Morgan Stanley Institutional Liquidity Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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)
522 Fifth Avenue, New York, New York					10036
(Address of principal executive offices)					(Zip code)
Arthur Lev 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant’s telephone number, including area code:				212-296-6990
Date of fiscal year end:	October 31, 2011
Date of reporting period:		April 30, 2011

Item 1 - Report to Shareholders

INVESTMENT MANAGEMENT

Morgan Stanley Institutional
Liquidity Funds

Money Market Portfolio

Prime Portfolio

Government Portfolio

Government Securities Portfolio

Treasury Portfolio

Treasury Securities Portfolio

Tax-Exempt Portfolio

Semi-Annual
Report

April 30, 2011

2011 Semi-Annual Report

April 30, 2011

Table of Contents

Shareholders' Letter	2
Performance Summary	3
Expense Examples	4
Portfolios of Investments:
Money Market Portfolio	6
Prime Portfolio	11
Government Portfolio	21
Government Securities Portfolio	24
Treasury Portfolio	25
Treasury Securities Portfolio	27
Tax-Exempt Portfolio	28
Statements of Assets and Liabilities	33
Statements of Operations	37
Statements of Changes in Net Assets	39
Financial Highlights	48
Notes to Financial Statements	63
U.S. Privacy Policy	68
Trustee and Officer Information	71

This report is authorized for distribution only when preceded or accompanied by prospectuses of the Morgan Stanley Institutional Liquidity Funds. 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 Portfolio'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 portfolio information including performance, characteristics, and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im.

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

1

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Shareholders' Letter

Dear Shareholders:

We are pleased to present the Morgan Stanley Institutional Liquidity Funds ("MSILF") Semi-Annual Report for the period ended April 30, 2011. MSILF currently offers seven portfolios (Money Market, Prime, Government, Government Securities, Treasury, Treasury Securities and Tax-Exempt), which together are designed to provide flexible cash management options. MSILF's portfolios provide investors with a means to help them meet specific cash investment needs, whether they need a rated fund, capital preservation, or tax-efficient returns.

Sincerely,

Kevin Klingert
President and Principal Executive Officer

May 2011

2

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Performance Summary

The seven-day current and seven-day effective yields (effective yield assumes an annualization of the current yield with all dividends reinvested) as of April 30, 2011, were as follows:

	Subsidized Yields
	Institutional Class						Institutional Select Class						Investor Class						Administrative Class						Advisory Class						Participant Class						Cash Management Class
	7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield
Portfolios:
Money Market		0.15	%		0.15	%		0.10	%		0.10	%		0.05	%		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Prime		0.11	%		0.11	%		0.06	%		0.06	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Government		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Government Securities		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Treasury		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Treasury Securities		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Tax-Exempt		0.11	%		0.11	%		0.06	%		0.06	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
	Non-Subsidized Yields
	Institutional Class						Institutional Select Class						Investor Class						Administrative Class						Advisory Class						Participant Class						Cash Management Class
	7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield			7-day Current Yield			7-day Effective Yield
Portfolios:
Money Market		0.09	%		0.09	%		0.04	%		0.04	%		–0.01	%		–0.01	%		–0.06	%		–0.06	%		–0.16	%		–0.16	%		–0.41	%		–0.41	%		–0.06	%		–0.06	%
Prime		0.06	%		0.06	%		0.01	%		0.01	%		–0.04	%		–0.04	%		–0.09	%		–0.09	%		–0.19	%		–0.19	%		–0.44	%		–0.44	%		–0.09	%		–0.09	%
Government		–0.09	%		–0.09	%		–0.14	%		–0.14	%		–0.19	%		–0.19	%		–0.24	%		–0.24	%		–0.34	%		–0.33	%		–0.59	%		–0.58	%		–0.24	%		–0.24	%
Government Securities		–0.12	%		–0.12	%		–0.17	%		–0.17	%		–0.22	%		–0.22	%		–0.27	%		–0.27	%		–0.37	%		–0.37	%		–0.62	%		–0.62	%		–0.27	%		–0.27	%
Treasury		–0.13	%		–0.13	%		–0.18	%		–0.18	%		–0.23	%		–0.23	%		–0.28	%		–0.28	%		–0.38	%		–0.38	%		–0.63	%		–0.63	%		–0.28	%		–0.28	%
Treasury Securities		–0.38	%		–0.38	%		–0.43	%		–0.43	%		–0.48	%		–0.48	%		–0.53	%		–0.53	%		–0.63	%		–0.63	%		–0.88	%		–0.88	%		–0.53	%		–0.53	%
Tax-Exempt		0.00	%		0.00	%		–0.05	%		–0.05	%		–0.10	%		–0.10	%		–0.15	%		–0.15	%		–0.25	%		–0.25	%		–0.50	%		–0.50	%		–0.15	%		–0.15	%

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

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance information for the 7-day effective yield assumes that all dividends and distributions, if any, were reinvested. For the most recent month-end performance figures, please visit www.morganstanley.com/im. Investment returns will fluctuate causing portfolio shares, when redeemed, to be worth more or less than their original cost. Total returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

Investments in the Money Market, Prime, Government, Government Securities, Treasury, Treasury Securities and Tax-Exempt Portfolios (the "Portfolios") are neither insured nor guaranteed by the Federal Deposit Insurance Corporation. Although the Portfolios seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these Portfolios. Please read MSILF's prospectuses carefully before you invest or send money.

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

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

3

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Expense Examples

Expense Examples

As a shareholder of a Portfolio, you incur ongoing costs, including management fees, shareholder administration plan fees (in the case of the Institutional Select, Investor and Administrative Classes), service and shareholder administration plan fees (in the case of the Advisory Class); distribution and shareholder service plan fees (in the case of the Participant and Cash Management Classes) and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2011 and held for the entire six-month period.

Actual Expenses

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

Please note that "Actual Expenses Paid During Period" are grossed up to reflect Portfolio expenses prior to the effect of Expense Offset (See Note F in the Notes to Financial Statements). Therefore, the annualized net expense ratios may differ from the ratio of expenses to average net assets shown in the Financial Highlights.

Hypothetical Example for Comparison Purposes

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

4

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Expense Examples (cont'd)

Portfolio	Beginning Account Value 11/1/10		Actual Ending Account Value 4/30/11		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Money Market Institutional Class	$	1,000.00	$	1,001.00	$	1,024.13	$	0.80	$	0.81		0.16	%
Money Market Institutional Select Class		1,000.00		1,000.70		1,023.88		1.05		1.06		0.21
Money Market Investor Class		1,000.00		1,000.50		1,023.64		1.30		1.31		0.26
Money Market Administrative Class		1,000.00		1,000.30		1,023.39		1.55		1.56		0.31
Money Market Advisory Class		1,000.00		1,000.10		1,023.19		1.75		1.77		0.35
Money Market Participant Class		1,000.00		1,000.00		1,023.14		1.80		1.82		0.36
Money Market Cash Management Class		1,000.00		1,000.30		1,023.39		1.55		1.56		0.31
Prime Institutional Class		1,000.00		1,000.80		1,024.13		0.80		0.81		0.16
Prime Institutional Select Class		1,000.00		1,000.60		1,023.88		1.05		1.06		0.21
Prime Investor Class		1,000.00		1,000.30		1,023.64		1.30		1.31		0.26
Prime Administrative Class		1,000.00		1,000.10		1,023.44		1.50		1.51		0.30
Prime Advisory Class		1,000.00		1,000.00		1,023.39		1.55		1.56		0.31
Prime Participant Class		1,000.00		1,000.00		1,023.39		1.55		1.56		0.31
Prime Cash Management Class		1,000.00		1,000.10		1,023.44		1.50		1.51		0.30
Government Institutional Class		1,000.00		1,000.20		1,024.18		0.75		0.76		0.15
Government Institutional Select Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Government Investor Class		1,000.00		1,000.00		1,023.93		1.00		1.01		0.20
Government Administrative Class		1,000.00		1,000.00		1,024.03		0.90		0.91		0.18
Government Advisory Class		1,000.00		1,000.00		1,023.98		0.95		0.96		0.19
Government Participant Class		1,000.00		1,000.10		1,024.03		0.90		0.91		0.18
Government Cash Management Class		1,000.00		1,000.00		1,023.98		0.95		0.96		0.19
Government Securities Institutional Class		1,000.00		1,000.10		1,024.13		0.80		0.81		0.16
Government Securities Institutional Select Class		1,000.00		1,000.10		1,024.13		0.80		0.81		0.16
Government Securities Investor Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Government Securities Administrative Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Government Securities Advisory Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Government Securities Participant Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Government Securities Cash Management Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Treasury Institutional Class		1,000.00		1,000.10		1,024.18		0.75		0.76		0.15
Treasury Institutional Select Class		1,000.00		1,000.10		1,024.13		0.80		0.81		0.16
Treasury Investor Class		1,000.00		1,000.10		1,024.08		0.85		0.86		0.17
Treasury Administrative Class		1,000.00		1,000.00		1,024.08		0.85		0.86		0.17
Treasury Advisory Class		1,000.00		1,000.00		1,024.13		0.80		0.81		0.16
Treasury Participant Class		1,000.00		1,000.00		1,024.13		0.80		0.81		0.16
Treasury Cash Management Class		1,000.00		1,000.00		1,024.08		0.85		0.86		0.17
Treasury Securities Institutional Class		1,000.00		1,000.10		1,024.38		0.55		0.56		0.11
Treasury Securities Institutional Select Class		1,000.00		1,000.10		1,024.33		0.60		0.61		0.12
Treasury Securities Investor Class		1,000.00		1,000.10		1,024.38		0.55		0.56		0.11
Treasury Securities Administrative Class		1,000.00		1,000.10		1,024.38		0.55		0.56		0.11
Treasury Securities Advisory Class		1,000.00		1,000.10		1,024.38		0.55		0.56		0.11
Treasury Securities Participant Class		1,000.00		1,000.10		1,024.38		0.55		0.56		0.11
Treasury Securities Cash Management Class		1,000.00		1,000.00		1,024.38		0.55		0.56		0.11
Tax-Exempt Institutional Class		1,000.00		1,000.50		1,024.03		0.90		0.91		0.18
Tax-Exempt Institutional Select Class		1,000.00		1,000.20		1,023.78		1.15		1.16		0.23
Tax-Exempt Investor Class		1,000.00		1,000.10		1,023.64		1.30		1.31		0.26
Tax-Exempt Administrative Class		1,000.00		1,000.10		1,023.64		1.30		1.31		0.26
Tax-Exempt Advisory Class		1,000.00		1,000.00		1,023.64		1.30		1.31		0.26
Tax-Exempt Participant Class		1,000.00		1,000.00		1,023.64		1.30		1.31		0.26
Tax-Exempt Cash Management Class		1,000.00		1,000.00		1,023.64		1.30		1.31		0.26

*  Expenses are calculated using each Portfolio Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period, and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized

5

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Money Market Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (8.0%)
International Banks (8.0%)
Bank of Montreal
0.12%, 5/10/11	$	75,000	$	75,000
BNP Paribas
0.55%, 8/10/11		20,000		20,000
Credit Agricole Corporate and Investment Bank
0.41%, 5/4/11		148,000		148,000
DnB NOR Bank ASA
0.12%, 5/4/11		80,000		80,000
Total Certificates of Deposit (Cost $323,000)				323,000
Commercial Paper (a) (19.5%)
International Banks (19.5%)
ABN Amro Funding USA LLC,
0.27%, 8/5/11 (b)		50,000		49,965
0.31%, 6/16/11 (b)		53,000		52,979
0.33%, 5/3/11 (b)		25,000		25,000
Banque et Caisse
0.44%, 6/3/11		55,000		54,979
BNZ International Funding Ltd.
0.43%, 6/7/11 (b)		12,000		11,995
BPCE SA,
0.44%, 7/8/11 (b)		43,000		42,966
0.45%, 6/3/11 (b)		67,000		66,974
ING Funding LLC
0.29%, 7/8/11		98,000		97,947
NRW. Bank,
0.24%, 7/28/11 - 7/29/11 (b)		85,000		84,950
Skandinaviska Enskilda Banken AG,
0.28%, 5/2/11 - 5/4/11 (b)		163,500		163,499
Svenska Handelsbanken
0.29%, 7/15/11 (b)		94,600		94,544
Westpac Securities NZ Ltd.
0.31%, 6/6/11 (b)		37,000		36,989
Total Commercial Paper (Cost $782,787)				782,787
Floating Rate Notes (14.1%)
International Banks (14.1%)
Barclays Bank PLC
0.77%, 7/19/11		105,000		105,000
BNP Paribas
0.76%, 6/23/11		65,000		65,000
Lloyds TSB Bank PLC
0.77%, 7/29/11		140,000		140,000
Natixis
0.36%, 5/19/11		85,000		85,000
Societe Generale,
0.36%, 2/3/12		35,000		35,000
0.46%, 6/22/11		45,000		45,000
1.71%, 5/5/11		91,000		91,000
Total Floating Rate Notes (Cost $566,000)				566,000

	Face Amount (000)		Value (000)
Repurchase Agreements (42.4%)
Barclays Bank PLC, (0.50%, dated 4/29/11, due 5/2/11; proceeds $25,001; fully collateralized by Convertible Bonds; CMS Energy Corp. 5.50% due 6/15/29; Covanta Holding Corp. 3.25% due 6/1/14; DR Horton, Inc. 2.00% due 5/15/14; General Cable Corp. 4.50% due 11/15/29; L-3 Communications Holdings, Inc. 3.00% due 8/1/35; Lennar Corp. 2.75% due 12/15/20; Liberty Media LLC 3.13% due 3/30/23; Teleflex, Inc. 3.88% due 8/1/17; Terex Corp. 4.00% due 6/1/15; TRW Automotive, Inc. 3.50% due 12/1/15; and Convertible Preferred Stocks; Bunge Ltd.; Omnicare Capital Trust II; valued at $28,251)	$	25,000	$	25,000
Barclays Bank PLC, (0.75%, dated 4/29/11, due 2/17/12; proceeds $35,214; fully collateralized by Convertible Bonds; CMS Energy Corp. 5.50% due 6/15/29; Covanta Holding Corp. 3.25% due 6/1/14; DR Horton, Inc. 2.00% due 5/15/14; General Cable Corp. 4.50% due 11/15/29; L-3 Communications Holdings, Inc. 3.00% due 8/1/35; Lennar Corp. 2.75% due 12/15/20; Liberty Media LLC 3.13% due 3/30/23; Teleflex, Inc. 3.88% due 8/1/17; Terex Corp. 4.00% due 6/1/15; TRW Automotive, Inc. 3.50% due 12/1/15; and Convertible Preferred Stocks; Bunge Ltd.; Omnicare Capital Trust II; valued at $39,551)		35,000		35,000
BNP U.S. Finance Corp., (0.05%, dated 4/29/11, due 5/2/11; proceeds $358,001; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.00% - 5.50% due 11/15/39 - 1/20/41; valued at $368,179)		358,000		358,000
BNP U.S. Finance Corp., (0.22%, dated 4/29/11, due 5/2/11; proceeds $60,001; fully collateralized by Corporate Bonds; Hewlett-Packard Co. 4.25% due 2/24/12; HSBC Finance Corp. 0.62% due 7/19/12; valued at $63,067)		60,000		60,000
BNP U.S. Finance Corp., (0.40%, dated 4/29/11, due 5/2/11; proceeds $20,001; fully collateralized by Corporate Bonds; Sabre Holdings Corp. 7.35% due 8/1/11; SunGard Data Systems, Inc. 10.63% due 5/15/15; valued at $21,181)		20,000		20,000
BNP U.S. Finance Corp., (0.63%, dated 3/8/11, due 6/10/11; proceeds $15,025; fully collateralized by Corporate Bonds; Ally Financial, Inc. 8.00% - 8.30% due 2/12/15 - 11/1/31; Aptalis Pharma, Inc. 12.75% due 3/1/16; Ashland, Inc. 9.13% due 6/1/17; Belo Corp. 6.75% due 5/30/13; Constellation Brands, Inc. 7.25% due 9/1/16; Cricket Communications, Inc. 7.75% - 10.00% due 7/15/15 - 10/15/20; ING Capital Funding Trust III 3.91% due 12/29/49; Lennar Corp. 12.25% due 6/1/17; Pernod-Ricard SA 5.75%

The accompanying notes are an integral part of the financial statements.
6

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
due 4/7/21; Pulte Group, Inc. 5.25% due 1/15/14; Radian Group, Inc. 5.63% due 2/15/13; Sabre Holdings Corp. 7.35% due 8/1/11; Seagate Technology HDD Holdings 6.38% due 10/1/11; SunGard Data Systems, Inc. 10.63% due 5/15/15; Toys R Us, Inc. 7.63% due 8/1/11; United Rentals North America, Inc. 9.25% due 12/15/19; UPC Holding BV 9.88% due 4/15/18; Windstream Corp. 8.13% due 8/1/13; XM Satellite Radio, Inc. 13.00% due 8/1/14; valued at $15,900)	$	15,000	$	15,000
Citigroup, Inc., (0.06%, dated 4/29/11, due 5/2/11; proceeds $75,000; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.50% - 5.00% due 9/1/21 - 4/1/38; Federal National Mortgage Association 3.50% - 6.00% due 11/1/25 - 8/1/37; valued at $77,150) (Note H)		75,000		75,000
Credit Suisse First Boston, (0.25%, dated 4/29/11, due 5/2/11; proceeds $170,004; fully collateralized by Common Stocks; Amdocs Ltd.; American Medical Systems Holdings, Inc.; American Safety Insurance Holdings Ltd.; Atheros Communications, Inc.; Bank of Kentucky Financial Corp.; Beckman Coulter, Inc.; BP PLC; Charles River Laboratories International, Inc.; China Unicom Hong Kong Ltd.; City Telecom HK Ltd.; CNA Surety Corp.; Comcast Corp.; Community Health Systems, Inc.; Cresud; Dendreon Corp.; Destination Maternity Corp.; Dionex Corp.; DISH Network Corp.; Dollar Thrifty Automotive Group, Inc.; Energizer Holdings, Inc.; Equity Lifestyle Properties, Inc.; Everest Re Group Ltd.; Herman Miller, Inc.; Hypercom Corp.; JW Mays, Inc.; Kansas City Southern; LaBarge, Inc.; Ladish Co., Inc.; Lennar Corp.; Ligand Pharmaceuticals, Inc.; Lubrizol Corp.; Luxottica Group SpA; M/I Homes, Inc.; Manitowoc Co, Inc. (The); Manpower, Inc.; Marten Transport Ltd.; McDermott International, Inc.; Medicines Co. (The); Mediware Information Systems; Men's Wearhouse, Inc. (The); Merit Medical Systems, Inc.; Microsemi Corp.; Mid-America Apartment Communities, Inc.; Mine Safety Appliances Co.; Minerals Technologies, Inc.; Mitcham Industries, Inc.; Mitsui & Co. Ltd.; Mocon, Inc.; Molex, Inc.; MSC Industrial Direct Co.; NACCO Industries, Inc.; National Fuel Gas Co.; Nationwide Health Properties, Inc.; Navigant Consulting, Inc.; NCI Building Systems, Inc.; NN, Inc.; Nova Measuring Instruments Ltd.; NTT DoCoMo, Inc.; Ohio Valley Banc Corp.; Panasonic Corp.; Petroleo Brasileiro SA; Rediff.Com India Ltd.; Smith & Nephew PLC; Unilever N.V.; Yamana Gold, Inc.; valued at $178,517)		170,000		170,000

	Face Amount (000)		Value (000)
Deutsche Bank Securities, Inc., (0.05%, dated 4/29/11, due 5/2/11; proceeds $399,642; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 3.00% - 7.00% due 4/1/23 - 4/1/41; valued at $411,635)	$	399,640	$	399,640
Deutsche Bank Securities, Inc., (0.20%, dated 4/29/11, due 5/2/11; proceeds $20,000; fully collateralized by Corporate Bonds; Diamond Offshore Drilling, Inc. 5.88% due 5/1/19; Verizon Communications, Inc. 4.35% - 4.90% due 2/15/13 - 9/15/15; valued at $21,000)		20,000		20,000
Deutsche Bank Securities, Inc., (0.23%, dated 4/29/11, due 5/2/11; proceeds $90,002; fully collateralized by Common Stocks; 3SBio, Inc.; AES Corp. (The); Agrium, Inc.; Altria Group, Inc.; Anglogold Ashanti Ltd.; ASM International N.V.; Baidu, Inc.; Banco Macro SA; Best Buy, Inc.; Canadian Pacific Railway Ltd.; Canon, Inc.; Charm Communications, Inc.; China Petroleum & Chemical Corp.; Cia de Minas Buenaventura SA; CIGNA Corp.; Cisco Systems, Inc.; Citrix Systems, Inc.; City Telecom HK Ltd.; CNOOC Ltd.; Coca-Cola Femsa SAB de CV; Cosan Ltd.; Credicorp Ltd.; Eaton Corp.; eLong, Inc.; Elster Group SE; Enersis SA; Formula Systems 1985 Ltd.; Gol Linhas Aereas Inteligentes SA; Grupo Financiero Galicia SA; ICICI Bank Ltd.; ICON PLC; Iron Mountain, Inc.; Nordion, Inc.; Partner Communications Co. Ltd.; Penn West Petroleum Ltd.; Promotora de Informaciones SA; Quad/Graphics, Inc.; Smurfit-Stone Container Corp.; TAM SA; Telefonaktiebolaget LM Ericsson; Ternium SA; Teva Pharmaceutical Industries Ltd.; Walt Disney Co. (The); Wimm-Bill-Dann Foods OJSC; Yahoo!, Inc.; YPF SA; and Preferred Stocks; Ally Financial, Inc.; Corts-Ford; Country Wide Capital IV; First Bancorp Puerto Rico; Glimcher Realty Trust; Goldman Sachs Group, Inc.; JPMorgan Chase Capital Trust; Metlife, Inc.; MPG Office Trust, Inc.; SL Green Realty Corp.; valued at $94,500)		90,000		90,000
Deutsche Bank Securities, Inc., (0.45%, dated 4/29/11, due 5/2/11; proceeds $30,001; fully collateralized by Convertible Bonds; Amkor Technology, Inc. 2.50% due 5/15/11; Beckman Coulter, Inc. 2.50% due 12/15/36; FTI Consulting, Inc. 3.75% due 7/15/12; GenCorp, Inc. 2.25% due 11/15/24; General Cable Corp. 4.50% due 11/15/29; Greenbrier Cos., Inc. 2.38% due 5/15/26; Hospitality Properties Trust 3.80% due 3/15/27; James River Coal Co. 3.13% due 3/15/18; Ocwen Financial Corp. 3.25% due 8/1/24; Old Republic International Corp. 8.00% due 5/15/12; ON Semiconductor Corp. 1.88% due 12/15/25; Standard Pacific Corp. 6.00% due 10/1/12; Teleflex, Inc. 3.88% due 8/1/17; Terex Corp.

The accompanying notes are an integral part of the financial statements.
7

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
4.00% due 6/1/15; Teva Pharmaceutical Finance Co. LLC 0.25% due 2/1/26; TW Telecom, Inc. 2.38% due 4/1/26; United Rentals North America, Inc. 1.88% due 10/15/23; valued at $33,901)	$	30,000	$	30,000
JPMorgan Chase & Co., (0.30%, dated 4/29/11, due 5/2/11; proceeds $145,004; fully collateralized by Common Stocks; AbitibiBowater, Inc.; Aetna, Inc.; Alpha Natural Resources, Inc.; Anadarko Petroleum Corp.; AngloGold Ashanti Ltd.; Baidu, Inc.; Bank of America Corp.; Barrick Gold Corp.; Canadian Natural Resources Ltd.; Capital One Financial Corp.; China Kanghui Holdings, Inc.; China Lodging Group Ltd.; Coach, Inc.; ConocoPhillips; CVS Caremark Corp.; Hartford Financial Services Group, Inc.; Kohl's Corp.; Kroger Co. (The); Lear Corp.; McDonald's Corp.; MI Developments, Inc.; Monsanto Co.; National Semiconductor Corp.; Nordstrom, Inc.; Novellus Systems, Inc.; Occidental Petroleum Corp.; Pall Corp.; Penn West Petroleum Ltd.; Pfizer, Inc.; PNC Financial Services Group, Inc.; Potash Corp. of Saskatchewan, Inc.; Procter & Gamble Co (The); Public Service Enterprise Group, Inc.; QUALCOMM, Inc.; RDA Microelectronics, Inc.; Smurfit-Stone Container Corp.; Talecris Biotherapeutics Holdings Corp.; Teva Pharmaceutical Industries Ltd.; Transocean Ltd.; United Parcel Service, Inc.; Wells Fargo & Co.; valued at $152,265)		145,000		145,000
JPMorgan Chase & Co., (0.63%, dated 3/7/11, due 6/10/11; proceeds $30,050; fully collateralized by Common Stocks; AbitibiBowater, Inc.; Alpha Natural Resources, Inc.; Anadarko Petroleum Corp.; AngloGold Ashanti Ltd.; Bank of America Corp.; Barrick Gold Corp.; Canadian Natural Resources Ltd.; Capital One Financial Corp.; China Kanghui Holdings, Inc.; China Lodging Group Ltd.; Coach, Inc.; CVS Caremark Corp.; Hartford Financial Services Group, Inc.; Kohl's Corp.; Kroger Co. (The); Lear Corp.; McDonald's Corp.; MI Developments, Inc.; Monsanto Co.; National Semiconductor Corp.; Nordstrom, Inc.; Novellus Systems, Inc.; Potash Corp. of Saskatchewan, Inc.; RDA Microelectronics, Inc.; Smurfit-Stone Container Corp.; Talecris Biotherapeutics Holdings Corp.; Teva Pharmaceutical Industries Ltd.; Transocean Ltd.; Wells Fargo & Co.; and Convertible Bonds; Amgen, Inc. 0.38% due 2/1/13; Cameron International Corp. 2.50% due 6/15/26; valued at $31,835)		30,000		30,000
RBC Capital Markets Corp., (0.20%, dated 4/29/11, due 5/2/11; proceeds $40,001; fully collateralized by a Certificate of Deposit; Natixis Zero Coupon due 7/7/11; and Commercial Papers; Anglesea Funding PLC Zero Coupon due 5/23/11; Beethoven Funding Corp. Zero Coupon 5/20/11; valued at $41,905)		40,000		40,000

	Face Amount (000)		Value (000)
RBC Capital Markets Corp., (0.63%, dated 4/29/11, due 4/5/12; proceeds $20,120; fully collateralized by Corporate Bonds; AES Red Oak LLC 9.20% due 11/30/29; Alcatel-Lucent USA, Inc. 6.45% - 6.50% due 1/15/28 - 3/15/29; Allis-Chalmers Energy, Inc. 9.00% due 1/15/14; Ally Financial, Inc. 6.88% - 7.25% due 8/28/12 - 2/18/25; American Axle & Manufacturing Holdings, Inc. 9.25% due 1/15/17; Berry Petroleum Co. 10.25% due 6/1/14; BI-LO LLC/BI-LO Finance Corp. 9.25% due 2/15/19; Block Communications, Inc. 8.25% due 12/15/15; Bolivarian Republic of Venezuela 9.00% due 5/7/23; Calpine Construction Finance Co. LP and CCFC Finance Corp. 8.00% due 6/1/16; CE Generation LLC 7.42% due 12/15/18; Chesapeake Energy Corp. 6.88% due 8/15/18; Cie Generale de Geophysique - Veritas 7.50% due 5/15/15; Clear Channel Worldwide Holdings, Inc. 9.25% due 12/15/17; Comstock Resources, Inc. 7.75% - 8.38% due 10/15/17 - 4/1/19; Connacher Oil and Gas Ltd. 11.75% due 7/15/14; Consol Energy, Inc. 8.25% due 4/1/20; Crown Cork & Seal Co., Inc. 7.38% due 12/15/26; CSC Holdings LLC 7.88% due 2/15/18; DISH DBS Corp. 6.63% due 10/1/14; Exide Technologies 8.63% due 2/1/18; Ford Motor Credit Co. LLC 5.63% - 7.80% due 10/25/11 - 9/15/15; Goodyear Tire & Rubber Co. (The) 10.50% due 5/15/16; HCA, Inc. 9.63% due 11/15/16; Inergy LP/Inergy Finance Corp. 7.00% due 10/1/18; KB Home 5.75% due 2/1/14; Macy's Retail Holdings, Inc. 6.38% due 3/15/37; Marina District Finance Co., Inc. 9.88% due 8/15/18; New Albertsons, Inc. 7.75% - 8.00% due 6/15/26 - 5/1/31; Niska Gas Storage US LLC/Niska Gas Storage Canada ULC 8.88% due 3/15/18; Penn National Gaming, Inc. 8.75% due 8/15/19; Pioneer Natural Resources Co. 6.65% due 3/15/17; Polymer Group, Inc. 7.75% due 2/1/19; Precision Drilling Corp. 6.63% due 11/15/20; Range Resources Corp. 6.75% due 8/1/20; Regions Financial Corp. 7.38% due 12/10/37; Seneca Gaming Corp. 8.25% due 12/1/18; Solutia, Inc. 7.88% due 3/15/20; Speedway Motorsports, Inc. 6.75% due 2/1/19; Springleaf Finance Corp. 5.75% - 6.50% due 9/15/16 - 9/15/17; Sprint Capital Corp. 6.00% - 6.90% due 12/1/16 - 5/1/19; SPX Corp. 6.88% due 9/1/17; Suburban Propane Partners LP/Suburban Energy Finance Corp. 7.38% due 3/15/20; Textron, Inc. 5.60% due 12/1/17; Videotron Ltee 6.88% due 1/15/14; Yonkers Racing Corp. 11.38% due 7/15/16; valued at $21,198)	$	20,000	$	20,000

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Wells Fargo Bank, (0.20%, dated 4/29/11, due 5/2/11; proceeds $170,003; fully collateralized by Corporate Bonds; Aflac, Inc. 6.90% due 12/17/39; AIG SunAmerica Global Finance VI 6.30% due 5/10/11; Allegheny Energy Supply Co. LLC 6.75% due 10/15/39; American Express Credit Corp. 0.38% due 6/16/11; BB&T Corp. 6.50% due 8/1/11; BellSouth Corp. 5.20% due 9/15/14; Berkshire Hathaway, Inc. 2.13% due 2/11/13; Boeing Co. (The) 4.88% due 2/15/20; BP Capital Markets PLC 3.20% due 3/11/16; Burlington Northern Santa Fe LLC 5.05% due 3/1/41; Comcast Corp. 6.30% due 11/15/17; CVS Caremark Corp. 5.75% due 8/15/11; Dominion Resources, Inc. 5.60% due 11/15/16; HCP, Inc. 5.63% due 5/1/17; Health Care REIT, Inc. 5.88% due 5/15/15; Kansas Gas & Electric 6.70% due 6/15/19; Magellan Midstream Partners LP 6.40% due 7/15/18; Metropolitan Life Global Funding 5.13% due 4/10/13; Oglethorpe Power Corp. 5.38% due 11/1/40; Philip Morris International, Inc. 6.38% due 5/16/38; South Carolina Electric & Gas Co. 5.45% due 2/1/41; Statoil ASA 3.13% due 8/17/17; Time Warner Cable, Inc. 6.75% due 7/1/18; Time Warner, Inc. 6.20% due 3/15/40; Verizon Communications, Inc. 5.55% due 2/15/16; Wachovia Corp 7.50% due 4/15/35; valued at $178,500)	$	170,000	$	170,000
Total Repurchase Agreements (Cost $1,702,640)				1,702,640
Time Deposits (7.1%)
International Banks (7.1%)
Bank of Nova Scotia
0.08%, 5/2/11		185,000		185,000
DnB NOR Bank ASA
0.10%, 5/2/11		100,000		100,000
Total Time Deposits (Cost $285,000)				285,000
Weekly Variable Rate Bonds (8.9%)
California Statewide Communities Development Authority, Kaiser Permanente Ser 2008 A
0.23%, 4/1/32		27,500		27,500
Kaiser Permanente Ser 2009 C-1
0.23%, 4/1/46		27,000		27,000
Kaiser Permanente Ser 2009 C-2
0.23%, 4/1/46		17,500		17,500
Kaiser Permanente Ser 2009 C-3
0.23%, 4/1/45		34,900		34,900
Denver Public Schools, CO, Ser 2011 A-3 COPs (Taxable)
0.16%, 12/15/37		12,500		12,500
Los Angeles Department of Water & Power, CA, Water System 2001 Ser B Subser B-1
0.16%, 7/1/35		20,000		20,000

	Face Amount (000)		Value (000)
Loudoun County Industrial Development Authority, VA, Howard Hughes Medical Institute Ser 2003 D
0.22%, 2/15/38	$	11,200	$	11,200
New York City Municipal Water Finance Authority, NY, Second General Fiscal 2010 Ser CC
0.18%, 6/15/41		52,200		52,200
New York State Housing Finance Agency, Chelsea Apartments 2003 Ser A (AMT)
0.24%, 11/15/36		45,000		45,000
Related-Taconic West 17th Street Ser 2009 A 0.23%, 5/15/39		17,150		17,150
Oregon Housing & Community Services Department, Single-Family Mortgage Ser 2008 F (AMT)
0.29%, 7/1/39		35,000		35,000
Santa Clara Valley Transportation Authority, CA, Measure A Sales Tax Ser 2008 A
0.23%, 4/1/36		22,945		22,945
Utah Housing Corporation, Single Family Mortgage Class I 2009 Ser B
0.27%, 1/1/39		10,000		10,000
Western Municipal Water District Facilities Authority, CA, Ser 2009 A
0.19%, 10/1/32		23,000		23,000
Total Weekly Variable Rate Bonds (Cost $355,895)				355,895
Total Investments (100.0%) (Cost $4,015,322)				4,015,322
Other Assets in Excess of Liabilities (0.0%)				224
Net Assets (100.0%)			$	4,015,546

(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.

