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)
Kevin Klingert 522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrant’s telephone number, including area code:				201-830-8802
Date of fiscal year end:	October 31, 2012
Date of reporting period:		April 30, 2012

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, 2012

2012 Semi-Annual Report

April 30, 2012

Table of Contents

Shareholders' Letter	2
Performance Summary	3
Expense Examples	4
Portfolios of Investments:
Money Market Portfolio	6
Prime Portfolio	11
Government Portfolio	23
Government Securities Portfolio	26
Treasury Portfolio	27
Treasury Securities Portfolio	29
Tax-Exempt Portfolio	30
Statements of Assets and Liabilities	34
Statements of Operations	38
Statements of Changes in Net Assets	40
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/liquidity.

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

2012 Semi-Annual Report

April 30, 2012 (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, 2012. 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 2012

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2012 Semi-Annual Report

April 30, 2012 (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, 2012, 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		0.19	%		0.19	%		0.15	%		0.15	%		0.09	%		0.09	%		0.04	%		0.04	%		0.01	%		0.01	%		0.01	%		0.01	%		0.04	%		0.04	%
Prime		0.16	%		0.16	%		0.11	%		0.11	%		0.06	%		0.06	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%		0.03	%
Government		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%
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		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
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		0.07	%		0.07	%		0.02	%		0.02	%		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		0.14	%		0.14	%		0.09	%		0.09	%		0.04	%		0.04	%		–0.01	%		–0.01	%		–0.11	%		–0.11	%		–0.36	%		–0.36	%		–0.01	%		–0.01	%
Prime		0.11	%		0.11	%		0.06	%		0.06	%		0.01	%		0.01	%		–0.04	%		–0.04	%		–0.14	%		–0.14	%		–0.39	%		–0.39	%		–0.04	%		–0.04	%
Government		–0.06	%		–0.06	%		–0.11	%		–0.11	%		–0.16	%		–0.16	%		–0.21	%		–0.21	%		–0.31	%		–0.31	%		–0.56	%		–0.56	%		–0.21	%		–0.21	%
Government Securities		–0.18	%		–0.18	%		–0.23	%		–0.23	%		–0.28	%		–0.27	%		–0.33	%		–0.32	%		–0.43	%		–0.42	%		–0.68	%		–0.67	%		–0.33	%		–0.32	%
Treasury		–0.10	%		–0.10	%		–0.15	%		–0.15	%		–0.20	%		–0.20	%		–0.25	%		–0.25	%		–0.35	%		–0.35	%		–0.60	%		–0.59	%		–0.25	%		–0.25	%
Treasury Securities		–0.14	%		–0.14	%		–0.19	%		–0.19	%		–0.24	%		–0.24	%		–0.29	%		–0.29	%		–0.39	%		–0.39	%		–0.64	%		–0.64	%		–0.29	%		–0.29	%
Tax-Exempt		–0.05	%		–0.05	%		–0.10	%		–0.10	%		–0.15	%		–0.15	%		–0.20	%		–0.20	%		–0.30	%		–0.30	%		–0.55	%		–0.55	%		–0.20	%		–0.20	%

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/liquidity. 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.

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2012 Semi-Annual Report

April 30, 2012 (unaudited)

Expense Examples

As a shareholder of a Portfolio, you incur ongoing costs, including management fees; administration plan fees; service and shareholder administration plan fees; distribution plan fees; shareholder service plan fees; 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, 2012 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.

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2012 Semi-Annual Report

April 30, 2012 (unaudited)

Expense Examples (cont'd)

Portfolio	Beginning Account Value 11/1/11		Actual Ending Account Value 4/30/12		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Money Market Portfolio Institutional Class	$	1,000.00	$	1,000.70	$	1,024.07	$	0.80	$	0.81		0.16	%
Money Market Portfolio Institutional Select Class		1,000.00		1,000.50		1,023.82		1.04		1.06		0.21
Money Market Portfolio Investor Class		1,000.00		1,000.30		1,023.57		1.29		1.31		0.26
Money Market Portfolio Administrative Class		1,000.00		1,000.10		1,023.47		1.39		1.41		0.28
Money Market Portfolio Advisory Class		1,000.00		1,000.00		1,023.47		1.39		1.41		0.28
Money Market Portfolio Participant Class		1,000.00		1,000.00		1,023.37		1.49		1.51		0.30
Money Market Portfolio Cash Management Class		1,000.00		1,000.10		1,023.42		1.44		1.46		0.29
Prime Portfolio Institutional Class		1,000.00		1,000.70		1,024.07		0.80		0.81		0.16
Prime Portfolio Institutional Select Class		1,000.00		1,000.50		1,023.82		1.04		1.06		0.21
Prime Portfolio Investor Class		1,000.00		1,000.20		1,023.57		1.29		1.31		0.26
Prime Portfolio Administrative Class		1,000.00		1,000.10		1,023.47		1.39		1.41		0.28
Prime Portfolio Advisory Class		1,000.00		1,000.00		1,023.42		1.44		1.46		0.29
Prime Portfolio Participant Class		1,000.00		1,000.00		1,023.42		1.44		1.46		0.29
Prime Portfolio Cash Management Class		1,000.00		1,000.10		1,023.57		1.29		1.31		0.26
Government Portfolio Institutional Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Portfolio Institutional Select Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Portfolio Investor Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Portfolio Administrative Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Portfolio Advisory Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Portfolio Participant Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Portfolio Cash Management Class		1,000.00		1,000.20		1,024.37		0.50		0.50		0.10
Government Securities Portfolio Institutional Class		1,000.00		1,000.00		1,024.71		0.15		0.15		0.03
Government Securities Portfolio Institutional Select Class		1,000.00		1,000.10		1,024.71		0.15		0.15		0.03
Government Securities Portfolio Investor Class		1,000.00		1,000.10		1,024.71		0.15		0.15		0.03
Government Securities Portfolio Administrative Class		1,000.00		1,000.10		1,024.71		0.15		0.15		0.03
Government Securities Portfolio Advisory Class		1,000.00		1,000.10		1,024.71		0.15		0.15		0.03
Government Securities Portfolio Participant Class		1,000.00		1,000.10		1,024.71		0.15		0.15		0.03
Government Securities Portfolio Cash Management Class		1,000.00		1,000.00		1,024.71		0.15		0.15		0.03
Treasury Portfolio Institutional Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Portfolio Institutional Select Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Portfolio Investor Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Portfolio Administrative Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Portfolio Advisory Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Portfolio Participant Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Portfolio Cash Management Class		1,000.00		1,000.10		1,024.47		0.40		0.40		0.08
Treasury Securities Portfolio Institutional Class		1,000.00		1,000.00		1,024.76		0.10		0.10		0.02
Treasury Securities Portfolio Institutional Select Class		1,000.00		1,000.10		1,024.76		0.10		0.10		0.02
Treasury Securities Portfolio Investor Class		1,000.00		1,000.10		1,024.76		0.10		0.10		0.02
Treasury Securities Portfolio Administrative Class		1,000.00		1,000.10		1,024.76		0.10		0.10		0.02
Treasury Securities Portfolio Advisory Class		1,000.00		1,000.10		1,024.76		0.10		0.10		0.02
Treasury Securities Portfolio Participant Class		1,000.00		1,000.10		1,024.76		0.10		0.10		0.02
Treasury Securities Portfolio Cash Management Class		1,000.00		1,000.00		1,024.76		0.10		0.10		0.02
Tax-Exempt Portfolio Institutional Class		1,000.00		1,000.10		1,024.27		0.60		0.60		0.12
Tax-Exempt Portfolio Institutional Select Class		1,000.00		1,000.10		1,024.27		0.60		0.60		0.12
Tax-Exempt Portfolio Investor Class		1,000.00		1,000.10		1,024.27		0.60		0.60		0.12
Tax-Exempt Portfolio Administrative Class		1,000.00		1,000.10		1,024.22		0.65		0.65		0.13
Tax-Exempt Portfolio Advisory Class		1,000.00		1,000.00		1,024.22		0.65		0.65		0.13
Tax-Exempt Portfolio Participant Class		1,000.00		1,000.00		1,024.22		0.65		0.65		0.13
Tax-Exempt Portfolio Cash Management Class		1,000.00		1,000.00		1,024.22		0.65		0.65		0.13

*  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 182/366 (to reflect the most recent one-half year period).

