S. Government obligation, 4.25% due 6/30/31; valued at $102,911)		100,000		100,000
Citigroup Global Markets, Inc., (4.51%, dated 11/12/24, due 5/12/25; proceeds $255,669; fully collateralized by various U.S. Government agency securities, 5.50% - 7.00% due 7/20/54 - 8/20/54; valued at $257,500)		250,000		250,000
Citigroup Global Markets, Inc., (4.51%, dated 11/13/24, due 5/13/25; proceeds $255,669; fully collateralized by various U.S. Government agency securities, 5.50% - 7.00% due 7/20/54 - 8/20/54; valued at $257,501)		250,000		250,000
Citigroup Global Markets, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $550,067; fully collateralized by various U.S. Government obligations, 0.25% - 4.63% due 6/15/25 - 2/15/55; valued at $561,000)		550,000		550,000
Citigroup Global Markets, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $1,000,122; fully collateralized by various U.S. Government obligations, 0.38% - 6.50% due 11/15/26 - 12/31/28; valued at $1,020,000)		1,000,000		1,000,000
Citigroup Global Markets, Inc., (4.36%, dated 4/29/25, due 5/6/25; proceeds $1,000,848; fully collateralized by various U.S. Government obligations, 0.50% - 4.25% due 8/31/27 - 12/31/28; valued at $1,020,000)		1,000,000		1,000,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Citigroup Global Markets, Inc., (4.37% (a), dated 2/10/25, due 6/10/25; proceeds $405,827; fully collateralized by various U.S. Government obligations, 0.75% - 4.75% due 8/15/44 - 2/15/45; valued at $408,001) (Demand 5/1/25)	$	400,000	$	400,000
Credit Agricole Corporate and Investment Bank, (4.37%, dated 4/30/25, due 5/1/25; proceeds $10,001; fully collateralized by a U.S. Government obligation, 3.75% due 4/15/28; valued at $10,200)		10,000		10,000
Credit Agricole Corporate and Investment Bank, (4.32%, dated 3/20/25, due 5/8/25; proceeds $100,588; fully collateralized by a U.S. Government obligation, 4.00% due 1/15/27; valued at $102,000) (Demand 5/7/25)		100,000		100,000
Credit Agricole Corporate and Investment Bank, (Interest in $300,000 joint repurchase agreement, 4.37%, dated 4/30/25 under which Credit Agricole Corporate and Investment Bank, will repurchase the securities provided as collateral for $300,036 on 5/1/25. 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 12/31/30; valued at $306,000)		300,000		300,000
Credit Agricole Corporate and Investment Bank, (4.32%, dated 3/20/25, due 5/8/25; proceeds $603,528; fully collateralized by various U.S. Government obligations, 1.38% - 5.00% due 10/31/25 - 11/15/31; valued at $612,000) (Demand 5/7/25)		600,000		600,000
Credit Agricole Securities (USA), Inc. - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $300,037; fully collateralized by a U.S. Government obligation, 3.63% due 8/31/29; valued at $306,000)		300,000		300,000
Daiwa Capital Markets America, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $1,250,152; fully collateralized by various U.S. Government agency securities, 1.50% - 7.83% due 10/1/27 - 5/1/55, U.S. Government obligations, 0.00% - 3.00% due 6/5/25 - 5/15/47; valued at $1,287,645)		1,250,000		1,250,000
Daiwa Capital Markets America, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $300,036; fully collateralized by various U.S. Government obligations, 0.13% - 4.88% due 11/30/25 - 2/15/48; valued at $306,037)		300,000		300,000
Deutsche Bank Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $250,030; fully collateralized by various U.S. Government obligations, 4.13% - 4.38% due 1/31/27 - 11/30/28; valued at $255,000)		250,000		250,000

	Face Amount (000)		Value (000)
Deutsche Bank Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $250,030; fully collateralized by various U.S. Government obligations, 4.25% - 4.38% due 11/30/28 - 11/15/34; valued at $255,000)	$	250,000	$	250,000
Goldman Sachs & Co. LLC, (4.37%, dated 4/30/25, due 5/1/25; proceeds $1,000,121; fully collateralized by various U.S. Government obligations, 1.25% - 3.88% due 12/31/27 - 5/15/41; valued at $1,020,000)		1,000,000		1,000,000
HSBC Securities USA, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $350,042; fully collateralized by various U.S. Government obligations, 0.00% - 5.25% due 11/30/27 - 8/15/54; valued at $357,043)		350,000		350,000
JP Morgan Securities LLC, (4.37%, dated 4/30/25, due 5/1/25; proceeds $300,036; fully collateralized by a U.S. Government obligation, 0.13% due 4/15/26; valued at $306,037)		300,000		300,000
JP Morgan Securities LLC, (4.36%, dated 4/30/25, due 5/1/25; proceeds $1,000,121; fully collateralized by a U.S. Government obligation, 2.13% due 4/15/29; valued at $1,020,124)		1,000,000		1,000,000
JP Morgan Securities LLC, (4.52% (a), dated 4/28/22, due 7/30/25; proceeds $344,786; fully collateralized by various U.S. Government agency securities, 0.00% - 6.00% due 10/25/29 - 7/16/64; valued at $316,183) (Demand 5/1/25)		300,000		300,000
JP Morgan Securities LLC, (4.52% (a), dated 5/23/22, due 7/30/25; proceeds $573,073; fully collateralized by various U.S. Government agency securities, 0.00% - 6.50% due 5/15/26 - 4/16/67; valued at $526,971) (Demand 5/1/25)		500,000		500,000
JP Morgan Securities LLC, (4.52% (a), dated 8/17/21, due 7/30/25; proceeds $1,328,824; fully collateralized by various U.S. Government agency securities, 0.00% - 6.50% due 7/25/28 - 12/16/66; valued at $1,185,685) (Demand 5/1/25)		1,125,000		1,125,000
JP Morgan Securities LLC, (4.38% (a), dated 3/13/25, due 5/7/25; proceeds $1,258,365; fully collateralized by various U.S. Government agency securities, 0.00% - 7.50% due 4/20/26 - 4/20/65; valued at $1,290,081) (Demand 5/1/25)		1,250,000		1,250,000
JP Morgan Securities LLC, (4.52% (a), dated 6/1/22, due 7/30/25; proceeds $572,508; fully collateralized by various U.S. Government agency securities, 0.00% - 8.80% due 10/25/27 - 6/16/65; valued at $526,971) (Demand 5/1/25)		500,000		500,000
JP Morgan Securities LLC, (4.37%, dated 4/30/25, due 5/1/25; proceeds $250,030; fully collateralized by various U.S. Government agency securities, 3.00% - 6.50% due 7/1/43 - 9/1/62; valued at $257,531)		250,000		250,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
JP Morgan Securities LLC, (4.37% (a), dated 3/6/25, due 5/7/25; proceeds $1,259,408; fully collateralized by various U.S. Government obligations, 0.13% - 2.00% due 10/15/25 - 1/15/26; valued at $1,279,633) (Demand 5/1/25)	$	1,250,000	$	1,250,000
JP Morgan Securities, Inc. - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $7,350,894; fully collateralized by various U.S. Government agency securities, 1.40% - 8.50% due 5/20/26 - 12/15/66; valued at $7,571,421)		7,350,000		7,350,000
Mizuho Securities USA LLC, (4.37%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by various U.S. Government obligations, 2.25% - 4.25% due 11/15/27 - 2/15/33; valued at $204,000)		200,000		200,000
MUFG Securities Americas, Inc., (4.43%, dated 4/30/25, due 5/1/25; proceeds $150,018; fully collateralized by various U.S. Government agency securities, 0.00% - 5.75% due 8/25/35 - 3/25/55; valued at $157,519)		150,000		150,000
MUFG Securities Americas, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by various U.S. Government agency securities, 1.04% - 6.50% due 12/20/25 - 11/20/54; valued at $205,347)		200,000		200,000
MUFG Securities Americas, Inc., (4.40%, dated 4/30/25, due 5/1/25; proceeds $70,009; fully collateralized by various U.S. Government agency securities, 1.50% - 7.50% due 1/20/37 - 5/15/60; valued at $72,109)		70,000		70,000
MUFG Securities Americas, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $555,067; fully collateralized by various U.S. Government obligations, 0.00% - 3.50% due 6/24/25 - 5/15/53; valued at $566,169)		555,000		555,000
MUFG Securities Canada Ltd., (4.38%, dated 4/30/25, due 5/1/25; proceeds $2,000,243; fully collateralized by various U.S. Government agency securities, 1.50% - 7.50% due 8/26/26 - 3/15/60, U.S. Government obligations, 0.00% - 4.63% due 5/15/25 - 11/15/54; valued at $2,055,207)		2,000,000		2,000,000
Natixis SA, (Interest in $1,900,000 joint repurchase agreement, 4.38%, dated 4/30/25 under which Natixis SA, will repurchase the securities provided as collateral for $1,900,231 on 5/1/25. 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 5/1/55; valued at $1,945,109)		1,900,000		1,900,000
Natixis SA, (4.41% (a), dated 12/8/21, due 5/7/25; proceeds $86,448; fully collateralized by various U.S. Government agency securities, 1.62% - 8.09% due 3/25/42 - 6/25/54; valued at $78,750) (Demand 5/1/25)		75,000		75,000

	Face Amount (000)		Value (000)
Natixis SA, (4.33%, dated 3/20/25, due 5/8/25; proceeds $2,011,787; fully collateralized by various U.S. Government agency securities, 2.00% - 7.50% due 2/1/37 - 5/1/55, U.S. Government obligations, 0.00% - 6.00% due 5/15/25 - 11/15/54; valued at $2,052,375) (Demand 5/7/25)	$	2,000,000	$	2,000,000
Natixis SA, (4.32%, dated 1/29/25, due 7/29/25; proceeds $204,344; fully collateralized by various U.S. Government agency securities, 2.15% - 7.00% due 7/13/40 - 5/1/55, U.S. Government obligations, 0.00% - 4.50% due 6/17/25 - 11/15/54; valued at $204,221)		200,000		200,000
Natixis SA, (4.23%, dated 4/25/25, due 10/24/25; proceeds $102,139; fully collateralized by various U.S. Government agency securities, 3.00% - 7.00% due 5/1/51 - 5/1/55, U.S. Government obligations, 0.00% - 4.13% due 5/31/25 - 8/15/40; valued at $102,050)		100,000		100,000
Natixis SA, (Interest in $1,800,000 joint repurchase agreement, 4.37%, dated 4/30/25 under which Natixis SA, will repurchase the securities provided as collateral for $1,800,219 on 5/1/25. 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 5/15/54; valued at $1,836,000)		700,000		700,000
NatWest Markets Securities, Inc., (4.37%, dated 4/29/25, due 5/6/25; proceeds $950,807; fully collateralized by various U.S. Government agency securities, 0.60% - 6.50% due 6/16/25 - 6/1/62; valued at $979,045)		950,000		950,000
NatWest Markets Securities, Inc., (4.33%, dated 4/24/25, due 5/1/25; proceeds $250,210; fully collateralized by various U.S. Government agency securities, 4.50% - 5.50% due 6/1/49 - 8/1/53; valued at $257,717)		250,000		250,000
NatWest Markets Securities, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $850,103; fully collateralized by various U.S. Government agency securities, 4.50% - 6.50% due 9/1/48 - 7/1/54; valued at $875,607)		850,000		850,000
NatWest Markets Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $300,036; fully collateralized by various U.S. Government obligations, 0.63% - 4.63% due 6/30/25 - 3/31/32; valued at $306,037)		300,000		300,000
NatWest Markets Securities, Inc., (4.35%, dated 4/29/25, due 5/6/25; proceeds $250,211; fully collateralized by various U.S. Government obligations, 1.50% - 4.63% due 3/15/26 - 7/31/31; valued at $255,216)		250,000		250,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Nomura Securities International, Inc., (4.38%, dated 4/30/25, due 5/1/25; proceeds $1,000,122; fully collateralized by various U.S. Government agency securities, 0.62% - 6.50% due 7/21/25 - 1/1/58, U.S. Government obligations, 0.00% - 4.88% due 8/15/25 - 11/15/46; valued at $1,020,418)	$	1,000,000	$	1,000,000
Norinchukin Bank (New York Branch), (4.33%, dated 4/24/25, due 5/1/25; proceeds $500,421; fully collateralized by various U.S. Government obligations, 3.63% - 3.88% due 8/15/33 - 2/15/53; valued at $510,000)		500,000		500,000
Northern Trust Co. - Fixed Income Clearing Corp., (4.36%, dated 4/30/25, due 5/1/25; proceeds $700,085; fully collateralized by various U.S. Government obligations, 0.63% - 4.38% due 7/31/26 - 9/30/26; valued at $714,000)		700,000		700,000
Northwestern Mutual Life Insurance Company, (4.39%, dated 4/30/25, due 5/1/25; proceeds $1,000,122; fully collateralized by various U.S. Government agency securities, 2.00% - 6.50% due 12/1/39 - 8/1/53; valued at $1,030,000)		1,000,000		1,000,000
Prudential Legacy Insurance Co. of New Jersey, (4.41%, dated 4/30/25, due 5/1/25; proceeds $705,276; fully collateralized by various U.S. Government obligations, 0.00% - 4.75% due 11/30/31 - 11/15/53; valued at $719,294)		705,190		705,190
RBC Dominion Securities, (4.37%, dated 4/30/25, due 5/1/25; proceeds $100,012; fully collateralized by various U.S. Government obligations, 0.00% due 2/15/43 - 8/15/50; valued at $102,000)		100,000		100,000
Royal Bank of Canada, (4.18%, dated 3/6/25, due 9/30/25; proceeds $1,024,151; fully collateralized by various U.S. Government agency securities, 1.50% - 7.50% due 12/1/28 - 5/1/55; valued at $1,030,000) (Demand 5/7/25)		1,000,000		1,000,000
Royal Bank of Canada, (4.17%, dated 3/20/25, due 10/31/25; proceeds $513,031; fully collateralized by various U.S. Government agency securities, 1.69% - 7.00% due 7/1/28 - 4/1/55; valued at $515,000) (Demand 5/7/25)		500,000		500,000
Royal Bank of Canada, (4.20%, dated 3/13/25, due 9/30/25; proceeds $1,023,450; fully collateralized by various U.S. Government agency securities, 1.90% - 7.00% due 12/1/27 - 5/1/55; valued at $1,030,000) (Demand 5/7/25)		1,000,000		1,000,000
Royal Bank of Canada, (4.27%, dated 2/28/25, due 9/2/25; proceeds $1,022,062; fully collateralized by various U.S. Government agency securities, 2.00% - 5.00% due 8/1/50 - 5/1/53, U.S. Government obligations, 0.38% - 4.88% due 5/31/25 - 2/15/45; valued at $1,023,905) (Demand 5/7/25)		1,000,000		1,000,000