AMT  Alternative Minimum Tax

COPs  Certificates of Participation

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

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	$	—	$	323,000	$	—	$	323,000
Commercial Paper		—		782,787		—		782,787
Floating Rate Notes		—		566,000		—		566,000
Repurchase Agreements		—		1,702,640		—		1,702,640
Time Deposits				285,000				285,000
Weekly Variable Rate Bonds		—		355,895		—		355,895
Total Assets	$	—	$	4,015,322	$	—	$	4,015,322

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		42.4	%
Commercial Paper		19.5
Floating Rate Notes		14.1
Weekly Variable Rate Bonds		8.9
Certificates of Deposit		8.0
Time Deposits		7.1
Total Investments		100.0	%

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Prime Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (9.9%)
International Banks (9.9%)
Bank of Montreal,
0.12%, 5/3/11 - 5/10/11	$	510,000	$	510,000
BNP Paribas
0.55%, 8/10/11		120,000		120,000
Credit Agricole Corporate and Investment Bank
0.41%, 5/4/11		670,000		670,000
DnB NOR Bank ASA
0.12%, 5/4/11		515,000		515,000
Total Certificates of Deposit (Cost $1,815,000)				1,815,000
Commercial Paper (a) (26.9%)
ABCP — Consumer Loans (0.5%)
Barton Capital Corp.
0.15%, 5/11/11 (b)		97,959		97,955
ABCP — Corporate (0.5%)
Atlantis One Funding
0.10%, 5/2/11 (b)		86,936		86,936
International Banks (25.9%)
ABN Amro Funding USA LLC,
0.27%, 8/5/11 (b)		150,000		149,895
0.27%, 7/13/11 - 7/14/11 (b)		150,000		149,919
0.30%, 5/18/11 - 6/15/11 (b)		177,000		176,947
0.32%, 6/16/11 (b)		177,000		176,931
0.33%, 5/3/11 (b)		125,000		124,999
Bank of Nova Scotia
0.06%, 5/2/11		500,000		500,000
Banque et Caisse
0.44%, 6/3/11		145,000		144,944
Barclays Funding LLC
0.10%, 5/2/11		20,000		20,000
BNZ International Funding Ltd.
0.43%, 6/7/11 (b)		58,000		57,976
BPCE SA,
0.44%, 7/8/11 (b)		319,000		318,745
0.45%, 6/3/11 (b)		187,500		187,427
DnB NOR Bank ASA
0.11%, 5/6/11		310,000		309,996
ING Funding LLC
0.29%, 7/8/11		440,000		439,762
Nordea North America, Inc.
0.12%, 5/4/11		230,000		229,998
NRW. Bank,
0.24%, 7/28/11 - 7/29/11 (b)		415,000		414,758
Skandinaviska Enskilda Banken AG,
0.28%, 5/2/11 - 5/4/11 (b)		733,000		732,996
Svenska Handelsbanken
0.29%, 7/15/11 (b)		440,000		439,738
Westpac Securities NZ Ltd.,
0.31%, 6/2/11 - 6/6/11 (b)		157,000		156,958
				4,731,989
Total Commercial Paper (Cost $4,916,880)				4,916,880

	Face Amount (000)		Value (000)
Floating Rate Notes (13.8%)
International Banks (13.8%)
Barclays Bank PLC
0.77%, 7/19/11	$	495,000	$	495,000
BNP Paribas
0.76%, 6/23/11		260,000		260,000
Lloyds TSB Bank PLC
0.77%, 7/29/11		540,000		540,000
Natixis
0.36%, 10/19/11		360,000		360,000
Societe Generale,
0.27%, 5/4/12		90,000		90,000
0.36%, 2/3/12		233,000		233,000
0.46%, 6/22/11		555,000		555,000
Total Floating Rate Notes (Cost $2,533,000)				2,533,000
Repurchase Agreements (42.7%)
Barclays Capital, Inc., (0.50%, dated 4/29/11, due 5/2/11; proceeds $145,006; fully collateralized by Convertible Bonds; CMS Energy Corp. 5.50% due 6/15/29; Covanta Holding Corp. 3.25% due 6/1/14; DR Horton, Inc. 2.00% due 5/15/14; General Cable Corp. 4.50% due 11/15/29; Health Care REIT, Inc. 3.00% due 12/1/29; L-3 Communications Holdings, Inc. 3.00% due 8/1/35; Lennar Corp. 2.75% due 12/15/20; Liberty Media LLC 3.13% due 3/30/23; Tech Data Corp. 2.75% due 12/15/26; Teleflex, Inc. 3.88% due 8/1/17; Terex Corp. 4.00% due 6/1/15; TRW Automotive, Inc. 3.50% due 12/1/15; United States Steel Corp. 4.00% due 5/15/14; and Convertible Preferred Stocks; Bunge Ltd.; Omnicare Capital Trust II; valued at $163,889)		145,000		145,000
Barclays Capital, Inc., (0.75%, dated 4/29/11, due 2/17/12; proceeds $166,011; fully collateralized by Common Stocks; Apple, Inc.; Google, Inc.; Lorillard, Inc.; Mylan, Inc.; Philip Morris International, Inc.; Warner Chilcott PLC; Wells Fargo & Co.; and Convertible Bonds; Alliant Techsystems, Inc. 3.00% due 8/15/24; Amgen, Inc. 0.38% due 2/1/13; Beckman Coulter, Inc. 2.50% due 12/15/36; Best Buy Co., Inc. 2.25% due 1/15/22; Cameron International Corp. 2.50% due 6/15/26; Chesapeake Energy Corp. 2.50% due 5/15/37; Covanta Holding Corp. 1.00% due 2/1/27; Danaher Corp. Zero Coupon due 1/22/21; Enersys 3.38% due 6/1/38; Fluor Corp. 1.50% due 2/15/24; Ford Motor Co. 4.25% due 12/15/36; General Cable Corp. 0.88% - 4.50% due 11/15/13 - 11/15/29; Health Care Reit, Inc. 4.75% due 12/1/26 - 7/15/27; Host Hotels & Resorts LP 3.25% due 4/15/24; Iconix Brand Group, Inc. 1.88% due 6/30/12; Ingersoll-Rand Global Holding Corp. 4.50% due 4/15/12; International Game Technology 3.25% due 5/1/14; Interpublic Group Cos., Inc. (The) 4.25% - 4.75% due 3/15/23; Istar Financial, Inc. Zero Coupon due 10/1/12; Janus Capital Group, Inc. 3.25% due 7/15/14; Jefferies

The accompanying notes are an integral part of the financial statements.
11

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Group, Inc. 3.88% due 11/1/29; Leap Wireless International, Inc. 4.50% due 7/15/14; Lennar Corp. 2.75% due 12/15/20; Liberty Media Corp. 3.50% - 4.00% due 11/15/29 - 1/15/31; Medtronic, Inc. 1.63% due 4/15/13; Microsoft Corp. Zero Coupon due 6/15/13; Nasdaq Omx Group, Inc. 2.50% due 8/15/13; National Retail Properties, Inc. 3.95% due 9/15/26; Old Republic International Corp. 8.00% due 5/15/12; Omnicare, Inc. 3.25% - 3.75% due 12/15/25 - 12/15/35; Omnicom Group, Inc. Zero Coupon due 7/1/38; On Semiconductor Corp. 1.88% due 12/15/25; Owens-Brockway Glass Container, Inc. 3.00% due 6/1/15; Saks, Inc. 2.00% due 3/15/24; Sotheby's 3.13% due 6/15/13; Stanley Black & Decker, Inc. Zero Coupon due 5/17/12; Teleflex, Inc. 3.88% due 8/1/17; Terex Corp. 4.00% due 6/1/15; Time Warner Telecom, Inc. 2.38% due 4/1/26; TRW Automotive, Inc. 3.50% due 12/1/15; United States Steel Corp. 4.00% due 5/15/14; Vornado Realty Trust 3.63% due 11/15/26; and Convertible Preferred Stocks; Bank of America Corp.; Bunge Ltd.; Omnicare Capital Trust I; Omnicare Capital Trust II; valued at $184,145)	$	165,000	$	165,000
BNP U.S. Finance Corp., (0.05%, dated 4/29/11, due 5/2/11; proceeds $580,002; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.50% - 5.50% due 7/15/40 - 8/15/40; Federal Home Loan Mortgage Corporation 5.00% due 2/1/41; Federal National Mortgage Association 4.00% - 6.50% due 6/1/23 - 12/1/40; valued at $599,352)		580,000		580,000
BNP U.S. Finance Corp., (0.22%, dated 4/29/11, due 5/2/11; proceeds $330,006; fully collateralized by Corporate Bonds; Anheuser-Busch InBev Worldwide, Inc. 1.04% due 3/26/13; Arcelormittal 3.75% due 3/1/16; Daimler Finance North America LLC 5.75% due 9/8/11; FUEL Trust 4.20% due 4/15/16; Gold Fields Orogen Holding BVI Ltd. 4.88% due 10/7/20; Liberty Mutual Group, Inc. 7.30% due 6/15/14; Odyssey Re Holdings Corp. 6.88% due 5/1/15; Petrobras International Finance Co. 6.13% due 10/6/16; Reynolds American, Inc. 7.23% due 6/1/13; SunTrust Bank 0.39% due 5/21/12; Telecom Italia Capital SA 0.89% due 7/18/11; Verizon New York, Inc. 6.88% due 4/1/12; Xerox Corp. 8.25% due 5/15/14; valued at $346,407)		330,000		330,000
BNP U.S. Finance Corp., (0.40%, dated 4/29/11, due 5/2/11; proceeds $50,002; fully collateralized by Corporate Bonds; DR Horton, Inc. 6.13% due 1/15/14; Giraffee Acquisition Corp. 9.13% due 12/1/18; Pulte Corp. 5.20% due 2/15/15; Seagate Technology 6.38% due 10/1/11; Sungard Data Systems, Inc. 10.63% due 5/15/15; valued at $53,017)		50,000		50,000

	Face Amount (000)		Value (000)
BNP U.S. Finance Corp., (0.63%, dated 3/8/11, due 6/10/11; proceeds $85,140; fully collateralized by Corporate Bonds; American Axle & Manufacturing, Inc. 5.25% - 7.88% due 2/11/14 - 3/1/17; Bank of America Corp. 8.00% due 1/30/58; Brunswick Corp. 11.25% due 11/1/16; Exide Technologies 8.63% due 2/1/18; Jones Group, Inc. 6.88% due 3/15/19; Radian Group, Inc. 5.63% due 2/15/13; SunGard Data Systems, Inc. 10.25% due 8/15/15; United Rentals North America, Inc. 8.38% due 9/15/20; XM Satellite Radio, Inc. 13.00% due 8/1/14; valued at $90,097)	$	85,000	$	85,000
Citigroup, Inc., (0.06%, dated 4/29/11, due 5/2/11; proceeds $125,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.50% - 6.00% due 5/1/33 - 12/1/40; Federal National Mortgage Association 4.00% - 7.00% due 2/1/25 - 1/1/41; valued at $128,721) (Note H)		125,000		125,000
Credit Suisse First Boston, (0.25%, dated 4/29/11, due 5/2/11; proceeds $830,017; fully collateralized by Common Stocks; Abiomed, Inc.; Acacia Research Corp.; Acxiom Corp.; Administradora De Fondos De Pensiones Provida SA; Advanced Energy; Agco Corp.; Agrium, Inc.; Alamo Group, Inc.; Alaska Air Group, Inc.; Albemarle Corp.; Alexander's, Inc.; Alkermes, Inc.; Alliance Resource Partners LP; Amag Pharmaceuticals, Inc.; Amarin Corp. PLC; Amdocs Ltd.; Amerco, Inc.; America Service Group, Inc.; American Capital Ltd.; American Safety Insurance Holdings; Ameristar Casinos, Inc.; Amtech Systems, Inc.; Anaren, Inc.; Apollo Investment Corp.; Applied Micro Circuits Corp.; Arkansas Best Corp.; Arris Group, Inc.; Arthrocare Corp.; Ascena Retail Group, Inc.; Aspen Technology, Inc.; Astoria Financial Corp.; At Cross Co.; Atheros Communications, Inc.; Avatar Holdings, Inc.; Avnet, Inc.; BBVA Banco Frances SA; Beckman Coulter, Inc.; Bel Fuse, Inc.; Blackrock Kelso Capital; Bolt Technology Corp.; BP; Brown-Forman Corp.; Buckeye Technologies, Inc.; Canadian Imperial Bank of Commerce; Canon, Inc.; Cascade Corp.; Cato Corp. (The); CGI Group, Inc.; Chemical Financial Corp.; China Eastern Airlines Corp. Ltd.; Churchill Downs, Inc.; Cia Cervecerias Unidas SA; City Telecom Ltd.; Clean Harbors, Inc.; CNA Surety Corp.; CNH Global N.V.; Coca-Cola Bottling Co.; Coca-Cola Femsa Sab De CV; Coherent, Inc.; Comcast Corp.; Commonwealth REIT; Communications Systems, Inc.; Community Bank Shares of Indiana, Inc.; Cooper Tire & Rubber Co.; Cost Plus, Inc.; Credicorp; Credo Petroleum Corp.; Cresud Sacif; Crosstex Energy, Inc.; Crosstex Energy LP; Crown Castle International Corp.; Crown Holdings, Inc.; Cubic Corp.; Deluxe Corp.; Dionex Corp.; Dish Network Corp.; Dollar Thrifty Automotive Group, Inc.; Dorchester Minerals LP; Dril-Quip, Inc.; Ducommun, Inc.; Dynamic Materials Corp.; Dynamics Research Corp.; Earthstone Energy, Inc.; East West Bancorp, Inc.; Eastgroup

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Properties, Inc.; ECB Bancorp, Inc.; Electronics for Imaging, Inc.; Encore Capital Group, Inc.; Entercom Communications Corp.; Epoch Holding Corp.; Exactech, Inc.; Ezchip Semiconductor Ltd.; FBL Financial Group, Inc.; Ferro Corp.; First Defiance Financial Corp.; First Industrial Realty Trust, Inc.; First Niagara Financial Group, Inc.; First Potomac Realty Trust; Franklin Electric Co., Inc.; Gardner Denver, Inc.; Geeknet, Inc.; Genesee & Wyoming, Inc.; Georgia Gulf Corp.; Gildan Activewear, Inc.; Global Crossing; Golar; Gold Fields Ltd.; Greif, Inc.; Grupo Casa Saba Sab De CV; GSI Commerce, Inc.; Gyrodyne Co. of America, Inc.; Hallador Energy Co.; Hansen Natural Corp.; Hardinge, Inc.; Harleysville Group, Inc.; Harsco Corp.; HB Fuller Co.; Health Management Associates, Inc.; Health Net, Inc.; Healthways, Inc.; Heico Corp.; Hexcel Corp.; Hologic, Inc.; Hospitality Properties Trust; Hubbell, Inc.; Hurco Cos, Inc.; Hypercom Corp.; Icon PLC; Iconix Brand Group, Inc.; Idex Corp.; Indiana Community Bancorp; Innospec, Inc.; Inter Parfums, Inc.; International Rectifier Corp.; International Shipholding Corp.; Intersections, Inc.; Investors Title Co.; Ista Pharmaceuticals, Inc.; Ivanhoe Mines Ltd.; Jack Henry & Associates, Inc.; Jda Software Group, Inc.; Kaydon Corp.; Kemet Corp.; Kendle International, Inc.; Key Technology, Inc.; Keynote Systems, Inc.; Kirby Corp.; Korea Electric Power Corp.; Kronos Worldwide, Inc.; Kubota Corp.; Labarge, Inc.; Ladish Co., Inc.; Lasalle Hotel Properties; Layne Christensen Co.; LB Foster Co.; Lecroy Corp.; Ligand Pharmaceuticals, Inc.; Lincare Holdings, Inc.; Lincoln Electric Holdings, Inc.; Littelfuse, Inc.; LSB Industries, Inc.; LTC Properties, Inc.; Lubrizol Corp.; Magellan Health Services, Inc.; Main Street Capital Corp.; Martin Midstream Partners LP; Medtox Scientific, Inc.; Michael Baker Corp.; Molina Healthcare, Inc.; Nationwide Health Properties, Inc.; Netscout Systems, Inc.; North Central Bancshares, Inc.; N.V. Energy, Inc.; Omega Protein Corp.; Orix Corp.; Oyo Geospace Corp.; Packaging Corp of America; Palomar Medical Technologies, Inc.; Pantry, Inc. (The); Partner Communications Co. Ltd.; PC Mall, Inc.; Pennantpark Investment Corp.; Pennichuck Corp.; Perficient, Inc.; Radware; Rick's Cabaret International, Inc.; Rogers Communications, Inc.; School Specialty, Inc.; Select Comfort Corp.; Senior Housing Properties Trust; Systemax, Inc.; TC Pipelines LP; Teck Resources Ltd.; Tesco Corp.; Tibco Software, Inc.; Transcend Services, Inc.; Unilever N.V.; Vascular Solutions, Inc.; Vitran Corp., Inc.; Whiting Petroleum Corp.; Willis Lease Finance Corp.; Winthrop Realty Trust; World Fuel Services Corp.; Yamana Gold, Inc.; and a Preferred Stock; Emotelladora Andina SA; valued at $871,580)	$	830,000	$	830,000

	Face Amount (000)		Value (000)
Deutsche Bank Securities, Inc., (0.05%, dated 4/29/11, due 5/2/11; proceeds $950,004; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.50% - 7.00% due 5/1/19 - 4/1/41; Federal National Mortgage Association 3.50% - 8.00% due 1/1/16 - 2/1/49; valued at $978,455)	$	950,000	$	950,000
Deutsche Bank Securities, Inc., (0.20%, dated 4/29/11, due 5/2/11; proceeds $80,001; fully collateralized by Corporate Bonds; Anheuser-Busch InBev Worldwide, Inc. 8.20% due 1/15/39; Diamond Offshore Drilling, Inc. 5.88% due 5/1/19; News America, Inc. 5.30% due 12/15/14; Pacific Gas & Electric Co. 6.35% due 2/15/38; Telefonica Emisiones SAU 5.46% due 2/16/21; Viacom, Inc. 6.13% due 10/5/17; valued at $83,958)		80,000		80,000
Deutsche Bank Securities, Inc., (0.23%, dated 4/29/11, due 5/2/11; proceeds $410,008; fully collateralized by Common Stocks; Abington Bancorp, Inc.; Acacia Resh Corp.; Administradora Fondos Pensio; Advisory Board Co.; AEP Industries, Inc.; Aeroflex Holdings Corp.; Agrium, Inc.; Align Technology, Inc.; Alliance Holdings; Allot Communications Ltd.; Allscripts Healthcare Solutions; Almost Family, Inc.; Altisource Portfolio Solutions; Altra Holdings, Inc.; Amerco; America Service Group, Inc.; American National Insurance Co.; American Railcar Industries, Inc.; American Science & Energy, Inc.; American Woodmark Corp.; Amylin Pharmaceuticals, Inc.; Anaren, Inc.; Anglogold Ashanti Ltd.; AnSystems, Inc.; Apogee Enterprises, Inc.; Arkansas Best Corp.; Arrow Financial Corp.; Arthrocare Corp.; Ascent Media Corp.; Aspen Technology, Inc.; Atheros Communications, Inc.; Atmi, Inc.; Atricure, Inc.; Aveo Pharmaceuticals, Inc.; Baidu, Inc.; Banco Macro; Bancorp Rhode Island, Inc.; Bank KY Financial Corp.; Barrett Business Services, Inc.; Beacon Roofing Supply, Inc.; Blackbaud, Inc.; Body Cent Corp.; Bofi Holdings, Inc.; Bolt Technology Corp.; Bottomline Technology Del, Inc.; Bravo Brio Restaurant Group; Breitburn Energy Partners LP; Bridge Bancorp, Inc.; Brightpoint, Inc.; Broadvision, Inc.; Bronco Drilling Co., Inc.; Bryn Mawr Bk Corp.; Btu International, Inc.; Calamos Asset Management, Inc.; California Pizza Kitchen, Inc.; Camden National Corp.; Canon, Inc.; Cape Bancorp, Inc.; Capital Southwest Corp.; Capitol Federal Financial, Inc.; Cardtronics, Inc.; Ceva, Inc.; Charter Financial Corp.; Chemical Financial Corp.; CME Group, Inc.; Coca Cola Bottling Co.; Coca Cola Femsa SAB De CV; Cognex Corp.; Collectors Universe, Inc.; Colonial Financial Services, Inc.; Comcast Corp. ; Communications Systems, Inc.; Community Trust Bancorp, Inc.; Commvault Systems, Inc.; Computer Programs & Systems, Inc.; Convio, Inc.; Core Mark Holding Co, Inc.; Corvel Corp.; Courier Corp.; Credit Acceptance Corp.; Credo Pete Corp.; Cross AT Co.; Crosstex Energy LP; CSG Systems International, Inc.; CTC Media, Inc.; CVD

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)	Value (000)
Repurchase Agreements (cont'd)
Equipment Corp.; Cyberonics, Inc.; Cynosure, Inc.; Danvers Bancorp, Inc.; Dawson Geophysical Co.; Destination Maternity Corp.; Diamond Hill Investment Group; Digi International, Inc.; Digimarc Corp.; Dime Community Bancshares; Dionex Corp.; DirecTV; Dish Network Corp.; Dorchester Minerals; DTS, Inc.; Dynamics Research Corp.; E*Trade Financial Corp.; Eagle Bancorp Montana, Inc.; Eagle Rock Energy Partners; East West Bancorp, Inc.; Eastern Insurance Holdings, Inc.; eBay, Inc.; Echostar Corp.; Einstein Noah Rest Group, Inc.; Electro Scientific Industries; Electronics for Imaging, Inc.; Elong, Inc.; EMC Insurance Group, Inc.; Empresa Distribuidora Y Comercializadora Norte SA; EMS Technologies, Inc.; Encore Capital Group, Inc.; Enstar Group Limited; Enterprise Bancorp, Inc.; Epicor Software Corp.; Eplus, Inc.; Ericsson LM Telephone Co.; Erie Indemnity Co.; Euronet Worldwide, Inc.; EV Energy Partners; Exponent, Inc.; Ezchip Semiconductor Limited; Ezcorp., Inc.; Federal Mogul Corp.; Fifth Third Bancorp; First Citizens Bancshares, Inc.; First Defiance Financial Corp.; First Institutional BancSystem, Inc.; First Long Corp.; First Pactrust Bancorp, Inc.; FirstService Corp.; Fisher Communications, Inc.; Flexsteel Industries, Inc.; Foster LB Co.; Fox Chase Bancorp, Inc.; FPIC Insurance Group, Inc.; Franklin Electric, Inc.; Fundtechnology Ltd.; Furiex Pharmaceuticals, Inc.; G & K Services, Inc.; Geoeye, Inc.; Gibraltar Industries, Inc.; Global Indemnity PLC; Global Traffic Network, Inc.; Globecomm Systems, Inc.; Gol Linhas Aereas International; Grand Canyon Education, Inc.; Greenlight Capital RE Ltd.; Grupo Financiero Galicia; Gulf Island Fabrication, Inc.; Hain Celestial Group, Inc.; Hallador Energy Company; Handy & Harman Ltd.; Hardinge, Inc.; Heritage Crystal Clean, Inc.; Heritage Financial Corp.; Heritage Financial Group, Inc.; HF Financial Corp.; Hologic, Inc.; Home Fed Bancorp, Inc.; Hughes Communications, Inc.; Hurco Companies, Inc.; ICF International, Inc.; ICU Med, Inc.; Image Sensing Systems, Inc.; Indiana Community Bancorp; Ingles Markets, Inc.; Innophos Holdings, Inc.; Innospec, Inc.; Insight Enterprises, Inc.; Integramed American, Inc.; Interactive Intelligence, Inc.; Internet Gold-Golden Lines; Intersections, Inc.; IPG Photonics Corp.; IRSA Inversiones y Representaciones SA ; Ista Pharmaceuticals, Inc.; Ituran Location & Control; Kaiser Federal Financial Group, Inc.; Kenexa Corp.; Kensey Nash Corp.; Key Technology, Inc.; Keynote Systems, Inc.; Keyw Holdings Corp.; Kirklands, Inc.; Knot, Inc.; Ladish, Inc.; Layne Christensen Co.; Lecroy Corp.; Legacy Bancorp, Inc.; Legacy Reserves; Lennar Corp.; Liberty Media Corp. ; Life Technologies Corp.; Lincoln Educational Services Corp.; Lincoln Elecrtic Holdings, Inc.; Logmein, Inc.; Loopnet, Inc.; Loral Space & Communications; Louisana

	Face Amount (000)	Value (000)
Bancorp, Inc.; Magellan Health Services, Inc.; Marlin Business Services Corp.; Marten Transportation Ltd.; McGrath Rentcorp; MDC Partners, Inc.; Medcath Corp.; Medicines Co.; Mediware Information Systems, Inc.; Medtox Scientific, Inc.; Mellanox Technologies Ltd.; Merchants Bancshares; Mercury Computer Systems; Methanex Corp.; Metro Bancorp, Inc.; MKS Instrument, Inc.; Mocon, Inc.; Molex, Inc.; Monotype Imaging Holdings, Inc.; Motorcar Parts America, Inc.; Nanometrics, Inc.; Nathans Famous, Inc. ; National Cinemedia, Inc.; NBT Bancorp, Inc.; Newport Corp.; NII Holdings, Inc.; NN, Inc.; North American Energy Partners; North Valley Bancorp; Nova Measuring Instruments; Novellus Systems, Inc.; NPS Pharmaceuticals, Inc.; Ntelos Holdings Corp.; Numerex Corp.; Nutraceutical International Corp.; NXP Semiconductors; OBA Financial Services, Inc.; Ocean Shore Holdings Co.; Open Text Corp.; Oplink Communications, Inc.; Orbotechnology Ltd.; Orix Corp.; OSI Systems, Inc.; Otter Tail Corp.; Oyo Geospace Corp.; PAM Transportation Services, Inc.; Pan American Silver Corp.; Pantry, Inc.; Park Ohio Holdings Corp.; Patterson Utility Energy, Inc.; PC Mall, Inc.; Pennichuck Corp.; Peoples Bancorp, Inc.; Peoples Federal Bancshares, Inc.; Polycom, Inc.; Portfolio Recovery Associations, Inc.; Preformed Line Products Co.; Primo Water Corp.; Promotora de Informaciones SA; Providence Service Corp.; Quad/Graphics, Inc.; Quality Distribution, Inc.; Quidel Corp.; Radware Ltd.; RBC Bearings, Inc.; Regency Energy Partners; Renaissance Learning, Inc.; Rentrak Corp.; Rignet, Inc.; Rochester Medical Corp.; Rocky Brands, Inc.; Rofin Sinar Technologies, Inc.; Rural/Metro Corp.; Rush Enterprises, Inc.; Saba Software, Inc.; Sanfilippo John B & Son, Inc.; Scholastic Corp.; SEI Investments Co.; Select Comfort Corp.; Shamir Optical Industry Ltd.; Shangpharma Corp.; Shoe Carnival, Inc.; Silicon Graphics International Corp.; Silver Standard Resources, Inc.; Simmons First National Corp.; Sinclair Broadcast Group, Inc.; Sinopec Shanghai Petrochemic; Solar Cap Ltd.; Sonic Foundry, Inc.; Spectrum Contol, Inc.; SS&C Technologies Holdings, Inc.; Standard Financial Corp.; Sterling Construction Co, Inc.; Stonemor Partners; Stratus Properties, Inc.; Suffolk Bancorp; Sun Healthcare Group, Inc.; Susser Holdings Corp.; Sykes Enterprises, Inc.; Syneron Medical Ltd.; SynopSystems, Inc.; Synovis Life Technologies, Inc.; Talecris Biotherapeutics Holdings; Taleo Corp.; TC Pipelines; Telecom Argentina; Telephone & Data Systems, Inc.; Ternium SA; Tessco Technologies, Inc.; Tessera Technologies, Inc.; Teva Pharmaceutical Industries Ltd.; TFS Financial Corp.; TIB Financial Corp.; Tollgrade Communications, Inc.; TOR Minerals International, Inc.; TPC Group, Inc.; Transact Technologies, Inc.; Transglobe Energy Corp.; UFP Technologies, Inc.; Union First Market Bankshares Corp.; United