**  Annualized.

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2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Money Market Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (12.3%)
International Banks (12.3%)
Deutsche Bank AG
0.52%, 10/18/12	$	22,000	$	22,000
Mizuho Corporate Bank Ltd.,
0.14%, 5/3/12 - 5/4/12		120,000		120,000
Skandinaviska Enskilda Banken AB
0.21%, 5/1/12		75,000		75,000
Sumitomo Mitsui Banking Corp.,
0.36%, 8/1/12		20,000		20,000
0.37%, 7/10/12		38,000		38,000
0.38%, 7/6/12		20,000		20,000
Svenska Handelsbanken AB
0.60%, 8/2/12		50,000		50,000
Total Certificates of Deposit (Cost $345,000)				345,000
Commercial Paper (a) (14.1%)
International Banks (14.1%)
ABN Amro Funding USA LLC,
0.25%, 5/8/12 - 5/9/12		27,000		26,998
BNZ International Funding Ltd.,
0.53%, 8/14/12		20,000		19,970
0.54%, 8/16/12		23,000		22,963
ING US Funding LLC,
0.42%, 7/6/12		31,000		30,976
0.49%, 6/4/12		60,000		59,972
Nordea North America, Inc.,
0.52%, 5/1/12		25,000		25,000
0.62%, 8/1/12		15,000		14,977
Oversea Chinese Banking,
0.44%, 10/24/12		20,000		19,958
0.52%, 9/13/12		6,000		5,989
Rabobank USA Financial Corp.,
0.54%, 10/2/12		20,000		19,955
0.62%, 8/8/12		20,000		19,966
0.67%, 7/30/12		82,000		81,864
Sumitomo Mitsui Banking Corp.
0.39%, 7/6/12		30,000		29,979
Westpac Banking Corp.
0.48%, 9/17/12		15,000		14,973
Total Commercial Paper (Cost $393,540)				393,540
Floating Rate Notes (14.4%)
International Banks (14.4%)
ANZ National International Ltd.
0.59%, 8/3/12		40,000		40,000
Australia & New Zealand Bank
0.57%, 10/24/12		40,000		40,009
Bank of Nova Scotia,
0.47%, 4/26/13		55,000		54,995
0.77%, 8/9/12		24,000		24,016
Barclays Bank PLC
0.78%, 11/5/12 (b)		45,000		45,000
Deutsche Bank AG
0.47%, 3/15/13		75,000		75,000

	Face Amount (000)		Value (000)
Royal Bank of Canada
0.49%, 11/27/12	$	20,000	$	20,000
Westpac Banking Corp.,
0.48%, 7/5/12 (b)		70,000		70,000
0.53%, 10/24/12		35,000		35,000
Total Floating Rate Notes (Cost $404,020)				404,020
Repurchase Agreements (41.5%)
ABN Amro Securities LLC, (0.26%, dated 4/30/12, due 5/1/12; proceeds $10,000; fully collateralized by Corporate Bonds; Cellco Partnership/Verizon Wireless Capital LLC 8.50% due 11/15/18; United Technologies Corp. 5.70% due 4/15/40; valued at $10,500)		10,000		10,000
ABN Amro Securities LLC, (0.36%, dated 4/30/12, due 5/1/12; proceeds $40,000; fully collateralized by Common Stocks; Allstate Corp. (The); Alpha Natural Resources, Inc.; Amgen, Inc.; Apache Corp.; AT&T, Inc.; Baxter International, Inc.; BP PLC; CareFusion Corp.; Celgene Corp.; Citigroup, Inc.; Citrix Systems, Inc.; Comcast Corp.; Consolidated Edison, Inc.; DIRECTV; EMC Corp.; FirstEnergy Corp.; General Dynamics Corp.; General Electric Co.; Intel Corp.; International Business Machines Corp.; Johnson & Johnson; Lowe's Cos, Inc.; MetLife, Inc.; News Corp.; NIKE, Inc.; PepsiCo, Inc.; priceline.com, Inc.; Procter & Gamble Co. (The); Prudential Financial, Inc.; Ralcorp Holdings, Inc.; Range Resources Corp.; Target Corp.; United Technologies Corp.; Walt Disney Co. (The); Westar Energy, Inc.; Williams-Sonoma, Inc.; Yahoo!, Inc.; valued at $42,000)		40,000		40,000
Barclays Capital, Inc., (0.56%, dated 4/30/12, due 5/1/12; proceeds $10,000; fully collateralized by Common Stocks; Apple, Inc.; Ardea Biosciences, Inc.; Ascent Capital Group, Inc.; BroadSoft, Inc.; Clean Energy Fuels Corp.; Deckers Outdoor Corp.; First Cash Financial Services, Inc.; Gordmans Stores, Inc.; Integra LifeSciences Holdings Corp.; Knology, Inc.; Lamar Advertising Co.; Loopnet, Inc.; Loral Space & Communications, Inc.; Mellanox Technologies Ltd.; Metals USA Holdings Corp.; MModal, Inc.; OmniAmerican Bancorp, Inc.; Primoris Services Corp.; RLJ Lodging Trust; Sapient Corp.; Solar Capital Ltd.; Sourcefire, Inc.; Synaptics, Inc.; Take-Two Interactive Software, Inc.; Tessera Technologies, Inc.; Universal Electronics, Inc.; Websense, Inc.; Westmoreland Coal Co.; Zebra Technologies Corp.; Zep, Inc.; a Convertible Bond; Omnicare, Inc. 3.75% due 4/1/42; and a Convertible Preferred Stock; Omnicare Capital Trust II; valued at $10,641)		10,000		10,000
Barclays Capital, Inc., (0.91%, dated 2/17/12, due 5/1/12; proceeds $35,065; fully collateralized by Common Stocks; AerCap Holdings N.V.; American Eagle Outfitters, Inc.; Ameriprise Financial, Inc.; Anadarko Petroleum Corp.; Apple, Inc.; Bank of Montreal; BE Aerospace, Inc.; Berkshire Hathaway, Inc.; Canadian Natural Resources Ltd.; Capitol