	Face Amount (000)		Value (000)
Royal Bank of Canada, (4.26%, dated 2/5/25, due 9/2/25; proceeds $1,024,732; fully collateralized by various U.S. Government agency securities, 2.00% - 6.50% due 5/1/42 - 7/1/54; valued at $1,030,000) (Demand 5/7/25)	$	1,000,000	$	1,000,000
Royal Bank of Canada, (4.28%, dated 2/25/25, due 9/2/25; proceeds $511,235; fully collateralized by various U.S. Government agency securities, 2.00% - 7.00% due 11/1/34 - 5/1/58; valued at $515,000) (Demand 5/7/25)		500,000		500,000
Royal Bank of Canada, (4.15%, dated 4/23/25, due 10/31/25; proceeds $511,009; fully collateralized by various U.S. Government agency securities, 2.00% - 7.00% due 7/1/32 - 3/1/63; valued at $515,000) (Demand 5/7/25)		500,000		500,000
Royal Bank of Canada, (4.27%, dated 2/4/25, due 7/31/25; proceeds $1,020,994; fully collateralized by various U.S. Government obligations, 1.13% - 6.88% due 8/15/25 - 2/15/55; valued at $1,020,000) (Demand 5/7/25)		1,000,000		1,000,000
Royal Bank of Canada, (4.29%, dated 2/24/25, due 9/2/25; proceeds $511,321; fully collateralized by various U.S. Government obligations, 3.75% - 4.88% due 4/30/26 - 12/31/28; valued at $510,000) (Demand 5/7/25)		500,000		500,000
Santander U.S. Capital Markets LLC, (4.43%, dated 4/30/25, due 5/1/25; proceeds $250,031; fully collateralized by various U.S. Government agency securities, 0.00% - 6.50% due 1/25/28 - 12/16/66; valued at $262,500)		250,000		250,000
Santander U.S. Capital Markets LLC, (4.38%, dated 4/30/25, due 5/1/25; proceeds $250,030; fully collateralized by various U.S. Government agency securities, 0.00% - 7.13% due 5/5/25 - 11/29/44, U.S. Government obligations, 0.13% - 4.42% due 12/31/25 - 3/31/30; valued at $255,000)		250,000		250,000
Santander U.S. Capital Markets LLC, (4.37%, dated 4/30/25, due 5/1/25; proceeds $300,036; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 7/8/25 - 10/31/31; valued at $306,000)		300,000		300,000
State Street Bank - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $1,000; fully collateralized by a U.S. Government obligation, 1.38% due 8/15/50; valued at $1,020)		1,000		1,000
State Street Bank - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $2,000,243; fully collateralized by various U.S. Government obligations, 1.13% - 4.75% due 1/31/32 - 2/15/55; valued at $2,040,000)		2,000,000		2,000,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Sumitomo Mitsui Banking Corp., (4.37%, dated 4/30/25, due 5/1/25; proceeds $140,017; fully collateralized by various U.S. Government obligations, 0.50% - 4.00% due 2/15/26 - 8/15/49; valued at $142,817)	$	140,000	$	140,000
TD Securities USA LLC, (4.39%, dated 4/30/25, due 5/1/25; proceeds $500,061; fully collateralized by various U.S. Government agency securities, 2.00% - 7.50% due 8/1/42 - 1/1/59; valued at $515,000)		500,000		500,000
TD Securities USA LLC, (4.38%, dated 4/30/25, due 5/1/25; proceeds $90,011; fully collateralized by various U.S. Government obligations, 0.88% - 4.13% due 9/30/26 - 8/31/28; valued at $91,800)		90,000		90,000
Teacher Retirement System of Texas, (4.46%, dated 5/1/25, due 5/2/25; proceeds $950,883; (b)		950,764		950,764
Teacher Retirement System of Texas, (4.44%, dated 4/30/25, due 5/1/25; proceeds $950,701; fully collateralized by various U.S. Government obligations, 1.38% - 4.75% due 11/15/40 - 11/15/53; valued at $969,596)		950,584		950,584
Wells Fargo Bank NA, (4.38%, dated 4/30/25, due 5/1/25; proceeds $800,097; fully collateralized by various U.S. Government agency securities, 2.00% - 6.50% due 2/1/29 - 6/1/56; valued at $824,000)		800,000		800,000
Wells Fargo Bank NA, (4.33%, dated 4/24/25, due 5/1/25; proceeds $1,000,842; fully collateralized by various U.S. Government agency securities, 2.00% - 7.00% due 1/1/27 - 6/1/56; valued at $1,030,000)		1,000,000		1,000,000
Wells Fargo Clearing Services LLC - Fixed Income Clearing Corp., (4.37%, dated 4/30/25, due 5/1/25; proceeds $1,000,121; fully collateralized by a U.S. Government obligation, 3.75% due 4/30/27; valued at $1,020,000)		1,000,000		1,000,000
Wells Fargo Clearing Services LLC - Fixed Income Clearing Corp., (4.37%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by a U.S. Government obligation, 3.75% due 4/30/27; valued at $204,000)		200,000		200,000
Wells Fargo Clearing Services LLC - Fixed Income Clearing Corp., (4.38%, dated 4/28/25, due 5/5/25; proceeds $1,001; fully collateralized by a U.S. Government obligation, 4.13% due 3/31/29; valued at $1,020)		1,000		1,000
Wells Fargo Clearing Services LLC - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/14/25; proceeds $100,170; fully collateralized by various U.S. Government obligations, 1.88% - 4.75% due 2/15/41 - 5/15/54; valued at $102,000)		100,000		100,000

	Face Amount (000)		Value (000)
Wells Fargo Securities LLC, (Interest in $3,400,000 joint repurchase agreement, 4.38%, dated 4/30/25 under which Wells Fargo Securities LLC, will repurchase the securities provided as collateral for $3,400,414 on 5/1/25. 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 4/20/55; valued at $3,502,000)	$	2,954,000	$	2,954,000
Total Repurchase Agreements (Cost $83,023,538)				83,023,538
U.S. Agency Securities (13.4%)
Federal Farm Credit Bank,
4.15%, 10/30/25 (c)		22,000		21,548
4.18%, 9/15/25 (c)		194,000		190,973
4.23%, 7/11/25 (c)		49,000		48,596
Federal Reserve Bank Prime Loan Rate - 3.01%, 4.40%, 11/24/26 (a)		96,000		96,000
SOFR + 0.08%, 4.44%, 4/9/27 (a)		289,000		288,947
Federal Reserve Bank Prime Loan Rate - 3.04%, 4.46%, 5/21/26 - 5/28/26 (a)		241,000		241,000
SOFR + 0.13%, 4.49%, 4/29/27 - 5/5/27 (a)(b)		390,000		390,000
SOFR + 0.14%, 4.50%, 9/9/26 - 11/4/26 (a)		710,000		710,000
Federal Reserve Bank Prime Loan Rate - 2.99%, 4.51%, 6/18/26 - 10/2/26 (a)		147,000		147,000
SOFR + 0.15%, 4.51%, 11/13/26 - 12/4/26 (a)		979,000		979,000
SOFR + 0.16%, 4.52%, 5/2/25 - 11/14/25 (a)		459,015		459,015
SOFR + 0.17%, 4.53%, 1/9/26 (a)		711,000		711,000
5.04%, 6/26/25 (c)		47,000		46,649
5.13%, 5/9/25		23,695		23,695
5.13%, 5/29/25 (c)		47,000		46,821
Federal Home Loan Bank,
4.17%, 10/2/25 (c)		195,000		191,597
4.19%, 9/11/25 (c)		306,000		301,342
4.22%, 12/26/25 (c)		493,000		479,679
4.23%, 6/26/25 - 8/7/25 (c)		416,000		412,353
4.24%, 7/30/25 - 8/15/25 (c)		2,143,000		2,119,302
4.25%, 6/23/25 - 7/23/25 (c)		1,235,000		1,224,955
4.36%, 5/20/25 - 12/15/25 (a)		4,335,000		4,335,000
SOFR + 0.01%, 4.37%, 6/11/25 - 9/10/25 (a)		3,723,000		3,723,000
SOFR + 0.14%, 4.50%, 7/16/26 - 12/11/26 (a)		2,368,000		2,368,000
SOFR + 0.16%, 4.52%, 8/20/26 (a)		286,000		286,000
SOFR + 0.17%, 4.53%, 8/20/26 (a)		722,000		722,000
SOFR + 0.18%, 4.54%, 9/18/26 - 12/16/26 (a)		1,513,000		1,513,000
SOFR + 0.19%, 4.55%, 9/24/26 - 12/18/26 (a)		968,000		968,000
Tennessee Valley Authority,
0.75%, 5/15/25		65,314		65,205
Total U.S. Agency Securities (Cost $23,109,677)				23,109,677

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (36.0%)
U.S. Treasury Bill,
3.65%, 3/19/26 (d)	$	386,400	$	372,774
3.99%, 4/16/26 (d)		585,000		563,244
4.16%, 10/9/25 (d)		1,867,000		1,833,434
4.19%, 10/23/25 (d)		1,835,000		1,798,874
4.20%, 10/16/25 (d)		1,387,000		1,360,711
4.22%, 9/11/25 - 10/2/25 (d)		4,495,000		4,421,599
4.23%, 9/25/25 (d)		1,379,200		1,356,173
4.24%, 2/19/26 (d)		521,000		503,754
4.25%, 9/18/25 (d)		1,800,000		1,771,302
4.26%, 9/4/25 (d)		906,000		892,963
4.28%, 12/26/25 (d)		1,015,000		987,468
4.29%, 7/3/25 - 7/10/25 (d)		6,150,000		6,103,040
4.30%, 7/15/25 (d)		1,514,000		1,500,813
4.31%, 5/13/25 - 10/30/25 (b)(d)		2,243,650		2,215,175
4.32%, 7/1/25 (d)		3,085,000		3,063,053
4.39%, 11/28/25 (d)		373,000		363,840
4.42%, 5/8/25 (d)		1,151,000		1,150,045
4.46%, 6/5/25 (d)		769,000		765,781
4.47%, 5/22/25 (d)		1,132,000		1,129,153
4.49%, 5/1/25 - 5/29/25 (d)		5,697,000		5,684,530
4.70%, 5/15/25 (d)		2,914,000		2,908,883
5.16%, 6/12/25 (d)		798,000		793,426
U.S. Treasury Notes,
0.25%, 6/30/25 - 7/31/25		299,000		296,209
0.38%, 12/31/25 - 1/31/26		1,144,000		1,112,840
0.75%, 3/31/26		310,000		300,547
1.63%, 2/15/26		437,000		428,052
2.25%, 11/15/25		314,000		310,655
2.63%, 12/31/25		316,000		312,693
2.75%, 5/15/25		303,667		303,395
2.88%, 6/15/25		121,000		120,681
3.13%, 8/15/25		118,000		117,436
3.88%, 1/15/26		1,327,000		1,323,432
4.00%, 12/15/25		305,000		304,310
4.25%, 5/31/25 - 12/31/25		819,000		818,957
3 Month Treasury Money Market Yield + 0.10%, 4.37%, 1/31/27 (a)		2,862,000		2,862,304
3 Month Treasury Money Market Yield + 0.15%, 4.42%, 4/30/26 (a)		1,037,000		1,036,996
3 Month Treasury Money Market Yield + 0.16%, 4.43%, 4/30/27 (a)		1,076,000		1,076,022
3 Month Treasury Money Market Yield + 0.17%, 4.44%, 10/31/25 (a)		496,000		496,131
3 Month Treasury Money Market Yield + 0.18%, 4.45%, 7/31/26 (a)		2,979,850		2,977,721
3 Month Treasury Money Market Yield + 0.21%, 4.48%, 10/31/26 (a)		3,864,000		3,866,064
4.50%, 11/15/25		177,000		177,262

	Face Amount (000)		Value (000)
3 Month Treasury Money Market Yield + 0.25%, 4.52%, 1/31/26 (a)	$	635,000	$	635,236
4.63%, 2/28/26 - 3/15/26		788,000		790,313
4.88%, 11/30/25		429,000		430,306
5.00%, 9/30/25 - 10/31/25		517,000		518,509
Total U.S. Treasury Securities (Cost $62,156,106)				62,156,106
Total Investments (97.5%) (Cost $168,289,321) (e)(f)				168,289,321
Other Assets in Excess of Liabilities (2.5%)				4,271,177
Net Assets (100.0%)			$	172,560,498

(a) Floating or variable rate securities: The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

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

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

(d) Rate shown is the yield to maturity at April 30, 2025.

(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		49.3	%
U.S. Treasury Securities		37.0
U.S. Agency Securities		13.7
Total Investments		100.0	%

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Government Securities Portfolio

	Face Amount (000)		Value (000)
U.S. Agency Securities (27.5%)
Federal Farm Credit Bank,
4.15%, 10/30/25 (a)	$	2,000	$	1,959
4.18%, 9/15/25 (a)		5,000		4,922
4.23%, 7/11/25 (a)		1,000		992
4.25%, 5/7/25 (a)		145,000		144,898
Federal Reserve Bank Prime Loan Rate - 3.01%, 4.40%, 11/24/26 (b)		3,000		3,000
SOFR + 0.08%, 4.44%, 4/9/27 (b)		9,000		8,998
Federal Reserve Bank Prime Loan Rate - 3.04%, 4.46%, 5/21/26 - 5/28/26 (b)		7,000		7,000
SOFR + 0.13%, 4.49%, 4/29/27 - 5/5/27 (b)(c)		32,000		32,000
SOFR + 0.14%, 4.50%, 9/9/26 - 11/4/26 (b)		19,000		19,000
Federal Reserve Bank Prime Loan Rate - 2.99%, 4.51%, 10/2/26 (b)		2,000		2,000
SOFR + 0.15%, 4.51%, 11/13/26 - 12/4/26 (b)		17,000		17,000
SOFR + 0.16%, 4.52%, 5/2/25 - 11/14/25 (b)		15,960		15,960
SOFR + 0.17%, 4.53%, 1/9/26 (b)		25,000		25,000
5.04%, 6/26/25 (a)		2,000		1,985
5.13%, 5/9/25		1,000		1,000
5.13%, 5/29/25 (a)		2,000		1,992
Federal Home Loan Bank,
4.17%, 10/2/25 (a)		4,000		3,930
4.19%, 9/11/25 (a)		10,000		9,848
4.22%, 12/26/25 (a)		6,000		5,838
4.23%, 6/26/25 - 8/7/25 (a)		9,000		8,913
4.24%, 7/30/25 - 8/15/25 (a)		62,000		61,313
4.25%, 5/7/25 - 7/23/25 (a)		128,000		127,688
4.26%, 5/1/25 - 5/15/25 (a)		416,000		415,644
4.36%, 5/20/25 - 12/15/25 (b)		92,000		92,000
SOFR + 0.01%, 4.37%, 6/11/25 - 9/10/25 (b)		211,000		211,000
SOFR + 0.14%, 4.50%, 7/16/26 - 7/22/26 (b)		20,000		20,000
SOFR + 0.16%, 4.52%, 8/20/26 (b)		12,000		12,000
SOFR + 0.17%, 4.53%, 8/20/26 (b)		12,000		12,000
SOFR + 0.18%, 4.54%, 9/18/26 - 12/16/26 (b)		30,000		30,000
SOFR + 0.19%, 4.55%, 9/24/26 - 12/18/26 (b)		26,000		26,000
Tennessee Valley Authority,
0.75%, 5/15/25		43,067		43,007
Total U.S. Agency Securities (Cost $1,366,887)				1,366,887
U.S. Treasury Securities (72.1%)
U.S. Treasury Bill,
3.80%, 3/19/26 (d)		12,800		12,349
3.99%, 4/16/26 (d)		22,000		21,182
4.16%, 10/9/25 (d)		59,000		57,939
4.19%, 10/23/25 (d)		47,000		46,076
4.21%, 10/16/25 (d)		55,000		53,957
4.22%, 9/11/25 - 10/2/25 (d)		137,000		134,762
4.23%, 9/25/25 (d)		43,800		43,068
4.24%, 5/1/25 - 2/19/26 (d)		211,000		210,503
4.25%, 9/4/25 - 9/18/25 (d)		77,000		75,811
4.28%, 12/26/25 (d)		14,000		13,622
4.29%, 7/8/25 (d)		27,000		26,787
4.30%, 5/13/25 - 7/15/25 (d)		330,000		328,527
4.31%, 5/20/25 - 10/30/25 (c)(d)		650,590		647,984

	Face Amount (000)		Value (000)
4.32%, 5/27/25 - 7/1/25 (d)	$	663,000	$	660,396
4.33%, 6/5/25 (d)		242,000		241,001
4.34%, 5/8/25 (d)		193,000		192,840
4.39%, 11/28/25 (d)		10,000		9,755
4.47%, 5/22/25 (d)		36,000		35,910
4.49%, 5/29/25 (d)		52,000		51,825
4.70%, 5/15/25 (d)		96,000		95,829
5.16%, 6/12/25 (d)		27,000		26,845
U.S. Treasury Notes,
0.25%, 6/30/25 - 7/31/25		10,000		9,907
0.38%, 12/31/25 - 1/31/26		17,000		16,548
0.75%, 3/31/26		8,000		7,756
1.63%, 2/15/26		11,000		10,775
2.25%, 11/15/25		10,000		9,893
2.63%, 12/31/25		10,000		9,895
2.75%, 5/15/25		11,833		11,823
2.88%, 6/15/25		4,000		3,989
3.13%, 8/15/25		4,000		3,981
3.88%, 1/15/26		39,000		38,895
4.00%, 12/15/25		10,000		9,977
4.25%, 5/31/25 - 12/31/25		23,000		22,998
3 Month Treasury Money Market Yield + 0.10%, 4.37%, 1/31/27 (b)		76,000		76,009
3 Month Treasury Money Market Yield + 0.15%, 4.42%, 4/30/26 (b)		39,000		39,000
3 Month Treasury Money Market Yield + 0.16%, 4.43%, 4/30/27 (b)		29,000		29,001
3 Month Treasury Money Market Yield + 0.17%, 4.44%, 10/31/25 (b)		19,000		19,005
3 Month Treasury Money Market Yield + 0.18%, 4.45%, 7/31/26 (b)		100,000		99,925
3 Month Treasury Money Market Yield + 0.21%, 4.48%, 10/31/26 (b)		91,000		91,043
4.50%, 11/15/25		6,000		6,009
3 Month Treasury Money Market Yield + 0.25%, 4.52%, 1/31/26 (b)		28,000		28,013
4.63%, 2/28/26 - 3/15/26		18,000		18,052
4.88%, 11/30/25		11,000		11,034
5.00%, 9/30/25 - 10/31/25		17,000		17,050
Total U.S. Treasury Securities (Cost $3,577,546)				3,577,546
Total Investments (99.6%) (Cost $4,944,433) (e)(f)				4,944,433
Other Assets in Excess of Liabilities (0.4%)				18,033
Net Assets (100.0%)			$	4,962,466

2025 Semi-Annual Report

April 30, 2025 (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, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(d) Rate shown is the yield to maturity at April 30, 2025.