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
States Lime & Mineral; USA Mobility, Inc.; USA Truck, Inc.; UTI Worldwide, Inc.; Vasco Data Sec International, Inc.; Ventrus Biosciences, Inc.; Verint Systems, Inc.; Verisk Analytics, Inc.; Versant Corp.; ViaSystems Group, Inc.; Viewpoint Financial Group, Inc.; Village Super Market, Inc.; Virtus Investment Partners, Inc.; Vocus, Inc.; Wayside Technology Group, Inc.; Web.com Group, Inc.; West Marine, Inc.; Whitney Holdings Corp.; Wimm Bill Dann Foods; Woodward, Inc.; Xueda Education Group; Xyratex Ltd.; Yahoo, Inc.; Young Innovations, Inc.; Zebra Technologies Corp.; Zygo Corp.; and Preferred Stocks; Ally Financial, Inc.; Citigroup Capital VII; Corts-Ford; Countrywide Capital IV; First Bancorp; Glimcher Realty Trust; Goldman Sachs Group, Inc. (The); iStar Financial, Inc.; JPMorgan Chase Capital X; Metlife, Inc.; MPG Office Trust, Inc.; Sl Green Realty Corp.; valued at $430,476)	$	410,000	$	410,000
Deutsche Bank Securities, Inc., (0.45%, dated 4/29/11, due 5/2/11; proceeds $120,005; fully collateralized by Common Stocks; Abington Bancorp, Inc.; America Service Group, Inc.; CME Group, Inc.; Credit Acceptance Corp.; Dionex Corp.; E*Trade Financial Corp.; Fifth Third Bancorp; FPIC Insurance Group, Inc.; Global Indemnity PLC; Golub Capital BDC, Inc.; Greenlight Capital Re Ltd.; Hughes Communications, Inc.; John B. Sanfilippo & Son, Inc.; Ladish, Inc.; Marlin Business Services Corp.; Novellus Systems, Inc.; Nutraceutical International Corp.; PAM Transportation Services, Inc.; Rochester Medical Corp.; Rural/Metro Corp.; Sabra Healthcare REIT, Inc.; Solar Capital Ltd.; Spectrum Control, Inc.; Syneron Medical Ltd.; THL Credit, Inc.; USA Truck, Inc.; Zygo Corp.; and Convertible Bonds; Amkor Technology, Inc. 2.50% due 5/15/11; Beckman Coulter, Inc. 2.50% due 12/15/36; FTI Consulting, Inc. 3.75% due 7/15/12; Greenbrier Cos., Inc. 2.38% due 5/15/26; Ingersoll-Rand Global Holding Co., Ltd. 4.50% due 4/15/12; James River Coal Co. 3.13% due 3/15/18; MF Global Holdings Ltd. 1.88% due 2/1/16; Ocwen Financial Corp. 3.25% due 8/1/24; Old Republic International Corp. 8.00% due 5/15/12; ON Semiconductor Corp. 1.88% due 12/15/25; United Rentals North America, Inc. 1.88% due 10/15/23; and Convertible Preferred Stocks; El Paso Energy Capital Trust; Fifth Third Bancorp; Keycorp ; Omnicare Capital Trust; Wells Fargo & Co.; valued at $133,896)		120,000		120,000
Goldman Sachs & Co., (0.05%, dated 4/29/11, due 5/2/11; proceeds $298,996; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% - 6.00% due 11/1/34 - 4/1/41; Federal National Mortgage Association 4.00% - 6.50% due 10/1/17 - 4/1/41; valued at $307,965)		298,995		298,995

	Face Amount (000)		Value (000)
Goldman Sachs & Co., (0.08%, dated 4/27/11, due 5/4/11; proceeds $100,002; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.00% - 6.00% due 2/20/26 - 2/20/41; valued at $103,042)	$	100,000	$	100,000
Goldman Sachs & Co., (0.08%, dated 4/29/11, due 5/6/11; proceeds $200,003; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 3.50% - 6.50% due 4/15/26 - 3/20/41; valued at $206,100)		200,000		200,000
ING Funding LLC, (0.05%, dated 4/29/11, due 5/2/11; proceeds $250,001; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.00% - 4.50% due 8/1/30 - 2/1/41; valued at $258,280)		250,000		250,000
JPMorgan Chase & Co., (0.30%, dated 4/29/11, due 5/2/11; proceeds $705,018; fully collateralized by Common Stocks; 51Job, Inc.; Abitibibowater, Inc.; Agrium, Inc.; Allied World Assurance; Alpha Natural Resources, Inc.; Amarin Corp. PLC; Anadarko Petroleum Corp.; Anglogold Ashanti; Assured Guaranty Ltd.; Baidu, Inc.; Bank of America Corp.; Barrick Gold Corp.; Blackrock, Inc.; BP; Canadian Natural Resources Ltd.; Carnival Corp.; China Kanghui Holdings, Inc.; China Lodging Group Ltd.; China Mobile Ltd.; CNOOC Ltd.; Costamare, Inc.; Credicorp; CVS Caremark Corp.; Devon Energy Corp.; Edwards Lifesciences Corp.; Everest Re Group Ltd.; Grupo Financiero Galicia SA; Hartford Financial Services Group, Inc.; Iron Mountain, Inc.; Janus Capital Group, Inc.; Kohl's Corp.; Kroger Co. (The); Lear Corp.; Leggett & Platt, Inc.; Loews Corp.; Marsh & Mclennan Cos, Inc.; Mattel, Inc.; Mcdonald's Corp.; Medtronic, Inc.; MI Developments, Inc.; Micron Technology, Inc.; Microsoft Corp.; Murphy Oil Corp.; National Semiconductor Corp.; Penn West Petroleum Ltd.; Potash Corp. of Saskatchewan, Inc.; Progress Energy, Inc.; Promotora De Informaciones SA; Quad/Graphics, Inc.; RDA Microelectronics, Inc.; Rio Tinto PLC; Shaw Communications, Inc.; Smurfit-Stone Container Corp.; Talecris Biotherapeutics Holdings Corp.; Tata Communications Ltd.; Teva Pharmaceutical Industries Ltd.; Total SA; Transocean Ltd.; United Parcel Service, Inc.; Xcel Energy, Inc.; Yamana Gold, Inc.; YPF SA; valued at $740,320)		705,000		705,000
JPMorgan Chase & Co., (0.63%, dated 3/7/11, due 6/10/11; proceeds $170,283; fully collateralized by Common Stocks; AbitibiBowater, Inc.; Alpha Natural Resources, Inc.; Anadarko Petroleum Corp.; Anglogold Ashanti; Baidu, Inc.; Bank of America Corp.; Barrick Gold Corp.; Canadian Natural Resources Ltd.; China Kanghui Holdings, Inc.; China Lodging Group Ltd.; Lear Corp.; MI Developments, Inc.; Penn West Petroleum Ltd.; Potash Corp. of Saskatchewan, Inc.; RDA Microelectronics, Inc.; Smurfit-Stone Container

The accompanying notes are an integral part of the financial statements.
15

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Corp.; Talecris Biotherapeutics Holdings Corp.; Teva Pharmaceutical Industries Ltd.; Transocean Ltd.; and Convertible Bonds; Amgen, Inc. 0.38% due 2/1/13; ArcelorMittal 5.00% due 5/15/14; Cameron International Corp. 2.50% due 6/15/26; Janus Capital Group, Inc. 3.25% due 7/15/14; Medtronic, Inc. 1.63% due 4/15/13; MF Global Holdings Ltd. 1.88% due 2/1/16; National Retail Properties, Inc. 3.95% due 9/15/26; Old Republic International Corp. 8.00% due 5/15/12; Tech Data Corp. 2.75% due 12/15/26; Transocean, Inc. 1.50% due 12/15/37; Ventas, Inc. 3.88% due 11/15/11; Vornado Realty LP 3.88% due 4/15/25; valued at $183,084)	$	170,000	$	170,000
RBC Capital Markets Corp., (0.20%, dated 4/29/11, due 5/2/11; proceeds $210,004; fully collateralized by a Certificate of Deposit; Lloyds Bank PLC Zero Coupon due 8/31/11; and Commercial Papers; Atlantic Asset Securities Zero Coupon due 8/5/11; Barton Capital Corp. Zero Coupon due 7/12/11; Beethoven Funding Corp. Zero Coupon due 5/20/11; valued at $220,600)		210,000		210,000
RBC Capital Markets Corp., (0.63%, dated 4/29/11, due 4/05/12; proceeds $80,479; fully collateralized by Corporate Bonds; Continental Resources, Inc. 7.13% due 4/1/21; Cricket Communications, Inc. 7.75% due 5/15/16; Equinox Holdings, Inc. 9.50% due 2/1/16; Exide Technologies 8.63% due 2/1/18; First Data Corp. 7.38% due 6/15/19; Frac Technical Services LLC 7.13% due 11/15/18; Frontier Communications Corp. 8.75% due 4/15/22; Geo Group, Inc. (The) 6.63% due 2/15/21; Hilcorp Energy LP 7.75% due 11/1/15; Homer City Funding LLC 8.73% due 10/1/26; Ineos Finance PLC 9.00% due 5/15/15; Intergen N.V. 9.00% due 6/30/17; Linn Energy LLC 7.75% due 2/1/21; MetroPCS Wireless, Inc. 6.63% due 11/15/20; New Albertsons, Inc. 7.45% due 8/1/29; Newfield Exploration Co. 6.88% - 7.13% due 5/15/18 - 2/1/20; Nextel Communications, Inc. 7.38% due 8/1/15; NII Capital Corp 10.00% due 8/15/16; Northern Tier Energy LLC 10.50% due 12/1/17; NRG Energy, Inc. 7.38% due 1/15/17; Penn Virginia Corp. 7.25% due 4/15/19; Petroplus Finance Ltd. 7.00% due 5/1/17; Quicksilver Resources, Inc. 9.13% due 8/15/19; San Pasqual Casino 8.00% due 9/15/13; SM Energy Co. 6.63% due 2/15/19; Sprint Capital Corp. 8.75% due 3/15/32; Suburban Propane Partners LP 7.38% due 3/15/20; Targa Resources Patners LP 6.88% due 2/1/21; Tenet Healthcare Corp. 8.88% due 7/1/19; Venezuela Government International Bond 9.25% due 9/15/27; Visteon Corp. 6.75% due 4/15/19; Windstream Corp. 7.75% - 8.63% due 8/1/16 - 10/15/20; valued at $84,800)		80,000		80,000

	Face Amount (000)		Value (000)
RBS Securities, Inc., (0.05%, dated 4/29/11, due 5/2/11; proceeds $200,001; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 5.00% - 6.00% due 1/1/38 - 4/1/38; valued at $206,823)	$	200,000	$	200,000
Societe Generale, (0.05%, dated 4/29/11, due 5/2/11; proceeds $750,003; fully collateralized by U.S. Government Agencies; Federal Home Loan Bank 1.00% due 8/22/14; Federal Home Loan Mortgage Corporation 4.50% due 1/15/13; Federal National Mortgage Association 4.00% - 4.88% due 5/18/12 - 10/1/40; Government National Mortgage Association 5.00% due 2/20/41 - 3/20/41; valued at $772,187)		750,000		750,000
Wells Fargo Bank, (0.05%, dated 4/29/11, due 5/2/11; proceeds $150,001; fully collateralized by a U.S. Government Agency; Federal Home Loan Mortgage Corporation 4.50% due 2/1/41; valued at $154,524)		150,000		150,000
Wells Fargo Bank, (0.20%, dated 4/29/11, due 5/2/11; proceeds $830,014; fully collateralized by Corporate Bonds; 3M Co. 4.38% - 4.50% due 11/1/11 - 8/15/13; Abbott Laboratories 4.35 - 5.60% due 3/15/14 - 11/30/17; Aegon NV 4.75% due 6/1/13; Aetna, Inc. 5.75% due 6/15/11; Aflac, Inc. 3.45% due 8/15/15; Alabama Power Co. 3.38% - 5.88% due 10/1/20 - 3/15/41; Alliant Energy Corp. 4.00% due 10/15/14; Allstate Corp. (The) 5.00% - 6.13% due 2/15/12 - 4/1/36; Allstate Life Global Funding Trusts 5.38% due 4/30/13; AMB Property LP 6.63% due 12/1/19; American Electric Power Co., Inc. 5.25% due 6/1/15; American Express Co. 6.15% - 8.15% due 8/28/17 - 3/19/38; American Express Credit Corp. 2.75% - 5.88% due 5/2/13 - 9/15/15; American Transmission Systems, Inc. 5.25% due 1/15/22; Ameriprise Financial, Inc. 5.30% due 3/15/20; Amgen, Inc. 3.45% - 6.15% due 4/17/12 - 6/1/18; Anheuser-Busch InBev Worldwide, Inc. 2.88% - 5.38% due 10/15/12 - 2/15/16; Apache Corp. 5.25% - 6.90% due 4/15/12 - 2/1/42; Appalachian Power Co. 3.40% - 7.95% due 5/24/15 - 8/15/37; Archer-Daniels-Midland Co. 5.94% due 10/1/32; Aries Vermoegensverwaltungs 9.60% due 10/25/14; AT&T Mobility LLC 6.50% due 12/15/11; AT&T, Inc. 4.95% - 6.80% due 1/15/13 - 9/15/34; AutoZone, Inc. 5.75% due 1/15/15; AvalonBay Communities, Inc. 4.95% - 5.50% due 1/15/12 - 3/15/13; Axis Capital Holdings Ltd. 5.75% due 12/1/14; BAE Systems Holdings, Inc. 4.95% - 6.40% due 12/15/11 - 6/1/19; Baker Hughes, Inc. 6.50% - 7.50% due 11/15/13 - 11/15/18; Bank of America Corp. 2.38% - 6.25% due 4/15/12 - 10/14/16; Bank of New York Mellon Corp. (The) 0.41% - 5.13% due 3/23/12 - 5/15/14; Barrick Gold Finance Co. 5.80% due 11/25/34; Barrick International Barbados Corp. 5.75% due 10/15/16; BB&T Corp. 3.85% - 4.75% due 7/27/12 - 10/1/12; Bear Stearns Cos. LLC (The) 5.35% - 7.25%

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)	Value (000)
Repurchase Agreements (cont'd)
due 2/1/12 - 2/1/18; BellSouth Corp. 4.75% - 6.00% due 10/15/11 - 11/15/12; Berkshire Hathaway Finance Corp. 0.41% - 5.00% due 1/13/12 - 1/15/15; Berkshire Hathaway, Inc. 3.20% due 2/11/15; BHP Billiton Finance USA Ltd. 4.80% due 4/15/13; BJ Services Co. 6.00% due 6/1/18; Board of Trustees of The Leland Stanford Junior University (The) 4.25% due 5/1/16; Boardwalk Pipelines LP 5.20% due 6/1/18; Boeing Capital Corp. 4.70% due 10/27/19; Boston Properties LP 4.13% due 5/15/21; Bottling Group LLC 5.00% - 6.95% due 11/15/13 - 3/15/14; BP Capital Markets PLC 3.88% - 5.25% due 11/7/13 - 3/10/15; Brandywine Operating Partnership LP 5.70% due 5/1/17; BRE Properties, Inc. 5.50% due 3/15/17; British Sky Broadcasting Group PLC 6.10% due 2/15/18; British Telecommunications PLC 5.95% due 1/15/18; Burlington Northern Santa Fe LLC 3.60% - 8.13% due 4/15/20 - 5/1/37; Burlington Resources, Inc. 9.13% due 10/1/21; Camden Property Trust 5.38% - 5.88% due 11/30/12 - 5/15/17; Canadian National Railway Co. 4.40% due 3/15/13; Canadian Natural Resources Ltd. 5.45% - 5.70% due 10/1/12 - 5/15/17; Canadian Pacific Railway Co. 6.25% - 7.13% due 10/15/11 - 10/15/31; Capital One Financial Corp. 5.70% - 6.15% due 9/15/11 - 9/1/16; CareFusion Corp. 5.13% due 8/1/14; Caterpillar Financial Services Corp. 1.90% - 7.15% due 5/1/11 - 2/15/19; CBS Corp. 5.50% - 5.75% due 4/30/11 - 5/15/33; CBS Corp. 8.20% due 5/15/14; Cellco Partnership/Verizon Wireless Capital LLC 7.38% - 8.50% due 11/15/13 - 11/15/18; Cenovus Energy, Inc. 4.50% - 6.75% due 9/15/14 - 11/15/39; CenterPoint Energy Resources Corp. 5.85% - 7.88% due 4/1/13 - 1/15/41; CenterPoint Energy Transition Bond Co. LLC 5.17% due 8/1/19; CenturyLink, Inc. 7.60% due 9/15/39; Chubb Corp. 6.00% - 6.50% due 11/15/11 - 5/15/38; CIGNA Corp. 4.50% due 3/15/21; Cincinnati Financial Corp. 6.90% due 5/15/28; Cisco Systems, Inc. 1.63% - 5.90% due 3/14/14 - 2/15/39; Citibank NA 0.30% - 1.88% due 5/7/12 - 6/4/12; Citigroup Funding, Inc. 0.82% - 2.25% due 12/10/12 - 7/12/12; Citigroup, Inc. 4.59% - 8.50% due 8/27/12 - 10/31/33; Cleveland Electric Illuminating Co. (The) 5.95% - 8.88% due 11/15/18 - 12/15/36; Comcast Corp. 4.95% - 6.50% due 1/15/15 - 7/1/19; Commonwealth Edison Co. 4.00% - 6.15% due 3/15/12 - 8/1/20; CommonWealth REIT 5.75% due 2/15/14; ConocoPhillips 6.50% due 2/1/39; ConocoPhillips Canada Funding Co. 5.95% due 10/15/36; Consolidated Edison Co. of New York, Inc. 5.70% - 7.13% due 12/1/18 - 6/15/40; Consolidated Natural Gas Co. 6.25% due 11/1/11; Constellation Energy Group, Inc. 5.15% due 12/1/20; Cooper US, Inc. 5.25% due 11/15/12; Covidien International Finance SA 2.80% due 6/15/15; COX Communications,

	Face Amount (000)	Value (000)
Inc. 5.50% - 5.88% due 10/1/15 - 12/1/16; Credit Suisse 5.00% due 5/15/13; Credit Suisse USA, Inc. 6.13% - 6.50% due 11/15/11 - 1/15/12; CRH America, Inc. 5.63% due 9/30/11; CSX Corp. 5.60% - 6.30% due 3/15/12 - 5/1/37; DCP Midstream LLC 9.75% due 3/15/19; Dell, Inc. 3.38% - 7.10% due 6/15/12 - 4/15/28; Delmarva Power & Light Co. 5.00% due 11/15/14; Detroit Edison Co. (The) 6.35% due 10/15/32; Deutsche Bank AG 6.00% due 9/1/17; Devon Energy Corp. 7.95% due 4/15/32; Devon Financing Corp. ULC 7.88% due 9/30/31; Diageo Capital PLC 5.13% due 1/30/12; Discovery Communications LLC 5.63% due 8/15/19; Dominion Resources, Inc. 2.25% - 5.25% due 9/1/15 - 8/1/33; Dow Chemical Co (The) 4.85% due 8/15/12; Duke Energy Carolinas LLC 4.30% - 6.25% due 1/15/12 - 6/15/20; Duke Energy Corp. 6.30% due 2/1/14; Duke Energy Indiana, Inc. 5.00% - 6.35% due 9/15/13 - 8/15/38; Duke Energy Ohio, Inc. 5.40% due 6/15/33; Duke Realty LP 7.38% due 2/15/15; eBay, Inc. 1.63% - 3.25% due 10/15/15 - 10/15/20; EI du Pont de Nemours & Co 4.75% - 5.25% due 11/15/12 - 12/15/16; El Paso Electric Co. 7.50% due 3/15/38; Eli Lilly & Co. 5.50% - 6.00% due 3/15/12 - 3/15/27; Enbridge, Inc. 5.60% due 4/1/17; Encana Corp. 5.90% - 6.63% due 12/1/17 - 8/15/37; EnCana Holdings Finance Corp. 5.80% due 5/1/14; Energy Transfer Partners LP 9.00% - 9.70% due 3/15/19 - 4/15/19; Ensco PLC 3.25% due 3/15/16; Enterprise Products Operating LLC 6.65% - 7.55% due 4/15/18 - 4/15/38; EOG Resources, Inc. 4.10% - 4.40% due 6/1/20 - 2/1/21; Equity One, Inc. 5.38% - 6.00% due 12/15/14 - 9/15/17; ERP Operating LP 5.50% - 5.75% due 10/1/12 - 6/15/17; Exelon Corp. 5.63% due 6/15/35; Exelon Generation Co. LLC 5.35% due 1/15/14; Federal Realty Investment Trust 5.95% due 8/15/14; FIA Card Services NA 7.13% due 11/15/12; Fifth Third Bancorp 3.63% due 1/25/16; Fiserv, Inc. 3.13% - 6.13% due 11/20/12 - 10/1/15; Fixed Income Pass-Through Trust 2007 Zero Coupon - 1.19% due 5/15/77 - 1/15/87; Florida Power & Light Co 5.96% due 4/1/39; Florida Power Corp. 4.80% - 5.10% due 3/1/13 - 12/1/15; General Dynamics Corp. 1.80% due 7/15/11; General Electric Capital Corp. 0.61% - 6.88% due 11/15/11 - 1/10/34; Genworth Financial, Inc. 4.95% - 8.63% due 10/1/15 - 6/15/34; Genworth Life Institutional Funding Trust 5.88% due 5/3/13; Georgia Power Co. 5.13% - 6.00% due 11/15/12 - 2/1/39; Goldman Sachs Capital 6.35% due 2/15/34; Goldman Sachs Group, Inc. (The) 0.71% - 6.75% due 11/9/11 - 2/1/41; Goodrich Corp. 4.88% due 3/1/20; Gulf Power Co. 4.75% due 4/15/20; Halliburton Co. 5.90% - 6.70% due 9/15/18 - 9/15/38; Hartford Financial Services Group, Inc. 4.00% - 6.30% due 3/30/15 - 3/15/18; HCC Insurance Holdings, Inc. 6.30% due 11/15/19; HCP, Inc.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)	Value (000)
Repurchase Agreements (cont'd)
5.95% due 9/15/11; Healthcare Realty Trust, Inc. 6.50% due 1/17/17; Hess Corp. 5.60% due 2/15/41; Hewlett-Packard Co. 4.75% due 6/2/14; Highwoods Realty LP 7.50% due 4/15/18; Home Depot, Inc. 4.40% due 4/1/21; Hormel Foods Corp. 6.63% due 6/1/11; Hospitality Properties Trust 6.70% due 1/15/18; HP Enterprise Services LLC 7.45% due 10/15/29; HSBC Bank PLC 4.13% due 8/12/20; HSBC Finance Corp. 5.70% due 6/1/11; HSBC Holdings PLC 6.50% - 6.80% due 9/15/37 - 6/1/38; Indiana Michigan Power Co. 6.05% due 3/15/37; International Business Machines Corp. 5.60% - 6.50% due 9/14/17 - 1/30/39; International Paper Co. 7.95% due 6/15/18; Invesco Ltd. 5.63% due 4/17/12; Jefferies Group, Inc. 7.75% due 3/15/12; Jersey Central Power & Light Co. 4.80% - 5.63% due 5/1/16 - 6/15/18; John Deere Capital Corp. 4.50% due 4/3/13; John Hancock Global Funding II 5.25% due 2/25/15; JP Morgan Chase Capital XX 6.55% due 9/29/36; JP Morgan Chase Capital XXV 6.80% due 10/1/37; JPMorgan Chase & Co. 1.65% - 6.63% due 12/1/11 - 5/15/38; JPMorgan Chase Bank NA 6.00% due 10/1/17; JPMorgan Chase Capital XXVII 7.00% due 11/1/39; Kentucky Power Co. 6.00% due 9/15/17; Kentucky Utilities Co. 1.63% - 5.13% due 11/1/15 - 11/1/40; KeyBank NA 5.80% due 7/1/14; Kimco Realty Corp. 4.90% - 5.60% due 2/18/15 - 11/23/15; Kinder Morgan Energy Partners LP 3.50% - 6.85% due 3/1/16 - 9/15/40; Kraft Foods, Inc. 2.63% - 6.00% due 11/1/11 - 5/8/13; L-3 Communications Corp. 4.95% due 2/15/21; LG&E and KU Energy LLC 3.75% due 11/15/20; Liberty Property LP 6.38% - 6.63% due 8/15/12 - 10/1/17; Lincoln National Corp. 6.20% due 12/15/11; Lockheed Martin Corp. 5.50% - 6.15% due 9/1/36 - 11/15/39; Louisville Gas & Electric Co. 1.63% due 11/15/15; Mack-Cali Realty LP 5.80% due 1/15/16; Marathon Oil Corp. 6.60% due 10/1/37; Massachusetts Mutual Life Insurance Co. 8.88% due 6/1/39; McDonald's Corp. 5.70% - 6.30% due 3/1/12 - 2/1/39; Medtronic, Inc. 4.45% due 3/15/20; Merck & Co, Inc. 1.88% - 6.40% due 6/30/11 - 6/30/39; Merrill Lynch & Co, Inc. 5.77% - 6.15% due 7/25/11 - 4/25/13; MetLife Institutional Funding II 0.71% due 3/27/12; MetLife, Inc. 2.38% due 2/6/14; Metropolitan Edison Co. 4.95% due 3/15/13; Metropolitan Life Global Funding 2.00% - 5.13% due 7/1/11 - 6/10/14; Microsoft Corp. 0.88% - 4.20% due 9/27/13 - 6/1/19; Morgan Stanley 0.69% - 6.63% due 12/1/11 - 4/1/18; NASDAQ OMX Group, Inc. (The) 5.25% due 1/16/18; National Australia Bank Ltd. 2.25% due 4/11/14; National Oilwell Varco, Inc. 5.65% due 11/15/12; National Retail Properties, Inc. 6.15% due 12/15/15; National Rural Utilities Cooperative Finance Corp. 1.13% - 1.90% due 11/1/13 - 11/1/15;

	Face Amount (000)	Value (000)
Nationwide Financial Services 5.38% - 6.25% due 11/15/11 - 3/25/21; Nationwide Health Properties, Inc. 6.50% due 7/15/11; NBCUniversal Media LLC 5.15% due 4/30/20; New York Life Global Funding 2.25% - 5.25% due 10/16/12 - 5/4/15; News America, Inc. 5.30% - 9.25% due 2/1/13 - 11/15/37; NextEra Energy Capital Holdings, Inc. 2.55% - 7.88% due 9/1/11 - 12/15/15; Nisource Finance Corp. 5.45% due 9/15/20; Noble Holding International Ltd. 6.20% due 8/1/40; Norfolk Southern Corp. 5.64% - 5.90% due 6/15/19 - 5/17/29; Northeast Utilities 5.65% due 6/1/13; Northern States Power Co. 8.00% due 8/28/12; Northern Trust Corp. 5.20% - 5.30% due 8/29/11 - 11/9/12; NSTAR Electric Co. 5.63% due 11/15/17; NuStar Logistics LP 7.65% due 4/15/18; Ohio Edison Co 8.25% due 10/15/38; Oncor Electric Delivery Co. LLC 5.95% - 7.50% due 9/1/13 - 9/1/38; ONEOK Partners LP 5.90% due 4/1/12; Oracle Corp. 4.95% - 5.00% due 4/15/13 - 7/8/19; Pacific Gas & Electric Co. 3.50% due 10/1/20; Pacific Life Global Funding 0.54% - 5.15% due 6/22/11 - 4/15/13; PacifiCorp 5.65% - 7.70% due 7/15/18 - 1/15/39; Pan Pacific Retail Properties, Inc. 5.25% - 6.13% due 1/15/13 - 9/1/15; PartnerRe Finance A LLC 6.88% due 6/1/18; Peco Energy Co. 5.95% due 10/1/36; PepsiAmericas, Inc. 5.75% due 7/31/12; PepsiCo, Inc. 5.15% due 5/15/12; Petro-Canada 5.35% - 6.80% due 5/15/18 - 5/15/38; Pfizer, Inc. 4.45% due 3/15/12; Plains All American Pipeline LP/PAA Finance Corp. 5.75% - 6.70% due 5/1/18 - 1/15/37; PNC Funding Corp. 4.25% - 5.40% due 6/10/14 - 9/21/15; Potash Corp. of Saskatchewan, Inc. 7.75% due 5/31/11; Potomac Electric Power Co. 4.95% due 11/15/13; PPL Electric Utilities Corp. 7.13% due 11/30/13; Praxair, Inc. 1.75% - 6.38% due 4/1/12 - 3/31/14; Preferred Pass-Through Trust 0.84% due 12/1/26; Pricoa Global Funding 0.40% - 5.45% due 1/30/12 - 6/11/14; Principal Life Global Funding 6.25% due 2/15/12; Principal Life Income Funding Trusts 5.10% - 5.30% due 6/17/11 - 4/15/14; Procter & Gamble Co. (The) 4.70% due 2/15/19; Progressive Corp. (The) 6.38% - 6.70% due 1/15/12 - 6/15/67; Protective Life Secured Trusts 5.45% due 9/28/12; Prudential Financial, Inc. 3.63% - 6.63% due 9/17/12 - 12/1/37; PSEG Power LLC 5.13% due 4/15/20; Public Service Co. 4.40% - 5.15% due 12/1/19 - 2/1/21; Public Service Electric & Gas Co. 5.38% due 11/1/39; Puget Sound Energy, Inc. 5.48% due 6/1/35; Qwest Corp. 7.63% due 6/15/15; Raytheon Co. 3.13% - 7.00% due 10/15/20 - 10/15/40; Realty Income Corp. 5.38% - 5.88% due 9/15/17 - 3/15/35; Regency Centers LP 4.95% due 4/15/14; Reinsurance Group of America, Inc. 6.75% due 12/15/65; Reliance Industries Ltd. 9.38% due 6/24/26; Republic Services, Inc. 5.50% due 9/15/19; Retail