The accompanying notes are an integral part of the financial statements.
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2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Federal Financial, Inc.; Charter Communications, Inc.; Coinstar, Inc.; Copart, Inc.; Corporate Executive Board Co. (The); Covanta Holding Corp.; CreXus Investment Corp.; CVR Energy, Inc.; DISH Network Corp.; EchoStar Corp.; Emergent Biosolutions, Inc.; Endo Pharmaceuticals Holdings, Inc.; Global Payments, Inc.; IntercontinentalExchange, Inc.; Intersil Corp.; InterXion Holding N.V.; Invacare Corp.; KBR, Inc.; Liberty Media Corp./Liberty Capital; LKQ Corp.; McDonald's Corp.; Medicines Co. (The); Mentor Graphics Corp.; MKS Instruments, Inc.; Monsanto Co.; Multimedia Games Holding Co., Inc.; PennyMac Mortgage Investment Trust; Piedmont Office Realty Trust, Inc.; Quest Software, Inc.; QuinStreet, Inc.; Rockwood Holdings, Inc.; Rovi Corp.; SEI Investments Co.; Synaptics, Inc.; Thoratec Corp.; Validus Holdings Ltd.; Zebra Technologies Corp.; Convertible Bonds; L-3 Communications Holdings, Inc. 3.00% due 8/1/35; Omnicare, Inc. 3.25% - 3.75% due 12/15/25 - 4/1/42; and a Convertible Preferred Stock; Omnicare Capital Trust II; valued at $37,252)	$	35,000	$	35,000
BMO Capital Markets Corp., (0.26%, dated 4/30/12, due 5/1/12; proceeds $120,001; fully collateralized by Corporate Bonds; Bank of Nova Scotia 2.05% - 4.38% due 12/17/13 - 1/13/21; Canadian Imperial Bank of Commerce 1.50% - 2.75% due 12/12/14 - 1/27/16; European Investment Bank 4.63% due 5/15/14; Financement-Quebec 5.00% due 10/25/12; Hydro Quebec 2.00% - 9.40% due 2/1/13 - 1/15/27; Inter-American Development Bank 0.70% due 5/20/14; KFW 1.88% due 1/14/13; NIBC Bank N.V. 2.80% due 12/2/14; Ontario Electricity Financial Corp. 7.45% due 3/31/13; Province of British Columbia, Canada 2.85% due 6/15/15; Province of Manitoba, Canada 1.30% - 2.63% due 4/28/14 - 4/3/17; Province of New Brunswick, Canada 5.20% - 9.75% due 8/15/13 - 5/15/20; Province of Nova Scotia, Canada 2.38% - 8.88% due 7/21/15 - 7/1/19; Province of Ontario, Canada 0.94% - 4.75% due 5/22/12 - 4/14/20; Province of Quebec, Canada 3.50% - 7.50% due 5/5/14 - 9/15/29; Province of Saskatchewan, Canada 7.38% due 7/15/13; Royal Bank of Canada Zero Coupon - 3.13% due 10/30/14 - 4/14/15; Santander Holdings USA, Inc. 2.50% due 6/15/12; Svensk Exportkredit AB 1.75% due 10/20/15; Toronto-Dominion Bank (The) 1.38% due 7/14/14; and a U.S. Government Agency; Government National Mortgage Association 3.50% due 2/15/42; valued at $125,875)		120,000		120,000
BNP Paribas Securities Corp., (0.51%, dated 4/30/12, due 5/1/12; proceeds $10,000; fully collateralized by Corporate Bonds; HCA, Inc. 6.25% due 2/15/13; Toll Brothers Finance Corp. 5.88% due 2/15/22; valued at $10,600)		10,000		10,000

	Face Amount (000)		Value (000)
Credit Suisse Securities USA, (0.25%, dated 4/25/12, due 5/2/12; proceeds $70,003; fully collateralized by Common Stocks; Allscripts Healthcare Solutions, Inc.; American Eagle Outfitters, Inc.; Arch Capital Group Ltd.; Axis Capital Holdings Ltd.; BP PLC; Brown & Brown, Inc.; Charles River Laboratories International, Inc.; ChipMOS TECHNOLOGIES (Bermuda) Ltd.; Comcast Corp.; Credicorp Ltd.; Credit Suisse Group AG; DISH Network Corp.; Global Payments, Inc.; Goldcorp, Inc.; Hooker Furniture Corp.; John B. Sanfilippo & Son, Inc.; Key Technology, Inc.; Lennar Corp.; Martin Midstream Partners LP; McDermott International, Inc.; NCR Corp.; Nippon Telegraph & Telephone Corp.; Northrim BanCorp, Inc.; NVR, Inc.; Omnicare, Inc.; Orbotech Ltd.; Oriental Financial Group, Inc.; Orthofix International N.V.; Oshkosh Corp.; Pan American Silver Corp.; PartnerRe Ltd.; Pearson PLC; Penn National Gaming, Inc.; Polycom, Inc.; Pool Corp.; Protective Life Corp.; QLogic Corp.; Ralcorp Holdings, Inc.; Raymond James Financial, Inc.; Reed Elsevier PLC; Reinsurance Group of America, Inc.; Rochester Medical Corp.; Rock-Tenn Co.; Royal Gold, Inc.; Sasol Ltd.; SEI Investments Co.; Sociedad Quimica y Minera de Chile SA; SPX Corp.; TRW Automotive Holdings Corp.; UDR, Inc.; valued at $73,510)	$	70,000	$	70,000
Credit Suisse Securities USA, (0.50%, dated 4/25/12, due 5/2/12; proceeds $10,001; fully collateralized by Common Stocks; AGCO Corp.; American Eagle Outfitters, Inc.; American National Insurance Co.; Ameristar Casinos, Inc.; Analogic Corp.; Anika Therapeutics, Inc.; ANN, Inc.; Arctic Cat, Inc.; Arris Group, Inc.; Barrick Gold Corp.; China Telecom Corp., Ltd.; Energen Corp.; Everest Re Group Ltd.; Hanover Insurance Group, Inc. (The); Knology, Inc.; and Corporate Bonds; DR Horton, Inc. 2.00% due 5/15/14; FTI Consulting, Inc. 3.75% due 7/15/12; Saks, Inc. 2.00% due 3/15/24; Sotheby's 3.12% due 6/15/13; tw telecom, Inc. 2.38% due 4/1/26; United States Steel Corp. 4.00% due 5/15/14; valued at $10,986)		10,000		10,000
Deutsche Bank Securities, Inc., (0.21%, dated 4/30/12, due 5/1/12; proceeds $216,286; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 3.50% - 4.50% due 10/1/20 - 4/1/42; valued at $222,842)		216,285		216,285
Deutsche Bank Securities, Inc., (0.51%, dated 4/30/12, due 5/1/12; proceeds $20,000; fully collateralized by Common Stocks; Banco Macro SA; Coca-Cola Femsa SAB de CV; Ctrip.com International Ltd.; Enersis SA; Ensco PLC; Focus Media Holding Ltd.; Fresenius Medical Care AG & Co. KGaA; GlaxoSmithKline PLC; Grupo Aeroportuario del Pacifico SAB de CV; Grupo Televisa SAB; NetEase, Inc.; Petroleo Brasileiro SA; Randgold Resources Ltd.; Shire PLC; Siemens AG; Telecom Argentina SA; Teva Pharmaceutical Industries Ltd.; Ultrapar Participacoes SA; Vodafone Group PLC;