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

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

SOFR Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
U.S. Treasury Securities		72.4	%
U.S. Agency Securities		27.6
Total Investments		100.0	%

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Treasury Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (56.5%)
Bank of America Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $990,120; fully collateralized by various U.S. Government obligations, 0.00% - 4.13% due 2/15/29 - 5/15/53; valued at $1,009,800)	$	990,000	$	990,000
Bank of America Securities, Inc., (4.28%, dated 1/16/25, due 7/16/25; proceeds $255,380; fully collateralized by various U.S. Government obligations, 0.00% - 4.37% due 10/31/26 - 11/15/51; valued at $255,000) (Demand 5/7/25)		250,000		250,000
Bank of America Securities, Inc., (4.26%, dated 2/5/25, due 8/4/25; proceeds $255,325; fully collateralized by various U.S. Government obligations, 0.00% - 4.38% due 5/15/27 - 8/15/51; valued at $255,000) (Demand 5/7/25)		250,000		250,000
BNP Paribas SA, (Interest in $1,100,000 joint repurchase agreement, 4.37%, dated 4/30/25 under which BNP Paribas SA, will repurchase the securities provided as collateral for $1,100,134 on 5/1/25. 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 8/15/54; valued at $1,122,000)		400,000		400,000
BNP Paribas SA, (4.25%, dated 1/24/25, due 7/24/25; proceeds $510,684; fully collateralized by various U.S. Government obligations, 0.00% - 1.63% due 7/15/25 - 5/15/34; valued at $510,000) (Demand 5/7/25)		500,000		500,000
BNP Paribas SA, (4.45% (a), dated 3/18/25, due 3/18/26; proceeds $156,768; fully collateralized by various U.S. Government obligations, 0.00% - 3.63% due 6/24/25 - 11/15/52; valued at $153,000) (Demand 5/1/25)		150,000		150,000
BNP Paribas SA, (4.27%, dated 2/28/25, due 8/12/25; proceeds $76,468; fully collateralized by various U.S. Government obligations, 0.00% - 3.75% due 2/28/26 - 2/15/39; valued at $76,500) (Demand 5/7/25)		75,000		75,000
BNP Paribas SA, (4.46% (a), dated 2/10/25, due 2/10/26; proceeds $261,305; fully collateralized by various U.S. Government obligations, 0.00% - 3.88% due 1/15/26 - 11/15/45; valued at $255,000) (Demand 5/1/25)		250,000		250,000
BNP Paribas SA, (4.46% (a), dated 2/5/25, due 2/5/26; proceeds $156,783; fully collateralized by various U.S. Government obligations, 0.00% - 4.25% due 6/10/25 - 11/15/42; valued at $153,000) (Demand 5/1/25)		150,000		150,000

	Face Amount (000)		Value (000)
BNP Paribas SA, (4.46% (a), dated 2/28/25, due 2/27/26; proceeds $78,382; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 9/15/25 - 2/15/51; valued at $76,500) (Demand 5/1/25)	$	75,000	$	75,000
BNP Paribas SA, (4.46% (a), dated 2/13/25, due 2/13/26; proceeds $313,566; fully collateralized by various U.S. Government obligations, 0.00% - 4.88% due 6/3/25 - 2/15/54; valued at $306,000) (Demand 5/1/25)		300,000		300,000
BNP Paribas SA, (4.46% (a), dated 2/21/25, due 2/20/26; proceeds $104,510; fully collateralized by various U.S. Government obligations, 0.00% - 5.00% due 5/15/25 - 8/15/54; valued at $102,000) (Demand 5/1/25)		100,000		100,000
BNP Paribas SA, (4.46% (a), dated 4/23/25, due 4/23/26; proceeds $156,783; fully collateralized by various U.S. Government obligations, 0.25% - 4.00% due 8/31/25 - 2/28/30; valued at $153,000) (Demand 5/1/25)		150,000		150,000
BNP Paribas SA, (4.14%, dated 4/23/25, due 10/23/25; proceeds $102,105; fully collateralized by various U.S. Government obligations, 0.50% - 3.50% due 9/30/26 - 5/31/27; valued at $102,000) (Demand 5/7/25)		100,000		100,000
BNP Paribas Securities Corp. - Fixed Income Clearing Corp., (4.35%, dated 4/30/25, due 5/1/25; proceeds $400,048; fully collateralized by various U.S. Government obligations, 3.63% - 4.50% due 8/15/27 - 2/15/34; valued at $408,000)		400,000		400,000
Citigroup Global Markets, Inc., (4.41%, dated 12/5/24, due 6/3/25; proceeds $255,513; fully collateralized by various U.S. Government obligations, 0.00% - 4.00% due 6/24/25 - 4/30/32; valued at $255,000)		250,000		250,000
Citigroup Global Markets, Inc., (4.32%, dated 1/10/25, due 7/10/25; proceeds $102,172; fully collateralized by various U.S. Government obligations, 0.00% - 4.00% due 6/24/25 - 4/30/32; valued at $102,000)		100,000		100,000
Citigroup Global Markets, Inc., (4.32%, dated 1/24/25, due 7/25/25; proceeds $102,184; fully collateralized by various U.S. Government obligations, 0.00% - 4.00% due 6/24/25 - 4/30/32; valued at $102,000)		100,000		100,000
Citigroup Global Markets, Inc., (4.23%, dated 4/10/25, due 10/9/25; proceeds $102,139; fully collateralized by various U.S. Government obligations, 0.00% - 4.00% due 6/24/25 - 4/30/32; valued at $102,000)		100,000		100,000
Citigroup Global Markets, Inc., (4.50%, dated 11/21/24, due 5/20/25; proceeds $102,250; fully collateralized by various U.S. Government obligations, 0.50% - 4.13% due 8/31/27 - 11/15/27; valued at $102,000)		100,000		100,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Citigroup Global Markets, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $1,500,182; fully collateralized by various U.S. Government obligations, 0.50% - 5.25% due 10/15/27 - 12/31/28; valued at $1,530,000)	$	1,500,000	$	1,500,000
Citigroup Global Markets, Inc., (4.50%, dated 11/13/24, due 5/13/25; proceeds $102,263; fully collateralized by various U.S. Government obligations, 0.63% - 6.63% due 2/15/27 - 4/15/27; valued at $102,000)		100,000		100,000
Citigroup Global Markets, Inc., (4.37% (a), dated 2/10/25, due 6/10/25; proceeds $202,913; fully collateralized by various U.S. Government obligations, 0.75% - 4.75% due 8/15/44 - 2/15/45; valued at $204,000) (Demand 5/1/25)		200,000		200,000
Citigroup Global Markets, Inc., (4.38% (a), dated 4/17/25, due 10/17/25; proceeds $511,133; fully collateralized by various U.S. Government obligations, 1.13% - 6.75% due 6/15/26 - 12/31/28; valued at $510,000) (Demand 5/1/25)		500,000		500,000
Citigroup Global Markets, Inc., (4.50%, dated 11/22/24, due 5/22/25; proceeds $255,656; fully collateralized by various U.S. Government obligations, 1.38% - 6.75% due 8/15/26 - 12/31/28; valued at $255,000)		250,000		250,000
Credit Agricole Corporate and Investment Bank, (4.32%, dated 3/20/25, due 5/8/25; proceeds $201,176; fully collateralized by a U.S. Government obligation, 4.13% due 3/31/32; valued at $204,000) (Demand 5/7/25)		200,000		200,000
Credit Agricole Corporate and Investment Bank, (4.31%, dated 1/8/25, due 7/8/25; proceeds $204,334; fully collateralized by various U.S. Government obligations, 2.75% - 4.13% due 3/31/32 - 8/15/32; valued at $204,000)		200,000		200,000
Credit Agricole Corporate and Investment Bank, (4.32%, dated 3/20/25, due 5/8/25; proceeds $402,352; fully collateralized by various U.S. Government obligations, 4.00% - 4.38% due 7/15/27 - 1/31/31; valued at $408,000) (Demand 5/7/25)		400,000		400,000
Credit Agricole Securities (USA), Inc. - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by various U.S. Government obligations, 3.63% - 4.50% due 8/31/29 - 12/31/31; valued at $204,000)		200,000		200,000
Deutsche Bank Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $130,016; fully collateralized by various U.S. Government obligations, 2.75% - 6.25% due 8/15/29 - 5/15/49; valued at $132,600)		130,000		130,000
Deutsche Bank Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $250,030; fully collateralized by various U.S. Government obligations, 4.25% - 4.62% due 11/15/34 - 2/15/35; valued at $255,000)		250,000		250,000

	Face Amount (000)		Value (000)
JP Morgan Securities LLC, (4.36%, dated 4/30/25, due 5/1/25; proceeds $1,000,121; fully collateralized by various U.S. Government obligations, 0.00% - 0.38% due 8/15/26 - 8/15/29; valued at $1,020,124)	$	1,000,000	$	1,000,000
JP Morgan Securities LLC, (4.38% (a), dated 3/6/25, due 5/7/25; proceeds $1,763,186; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 7/15/25 - 5/15/51; valued at $1,791,486) (Demand 5/1/25)		1,750,000		1,750,000
JP Morgan Securities LLC, (4.37%, dated 4/30/25, due 5/1/25; proceeds $1,080,131; fully collateralized by various U.S. Government obligations, 0.00% - 4.63% due 8/15/29 - 5/31/31; valued at $1,101,734)		1,080,000		1,080,000
JP Morgan Securities, Inc. - Fixed Income Clearing Corp., (4.37%, dated 4/30/25, due 5/1/25; proceeds $1,000,121; fully collateralized by various U.S. Government obligations, 0.50% - 2.88% due 4/30/27 - 8/15/28; valued at $1,020,124)		1,000,000		1,000,000
MUFG Securities Americas, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $400,049; fully collateralized by various U.S. Government obligations, 0.00% - 3.88% due 10/23/25 - 5/15/49; valued at $408,050)		400,000		400,000
Natixis SA, (Interest in $1,800,000 joint repurchase agreement, 4.37%, dated 4/30/25 under which Natixis SA, will repurchase the securities provided as collateral for $1,800,219 on 5/1/25. 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 5/15/54; valued at $1,836,000)		1,100,000		1,100,000
Natixis SA, (4.31%, dated 1/29/25, due 7/29/25; proceeds $102,167; fully collateralized by various U.S. Government obligations, 0.00% - 4.88% due 6/5/25 - 11/15/51; valued at $102,000)		100,000		100,000
Natixis SA, (4.22%, dated 4/25/25, due 10/24/25; proceeds $102,133; fully collateralized by various U.S. Government obligations, 0.00% - 5.00% due 6/15/25 - 2/15/54; valued at $102,000)		100,000		100,000
Natixis SA, (4.32%, dated 3/20/25, due 5/8/25; proceeds $502,940; fully collateralized by various U.S. Government obligations, 0.00% - 5.00% due 6/5/25 - 11/15/54; valued at $510,000) (Demand 5/7/25)		500,000		500,000
NatWest Markets Securities, Inc., (4.37%, dated 4/30/25, due 5/1/25; proceeds $200,024; fully collateralized by various U.S. Government obligations, 3.75% - 4.25% due 7/31/28 - 11/30/31; valued at $204,025)		200,000		200,000

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Northern Trust Co. - Fixed Income Clearing Corp., (4.36%, dated 4/30/25, due 5/1/25; proceeds $800,097; fully collateralized by various U.S. Government obligations, 0.88% - 4.63% due 6/30/26 - 7/31/26; valued at $816,000)	$	800,000	$	800,000
State Street Bank - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/1/25; proceeds $500,061; fully collateralized by various U.S. Government obligations, 0.63% - 4.38% due 1/31/32 - 7/15/32; valued at $510,000)		500,000		500,000
Teacher Retirement System of Texas, (4.46%, dated 5/1/25, due 5/2/25; proceeds $500,412; (b)		500,350		500,350
Teacher Retirement System of Texas, (4.44%, dated 4/30/25, due 5/1/25; proceeds $500,549; fully collateralized by various U.S. Government obligations, 1.75% - 2.25% due 8/15/41 - 8/15/49; valued at $510,498)		500,488		500,488
Wells Fargo Clearing Services LLC - Fixed Income Clearing Corp., (4.38%, dated 4/30/25, due 5/14/25; proceeds $100,170; fully collateralized by a U.S. Government obligation, 3.75% due 4/30/27; valued at $102,000)		100,000		100,000
Wells Fargo Clearing Services LLC - Fixed Income Clearing Corp., (4.37%, dated 4/30/25, due 5/1/25; proceeds $800,097; fully collateralized by a U.S. Government obligation, 3.75% due 4/30/27; valued at $816,000)		800,000		800,000
Total Repurchase Agreements (Cost $19,150,838)				19,150,838
U.S. Treasury Securities (42.4%)
U.S. Treasury Bill,
3.99%, 4/16/26 (c)		208,000		200,265
4.09%, 3/19/26 (c)		217,000		209,342
4.16%, 10/9/25 (c)		360,000		353,528
4.19%, 10/23/25 (c)		606,000		594,069
4.21%, 10/2/25 - 10/16/25 (c)		895,000		878,746
4.22%, 9/11/25 (c)		454,000		447,158
4.23%, 9/25/25 (c)		299,600		294,597
4.24%, 2/19/26 (c)		136,000		131,497
4.25%, 9/18/25 (c)		445,000		437,905
4.26%, 9/4/25 (c)		187,000		184,306
4.27%, 12/26/25 (c)		445,000		432,947
4.29%, 7/3/25 - 7/8/25 (c)		1,024,000		1,016,316
4.30%, 7/10/25 - 10/30/25 (b)(c)		880,000		869,587
4.31%, 5/13/25 - 6/12/25 (c)		182,000		181,475
4.32%, 7/1/25 (c)		628,000		623,535
4.39%, 11/28/25 (c)		66,000		64,379
4.42%, 5/8/25 (c)		231,000		230,808
4.46%, 6/5/25 (c)		137,000		136,427
4.47%, 5/22/25 (c)		214,000		213,461
4.49%, 5/1/25 - 5/29/25 (c)		1,068,000		1,065,770
4.70%, 5/15/25 (c)		553,000		552,029
5.16%, 6/12/25 (c)		145,000		144,169