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)	Value (000)
Repurchase Agreements (cont'd)
Property Trust (The) 7.88% due 3/15/16; Reynolds American, Inc. 6.75% due 6/15/17; Roche Holdings, Inc. 5.00% due 3/1/14; Rogers Communications, Inc. 6.25% - 7.50% due 6/15/13 - 8/15/38; Roper Industries, Inc. 6.63% due 8/15/13; SABMiller PLC 6.20% due 7/1/11; SCG 6.88% due 5/15/11; Schlumberger Oilfield UK PLC 4.20% due 1/15/21; Sempra Energy 2.00% due 3/15/14; Senior Housing Properties Trust 4.30% due 1/15/16; Sierra Pacific Power Co. 5.45% due 9/1/13; Simon Property Group LP 5.65% - 6.75% due 12/1/15 - 2/1/40; Snap-On, Inc. Zero Coupon due 8/15/11; South Carolina Electric & Gas Co. 5.25% - 6.25% due 11/1/18 - 1/15/38; Southern California Edison Co. 4.65% - 5.95% due 4/1/15 - 2/1/38; SouthTrust Corp. 5.80% due 6/15/14; Southwestern Electric Power Co. 4.90% - 5.38% due 4/15/15 - 7/1/15; Spectra Energy Capital LLC 5.90% - 6.25% due 2/15/13 - 9/15/13; St Jude Medical, Inc. 2.20% due 9/15/13; Statoil ASA 5.10% - 6.70% due 1/15/18 - 8/17/40; Suncor Energy, Inc. 6.50% due 6/25/38; Symetra Financial Corp. 6.13% due 4/1/16; Talisman Energy, Inc. 3.75% - 6.25% due 2/1/21 - 2/1/38; Tampa Electric Co. 6.38% - 6.88% due 6/15/12 - 8/15/12; Target Corp. 4.00% due 6/15/13; TCI Communications, Inc. 8.75% due 8/1/15; Telecom Italia Capital SA 6.00% - 7.18% due 7/18/11 - 9/30/34; Telefonica Emisiones SAU 5.88% - 6.22% due 7/3/17 - 7/15/19; Thomson Reuters Corp. 5.25% due 8/15/13; Time Warner Cable, Inc. 3.50% - 8.25% due 2/14/14 - 5/1/37; Time Warner Cos, Inc. 7.25% due 10/15/17; Time Warner, Inc. 3.15% - 6.88% due 5/2/12 - 3/29/21; Toledo Edison Co. (The) 7.25% due 5/1/20; Torchmark Corp. 9.25% due 6/15/19; Total Capital Canada Ltd. 1.63% due 1/28/14; Transcontinental Gas Pipe Line Co. LLC 7.00% due 8/15/11; Travelers Cos, Inc. (The) 5.50% due 12/1/15; Travelers Property Casualty Corp. 5.00% - 6.38% due 3/15/13 - 3/15/33; UDR, Inc. 5.25% due 1/15/16; UDR, Inc. 5.50% due 4/1/14; Union Pacific Corp. 5.65% - 6.15% due 5/1/17 - 5/1/37; United Parcel Service, Inc. 4.88% due 11/15/40; United Technologies Corp. 6.05% - 8.75% due 5/15/12 - 6/1/36; UnitedHealth Group, Inc. 4.88% due 3/15/15; Unitrin, Inc. 6.00% due 11/30/15; Unum Group 7.13% due 9/30/16; US Bancorp 1.38% - 2.88% due 6/14/13 - 11/20/14; US Bancorp 3.44% due 2/1/16; Valero Energy Corp. 4.75% - 8.75% due 4/15/12 - 6/15/30; Ventas Realty LP/Ventas Capital Corp. 3.13% due 11/30/15; Verizon Communications, Inc. 4.35% - 8.95% due 2/15/13 - 3/1/39; Verizon Global Funding Corp. 7.75% due 6/15/32; Viacom, Inc. 4.38% - 6.75% due 9/15/14 - 10/5/37; Virginia Electric and Power Co. 5.25% due 12/15/15; Vodafone Group PLC 5.35% - 5.63% due 2/27/12 - 2/27/17; Wal-Mart Stores, Inc. 2.88% - 4.55%

	Face Amount (000)		Value (000)
due 4/1/15 - 5/1/13; Walt Disney Co (The) 6.20% due 6/20/14; Washington Real Estate Investment Trust 5.25% due 1/15/14; Weatherford International Ltd. 6.00% - 7.00% due 3/15/18 - 3/15/38; Weingarten Realty Investors 5.25% - 6.65% due 2/15/15 - 7/12/27; Westar Energy, Inc. 8.63% due 12/1/18; Western Union Co. (The) 6.20% due 6/21/40; Westpac Banking Corp. 4.20% due 2/27/15; WR Berkley Corp. 5.88% - 7.38% due 2/15/13 - 2/15/37; Wyeth 5.50% - 6.50% due 2/1/14 - 4/1/37; XL Capital Finance Europe PLC 6.50% due 1/15/12; XL Group Plc 5.25% due 9/15/14; Xstrata Canada Corp. 6.00% due 10/15/15; XTO Energy, Inc. 6.25% - 6.75% due 4/15/13 - 8/1/37; Yum! Brands, Inc. 3.88% due 11/1/20; valued at $871,500)	$	830,000	$	830,000
Total Repurchase Agreements (Cost $7,813,995)				7,813,995
Time Deposit (1.8%)
Bank of America Grand Cayman
0.05%, 5/2/11 (Cost $330,000)		330,000		330,000
Weekly Variable Rate Bonds (5.1%)
California Educational Facilities Authority, California Institute of Technology 2006 Ser B
0.19%, 10/1/36		20,000		20,000
California Housing Finance Agency, Multifamily Ser 2000 C (AMT)
0.24%, 2/1/33		31,760		31,760
Charlotte, NC, Airport Ser 2007 B
0.25%, 7/1/37		28,060		28,060
Denver Public Schools, CO, Ser 2011 A-1 COPs (Taxable)
0.17%, 12/15/37		11,600		11,600
Illinois Finance Authority, Northwestern Memorial Hospital Ser 2007 A-4
0.25%, 8/15/42		10,375		10,375
Kentucky Housing Corporation, Housing Ser 2006 I (AMT)
0.30%, 1/1/32		20,755		20,755
Los Angeles Department of Water & Power, CA, Power System 2001 Ser B Subser B-5
0.17%, 7/1/34		28,000		28,000
Power System 2001 Ser B Subser B-7
0.17%, 7/1/34		18,600		18,600
Water System 2001 Ser B Subser B-1
0.16%, 7/1/35		59,400		59,400
Loudoun County Industrial Development Authority, VA, Howard Hughes Medical Institute Ser 2003 A
0.20%, 2/15/38		30,915		30,915
Howard Hughes Medical Institute Ser 2003 D
0.22%, 2/15/38		16,200		16,200
Maryland Health & Higher Educational Facilities Authority, Loyola College In Maryland Ser 2008
0.23%, 10/1/26		43,245		43,245

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (cont'd)
Massachusetts Health & Educational Facilities Authority, Partners HealthCare System 2009 Ser I-1
0.18%, 7/1/44	$	25,600	$	25,600
Massachusetts Water Resources Authority, Gen Ser 2008 F
0.20%, 8/1/29		50,000		50,000
Michigan State University, Ser 2000 A
0.24%, 8/15/30		25,935		25,935
Minnesota Housing Finance Agency, Residential Housing Finance 2005 Ser M (AMT)
0.30%, 1/1/36		36,705		36,705
New Hampshire Health & Education Facilities Authority, Dartmouth College Ser 2003
0.23%, 6/1/23		51,555		51,555
New York City Municipal Water Finance Authority, NY, Second General Fiscal 2008 Ser BB-2
0.23%, 6/15/35		16,000		16,000
New York City Transitional Finance Authority, NY, Future Tax Fiscal 1999 2nd Ser Subser A-2
0.22%, 11/15/27		44,300		44,300
Future Tax Fiscal 2001 Ser A
0.23%, 2/15/30		35,400		35,400
New York State Dormitory Authority, Rockefeller University Ser 2009 B
0.22%, 7/1/40		32,750		32,750
New York State Housing Finance Agency, Related-Taconic West 17th Street Ser 2009 A
0.23%, 5/15/39		25,000		25,000
San Francisco City & County, CA, San Francisco International Airport Second Ser 2010 A-1 (AMT)
0.25%, 5/1/30		43,000		43,000
Santa Clara Valley Transportation Authority, CA, Measure A Sales Tax Ser 2008 B
0.21%, 4/1/36		44,300		44,300
South Dakota Housing Development Authority, Homeownership Mortgage Ser 2008 C (AMT)
0.28%, 5/1/39		45,000		45,000
Triborough Bridge & Tunnel Authority, NY, Ser 2002 F
0.25%, 11/1/32		23,215		23,215
University of Texas Regents, Financing System Ser 2008 B
0.17%, 8/1/32		12,000		12,000
0.21%, 8/1/16		23,295		23,295
Utah Housing Corporation, Single Family Mortgage Class I 2009 Ser A
0.27%, 7/1/38		28,090		28,090
Single Family Mortgage Class I 2009 Ser B
0.27%, 1/1/39		18,185		18,185
Wake County, NC, Public Improvement Ser 2003 C
0.25%, 4/1/19 - 4/1/20		14,160		14,160

	Face Amount (000)		Value (000)
School Ser 2007 B
0.25%, 3/1/24	$	14,800	$	14,800
Total Weekly Variable Rate Bonds (Cost $928,200)				928,200
Total Investments (100.2%) (Cost $18,337,075)				18,337,075
Liabilities in Excess of Other Assets (-0.2%)				(44,427	)
Net Assets (100.0%)			$	18,292,648

(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.

AMT  Alternative Minimum Tax

COPs  Certificates of Participation

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Certificates of Deposit	$	—	$	1,815,000	$	—	$	1,815,000
Commercial Paper
ABCP — Consumer Loans		—		97,955		—		97,955
ABCP — Corporate		—		86,936		—		86,936
International Banks		—		4,731,989		��		4,731,989
Floating Rate Notes		—		2,533,000		—		2,533,000
Repurchase Agreements		—		7,813,995		—		7,813,995
Time Deposit		—		330,000		—		330,000
Weekly Variable Rate Bonds		—		928,200		—		928,200
Total Assets	$	—	$	18,337,075	$	—	$	18,337,075

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		42.6	%
Commercial Paper		26.8
Floating Rate Notes		13.8
Certificates of Deposit		9.9
Weekly Variable Rate Bonds		5.1
Other*		1.8
Total Investments		100.0	%

*  Investment types representing less than 5% of total investments.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Government Portfolio

	Face Amount (000)		Value (000)
U.S. Agency Securities (35.2%)
Federal Farm Credit Bank,
0.13%, 4/11/12 (a)	$	70,000	$	69,993
0.17%, 6/25/12 (a)		45,000		44,940
0.22%, 11/2/11 (a)		35,000		35,000
0.23%, 9/14/12 (a)		48,500		48,486
0.25%, 4/4/12 (a)		25,000		25,000
0.28%, 2/14/12 (a)		45,000		44,999
Federal Home Loan Bank,
0.12%, 5/26/11 (a)		30,000		29,997
0.12%, 8/1/11 (a)		73,000		72,994
0.13%, 8/26/11 (a)		71,000		70,989
0.14%, 8/12/11 (a)		95,000		94,989
0.16%, 5/25/11 (a)		35,000		35,000
0.16%, 10/25/12 (a)		78,000		77,977
0.18%, 1/26/12 (a)		75,000		74,983
0.19%, 8/11/11		75,000		74,995
0.20%, 5/27/11 - 8/1/11		290,000		290,007
0.21%, 9/12/11 (a)		73,000		72,990
0.25%, 10/13/11 (a)		152,000		152,026
0.30%, 11/16/11		37,000		37,003
0.30%, 12/15/11 (a)		75,000		75,000
0.33%, 9/8/11		86,500		86,558
0.34%, 5/3/11		83,000		83,000
0.42%, 3/13/12		100,000		100,000
1.38%, 5/16/11		94,000		94,042
Federal Home Loan Mortgage Corporation,
0.16%, 12/21/11 (a)		100,000		99,968
0.16%, 12/29/11 (a)		124,000		123,959
0.20%, 7/25/11 (b)		70,000		69,967
0.21%, 10/26/11 (a)		60,000		59,988
0.23%, 5/25/11 (b)		63,900		63,891
0.24%, 7/26/11 (b)		35,000		34,980
0.24%, 8/5/11 (a)		28,000		28,006
1.13%, 6/1/11		48,870		48,906
Federal National Mortgage Association,
0.14%, 8/11/11 (a)		75,000		74,990
0.17%, 6/1/11		121,000		120,983
0.21%, 8/1/11 (b)		100,000		99,947
0.43%, 7/11/11 (b)		50,000		49,959
0.44%, 7/11/11 (b)		31,500		31,474
3.38%, 5/19/11		33,000		33,047
6.00%, 5/15/11		87,000		87,177
Total U.S. Agency Securities (Cost $2,818,210)				2,818,210
U.S. Treasury Securities (1.9%)
U.S. Treasury Bill
0.20%, 5/26/11 (c)		42,250		42,245
U.S. Treasury Notes,
1.00%, 10/31/11		73,000		73,287
1.13%, 12/15/11		43,000		43,213
Total U.S. Treasury Securities (Cost $158,745)				158,745

	Face Amount (000)		Value (000)
Repurchase Agreements (62.8%)
Barclays Capital, Inc., (0.02%, dated 4/29/11, due 5/2/11; proceeds $175,000; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.50% - 5.00% due 12/20/39 - 9/20/40; valued at $180,148)	$	175,000	$	175,000
BNP Paribas Securities Corp., (0.05%, dated 4/29/11, due 5/2/11; proceeds $813,003; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% - 4.50% due 8/1/24 - 12/1/39; Federal National Mortgage Association 3.63% - 5.00% due 11/1/30 - 4/1/41; Government National Mortgage Association 5.50% due 4/15/40; valued at $837,385)		813,000		813,000
Citigroup, Inc., (0.06%, dated 4/29/11, due 5/2/11; proceeds $200,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.50% - 6.00% due 12/1/33 - 1/1/38; Federal National Mortgage Association 3.50% - 6.50% due 5/1/24 - 4/1/41; valued at $206,078) (See Note H)		200,000		200,000
Credit Suisse Securities (USA) LLC, (0.15%, dated 4/7/11, due 7/5/2011; proceeds $30,004; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.14% - 6.23% due 10/1/28 - 4/1/41; valued at $31,000)		30,000		30,000
Deutsche Bank Securities, Inc., (0.05%, dated 4/29/11, due 5/2/11; proceeds $560,002; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 3.50% - 5.00% due 10/1/20 - 4/1/41; valued at $577,196)		560,000		560,000
Deutsche Bank Securities, Inc., (0.09%, dated 4/27/11, due 5/4/11; proceeds $100,002; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 3.90% - 7.00% due 9/1/37 - 3/1/40; valued at $103,007)		100,000		100,000
Deutsche Bank Securities, Inc., (0.12%, dated 4/25/11, due 5/2/11; proceeds $140,003; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.13% due 4/1/39; Federal National Mortgage Association 1.82% - 7.00% due 5/1/25 - 6/1/38; valued at $143,933)		140,000		140,000
Deutsche Bank Securities, Inc., (0.12%, dated 4/26/11, due 5/17/11; proceeds $73,005; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.01% - 5.92% due 9/1/37 - 7/1/38; Federal National Mortgage Association 3.67% - 6.50% due 8/1/37 - 9/1/40; valued at $75,206)		73,000		73,000

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Deutsche Bank Securities, Inc., (0.12%, dated 4/27/11, due 5/25/11; proceeds $50,005; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.35% - 6.50% due 5/1/38 - 4/1/39; valued at $51,502)	$	50,000	$	50,000
Deutsche Bank Securities, Inc., (0.13%, dated 4/25/11, due 5/25/11; proceeds $73,008; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.92% due 9/1/37; Federal National Mortgage Association 5.50% - 6.50% due 5/1/37 - 7/1/39; valued at $75,083)		73,000		73,000
Deutsche Bank Securities, Inc., (0.16%, dated 4/1/11, due 5/2/11; proceeds $75,010; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.26% due 12/1/37; Federal National Mortgage Association 5.50% - 6.50% due 4/1/34 - 5/1/38; valued at $77,212)		75,000		75,000
Goldman Sachs & Co., (0.05%, dated 4/29/11, due 5/2/11; proceeds $210,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.50% - 5.00% due 2/1/26 - 2/1/41; Federal National Mortgage Association 3.50% - 6.50% due 5/1/24 - 3/1/41; valued at $216,105)		209,811		209,811
Goldman Sachs & Co., (0.06%, dated 4/28/11, due 5/5/11; proceeds $150,002; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.00% - 6.50% due 2/15/26 - 4/15/41; valued at $154,541)		150,000		150,000
Goldman Sachs & Co., (0.08%, dated 4/29/11, due 5/6/11; proceeds $100,002; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.00% - 5.50% due 2/15/34 - 3/20/41; valued at $103,000)		100,000		100,000
Goldman Sachs & Co., (0.09%, dated 4/26/11, due 5/3/11; proceeds $150,003; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.00% - 6.00% due 4/15/38 - 3/20/41; valued at $154,765)		150,000		150,000
ING Financial Markets Inc, (0.05%, dated 4/29/11, due 5/2/11; proceeds $290,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% - 7.00% due 7/1/30 - 3/1/41; valued at $299,678)		290,000		290,000
RBC Capital Markets Corp, (0.05%, dated 4/29/11, due 5/2/11; proceeds $350,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% - 5.81% due 5/1/26 - 3/1/41 ; Federal National Mortgage Association 3.04% - 5.50% due 8/1/15 - 3/1/41; Government National Mortgage Association 3.00% - 5.00% due 6/15/40 - 3/20/41; valued at $360,572)		350,000		350,000

	Face Amount (000)		Value (000)
RBC Capital Markets Corp, (0.06%, dated 4/29/11, due 5/2/11; proceeds $200,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.50% due 3/1/26; Federal National Mortgage Association 2.54% - 4.00% due 1/1/31 - 6/1/36; valued at $206,421)	$	200,000	$	200,000
RBS Securities Inc, (0.05%, dated 4/29/11, due 5/2/11; proceeds $300,001; fully collateralized by a U.S. Government Agency; Federal National Mortgage Association 3.50% - 6.00% due 11/1/25 - 1/1/38; valued at $309,978)		300,000		300,000
Societe Generale, (0.05%, dated 4/29/11, due 5/2/11; proceeds $750,003; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% due 4/1/26; Federal National Mortgage Association 4.00% - 5.50% due 2/1/26 - 10/1/40; valued at $771,539)		750,000		750,000
Societe Generale, (0.06%, dated 4/29/11, due 5/2/11; proceeds $125,001; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.00% due 2/1/26 - 12/1/40; valued at $128,692)		125,000		125,000
UBS Securities LLC, (0.06%, dated 4/29/11, due 5/2/11; proceeds $110,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.50% due 3/1/40; Federal National Mortgage Association 4.5% due 3/1/41; valued at $113,309)		110,000		110,000
Total Repurchase Agreements (Cost $5,023,811)				5,023,811
Total Investments (99.9%) (Cost $8,000,766)				8,000,766
Other Assets in Excess of Liabilities (0.1%)				4,557
Net Assets (100.0%)			$	8,005,323

(a)  Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on April 30, 2011.

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

(c)  Rate shown is the yield to maturity at April 30, 2011.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
U.S. Agency Securities	$	—	$	2,818,210	$	—	$	2,818,210
U.S. Treasury Securities		—		158,745		—		158,745
Repurchase Agreements		—		5,023,811		—		5,023,811
Total Assets	$	—	$	8,000,766	$	—	$	8,000,766

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		62.8	%
U.S. Agency Securities		35.2
U.S. Treasury Securities		2.0
Total Investments		100.0	%

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Government Securities Portfolio

	Face Amount (000)		Value (000)
U.S. Agency Securities (93.5%)
Federal Farm Credit Bank,
0.15%, 12/14/11 (a)	$	1,500	$	1,499
0.17%, 6/25/12 (a)		4,000		3,995
0.18%, 12/8/11 (a)		5,000		4,999
0.22%, 11/2/11 - 12/30/11 (a)		15,375		15,369
0.23%, 9/14/12 (a)		1,500		1,500
0.26%, 9/15/11 (a)		13,125		13,127
0.28%, 2/14/12 (a)		5,000		5,000
0.39%, 3/19/12 (a)		4,790		4,793
0.50%, 6/1/11		10,000		10,004
0.55%, 9/30/11		2,500		2,503
Federal Home Loan Bank,
0.00%, 5/2/11 (b)		71,510		71,510
0.01%, 5/2/11 (b)		30,000		30,000
0.03%, 5/6/11 (b)		25,000		25,000
0.04%, 5/4/11 (b)		15,000		15,000
0.05%, 5/6/11 (b)		4,275		4,275
0.06%, 5/4/11 (b)		20,000		20,000
0.07%, 5/20/11 (b)		7,000		7,000
0.11%, 5/17/11 - 6/1/11 (b)		21,078		21,076
0.12%, 5/26/11 - 8/1/11 (a)		30,400		30,395
0.12%, 6/15/11 (b)		20,000		19,998
0.13%, 8/26/11 (a)		7,500		7,499
0.14%, 7/15/11 - 8/12/11 (a)		14,000		13,998
0.14%, 5/4/11 (b)		15,000		15,000
0.18%, 1/26/12 (a)		7,000		6,998
0.19%, 8/11/11		5,000		5,000
0.20%, 5/27/11 - 8/1/11		15,000		15,001
0.21%, 9/12/11 (a)		22,000		21,996
0.25%, 10/13/11 (a)		6,000		6,001
0.30%, 12/15/11 (a)		6,000		6,000
0.30%, 11/16/11		4,000		4,000
0.34%, 5/3/11		25,000		25,000
0.63%, 6/15/11		5,000		5,003
0.75%, 7/8/11		6,700		6,708
0.80%, 5/6/11		10,000		10,001
1.13%, 6/3/11		3,930		3,933
1.63%, 7/27/11		2,145		2,152
3.38%, 6/24/11		4,000		4,019
5.00%, 9/9/11		5,000		5,085
Total U.S. Agency Securities (Cost $470,437)				470,437
U.S. Treasury Securities (4.8%)
U.S. Treasury Bills,
0.19%, 6/16/11 (c)		9,400		9,398
0.20%, 5/26/11 (c)		4,000		3,999
U.S. Treasury Notes,
1.00%, 9/30/11		5,500		5,516
1.13%, 12/15/11		5,000		5,025
Total U.S. Treasury Securities (Cost $23,938)				23,938
Total Investments (98.3%) (Cost $494,375)				494,375
Other Assets in Excess of Liabilities (1.7%)				8,694
Net Assets (100.0%)			$	503,069

(a)  Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on April 30, 2011.

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

(c)  Rate shown is the yield to maturity at April 30, 2011.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
U.S. Agency Securities	$	—	$	470,437	$	—	$	470,437
U.S. Treasury Securities		—		23,938		—		23,938
Total Assets	$	—	$	494,375	$	—	$	494,375

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

Classification	Percentage of Total Investments
U.S. Agency Securities		95.2	%
U.S. Treasury Securities		4.8
Total Investments		100.0	%

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Treasury Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (27.8%)
U.S. Treasury Bills,
0.16%, 5/12/11 (a)	$	66,720	$	66,717
0.18%, 9/29/11 (a)		92,500		92,433
0.19%, 7/28/11 (a)		69,500		69,468
0.20%, 5/26/11 (a)		50,000		49,993
0.23%, 10/20/11 (a)		49,000		48,947
U.S. Treasury Notes,
0.88%, 5/31/11		92,000		92,047
1.00%, 7/31/11 - 10/31/11		281,000		281,734
1.13%, 6/30/11 - 12/15/11		175,000		175,386
4.50%, 9/30/11 - 11/30/11		100,500		102,631
4.63%, 10/31/11 - 12/31/11		89,500		91,761
4.75%, 1/31/12		25,000		25,824
4.88%, 5/31/11		114,000		114,426
5.13%, 6/30/11		142,500		143,637
U.S. Treasury Strip Coupon
0.07%, 5/15/11		11,000		11,000
Total U.S. Treasury Securities (Cost $1,366,004)				1,366,004
Repurchase Agreements (69.8%)
Barclays Capital, Inc., (0.03%, dated 4/29/11, due 5/2/11; proceeds $435,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Note 1.50% - 1.88% due 8/15/12 - 9/30/17; valued at $443,668)		435,000		435,000
BNP U.S. Finance Corp., (0.03%, dated 4/29/11, due 5/2/11; proceeds $600,002; fully collateralized by U.S. Government Obligations; U.S. Treasury Bill Zero Coupon due 4/5/12; U.S. Treasury Note 0.75% due 5/31/12; valued at $611,360)		600,000		600,000
Credit Agricole Indosuez, (0.04%, dated 4/29/11, due 5/2/11; proceeds $185,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Bill 2.38% due 1/15/25; valued at $189,120)		185,000		185,000
Credit Suisse First Boston, (0.03%, dated 4/29/11, due 5/2/11; proceeds $147,000; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 5.25% due 2/15/29; U.S. Treasury Note 1.38% due 11/15/12; valued at $151,288)		147,000		147,000
Credit Suisse First Boston, (0.12%, dated 4/1/11, due 5/2/11; proceeds $50,005; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 3.38% due 6/30/13; valued at $51,529)		50,000		50,000
Deutsche Bank Securities, Inc., (0.02%, dated 4/29/11, due 5/2/11; proceeds $168,930; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 7.88% due 2/15/21; U.S. Treasury Note 2.38% due 2/28/15; valued at $171,988)		168,930		168,930
Deutsche Bank Securities, Inc., (0.07%, dated 4/20/11, due 5/11/11; proceeds $50,002 fully collateralized by a U.S. Government Obligation; U.S. Treasury Strip Zero Coupon due 5/15/26; valued at $51,000)		50,000		50,000

	Face Amount (000)		Value (000)
HSBC Bank USA, N.A., (0.02%, dated 4/29/11, due 5/2/11; proceeds $200,000; fully collateralized by U.S. Government Obligations; U.S. Treasury Note 1.88% - 4.88% due 7/31/11 - 11/30/17; valued at $205,941)	$	200,000	$	200,000
ING Financial Markets LLC, (0.03%, dated 4/29/11, due 5/2/11; proceeds $200,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bill Zero Coupon due 9/8/11; U.S. Treasury Bond 7.50% - 11.25% due 2/15/15 - 8/15/20; valued at $208,306)		200,000		200,000
Merrill Lynch & Co., Inc., (Zero Coupon, dated 4/29/11, due 5/2/11; proceeds $80,000; fully collateralized by a U.S. Government Obligation; U.S. Treasury Strip Zero Coupon due 5/15/21; valued at $81,600)		80,000		80,000
Merrill Lynch & Co., Inc., (0.03%, dated 4/29/11, due 5/2/11; proceeds $103,000; fully collateralized by a U.S. Government Obligation; U.S. Treasury Strip Zero Coupon due 5/15/21; valued at $105,000)		103,000		103,000
RBS Securities, Inc., (0.03%, dated 4/29/11, due 5/2/11; proceeds $550,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 4.50% - 5.25% due 2/15/29 - 8/15/39; U.S. Treasury Note 2.63% - 5.13% due 6/30/11 - 8/15/20; valued at $566,808)		550,000		550,000
Societe Generale, N.A., Inc., (0.03%, dated 4/29/11, due 5/2/11; proceeds $300,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bill 2.38% due 1/15/25; U.S. Treasury Notes 1.00% - 1.38% due 12/31/11 - 1/15/20; U.S. Treasury Strip Zero Coupon due 11/15/22; valued at $306,271)		300,000		300,000
TD Securities, Inc., (0.03%, dated 4/29/11, due 5/2/11; proceeds $105,000; fully collateralized by a U.S. Government Obligations; U.S. Treasury Bill 3.63% due 4/15/28; valued at $107,113)		105,000		105,000
Wells Fargo Bank, (0.03%, dated 4/29/11, due 5/2/11; proceeds $250,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 3.88% - 4.63% due 2/15/40 - 8/15/40; U.S. Treasury Notes 0.38% - 2.63% due 5/31/11 - 1/31/18; U.S. Treasury Strip Zero Coupon due 5/15/11; valued at $254,976)		250,000		250,000
Total Repurchase Agreements (Cost $3,423,930)				3,423,930
Total Investments (97.6%) (Cost $4,789,934)				4,789,934
Other Assets in Excess of Liabilities (2.4%)				115,565
Net Assets (100.0%)			$	4,905,499

(a)  Rate shown is the yield to maturity at April 30, 2011.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
U.S. Treasury Securities	$	—	$	1,366,004	$	—	$	1,366,004
Repurchase Agreements		—		3,423,930		—		3,423,930
Total Assets	$	—	$	4,789,934	$	—	$	4,789,934

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		71.5	%
U.S. Treasury Securities		28.5
Total Investments		100.0	%

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Treasury Securities Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (91.6%)
U.S. Treasury Bills,
0.01%, 5/12/11 (a)	$	2,055	$	2,055
0.02%, 5/12/11 (a)		3,145		3,145
0.03%, 5/5/11 - 5/26/11 (a)		27,715		27,714
0.03%, 5/19/11 (a)		5,000		5,000
0.11%, 7/28/11 (a)		1,005		1,005
0.16%, 5/12/11 (a)		1,280		1,280
0.18%, 9/29/11 (a)		500		499
0.19%, 7/28/11 (a)		500		500
0.20%, 5/26/11 (a)		750		750
0.21%, 6/2/11 (a)		530		530
U.S. Treasury Notes,
0.88%, 5/31/11		8,000		8,005
1.00%, 7/31/11		1,000		1,002
1.13%, 6/30/11		500		501
4.88%, 5/31/11		4,205		4,221
5.13%, 6/30/11		5,510		5,555
U.S. Treasury Strip Coupons,
0.05%, 5/15/11		4,220		4,220
0.07%, 5/15/11		750		750
Total Investments (91.6%) (Cost $66,732)				66,732
Other Assets in Excess of Liabilities (8.4%)				6,105
Net Assets (100.0%)			$	72,837

(a)  Rate shown is the yield to maturity at April 30, 2011.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
U.S. Treasury Securities	$	—	$	66,732	$	—	$	66,732
Total Assets	$	—	$	66,732	$	—	$	66,732