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
WuXi AppTec Co., Ltd.; Corporate Bonds; Alcoa, Inc. 5.25% due 3/15/14; Fidelity National Financial, Inc. 4.25% due 8/15/18; International Game Technology 3.25% due 5/1/14; United Rentals North America, Inc. 1.88% due 10/15/23; and a Convertible Preferred Stock; Bunge Ltd.; valued at $21,700)	$	20,000	$	20,000
JP Morgan Clearing Corp., (0.32%, dated 4/30/12, due 5/1/12; proceeds $45,000; fully collateralized by Common Stocks; 51job, Inc.; Alliance Holdings GP LP; Allscripts Healthcare Solutions, Inc.; ARM Holdings PLC; Bel Fuse, Inc.; Black Box Corp.; Bruker Corp.; Carmike Cinemas, Inc.; CoStar Group, Inc.; Crocs, Inc.; Cypress Semiconductor Corp.; Digital River, Inc.; East West Bancorp, Inc.; eLong, Inc.; Embotelladora Andina SA; Encore Capital Group, Inc.; Ensco PLC; EPIQ Systems, Inc.; Exponent, Inc.; First Citizens BancShares, Inc.; First Merchants Corp.; First Midwest Bancorp, Inc.; Fisher Communications, Inc.; Fly Leasing Ltd.; Fulton Financial Corp.; Gen-Probe, Inc.; Gruma SAB de CV; Heidrick & Struggles International, Inc.; Hi-Tech Pharmacal Co., Inc.; Hologic, Inc.; Hooker Furniture Corp.; Hot Topic, Inc.; Huron Consulting Group, Inc.; IAC/InterActiveCorp.; InfoSpace, Inc.; Innospec, Inc.; InterDigital, Inc.; Intersil Corp.; iRobot Corp.; Itron, Inc.; Kensey Nash Corp.; Kirkland's, Inc.; LivePerson, Inc.; MedAssets, Inc.; Metro Bancorp, Inc.; Micrel, Inc.; MKS Instruments, Inc.; Momenta Pharmaceuticals, Inc.; Multimedia Games Holding Co., Inc.; Nash Finch Co.; Natus Medical, Inc.; NuVasive, Inc.; NxStage Medical, Inc.; Omnicell, Inc.; Oplink Communications, Inc.; PacWest Bancorp; Pantry, Inc. (The); Park-Ohio Holdings Corp.; Perfect World Co., Ltd.; PF Chang's China Bistro, Inc.; Quest Software, Inc.; Royal Dutch Shell PLC; Royal Gold, Inc.; Rudolph Technologies, Inc.; Saia, Inc.; Schweitzer-Mauduit International, Inc.; Shoe Carnival, Inc.; Siemens AG; Silicon Laboratories, Inc.; Silicon Motion Technology Corp.; Sinclair Broadcast Group, Inc.; Spectranetics Corp.; Standard Microsystems Corp.; State Auto Financial Corp.; SureWest Communications; Synaptics, Inc.; Thoratec Corp.; Ulta Salon Cosmetics & Fragrance, Inc.; Ultratech, Inc.; WebMD Health Corp.; valued at $47,255)		45,000		45,000
JP Morgan Clearing Corp., (0.86%, dated 3/7/12, due 5/1/12; proceeds $40,053; fully collateralized by Convertible Bonds; ArcelorMittal 5.00% due 5/15/14; Dominion Resources, Inc. 2.13% due 12/15/23; DR Horton, Inc. 2.00% due 5/15/14; General Cable Corp. 0.88% due 11/15/13; Liberty Interactive LLC 3.75% due 2/15/30; Medtronic, Inc. 1.63% due 4/15/13; National Retail Properties, Inc. 3.95% due 9/15/26; Roper Industries, Inc. 1.63% due 1/15/34; Saks, Inc. 2.00% due 3/15/24; Terex Corp. 4.00% due 6/1/15; United States Steel Corp. 4.00% due 5/15/14; valued at $45,238)		40,000		40,000

	Face Amount (000)		Value (000)
Merrill Lynch Pierce Fenner, (0.31%, dated 4/30/12, due 5/1/12; proceeds $30,000; fully collateralized by Common Stocks; 7 Days Group Holdings Ltd.; Alliance Holdings GP LP; America Movil SAB de CV; Armstrong World Industries, Inc.; Baidu, Inc.; BP PLC; Bruker Corp.; Canon, Inc.; Chicago Bridge & Iron Co. N.V.; Ctrip.com International Ltd.; Diebold, Inc.; Endurance Specialty Holdings Ltd.; Ensco PLC; Ethan Allen Interiors, Inc.; Fifth Third Bancorp; Fulton Financial Corp.; InterContinental Hotels Group PLC; International Flavors & Fragrances, Inc.; Lockheed Martin Corp.; MDU Resources Group, Inc.; Mobile Telesystems OJSC; MPG Office Trust, Inc.; NVR, Inc.; Petroleo Brasileiro SA; Reliance Steel & Aluminum Co.; SEI Investments Co.; Sensata Technologies Holding N.V.; Teva Pharmaceutical Industries Ltd.; Vale SA; White Mountains Insurance Group Ltd.; Convertible Bonds; Amgen, Inc. 0.38% due 2/1/13; Liberty Interactive 3.13% due 3/30/23; Medtronic, Inc. 1.63% due 4/15/13; and Preferred Stocks; BRE Properties, Inc.; FelCor Lodging Trust, Inc.; valued at $32,137)	$	30,000	$	30,000
Merrill Lynch Pierce Fenner, (0.59%, dated 4/16/12, due 5/1/12; proceeds $25,006; fully collateralized by Common Stocks; 7 Days Group Holdings Ltd.; America Movil SAB de CV; Arrow Electronics, Inc.; Arthur J. Gallagher & Co.; Baidu, Inc.; BP PLC; Bruker Corp.; Cabot Microelectronics Corp.; Central Vermont Public Service Corp.; CNH Global N.V.; Ctrip.com International Ltd.; Exelis, Inc.; Fulton Financial Corp.; Itron, Inc.; Kenexa Corp.; LeCroy Corp.; Liz Claiborne, Inc.; Lockheed Martin Corp.; Molex, Inc.; Morningstar, Inc.; Noble Energy, Inc.; Noranda Aluminum Holding Corp.; Petroleo Brasileiro SA; Provident Financial Services, Inc.; Symantec Corp.; Teva Pharmaceutical Industries Ltd.; Vale SA; Convertible Bonds; Amgen, Inc. 0.38% due 2/1/13; Liberty Interactive 3.13% due 3/30/23; Medtronic, Inc. 1.63% due 4/15/13; and a Preferred Stock; MPG Office Trust, Inc.; valued at $26,781)		25,000		25,000
RBS Securities, Inc., (0.51%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 4.50% - 5.00% due 6/15/39 - 10/20/41; valued at $103,357)		100,000		100,000
TD Securities USA LLC, (0.24%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by Corporate Bonds; Coca-Cola Co. (The) 3.30% due 9/1/21; Nordea Bank AB 4.88% due 1/14/21; Province of Manitoba, Canada 9.25% due 4/1/20; Rio Tinto Finance USA Ltd. 3.75% due 9/20/21; Verizon Communications, Inc. 5.85% due 9/15/35; valued at $104,956)		100,000		100,000
Wells Fargo Securities LLC, (0.22%, dated 4/30/12, due 5/1/12; proceeds $200,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Bank 0.28% - 2.75% due 9/16/13 - 5/22/19; Federal Home Loan Bank