	Face Amount (000)		Value (000)
U.S. Treasury Notes,
0.25%, 6/30/25 - 7/31/25	$	58,000	$	57,464
0.38%, 12/31/25 - 1/31/26		212,000		206,230
0.75%, 3/31/26		56,000		54,292
1.63%, 2/15/26		82,000		80,321
2.25%, 11/15/25		56,000		55,403
2.63%, 12/31/25		56,000		55,414
2.75%, 5/15/25		55,500		55,450
2.88%, 6/15/25		23,000		22,939
3.13%, 8/15/25		24,000		23,885
3.88%, 1/15/26		238,000		237,360
4.00%, 12/15/25		58,000		57,869
4.25%, 5/31/25 - 12/31/25		145,000		144,991
3 Month Treasury Money Market Yield + 0.10%, 4.37%, 1/31/27 (a)		794,000		794,046
3 Month Treasury Money Market Yield + 0.15%, 4.42%, 4/30/26 (a)		297,000		297,000
3 Month Treasury Money Market Yield + 0.16%, 4.43%, 4/30/27 (a)		405,000		405,005
3 Month Treasury Money Market Yield + 0.17%, 4.44%, 10/31/25 (a)		105,000		105,028
3 Month Treasury Money Market Yield + 0.18%, 4.45%, 7/31/26 (a)		712,000		711,528
3 Month Treasury Money Market Yield + 0.21%, 4.48%, 10/31/26 (a)		1,135,000		1,135,689
4.50%, 11/15/25		36,000		36,053
3 Month Treasury Money Market Yield + 0.25%, 4.52%, 1/31/26 (a)		272,000		272,142
4.63%, 2/28/26 - 3/15/26		139,000		139,408
4.88%, 11/30/25		80,000		80,243
5.00%, 9/30/25 - 10/31/25		100,000		100,294
Total U.S. Treasury Securities (Cost $14,390,370)				14,390,370
Total Investments (98.9%) (Cost $33,541,208) (d)(e)				33,541,208
Other Assets in Excess of Liabilities (1.1%)				361,157
Net Assets (100.0%)			$	33,902,365

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

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

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

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		57.1	%
U.S. Treasury Securities		42.9
Total Investments		100.0	%

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Treasury Securities Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (103.9%)
U.S. Treasury Bill,
3.85%, 3/19/26 (a)	$	376,000	$	362,725
3.99%, 4/16/26 (a)		323,000		310,988
4.18%, 10/9/25 (a)		200,000		196,387
4.19%, 10/23/25 (a)		558,000		547,014
4.21%, 10/2/25 - 10/30/25 (a)(b)		1,260,000		1,236,491
4.23%, 9/11/25 - 9/25/25 (a)		858,000		844,419
4.24%, 9/18/25 - 2/19/26 (a)		621,000		607,120
4.27%, 12/26/25 (a)		595,000		578,884
4.28%, 5/1/25 - 9/4/25 (a)		2,510,000		2,506,380
4.29%, 7/8/25 (a)		462,000		458,355
4.30%, 5/22/25 - 10/30/25 (a)(b)		8,298,000		8,261,337
4.31%, 5/6/25 - 7/10/25 (a)(b)		10,097,000		10,058,408
4.32%, 5/13/25 - 7/1/25 (a)		6,581,000		6,556,016
4.33%, 5/8/25 (a)		2,785,000		2,782,705
4.34%, 5/29/25 - 6/5/25 (a)		6,394,000		6,370,683
4.35%, 5/22/25 (a)		3,750,000		3,740,666
4.39%, 11/28/25 (a)		113,000		110,225
4.48%, 5/15/25 (a)		2,276,000		2,272,146
5.16%, 6/12/25 (a)		352,000		349,988
U.S. Treasury Notes,
0.25%, 6/30/25 - 7/31/25		100,000		99,067
0.38%, 12/31/25 - 1/31/26		316,000		307,369
0.75%, 3/31/26		94,000		91,134
1.63%, 2/15/26		130,000		127,338
2.25%, 11/15/25		89,000		88,052
2.63%, 12/31/25		88,000		87,079
2.75%, 5/15/25		97,167		97,080
2.88%, 6/15/25		39,000		38,897
3.13%, 8/15/25		40,000		39,809
3.88%, 1/15/26		326,000		325,118
4.00%, 12/15/25		95,000		94,785
4.25%, 5/31/25 - 12/31/25		232,000		231,985
3 Month Treasury Money Market Yield + 0.10%, 4.37%, 1/31/27 (c)		1,349,000		1,349,076
3 Month Treasury Money Market Yield + 0.15%, 4.42%, 4/30/26 (c)		486,000		485,999
3 Month Treasury Money Market Yield + 0.16%, 4.43%, 4/30/27 (c)		639,000		639,009
3 Month Treasury Money Market Yield + 0.17%, 4.44%, 10/31/25 (c)		177,000		177,047
3 Month Treasury Money Market Yield + 0.18%, 4.45%, 7/31/26 (c)		1,132,000		1,131,226
3 Month Treasury Money Market Yield + 0.21%, 4.48%, 10/31/26 (c)		1,634,000		1,634,904
4.50%, 11/15/25		60,000		60,089
3 Month Treasury Money Market Yield + 0.25%, 4.52%, 1/31/26 (c)		778,000		778,587
4.63%, 2/28/26 - 3/15/26		233,000		233,683

	Face Amount (000)		Value (000)
4.88%, 11/30/25	$	132,000	$	132,401
5.00%, 9/30/25 - 10/31/25		162,000		162,477
Total U.S. Treasury Securities (Cost $56,563,148)				56,563,148
Total Investments (103.9%) (Cost $56,563,148) (d)(e)				56,563,148
Liabilities in Excess of Other Assets (-3.9%)				(2,101,153	)
Net Assets (100.0%)			$	54,461,995

(a) Rate shown is the yield to maturity at April 30, 2025.

(b) 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
U.S. Treasury Securities		100.0	%
Total Investments		100.0	%

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (a)^ (50.3%)
City of Jacksonville, FL, Florida Pollution Control Revenue Refunding Bonds (Florida Power & Light Company Project) Series 1995 2.85%, 5/1/29	$	8,500	$	8,500
City of Rochester, MN, Health Care Facilities Mayo Clinic Series 2008 A 2.80%, 11/15/38		5,000		5,000
Clark County, NV, Airport System Revenue Series 2008 D-2B 2.80%, 7/1/40		5,000		5,000
Colorado Springs, CO, Utilities System Improvement Revenue Bonds Series 2012 A 3.55%, 11/1/41		6,500		6,500
Utilities System Sub Lien Series 2005 A 3.63%, 11/1/35		6,000		6,000
Columbus, OH, Sewer Revenue Bonds Series 2008 B 3.60%, 6/1/32		10,000		10,000
County of Utah, UT, Utah Variable Rate Hospital Revenue Bonds Series 2016 C (IHC Health Care Services, Inc.) 2.75%, 5/15/51		5,000		5,000
Escambia County, FL, Solid Waste Disposal Revenue Bonds (Gulf Power Company Project) First Series 2009 2.85%, 4/1/39		5,000		5,000
Houston, TX, Combined Utility System First Lien Series 2018 C 3.35%, 5/15/34		10,300		10,300
Indiana Finance Authority, IN, Environmental Refunding Revenue Bonds Duke Energy Indiana, Inc. Project Series 2009 A-3 2.75%, 12/1/39		5,000		5,000
JPMorgan Chase Putters/Drivers Trust, AL, Various States Certificates 5065 3.65%, 7/1/31 (b)		5,000		5,000
JPMorgan Chase Putters/Drivers Trust, PA, Various States Certificates 5077 3.65%, 11/13/29 (b)		9,000		9,000
JPMorgan Chase Putters/Drivers Trust, SC, Various States Certificates 5076 3.65%, 9/26/31 (b)		5,000		5,000
Long Island Power Authority, NY, Electric System General Revenue Bonds Series 2023 D 2.75%, 5/1/33		5,400		5,400
Massachusetts Water Resources Authority, MA, Series 2008 A-3 2.50%, 8/1/37		11,630		11,630

	Face Amount (000)		Value (000)
Metropolitan Sewerage District of Buncombe County, NC, North Carolina Sewerage System Revenue Refunding Bonds Series 2008 A 3.57%, 7/1/31	$	6,135	$	6,135
Miami-Dade County Industrial Development Authority, FL, Revenue Refunding Bonds Series 2021 2.90%, 5/1/46		6,500		6,500
New York City Municipal Water Finance Authority, NY, Water and Sewer System Revenue Bonds, Adjustable Rate Fiscal 2003 Subseries F-2 3.60%, 6/15/35		5,000		5,000
Water and Sewer System Second General Resolution Revenue Bonds, Adjustable Rate Fiscal 2013 Series AA Subseries AA-2 Adjustable Rate Bonds 3.60%, 6/15/46		6,500		6,500
New York City Transitional Finance Authority Future Tax Secured Revenue, NY, Future Tax Fiscal 2013 Series A Subseries A-7 3.60%, 8/1/39		5,500		5,500
New York State Energy Research & Development Authority, NY, Facilities Revenue Bonds, Consolidated Edison Co. Series 2005 Subseries A-2 (Mizuho Corporate Bank LOC) 2.70%, 5/1/39		6,600		6,600
Novant Health, Inc., NH, National Finance Authority Health Care Facilities Revenue Bonds Novant Health Obligated Group Series2024 C 3.72%, 11/1/64		5,000		5,000
Ohio State University, OH, Variable Rate Demand General Receipts Bonds (Multiyear Debt Issuance Program II) Series 2023 A 2.75%, 6/1/43		5,000		5,000
Orlando Utilities Commission, FL, Utility System Series 2015 B 3.32%, 10/1/39		5,000		5,000
Pennsylvania Turnpike Commission, PA, Series 2019 3.62%, 12/1/38		5,800		5,800
RBC Municipal Products Inc Trust, GA, Certificates E-155 3.66%, 1/1/27 (b)		9,000		9,000
RBC Municipal Products Inc Trust, IN, Certificates E-161 3.65%, 10/1/64 (b)		10,000		10,000
RBC Municipal Products Inc Trust, MO, Certificates E-158 3.65%, 7/1/28 (b)		6,475		6,475
RBC Municipal Products Inc Trust, NY, Certificates E-159 3.65%, 9/1/28 (b)		8,000		8,000
RBC Municipal Products Inc Trust, OH, Certificates C-22 3.66%, 7/15/35 (b)		4,910		4,910

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (a)^ (cont'd)
RBC Municipal Products Inc Trust, VA, Certificates C-20 3.66%, 5/1/39 (b)	$	2,000	$	2,000
State of Texas, TX, Veterans Bonds Series 2022 2.90%, 6/1/53		5,065		5,065
Veterans Bonds Series 2025 B 2.90%, 12/1/55		5,300		5,300
Tender Option Bond Trust Receipts/Certificates, AZ, Certificates 2023-BAML6007 3.77%, 4/1/56 (b)		1,900		1,900
Tender Option Bond Trust Receipts/Certificates, MA, Certificates 2024-BAML5050 3.64%, 3/1/49 (b)		5,000		5,000
Certificates 2023-BAML6005 3.77%, 12/1/37 (b)		9,200		9,200
The Ohio State University, OH, Variable Rate Demand General Receipts Bonds Series 2023 A 2.70%, 6/1/43		700		700
Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Refunding Bonds Subseries 2005 B-2B 3.61%, 1/1/32		6,500		6,500
Utah Water Finance Agency, UT, Series 2008 B-2 3.65%, 10/1/35		9,400		9,400
Series 2008 B 3.65%, 10/1/37		9,230		9,230
Total Weekly Variable Rate Bonds (Cost $252,045)				252,045
Daily Variable Rate Bonds (a)^ (17.5%)
City of New York, NY, General Obligation Bonds Series 2017 A 2.55%, 8/1/44		10,000		10,000
Colorado Health Facilities Authority, CO, Series 2024 E (Intermount Health) 2.50%, 5/15/64		1,000		1,000
East Baton Rouge Parish Industrial Development Board Inc, LA, Exxonmobil Project Corporation Series 2010 A 2.52%, 8/1/35		5,000		5,000
Indiana Finance Authority, IN, Environmental Refunding Duke Energy Indiana, Inc. Series 2009 A-4 2.55%, 12/1/39		5,000		5,000
Indiana Municipal Power Agency, IN, Variable Rate Demand Power Supply System Refunding Revenue Bonds Series 2019 B 2.60%, 1/1/42		15,000		15,000
Mississippi Business Finance Corp., MS, Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A, Inc. Project) Series 2007 A 2.50%, 12/1/30		5,000		5,000

	Face Amount (000)		Value (000)
Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A, Inc. Project) Series 2007 C 2.50%, 12/1/30	$	940	$	940
Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A. Inc. Project) Seies 2009 B 2.50%, 12/1/30		1,120		1,120
Gulf Opportunity Zone Industrial Development Revenue Bonds (Chevron U.S.A, Inc. Project) Series 2010 I 2.50%, 11/1/35		880		880
Ohio Water Development Authority Water Pollution Control Loan Fund, OH, Revenue Bonds Series 2024 C 2.50%, 12/1/54		9,000		9,000
San Antonio Water System, TX, Subordinate Lien Revenue Refunding Bonds Series 2024 A 2.55%, 5/1/54		10,000		10,000
State of Louisiana Gasoline And Fuels Tax Second Lien Revenue , LA, Refunding Bonds Series 2023 A-1 2.50%, 5/1/43 (b)		9,600		9,600
Tender Option Bond Trust Receipts/Certificates, AL, Certificates 2025-BAML5061 2.69%, 9/1/54 (b)		5,000		5,000
Triborough Bridge & Tunnel Authority, NY, General Revenue Variable Rate Bonds Subseries 2003B-1 2.60%, 1/1/33		10,000		10,000
Total Daily Variable Rate Bonds (Cost $87,540)				87,540
Commercial Paper (c) (14.6%)
District Columbia, DC, Series 2022 A 2.96%, 5/7/25		5,000		5,000
Fort Bend Independent School District, TX, Series 2025 A 4.40%, 5/23/25		10,000		10,000
Illinois Financial Authority Revenue, IL, Series 2024 A 3.10%, 5/20/25		5,000		5,000
Lincoln Nebraska Electric Sysytem Revenue, NE, Series 1995 3.25%, 5/8/25		5,000		5,000
Massachusetts State Developing Finance Agency Revenue, MA, Series 2025 A 2.87%, 5/6/25		5,000		5,000
Met Government Nashville & Davidson County, TN, Series 2024 3.45%, 6/12/25		6,350		6,350
Met Govt Nashville & Davidson County, TN, Tennessee H&E Facilities Board Revenue Series 2024 A 3.00%, 6/3/25		5,000		5,000
Nebraska Public Power District, NE, Series 2025 A-1 3.45%, 6/11/25		7,050		7,050

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Commercial Paper (c) (cont'd)
Ohio State Water Development Authority, OH, Water Development Revenue Fresh Water Series 2024 A 3.09%, 5/1/25	$	5,000	$	5,000
Pennsylvania Higher Educational Facilities Authority, PA, Series 2024 A 3.50%, 6/18/25		5,000		4,999
University of Texas Revenue, TX, Series 2025 A 3.10%, 5/21/25		5,000		5,000
University Texas, TX, Permanent University Fund Series 2024 A 3.12%, 6/17/25		10,000		10,000
Total Commercial Paper (Cost $73,399)				73,399
Municipal Bonds & Notes (9.4%)
Burlington County Bridge Commission, NJ, Lease Revenue Notes (Government Leasing Program) Series 2024 D 4.25%, 12/11/25		1,775		1,786
City of San Antonio, TX, Texas General Improvement Bonds Series 2023 5.00%, 2/1/26		3,800		3,844
Greenville County School District, SC, General Obligation Bonds Series 2024 B 5.00%, 6/24/25		5,000		5,015
Houston Independent School District, TX, Limited Tax Refunding Bonds Series 2025 B 5.00%, 2/15/26 (d)		3,750		3,799
Howard County, MD, Maryland Consolidated Public Improvement Project Bonds Series 2021 A 5.00%, 8/15/25		2,055		2,067
Jersey City Municipal Utilities Authority Hudson County, NJ, Series 2024 B 5.00%, 5/1/25		5,000		5,000
Kansas Development Finance Authority Kansas Revolving Funds Revenue Bonds, KS, Kansas Department of Health And Environment Series 2024 SRF 5.00%, 5/1/25		5,000		5,000
Monmouth County Improvement Authority, NJ, (Monmouth County, New Jersey) Governmental Pooled Loan Project Notes Series 2025 4.00%, 3/13/26		10,000		10,101
State of Minnesota, MN, Minnesota General Obligation State Trunk Highway Bonds Series 2021 B 5.00%, 9/1/25		2,165		2,179
State of Texas General Obligation Bonds Water Financial Assistance Bonds, TX, Series 2022 A 5.00%, 8/1/25		1,625		1,633

	Face Amount (000)		Value (000)
Texas Water Development Board, TX, State Revolving Fund Revenue Bonds Series 2018 5.00%, 8/1/25	$	5,000	$	5,026
State Water Implementation Revenue Fund for Texas Revenue Bonds Series 2018 B 5.00%, 10/15/25		1,845		1,862
Total Municipal Bonds & Notes (Cost $47,312)				47,312
Closed-End Investment Companies (a)^ (4.0%)
Nuveen AMT-Free Municipal Credit Income Fund, OT, Series 1 3.69%, 12/1/43 (b)		10,000		10,000
Nuveen AMT-Free Quality Municipal Income Fund, OT, Series 4-4895 3.70%, 9/11/26 (b)		10,000		10,000
Total Closed-End Investment Companies (Cost $20,000)				20,000
Semi-Annual Variable Rate Bond (a)^ (2.5%)
Tender Option Bond Trust Receipts/Certificates, AL, Certificates 2023-BAML5063 3.82%, 11/1/54 (Cost $12,425) (b)		12,425		12,425
Quarterly Variable Rate Bond (a)^ (1.2%)
Franklin County, OH, CHE Trinity Health Credit Group Series 2013 3.13%, 12/1/46 (Cost $6,250)		6,250		6,250
Floating Rate Note (a)^ (0.7%)
Tennessee Housing Development Agency, TN, Residential Finance Program Bonds Issue Series 2024 3B 3.50%, 7/1/55 (Cost $3,500)		3,500		3,500
Total Investments (100.2%) (Cost $502,471) (e)(f)				502,471
Liabilities in Excess of Other Assets ((0.2)%)				(1,014	)
Net Assets (100.0%)			$	501,457

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

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

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

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

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

LOC Letter of Credit.