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

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

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Tax-Exempt Instruments (99.9%)
Commercial Paper (a) (7.1%)
Gainesville, FL, Utilities System Ser C 0.32%, 6/23/11	$	10,000	$	10,000
Harris County Cultural Education Facilities Finance Corporation, TX, Methodist Hospital System Ser 2009 C-1 0.35%, 6/15/11		2,500		2,500
0.36%, 11/17/11		20,000		20,000
0.37%, 8/4/11		6,900		6,900
Lincoln, NE, Lincoln Electric System Ser 1995 0.28%, 5/18/11		5,000		5,000
0.30%, 5/5/11		18,000		18,000
Montgomery County, MD, 2010 Ser B BANs 0.28%, 5/16/11		10,000		10,000
Nebraska Public Power District, Ser A Notes 0.30%, 5/5/11		18,000		18,000
New York City Municipal Water Finance Authority, NY, Ser 6 0.30%, 5/13/11		20,000		20,000
Rochester, MN, Health Care Facilities Mayo Foundation Ser 2000 B 0.28%, 5/19/11		10,000		10,000
Texas Municipal Power Agency, Ser 2005 A 0.26%, 6/6/11		10,000		10,000
				130,400
Daily Variable Rate Bonds (7.8%)
Harris County Cultural Education Facilities Financing Corporation, TX, Methodist Hospital System Ser 2008 C-1 0.23%, 12/1/24		10,000		10,000
Methodist Hospital System Ser 2008 C-2 0.23%, 12/1/27		38,570		38,570
Harris County Health Facilities Development Corporation, TX, Methodist Hospital System Ser 2008 A-2 0.23%, 12/1/41		14,100		14,100
J P Morgan Chase & Co, CO, TRANs Ser 2010 PUTTERs Ser 3890 0.27%, 6/27/11 (b)		22,000		22,000
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Ser 2008 B 0.26%, 7/1/41		6,400		6,400
Murray City, UT, IHC Health Services Inc Ser 2005 D 0.20%, 5/15/37		4,640		4,640
New York City, NY, Fiscal 2008 Ser J Subser J-3 0.22%, 8/1/23		24,400		24,400
Fiscal 2008 Subser L-6 0.18%, 4/1/32		2,100		2,100

	Face Amount (000)		Value (000)
Sevier County Public Building Authority, TN, Local Government Public Improvement Ser VI-A-1 0.29%, 6/1/29	$	20,500	$	20,500
				142,710
Municipal Bonds & Notes (3.9%)
Cobb County, GA, Ser 2011 TANs 1.25%, 12/30/11		12,000		12,083
Georgia Municipal Gas Authority, Gas Portfolio III 2010 Ser I 2.00%, 5/17/11		5,500		5,503
Michigan, Fiscal 2011 Ser A 2.00%, 9/30/11		7,590		7,639
Milwaukee, WI, School Ser 2008 M8 RANs 2.00%, 6/27/11		10,000		10,027
San Antonio, TX, Independent School District Unlimited Tax Refunding Bonds Ser 2001 B (pre-refunded 8/15/11@100) 5.38%, 8/15/29		5,000		5,085
Texas, Ser 2010 TRANs 2.00%, 8/31/11		30,000		30,161
				70,498
Put Option Bonds (7.8%)
Fairfax County Industrial Development Authority, VA, Inova Health System Window Ser 2020 A-1 0.38%, 5/15/39 (c)		4,000		4,000
Illinois Finance Authority, Advocate Health Care Network Ser 2008 Subser A-1 0.48%, 11/1/30 (c)		4,000		4,000
J P Morgan Chase & Co, TX, Ser 2010 TRANs PUTTERs Ser 3813 0.30%, 8/31/11 (b)(c)		21,000		21,000
Massachusetts Bay Transportation Authority, Senior Sales Tax Window Ser 2010 A 0.35%, 7/1/30 (c)		4,500		4,500
Michigan Hospital Finance Authority, Ascension Health Senior Credit Group Window Ser 2010 F-8 0.35%, 11/15/49 (c)		10,000		10,000
New Mexico Municipal Energy Acquisition Authority, Gas Supply Ser 2009 0.26%, 11/1/39 (c)		20,000		20,000
New York Liberty Development Corporation, NY, Recovery Zone 3 World Trade Center Ser 2010 A-1 0.42%, 12/1/50 (c)		14,500		14,500
New York Liberty Development Corporation, NY, World Trade Center Ser 2009 A-2 0.35%, 12/1/49 (c)		40,000		40,000

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Put Option Bonds (cont'd)
Norfolk Economic Development Authority, VA, Sentara Healthcare Window Ser 2010 B 0.38%, 11/1/34 (c)	$	3,000	$	3,000
Ser 2010 C 0.38%, 11/1/34 (c)		3,000		3,000
Orlando Utilities Commission, FL, Utility System Window Ser 2011 A 0.37%, 10/1/27 (c)		5,000		5,000
Palm Beach County Solid Waste Authority, FL, Improvement Ser 2010 1.00%, 10/1/31 (c)		13,500		13,580
				142,580
Weekly Variable Rate Bonds (73.3%)
Arizona Health Facilities Authority, Banner Health Ser 2008 D ROCs II-R Ser 11687 0.36%, 7/1/25 (b)		1,600		1,600
Austin Trust, NC, Charlotte- Mecklenburg Hospital Authority Carolinas Healthcare Ser 2008 A Custody Receipts Ser 2008-1149 0.33%, 1/15/47		4,808		4,808
Austin Trust, NV, Clark County Ser 2008 Custody Receipts Ser 2008-1171 0.33%, 6/1/38		9,770		9,770
Austin Trust, TX, Tarrant County Cultural Education Facilities Finance Corp Texas Health Resources Ser 2007 A Custody Receipts Ser 2007-1031 0.33%, 2/15/36		5,470		5,470
Texas Transportation Commission Ser 2007 Custody Receipts Ser 2007-1026 0.33%, 4/1/33		10,840		10,840
Barclays Capital Municipal Trust Receipts, AZ, Salt River Project Agricultual Improvement & Power District Electric System Ser 2008 A Floater-TRs Ser 21W 0.27%, 1/1/38 (b)		5,000		5,000
Barclays Capital Municipal Trust Receipts, NC, Charlotte Water & Sewer System Ser 2009 B Floater-TRs Ser 43W 0.27%, 7/1/38 (b)		7,000		7,000
Barclays Capital Municipal Trust Receipts, WA, King County Limited Tax Ser 2009 Floater-TRs Ser 2009 1W (AGC) 0.27%, 1/1/39 (b)		750		750

	Face Amount (000)		Value (000)
Barclays Capital Municipal Trust Receipts, WI, Wisconsin Health & Educational Facilities Authority Children's Hospital of Wisconsin Ser 2008 B Floater-TRs Ser 15W 0.27%, 8/15/37 (b)	$	1,250	$	1,250
BB&T Municipal Trust, AZ, Salt River Project Agricultural Improvement & Power District Ser 2008 A Floater Certificates Ser 9 0.26%, 1/1/16		9,970		9,970
BB&T Municipal Trust, FL, Tampa Bay Water Ser 2008 Floater Certificates Ser 36 0.25%, 4/1/16		15,630		15,630
California Statewide Communities Development Authority, Gas Supply Sacramento Municipal Utility District Ser 2010 0.25%, 11/1/40		20,000		20,000
Cape Girardeau County Industrial Development Authority, MO, St Francis Medical Center Ser 2009 B 0.25%, 6/1/39		5,300		5,300
Capital Beltway Funding Corporation of Virginia, Senior Lien Toll I-495 Hot Lanes Ser 2008 C 0.19%, 12/31/47		27,000		27,000
Senior Lien Toll I-495 Hot Lanes Ser 2008 D 0.20%, 12/31/47		27,500		27,500
Central Plains Energy Project, NE, Gas Project No 2 Ser 2009 0.26%, 8/1/39		36,760		36,760
Central Utah Water Conservancy District, Ser 2008 A 0.30%, 4/1/34		8,455		8,455
Ser 2008 B 0.31%, 4/1/32		17,430		17,430
Colorado Springs, CO, Utilities System Sub Lien Ser 2005 A 0.26%, 11/1/35		21,825		21,825
Utilities System Sub Lien Ser 2009 C 0.25%, 11/1/28		11,955		11,955
Cook County, IL, Ser 2002 B 0.28%, 11/1/31		32,900		32,900
Dallas Area Rapid Transit, TX, Sales Tax Ser 2008 ROCs II-R Ser 11541 0.26%, 6/1/16		3,500		3,500
Derry Township Industrial & Commercial Development Authority, PA, Hotel Tax Arena Ser 2000 A 0.28%, 11/1/30		7,475		7,475
Florida State Board Of Education, FL, Capital Outlay Ser 2005 G ROCs II-R Ser 12017 0.25%, 10/15/16		7,800		7,800

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (cont'd)
Franklin County, OH, OhioHealth Corp Ser 2009 A 0.23%, 11/15/41	$	16,000	$	16,000
Gainesville, FL, Utilities System 2007 Ser A 0.23%, 10/1/36		26,000		26,000
Utilities System 2008 Ser B 0.22%, 10/1/38		20,000		20,000
Harris County Hospital District, TX, Senior Lien Ser 2007 ROCs II-R Ser 12075 (BHAC) 0.27%, 8/15/15		21,075		21,075
Senior Lien Ser 2010 0.26%, 2/15/42		3,965		3,965
Harris County Industrial Development Corporation, TX, Baytank Inc Ser 1998 0.24%, 2/1/20		28,400		28,400
Highlands County Health Facilities Authority, FL, Adventist Health System/Sunbelt Obligated Group Ser 2004 A 0.23%, 11/15/34		25,675		25,675
Ser 2005 I 0.24%, 11/15/29		20,000		20,000
Ser 2006 C ROCs II-R Ser 11564 (BHAC) 0.27%, 11/15/14		4,590		4,590
Ser 2009 B 0.24%, 11/15/26		15,000		15,000
Ser 2009 D 0.24%, 11/15/26		16,000		16,000
Houston, TX, Combined Utility System First Lien Ser 2004 B4 0.27%, 5/15/34		25,700		25,700
Indiana Finance Authority, Sisters of St Francis Health Services Inc Ser 2008 G 0.22%, 9/1/48		20,250		20,250
Trinity Health Ser 2008 D-1 0.22%, 12/1/34		24,340		24,340
Trinity Health Ser 2008 D-2 0.22%, 12/1/34		25,700		25,700
J P Morgan Chase & Co, IL, Finance Authority Advocate Health Care Ser 2010 A, B, C PUTTERs Ser 3628 0.26%, 4/1/17 (b)		16,005		16,005
J P Morgan Chase & Co, NH, Health & Higher Education Facilities Authority LRG Healthcare Ser 2009 PUTTERs Ser 3648 0.26%, 10/1/17 (b)		3,000		3,000
King County, WA, Limited Tax Sewer Ser 2010 A 0.20%, 1/1/40		20,465		20,465

	Face Amount (000)		Value (000)
Loudoun County Industrial Development Authority, VA, Howard Hughes Medical Institute Ser 2003 D 0.22%, 2/15/38	$	21,665	$	21,665
Main Street Natural Gas, Inc., GA, Gas Ser 2010 A 0.26%, 8/1/40		19,400		19,400
Maryland Economic Development Corporation, Howard Hughes Medical Institute Ser 2008 A 0.23%, 2/15/43		17,500		17,500
Massachusetts Bay Transportation Authority, Senior Sales Tax Ser 2005 B Eagle #720050087 Class A (AGM) 0.26%, 7/1/29		9,900		9,900
Massachusetts Health & Educational Facilities Authority, Partners HealthCare System 2005 Ser F-3 0.25%, 7/1/40		20,100		20,100
Massachusetts Health & Educational Facility Authority, Harvard University Ser 2005 C ROCs II-R Ser 10390 0.26%, 1/15/14 (b)		6,090		6,090
Miami-Dade County School Board, FL, Ser 2007 B COPs Eagle #20070068 Class A (BHAC) 0.27%, 5/1/32		12,870		12,870
Michigan State University, Ser 2003 A 0.24%, 2/15/33		19,185		19,185
Ser 2005 0.24%, 2/15/34		11,665		11,665
Milwaukee Redevelopment Authority, WI, University of Wisconsin-Milwaukee-Kenilworth Ser 2005 0.26%, 9/1/40		1,995		1,995
Missouri Health & Educational Facilities Authority, BJC Health System Ser 2008 B 0.23%, 5/15/38		20,500		20,500
BJC Health System Ser 2008 C 0.22%, 5/15/38		15,000		15,000
Sisters of Mercy Health System Ser 2008 D-4 0.23%, 6/1/37		22,000		22,000
Sisters of Mercy Health System Ser 2008 E 0.23%, 6/1/39		20,000		20,000
Murray City, UT, IHC Health Services Inc Ser 2003 B 0.22%, 5/15/36		23,000		23,000
New Castle County, DE, University Courtyard Apartments Ser 2005 0.27%, 8/1/31		8,860		8,860
New Mexico Finance Authority, Sub Lien Ser 2008 Subser B-1 0.22%, 12/15/26		20,200		20,200
Sub Lien Ser 2008 Subser B-2 0.25%, 12/15/26		21,100		21,100

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (cont'd)
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Ser 2008 0.25%, 8/1/34	$	26,040	$	26,040
North Carolina Medical Care Commission, Novant Health Obligated Group Ser 2004 A 0.27%, 11/1/34		22,600		22,600
Novant Health Obligated Group Ser 2004 B 0.29%, 11/1/34		3,330		3,330
North Carolina Medical Care Commission, NC 0.26%, 10/1/18		10,305		10,305
Ohio, Common Schools Ser 2006 B 0.23%, 6/15/26		17,230		17,230
Oregon Facilities Authority, PeaceHealth Ser 2008 A 0.20%, 8/1/34		20,000		20,000
PeaceHealth Ser 2008 D 0.24%, 5/1/47		20,000		20,000
Orlando Utilities Commission, FL, Utility System Ser 2008-1 0.21%, 10/1/33		10,000		10,000
Orlando-Orange County Expressway Authority, FL, Ser 2007 A Eagle #20070107 Class A (BHAC) 0.27%, 7/1/42		15,000		15,000
Pinellas County Health Facilities Authority, FL, Baycare Health System Ser 2009 A-2 0.25%, 11/1/38		3,500		3,500
Puttable Floating Option Tax-Exempts Receipts, WA, Washington Ser 2010 B P-FLOATs PT-4658 0.33%, 1/1/24 (b)		6,065		6,065
RBC Municipal Products Trust, Inc., CA, Contra Costa Transportation Authority Sales Tax Ser 2010 Floater Certificates Ser E-17 0.27%, 3/1/34 (b)		34,600		34,600
RBC Municipal Products Trust, Inc., PA, Allegheny County Hospital Development Authority University of Pittsburgh Medical Center Ser 2007 B-2 Floater Certificates Ser E-16 0.27%, 4/15/39 (b)		4,500		4,500
Berks County Municipal Authority Reading Hospital & Medical Center Ser 2008 Floater Certificates Ser C-13 0.27%, 11/1/11 (b)		5,400		5,400
Berks County Municipal Authority Reading Hospital & Medical Center Ser 2009 A-1 & A-2 Floater Certificates Ser E-15 0.27%, 2/1/12 (b)		19,795		19,795
RBC Municipal Products Trust, Inc., TX, Houston Combined Utility System First Lien Ser 2010 B Floater Certificates Ser E-14 0.27%, 5/15/34 (b)		7,000		7,000
Richmond, KY, Kentucky League of Cities Funding Trust Ser 2006 A 0.25%, 3/1/36		8,645		8,645

	Face Amount (000)		Value (000)
Sevier County Public Building Authority, TN, Local Government Public Improvement Ser VII-B-1 0.29%, 6/1/32	$	31,500	$	31,500
South Carolina Jobs - Economic Development Authority, AnMed Health Ser 2009 A 0.26%, 2/1/35		1,000		1,000
South Carolina Transportation Infrastructure Bank, Ser 2003 B-2 0.27%, 10/1/31		21,525		21,525
Southcentral Pennsylvania General Authority, PA, WellSpan Health Series 2008 A ROCs II-R Ser 11686 0.27%, 12/1/24 (b)		1,000		1,000
Texas Transportation Commission, Mobility Fund Ser 2007 Eagle #20070090 Class A 0.26%, 4/1/37		10,000		10,000
Utah Water Finance Agency, Ser 2008 B 0.27%, 10/1/37		10,000		10,000
Ser 2008 B-2 0.27%, 10/1/35		12,435		12,435
Ser 2008 B-4 0.27%, 10/1/36		25,330		25,330
Wake County, NC, Ser 2004 B 0.23%, 4/1/21		14,100		14,100
Washington Higher Education Facilities Authority, Whitman College Ser 2008 0.27%, 1/1/38		29,935		29,935
Washington State, Ser VR-96 B 0.23%, 6/1/20		22,730		22,730
Williamstown, KY, Kentucky League of Cities Funding Trust 2008 Ser A 0.25%, 7/1/38		7,650		7,650
				1,344,398
Total Investments (99.9%) (Cost $1,830,586)				1,830,586
Other Assets in Excess of Liabilities (0.1%)				2,620
Net Assets (100.0%)			$	1,833,206

(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)  Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on April 30, 2011.

AGC  Assured Guaranty Corp.

AGM  Assured Guaranty Municipal Corp.

BANs  Bond Anticipation Notes

BHAC  Berkshire Hathaway Assurance Corp.

COPs  Certificates of Participation

P-FLOATs  Puttable Floating Option Tax-Exempt Receipts

PUTTERS  Puttable Tax-Exempt Receipts

RANs  Revenue Anticipation Notes

ROCs  Reset Option Certificates

TANs  Tax Anticipation Notes

TRANs  Tax and Revenue Anticipation Notes

TRs  Trust Receipts

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's net assets as of April 30, 2011. (See Note A-3 to the financial statements for further information regarding fair value measurement.)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Tax-Exempt Instruments
Commercial Paper	$	—	$	130,400	$	—	$	130,400
Daily Variable Rate Bonds		—		142,710		—		142,710
Municipal Bonds & Notes		—		70,498		—		70,498
Put Option Bonds		—		142,580		—		142,580
Weekly Variable Rate Bonds		—		1,344,398		—		1,344,398
Total Tax-Exempt Instruments		—		1,830,586		—		1,830,586
Total Assets	$	—	$	1,830,586	$	—	$	1,830,586

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes. The Portfolio recognizes transfers between the levels as of the end of the period. As of April 30, 2011, the Portfolio did not have any significant investments transfer between valuation levels.

Portfolio Composition

Classification	Percentage of Total Investments
Weekly Variable Rate Bonds		73.4	%
Daily Variable Rate Bonds		7.8
Put Option Bonds		7.8
Commercial Paper		7.1
Other*		3.9
Total Investments		100.0	%

*  Industries representing less than 5% of total investments.

Summary of Tax-Exempt Instruments by State/Territory

State/Territory		Value (000)		Percent of Net Assets
Texas		$	274,266		15.0	%
Florida			220,645		12.1
Utah			101,290		5.5
New York			101,000		5.5
New Mexico	��		87,340		4.8
Virginia			86,165		4.7
Missouri			82,800		4.5
Washington			79,945		4.4
Nebraska			77,760		4.2
Indiana			70,290		3.8
North Carolina			62,143		3.4
Colorado			55,780		3.0
California			54,600		3.0
Illinois			52,905		2.9
Tennessee			52,000		2.8
Michigan			48,489		2.6
Massachusetts			40,590		2.2
Oregon			40,000		2.2
Pennsylvania			38,170		2.1
Georgia			36,986		2.0
Maryland			33,900		1.9
Ohio			33,230		1.8
South Carolina			22,525		1.2
Arizona			16,570		0.9
Kentucky			16,295		0.9
Wisconsin			13,272		0.7
Minnesota			10,000		0.6
Nevada			9,770		0.5
Delaware			8,860		0.5
New Hampshire			3,000		0.2
		$	1,830,586		99.9	%

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

2011 Semi-Annual Report

April 30, 2011 (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	$	3,940,322		$	18,212,075		$	7,800,766		$	494,375
Investments in Securities of Affiliated Issuers, at Cost		75,000			125,000			200,000			—
Total Investments in Securities, at Cost		4,015,322			18,337,075			8,000,766			494,375
Investments in Securities of Unaffiliated Issuers, at Value		3,940,322			18,212,075			7,800,766			494,375
Investments in Securities of Affiliated Issuers, at Value		75,000			125,000			200,000			—
Total Investments in Securities, at Value(1)		4,015,322			18,337,075			8,000,766			494,375
Cash		10			17			5			6
Receivable for Investments Sold		—			89,999			—			8,375
Interest Receivable		872			2,551			5,072			351
Other Assets		196			713			454			62
Total Assets		4,016,400			18,430,355			8,006,297			503,169
Liabilities:
Payable for Investments Purchased		—			133,001			—			—
Payable for Investment Advisory Fees		284			1,432			429			37
Payable for Portfolio Shares Redeemed		55			1,155			—			—
Payable for Administration Fees		162			759			311			21
Dividends Declared		201			1,076			31			—	@
Payable for Trustees' Fees and Expenses		43			189			79			9
Payable for Professional Fees		46			26			52			23
Payable for Custodian Fees		27			36			32			6
Shareholder Administration Plan Fees Payable — Institutional Select Class		—	@		2			—	@		—
Shareholder Administration Plan Fees Payable — Investor Class		5			—	@		—	@		—
Shareholder Administration Plan Fees Payable — Administrative Class		—	@		—	@		—	@		—
Service and Shareholder Administration Plan Fees Payable — Advisory Class		—	@		2			1			—
Distribution and Shareholder Service Plans Fees Payable — Participant Class		—	@		—	@		—	@		—
Distribution and Shareholder Service Plans Fees Payable — Cash Management Class		17			—	@		—	@		—
Other Liabilities		14			29			39			4
Total Liabilities		854			137,707			974			100
Net Assets	$	4,015,546		$	18,292,648		$	8,005,323		$	503,069
Net Assets Consist Of:
Paid-in-Capital	$	4,015,491		$	18,292,388		$	8,005,041		$	503,063
Undistributed Net Investment Income		124			217			277			10
Accumulated Net Realized Gain (Loss)		(69	)		43			5			(4	)
Net Assets	$	4,015,546		$	18,292,648		$	8,005,323		$	503,069
(1) Including: Repurchase Agreements, at Value	$	1,702,640		$	7,813,995		$	5,023,811		$	—

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Statements of Assets and Liabilities (cont'd)

	Money Market Portfolio (000)		Prime Portfolio (000)		Government Portfolio (000)		Government Securities Portfolio (000)
INSTITUTIONAL CLASS:
Net Assets	$	3,823,166	$	18,225,189	$	7,853,580	$	462,980
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		3,823,117,800		18,224,862,438		7,853,308,282		462,974,091
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
INSTITUTIONAL SELECT CLASS:
Net Assets	$	100	$	36,677	$	3,100	$	30,100
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		100,003		36,675,583		3,100,230		30,100,140
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
INVESTOR CLASS:
Net Assets	$	62,105	$	3,028	$	8,513	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		62,104,694		3,028,226		8,504,897		100,000
Net Asset Value, Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
ADMINISTRATIVE CLASS:
Net Assets	$	100	$	100	$	15,872	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		100,000		100,000		15,871,548		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
ADVISORY CLASS:
Net Assets	$	238	$	22,931	$	122,816	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		237,660		22,930,118		122,814,717		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
PARTICIPANT CLASS:
Net Assets	$	1,305	$	4,308	$	100	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		1,305,443		4,308,205		100,000		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
CASH MANAGEMENT CLASS:
Net Assets	$	128,532	$	415	$	1,342	$	9,589
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		128,529,743		414,405		1,341,741		9,588,600
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00

@  Amount is less than $500.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Statements of Assets and Liabilities

	Treasury Portfolio (000)			Treasury Securities Portfolio (000)			Tax-Exempt Portfolio (000)
Assets:
Investments in Securities, at Cost	$	4,789,934		$	66,732		$	1,830,586
Total Investments in Securities, at Value(1)		4,789,934			66,732			1,830,586
Cash		5			5			263
Receivable for Investments Sold		99,000			5,875			900
Interest Receivable		12,038			253			1,303
Receivable for Portfolio Shares Sold		5,040			—			583
Due from Adviser		—			8			—
Other Assets		211			12			79
Total Assets		4,906,228			72,885			1,833,714
Liabilities:
Payable for Investment Advisory Fees		118			—			187
Payable for Portfolio Shares Redeemed		250			—			84
Payable for Administration Fees		200			2			81
Dividends Declared		19			—	@		13
Payable for Trustees' Fees and Expenses		51			6			32
Payable for Professional Fees		46			17			34
Payable for Custodian Fees		24			5			12
Shareholder Administration Plan Fees Payable — Institutional Select Class		—			—			—	@
Shareholder Administration Plan Fees Payable — Investor Class		—			—			—	@
Shareholder Administration Plan Fees Payable — Administrative Class		—			—			—	@
Service and Shareholder Administration Plan Fees Payable — Advisory Class		—			—			—	@
Distribution and Shareholder Service Plans Fees Payable — Participant Class		—			—			1
Distribution and Shareholder Service Plans Fees Payable — Cash Management Class		—			—			49
Other Liabilities		21			18			15
Total Liabilities		729			48			508
Net Assets	$	4,905,499		$	72,837		$	1,833,206
Net Assets Consist Of:
Paid-in-Capital	$	4,905,437		$	72,843		$	1,833,069
Undistributed Net Investment Income (Loss)		62			(6	)		218
Accumulated Net Realized Gain (Loss)		—	@		—	@		(81	)
Net Assets	$	4,905,499		$	72,837		$	1,833,206
(1) Including: Repurchase Agreements, at Value	$	3,423,930		$	—		$	—

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Statements of Assets and Liabilities (cont'd)

	Treasury Portfolio (000)		Treasury Securities Portfolio (000)		Tax-Exempt Portfolio (000)
INSTITUTIONAL CLASS:
Net Assets	$	4,566,190	$	51,288	$	1,109,481
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		4,566,134,286		51,288,118		1,109,400,178
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
INSTITUTIONAL SELECT CLASS:
Net Assets	$	100	$	600	$	100
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		100,398		600,004		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
INVESTOR CLASS:
Net Assets	$	110	$	100	$	1,311
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		109,491		100,000		1,311,039
Net Asset Value, Redemption Price Per Share	$	1.00	$	1.00	$	1.00
ADMINISTRATIVE CLASS:
Net Assets	$	12,163	$	100	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		12,162,271		100,000		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
ADVISORY CLASS:
Net Assets	$	78,050	$	100	$	6,987
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		78,047,356		100,000		6,987,319
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
PARTICIPANT CLASS:
Net Assets	$	128	$	100	$	18,069
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		127,865		100,000		18,067,427
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
CASH MANAGEMENT CLASS:
Net Assets	$	248,758	$	20,549	$	697,158
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		248,755,690		20,549,327		697,111,438
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00

@  Amount is less than $500.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Statements of Operations

	Money Market Portfolio (000)			Prime Portfolio (000)			Government Portfolio (000)			Government Securities Portfolio (000)
Investment Income:
Interest	$	6,501		$	26,885		$	7,412		$	497
Interest from Securities of Affiliated Issuers		34			88			54			—
Total Investment Income		6,535			26,973			7,466			497
Expenses:
Investment Advisory Fees (Note B)		2,713			12,538			5,534			427
Administration Fees (Note C)		904			4,179			1,845			142
Registration and Filing Fees		79			117			115			60
Custodian Fees (Note F)		82			228			107			20
Trustees' Fees and Expenses		40			246			96			9
Professional Fees		57			187			59			23
Shareholder Reporting Fees		11			34			15			1
Pricing Fees		—	@		—	@		1			1
Shareholder Administration Plan Fees — Institutional Select Class (Note D)		—	@		21			2			1
Shareholder Administration Plan Fees — Investor Service Class (Note D)		23			2			38			—	@
Shareholder Administration Plan Fees — Administrative Class (Note D)		—	@		—	@		12			—	@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		—	@		35			154			—	@
Distribution and Shareholder Servicing Fees — Participant Class (Note D)		12			10			—	@		—	@
Distribution and Shareholder Servicing Fees — Cash Management Class (Note D)		99			—	@		1			15
Other Expenses		46			211			131			18
Total Expenses		4,066			17,808			8,110			717
Waiver of Investment Advisory Fees (Note B)		(1,038	)		(4,366	)		(2,115	)		(260	)
Waiver of Shareholder Administration Plan Fees — Institutional Select Class (Note D)		—			—			(1	)		(1	)
Waiver of Shareholder Administration Plan Fees — Investor Service Class (Note D)		—			(—	@)		(21	)		(—	@)
Waiver of Shareholder Administration Plan Fees — Administrative Class (Note D)		(—	@)		(—	@)		(10	)		(—	@)
Waiver of Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		(—	@)		(13	)		(132	)		(—	@)
Waiver of Distribution and Shareholder Service Plan Fees — Participant Class (Note D)		(7	)		(7	)		(—	@)		(—	@)
Waiver of Distribution and Shareholder Service Plan Fees — Cash Management Class (Note D)		(—	@)		(—	@)		(1	)		(14	)
Net Expenses		3,021			13,422			5,830			442
Net Investment Income		3,514			13,551			1,636			55
Realized Gain (Loss):
Investments Sold		10			56			5			(4	)
Net Increase in Net Assets Resulting from Operations	$	3,524		$	13,607		$	1,641		$	51

@  Amount is less than $500.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Statements of Operations

	Treasury Portfolio (000)			Treasury Securities Portfolio (000)			Tax-Exempt Portfolio (000)
Investment Income:
Interest	$	4,128		$	15		$	2,662
Total Investment Income		4,128			15			2,662
Expenses:
Investment Advisory Fees (Note B)		3,584			18			1,472
Administration Fees (Note C)		1,195			6			491
Registration and Filing Fees		83			48			107
Custodian Fees (Note F)		78			8			36
Trustees' Fees and Expenses		76			2			29
Professional Fees		64			14			41
Shareholder Reporting Fees		10			—	@		10
Pricing Fees		—	@		—	@		2
Shareholder Administration Plan Fees — Institutional Select Class (Note D)		—	@		—	@		—	@
Shareholder Administration Plan Fees — Investor Service Class (Note D)		—	@		—	@		1
Shareholder Administration Plan Fees — Administrative Class (Note D)		11			—	@		—	@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		93			—	@		8
Distribution and Shareholder Servicing Fees — Participant Class (Note D)		—	@		—	@		44
Distribution and Shareholder Servicing Fees — Cash Management Class (Note D)		189			11			592
Other Expenses		85			12			50
Total Expenses		5,468			119			2,883
Waiver of Investment Advisory Fees (Note B)		(1,671	)		(18	)		(472	)
Expenses Reimbursed by Advisor (Note B)		—			(76	)		—
Waiver of Shareholder Administration Plan Fees — Institutional Select Class (Note D)		(—	@)		(—	@)		(—	@)
Waiver of Shareholder Administration Plan Fees — Investor Service Class (Note D)		(—	@)		(—	@)		(—	@)
Waiver of Shareholder Administration Plan Fees — Administrative Class (Note D)		(10	)		(—	@)		(—	@)
Waiver of Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		(88	)		(—	@)		(5	)
Waiver of Distribution and Shareholder Service Plan Fees — Participant Class (Note D)		(—	@)		(—	@)		(37	)
Waiver of Distribution and Shareholder Service Plan Fees — Cash Management Class (Note D)		(169	)		(11	)		(269	)
Net Expenses		3,530			14			2,100
Net Investment Income		598			1			562
Realized Gain (Loss):
Investments Sold		—	@		—	@		—
Net Increase in Net Assets Resulting from Operations	$	598		$	1		$	562

@  Amount is less than $500.