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Money Market Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Discount Note Zero Coupon due 6/27/12 - 7/5/12; Federal National Mortgage Association 4.38% due 9/15/12; valued at $204,078)	$	200,000	$	200,000
Wells Fargo Securities LLC, (0.26%, dated 4/30/12, due 5/1/12; proceeds $70,001; fully collateralized by Corporate Bonds; AT&T, Inc. 6.30% due 1/15/38; Brandywine Operating Partnership LP 4.95% due 4/15/18; Comcast Corp. 5.65% - 6.55% due 6/15/35 - 7/1/39; Enterprise Products Operating LLC 5.70% due 2/15/42; IBM International Group Capital LLC 5.05% due 10/22/12; Johnson Controls, Inc. 5.25% due 12/1/41; Lincoln National Corp. 4.85% due 6/24/21; Rogers Communications, Inc. 6.38% due 3/1/14; UDR, Inc. 4.63% due 1/10/22; valued at $73,500)		70,000		70,000
Wells Fargo Securities LLC, (0.36%, dated 4/30/12, due 5/1/12; proceeds $10,000; fully collateralized by Corporate Bonds; Health Care REIT, Inc. 4.70% due 9/15/17; Weatherford International Ltd. 6.00% due 3/15/18; valued at $10,500)		10,000		10,000
Total Repurchase Agreements (Cost $1,161,285)				1,161,285
Tax-Exempt Instruments (17.9%)
Closed-End Investment Company (0.4%)
Nuveen Premium Income Municipal Fund 2, Inc., VRDP Ser 1-4895 (AMT)
0.40%, 5/5/41 (b)10,000				10,000
Weekly Variable Rate Bonds (17.5%)
California Statewide Communities Development Authority, Kaiser Permanente
Ser 2008 A
0.23%, 4/1/32		27,500		27,500
Ser 2009 C-1
0.23%, 4/1/46		27,000		27,000
Ser 2009 C-2
0.23%, 4/1/46		17,500		17,500
Ser 2009 C-3
0.23%, 4/1/45		34,900		34,900
Chicago Mission AAA Hockey Club, IL, Taxable Ser 2011
0.26%, 5/1/46		5,000		5,000
Colorado Housing & Finance Authority, Multi-Family Class II 2005 Ser A-3 (AMT)
0.23%, 4/1/40		15,680		15,680
Single Family Mortgage Class I 2003 Ser B-3 (AMT)
0.23%, 11/1/26		12,500		12,500
Denver Public Schools, CO, Ser 2011 A-3 COPs (Taxable)
0.15%, 12/15/37		12,500		12,500
Fremont, CA, Ser 2010 COPs 0.23%, 8/1/38		10,000		10,000
Kansas Department of Transportation, Highway Ser 2004 C-4
0.20%, 9/1/24		46,550		46,550

	Face Amount (000)		Value (000)
Loudoun County Industrial Development Authority, VA, Howard Hughes Medical Institute Ser 2003 D
0.20%, 2/15/38	$	11,200	$	11,200
Maryland Department of Housing & Community Development, Community Development Administration
Residential 2004 Ser F (AMT)
0.26%, 9/1/35		20,000		20,000
Residential 2006 Ser G (AMT)
0.27%, 9/1/40		19,000		19,000
New York City Municipal Water Finance Authority, NY, Second General Fiscal 2010 Ser CC
0.22%, 6/15/41		52,200		52,200
New York City, NY, Fiscal 2010 Subser G-4
0.22%, 3/1/39		23,700		23,700
New York State Housing Finance Agency, Chelsea Apartments 2003 Ser A (AMT)
0.23%, 11/15/36		45,000		45,000
Related-Taconic West 17th Street Ser 2009 A
0.21%, 5/15/39		17,150		17,150
Santa Clara Valley Transportation Authority, CA, Measure A Sales Tax Ser 2008 A
0.24%, 4/1/36		22,945		22,945
South Carolina Jobs - Economic Development Authority, Oconee Memorial Hospital Ser 2006 A (Radian)
0.26%, 10/1/36		27,000		27,000
Utah Housing Corporation,
Single Family Mortgage Class I 2008 Ser D-1 (AMT)
0.27%, 7/1/39		11,325		11,325
Single Family Mortgage Class I 2009 Ser B
0.24%, 1/1/39		10,000		10,000
Western Municipal Water District Facilities Authority, CA, Ser 2009 A
0.22%, 10/1/32		22,350		22,350
				491,000
Total Tax-Exempt Instruments (Cost $501,000)				501,000
Total Investments (100.2%) (Cost $2,804,845)				2,804,845
Liabilities in Excess of Other Assets (-0.2%)				(5,404	)
Net Assets (100.0%)			$	2,799,441

(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.

REIT  Real Estate Investment Trust.

VRDP  Variable Rate Demand Preferred.

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

2012 Semi-Annual Report

April 30, 2012 (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 investments as of April 30, 2012. (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	$	—	$	345,000	$	—	$	345,000
Commercial Paper		—		393,540		—		393,540
Floating Rate Notes		—		404,020		—		404,020
Repurchase Agreements		—		1,161,285		—		1,161,285
Tax-Exempt Instruments
Closed-End Investment Company		—		10,000		—		10,000
Weekly Variable Rate Bonds		—		491,000		—		491,000
Total Tax-Exempt Instruments				501,000				501,000
Total Assets	$	—	$	2,804,845	$	—	$	2,804,845

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, 2012, the Portfolio did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		41.4	%
Tax-Exempt Instruments		17.9
Floating Rate Notes		14.4
Commercial Paper		14.0
Certificates of Deposit		12.3
Total Investments		100.0	%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Prime Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (17.1%)
International Banks (17.1%)
Bank of Montreal
0.13%, 5/1/12	$	500,000	$	500,000
Deutsche Bank AG
0.52%, 10/18/12		170,000		170,000
Mizuho Corporate Bank Ltd.,
0.14%, 5/3/12 - 5/4/12		905,000		905,000
Oversea Chinese Banking
0.32%, 6/29/12		30,000		30,000
Skandinaviska Enskilda Banken AB
0.21%, 5/1/12		478,500		478,500
Sumitomo Mitsui Banking Corp.,
0.36%, 8/1/12		148,000		148,000
0.37%, 7/10/12		235,000		235,000
0.38%, 7/6/12		357,000		357,000
Svenska Handelsbanken AB
0.60%, 8/2/12		375,000		375,000
Total Certificates of Deposit (Cost $3,198,500)				3,198,500
Commercial Paper (a) (12.9%)
International Banks (12.9%)
ABN Amro Funding USA LLC,
0.25%, 5/8/12 - 5/9/12 (b)		135,000		134,993
0.48%, 5/15/12 (b)		250,000		249,954
ING US Funding LLC,
0.42%, 7/6/12		190,000		189,855
0.49%, 6/4/12		370,000		369,831
Nordea North America, Inc.,
0.52%, 5/1/12		205,000		205,000
0.62%, 8/1/12		138,000		137,787
Oversea Chinese Banking,
0.43%, 10/24/12		130,000		129,727
0.52%, 9/13/12		50,000		49,904
Rabobank USA Financial Corp.,
0.54%, 10/2/12		48,000		47,891
0.59%, 9/4/12		150,000		149,696
0.62%, 8/8/12		105,000		104,824
0.68%, 7/30/12		490,000		489,185
Svenska Handelsbanken AB
0.57%, 8/27/12 (b)		150,000		149,722
Total Commercial Paper (Cost $2,408,369)				2,408,369
Floating Rate Notes (12.1%)
International Banks (12.1%)
Bank of Nova Scotia,
0.47%, 4/26/13		354,500		354,465
0.67%, 6/11/12		83,000		83,028
0.77%, 8/9/12		237,000		237,178
Barclays Bank PLC
0.78%, 11/5/12		284,000		284,000