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

Portfolio Composition

Classification	Percentage of Total Investments
Weekly Variable Rate Bonds		50.2	%
Daily Variable Rate Bonds		17.4
Commercial Paper		14.6
Municipal Bonds & Notes		9.4
Other*		8.4
Total Investments		100.0	%

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

State/Territory	Value (000)		Percentage of Net Assets
Texas	$	71,829		14.4	%
New York		63,500		12.7
Massachusetts		50,830		10.1
Ohio		40,860		8.1
Indiana		35,000		7.0
Florida		25,000		5.0
Utah		23,630		4.7
Alabama		22,425		4.5
Pennsylvania		19,799		4.0
New Jersey		16,887		3.3
Tennessee		14,850		2.9
Louisiana		14,600		2.9
Colorado		13,500		2.7
Nebraska		12,050		2.4
South Carolina		10,015		2.0
Georgia		9,000		1.8
Mississippi		7,940		1.6
Minnesota		7,179		1.4
Missouri		6,475		1.3
North Carolina		6,135		1.2
Kansas		5,000		1.0
Illinois		5,000		1.0
District of Columbia		5,000		1.0
Nevada		5,000		1.0
New Hampshire		5,000		1.0
Maryland		2,067		0.4
Virginia		2,000		0.4
Arizona		1,900		0.4
	$	502,471		100.2	%

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Statements of Assets and Liabilities

	Money Market Portfolio (000)			Prime Portfolio (000)			Government Portfolio (000)			Government Securities Portfolio (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Cost	$	3,311,468		$	11,447,948		$	168,289,321		$	4,944,433
Total Investments in Securities, at Value⁽¹⁾		3,311,468			11,448,779			168,289,321			4,944,433
Cash		100,593			597,492			5,734,929			25,488
Interest Receivable		6,356			21,734			488,911			4,640
Receivable for Investments Sold		—			140,556			238,430			35,063
Receivable for Portfolio Shares Sold		1,950			—			—			—
Other Assets		327			764			4,678			1,422
Total Assets		3,420,694			12,209,325			174,756,269			5,011,046
Liabilities:
Payable for Investments Purchased		—			—			1,848,662			45,571
Dividends Payable		—	@		13,137			307,606			744
Payable for Advisory Fees		299			1,470			13,596			502
Payable for Portfolio Shares Redeemed		—			2,535			11,441			19
Payable for Administration Fees		143			552			7,123			214
Payable for Administration Plan Fees — Wealth S/Institutional Select Class		—	@		1			251			—	@
Payable for Administration Plan Fees — Investor Class		—			—			536			—	@
Payable for Administration Plan Fees — Administrative Class		—			—			27			—	@
Payable for Service and Shareholder Administration Plan Fees — Advisory Class		—	@		—	@		777			8
Payable for Distribution Plan and Shareholder Services Plan Fees — Participant Class		—	@		—			1,181			903
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		31			87			484			23
Payable for Professional Fees		42			24			65			53
Payable for Transfer Agency Fees		18			44			43			7
Other Liabilities		128			506			3,979			536
Total Liabilities		661			18,356			2,195,771			48,580
Net Assets	$	3,420,033		$	12,190,969		$	172,560,498		$	4,962,466
Net Assets Consist of:
Paid-in-Capital	$	3,421,135		$	12,205,895		$	172,596,584		$	4,964,727
Total Accumulated Loss		(1,102	)		(14,926	)		(36,086	)		(2,261	)
Net Assets	$	3,420,033		$	12,190,969		$	172,560,498		$	4,962,466
⁽¹⁾ Including: Repurchase Agreements, at Value	$	1,823,000		$	6,158,000		$	83,023,538		$	—

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Statements of Assets and Liabilities (cont'd)

	Money Market Portfolio (000)		Prime Portfolio (000)		Government Portfolio (000)		Government Securities Portfolio (000)
WEALTH/INSTITUTIONAL CLASS:
Net Assets	$	3,354,818	$	10,891,815	$	147,473,288	$	828,281
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		3,354,770,337		10,890,341,362		147,500,493,867		828,397,109
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.0001	$	1.000	$	1.000
WEALTH S/INSTITUTIONAL SELECT CLASS:
Net Assets	$	59	$	33,680	$	5,970,227	$	58
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		58,544		33,685,877		5,974,395,553		57,778
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	0.9998	$	1.000	$	1.000
INVESTOR CLASS:
Net Assets	$	—	$	—	$	6,475,688	$	58
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		—		—		6,476,433,778		57,653
Net Asset Value, Offering and Redemption Price Per Share	$	—	$	—	$	1.000	$	1.000
ADMINISTRATIVE CLASS:
Net Assets	$	—	$	—	$	208,856	$	57
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		—		—		208,942,333		57,530
Net Asset Value, Offering and Redemption Price Per Share	$	—	$	—	$	1.000	$	1.000
ADVISORY CLASS:
Net Assets	$	58	$	59	$	3,740,132	$	41,179
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		57,987		58,768		3,740,516,437		41,184,728
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.0002	$	1.000	$	1.000
PARTICIPANT CLASS:
Net Assets	$	57	$	—	$	2,906,421	$	4,092,702
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		57,377		—		2,906,918,966		4,093,827,876
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	—	$	1.000	$	1.000
CASH MANAGEMENT CLASS:
Net Assets	$	1,542	$	355	$	411	$	131
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		1,550,871		354,709		412,464		130,855
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	0.9998	$	1.000	$	1.000
SELECT CLASS:
Net Assets	$	55	$	—	$	56	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		55,089		—		56,221		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	—	$	1.000	$	—
CASTLEOAK SHARES CLASS:
Net Assets	$	—	$	1,164,444	$	2,098,369	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		—		1,164,326,193		2,098,524,889		—
Net Asset Value, Offering and Redemption Price Per Share	$	—	$	1.0001	$	1.000	$	—
IMPACT CLASS:
Net Assets	$	—	$	50	$	2,008,707	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		—		50,015		2,008,887,519		—
Net Asset Value, Offering and Redemption Price Per Share	$	—	$	1.0001	$	1.000	$	—

2025 Semi-Annual Report

April 30, 2025 (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	$	100,566	$	1,606,759	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		50,000		100,568,301		1,606,733,471		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.0000	$	1.000	$	—
ADVISOR CLASS:
Net Assets	$	63,394	$	—	$	71,584	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		63,392,837		—		71,583,811		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	—	$	1.000	$	—

@ Amount is less than $500.

2025 Semi-Annual Report

April 30, 2025 (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	$	33,541,208		$	56,563,148		$	502,471
Total Investments in Securities, at Value⁽¹⁾		33,541,208			56,563,148			502,471
Cash		999,675			23,185			76
Receivable for Investments Sold		—			1,844,393			—
Interest Receivable		69,937			19,410			2,784
Other Assets		1,348			1,734			224
Total Assets		34,612,168			58,451,870			505,555
Liabilities:
Payable for Investments Purchased		647,285			3,926,280			3,799
Dividends Payable		53,114			41,375			35
Payable for Portfolio Shares Redeemed		1,035			11,593			146
Payable for Advisory Fees		4,078			6,617			4
Payable for Administration Fees		1,417			2,286			20
Payable for Administration Plan Fees — Wealth S/Institutional Select Class		143			—	@		—	@
Payable for Administration Plan Fees — Investor Class		24			3			—
Payable for Administration Plan Fees — Administrative Class		4			15			—
Payable for Service and Shareholder Administration Plan Fees — Advisory Class		84			2			—
Payable for Distribution Plan and Shareholder Services Plan Fees — Participant Class		1,349			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		104			193			4
Payable for Professional Fees		44			53			55
Payable for Transfer Agency Fees		20			30			10
Other Liabilities		1,102			1,414			25
Total Liabilities		709,803			3,989,875			4,098
Net Assets	$	33,902,365		$	54,461,995		$	501,457
Net Assets Consist of:
Paid-in-Capital	$	33,912,607		$	54,473,897		$	501,479
Total Accumulated Loss		(10,242	)		(11,902	)		(22	)
Net Assets	$	33,902,365		$	54,461,995		$	501,457
⁽¹⁾ Including: Repurchase Agreements, at Value	$	19,150,838		$	—		$	—

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Statements of Assets and Liabilities (cont'd)

	Treasury Portfolio (000)		Treasury Securities Portfolio (000)		Tax-Exempt Portfolio (000)
WEALTH/INSTITUTIONAL CLASS:
Net Assets	$	26,375,714	$	54,231,297	$	501,114
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		26,381,721,847		54,242,297,810		501,126,798
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	1.000
WEALTH S/INSTITUTIONAL SELECT CLASS:
Net Assets	$	3,402,791	$	22,232	$	55
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		3,405,141,045		22,236,684		54,986
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	1.000
INVESTOR CLASS:
Net Assets	$	280,291	$	40,784	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		280,318,839		40,785,776		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	—
ADMINISTRATIVE CLASS:
Net Assets	$	31,744	$	117,456	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		31,746,236		117,466,587		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	—
ADVISORY CLASS:
Net Assets	$	414,885	$	11,850	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		415,019,983		11,857,640		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	—
PARTICIPANT CLASS:
Net Assets	$	3,278,477	$	31,145	$	—
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		3,279,096,352		31,155,375		—
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	—
CASH MANAGEMENT CLASS:
Net Assets	$	2,703	$	7,025	$	188
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		2,701,871		7,029,291		188,170
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	1.000
SELECT CLASS:
Net Assets	$	56	$	56	$	50
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		56,090		55,979		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	$	—

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Statements of Assets and Liabilities (cont'd)

	Treasury Portfolio (000)		Treasury Securities Portfolio (000)		Tax-Exempt Portfolio (000)
ADVISOR CLASS:
Net Assets	$	115,704	$	50	$	50
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		115,702,906		50,000		50,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.000	$	1.000	$	1.000

@ Amount is less than $500.

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Statements of Operations

	Money Market Portfolio (000)			Prime Portfolio (000)			Government Portfolio (000)			Government Securities Portfolio (000)
Investment Income:
Interest	$	79,431		$	304,617		$	4,062,628		$	118,359
Expenses:
Advisory Fees (Note B)		2,548			9,734			134,663			3,959
Administration Fees (Note C)		849			3,245			44,888			1,320
Professional Fees		128			261			172			157
Registration Fees		81			76			130			159
Custodian Fees (Note F)		60			146			1,208			51
Transfer Agency Fees (Note E)		52			126			160			18
Shareholder Reporting Fees		27			42			115			46
Trustees' Fees and Expenses		23			103			1,213			41
Pricing Fees		13			87			25			15
Administration Plan Fees — Wealth S/Institutional Select Class (Note D)		—	@		7			1,451			—	@
Administration Plan Fees — Investor Class (Note D)		—			—			3,157			—	@
Administration Plan Fees — Administrative Class (Note D)		—			—			180			—	@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		—	@		—	@		3,158			52
Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)		—	@		—			7,374			10,886
Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D)		1			—	@		—	@		—	@
Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D)		—	@		—			—	@		—
Other Expenses		33			96			461			52
Total Expenses		3,815			13,923			198,355			16,756
Waiver of Advisory Fees (Note B)		(931	)		(939	)		(45,496	)		(539	)
Waiver of Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)		—			—			—			(5,443	)
Net Expenses		2,884			12,984			152,859			10,774
Net Investment Income		76,547			291,633			3,909,769			107,585
Realized Gain:
Investments Sold		72			741			2,909			192
Change in Unrealized Appreciation (Depreciation):
Investments		—			(3,164	)		—			—
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)		72			(2,423	)		2,909			192
Net Increase in Net Assets Resulting from Operations	$	76,619		$	289,210		$	3,912,678		$	107,777

@ Amount is less than $500.

2025 Semi-Annual Report

April 30, 2025 (unaudited)

Statements of Operations

	Treasury Portfolio (000)			Treasury Securities Portfolio (000)			Tax-Exempt Portfolio (000)
Investment Income:
Interest	$	749,029		$	1,213,459		$	7,262
Expenses:
Advisory Fees (Note B)		24,920			40,751			363
Administration Plan Fees — Investor Class (Note D)		124			20			—
Administration Plan Fees — Administrative Class (Note D)		18			97			—
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		538			16			—
Distribution Plan and Shareholder Services Plan Fees — Participant Class (Note D)		7,304			182			—
Distribution Plan and Shareholder Services Plan Fees — Cash Management Class (Note D)		2			5			—	@
Distribution Plan and Shareholder Services Plan Fees — Select Class (Note D)		—	@		—	@		—	@
Administration Plan Fees — Wealth S/Institutional Select Class (Note D)		839			2			—	@
Administration Fees (Note C)		8,307			13,584			121
Custodian Fees (Note F)		244			436			8
Trustees' Fees and Expenses		227			382			5
Professional Fees		170			160			151
Registration Fees		100			88			69
Transfer Agency Fees (Note E)		61			88			29
Shareholder Reporting Fees		25			78			8
Pricing Fees		13			13			12
Other Expenses		139			166			26
Total Expenses		43,031			56,068			792
Waiver of Advisory Fees (Note B)		(977	)		(1,411	)		(310	)
Net Expenses		42,054			54,657			482
Net Investment Income		706,975			1,158,802			6,780
Realized Gain:
Investments Sold		493			1,105			—
Net Increase in Net Assets Resulting from Operations	$	707,468		$	1,159,907		$	6,780

@ Amount is less than $500.