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets

	Money Market Portfolio						Prime Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)			Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	3,514		$	6,169		$	13,551		$	21,248
Net Realized Gain		10			45			56			300
Net Increase from Payments by Affiliates		—			10,613			—			14,795
Net Increase in Net Assets Resulting from Operations		3,524			16,827			13,607			36,343
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(3,457	)		(6,769	)		(13,498	)		(22,310	)
Institutional Select Class:
Net Investment Income		(—	@)		(—	@)		(50	)		(68	)
Investor Class:
Net Investment Income		(23	)		(2	)		(1	)		(5	)
Administrative Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Advisory Class:
Net Investment Income		(—	@)		(—	@)		(1	)		(6	)
Participant Class:
Net Investment Income		(—	@)		(1	)		(—	@)		(1	)
Cash Management Class:
Net Investment Income		(34	)		(45	)		(—	@)		(2	)
Total Distributions		(3,514	)		(6,817	)		(13,550	)		(22,392	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		13,495,014			23,661,735			68,366,898			81,127,579
Distributions Reinvested		2,155			4,182			5,541			8,661
Redeemed		(12,743,507	)		(25,044,805	)		(64,215,489	)		(79,078,700	)
Institutional Select Class:
Subscribed		—			—	@		314,894			793,103
Distributions Reinvested		—			—			32			18
Redeemed		—			(—	@)		(435,804	)		(654,762	)
Investor Class:
Subscribed		108,545			7,909			12			10,917
Distributions Reinvested		23			2			1			3
Redeemed		(48,898	)		(6,972	)		(4,451	)		(10,451	)
Administrative Class:
Subscribed		—			—	@		—			—	@
Distributions Reinvested		—			—			—			—
Redeemed		—			(—	@)		—			—
Advisory Class:
Subscribed		190			350			21,536			204,100
Distributions Reinvested		—			—	@		1			6
Redeemed		(200	)		(377	)		(27,675	)		(293,513	)
Participant Class:
Subscribed		4,301			20,240			1,484			1,766
Distributions Reinvested		—			—			—	@		1
Redeemed		(8,418	)		(48,983	)		(1,254	)		(11,140	)
Cash Management Class:
Subscribed		382,774			257,639			802			12,644
Distributions Reinvested		34			44			—	@		1
Redeemed		(382,773	)		(277,071	)		(2,300	)		(14,270	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		809,240			(1,426,107	)		4,024,228			2,095,963
Total Increase (Decrease) in Net Assets		809,250			(1,416,097	)		4,024,285			2,109,914
Net Assets:
Beginning of Period		3,206,296			4,622,393			14,268,363			12,158,449
End of Period	$	4,015,546		$	3,206,296		$	18,292,648		$	14,268,363
Undistributed Net Investment Income Included in End of Period Net Assets	$	124		$	124		$	217		$	217

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets (cont'd)

	Money Market Portfolio						Prime Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)			Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		13,495,013			23,661,735			68,366,898			81,127,579
Shares Issued on Distributions Reinvested		2,155			4,182			5,541			8,661
Shares Redeemed		(12,743,507	)		(25,044,805	)		(64,215,489	)		(79,078,700	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		753,661			(1,378,888	)		4,156,950			2,057,540
Institutional Select Class:
Shares Subscribed		—			—	@@		314,894			793,103
Shares Issued on Distributions Reinvested		—			—			32			18
Shares Redeemed		—			(—	@@)		(435,804	)		(654,762	)
Net Increase (Decrease) in Institutional Select Class Shares Outstanding		—			—	@@		(120,878	)		138,359
Investor Class:
Shares Subscribed		108,545			7,909			12			10,917
Shares Issued on Distributions Reinvested		23			2			1			3
Shares Redeemed		(48,898	)		(6,972	)		(4,451	)		(10,451	)
Net Increase (Decrease) in Investor Class Shares Outstanding		59,670			939			(4,438	)		469
Administrative Class:
Shares Subscribed		—			—	@@		—			—	@@
Shares Issued on Distributions Reinvested		—			—			—			—
Shares Redeemed		—			(—	@@)		—			—
Net Increase in Administrative Class Shares Outstanding		—			—			—			—
Advisory Class:
Shares Subscribed		190			350			21,536			204,100
Shares Issued on Distributions Reinvested		—			—	@@		1			6
Shares Redeemed		(200	)		(377	)		(27,675	)		(293,513	)
Net Decrease in Advisory Class Shares Outstanding		(10	)		(27	)		(6,138	)		(89,407	)
Participant Class:
Shares Subscribed		4,301			20,240			1,484			1,766
Shares Issued on Distributions Reinvested		—			—			—	@@		1
Shares Redeemed		(8,418	)		(48,983	)		(1,254	)		(11,140	)
Net Increase (Decrease) in Participant Class Shares Outstanding		(4,117	)		(28,743	)		230			(9,373	)
Cash Management Class:
Shares Subscribed		382,774			257,639			802			12,644
Shares Issued on Distributions Reinvested		34			44			—	@@		1
Shares Redeemed		(382,772	)		(277,071	)		(2,300	)		(14,270	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		36			(19,388	)		(1,498	)		(1,625	)

@    Amount is less than $500.

@@    Amount is less than 500 shares.

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets

	Government Portfolio						Government Securities Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)			Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,636		$	4,284		$	55		$	161
Net Realized Gain		5			19			(4	)		7
Net Increase in Net Assets Resulting from Operations		1,641			4,303			51			168
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(1,624	)		(4,256	)		(54	)		(158	)
Institutional Select Class:
Net Investment Income		(—	@)		(7	)		(—	@)		(—	@)
Investor Class:
Net Investment Income		(4	)		(11	)		(—	@)		(1	)
Administrative Class:
Net Investment Income		(1	)		(3	)		(—	@)		(—	@)
Advisory Class:
Net Investment Income		(6	)		(7	)		(—	@)		(—	@)
Participant Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Cash Management Class:
Net Investment Income		(—	@)		(—	@)		(1	)		(2	)
Total Distributions		(1,635	)		(4,284	)		(55	)		(161	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		27,616,366			47,539,615			1,477,501			3,422,682
Distributions Reinvested		929			1,897			47			123
Redeemed		(26,480,957	)		(49,219,546	)		(1,576,052	)		(3,498,910	)
Institutional Select Class:
Subscribed		90,000			105			30,000			—
Distributions Reinvested		—			7			—	@		—
Redeemed		(87,000	)		(200,023	)		—			—
Investor Class:
Subscribed		489,310			1,254,875			—			44,000
Distributions Reinvested		1			2			—			1
Redeemed		(580,550	)		(1,237,751	)		—			(53,902	)
Administrative Class:
Subscribed		—			2,001			—			—
Distributions Reinvested		1			3			—			—
Redeemed		(4,696	)		(50,281	)		—			—
Advisory Class:
Subscribed		20,837			157,500			—			—
Distributions Reinvested		—			2			—			—
Redeemed		(26,075	)		(206,983	)		—			—
Participant Class:
Subscribed		—			—			—			—
Redeemed		—			—			—			—
Cash Management Class:
Subscribed		—			—	@		82,039			27,565
Distributions Reinvested		—	@		—	@		1			2
Redeemed		(302	)		(1,475	)		(82,562	)		(37,683	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		1,037,864			(1,960,052	)		(69,026	)		(96,122	)
Total Increase (Decrease) in Net Assets		1,037,870			(1,960,033	)		(69,030	)		(96,115	)
Net Assets:
Beginning of Period		6,967,453			8,927,486			572,099			668,214
End of Period	$	8,005,323		$	6,967,453		$	503,069		$	572,099
Undistributed Net Investment Income Included in End of Period Net Assets	$	277		$	276		$	10		$	10

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets (cont'd)

	Government Portfolio						Government Securities Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)			Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		27,616,366			47,539,615			1,477,501			3,422,682
Shares Issued on Distributions Reinvested		929			1,897			47			123
Shares Redeemed		(26,480,956	)		(49,219,546	)		(1,576,052	)		(3,498,910	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		1,136,339			(1,678,034	)		(98,504	)		(76,105	)
Institutional Select Class:
Shares Subscribed		90,000			105			30,000			—
Shares Issued on Distributions Reinvested		—			7			—	@@		—
Shares Redeemed		(87,000	)		(200,023	)		—			—
Net Increase (Decrease) in Institutional Select Class Shares Outstanding		3,000			(199,911	)		30,000			—
Investor Class:
Shares Subscribed		489,310			1,254,875			—			44,000
Shares Issued on Distributions Reinvested		1			2			—			1
Shares Redeemed		(580,550	)		(1,237,751	)		—			(53,902	)
Net Increase (Decrease) in Investor Class Shares Outstanding		(91,239	)		17,126			—			(9,901	)
Administrative Class:
Shares Subscribed		—			2,001			—			—
Shares Issued on Distributions Reinvested		1			3			—			—
Shares Redeemed		(4,695	)		(50,281	)		—			—
Net Decrease in Administrative Class Shares Outstanding		(4,694	)		(48,277	)		—			—
Advisory Class:
Shares Subscribed		20,838			157,500			—			—
Shares Issued on Distributions Reinvested		—			2			—			—
Shares Redeemed		(26,075	)		(206,983	)		—			—
Net Decrease in Advisory Class Shares Outstanding		(5,237	)		(49,481	)		—			—
Participant Class:
Shares Subscribed		—			—			—			—
Shares Redeemed		—			—			—			—
Net Increase in Participant Class Shares Outstanding		—			—			—			—
Cash Management Class:
Shares Subscribed		—			—	@@		82,039			27,565
Shares Issued on Distributions Reinvested		—	@@		—	@@		1			2
Shares Redeemed		(302	)		(1,475	)		(82,562	)		(37,683	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		(302	)		(1,475	)		(522	)		(10,116	)

@    Amount is less than $500.

@@    Amount is less than 500 shares.

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets

	Treasury Portfolio						Treasury Securities Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)			Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	598		$	1,697		$	1		$	(11	)
Net Realized Gain (Loss)		—			16			—			—	@
Net Increase (Decrease) in Net Assets Resulting from Operations		598			1,713			1			(11	)
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(580	)		(1,660	)		(—	@)		(—	@)
Net Realized Gain		—			—			—			(5	)
Institutional Select Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Net Realized Gain		—			—			—			(—	@)
Investor Class:
Net Investment Income		(—	@)		(1	)		(—	@)		(—	@)
Net Realized Gain		—			—			—			(—	@)
Administrative Class:
Net Investment Income		(1	)		(3	)		(—	@)		(—	@)
Net Realized Gain		—			—			—			(—	@)
Advisory Class:
Net Investment Income		(4	)		(9	)		(—	@)		(—	@)
Net Realized Gain		—			—			—			(—	@)
Participant Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Net Realized Gain		—			—			—			(—	@)
Cash Management Class:
Net Investment Income		(13	)		(24	)		(1	)		(—	@)
Net Realized Gain		—			—			—			(3	)
Total Distributions		(598	)		(1,697	)		(1	)		(8	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		14,260,889			26,972,635			61,249			—
Distributions Reinvested		317			842			—	@		5
Redeemed		(14,487,712	)		(26,810,111	)		(13,156	)		(30,221	)
Institutional Select Class:
Subscribed		—	@		13,750			500			—
Distributions Reinvested		—			—			—	@		—
Redeemed		(—	@)		(25,936	)		—			—
Investor Class:
Subscribed		—			35,601			—			—
Distributions Reinvested		—	@		1			—			—
Redeemed		—			(45,903	)		—			—
Administrative Class:
Subscribed		—			35,250			—			—
Distributions Reinvested		1			3			—			—
Redeemed		(7,153	)		(44,396	)		—			—
Advisory Class:
Subscribed		659,854			1,730,596			—			—
Distributions Reinvested		—			1			—			—
Redeemed		(633,230	)		(1,777,263	)		—			—
Participant Class:
Subscribed		101			558			—			—
Distributions Reinvested		—	@		—	@		—			—
Redeemed		(100	)		(559	)		—			—
Cash Management Class:
Subscribed		129,543			288,060			5,843			—
Distributions Reinvested		12			24			1			3
Redeemed		(138,291	)		(295,429	)		(956	)		(12,186	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(215,769	)		77,724			53,481			(42,399	)
Total Increase (Decrease) in Net Assets		(215,769	)		77,740			53,481			(42,418	)
Net Assets:
Beginning of Period		5,121,268			5,043,528			19,356			61,774
End of Period	$	4,905,499		$	5,121,268		$	72,837		$	19,356
Undistributed Net Investment Income (Loss) Included in End of Period Net Assets	$	62		$	62		$	(6	)	$	(6	)

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets (cont'd)

	Treasury Portfolio						Treasury Securities Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)			Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		14,260,889			26,972,635			61,249			—
Shares Issued on Distributions Reinvested		317			842			—	@@		5
Shares Redeemed		(14,487,712	)		(26,810,111	)		(13,156	)		(30,221	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		(226,506	)		163,366			48,093			(30,216	)
Institutional Select Class:
Shares Subscribed		—	@@		13,750			500			—
Shares Issued on Distributions Reinvested		—			—			—	@@		—
Shares Redeemed		(—	@@)		(25,936	)		—			—
Net Increase (Decrease) in Institutional Select Class Shares Outstanding		—			(12,186	)		500			—
Investor Class:
Shares Subscribed		—			35,601			—			—
Shares Issued on Distributions Reinvested		—	@@		1			—			—
Shares Redeemed		—			(45,903	)		—			—
Net Increase (Decrease) in Investor Class Shares Outstanding		—			(10,301	)		—			—
Administrative Class:
Shares Subscribed		—			35,250			—			—
Shares Issued on Distributions Reinvested		1			3			—			—
Shares Redeemed		(7,153	)		(44,396	)		—			—
Net Increase (Decrease) in Administrative Class Shares Outstanding		(7,152	)		(9,143	)		—			—
Advisory Class:
Shares Subscribed		659,854			1,730,596			—			—
Shares Issued on Distributions Reinvested		—			1			—			—
Shares Redeemed		(633,230	)		(1,777,263	)		—			—
Net Increase (Decrease) in Advisory Class Shares Outstanding		26,624			(46,666	)		—			—
Participant Class:
Shares Subscribed		101			558			—			—
Shares Issued on Distributions Reinvested		—	@@		—	@@		—			—
Shares Redeemed		(100	)		(559	)		—			—
Net Increase (Decrease) in Participant Class Shares Outstanding		1			(1	)		—			—
Cash Management Class:
Shares Subscribed		129,543			288,060			5,843			—
Shares Issued on Distributions Reinvested		12			24			1			3
Shares Redeemed		(138,292	)		(295,429	)		(956	)		(12,186	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		(8,737	)		(7,345	)		4,888			(12,183	)

@    Amount is less than $500.

@@    Amount is less than 500 shares.

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets

	Tax-Exempt Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	562		$	1,895
Net Realized Loss		—			(83	)
Net Increase in Net Assets Resulting from Operations		562			1,812
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(522	)		(1,680	)
Net Realized Gain		—			(181	)
Institutional Select Class:
Net Investment Income		(—	@)		(—	@)
Net Realized Gain		—			(—	@)
Investor Class:
Net Investment Income		(—	@)		(1	)
Net Realized Gain		—			(—	@)
Administrative Class:
Net Investment Income		(—	@)		(—	@)
Net Realized Gain		—			(—	@)
Advisory Class:
Net Investment Income		(—	@)		(—	@)
Net Realized Gain		—			(1	)
Participant Class:
Net Investment Income		(1	)		(—	@)
Net Realized Gain		—			(2	)
Cash Management Class:
Net Investment Income		(39	)		(4	)
Net Realized Gain		—			(86	)
Total Distributions		(562	)		(1,955	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		3,216,199			6,210,356
Distributions Reinvested		450			1,371
Redeemed		(3,093,974	)		(6,684,281	)
Institutional Select Class:
Subscribed		3,687			14,735
Redeemed		(3,687	)		(14,735	)
Investor Class:
Subscribed		—			1,632
Distributions Reinvested		—	@		1
Redeemed		(55	)		(6,232	)
Administrative Class:
Subscribed		—			—
Redeemed		—			—
Advisory Class:
Subscribed		1,412			3,590
Distributions Reinvested		—			1
Redeemed		(637	)		(2,369	)
Participant Class:
Subscribed		1,664			4,210
Distributions Reinvested		1			2
Redeemed		(1,525	)		(1,859	)
Cash Management Class:
Subscribed		1,094,564			1,879,366
Distributions Reinvested		38			88
Redeemed		(1,183,400	)		(2,038,156	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		34,737			(632,280	)
Total Increase (Decrease) in Net Assets		34,737			(632,423	)
Net Assets:
Beginning of Period		1,798,469			2,430,892
End of Period	$	1,833,206		$	1,798,469
Undistributed Net Investment Income Included in End of Period Net Assets	$	218		$	218

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

2011 Semi-Annual Report

April 30, 2011

Statements of Changes in Net Assets (cont'd)

	Tax-Exempt Portfolio
	Six Months Ended April 30, 2011 (unaudited) (000)			Year Ended October 31, 2010 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		3,216,199			6,210,356
Shares Issued on Distributions Reinvested		450			1,371
Shares Redeemed		(3,093,974	)		(6,684,281	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		122,675			(472,554	)
Institutional Select Class:
Shares Subscribed		3,687			14,735
Shares Redeemed		(3,687	)		(14,735	)
Net Increase in Institutional Select Class Shares Outstanding		—			—
Investor Class:
Shares Subscribed		—			1,632
Shares Issued on Distributions Reinvested		—	@@		1
Shares Redeemed		(55	)		(6,232	)
Net Decrease in Investor Class Shares Outstanding		(55	)		(4,599	)
Administrative Class:
Shares Subscribed		—			—
Shares Redeemed		—			—
Net Increase in Administrative Class Shares Outstanding		—			—
Advisory Class:
Shares Subscribed		1,412			3,590
Shares Issued on Distributions Reinvested		—			1
Shares Redeemed		(637	)		(2,369	)
Net Increase in Advisory Class Shares Outstanding		775			1,222
Participant Class:
Shares Subscribed		1,664			4,210
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(1,525	)		(1,859	)
Net Increase in Participant Class Shares Outstanding		140			2,353
Cash Management Class:
Shares Subscribed		1,094,564			1,879,366
Shares Issued on Distributions Reinvested		38			88
Shares Redeemed		(1,183,400	)		(2,038,156	)
Net Decrease in Cash Management Class Shares Outstanding		(88,798	)		(158,702	)

@    Amount is less than $500.

@@    Amount is less than 500 shares.

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

(This Page has been left blank intentionally.)

2011 Semi-Annual Report

April 30, 2011

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain (Loss) on Investments			Distributions From Net Investment Income			Distributions From Net Realized Gain			Net Asset Value, End of Period		Total Return
Money Market Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	—		$	1.000		0.10	%‡
Year Ended 10/31/10		1.000		0.002	††		0.000	^		(0.002	)		—			1.000		0.18	%^^
Year Ended 10/31/09		1.000		0.005			(0.000	)^		(0.005	)		—			1.000		0.53	%^^
Year Ended 10/31/08		1.000		0.034			(0.000	)^		(0.034	)		—			1.000		3.46	%#
Year Ended 10/31/07		1.000		0.053			0.000	^		(0.053	)		—			1.000		5.42	%##
Year Ended 10/31/06		1.000		0.048			0.000	^		(0.048	)		(0.000	)^		1.000		4.89	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	—		$	1.000		0.07	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		—			1.000		0.13	%^^
Year Ended 10/31/09		1.000		0.005			(0.000	)^		(0.005	)		—			1.000		0.48	%^^
Year Ended 10/31/08		1.000		0.034			(0.000	)^		(0.034	)		—			1.000		3.41	%#
Year Ended 10/31/07		1.000		0.052			0.000	^		(0.052	)		—			1.000		5.37	%##
Year Ended 10/31/06		1.000		0.047			0.000	^		(0.047	)		(0.000	)^		1.000		4.84	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	—		$	1.000		0.05	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		—			1.000		0.08	%^^
Year Ended 10/31/09		1.000		0.004			(0.000	)^		(0.004	)		—			1.000		0.43	%^^
Year Ended 10/31/08		1.000		0.033			(0.000	)^		(0.033	)		—			1.000		3.36	%#
Year Ended 10/31/07		1.000		0.052			0.000	^		(0.052	)		—			1.000		5.32	%##
Year Ended 10/31/06		1.000		0.047			0.000	^		(0.047	)		(0.000	)^		1.000		4.79	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.03	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.04	%^^
Year Ended 10/31/09		1.000		0.004			(0.000	)^		(0.004	)		—			1.000		0.38	%^^
Year Ended 10/31/08		1.000		0.033			(0.000	)^		(0.033	)		—			1.000		3.31	%#
Year Ended 10/31/07		1.000		0.051			0.000	^		(0.051	)		—			1.000		5.26	%##
Year Ended 10/31/06		1.000		0.046			0.000	^		(0.046	)		(0.000	)^		1.000		4.73	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%^^
Year Ended 10/31/09		1.000		0.003			(0.000	)^		(0.003	)		—			1.000		0.31	%^^
Year Ended 10/31/08		1.000		0.032			(0.000	)^		(0.032	)		—			1.000		3.20	%#
Year Ended 10/31/07		1.000		0.050			(0.000	)^		(0.050	)		—			1.000		5.16	%##
Year Ended 10/31/06		1.000		0.045			0.000	^		(0.045	)		(0.000	)^		1.000		4.63	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.001		$	(0.001	)	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%^^
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		—			1.000		0.21	%^^
Year Ended 10/31/08		1.000		0.029			(0.000	)^		(0.029	)		—			1.000		2.95	%#
Year Ended 10/31/07		1.000		0.048			(0.000	)^		(0.048	)		—			1.000		4.90	%##
Year Ended 10/31/06		1.000		0.043			0.000	^		(0.043	)		(0.000	)^		1.000		4.40	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.03	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.03	%^^
Year Ended 10/31/09		1.000		0.003			(0.000	)^		(0.003	)		—			1.000		0.28	%^^
Year Ended 10/31/08		1.000		0.031			(0.000	)^		(0.031	)		—			1.000		3.15	%#
Year Ended 10/31/07		1.000		0.050			(0.000	)^		(0.050	)		—			1.000		5.11	%##
Year Ended 10/31/06		1.000		0.046			0.000	^		(0.046	)		(0.000	)^		1.000		4.70	%

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

2011 Semi-Annual Report

April 30, 2011

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 Mutual Fund Insurance			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Waivers/ Reimbursement)
Money Market Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	3,823,166		0.16	%*?		N/A			0.22	%*?		0.20	%*?		0.14	%*?
Year Ended 10/31/10		3,069,495		0.16	%?		N/A			0.22	%?		0.16	%?		0.10	%?
Year Ended 10/31/09		4,438,771		0.22	%		0.16	%		0.27	%		0.56	%		0.51	%
Year Ended 10/31/08		4,655,771		0.12	%		0.12	%		0.21	%		3.41	%		3.32	%
Year Ended 10/31/07		10,013,524		0.12	%		N/A			0.21	%		5.28	%		5.19	%
Year Ended 10/31/06		5,546,418		0.09	%		N/A			0.22	%		4.89	%		4.77	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.21	%*?		N/A			0.27	%*?		0.15	%*?		0.09	%*?
Year Ended 10/31/10		100		0.21	%?		N/A			0.27	%?		0.11	%?		0.05	%?
Year Ended 10/31/09		100		0.27	%		0.21	%		0.33	%†		0.64	%		0.58	%
Year Ended 10/31/08		3,999		0.17	%		0.17	%		0.26	%		3.78	%		3.69	%
Year Ended 10/31/07		530,874		0.17	%		N/A			0.26	%		5.28	%		5.20	%
Year Ended 10/31/06		100		0.14	%		N/A			0.27	%		5.04	%		4.92	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	62,105		0.26	%*?		N/A			0.32	%*?		0.10	%*?		0.04	%*?
Year Ended 10/31/10		2,435		0.26	%?		N/A			0.32	%?		0.06	%?		0.00	%§?
Year Ended 10/31/09		1,491		0.32	%		0.26	%		0.37	%		0.34	%		0.29	%
Year Ended 10/31/08		3,293		0.23	%		0.22	%		0.31	%		3.15	%		3.07	%
Year Ended 10/31/07		879		0.22	%		N/A			0.31	%		5.22	%		5.13	%
Year Ended 10/31/06		288		0.19	%		N/A			0.32	%		4.83	%		4.70	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.31	%*?		N/A			0.37	%*?		0.05	%*?		(0.01	)%*?
Year Ended 10/31/10		100		0.30	%?		N/A			0.37	%?		0.02	%?		(0.05	)%?
Year Ended 10/31/09		100		0.37	%		0.30	%†		0.42	%		0.39	%		0.34	%
Year Ended 10/31/08		100		0.27	%		0.27	%		0.36	%		4.29	%		4.20	%
Year Ended 10/31/07		23,663		0.27	%		N/A			0.36	%		5.14	%		5.05	%
Year Ended 10/31/06		100		0.24	%		N/A			0.37	%		4.63	%		4.50	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	238		0.35	%*?†		N/A			0.47	%*?		0.01	%*?		(0.11	)%*?
Year Ended 10/31/10		248		0.33	%?		N/A			0.47	%?		(0.01	)%?		(0.15	)%?
Year Ended 10/31/09		274		0.47	%		0.40	%†		0.54	%†		0.44	%		0.37	%
Year Ended 10/31/08		1,328		0.37	%		0.37	%		0.46	%		2.80	%		2.71	%
Year Ended 10/31/07		17,235		0.37	%		N/A			0.46	%†		5.03	%		4.94	%
Year Ended 10/31/06		11,642		0.35	%†		N/A			0.46	%†		4.90	%		4.78	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1,305		0.36	%*?†		N/A			0.72	%*?		0.00	%§*?		(0.36	)%*?
Year Ended 10/31/10		5,422		0.34	%?		N/A			0.72	%?		(0.02	)%?		(0.40	)%?
Year Ended 10/31/09		34,092		0.48	%†		0.43	%†		0.76	%†		0.18	%		(0.10	)%
Year Ended 10/31/08		10,286		0.67	%†		0.63	%†		0.68	%†		2.39	%		2.38	%
Year Ended 10/31/07		100		0.62	%†		N/A			0.71	%		4.78	%		4.68	%
Year Ended 10/31/06		271		0.57	%†		N/A			0.70	%†		4.48	%		4.35	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	128,532		0.31	%*?		N/A			0.37	%*?		0.05	%*?		(0.01	)%*?
Year Ended 10/31/10		128,496		0.30	%?		N/A			0.46	%?		0.02	%?		(0.14	)%?
Year Ended 10/31/09		147,565		0.48	%†		0.40	%†		0.58	%†		0.32	%		0.22	%
Year Ended 10/31/08		193,811		0.42	%		0.42	%		0.51	%		3.05	%		2.96	%
Year Ended 10/31/07		239,356		0.42	%		N/A			0.51	%		4.98	%		4.88	%
Year Ended 10/31/06		221,503		0.40	%†		N/A			0.53	%†		4.98	%		4.85	%

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

2011 Semi-Annual Report

April 30, 2011

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain (Loss) on Investments			Distributions From Net Investment Income			Distributions From Net Realized Gain			Net Asset Value, End of Period		Total Return
Prime Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	—		$	1.000		0.08	%‡
Year Ended 10/31/10		1.000		0.002	††		0.000	^		(0.002	)		—			1.000		0.16	%^^
Year Ended 10/31/09		1.000		0.005			0.000	^		(0.005	)		—			1.000		0.45	%^^
Year Ended 10/31/08		1.000		0.033			(0.000	)^		(0.033	)		—			1.000		3.37	%#
Year Ended 10/31/07		1.000		0.053			(0.000	)^		(0.053	)		(0.000	)^		1.000		5.40	%##
Year Ended 10/31/06		1.000		0.047			0.000	^		(0.047	)		(0.000	)^		1.000		4.86	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	—		$	1.000		0.06	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		—			1.000		0.11	%^^
Year Ended 10/31/09		1.000		0.004			0.000	^		(0.004	)		—			1.000		0.40	%^^
Year Ended 10/31/08		1.000		0.033			(0.000	)^		(0.033	)		—			1.000		3.32	%#
Year Ended 10/31/07		1.000		0.052			(0.000	)^		(0.052	)		(0.000	)^		1.000		5.34	%##
Year Ended 10/31/06		1.000		0.047			0.000	^		(0.047	)		(0.000	)^		1.000		4.81	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.03	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		—			1.000		0.06	%^^
Year Ended 10/31/09		1.000		0.004			0.000	^		(0.004	)		—			1.000		0.35	%^^
Year Ended 10/31/08		1.000		0.032			(0.000	)^		(0.032	)		—			1.000		3.26	%#
Year Ended 10/31/07		1.000		0.052			(0.000	)^		(0.052	)		(0.000	)^		1.000		5.29	%##
Year Ended 10/31/06		1.000		0.046			0.000	^		(0.046	)		(0.000	)^		1.000		4.75	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.03	%^^
Year Ended 10/31/09		1.000		0.003			0.000	^		(0.003	)		—			1.000		0.30	%^^
Year Ended 10/31/08		1.000		0.032			(0.000	)^		(0.032	)		—			1.000		3.21	%#
Year Ended 10/31/07		1.000		0.051			(0.000	)^		(0.051	)		(0.000	)^		1.000		5.24	%##
Year Ended 10/31/06		1.000		0.046			0.000	^		(0.046	)		(0.000	)^		1.000		4.70	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%^^
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		—			1.000		0.23	%^^
Year Ended 10/31/08		1.000		0.031			(0.000	)^		(0.031	)		—			1.000		3.11	%#
Year Ended 10/31/07		1.000		0.050			(0.000	)^		(0.050	)		(0.000	)^		1.000		5.13	%##
Year Ended 10/31/06		1.000		0.045			0.000	^		(0.045	)		(0.000	)^		1.000		4.60	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%^^
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		—			1.000		0.15	%^^
Year Ended 10/31/08		1.000		0.028			(0.000	)^		(0.028	)		—			1.000		2.85	%#
Year Ended 10/31/07		1.000		0.048			(0.000	)^		(0.048	)		(0.000	)^		1.000		4.87	%##
Year Ended 10/31/06		1.000		0.043			0.000	^		(0.043	)		(0.000	)^		1.000		4.37	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.03	%^^
Year Ended 10/31/09		1.000		0.002			(0.000	)^		(0.002	)		—			1.000		0.21	%^^
8/14/08** through 10/31/08		1.000		0.004			(0.000	)^		(0.004	)		—			1.000		0.43	%‡#