	Face Amount (000)		Value (000)
Deutsche Bank AG
0.47%, 3/15/13	$	450,000	$	450,000
Royal Bank of Canada
0.49%, 11/27/12		200,000		200,000
Westpac Banking Corp.,
0.48%, 7/5/12		450,000		450,000
0.53%, 10/24/12		215,000		215,000
Total Floating Rate Notes (Cost $2,273,671)				2,273,671
Repurchase Agreements (46.3%)
ABN Amro Securities (USA) LLC, (0.21%, dated 4/30/12, due 5/1/12; proceeds $150,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.50% - 4.50% due 8/1/26 - 5/1/41; Federal National Mortgage Association 4.00% - 5.50% due 5/1/20 - 5/1/41; and a U.S. Government Obligation; U.S. Treasury Bill Zero Coupon due 4/4/13; valued at $154,270)		150,000		150,000
ABN Amro Securities (USA) LLC, (0.26%, dated 4/30/12, due 5/1/12; proceeds $90,001; fully collateralized by Corporate Bonds; Ameren Illinois Co. 9.75% due 11/15/18; AT&T, Inc. 6.30% due 1/15/38; Bank of America Corp. 5.70% due 1/24/22; Comcast Corp. 6.40% due 5/15/38; ConAgra Foods, Inc. 5.88% due 4/15/14; Consolidated Edison Co. of New York, Inc. 5.55% due 4/1/14; Daimler Finance North America LLC 2.40% due 4/10/17; DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 5.20% due 3/15/20; Dr. Pepper Snapple Group, Inc. 2.90% due 1/15/16; LG&E and KU Energy LLC 3.75% due 11/15/20; MassMutual Global Funding II Zero Coupon - 2.30% due 9/28/15 - 4/5/17; Morgan Stanley 5.63% - 6.63% due 4/1/18 - 9/23/19; News America, Inc. 6.65% due 11/15/37; PacifiCorp 4.10% due 2/1/42; PNC Funding Corp. 5.25% due 11/15/15; PSEG Power LLC 2.50% due 4/15/13; Puget Sound Energy, Inc. 5.20% due 10/1/15; Time Warner Cable, Inc. 4.13% due 2/15/21; Toledo Edison Co. (The) 6.15% due 5/15/37; United Technologies Corp. 5.70% - 6.13% due 2/1/19 - 4/15/40; UnitedHealth Group, Inc. 6.00% due 2/15/18; Verizon Communications, Inc. 2.00% due 11/1/16; Wal-Mart Stores, Inc. 5.00% due 10/25/40; Walt Disney Co. (The) 2.75% due 8/16/21; Wells Fargo & Co. 5.13% due 9/1/12; WR Berkley Corp. 4.63% due 3/15/22; and by a U.S. Government Agency; Federal Home Loan Mortgage Corporation 4.00% due 10/1/31; valued at $94,213)		90,000		90,000

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
ABN Amro Securities (USA) LLC, (0.36%, dated 4/30/12, due 5/1/12; proceeds $290,003; fully collateralized by Common Stocks; Abbott Laboratories; Alpha Natural Resources, Inc.; Amazon.com, Inc.; American Express Co.; Anadarko Petroleum Corp.; Apple, Inc.; AT&T, Inc.; Baxter International, Inc.; BP PLC; CareFusion Corp.; CenterPoint Energy, Inc.; Chevron Corp.; Citigroup, Inc.; Citrix Systems, Inc.; Comcast Corp.; ConAgra Foods, Inc.; Consolidated Edison, Inc.; eBay, Inc.; EMC Corp.; Exxon Mobil Corp.; FirstEnergy Corp.; General Dynamics Corp.; General Electric Co.; Google, Inc.; Halliburton Co.; Intel Corp.; International Business Machines Corp.; Johnson & Johnson; JPMorgan Chase & Co.; Kraft Foods, Inc.; Mastercard, Inc.; McDonald's Corp.; Merck & Co., Inc.; MetLife, Inc.; Microsoft Corp.; Morgan Stanley; Mosaic Co. (The); Motorola Solutions, Inc.; Mylan, Inc.; News Corp.; Oracle Corp.; PepsiCo, Inc.; Pfizer, Inc.; Philip Morris International, Inc.; Procter & Gamble Co. (The); Progress Energy, Inc.; Prudential Financial, Inc.; QUALCOMM, Inc.; Ralcorp Holdings, Inc.; Range Resources Corp.; SanDisk Corp.; Target Corp.; United Technologies Corp.; Walt Disney Co. (The); Wells Fargo & Co.; Westar Energy, Inc.; Williams-Sonoma, Inc.; Yahoo!, Inc.; valued at $304,500)	$	290,000	$	290,000
Bank of Montreal, (0.18%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 1.13% due 6/15/13; valued at $102,423)		100,000		100,000
Bank of Nova Scotia, (0.18%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.25% - 2.00% due 10/31/12 - 11/15/21; valued at $102,050)		100,000		100,000
Bank of Nova Scotia, (0.21%, dated 4/30/12, due 5/1/12; proceeds $275,002; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% due 2/1/26; Federal National Mortgage Association 4.50% due 4/1/39; valued at $282,895)		275,000		275,000
Bank of Nova Scotia, (0.22%, dated 3/21/12, due 3/15/13; proceeds $275,603; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.00% - 4.50% due 12/1/24 - 2/1/42; Federal National Mortgage Association 3.00% - 5.00% due 12/1/26 - 3/1/42; valued at $284,781)		275,000		275,000

	Face Amount (000)		Value (000)
Barclays Capital, Inc., (0.56%, dated 4/30/12, due 5/1/12; proceeds $50,001; fully collateralized by Common Stocks; Acxiom Corp.; AG Mortgage Investment Trust, Inc.; American Capital Mortgage Investment Corp.; Amylin Pharmaceuticals, Inc.; Apple, Inc.; AVEO Pharmaceuticals, Inc.; AVX Corp.; BE Aerospace, Inc.; ChipMOS TECHNOLOGIES Bermuda Ltd.; Hittite Microwave Corp.; Intersil Corp.; Liberty Global, Inc.; Liberty Media Corp. - Liberty Capital; Medicines Co. (The); Natural Gas Services Group, Inc.; On Assignment, Inc.; Quality Distribution, Inc.; Steven Madden Ltd.; Take-Two Interactive Software, Inc.; Texas Roadhouse, Inc.; Web.com Group, Inc.; Westport Innovations, Inc.; Convertible Bonds; Alliant Techsystems, Inc. 3.00% due 8/15/24; Amgen, Inc. 0.38% due 2/1/13; Chesapeake Energy Corp. 2.50% - 2.75% due 11/15/35 - 5/15/37; Covanta Holding Corp. 3.25% due 6/1/14; Danaher Corp. Zero Coupon due 1/22/21; Dominion Resources, Inc. 2.13% due 12/15/23; EnerSys 3.38% due 6/1/38; Ford Motor Co. 4.25% due 12/15/36; General Cable Corp. 4.50% due 11/15/29; Health Care REIT, Inc. 4.75% due 7/15/27; Iconix Brand Group, Inc. 1.88% due 6/30/12; International Game Technology 3.25% due 5/1/14; L-3 Communications Holdings, Inc. 3.00% due 8/1/35; Leap Wireless International, Inc. 4.50% due 7/15/14; Lennar Corp. 2.00% due 12/1/20; Liberty Interactive LLC 3.13% - 3.75% due 3/30/23 - 3/15/31; MGM Resorts International 4.25% due 4/15/15; Medtronic, Inc. 1.63% due 4/15/13; Microsoft Corp. Zero Coupon due 6/15/13; NASDAQ OMX Group, Inc. (The) 2.50% due 8/15/13; National Retail Properties, Inc. 5.13% due 6/15/28; Old Republic International Corp. 8.00% due 5/15/12; Omnicare, Inc. 3.75% due 4/1/42; Omnicom Group, Inc. Zero Coupon due 7/31/32; Owens-Brockway Glass Container, Inc. 3.00% due 6/1/15; Peabody Energy Corp. 4.75% due 12/15/66; Saks, Inc. 2.00% due 3/15/24; Teva Pharmaceutical Finance Co., LLC 0.25% due 2/1/26; tw telecom, Inc. 2.38% due 4/1/26; United States Steel Corp. 4.00% due 5/15/14; and Convertible Preferred Stocks; Omnicare Capital Trust I; Omnicare Capital Trust II; valued at $55,470)	$	50,000	$	50,000
Barclays Capital, Inc., (0.91%, dated 2/17/12, due 5/1/12; proceeds $215,402; fully collateralized by Common Stocks; Aircastle Ltd.; Cameco Corp.; Canadian Natural Resources Ltd.; IAMGOLD Corp.; Pan American Silver Corp.; Foster Wheeler AG; Amdocs Ltd.; RADWARE Ltd.; Mellanox Technologies Ltd.; Aaron's, Inc.; Acxiom Corp.; American Eagle Outfitters, Inc.; Ameristar Casinos, Inc.; Anadarko