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets

	Money Market Portfolio						Prime Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)			Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	76,547		$	128,861		$	291,633		$	852,454
Net Realized Gain		72			2			741			23
Net Change in Unrealized Appreciation (Depreciation)		—			—			(3,164	)		2,142
Net Increase in Net Assets Resulting from Operations		76,619			128,863			289,210			854,619
Dividends and Distributions to Shareholders:
Wealth/Institutional Class		(75,568	)		(128,337	)		(257,205	)		(774,692	)
Wealth S/Institutional Select Class		(1	)		(3	)		(591	)		(1,291	)
Advisory Class		(1	)		(3	)		(1	)		(20	)
Participant Class		(1	)		(3	)		—			—
Cash Management Class		(36	)		(153	)		(8	)		(22	)
Select Class		(1	)		(2	)		—			—
CastleOak Shares Class		—			—			(28,963	)		(56,506	)
Impact Class		—			—			(348	)		(17,864	)
Impact Partner Class		(1	)		(2	)		(4,517	)		(2,016	)
Advisor Class		(934	)		(358	)		—			—
Total Dividends and Distributions to Shareholders		(76,543	)		(128,861	)		(291,633	)		(852,411	)
Capital Share Transactions:⁽¹⁾
Wealth/Institutional Class:
Subscribed		2,553,988			3,439,069			21,505,003			73,422,163
Distributions Reinvested		74,619			126,486			175,311			527,856
Redeemed		(2,177,660	)		(2,796,012	)		(22,468,495	)		(78,264,314	)
Wealth S/Institutional Select Class
Subscribed		—			—			18,183			23,329
Distributions Reinvested		1			3			591			1,291
Redeemed		—			—			(16,355	)		(15,499	)
Advisory Class:
Distributions Reinvested		1			3			1			19
Redeemed		—			—			—			(58,279	)
Participant Class:
Distributions Reinvested		1			3			—			—
Cash Management Class:
Distributions Reinvested		36			150			8			22
Redeemed		(280	)		(2,526	)		(4	)		(94	)
Select Class:
Distributions Reinvested		1			2			—			—
CastleOak Shares Class:
Subscribed		—			—			635,955			1,461,611
Distributions Reinvested		—			—			24,473			38,741
Redeemed		—			—			(763,375	)		(1,099,266	)
Impact Class:
Subscribed		—			—			169,595			500,010
Distributions Reinvested		—			—			—			14,752
Redeemed		—			—			(469,460	)		(536,381	)
Impact Partner Class:
Subscribed		—			50	*		373,509			618,400	*
Redeemed		—			—			(741,223	)		(150,000	)*
Advisor Class:
Subscribed		96,079			48,929	+		—			—
Distributions Reinvested		933			357	+		—			—
Redeemed		(71,179	)		(11,725	)+		—			—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		476,540			804,789			(1,556,283	)		(3,515,639	)
Total Increase (Decrease) in Net Assets		476,616			804,791			(1,558,706	)		(3,513,431	)
Net Assets:
Beginning of Period		2,943,417			2,138,626			13,749,675			17,263,106
End of Period	$	3,420,033		$	2,943,417		$	12,190,969		$	13,749,675

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets (cont'd)

	Money Market Portfolio						Prime Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)			Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
(1) Capital Share Transactions:
Wealth/Institutional Class:
Shares Subscribed		2,553,988			3,439,069			21,500,677			73,398,840
Shares Issued on Distributions Reinvested		74,619			126,486			175,279			527,702
Shares Redeemed		(2,177,660	)		(2,796,012	)		(22,464,116	)		(78,238,984	)
Net Increase (Decrease) in Wealth/Institutional Class Shares Outstanding		450,947			769,543			(788,160	)		(4,312,442	)
Wealth S/Institutional Select Class:
Shares Subscribed		—			—			18,186			23,330
Shares Issued on Distributions Reinvested		1			3			591			1,291
Shares Redeemed		—			—			(16,356	)		(15,497	)
Net Increase in Wealth S/Institutional Select Class Shares Outstanding		1			3			2,421			9,124
Advisory Class:
Shares Issued on Distributions Reinvested		1			3			1			20
Shares Redeemed		—			—			—			(58,263	)
Net Increase (Decrease) in Advisory Class Shares Outstanding		1			3			1			(58,243	)
Participant Class:
Shares Issued on Distributions Reinvested		1			3			—			—
Cash Management Class:
Shares Issued on Distributions Reinvested		36			150			8			22
Shares Redeemed		(280	)		(2,526	)		(4	)		(95	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		(244	)		(2,376	)		4			(73	)
Select Class:
Shares Issued on Distributions Reinvested		1			2			—			—
CastleOak Shares Class:
Shares Subscribed		—			—			635,800			1,461,252
Shares Issued on Distributions Reinvested		—			—			24,469			38,732
Shares Redeemed		—			—			(763,231	)		(1,098,989	)
Net Increase (Decrease) in CastleOak Shares Class Shares Outstanding		—			—			(102,962	)		400,995
Impact Class:
Shares Subscribed		—			—			169,570			499,720
Shares Issued on Distributions Reinvested		—			—			—			14,747
Shares Redeemed		—			—			(469,350	)		(536,136	)
Net Decrease in Impact Class Shares Outstanding		—			—			(299,780	)		(21,669	)
Impact Partner Class:
Shares Subscribed		—			50	*		373,453			618,122	*
Shares Redeemed		—			—			(741,082	)		(149,925	)*
Net Increase (Decrease) in Impact Partner Class Shares Outstanding		—			50			(367,629	)		468,197
Advisor Class:
Shares Subscribed		96,079			48,929	+		—			—
Shares Issued on Distributions Reinvested		933			357	+		—			—
Shares Redeemed		(71,179	)		(11,725	)+		—			—
Net Increase in Advisor Class Shares Outstanding		25,833			37,561			—			—

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

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

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets

	Government Portfolio						Government Securities Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)			Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,909,769		$	7,373,642		$	107,585		$	260,332
Net Realized Gain (Loss)		2,909			(3,696	)		192			49
Net Increase in Net Assets Resulting from Operations		3,912,678			7,369,946			107,777			260,381
Dividends and Distributions to Shareholders:
Institutional Class		(3,364,673	)		(6,348,797	)		(18,947	)		(56,251	)
Institutional Select Class		(125,370	)		(286,344	)		(1	)		(3	)
Investor Class		(134,898	)		(294,837	)		(1	)		(3	)
Administrative Class		(5,065	)		(14,383	)		(1	)		(3	)
Advisory Class		(51,964	)		(104,128	)		(843	)		(2,288	)
Participant Class		(57,173	)		(123,213	)		(87,789	)		(201,768	)
Cash Management Class		(13	)		(69	)		(3	)		(12	)
Select Class		(1	)		(2	)		—			—
CastleOak Shares Class		(100,714	)		(151,799	)		—			—
Impact Class		(39,420	)		(44,543	)		—			—
Impact Partner Class		(29,785	)		(5,140	)		—			—
Advisor Class		(698	)		(215	)		—			—
Total Dividends and Distributions to Shareholders		(3,909,774	)		(7,373,470	)		(107,585	)		(260,328	)
Capital Share Transactions:⁽¹⁾
Institutional Class:
Subscribed		656,837,341			1,020,522,920			2,770,818			6,672,018
Distributions Reinvested		1,642,397			3,258,601			13,109			31,669
Redeemed		(643,308,982	)		(1,016,425,229	)		(2,968,885	)		(6,788,360	)
Institutional Select Class:
Subscribed		15,590,581			22,485,227			—			—
Distributions Reinvested		118,624			269,554			1			3
Redeemed		(15,596,332	)		(22,512,901	)		—			—
Investor Class:
Subscribed		4,442,442			11,251,562			—			—
Distributions Reinvested		38			225			1			3
Redeemed		(4,114,517	)		(9,904,739	)		—			—
Administrative Class:
Subscribed		253,541			659,578			—			—
Distributions Reinvested		952			3,878			1			3
Redeemed		(297,292	)		(814,345	)		—			—
Advisory Class:
Subscribed		4,879,947			11,298,141			12,284			44,916
Distributions Reinvested		7,385			17,054			1			3
Redeemed		(3,544,302	)		(10,815,248	)		(16,268	)		(52,679	)
Participant Class:
Subscribed		2,454,134			5,721,956			53,245,512			94,973,930
Distributions Reinvested		5			11			87,800			201,778
Redeemed		(2,515,198	)		(5,296,928	)		(53,352,130	)		(95,603,585	)
Cash Management Class:
Distributions Reinvested		11			69			3			12
Redeemed		(666	)		(747	)		—			(225	)
Select Class:
Distributions Reinvested		1			2			—			—
CastleOak Shares Class:
Subscribed		26,459,658			27,109,050			—			—
Distributions Reinvested		60,781			87,280			—			—
Redeemed		(27,124,244	)		(26,799,202	)		—			—
Impact Class:
Subscribed		50,874,905			60,104,713			—			—
Distributions Reinvested		29,075			26,909			—			—
Redeemed		(50,413,507	)		(59,454,671	)		—			—
Impact Partner Class:
Subscribed		2,531,367			1,261,381	*		—			—
Distributions Reinvested		28,323			5,139	*		—			—
Redeemed		(1,896,475	)		(323,000	)*		—			—
Advisor Class:
Subscribed		112,806			38,624	**		—			—
Distributions Reinvested		697			214	**		—			—
Redeemed		(63,929	)		(16,828	)**		—			—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		17,449,567			11,758,250			(207,753	)		(520,514	)
Total Increase (Decrease) in Net Assets		17,452,471			11,754,726			(207,561	)		(520,461	)
Net Assets:
Beginning of Period		155,108,027			143,353,301			5,170,027			5,690,488
End of Period	$	172,560,498		$	155,108,027		$	4,962,466		$	5,170,027

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets (cont'd)

	Government Portfolio						Government Securities Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)			Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		656,837,341			1,020,522,920			2,770,818			6,672,018
Shares Issued on Distributions Reinvested		1,642,397			3,258,601			13,109			31,669
Shares Redeemed		(643,308,982	)		(1,016,425,229	)		(2,968,885	)		(6,788,360	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		15,170,756			7,356,292			(184,958	)		(84,673	)
Institutional Select Class:
Shares Subscribed		15,590,581			22,485,227			—			—
Shares Issued on Distributions Reinvested		118,624			269,554			1			3
Shares Redeemed		(15,596,332	)		(22,512,901	)		—			—
Net Increase in Institutional Select Class Shares Outstanding		112,873			241,880			1			3
Investor Class:
Shares Subscribed		4,442,442			11,251,562			—			—
Shares Issued on Distributions Reinvested		38			225			1			3
Shares Redeemed		(4,114,517	)		(9,904,739	)		—			—
Net Increase in Investor Class Shares Outstanding		327,963			1,347,048			1			3
Administrative Class:
Shares Subscribed		253,541			659,578			—			—
Shares Issued on Distributions Reinvested		952			3,878			1			3
Shares Redeemed		(297,292	)		(814,345	)		—			—
Net Increase (Decrease) in Administrative Class Shares Outstanding		(42,799	)		(150,889	)		1			3
Advisory Class:
Shares Subscribed		4,879,947			11,298,141			12,284			44,916
Shares Issued on Distributions Reinvested		7,385			17,054			1			3
Shares Redeemed		(3,544,302	)		(10,815,248	)		(16,268	)		(52,679	)
Net Increase (Decrease) in Advisory Class Shares Outstanding		1,343,030			499,947			(3,983	)		(7,760	)
Participant Class:
Shares Subscribed		2,454,134			5,721,956			53,245,512			94,973,930
Shares Issued on Distributions Reinvested		5			11			87,800			201,778
Shares Redeemed		(2,515,198	)		(5,296,928	)		(53,352,130	)		(95,603,585	)
Net Increase (Decrease) in Participant Class Shares Outstanding		(61,059	)		425,039			(18,818	)		(427,877	)
Cash Management Class:
Shares Issued on Distributions Reinvested		11			69			3			12
Shares Redeemed		(666	)		(747	)		—			(225	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		(655	)		(678	)		3			(213	)
Select Class:
Shares Issued on Distributions Reinvested		1			2			—			—
Castleoak Shares Class:
Shares Subscribed		26,459,658			27,109,050			—			—
Shares Issued on Distributions Reinvested		60,781			87,280			—			—
Shares Redeemed		(27,124,244	)		(26,799,202	)		—			—
Net Increase (Decrease) in Castleoak Shares Class Shares Outstanding		(603,805	)		397,128			—			—
Impact Class:
Shares Subscribed		50,874,905			60,104,713			—			—
Shares Issued on Distributions Reinvested		29,075			26,909			—			—
Shares Redeemed		(50,413,507	)		(59,454,671	)		—			—
Net Increase in Impact Class Shares Outstanding		490,473			676,951			—			—
Impact Partner Class:
Shares Subscribed		2,531,367			1,261,381	*		—			—
Shares Issued on Distributions Reinvested		28,323			5,139	*		—			—
Shares Redeemed		(1,896,475	)		(323,000	)*		—			—
Net Increase in Impact Partner Class Shares Outstanding		663,215			943,520			—			—
Advisor Class:
Shares Subscribed		112,806			38,624	**		—			—
Shares Issued on Distributions Reinvested		697			214	**		—			—
Shares Redeemed		(63,929	)		(16,828	)**		—			—
Net Increase in Advisor Class Shares Outstanding		49,574			22,010			—			—

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

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

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets

	Treasury Portfolio						Treasury Securities Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)			Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	706,975		$	1,492,990		$	1,158,802		$	2,436,508
Net Realized Gain (Loss)		493			(2,824	)		1,105			(1,763	)
Net Increase in Net Assets Resulting from Operations		707,468			1,490,166			1,159,907			2,434,745
Dividends and Distributions to Shareholders:
Institutional Class		(563,156	)		(1,210,023	)		(1,153,398	)		(2,423,411	)
Institutional Select Class		(71,416	)		(153,103	)		(132	)		(369	)
Investor Class		(5,167	)		(4,860	)		(834	)		(240	)
Administrative Class		(490	)		(638	)		(2,664	)		(5,188	)
Advisory Class		(8,751	)		(20,389	)		(264	)		(5,415	)
Participant Class		(55,628	)		(103,178	)		(1,363	)		(1,467	)
Cash Management Class		(61	)		(194	)		(143	)		(346	)
Select Class		(1	)		(2	)		(1	)		(2	)
Impact Class		—			—			(1	)		(2	)
Impact Partner Class		—			—			(1	)		(2	)
Advisor Class		(2,305	)		(531	)		(1	)		(1	)
Total Dividends and Distributions to Shareholders		(706,975	)		(1,492,918	)		(1,158,802	)		(2,436,443	)
Capital Share Transactions:⁽¹⁾
Institutional Class:
Subscribed		98,732,467			141,574,047			94,548,097			160,420,749
Distributions Reinvested		305,330			662,207			876,768			1,807,377
Redeemed		(96,058,649	)		(144,843,225	)		(91,058,932	)		(158,377,727	)
Institutional Select Class:
Subscribed		2,655,418			5,189,985			27,831			43,130
Distributions Reinvested		71,424			153,113			43			96
Redeemed		(2,534,006	)		(5,247,466	)		(11,387	)		(46,703	)
Investor Class:
Subscribed		1,180,521			1,284,525			31,603			16,893
Distributions Reinvested		1			238			19			167
Redeemed		(975,152	)		(1,279,180	)		(7,446	)		(9,246	)
Administrative Class:
Subscribed		35,343			38,124			98,307			104,979
Distributions Reinvested		84			263			1			3
Redeemed		(19,576	)		(31,047	)		(95,438	)		(78,783	)
Advisory Class:
Subscribed		1,008,139			2,078,559			25,215			376,068
Distributions Reinvested		1,377			3,236			175			4,236
Redeemed		(1,004,438	)		(2,085,638	)		(18,542	)		(478,065	)
Participant Class:
Subscribed		3,933,676			5,435,578			110,510			5,318
Distributions Reinvested		614			651			901			11
Redeemed		(3,904,353	)		(4,530,357	)		(107,054	)		(14,031	)
Cash Management Class:
Subscribed		—			—	@		—			—
Distributions Reinvested		61			194			143			346
Redeemed		(801	)		(1,469	)		(73	)		(771	)
Select Class:
Distributions Reinvested		1			2			1			2
Impact Class:
Subscribed		—			—			—			50	*
Impact Partner Class:
Subscribed		—			—			—			50	*
Advisor Class:
Subscribed		222,694			136,039	**		—			50	***
Distributions Reinvested		2,304			529	**		—			—
Redeemed		(151,563	)		(94,302	)**		—			—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		3,500,916			(1,555,394	)		4,420,742			3,774,199
Total Increase (Decrease) in Net Assets		3,501,409			(1,558,146	)		4,421,847			3,772,501
Net Assets:
Beginning of Period		30,400,956			31,959,102			50,040,148			46,267,647
End of Period	$	33,902,365		$	30,400,956		$	54,461,995		$	50,040,148

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets (cont'd)

	Treasury Portfolio						Treasury Securities Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)			Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		98,732,467			141,574,047			94,548,097			160,420,749
Shares Issued on Distributions Reinvested		305,330			662,207			876,768			1,807,377
Shares Redeemed		(96,058,649	)		(144,843,225	)		(91,058,932	)		(158,377,727	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		2,979,148			(2,606,971	)		4,365,933			3,850,399
Institutional Select Class:
Shares Subscribed		2,655,418			5,189,985			27,831			43,130
Shares Issued on Distributions Reinvested		71,424			153,113			43			96
Shares Redeemed		(2,534,006	)		(5,247,466	)		(11,387	)		(46,703	)
Net Increase (Decrease) in Institutional Select Class Shares Outstanding		192,836			95,632			16,487			(3,477	)
Investor Class:
Shares Subscribed		1,180,521			1,284,525			31,603			16,893
Shares Issued on Distributions Reinvested		1			238			19			167
Shares Redeemed		(975,152	)		(1,279,180	)		(7,446	)		(9,246	)
Net Increase in Investor Class Shares Outstanding		205,370			5,583			24,176			7,814
Administrative Class:
Shares Subscribed		35,343			38,124			98,307			104,979
Shares Issued on Distributions Reinvested		84			263			1			3
Shares Redeemed		(19,576	)		(31,047	)		(95,438	)		(78,783	)
Net Increase in Administrative Class Shares Outstanding		15,851			7,340			2,870			26,199
Advisory Class:
Shares Subscribed		1,008,139			2,078,559			25,215			376,068
Shares Issued on Distributions Reinvested		1,377			3,236			175			4,236
Shares Redeemed		(1,004,438	)		(2,085,638	)		(18,542	)		(478,065	)
Net Increase (Decrease) in Advisory Class Shares Outstanding		5,078			(3,843	)		6,848			(97,761	)
Participant Class:
Shares Subscribed		3,933,676			5,435,578			110,510			5,318
Shares Issued on Distributions Reinvested		614			651			901			11
Shares Redeemed		(3,904,353	)		(4,530,357	)		(107,054	)		(14,031	)
Net Increase (Decrease) in Participant Class Shares Outstanding		29,937			905,872			4,357			(8,702	)
Cash Management Class:
Shares Subscribed		—			—	@@		—			—
Shares Issued on Distributions Reinvested		61			194			143			346
Shares Redeemed		(801	)		(1,469	)		(73	)		(771	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		(740	)		(1,275	)		70			(425	)
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		222,694			136,039	**		—			50	***
Shares Issued on Distributions Reinvested		2,304			529	**		—			—
Shares Redeemed		(151,563	)		(94,302	)**		—			—
Net Increase in Advisor Class Shares Outstanding		73,435			42,266			—			50

@ Value is less than $500

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

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

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

@@ Amount is less than 500 shares.