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

2011 Semi-Annual Report

April 30, 2011

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 Mutual Fund Insurance			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)				Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Waivers/ Reimbursement)
Prime Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	18,225,189		0.16	%*?		N/A			0.21	%*?			0.16	%*?		0.11	%*?
Year Ended 10/31/10		14,068,183		0.16	%?		N/A			0.21	%?			0.15	%?		0.10	%?
Year Ended 10/31/09		11,996,876		0.21	%		0.16	%		0.26	%			0.47	%		0.42	%
Year Ended 10/31/08		11,719,680		0.12	%		0.12	%		0.21	%			3.30	%		3.21	%
Year Ended 10/31/07		23,535,446		0.12	%		N/A			0.21	%			5.26	%		5.17	%
Year Ended 10/31/06		17,542,077		0.12	%		N/A			0.21	%			4.75	%		4.66	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	36,677		0.21	%*?		N/A			0.26	%*?			0.11	%*?		0.06	%*?
Year Ended 10/31/10		157,554		0.21	%?		N/A			0.26	%?			0.10	%?		0.05	%?
Year Ended 10/31/09		19,172		0.26	%		0.20	%†		0.32	%†			0.80	%		0.74	%
Year Ended 10/31/08		251,186		0.17	%		0.17	%		0.26	%			3.87	%		3.78	%
Year Ended 10/31/07		1,097,867		0.17	%		N/A			0.26	%			5.23	%		5.15	%
Year Ended 10/31/06		185,442		0.17	%		N/A			0.26	%			4.83	%		4.74	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	3,028		0.26	%*?		N/A			0.31	%*?			0.06	%*?		0.01	%*?
Year Ended 10/31/10		7,467		0.26	%?		N/A			0.31	%?			0.05	%?		0.00	%§?
Year Ended 10/31/09		6,990		0.31	%		0.26	%		0.36	%			0.55	%		0.50	%
Year Ended 10/31/08		20,823		0.22	%		0.22	%		0.31	%			2.95	%		2.86	%
Year Ended 10/31/07		26,623		0.22	%		N/A			0.31	%			5.16	%		5.07	%
Year Ended 10/31/06		5,500		0.22	%		N/A			0.31	%			4.61	%		4.52	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.30	%*?†		N/A			0.36	%*?			0.02	%*?		(0.04	)%*?
Year Ended 10/31/10		100		0.29	%?		N/A			0.36	%?			0.02	%?		(0.05	)%?
Year Ended 10/31/09		100		0.36	%		0.30	%†		0.42	%†			0.85	%		0.79	%
Year Ended 10/31/08		1,727		0.27	%		0.27	%		0.36	%	��		3.70	%		3.61	%
Year Ended 10/31/07		12,589		0.27	%		N/A			0.36	%			5.11	%		5.02	%
Year Ended 10/31/06		100		0.27	%		N/A			0.36	%			4.60	%		4.51	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	22,931		0.31	%*?†		N/A			0.46	%*?			0.01	%*?		(0.14	)%*?
Year Ended 10/31/10		29,069		0.30	%?		N/A			0.46	%?			0.01	%?		(0.15	)%?
Year Ended 10/31/09		118,342		0.43	%†		0.38	%†		0.51	%			0.32	%		0.24	%
Year Ended 10/31/08		181,245		0.37	%		0.37	%		0.46	%			3.14	%		3.05	%
Year Ended 10/31/07		640,171		0.37	%		N/A			0.46	%			5.00	%		4.91	%
Year Ended 10/31/06		62,544		0.37	%		N/A			0.46	%			4.43	%		4.34	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	4,308		0.31	%*?†		N/A			0.71	%*?			0.01	%*?		(0.39	)%*?
Year Ended 10/31/10		4,078		0.30	%?		N/A			0.71	%?			0.01	%?		(0.40	)%?
Year Ended 10/31/09		13,436		0.53	%†		0.47	%†		0.76	%			0.17	%		(0.06	)%
Year Ended 10/31/08		42,288		0.63	%†		0.62	%		0.71	%			2.20	%		2.12	%
Year Ended 10/31/07		3,607		0.62	%		N/A			0.70	%			4.70	%		4.62	%
Year Ended 10/31/06		100		0.59	%†		N/A			0.68	%†			4.28	%		4.19	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	415		0.30	%*?†		N/A			0.36	%*?			0.02	%*?		(0.04	)%*?
Year Ended 10/31/10		1,912		0.34	%?		N/A			0.45	%?			(0.03	)%?		(0.14	)%?
Year Ended 10/31/09		3,533		0.46	%†		0.41	%†		0.56	%			0.28	%		0.18	%
8/14/08** through 10/31/08		7,277		0.48	%*†		0.44	%†		0.52	%*†			1.88	%*		1.84	%*

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

2011 Semi-Annual Report

April 30, 2011

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 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		1.000		0.06	%
Year Ended 10/31/09		1.000		0.003			(0.000	)^		(0.003	)		1.000		0.31	%
Year Ended 10/31/08		1.000		0.029			0.000	^		(0.029	)		1.000		2.98	%
Year Ended 10/31/07		1.000		0.052			0.000	^		(0.052	)		1.000		5.30	%
Year Ended 10/31/06		1.000		0.048			—			(0.048	)		1.000		4.87	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.02	%
Year Ended 10/31/09		1.000		0.003			0.000	^		(0.003	)		1.000		0.26	%
Year Ended 10/31/08		1.000		0.029			0.000	^		(0.029	)		1.000		2.93	%
Year Ended 10/31/07		1.000		0.051			0.000	^		(0.051	)		1.000		5.24	%
Year Ended 10/31/06		1.000		0.047			—			(0.047	)		1.000		4.81	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		1.000		0.22	%
Year Ended 10/31/08		1.000		0.028			0.000	^		(0.028	)		1.000		2.88	%
Year Ended 10/31/07		1.000		0.051			0.000	^		(0.051	)		1.000		5.19	%
Year Ended 10/31/06		1.000		0.047			—			(0.047	)		1.000		4.76	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		1.000		0.19	%
Year Ended 10/31/08		1.000		0.028			0.000	^		(0.028	)		1.000		2.83	%
Year Ended 10/31/07		1.000		0.050			0.000	^		(0.050	)		1.000		5.14	%
Year Ended 10/31/06		1.000		0.046			—			(0.046	)		1.000		4.71	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		1.000		0.14	%
Year Ended 10/31/08		1.000		0.027			0.000	^		(0.027	)		1.000		2.73	%
Year Ended 10/31/07		1.000		0.049			0.000	^		(0.049	)		1.000		5.03	%
Year Ended 10/31/06		1.000		0.045			—			(0.045	)		1.000		4.60	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		1.000		0.08	%
Year Ended 10/31/08		1.000		0.024			0.000	^		(0.024	)		1.000		2.47	%
Year Ended 10/31/07		1.000		0.047			0.000	^		(0.047	)		1.000		4.77	%
Year Ended 10/31/06		1.000		0.043			—			(0.043	)		1.000		4.38	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		1.000		0.12	%
8/14/08** through 10/31/08		1.000		0.004			0.000	^		(0.004	)		1.000		0.36	%‡

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

2011 Semi-Annual Report

April 30, 2011

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 Mutual Fund Insurance			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Waivers/ Reimbursement)
Government Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	7,853,580		0.15	%*?		N/A			0.21	%*?		0.05	%*?		(0.01	)%*?
Year Ended 10/31/10		6,717,236		0.15	%?		N/A			0.21	%?		0.07	%?		0.01	%?
Year Ended 10/31/09		8,395,247		0.19	%		0.16	%		0.25	%		0.36	%		0.30	%
Year Ended 10/31/08		15,198,786		0.13	%		0.13	%		0.21	%		2.77	%		2.69	%
Year Ended 10/31/07		6,928,113		0.12	%		N/A			0.22	%		5.12	%		5.02	%
Year Ended 10/31/06		2,265,613		0.09	%		N/A			0.21	%		4.76	%		4.64	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	3,100		0.17	%*?†		N/A			0.26	%*?		0.03	%*?		(0.06	)%*?
Year Ended 10/31/10		100		0.17	%?		N/A			0.26	%?		0.05	%?		(0.04	)%?
Year Ended 10/31/09		200,016		0.24	%		0.21	%		0.29	%†		0.27	%		0.22	%
Year Ended 10/31/08		166,521		0.18	%		0.18	%		0.26	%		3.28	%		3.20	%
Year Ended 10/31/07		1,347,156		0.17	%		N/A			0.27	%		4.93	%		4.83	%
Year Ended 10/31/06		116		0.13	%†		N/A			0.26	%		4.67	%		4.54	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	8,513		0.20	%*?†		N/A			0.31	%*?		0.00	%*?§		(0.11	)%*?
Year Ended 10/31/10		99,752		0.20	%?		N/A			0.31	%?		0.02	%?		(0.09	)%?
Year Ended 10/31/09		82,620		0.29	%		0.25	%†		0.35	%		0.23	%		0.17	%
Year Ended 10/31/08		151,210		0.23	%		0.23	%		0.31	%		2.92	%		2.84	%
Year Ended 10/31/07		300,198		0.22	%		N/A			0.32	%		5.09	%		4.98	%
Year Ended 10/31/06		545,676		0.19	%		N/A			0.31	%		4.72	%		4.60	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	15,872		0.18	%*?†		N/A			0.36	%*?		0.02	%*?		(0.16	)%*?
Year Ended 10/31/10		20,567		0.19	%?		N/A			0.36	%?		0.03	%?		(0.14	)%?
Year Ended 10/31/09		68,846		0.34	%		0.29	%†		0.40	%		0.24	%		0.18	%
Year Ended 10/31/08		148,076		0.28	%		0.28	%		0.36	%		2.66	%		2.58	%
Year Ended 10/31/07		84,339		0.27	%		N/A			0.37	%		4.98	%		4.88	%
Year Ended 10/31/06		49,377		0.24	%		N/A			0.36	%		4.79	%		4.67	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	122,816		0.19	%*?†		N/A			0.46	%*?		0.01	%*?		(0.26	)%*?
Year Ended 10/31/10		128,054		0.20	%?		N/A			0.46	%?		0.02	%?		(0.24	)%?
Year Ended 10/31/09		177,538		0.41	%†		0.37	%†		0.50	%		0.19	%		0.10	%
Year Ended 10/31/08		415,974		0.38	%		0.38	%		0.46	%		2.72	%		2.64	%
Year Ended 10/31/07		365,074		0.37	%		N/A			0.47	%		4.87	%		4.77	%
Year Ended 10/31/06		126,760		0.34	%		N/A			0.47	%†		4.53	%		4.40	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.18	%*?†		N/A			0.71	%*?		0.02	%*?		(0.51	)%*?
Year Ended 10/31/10		100		0.20	%?		N/A			0.71	%?		0.02	%?		(0.49	)%?
Year Ended 10/31/09		100		0.44	%†		0.40	%†		0.75	%		0.07	%		(0.24	)%
Year Ended 10/31/08		100		0.63	%		0.63	%		0.71	%		2.44	%		2.36	%
Year Ended 10/31/07		100		0.62	%		N/A			0.72	%		4.66	%		4.56	%
Year Ended 10/31/06		100		0.55	%†		N/A			0.67	%†		4.24	%		4.12	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1,342		0.19	%*?†		N/A			0.36	%*?		0.01	%*?		(0.16	)%*?
Year Ended 10/31/10		1,644		0.18	%?		N/A			0.45	%?		0.04	%?		(0.23	)%?
Year Ended 10/31/09		3,119		0.42	%†		0.38	%†		0.55	%		0.13	%		0.00	%§
8/14/08** through 10/31/08		4,104		0.48	%*†		0.44	%*†		0.53	%*†		1.32	%*		1.27	%*

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

2011 Semi-Annual Report

April 30, 2011

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 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.02	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		1.000		0.13	%
3/19/08** through 10/31/08		1.000		0.013			0.000	^		(0.013	)		1.000		1.27	%‡
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		1.000		0.09	%
3/19/08** through 10/31/08		1.000		0.012			(0.000	)^		(0.012	)		1.000		1.24	%‡
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			(0.000	)^		(0.001	)		1.000		0.05	%
3/19/08** through 10/31/08		1.000		0.012			0.000	^		(0.012	)		1.000		1.20	%‡
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		(0.000	)^		(0.000	)^		1.000		0.04	%
3/19/08** through 10/31/08		1.000		0.012			0.000	^		(0.012	)		1.000		1.17	%‡
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		1.000		0.03	%
3/19/08** through 10/31/08		1.000		0.011			0.000	^		(0.011	)		1.000		1.11	%‡
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		1.000		0.02	%
3/19/08** through 10/31/08		1.000		0.010			0.000	^		(0.010	)		1.000		0.95	%‡
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		1.000		0.02	%
7/21/08** through 10/31/08		1.000		0.004			(0.000	)^		(0.004	)		1.000		0.43	%‡

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

2011 Semi-Annual Report

April 30, 2011

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 Mutual Fund Insurance			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Net Investment Income (Loss) 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 4/30/11 (unaudited)	$	462,980		0.16	%*?		N/A			0.25	%*?		0.01	%*?		(0.08	)%*?
Year Ended 10/31/10		561,488		0.14	%?		N/A			0.24	%?		0.02	%?		(0.08	)%?
Year Ended 10/31/09		637,586		0.19	%		0.16	%		0.26	%		0.13	%		0.06	%
3/19/08** through 10/31/08		553,062		0.14	%*		0.12	%*		0.26	%*		1.89	%*		1.77	%*
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	30,100		0.16	%*?†		N/A			0.30	%*?		0.01	%*?		(0.13	)%*?
Year Ended 10/31/10		100		0.15	%?		N/A			0.29	%?		0.01	%?		(0.13	)%?
Year Ended 10/31/09		100		0.23	%†		0.20	%†		0.32	%†		0.09	%		0.00	%§
3/19/08** through 10/31/08		100		0.18	%*†		0.17	%*		0.33	%*†		1.98	%*		1.83	%*
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.17	%*?†		N/A			0.35	%*?		0.00	%*?§		(0.18	)%*?
Year Ended 10/31/10		100		0.14	%?		N/A			0.34	%?		0.02	%?		(0.18	)%?
Year Ended 10/31/09		10,001		0.25	%†		0.22	%†		0.38	%†		0.06	%		(0.07	)%
3/19/08** through 10/31/08		8,407		0.26	%*†		0.23	%*		0.32	%*†		1.42	%*		1.36	%*
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.17	%*?†		N/A			0.40	%*?		0.00	%*?§		(0.23	)%*?
Year Ended 10/31/10		100		0.15	%?		N/A			0.39	%?		0.01	%?		(0.23	)%?
Year Ended 10/31/09		100		0.28	%†		0.25	%†		0.42	%†		0.04	%		(0.10	)%
3/19/08** through 10/31/08		100		0.28	%*†		0.27	%*		0.43	%*†		1.88	%*		1.73	%*
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.17	%*?†		N/A			0.50	%*?		0.00	%*?§		(0.33	)%*?
Year Ended 10/31/10		100		0.15	%?		N/A			0.49	%?		0.01	%?		(0.33	)%?
Year Ended 10/31/09		100		0.29	%†		0.26	%†		0.52	%†		0.03	%		(0.20	)%
3/19/08** through 10/31/08		100		0.38	%*†		0.37	%*		0.53	%*†		1.78	%*		1.63	%*
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.17	%*?†		N/A			0.75	%*?		0.00	%*?§		(0.58	)%*?
Year Ended 10/31/10		100		0.15	%?		N/A			0.74	%?		0.01	%?		(0.58	)%?
Year Ended 10/31/09		100		0.30	%†		0.27	%†		0.77	%†		0.02	%		(0.45	)%
3/19/08** through 10/31/08		100		0.64	%*†		0.62	%*		0.79	%*†		1.53	%*		1.38	%*
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	9,589		0.17	%*?†		N/A			0.40	%*?		0.00	%*?§		(0.23	)%*?
Year Ended 10/31/10		10,111		0.14	%?		N/A			0.48	%?		0.02	%?		(0.32	)%?
Year Ended 10/31/09		20,227		0.31	%†		0.28	%†		0.56	%		0.03	%		(0.22	)%
7/21/08** through 10/31/08		42,612		0.48	%*†		0.42	%*		0.52	%*†		1.17	%*		1.13	%*

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

2011 Semi-Annual Report

April 30, 2011

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain (Loss) on Investments			Distributions From Net Investment Income			Distributions From Net Realized Gain			Net Asset Value, End of Period		Total Return
Treasury Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.04	%
Year Ended 10/31/09		1.000		0.001			(0.000	)^		(0.001	)		—			1.000		0.08	%
Year Ended 10/31/08		1.000		0.022			0.000	^		(0.022	)		—			1.000		2.25	%
Year Ended 10/31/07		1.000		0.050			0.000	^		(0.050	)		(0.000	)^		1.000		5.16	%
Year Ended 10/31/06		1.000		0.047			—			(0.047	)		—			1.000		4.82	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		—			1.000		0.05	%
Year Ended 10/31/08		1.000		0.022			0.000	^		(0.022	)		—			1.000		2.20	%
Year Ended 10/31/07		1.000		0.050			0.000	^		(0.050	)		(0.000	)^		1.000		5.11	%
Year Ended 10/31/06		1.000		0.047			—			(0.047	)		—			1.000		4.77	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000		0.04	%
Year Ended 10/31/08		1.000		0.021			0.000	^		(0.021	)		—			1.000		2.15	%
Year Ended 10/31/07		1.000		0.049			0.000	^		(0.049	)		(0.000	)^		1.000		5.06	%
Year Ended 10/31/06		1.000		0.046			—			(0.046	)		—			1.000		4.71	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000		0.03	%
Year Ended 10/31/08		1.000		0.021			0.000	^		(0.021	)		—			1.000		2.10	%
Year Ended 10/31/07		1.000		0.049			0.000	^		(0.049	)		(0.000	)^		1.000		5.00	%
Year Ended 10/31/06		1.000		0.046			—			(0.046	)		—			1.000		4.66	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000		0.02	%
Year Ended 10/31/08		1.000		0.020			0.000	^		(0.020	)		—			1.000		2.00	%
Year Ended 10/31/07		1.000		0.048			0.000	^		(0.048	)		(0.000	)^		1.000		4.90	%
Year Ended 10/31/06		1.000		0.045			—			(0.045	)		—			1.000		4.56	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/08		1.000		0.018			0.000	^		(0.018	)		—			1.000		1.77	%
Year Ended 10/31/07		1.000		0.045			0.000	^		(0.045	)		(0.000	)^		1.000		4.64	%
Year Ended 10/31/06		1.000		0.042			—			(0.042	)		—			1.000		4.33	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.01	%
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000		0.02	%
Year Ended 10/31/08		1.000		0.019			0.000	^		(0.019	)		—			1.000		1.96	%
Year Ended 10/31/07		1.000		0.047			0.000	^		(0.047	)		(0.000	)^		1.000		4.84	%
Year Ended 10/31/06		1.000		0.045			—			(0.045	)		—			1.000		4.63	%

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

2011 Semi-Annual Report

April 30, 2011

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 Mutual Fund Insurance			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Waivers/ Reimbursement)
Treasury Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	4,566,190		0.15	%*?		N/A			0.22	%*?		0.02	%*?		(0.05	)%*?
Year Ended 10/31/10		4,792,695		0.15	%?		N/A			0.21	%?		0.04	%?		(0.02	)%?
Year Ended 10/31/09		4,629,315		0.21	%		0.15	%		0.27	%		0.10	%		0.04	%
Year Ended 10/31/08		8,805,663		0.13	%		0.13	%		0.21	%		1.96	%		1.88	%
Year Ended 10/31/07		2,836,089		0.10	%		N/A			0.23	%		4.50	%		4.37	%
Year Ended 10/31/06		2,189		0.05	%		N/A			0.52	%		4.29	%		3.82	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.16	%*?†		N/A			0.27	%*?		0.01	%*?		(0.10	)%*?
Year Ended 10/31/10		100		0.16	%?		N/A			0.26	%?		0.03	%?		(0.07	)%?
Year Ended 10/31/09		12,286		0.25	%†		0.17	%†		0.33	%†		0.07	%		(0.01	)%
Year Ended 10/31/08		75,100		0.18	%		0.18	%		0.26	%		1.85	%		1.77	%
Year Ended 10/31/07		100		0.11	%†		N/A			0.55	%†		4.98	%		4.54	%
Year Ended 10/31/06		100		0.10	%		N/A			0.95	%†		4.66	%		3.81	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	110		0.17	%*?†		N/A			0.32	%*?		0.00	%*?§		(0.15	)%*?
Year Ended 10/31/10		110		0.16	%?		N/A			0.31	%?		0.03	%?		(0.12	)%?
Year Ended 10/31/09		10,411		0.27	%†		0.20	%†		0.38	%†		0.03	%		(0.08	)%
Year Ended 10/31/08		3,789		0.24	%†		0.22	%†		0.31	%		0.79	%		0.72	%
Year Ended 10/31/07		317		0.17	%†		N/A			0.51	%†		4.76	%		4.42	%
Year Ended 10/31/06		100		0.15	%		N/A			1.00	%†		4.61	%		3.76	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	12,163		0.17	%*?†		N/A			0.37	%*?		0.00	%*§?		(0.20	)%*?
Year Ended 10/31/10		19,315		0.17	%?		N/A			0.36	%?		0.02	%?		(0.17	)%?
Year Ended 10/31/09		28,457		0.28	%†		0.22	%†		0.43	%†		0.03	%		(0.12	)%
Year Ended 10/31/08		111,065		0.28	%		0.27	%		0.36	%		1.35	%		1.27	%
Year Ended 10/31/07		100		0.21	%†		N/A			0.50	%†		4.84	%		4.55	%
Year Ended 10/31/06		100		0.20	%		N/A			1.05	%†		4.56	%		3.71	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	78,050		0.16	%*?†		N/A			0.47	%*?		0.01	%*?		(0.30	)%*?
Year Ended 10/31/10		51,426		0.17	%?		N/A			0.46	%?		0.02	%?		(0.27	)%?
Year Ended 10/31/09		98,091		0.29	%†		0.22	%†		0.53	%†		0.02	%		(0.22	)%
Year Ended 10/31/08		176,505		0.36	%†		0.36	%†		0.46	%		2.01	%		1.91	%
Year Ended 10/31/07		176,618		0.31	%†		N/A			0.72	%†		4.75	%		4.34	%
Year Ended 10/31/06		77,083		0.30	%		N/A			0.98	%†		4.54	%		3.86	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	128		0.16	%*?†		N/A			0.72	%*?		0.01	%*?		(0.55	)%*?
Year Ended 10/31/10		127		0.17	%?		N/A			0.71	%?		0.02	%		(0.52	)%?
Year Ended 10/31/09		128		0.29	%†		0.22	%†		0.78	%†		0.01	%		(0.48	)%
Year Ended 10/31/08		160		0.60	%†		0.60	%†		0.71	%		1.93	%		1.82	%
Year Ended 10/31/07		514		0.56	%†		N/A			1.04	%†		4.58	%		4.10	%
Year Ended 10/31/06		330		0.53	%†		N/A			1.20	%†		4.41	%		3.75	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	248,758		0.17	%*?†		N/A			0.37	%*?		0.00	%*?§		(0.20	)%*?
Year Ended 10/31/10		257,495		0.18	%?		N/A			0.45	%?		0.01	%?		(0.26	)%?
Year Ended 10/31/09		264,840		0.29	%†		0.23	%†		0.58	%†		0.02	%		(0.27	)%
Year Ended 10/31/08		414,148		0.40	%†		0.39	%†		0.51	%		1.23	%		1.12	%
Year Ended 10/31/07		33,750		0.40	%†		N/A			0.53	%†		4.25	%		4.12	%
Year Ended 10/31/06		100		0.23	%†		N/A			1.08	%†		4.53	%		3.68	%

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

2011 Semi-Annual Report

April 30, 2011

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain (Loss) on Investments			Distributions From Net Investment Income			Distributions From Net Realized Gain			Net Asset Value, End of Period
Treasury Securities Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
10/7/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		(0.000	)^		(0.000	)^		—			1.000
10/7/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		(0.000	)^		(0.000	)^		—			1.000
10/7/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
10/7/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
10/27/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		(0.000	)^		(0.000	)^		—			1.000
10/27/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/10		1.000		(0.000	)††^		0.000	^		(0.000	)^		(0.000	)^		1.000
Year Ended 10/31/09		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000
10/7/08** through 10/31/08		1.000		0.000	^		0.000	^		(0.000	)^		—			1.000

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

2011 Semi-Annual Report

April 30, 2011

Financial Highlights (cont'd)

	Total Return			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Net Investment Income (Loss) 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 4/30/11 (unaudited)		0.01	%‡	$	51,288		0.11	%*?		0.88	%*?		0.01	%*?		(0.76	)%*?
Year Ended 10/31/10		0.05	%		3,195		0.13	%?		0.78	%?		(0.01	)%?		(0.66	)%?
Year Ended 10/31/09		0.04	%		33,422		0.11	%		0.29	%		0.04	%		(0.14	)%
10/7/08** through 10/31/08		0.00	%‡§		282,625		0.06	%*		0.49	%*		0.05	%*		(0.37	)%*
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)		0.01	%‡	$	600		0.12	%*?†		0.93	%*?		0.00	%*?§		(0.81	)%*?
Year Ended 10/31/10		0.04	%		100		0.14	%?		0.83	%?		(0.02	)%?		(0.71	)%?
Year Ended 10/31/09		0.02	%		100		0.14	%†		0.40	%†		0.02	%		(0.24	)%
10/7/08** through 10/31/08		0.00	%‡§		100		0.06	%*†		0.62	%*†		0.06	%*		(0.50	)%*
Investor Class
Six Months Ended 4/30/11 (unaudited)		0.01	%‡	$	100		0.11	%*?†		0.98	%*?		0.01	%*?		(0.86	)%*?
Year Ended 10/31/10		0.03	%		100		0.15	%?		0.88	%?		(0.03	)%?		(0.76	)%?
Year Ended 10/31/09		0.02	%		100		0.14	%†		0.45	%†		0.02	%		(0.29	)%
10/7/08** through 10/31/08		0.00	%‡§		100		0.06	%*†		0.66	%*†		0.06	%*		(0.55	)%*
Administrative Class
Six Months Ended 4/30/11 (unaudited)		0.01	%‡	$	100		0.11	%*?†		1.03	%*?		0.01	%*?		(0.91	)%*?
Year Ended 10/31/10		0.03	%		100		0.15	%?		0.93	%?		(0.03	)%?		(0.81	)%
Year Ended 10/31/09		0.02	%		100		0.14	%†		0.50	%†		0.02	%		(0.34	)%
10/7/08** through 10/31/08		0.00	%‡§		100		0.06	%*†		0.72	%*†		0.06	%*		(0.60	)%*
Advisory Class
Six Months Ended 4/30/11 (unaudited)		0.01	%‡	$	100		0.11	%*?†		1.13	%*?		0.01	%*?		(1.01	)%*?
Year Ended 10/31/10		0.02	%		100		0.16	%?		1.02	%?		(0.04	)%?		(0.90	)%?
Year Ended 10/31/09		0.02	%		100		0.14	%†		0.60	%†		0.02	%		(0.44	)%
10/27/08** through 10/31/08		0.00	%‡§		100		0.11	%*†		0.71	%*†		0.05	%*		(0.55	)%*
Participant Class
Six Months Ended 4/30/11 (unaudited)		0.01	%‡	$	100		0.11	%*?†		1.38	%*?		0.01	%*?		(1.26	)%*?
Year Ended 10/31/10		0.01	%		100		0.17	%?		1.28	%?		(0.05	)%?		(1.16	)%?
Year Ended 10/31/09		0.02	%		100		0.14	%†		0.85	%†		0.02	%		(0.69	)%
10/27/08** through 10/31/08		0.00	%‡§		100		0.10	%*†		0.96	%*†		0.05	%*		(0.81	)%*
Cash Management Class
Six Months Ended 4/30/11 (unaudited)		0.00	%‡§	$	20,549		0.11	%*?†		1.03	%*?		0.01	%*?		(0.91	)%*?
Year Ended 10/31/10		0.02	%		15,661		0.17	%?		1.02	%?		(0.05	)%?		(0.90	)%?
Year Ended 10/31/09		0.02	%		27,852		0.14	%†		0.61	%†		0.01	%		(0.46	)%
10/7/08** through 10/31/08		0.00	%‡§		43,693		0.06	%*†		0.76	%*†		0.05	%*		(0.64	)%*

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

2011 Semi-Annual Report

April 30, 2011

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gain (Loss) on Investments			Distributions From Net Investment Income			Distributions From Net Realized Gain			Net Asset Value, End of Period		Total Return
Tax-Exempt Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.001		$	(0.001	)	$	—		$	1.000		0.05	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		(0.000	)^		1.000		0.12	%
Year Ended 10/31/09		1.000		0.004			0.000	^		(0.004	)		—			1.000		0.39	%
Year Ended 10/31/08		1.000		0.024			(0.000	)^		(0.024	)		—			1.000		2.44	%
Year Ended 10/31/07		1.000		0.036			—			(0.036	)		—			1.000		3.66	%
Year Ended 10/31/06		1.000		0.032			—			(0.032	)		—			1.000		3.27	%
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.02	%‡
Year Ended 10/31/10		1.000		0.001	††		0.000	^		(0.001	)		(0.000	)^		1.000		0.07	%
Year Ended 10/31/09		1.000		0.003			0.000	^		(0.003	)		—			1.000		0.34	%
Year Ended 10/31/08		1.000		0.024			(0.000	)^		(0.024	)		—			1.000		2.39	%
Year Ended 10/31/07		1.000		0.035			—			(0.035	)		—			1.000		3.60	%
Year Ended 10/31/06		1.000		0.032			—			(0.032	)		—			1.000		3.21	%
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		(0.000	)^		1.000		0.03	%
Year Ended 10/31/09		1.000		0.003			0.000	^		(0.003	)		—			1.000		0.29	%
Year Ended 10/31/08		1.000		0.023			(0.000	)^		(0.023	)		—			1.000		2.33	%
Year Ended 10/31/07		1.000		0.035			—			(0.035	)		—			1.000		3.55	%
Year Ended 10/31/06		1.000		0.031			—			(0.031	)		—			1.000		3.16	%
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.003			0.000	^		(0.003	)		—			1.000		0.25	%
Year Ended 10/31/08		1.000		0.023			(0.000	)^		(0.023	)		—			1.000		2.28	%
Year Ended 10/31/07		1.000		0.034			—			(0.034	)		—			1.000		3.50	%
Year Ended 10/31/06		1.000		0.031			—			(0.031	)		—			1.000		3.11	%
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		—			1.000		0.19	%
Year Ended 10/31/08		1.000		0.022			(0.000	)^		(0.022	)		—			1.000		2.18	%
Year Ended 10/31/07		1.000		0.033			—			(0.033	)		—			1.000		3.40	%
Year Ended 10/31/06		1.000		0.030			—			(0.030	)		—			1.000		3.01	%
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.001			0.000	^		(0.001	)		—			1.000		0.09	%
Year Ended 10/31/08		1.000		0.019			(0.000	)^		(0.019	)		—			1.000		1.93	%
Year Ended 10/31/07		1.000		0.031			—			(0.031	)		—			1.000		3.14	%
Year Ended 10/31/06		1.000		0.027			—			(0.027	)		—			1.000		2.78	%
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/10		1.000		0.000	††^		0.000	^		(0.000	)^		(0.000	)^		1.000		0.01	%
Year Ended 10/31/09		1.000		0.002			0.000	^		(0.002	)		—			1.000		0.16	%
Year Ended 10/31/08		1.000		0.021			(0.000	)^		(0.021	)		—			1.000		2.13	%
Year Ended 10/31/07		1.000		0.033			—			(0.033	)		—			1.000		3.35	%
Year Ended 10/31/06		1.000		0.030			—			(0.030	)		—			1.000		3.08	%