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Petroleum Corp.; Apple, Inc.; Ardea Biosciences, Inc.; Arlington Asset Investment Corp.; Ascena Retail Group, Inc.; Atmos Energy Corp.; Avnet, Inc.; Baxter International, Inc.; Beam, Inc.; Berkshire Hathaway, Inc.; BroadSoft, Inc.; CBRE Group, Inc.; Carmike Cinemas, Inc.; Chemtura Corp.; Clean Energy Fuels Corp.; Clearwater Paper Corp.; Coinstar, Inc.; Covanta Holding Corp.; CreXus Investment Corp.; Cypress Semiconductor Corp.; Deckers Outdoor Corp.; DISH Network Corp.; E*TRADE Financial Corp.; EV Energy Partner LP; Emergent Biosolutions, Inc.; Erie Indemnity Co.; First Cash Financial Services, Inc.; Gordmans Stores, Inc.; HFF, Inc.; Hillenbrand, Inc.; InfoSpace, Inc.; Ingram Micro, Inc.; Integra LifeSciences Holdings Corp.; IntercontinentalExchange, Inc.; KBR, Inc.; Knoll, Inc.; Knology, Inc.; Lincoln Electric Holdings, Inc.; LKQ Corp.; Loral Space & Communications, Inc.; Medicines Co. (The); Mentor Graphics Corp.; Minerals Technologies, Inc.; Monster Beverage Corp.; Netscout Systems, Inc.; NewMarket Corp.; Ocwen Financial Corp.; OmniAmerican Bancorp, Inc.; Packaging Corp. of America; Peabody Energy Corp.; Piedmont Office Realty Trust, Inc.; Primerica, Inc.; RLJ Lodging Trust; RPX Corp.; Ralcorp Holdings, Inc.; Raymond James Financial, Inc.; Retail Opportunity Investments Corp.; Robbins & Myers, Inc.; Rovi Corp.; SEI Investments Co.; Skyworks Solutions, Inc.; Solar Capital Ltd.; Solutia, Inc.; Sourcefire, Inc.; Syntel, Inc.; Take-Two Interactive Software, Inc.; Tessera Technologies, Inc.; Thoratec Corp.; Timken Co.; United Therapeutics Corp.; Universal Electronics, Inc.; Visteon Corp.; Websense, Inc.; Westar Energy, Inc.; Westmoreland Coal Co.; Zebra Technologies Corp.; Convertible Bonds; Alliant Techsystems, Inc. 3.00% due 8/15/24; CMS Energy Corp. 5.50% due 6/15/29; Chesapeake Energy Corp. 2.75% due 11/15/35; Covanta Holding Corp. 3.25% due 6/1/14; DR Horton, Inc. 2.00% due 5/15/14; EnerSys 3.38% due 6/1/38; General Cable Corp. 4.50% due 11/15/29; Lam Research Corp. 0.50% due 5/15/16; Liberty Interactive LLC 3.13% - 3.75% due 3/30/23 - 3/15/31; MGM Resorts International 4.25% due 4/15/15; National Retail Properties, Inc. 3.95% - 5.13% due 9/15/26 - 6/15/28; Old Republic International Corp. 8.00% due 5/15/12; Omnicare, Inc. 3.75% due 12/15/25 - 4/1/42; Omnicom Group, Inc. Zero Coupon due 7/31/32; Owens-Brockway Glass Container, Inc. 3.00% due 6/1/15; PHH Corp. 6.00% due 6/15/17; Teleflex, Inc. 3.88% due 8/1/17; tw telecom, Inc. 2.38% due 4/1/26; and a Convertible Preferred Stock; Omnicare Capital Trust II; valued at $238,208)	$	215,000	$	215,000

	Face Amount (000)		Value (000)
BNP Paribas Securities Corp., (0.18%, dated 4/30/12, due 5/1/12; proceeds $235,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Note 0.75% due 6/15/14; U.S. Treasury Strip Zero Coupon due 10/25/12; valued at $240,330)	$	235,000	$	235,000
BNP Paribas Securities Corp., (0.21%, dated 4/30/12, due 5/1/12; proceeds $228,001; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 2.11% - 3.40% due 6/1/36 - 5/1/42; valued at $234,883)		228,000		228,000
BNP Paribas Securities Corp., (0.51%, dated 4/30/12, due 5/1/12; proceeds $65,001; fully collateralized by Corporate Bonds; Ball Corp. 6.75% due 9/15/20; Belo Corp. 7.25% due 9/15/27; Chesapeake Energy Corp. 6.50% due 8/15/17; CHS/Community Health Systems, Inc. 8.88% due 7/15/15; CMS Energy Corp. 5.05% due 3/15/22; Cricket Communications, Inc. 7.75% due 10/15/20; DISH DBS Corp. 7.75% - 7.88% due 5/31/15 - 9/1/19; Ford Motor Credit Co. LLC 7.00% due 4/15/15; HCA, Inc. 6.25% - 7.88% due 2/15/13 - 2/15/20; Level 3 Financing, Inc. 8.63% due 7/15/20; Sprint Capital Corp. 6.88% due 11/15/28; Sprint Nextel Corp. 8.38% due 8/15/17; Toys R Us Property Co. II LLC 8.50% due 12/1/17; Windstream Corp. 7.50% - 7.88% due 11/1/17 - 4/1/23; valued at $68,900)		65,000		65,000
Credit Suisse Securities, (0.23%, dated 4/30/12, due 5/1/12; proceeds $50,000; fully collateralized by Commercial Paper; Starbird FDG Corp. Zero Coupon due 5/1/12; Nieuw Amsterdam Receivables Co. Zero Coupon due 6/20/12; valued at $52,502)		50,000		50,000
Credit Suisse Securities, (0.25%, dated 4/25/12, due 5/2/12; proceeds $490,024; fully collateralized by Common Stocks; American Eagle Outfitters, Inc.; American Safety Insurance Holdings Ltd.; Ameristar Casinos, Inc.; Ardea Biosciences, Inc.; Barrett Business Services, Inc.; Barrick Gold Corp.; BP PLC; Canadian Imperial Bank of Commerce; Catalyst Health Solutions, Inc.; Charles River Laboratories International, Inc.; Chico's FAS, Inc.; China Mobile Ltd.; China Southern Airlines Co., Ltd.; China Telecom Corp., Ltd.; China Yuchai International Ltd.; Cia Cervecerias Unidas SA; Clicksoftware Technologies Ltd.; Coca-Cola Femsa SAB de CV; Comcast Corp.; Community Health Systems, Inc.; Corn Products International, Inc.; CrediCorp Ltd.; Credit Suisse Group AG; CRH PLC; Crown Holdings, Inc.; CSS Industries, Inc.; Culp, Inc.; CVD Equipment Corp.; DISH Network Corp.; Dollar Thrifty Automotive Group, Inc.; Dorchester Minerals LP; East West BanCorp., Inc.; Endo Pharmaceuticals Holdings, Inc.;