2025 Semi-Annual Report

April 30, 2025

Statements of Changes in Net Assets

	Tax-Exempt Portfolio
	Six Months Ended April 30, 2025 (unaudited) (000)			Year Ended October 31, 2024 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	6,780		$	14,960
Net Realized Gain		—			—	@
Net Change in Unrealized Appreciation (Depreciation)		—			50
Net Increase in Net Assets Resulting from Operations		6,780			15,010
Dividends and Distributions to Shareholders:
Wealth*		(6,773	)		(14,928	)
Wealth S**		(1	)		(2	)
Cash Management Class		(2	)		(28	)
Select Class		(—	@)		(1	)
Advisor Class		(1	)		(1	)
Total Dividends and Distributions to Shareholders		(6,777	)		(14,960	)
Capital Share Transactions:⁽¹⁾
Wealth:*
Subscribed		383,024			770,454
Distributions Reinvested		6,502			13,200
Redeemed		(352,901	)		(792,959	)
Wealth S:**
Subscribed		—			—	@
Distributions Reinvested		1			2
Cash Management Class:
Subscribed		—			2
Distributions Reinvested		2			23
Redeemed		(—	@)		(1,133	)
Select Class:
Subscribed		—			50	***
Advisor Class:
Subscribed		—			50	****
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		36,628			(10,311	)
Total Increase (Decrease) in Net Assets		36,631			(10,261	)
Net Assets:
Beginning of Period		464,826			475,087
End of Period	$	501,457		$	464,826
(1) Capital Share Transactions:
Wealth Class:*
Shares Subscribed		383,024			770,450
Shares Issued on Distributions Reinvested		6,502			13,200
Shares Redeemed		(352,901	)		(792,947	)
Net Increase (Decrease) in Wealth Class Shares Outstanding		36,625			(9,297	)
Wealth S Class:**
Shares Subscribed		—			—	@@
Shares Issued on Distributions Reinvested		1			2
Net Increase in Wealth S Class Shares Outstanding		1			2
Cash Management Class:
Shares Subscribed		—			2
Shares Issued on Distributions Reinvested		2			23
Shares Redeemed		(—	@@)		(1,133	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		2			(1,108	)
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 October 31, 2024.

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

@ Amount is less than $500.

@@ Amount is less than 500 shares.

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.26	%(3)
Year Ended 10/31/24		1.000		0.053	(1)		0.000	(2)		(0.053	)		1.000		5.48	%(5)
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	%
Wealth S Class++
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.24	%(3)
Year Ended 10/31/24		1.000		0.053	(1)		0.000	(2)		(0.053	)		1.000		5.42	%(5)
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.14	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.21	%(5)
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.01	%(3)
Year Ended 10/31/24		1.000		0.048	(1)		0.000	(2)		(0.048	)		1.000		4.95	%(5)
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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.19	%(3)
Year Ended 10/31/24		1.000		0.052	(1)		0.000	(2)		(0.052	)		1.000		5.32	%(5)
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.018	(1)	$	0.000	(2)	$	(0.018	)	$	1.000		1.86	%(3)
Year Ended 10/31/24		1.000		0.045	(1)		0.000	(2)		(0.045	)		1.000		4.64	%(5)
For the Period Ended 10/31/23(7)		1.000		0.042	(1)		(0.009	)		(0.033	)		1.000		3.37	%(3)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.26	%(3)
For the Period Ended 10/31/24(8)		1.000		0.035	(1)		0.000	(2)		(0.035	)		1.000		3.54	%(3)
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.26	%(3)
For the Period Ended 10/31/24(9)		1.000		0.032	(1)		0.000	(2)		(0.032	)		1.000		3.20	%(3)

2025 Semi-Annual Report

April 30, 2025

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)
Money Market Portfolio:
Wealth Class+
Six Months Ended 04/30/25 (unaudited)	$	3,354,818		0.17	%(4)		0.22	%(4)		4.51	%(4)		4.46	%(4)
Year Ended 10/31/24		2,903,797		0.19	%		0.23	%		5.31	%		5.27	%
Year Ended 10/31/23		2,134,251		0.18	%		0.25	%		4.78	%		4.71	%
Year Ended 10/31/22		3,192,797		0.16	%		0.22	%		0.99	%		0.93	%
Year Ended 10/31/21		3,291,307		0.14	%		0.22	%		0.06	%		(0.02	)%
Year Ended 10/31/20		4,142,846		0.13	%		0.22	%		0.87	%		0.78	%
Wealth S Class++
Six Months Ended 04/30/25 (unaudited)	$	59		0.22	%(4)(6)		0.27	%(4)		4.26	%(4)		4.21	%(4)
Year Ended 10/31/24		57		0.24	%(6)		0.28	%		5.26	%		5.22	%
Year Ended 10/31/23		54		0.23	%(6)		0.30	%		4.73	%		4.66	%
Year Ended 10/31/22		53		0.19	%(6)		0.27	%		0.96	%		0.88	%
Year Ended 10/31/21		51		0.16	%(6)		0.27	%		0.04	%		(0.07	)%
Year Ended 10/31/20		51		0.18	%(6)		0.27	%		0.82	%		0.73	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	58		0.42	%(4)(6)		0.47	%(4)		4.25	%(4)		4.19	%(4)
Year Ended 10/31/24		57		0.44	%(6)		0.48	%		5.06	%		5.02	%
Year Ended 10/31/23		54		0.43	%(6)		0.50	%		4.53	%		4.46	%
Year Ended 10/31/22		52		0.32	%(6)		0.47	%		0.83	%		0.68	%
Year Ended 10/31/21		51		0.17	%(6)		0.47	%		0.03	%		(0.27	)%
Year Ended 10/31/20		51		0.36	%(6)		0.47	%		0.65	%		0.54	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	57		0.67	%(4)(6)		0.72	%(4)		4.01	%(4)		3.96	%(4)
Year Ended 10/31/24		56		0.69	%(6)		0.73	%		4.81	%		4.77	%
Year Ended 10/31/23		54		0.68	%(6)		0.75	%		4.28	%		4.21	%
Year Ended 10/31/22		51		0.45	%(6)		0.72	%		0.70	%		0.43	%
Year Ended 10/31/21		51		0.17	%(6)		0.72	%		0.03	%		(0.52	)%
Year Ended 10/31/20		51		0.52	%(6)		0.72	%		0.49	%		0.29	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1,542		0.32	%(4)(6)		0.37	%(4)		4.36	%(4)		4.31	%(4)
Year Ended 10/31/24		1,786		0.34	%(6)		0.38	%		5.16	%		5.12	%
Year Ended 10/31/23		4,161		0.33	%(6)		0.40	%		4.63	%		4.56	%
Year Ended 10/31/22		7,338		0.25	%(6)		0.37	%		0.90	%		0.78	%
Year Ended 10/31/21		8,341		0.17	%(6)		0.37	%		0.03	%		(0.17	)%
Year Ended 10/31/20		8,784		0.28	%(6)		0.37	%		0.72	%		0.63	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	55		0.97	%(4)(6)		1.02	%(4)		3.71	%(4)		3.66	%(4)
Year Ended 10/31/24		54		0.99	%(6)		1.03	%		4.51	%		4.47	%
For the Period Ended 10/31/23(7)		52		0.98	%(4)(6)		1.05	%(4)		5.44	%(4)		5.37	%(4)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	50		0.17	%(4)		0.22	%(4)		4.51	%(4)		4.46	%(4)
For the Period Ended 10/31/24(8)		50		0.19	%(4)		0.23	%(4)		5.31	%(4)		5.27	%(4)
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	63,394		0.17	%(4)		0.22	%(4)		4.51	%(4)		4.46	%(4)
For the Period Ended 10/31/24(9)		37,560		0.19	%(4)		0.23	%(4)		5.31	%(4)		5.27	%(4)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	1.0003	$	0.0223	(1)	$	(0.0002	)(2)	$	(0.0223	)	$	1.0001		2.23	%(3)
Year Ended 10/31/24		1.0002		0.0534	(1)		0.0001	(2)		(0.0534	)		1.0003		5.49	%(5)
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.0000	$	0.0220	(1)	$	(0.0002	)(2)	$	(0.0220	)	$	0.9998		2.21	%(3)
Year Ended 10/31/24		0.9999		0.0529	(1)		0.0001	(2)		(0.0529	)		1.0000		5.44	%(5)
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	1.0003	$	0.0211	(1)	$	(0.0002	)(2)	$	(0.0210	)	$	1.0002		2.12	%(3)
Year Ended 10/31/24		1.0002		0.0509	(1)		0.0001	(2)		(0.0509	)		1.0003		5.21	%(5)
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	)		(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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1.0000	$	0.0215	(1)	$	(0.0002	)(2)	$	(0.0215	)	$	0.9998		2.16	%(3)
Year Ended 10/31/24		0.9999		0.0519	(1)		0.0001	(2)		(0.0519	)		1.0000		5.33	%(5)
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	%
CastleOak Shares Class
Six Months Ended 04/30/25 (unaudited)	$	1.0003	$	0.0223	(1)	$	(0.0002	)(2)	$	(0.0223	)	$	1.0001		2.23	%(3)
Year Ended 10/31/24		1.0002		0.0534	(1)		0.0001	(2)		(0.0534	)		1.0003		5.49	%(5)
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	%(3)
Impact Class
Six Months Ended 04/30/25 (unaudited)	$	1.0003	$	0.0223	(1)	$	(0.0002	)(2)	$	(0.0223	)	$	1.0001		2.23	%(3)
Year Ended 10/31/24		1.0002		0.0534	(1)		0.0001	(2)		(0.0534	)		1.0003		5.49	%(5)
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	%(3)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	1.0003	$	0.0223	(1)	$	(0.0003	)(2)	$	(0.0223	)	$	1.0000		2.22	%(3)
For the Period Ended 10/31/24(8)		1.0000		0.0325	(1)		0.0026			(0.0348	)		1.0003		3.53	%(3)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	10,891,815		0.20	%(4)		0.21	%(4)		4.49	%(4)		4.48	%(4)
Year Ended 10/31/24		11,682,116		0.20	%		0.21	%		5.34	%		5.33	%
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	33,680		0.25	%(4)(6)		0.26	%(4)		4.44	%(4)		4.43	%(4)
Year Ended 10/31/24		31,266		0.25	%(6)		0.26	%		5.29	%		5.28	%
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	59		0.45	%(4)(6)		0.46	%(4)		4.24	%(4)		4.23	%(4)
Year Ended 10/31/24		58		0.45	%(6)		0.46	%		5.09	%		5.08	%
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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	355		0.35	%(4)(6)		0.36	%(4)		4.34	%(4)		4.33	%(4)
Year Ended 10/31/24		351		0.35	%(6)		0.36	%		5.19	%		5.18	%
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	%
CastleOak Shares Class
Six Months Ended 04/30/25 (unaudited)	$	1,164,444		0.20	%(4)		0.21	%(4)		4.49	%(4)		4.48	%(4)
Year Ended 10/31/24		1,267,627		0.20	%		0.21	%		5.34	%		5.33	%
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	%(4)		0.21	%(4)		1.05	%(4)		0.99	%(4)
Impact Class
Six Months Ended 04/30/25 (unaudited)	$	50		0.20	%(4)		0.21	%(4)		4.49	%(4)		4.48	%(4)
Year Ended 10/31/24		299,927		0.20	%		0.21	%		5.34	%		5.33	%
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	%(4)		0.21	%(4)		1.05	%(4)		0.99	%(4)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	100,566		0.20	%(4)		0.21	%(4)		4.49	%(4)		4.48	%(4)
For the Period Ended 10/31/24(8)		468,330		0.20	%(4)		0.21	%(4)		5.34	%(4)		5.33	%(4)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.19	%(3)
Year Ended 10/31/24		1.000		0.052	(1)		0.000	(2)		(0.052	)		1.000		5.32	%(5)
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.17	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.26	%(5)
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.14	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.21	%(5)
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.12	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.16	%(5)
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.07	%(3)
Year Ended 10/31/24		1.000		0.049	(1)		0.000	(2)		(0.049	)		1.000		5.05	%(5)
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.019	(1)	$	0.000	(2)	$	(0.019	)	$	1.000		1.94	%(3)
Year Ended 10/31/24		1.000		0.047	(1)		0.000	(2)		(0.047	)		1.000		4.79	%(5)
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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.12	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.16	%(5)
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.018	(1)	$	0.000	(2)	$	(0.018	)	$	1.000		1.79	%(3)
Year Ended 10/31/24		1.000		0.044	(1)		0.000	(2)		(0.044	)		1.000		4.48	%(5)
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	%
Castleoak Shares Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.19	%(3)
Year Ended 10/31/24		1.000		0.052	(1)		0.000	(2)		(0.052	)		1.000		5.32	%(5)
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	%(3)
Impact Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.19	%(3)
Year Ended 10/31/24		1.000		0.052	(1)		0.000	(2)		(0.052	)		1.000		5.32	%(5)
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	%(3)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.19	%(3)
For the Period Ended 10/31/24(8)		1.000		0.034	(1)		0.000	(2)		(0.034	)		1.000		3.45	%(3)
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.022	(1)	$	0.000	(2)	$	(0.022	)	$	1.000		2.19	%(3)
For the Period Ended 10/31/24(9)		1.000		0.031	(1)		0.000	(2)		(0.031	)		1.000		3.12	%(3)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	147,473,288		0.15	%(4)		N/A			0.20	%(4)		4.37	%(4)		4.32	%(4)
Year Ended 10/31/24		132,300,048		0.15	%		N/A			0.20	%		5.18	%		5.13	%
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	5,970,227		0.20	%(4)(6)		N/A			0.25	%(4)		4.32	%(4)		4.27	%(4)
Year Ended 10/31/24		5,857,261		0.20	%(6)		N/A			0.25	%		5.13	%		5.08	%
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	6,475,688		0.25	%(4)(6)		N/A			0.30	%(4)		4.27	%(4)		4.22	%(4)
Year Ended 10/31/24		6,147,621		0.25	%(6)		N/A			0.30	%		5.08	%		5.03	%
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	208,856		0.30	%(4)(6)		N/A			0.35	%(4)		4.22	%(4)		4.17	%(4)
Year Ended 10/31/24		251,650		0.30	%(6)		N/A			0.35	%		5.03	%		4.98	%
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	3,740,132		0.40	%(4)(6)		N/A			0.45	%(4)		4.12	%(4)		4.07	%(4)
Year Ended 10/31/24		2,397,061		0.40	%(6)		N/A			0.45	%		4.93	%		4.88	%
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	2,906,421		0.65	%(4)(6)		N/A			0.70	%(4)		3.87	%(4)		3.82	%(4)
Year Ended 10/31/24		2,967,432		0.65	%(6)		N/A			0.70	%		4.68	%		4.63	%
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	)%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	411		0.30	%(4)(6)		N/A			0.35	%(4)		4.22	%(4)		4.17	%(4)
Year Ended 10/31/24		1,067		0.30	%(6)		N/A			0.35	%		5.03	%		4.98	%
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	56		0.95	%(4)(6)		N/A			1.00	%(4)		3.57	%(4)		3.52	%(4)
Year Ended 10/31/24		55		0.95	%(6)		N/A			1.00	%		4.38	%		4.33	%
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	)%
Castleoak Shares Class
Six Months Ended 04/30/25 (unaudited)	$	2,098,369		0.15	%(4)		N/A			0.20	%(4)		4.37	%(4)		4.32	%(4)
Year Ended 10/31/24		2,702,094		0.15	%		N/A			0.20	%		5.18	%		5.13	%
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	%(4)		N/A			0.21	%(4)		0.02	%(4)		(0.12	)%(4)
Impact Class
Six Months Ended 04/30/25 (unaudited)	$	2,008,707		0.15	%(4)		N/A			0.20	%(4)		4.37	%(4)		4.32	%(4)
Year Ended 10/31/24		1,518,203		0.15	%		N/A			0.20	%		5.18	%		5.13	%
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	%(4)		N/A			0.21	%(4)		0.92	%(4)		0.83	%(4)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	1,606,759		0.15	%(4)		N/A			0.20	%(4)		4.37	%(4)		4.32	%(4)
For the Period Ended 10/31/24(8)		943,525		0.15	%(4)		N/A			0.20	%(4)		5.18	%(4)		5.13	%(4)
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	71,584		0.15	%(4)		N/A			0.20	%(4)		4.37	%(4)		4.32	%(4)
For the Period Ended 10/31/24(9)		22,010		0.15	%(4)		N/A			0.20	%(4)		5.18	%(4)		5.13	%(4)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.15	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.24	%(5)
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.12	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		(0.001	)		(0.050	)		1.000		5.19	%(5)
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.10	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.14	%(5)
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.07	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		(0.001	)		(0.049	)		1.000		5.09	%(5)
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.02	%(3)
Year Ended 10/31/24		1.000		0.049	(1)		(0.001	)		(0.048	)		1.000		4.98	%(5)
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.02	%(3)
Year Ended 10/31/24		1.000		0.049	(1)		(0.001	)		(0.048	)		1.000		4.98	%(5)
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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.07	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		(0.001	)		(0.049	)		1.000		5.08	%(5)
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	%