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

2011 Semi-Annual Report

April 30, 2011

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 Mutual Fund Insurance			Ratio of Expenses to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets (Before Waivers/ Reimbursement)			Ratio of Rebate from Morgan Stanley Affiliates to Average Net Assets
Tax-Exempt Portfolio:
Institutional Class
Six Months Ended 4/30/11 (unaudited)	$	1,109,481		0.18	%*?		N/A			0.23	%*?		0.09	%*?		0.04	%*?		N/A
Year Ended 10/31/10		986,806		0.18	%?		N/A			0.22	%?		0.12	%?		0.08	%?		N/A
Year Ended 10/31/09		1,459,441		0.19	%+		0.15	%+		0.25	%+		0.41	%+		0.35	%+		0.01	%
Year Ended 10/31/08		1,836,397		0.12	%+		0.12	%+		0.21	%+		2.35	%+		2.25	%+		0.00	%§
Year Ended 10/31/07		2,191,307		0.11	%		N/A			0.23	%		3.60	%		3.47	%		N/A
Year Ended 10/31/06		672,514		0.10	%		N/A			0.23	%		3.14	%		3.01	%		N/A
Institutional Select Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.23	%*?		N/A			0.28	%*?		0.04	%*?		(0.01	)%*?		N/A
Year Ended 10/31/10		100		0.23	%?		N/A			0.27	%?		0.07	%?		0.03	%?		N/A
Year Ended 10/31/09		100		0.24	%+		0.20	%+		0.30	%+		0.44	%+		0.38	%+		0.01	%
Year Ended 10/31/08		100		0.17	%+		0.17	%+		0.26	%+		2.28	%+		2.18	%+		0.00	%§
Year Ended 10/31/07		100		0.16	%		N/A			0.29	%†		3.54	%		3.41	%		N/A
Year Ended 10/31/06		100		0.15	%		N/A			0.29	%†		3.16	%		3.02	%		N/A
Investor Class
Six Months Ended 4/30/11 (unaudited)	$	1,311		0.26	%*?†		N/A			0.33	%*?		0.01	%*?		(0.06	)%*?		N/A
Year Ended 10/31/10		1,366		0.27	%?		N/A			0.32	%?		0.03	%?		(0.02	)%?		N/A
Year Ended 10/31/09		5,966		0.29	%+		0.25	%+		0.36	%†+		0.25	%+		0.18	%+		0.01	%
Year Ended 10/31/08		2,003		0.22	%+		0.22	%+		0.31	%+		2.71	%+		2.61	%+		0.00	%§
Year Ended 10/31/07		24,243		0.21	%		N/A			0.33	%		3.48	%		3.36	%		N/A
Year Ended 10/31/06		3,052		0.20	%		N/A			0.31	%†		3.26	%		3.15	%		N/A
Administrative Class
Six Months Ended 4/30/11 (unaudited)	$	100		0.26	%*?†		N/A			0.38	%*?		0.01	%*?		(0.11	)%*?		N/A
Year Ended 10/31/10		100		0.29	%?		N/A			0.37	%?		0.01	%?		(0.07	)%?		N/A
Year Ended 10/31/09		100		0.33	%†+		0.29	%†+		0.40	%+		0.25	%+		0.18	%+		0.01	%
Year Ended 10/31/08		100		0.27	%+		0.27	%+		0.36	%+		2.26	%+		2.16	%+		0.00	%§
Year Ended 10/31/07		100		0.26	%		N/A			0.39	%†		3.44	%		3.31	%		N/A
Year Ended 10/31/06		100		0.25	%		N/A			0.39	%†		3.06	%		2.92	%		N/A
Advisory Class
Six Months Ended 4/30/11 (unaudited)	$	6,987		0.26	%*?†		N/A			0.48	%*?		0.01	%*?		(0.21	)%*?		N/A
Year Ended 10/31/10		6,213		0.29	%?		N/A			0.47	%?		0.01	%?		(0.17	)%?		N/A
Year Ended 10/31/09		4,990		0.39	%†+		0.35	%†+		0.50	%+		0.18	%+		0.07	%		0.01	%
Year Ended 10/31/08		4,756		0.37	%+		0.37	%+		0.46	%+		2.21	%+		2.11	%+		0.00	%§
Year Ended 10/31/07		59,851		0.36	%		N/A			0.49	%†		3.34	%		3.21	%		N/A
Year Ended 10/31/06		32,141		0.35	%		N/A			0.48	%		2.76	%		2.63	%		N/A
Participant Class
Six Months Ended 4/30/11 (unaudited)	$	18,069		0.26	%*?†		N/A			0.73	%*?		0.01	%*?		(0.46	)%*?		N/A
Year Ended 10/31/10		17,929		0.29	%?		N/A			0.72	%?		0.01	%?		(0.42	)%?		N/A
Year Ended 10/31/09		15,578		0.50	%†+		0.45	%†+		0.75	%+		0.11	%+		(0.14	)%+		0.01	%
Year Ended 10/31/08		22,683		0.62	%+		0.62	%+		0.71	%+		1.90	%+		1.80	%+		0.00	%§
Year Ended 10/31/07		19,443		0.62	%†		N/A			0.72	%†		3.13	%		3.03	%		N/A
Year Ended 10/31/06		100		0.57	%†		N/A			0.70	%†		2.74	%		2.61	%		N/A
Cash Management Class
Six Months Ended 4/30/11 (unaudited)	$	697,158		0.26	%*?†		N/A			0.38	%*?		0.01	%*?		(0.11	)%*?		N/A
Year Ended 10/31/10		785,955		0.30	%?		N/A			0.47	%?		0.00	%?§		(0.17	)%?		N/A
Year Ended 10/31/09		944,717		0.44	%†+		0.39	%†+		0.56	%†+		0.19	%+		0.07	%+		0.01	%
Year Ended 10/31/08		1,337,200		0.42	%+		0.42	%+		0.51	%+		1.95	%+		1.85	%+		0.00	%§
Year Ended 10/31/07		907,577		0.41	%		N/A			0.53	%		3.28	%		3.16	%		N/A
Year Ended 10/31/06		188,740		0.40	%†		N/A			0.51	%†		3.17	%		3.06	%		N/A

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

2011 Semi-Annual Report

April 30, 2011

Notes to Financial Highlights

††  Per share amount is based on average shares outstanding.

^  Amount is less than $0.0005 per share.

?  Reflects overall Portfolio ratios for investment income and non-class specific expenses.

^^  The Adviser contributed non recourse voluntary capital contributions to the Money Market and Prime Portfolios. The effect of these contributions are reflected in the Portfolios' total returns above. Without these capital contributions, the impact was less than 0.005% to the total returns for the Money Market and Prime Portfolios. (See Note H-1 within the Notes to Financial Statements).

#  The Adviser fully reimbursed the Portfolios for losses incurred resulting from the disposal of investments. The impact of this reimbursement is reflected in the total returns shown above for the Money Market and Prime Portfolios. Without this reimbursement, the total returns for the Money Market Portfolio's Institutional, Institutional Select, Investor, Administrative, Advisory, Participant and Cash Management Classes were 3.34%, 3.29%, 3.23%, 3.18%, 3.08%, 2.82% and 3.03%, respectively. Without this reimbursement, the total returns for the Prime Portfolio's Institutional, Institutional Select, Investor, Administrative, Advisory and Participant Classes were 3.21%, 3.16%, 3.11%, 3.06%, 2.96%, 2.70% and 0.43%, respectively.

##  The Adviser fully reimbursed the Portfolios for losses incurred resulting from disposal of investments. The impact of this reimbursement is reflected in the total returns shown above for the Money Market and Prime Portfolios. Without this reimbursement, the total returns for the Money Market Portfolio's Institutional, Institutional Select, Investor, Administrative, Advisory, Participant and Cash Management Classes were 5.35%, 5.30%, 5.25%, 5.20%, 5.09%, 4.83% and 5.04%, respectively. Without this reimbursement, the total returns for the Prime Portfolio's Institutional, Institutional Select, Investor, Administrative, Advisory and Participant Classes were 5.24%, 5.19%, 5.14%, 5.08%, 4.98%, and 4.72%, respectively.

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

§  Amount is less than 0.005%.

‡  Not Annualized.

*  Annualized.

+  The Ratio of Expenses and Net Investment Income reflect the rebate of certain Portfolio expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratios of Rebate from Morgan Stanley Affiliates to Average Net Assets".

**  Commencement of Operations.

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

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Liquidity Funds (the "Fund") is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as a Massachusetts business trust. The Fund is comprised of seven separate, active, diversified portfolios (individually referred to as a "Portfolio", collectively as the "Portfolios"). The Fund offers up to seven different classes of shares for certain Portfolios — Institutional Class, Institutional Select Class (formerly Service Class), Investor Class, Administrative Class, Advisory Class, Participant Class and Cash Management Class. All classes of shares have identical voting rights (except that shareholders of a Class have exclusive voting rights regarding any matter relating solely to that Class of shares), dividend, liquidation and other rights.

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

As of December 23, 2008, the Treasury Securities Portfolio was closed to new investors. Existing shareholders may maintain their shares in the Portfolio, reinvested dividends or redeem shares, but can not add to their current balance or replenish balances if they have since redeemed. As of April 1, 2011, the Treasury Securities Portfolio was reopened to new investors.

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

1.  Security Valuation: Securities owned by the Portfolios are stated at amortized cost which approximates market value, in accordance with Rule 2a-7 under the 1940 Act.

2.  Repurchase Agreements: Certain Portfolios may enter into repurchase agreements under which a Portfolio lends excess cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine the adequacy of the collateral. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. The Portfolios, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

3.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures" ("ASC 820"), defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

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

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

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

63

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Notes to Financial Statements (cont'd)

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

On January 21, 2010, the FASB issued Accounting Standards Update ("ASU") 2010-06. The ASU amends ASC 820 to add new requirements for disclosures about significant transfers into and out of Levels 1 and 2, which was adopted for fiscal years and interim periods beginning after December 15, 2009 as disclosed in the Fair Valuation Measurements summary at the end of the Portfolios of Investments. In addition, separate disclosures for purchases, sales, issuances and settlements relating to Level 3 measurements are required for fiscal years and interim periods beginning after December 15, 2010.

4.  Other: Security transactions are accounted for on the date the securities are purchased or sold. Realized gains (losses) on the sale of investment securities are determined on a "first-in-first-out" basis. Interest income is recognized on the accrual basis except where collection is in doubt. Discounts and premiums on securities purchased are amortized over their respective lives. Most expenses of the Fund can be directly attributed to a particular Portfolio. Expenses which cannot be directly attributed are apportioned among the Portfolios based upon relative net assets. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets. Dividends to the shareholders of the Portfolios are accrued daily and are distributed on the last business day of each month.

B. Investment Advisory Fees: Morgan Stanley Investment Management Inc. (the "Adviser" or "MS Investment Management"), a wholly-owned subsidiary of Morgan Stanley, provides investment advisory services under the terms of an Investment Advisory Agreement (the "Agreement") at the annual rates of the average daily net assets indicated below. The Adviser has agreed to reduce its advisory fee and/or reimburse expenses, after giving effect to custody fee offsets, so that total annual operating expenses of each share class will not exceed the amounts noted below. This fee waiver and/or expense reimbursement is expected to continue until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waiver and/or expense reimbursement when it deems that such action is appropriate.

Portfolio	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 Ratio
Class	Money Market			Prime			Government			Government Securities
Institutional Class		0.20	%		0.20	%		0.20	%		0.20	%
Institutional Select Class		0.25			0.25			0.25			0.25
Investor Class		0.30			0.30			0.30			0.30
Administrative Class		0.35			0.35			0.35			0.35
Advisory Class		0.45			0.45			0.45			0.45
Participant Class		0.70			0.70			0.70			0.70
Cash Management Class		0.35			0.35			0.35			0.35

	Maximum Expense Ratio
Class	Treasury			Treasury Securities			Tax- Exempt
Institutional Class		0.20	%		0.20	%		0.20	%
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

The Adviser may also waive additional advisory fees and/or reimburse expenses to the extent a Portfolio's total expenses exceed total income on a daily basis. The Ratio of Expenses to Average Net Assets disclosed in the Portfolios' Financial Highlights may be lower than the maximum ratios indicated in the table above due to additional voluntary expense limitations imposed by the Adviser. The Adviser may terminate these additional voluntary limitations at any time at its sole discretion.

C. Administration Fees: MS Investment Management (the "Administrator") also provides the Fund with administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.05% of each Portfolio's average daily net assets.

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

D. Distribution and Service and Shareholder Administration Plan Fees: Morgan Stanley Distribution, Inc. (the "Distributor"), a wholly-owned subsidiary of MS Investment Management and an indirect subsidiary of Morgan Stanley, serves as the distributor of the Fund.

The Fund has entered into an Administration Plan with respect to its Institutional Select Class, Investor Class and Administrative Class shares pursuant to which each class of

64

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Notes to Financial Statements (cont'd)

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

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

The Fund has also entered into a Distribution Plan with respect to its Participant Class and Cash Management Class shares pursuant to which each class of shares will pay the Distributor a monthly or quarterly distribution fee at an annual rate of up to 0.25% and 0.10% of the average daily net assets of each such class of shares, respectively, to compensate certain service organizations for providing distribution related services to the Fund.

The Fund has also entered into a Shareholder Service Plan with respect to its Participant Class and Cash Management Class shares pursuant to which each class of shares will pay the Distributor a monthly or quarterly service fee at an annual rate of up to 0.25% and 0.05% of the average daily net assets of each such class of shares, respectively, to compensate service organizations for providing administrative services to shareholders.

The Distributor has voluntarily agreed to reduce its distribution fees to the extent total expenses exceed total income on a daily basis for any class of shares in a Portfolio. The Distributor may terminate these additional waivers at any time.

On December 13, 2010, the Service Class was renamed the Institutional Select Class.

E. Dividend Disbursing and Transfer Agent: The Fund's dividend disbursing and transfer agent is Morgan Stanley Services Company Inc. ("Morgan Stanley Services").

F. Custodian Fees: State Street Bank and Trust Company (the "Custodian") serves as Custodian for the Fund in accordance with a custodian agreement. The Custodian holds cash, securities, and other assets of the Fund as required by the 1940 Act.

The Fund has entered into an arrangement with its Custodian whereby credits realized on uninvested cash balances were used to offset a portion of each Portfolio's expenses. If applicable, these custodian credits are shown as "Expense Offset" in the Statements of Operations.

G. Federal Income Taxes: It is each Portfolio's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for Federal income taxes is required in the financial statements.

FASB ASC 740-10 "Income Taxes — Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" on the Statement of Operations. The Portfolio files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years filed in the four year period ended October 31, 2010, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown on the Statements of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal 2010 and 2009 was as follows:

	2010 Distributions Paid From:						2009 Distributions Paid From:
Portfolio	Ordinary Income (000)		Tax- Exempt Income (000)		Long- term Capital Gain (000)		Ordinary Income (000)		Tax- Exempt Income (000)		Long- term Capital Gain (000)
Money Market	$	6,817	$	—	$	—	$	26,028	$	—	$	—
Prime		22,392		—		—		58,432		—		—
Government		4,177		—		107		43,699		—		—
Government Securities		157		—		4		915		—		—
Treasury		1,697		—		—		6,675		—		—
Treasury Securities		8		—		—		64		—		—
Tax-Exempt		118		1,685		152		606		9,316		—

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from U.S. generally accepted accounting principles. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are primarily due to differing book and tax treatments in the timing of the recognition of distribution payable and/or deferred compensation.

65

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Notes to Financial Statements (cont'd)

Permanent differences are generally due to distribution reclass, net operating loss, capital infusion and/or gain on the sale of deferred compensation assets. These resulted in the following reclassifications among the Portfolios' components of net assets at October 31, 2010:

Portfolio	Accumulated Undistributed (Distribution in Excess of) Net Investment income (Loss) (000)			Accumulated Net Realized Gain (Loss) (000)			Paid-in Capital (000)
Money Market	$	1		$	11,611		$	(11,612	)
Prime		(6	)		20,801			(20,795	)
Government		125			(125	)		—	@
Government Securities		6			(7	)		1
Treasury		16			(15	)		(1	)
Treasury Securities		(13	)		8			5
Tax-Exempt		8			1			(9	)

@ Amount is less than $500.

At October 31, 2010, the components of distributable earnings on a tax basis were as follows:

Portfolio	Undistributed Ordinary Income (000)			Tax- Exempt Income (000)		Undistributed Long-term Capital Gain (000)
Money Market	$	356		$	—	$	—
Prime		1,935			—		—
Government		626			—		—
Government Securities		19			—		—
Treasury		256			—		—
Treasury Securities		—			—		—
Tax-Exempt		—	@		268		—

@ Amount is less than $500.

At April 30, 2011, cost for U.S. Federal income tax purposes for the investments of the Portfolio were as follows:

Portfolio	Cost (000)
Money Market	$	4,015,315
Prime		18,337,040
Government		8,000,785
Government Securities		494,377
Treasury		4,790,003
Treasury Securities		66,734
Tax-Exempt		1,830,588

At October 31, 2010, the following Portfolios had available for Federal income tax purposes unused capital losses, which will expire on the indicated dates:

Portfolio	2016		2018		Total
Money Market	$	81	$	—	$	81
Prime		13		—		13
Tax-Exempt		—		82		82

During the year ended October 31, 2010, the following Portfolios utilized capital loss carryforwards for U.S. Federal income tax purposes of approximately:

Portfolio	Capital Loss Carryforward Utilized (000)
Money Market	$	10,660
Prime		15,101

H. Transactions and Capital Infusions by Affiliates:

1.  Capital Infusions by Affiliate: On September 25, 2009, the Money Market and the Prime Portfolios received $1,000,000 and $6,000,000, respectively, as non recourse voluntary capital contributions from the Adviser. These voluntary capital contributions were intended to increase the Portfolios' amortized cost net asset value per share. The Adviser did not receive any consideration in return for these capital contributions and no repayment or future consideration is expected.

On June 25, 2010, the Money Market and the Prime Portfolios received $10,613,133 and $14,795,806, respectively, as non recourse voluntary capital contributions from the Adviser. These voluntary capital contributions were intended to increase the Portfolio's amortized cost net asset value per share. The Adviser did not receive any consideration in return for these capital contributions and no repayment or future consideration is expected.

2.  Transactions with Affiliates: For the six months ended April 30, 2011, the following Portfolios had transactions with Citigroup, Inc., and its affiliated broker/dealers which may be deemed to be affiliates of the Investment Adviser, Distributor and Administrator under Section 17 of the 1940 Act.

Portfolio	Market Value October 31, 2010 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Interest Income (000)		Market Value April 30, 2011 (000)
Money Market	$	120,000	$	8,060,000	$	8,105,000	$	34	$	75,000
Prime		280,000		20,265,000		20,420,000		88		125,000
Government		100,000		22,100,000		22,000,000		54		200,000

I. Other: A portion of the securities of the Tax-Exempt Portfolio are insured by certain companies specializing in the insurance of municipal debt obligations. At April 30, 2011, approximately 3.72% of the net assets of the Tax-Exempt Portfolio are

66

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Notes to Financial Statements (cont'd)

covered by such insurance. The insurers and their obligations are as follows:

Insurers	Percentage of Net Assets
AGC		0.04	%
AGM		0.54
BHAC		3.14

At April 30, 2011, certain Portfolios had otherwise unaffiliated record owners of 10% or greater. Investment activities of these shareholders could have a material impact on these Portfolios. These Portfolios and the aggregate percentage of such owners were as follows:

	Percentage of Ownership
Class	Money Market			Prime			Government			Government Securities
Institutional Class		55.21	%		14.72	%		35.35	%		44.79	%
Institutional Select Class		—			100.00			96.77			99.67
Investor Class		99.45			100.00			91.91			—
Administrative Class		—			—			88.09			—
Advisory Class		99.07			95.59			96.06			—
Participant Class		92.34			98.90			—			—
Cash Management Class		13.61			93.58			92.54			56.16

	Percentage of Ownership
Class	Treasury			Treasury Securities			Tax- Exempt
Institutional Class		14.75	%		—			13.57	%
Institutional Select Class		—			83.33	%		—
Investor Class		—			—			92.04
Administrative Class		100.00			—			—
Advisory Class		97.40			—			94.69
Participant Class		21.79			—			99.45
Cash Management Class		23.37			65.21			—

J. Indemnifications: The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

67

2011 Semi-Annual Report

April 30, 2011 (unaudited)

U.S. Privacy Policy

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

Morgan Stanley Institutional Liquidity Funds (collectively, the "Fund") is required by federal law to provide you with a copy of their privacy policy (the "Policy") annually.

This Policy applies to current and former individual clients of Morgan Stanley Distribution, Inc., as well as current and former individual investors in Morgan Stanley mutual funds and related companies.

This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts. We may amend this Policy at any time, and will inform you of any changes to this Policy as required by law.

WE RESPECT YOUR PRIVACY

We appreciate that you have provided us with your personal financial information and understand your concerns about safeguarding such information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what nonpublic personal information we collect about you, how we collect it, when we may share it with others, and how others may use it. It discusses the steps you may take to limit our sharing of information about you with affiliated Morgan Stanley companies ("affiliated companies"). It also discloses how you may limit our affiliates' use of shared information for marketing purposes. Throughout this Policy, we refer to the nonpublic information that personally identifies you or your accounts as "personal information."

1.  WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?

To better serve you and manage our business, it is important that we collect and maintain accurate information about you. We obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our websites and from third parties and other sources.

For example:

•  We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through application forms you submit to us.

•  We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources.

•  We may obtain information about your creditworthiness and credit history from consumer reporting agencies.

•  We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements.

•  If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies." "Cookies" recognize your computer each time you return to one of our sites, and help to improve our sites' content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies.

2.  WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?

To provide you with the products and services you request, to better serve you, to manage our business and as otherwise required or permitted by law, we may disclose personal information we collect about you to other affiliated companies and to nonaffiliated third parties.

68

2011 Semi-Annual Report

April 30, 2011 (unaudited)

U.S. Privacy Policy (cont'd)

a. Information We Disclose to Our Affiliated Companies.

In order to manage your account(s) effectively, including servicing and processing your transactions, to let you know about products and services offered by us and affiliated companies, to manage our business, and as otherwise required or permitted by law, we may disclose personal information about you to other affiliated companies. Offers for products and services from affiliated companies are developed under conditions designed to safeguard your personal information.

b. Information We Disclose to Third Parties.

We do not disclose personal information that we collect about you to nonaffiliated third parties except to enable them to provide marketing services on our behalf, to perform joint marketing agreements with other financial institutions, and as otherwise required or permitted by law. For example, some instances where we may disclose information about you to third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with a nonaffiliated third party, they are required to limit their use of personal information about you to the particular purpose for which it was shared and they are not allowed to share personal information about you with others except to fulfill that limited purpose or as may be required by law.

3.  HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU?

We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information about you, and we require them to adhere to confidentiality standards with respect to such information.

4.  HOW CAN YOU LIMIT OUR SHARING OF CERTAIN PERSONAL INFORMATION ABOUT YOU WITH OUR AFFILIATED COMPANIES FOR ELIGIBILITY DETERMINATION?

We respect your privacy and offer you choices as to whether we share with our affiliated companies personal information that was collected to determine your eligibility for products and services such as credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Please note that, even if you direct us not to share certain eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with those companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account. We may also share certain other types of personal information with affiliated companies—such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.

5.  HOW CAN YOU LIMIT THE USE OF CERTAIN PERSONAL INFORMATION ABOUT YOU BY OUR AFFILIATED COMPANIES FOR MARKETING?

You may limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products or services to you. This information includes our transactions and other experiences with you such as your assets and account history. Please note that, even if you choose to limit our affiliated companies from using certain personal information about you that we may share with them for marketing their products and services to you, we may still share such personal information about you with them, including our transactions and experiences with you, for other purposes as permitted under applicable law.

69

2011 Semi-Annual Report

April 30, 2011 (unaudited)

U.S. Privacy Policy (cont'd)

6.  HOW CAN YOU SEND US AN OPT-OUT INSTRUCTION?

If you wish to limit our sharing of certain personal information about you with our affiliated companies for "eligibility purposes" and for our affiliated companies' use in marketing products and services to you as described in this notice, you may do so by:

•  Calling us at (888) 378-1630
Monday–Friday between 8 a.m. and 6 p.m. (EST)

•  Writing to us at the following address:

  Morgan Stanley Institutional Privacy Department
Harborside Financial Center
201 Plaza Two, 3rd Floor
Jersey City, NJ 07311

If you choose to write to us, your written request should include: your name, address, telephone number and account number(s) to which the opt-out applies and should not be sent with any other correspondence. In order to process your request, we require that the request be provided by you directly and not through a third party. Once you have informed us about your privacy preferences, your opt-out preference will remain in effect with respect to this Policy (as it may be amended) until you notify us otherwise. If you are a joint account owner, we will accept instructions from any one of you and apply those instructions to the entire account. Please allow approximately 30 days from our receipt of your opt-out for your instructions to become effective.

Please understand that if you opt-out, you and any joint account holders may not receive certain Morgan Stanley or our affiliated companies' products and services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account with us or our affiliates, you may receive multiple privacy policies from us, and would need to follow the directions stated in each particular policy for each account you have with us.

7.  WHAT IF AN AFFILIATED COMPANY BECOMES A NONAFFILIATED THIRD PARTY?

If, at any time in the future, an affiliated company becomes a nonaffiliated third party, further disclosures of personal information made to the former affiliated company will be limited to those described in Section 2(b) above relating to nonaffiliated third parties. If you elected under Section 6 to limit disclosures we make to affiliated companies, or use of personal information by affiliated companies, your election will not apply to use by any former affiliated company of your personal information in their possession once it becomes a nonaffiliated third party.

SPECIAL NOTICE TO RESIDENTS OF VERMONT

This section supplements our Policy with respect to our individual clients who have a Vermont address and supersedes anything to the contrary in the above Policy with respect to those clients only.

The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information ("opt-in").

If you wish to receive offers for investment products and services offered by or through other affiliated companies, please notify us in writing at the following address:

Morgan Stanley Institutional Privacy Department
Harborside Financial Center
201 Plaza Two, 3rd Floor
Jersey City, NJ 07311

Your authorization should include: your name, address, telephone number and account number(s) to which the opt-in applies and should not be sent with any other correspondence. In order to process your authorization, we require that the authorization be provided by you directly and not through a third-party.

SPECIAL NOTICE TO RESIDENTS OF CALIFORNIA

The following section supplements our Policy with respect to our individual clients who have a California address and supersedes anything to the contrary in the above Policy with respect to those clients only.

In response to a California law, if your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.

70

2011 Semi-Annual Report

April 30, 2011 (unaudited)

Trustee and Officer Information

Trustees

Michael E. Nugent
Frank L. Bowman
Michael Bozic
Kathleen A. Dennis
James F. Higgins
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
W. Allen Reed
Fergus Reid

Investment Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
100 Front Street, Suite 400
West Conshohocken, Pennsylvania 19428-2899

Dividend Disbursing and Transfer Agent

Morgan Stanley Services Company Inc.
P.O. Box 219804
Kansas City, Missouri 64121-9804

Officers

Michael E. Nugent
Chairperson of the Board and Director

Kevin Klingert
President and Principal Executive Officer

Mary Ann Picciotto
Chief Compliance Officer

Stefanie V. Chang Yu
Vice President

Mary E. Mullin
Secretary

Francis J. Smith
Treasurer and Principal Financial Officer

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111-2101

Legal Counsel

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

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116-5072

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters by filing the schedule electronically with the Securities and Exchange Commission (SEC). The semi-annual reports are filed on Form N-CSRS and the annual reports are filed on Form N-CSR. Morgan Stanley also delivers the semi-annual and annual reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im. Each Morgan Stanley fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters on Form N-Q and monthly holdings for each money market fund on Form N-MFP. Morgan Stanley does not deliver these reports to shareholders, nor are the first and third fiscal quarters posted to the Morgan Stanley public website. However, the holdings for each money market fund are posted to the Morgan Stanley public website. You may obtain the Form N-Q filings (as well as the FormN-CSR, N-CSRS and N-MFP filings) by accessing the SEC's website, www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC toll free at 1-800-SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102.

The Fund's Statement of Additional Information contains additional information about the Fund, including its Trustees. It is available, without charge, by calling toll free at 1-(888) 378-1630.

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Fund's Proxy Voting Policy and Procedures and information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1-(888) 378-1630 or by visiting our website at www.morganstanley.com/im. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus of the Morgan Stanley Institutional Liquidity Funds which describes in detail each Investment Portfolio's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Portfolio, please visit our website at www.morganstanley.com/im or call toll free 1-(888) 378-1630.

71

(This Page has been left blank intentionally.)

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

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, NY 10036

© 2011 Morgan Stanley

MSILFSAN
IU11-01324P-Y04/11

Item 2.  Code of Ethics.

Not applicable for semiannual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semiannual reports.

Item 6.

(a) Refer to Item 1.

(b) Not applicable.

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

Not applicable for semiannual reports.

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

Applicable only to reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable to reports filed by closed-end funds.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

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

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

SIGNATURES

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

Morgan Stanley Institutional Liquidity Funds

/s/ Arthur Lev

Arthur Lev

Principal Executive Officer

June 21, 2011

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

/s/ Arthur Lev

Arthur Lev

Principal Executive Officer

June 21, 2011

/s/ Francis Smith

Francis Smith

Principal Financial Officer

June 21, 2011