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	828,281		0.20	%(4)		0.22	%(4)		4.28	%(4)		4.26	%(4)
Year Ended 10/31/24		1,013,205		0.20	%		0.23	%		5.12	%		5.09	%
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	58		0.25	%(4)(6)		0.27	%(4)		4.23	%(4)		4.21	%(4)
Year Ended 10/31/24		57		0.25	%(6)		0.28	%		5.07	%		5.04	%
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	58		0.30	%(4)(6)		0.32	%(4)		4.18	%(4)		4.16	%(4)
Year Ended 10/31/24		56		0.30	%(6)		0.33	%		5.02	%		4.99	%
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	57		0.35	%(4)(6)		0.37	%(4)		4.13	%(4)		4.11	%(4)
Year Ended 10/31/24		56		0.35	%(6)		0.38	%		4.97	%		4.94	%
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	41,179		0.45	%(4)(6)		0.47	%(4)		4.03	%(4)		4.01	%(4)
Year Ended 10/31/24		45,161		0.45	%(6)		0.48	%		4.87	%		4.84	%
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	4,092,702		0.45	%(4)(6)		0.72	%(4)		4.03	%(4)		3.76	%(4)
Year Ended 10/31/24		4,111,364		0.45	%(6)		0.73	%		4.87	%		4.59	%
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	)%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	131		0.35	%(4)(6)		0.37	%(4)		4.13	%(4)		4.11	%(4)
Year Ended 10/31/24		128		0.35	%(6)		0.38	%		4.97	%		4.94	%
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	%

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.16	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.25	%(5)
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.13	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.20	%(5)
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.11	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.15	%(5)
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.09	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.10	%(5)
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.03	%(3)
Year Ended 10/31/24		1.000		0.049	(1)		0.000	(2)		(0.049	)		1.000		4.99	%(5)
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.019	(1)	$	0.000	(2)	$	(0.019	)	$	1.000		1.91	%(3)
Year Ended 10/31/24		1.000		0.046	(1)		0.000	(2)		(0.046	)		1.000		4.73	%(5)
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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.09	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.10	%(5)
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.017	(1)	$	0.000	(2)	$	(0.017	)	$	1.000		1.76	%(3)
Year Ended 10/31/24		1.000		0.043	(1)		0.000	(2)		(0.043	)		1.000		4.42	%(5)
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	%
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.16	%(3)
For the Period Ended 10/31/24(9)		1.000		0.030	(1)		0.000	(2)		(0.030	)		1.000		3.08	%(3)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	26,375,714		0.20	%(4)		N/A			0.21	%(4)		4.31	%(4)		4.30	%(4)
Year Ended 10/31/24		23,396,182		0.20	%		N/A			0.21	%		5.12	%		5.11	%
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	3,402,791		0.25	%(4)(6)		N/A			0.26	%(4)		4.26	%(4)		4.25	%(4)
Year Ended 10/31/24		3,209,904		0.25	%(6)		N/A			0.26	%		5.07	%		5.06	%
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	280,291		0.30	%(4)(6)		N/A			0.31	%(4)		4.21	%(4)		4.20	%(4)
Year Ended 10/31/24		74,918		0.30	%(6)		N/A			0.31	%		5.02	%		5.01	%
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	31,744		0.35	%(4)(6)		N/A			0.36	%(4)		4.16	%(4)		4.15	%(4)
Year Ended 10/31/24		15,892		0.35	%(6)		N/A			0.36	%		4.97	%		4.96	%
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	414,885		0.45	%(4)(6)		N/A			0.46	%(4)		4.06	%(4)		4.05	%(4)
Year Ended 10/31/24		409,801		0.45	%(6)		N/A			0.46	%		4.87	%		4.86	%
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	3,278,477		0.70	%(4)(6)		N/A			0.71	%(4)		3.81	%(4)		3.80	%(4)
Year Ended 10/31/24		3,248,495		0.70	%(6)		N/A			0.71	%		4.62	%		4.61	%
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	)%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	2,703		0.35	%(4)(6)		N/A			0.36	%(4)		4.16	%(4)		4.15	%(4)
Year Ended 10/31/24		3,443		0.35	%(6)		N/A			0.36	%		4.97	%		4.96	%
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	56		1.00	%(4)(6)		N/A			1.01	%(4)		3.51	%(4)		3.50	%(4)
Year Ended 10/31/24		55		1.00	%(6)		N/A			1.01	%		4.32	%		4.31	%
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	)%
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	115,704		0.20	%(4)		N/A			0.21	%(4)		4.31	%(4)		4.30	%(4)
For the Period Ended 10/31/24(9)		42,266		0.20	%(4)		N/A			0.21	%(4)		5.12	%(4)		5.11	%(4)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.14	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.26	%(5)
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.11	%(3)
Year Ended 10/31/24		1.000		0.051	(1)		0.000	(2)		(0.051	)		1.000		5.21	%(5)
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.09	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.15	%(5)
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.06	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.10	%(5)
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.01	%(3)
Year Ended 10/31/24		1.000		0.049	(1)		0.000	(2)		(0.049	)		1.000		5.00	%(5)
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.019	(1)	$	0.000	(2)	$	(0.019	)	$	1.000		1.89	%(3)
Year Ended 10/31/24		1.000		0.046	(1)		0.000	(2)		(0.046	)		1.000		4.73	%(5)
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	%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.020	(1)	$	0.000	(2)	$	(0.020	)	$	1.000		2.06	%(3)
Year Ended 10/31/24		1.000		0.050	(1)		0.000	(2)		(0.050	)		1.000		5.10	%(5)
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.017	(1)	$	0.000	(2)	$	(0.017	)	$	1.000		1.74	%(3)
Year Ended 10/31/24		1.000		0.043	(1)		0.000	(2)		(0.043	)		1.000		4.42	%(5)
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	%
Impact Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.14	%(3)
For the Period Ended 10/31/24(8)		1.000		0.033	(1)		0.000	(2)		(0.033	)		1.000		3.40	%(3)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.14	%(3)
For the Period Ended 10/31/24(8)		1.000		0.033	(1)		0.000	(2)		(0.033	)		1.000		3.40	%(3)
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	1.000	$	0.021	(1)	$	0.000	(2)	$	(0.021	)	$	1.000		2.14	%(3)
For the Period Ended 10/31/24(14)		1.000		0.017	(1)		0.000	(2)		(0.017	)		1.000		1.75	%(3)

2025 Semi-Annual Report

April 30, 2025

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 04/30/25 (unaudited)	$	54,231,297		0.20	%(4)		N/A			0.21	%(4)		4.27	%(4)		4.26	%(4)
Year Ended 10/31/24		49,864,264		0.20	%		N/A			0.21	%		5.12	%		5.11	%
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	%
Institutional Select Class
Six Months Ended 04/30/25 (unaudited)	$	22,232		0.25	%(4)(6)		N/A			0.26	%(4)		4.22	%(4)		4.21	%(4)
Year Ended 10/31/24		5,744		0.25	%(6)		N/A			0.26	%		5.07	%		5.06	%
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	%
Investor Class
Six Months Ended 04/30/25 (unaudited)	$	40,784		0.30	%(4)(6)		N/A			0.31	%(4)		4.17	%(4)		4.16	%(4)
Year Ended 10/31/24		16,608		0.30	%(6)		N/A			0.31	%		5.02	%		5.01	%
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	%
Administrative Class
Six Months Ended 04/30/25 (unaudited)	$	117,456		0.35	%(4)(6)		N/A			0.36	%(4)		4.12	%(4)		4.11	%(4)
Year Ended 10/31/24		114,583		0.35	%(6)		N/A			0.36	%		4.97	%		4.96	%
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	%
Advisory Class
Six Months Ended 04/30/25 (unaudited)	$	11,850		0.45	%(4)(6)		N/A			0.46	%(4)		4.02	%(4)		4.01	%(4)
Year Ended 10/31/24		5,002		0.45	%(6)		N/A			0.46	%		4.87	%		4.86	%
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	%
Participant Class
Six Months Ended 04/30/25 (unaudited)	$	31,145		0.70	%(4)(6)		N/A			0.71	%(4)		3.77	%(4)		3.76	%(4)
Year Ended 10/31/24		26,788		0.70	%(6)		N/A			0.71	%		4.62	%		4.61	%
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	)%
Cash Management Class
Six Months Ended 04/30/25 (unaudited)	$	7,025		0.35	%(4)(6)		N/A			0.36	%(4)		4.12	%(4)		4.11	%(4)
Year Ended 10/31/24		6,954		0.35	%(6)		N/A			0.36	%		4.97	%		4.96	%
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	%
Select Class
Six Months Ended 04/30/25 (unaudited)	$	56		1.00	%(4)(6)		N/A			1.01	%(4)		3.47	%(4)		3.46	%(4)
Year Ended 10/31/24		55		1.00	%(6)		N/A			1.01	%		4.32	%		4.31	%
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	)%
Impact Class
Six Months Ended 04/30/25 (unaudited)	$	50		0.20	%(4)		N/A			0.21	%(4)		4.27	%(4)		4.26	%(4)
For the Period Ended 10/31/24(8)		50		0.20	%(4)		N/A			0.21	%(4)		5.12	%(4)		5.11	%(4)
Impact Partner Class
Six Months Ended 04/30/25 (unaudited)	$	50		0.20	%(4)		N/A			0.21	%(4)		4.27	%(4)		4.26	%(4)
For the Period Ended 10/31/24(8)		50		0.20	%(4)		N/A			0.21	%(4)		5.12	%(4)		5.11	%(4)
Advisor Class
Six Months Ended 04/30/25 (unaudited)	$	50		0.20	%(4)		N/A			0.21	%(4)		4.27	%(4)		4.26	%(4)
For the Period Ended 10/31/24(14)		50		0.20	%(4)		N/A			0.21	%(4)		5.12	%(4)		5.11	%(4)

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	$	—	$	70,000	$	—	$	70,000
Commercial Paper		—		620,358		—		620,358
Corporate Bonds		—		215,909		—		215,909
Floating Rate Notes		—		517,201		—		517,201
Repurchase Agreements		—		1,823,000		—		1,823,000
Time Deposits		—		65,000		—		65,000
Total Assets	$	—	$	3,311,468	$	—	$	3,311,468

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

	Maximum Expense Ratios
Class	Money Market			Prime			Government			Government Securities
Wealth/Institutional Class		0.20	%		0.20	%		0.15	%*		0.20	%
Wealth S/Institutional Select Class		0.25			0.25			0.20	*		0.25
Investor Class		0.30			0.30			0.25	*		0.30
Administrative Class		0.35			0.35			0.30	*		0.35
Advisory Class		0.45			0.45			0.40	*		0.45
Participant Class		0.70			0.70			0.65	*		0.45
Cash Management Class		0.35			0.35			0.30	*		0.35
Select Class		1.00			—			0.95	*		—
CastleOak Shares Class		—			0.20			0.15	*		—
Impact Class		—			0.20			0.15	*		—
Impact Partner Class		0.20			0.20			0.15	*		—
Advisor Class		0.20			—			0.15	*		—

	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			0.20

Fund	Advisory Fees Waived and/or Reimbursed (000)
Money Market	$	931
Prime		939
Government		45,496
Government Securities		539
Treasury		977
Treasury Securities		1,411
Tax-Exempt		310

	2024 Distributions Paid From:				2023 Distributions Paid From:
Fund	Ordinary Income (000)		Tax- Exempt Income (000)		Ordinary Income (000)		Tax- Exempt Income (000)
Money Market	$	128,861	$	—	$	98,853	$	—
Prime		852,411		—		819,957		—
Government		7,373,470		—		6,877,575		—
Government Securities		260,328		—		255,531		—
Treasury		1,492,918		—		1,440,599		—
Treasury Securities		2,436,442		—		1,940,703		—
Tax-Exempt		353		14,607		282		13,400

Fund	Undistributed Ordinary Income (000)		Tax- Exempt Income (000)		Undistributed Long-Term Capital Gain (000)
Money Market	$	48	$	—	$	—
Prime		21,401		—		—
Government		305,221		—		—
Government Securities		1,100		—		—
Treasury		52,464		—		—
Treasury Securities		48,143		—		—
Tax-Exempt		—		29		—

Fund	Short-term Losses (No Expiration) (000)		Long-term Losses (No Expiration) (000)
Money Market	$	1,119	$	—
Prime		16,265		—
Government		36,783		161
Government Securities		1,794		24
Treasury		10,141		48
Treasury Securities		12,202		166
Tax-Exempt		2		—

Fund	Capital Loss Carryforward Utilized (000)
Money Market	$	2
Prime		22
Government		89
Government Securities		73
Tax-Exempt		—	@

Fund	Percent of Ownership
Money Market		98.7	%
Prime		51.8
Government		37.8
Government Securities		84.3
Treasury		72.3
Treasury Securities		83.3
Tax-Exempt		92.1

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Principal Financial Officer’s Section 302 certification.
(a)(2)(ii)	Principal Executive Officer’s Section 302 certification.
(b)	Combined Section 906 certification.

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

Date:	June 16, 2025

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

Date:	June 16, 2025

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

Date:	June 16, 2025