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Energizer Holdings, Inc.; Enersis SA; ENI SpA; Everest Re Group Ltd.; First Industrial Realty Trust, Inc.; France Telecom SA; Golar LNG Ltd.; Gold Fields Ltd.; Hardinge, Inc.; HEICO Corp.; Hill-Rom Holdings, Inc.; Honda Motor Co., Ltd.; HSBC Holdings PLC; Hubbell, Inc.; IAMGOLD Corp.; ICON PLC; IDEX Corp.; Illumina, Inc.; Imax Corp.; Ingram Micro, Inc.; IntegraMed America, Inc.; Intersil Corp.; Key Technology, Inc.; Kirby Corp.; Knightsbridge Tankers Ltd.; KT Corp.; Kubota Corp.; Landstar System, Inc.; Lennar Corp.; Liberty Property Trust; Lincare Holdings, Inc.; Lincoln Electric Holdings, Inc.; Luxottica Group SpA; Manpower, Inc.; Martin Midstream Partners LP; McDermott International, Inc.; MDU Resources Group, Inc.; Medicines Co. (The); Mercury General Corp.; Methanex Corp.; Molex, Inc.; Multi-Color Corp.; Myriad Genetics, Inc.; NCI Building Systems, Inc.; NCR Corp.; Nexen, Inc.; NTT DoCoMo, Inc.; NVR, Inc.; Ohio Valley Banc Corp.; PetroChina Co., Ltd.; Petroleo Brasileiro SA; Progenics Pharmaceuticals, Inc.; Quest Software, Inc.; Rackspace Hosting, Inc.; RADWARE Ltd.; Rayonier, Inc.; Rogers Communications, Inc.; Senior Housing Properties Trust; Talisman Energy, Inc.; Teck Resources Ltd.; TGC Industries, Inc.; TRW Automotive Holdings Corp.; Ultrapar Participacoes SA; Unilever N.V.; Unilever PLC; Whiting Petroleum Corp.; WR Grace & Co.; valued at $514,566)	$	490,000	$	490,000
Credit Suisse Securities, (0.50%, dated 4/25/12, due 5/2/12; proceeds $65,006; fully collateralized by Common Stocks; Aaron's, Inc.; AGCO Corp.; Alexandria Real Estate Equities, Inc.; Alleghany Corp.; Alliant Techsystems, Inc.; Energen Corp.; Everest Re Group Ltd.; Golub Capital BDC, Inc.; Hanover Insurance Group, Inc. (The); Insperity, Inc.; Medley Capital Corp.; New Mountain Finance Corp.; Solar Capital Ltd.; and Convertible Bonds; Amgen, Inc. 0.38% due 2/1/13; DR Horton, Inc. 2.00% due 5/15/14; FTI Consulting, Inc. 3.75% due 7/15/12; General Cable Corp. 0.88% due 11/15/13; Exterran Energy Corp. 4.75% due 1/15/14; Leucadia National Corp. 3.75% due 4/15/14; National Retail Properties, Inc. 3.95% due 9/15/26; Old Republic International Corp. 8.00% due 5/15/12; Saks, Inc. 2.00% due 3/15/24; Sotheby's 3.12% due 6/15/13; Textron, Inc. 4.50% due 5/1/13; tw telecom, Inc. 2.38% due 4/1/26; United States Steel Corp. 4.00% due 5/15/14; valued at $72,443)		65,000		65,000
Deutsche Bank Securities Inc., (0.12%, dated 4/24/12, due 5/1/12; proceeds $135,003; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 3.50% - 5.00% due 4/1/27 - 3/1/42; valued at $139,247)		135,000		135,000

	Face Amount (000)		Value (000)
Deutsche Bank Securities Inc., (0.17%, dated 4/25/12, due 5/2/12; proceeds $75,002; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.67% due 4/1/41; Federal National Mortgage Association 3.80% - 5.00% due 8/1/25 - 1/1/40; valued at $77,370)	$	75,000	$	75,000
Deutsche Bank Securities Inc., (0.21%, dated 4/30/12, due 5/1/12; proceeds $704,464; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.00% - 6.50% due 8/1/24 - 4/1/42; valued at $725,544)		704,460		704,460
Deutsche Bank Securities Inc., (0.51%, dated 4/30/12, due 5/1/12; proceeds $130,002; fully collateralized by Common Stocks; Coca-Cola Femsa SAB de CV; Ensco PLC; Grupo Aeroportuario del Pacifico SAB de CV; NetEase, Inc.; Petroleo Brasileiro SA; Teva Pharmaceutical Industries Ltd.; WuXi PharmaTech Cayman, Inc.; Convertible Bonds; Alcoa, Inc. 5.25% due 3/15/14; Amgen, Inc. 0.38% due 2/1/13; Chesapeake Energy Corp. 2.75% due 11/15/35; Fidelity National Financial, Inc. 4.25% due 8/15/18; FTI Consulting, Inc. 3.75% due 7/15/12; Health Care REIT, Inc. 3.00% due 12/1/29; International Game Technology 3.25% due 5/1/14; Liberty Interactive LLC 3.25% - 3.50% due 1/15/31 - 3/15/31; MGM Resorts International 4.25% due 4/15/15; Old Republic International Corp. 8.00% due 5/15/12; Omnicare, Inc. 3.25% - 3.75% due 12/15/25 - 12/15/35; ON Semiconductor Corp. 1.88% due 12/15/25; Penske Automotive Group, Inc. 3.50% due 4/1/26; Sotheby's 3.13% due 6/15/13; United Rentals North America, Inc. 1.88% due 10/15/23; and Convertible Preferred Stocks; Aspen Insurance Holdings Ltd.; Bunge Ltd.; Citigroup Capital VII; Fifth Third Bancorp; Wachovia Preferred Funding Corp.; valued at $145,233)		130,000		130,000
Goldman Sachs & Co., (0.12%, dated 4/24/12, due 5/1/12; proceeds $75,002; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 3.00% - 4.50% due 4/1/32 - 4/1/39; valued at $77,223)		75,000		75,000
Goldman Sachs & Co., (0.17%, dated 4/25/12, due 5/2/12; proceeds $100,003; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% due 12/1/40 - 4/1/42; Federal National Mortgage Association 3.50% - 5.50% due 1/1/26 - 4/1/40; valued at $103,002)		100,000		100,000
Goldman Sachs & Co., (0.17%, dated 4/26/12, due 5/3/12; proceeds $220,007; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.00% - 6.00% due 4/1/26 - 12/1/41; Federal National Mortgage Association 4.00% - 6.00% due 4/1/34 - 4/1/42; valued at $226,609)		220,000		220,000

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Goldman Sachs & Co., (0.20%, dated 4/30/12, due 5/1/12; proceeds $150,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.77% - 5.50% due 8/1/38 - 1/1/42; Federal National Mortgage Association 4.00% due 10/1/41; valued at $154,464)	$	150,000	$	150,000
HSBC Securities USA, (0.20%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.50% - 4.00% due 2/1/32 - 4/1/42; valued at $103,307)		100,000		100,000
HSBC Securities USA, (0.20%, dated 4/30/12, due 5/1/12; proceeds $200,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 0.25% due 10/31/13; valued at $204,003)		200,000		200,000
JP Morgan Clearing Corp., (0.32%, dated 4/30/12, due 5/1/12; proceeds $295,003; fully collateralized by Common Stocks; Aaron's, Inc.; Acxiom Corp.; Advance Auto Parts, Inc.; AGCo Corp.; Aircastle Ltd.; Alaska Air Group, Inc.; Alliant Techsystems, Inc.; Amedisys, Inc.; American Eagle Outfitters, Inc.; American Science & Engineering, Inc.; Ameristar Casinos, Inc.; Analogic Corp.; AngloGold Ashanti Ltd.; Anika Therapeutics, Inc.; Apogee Enterprises, Inc.; Arkansas Best Corp.; Arlington Asset Investment Corp.; ARM Holdings PLC; ArthroCare Corp.; Aspen Technology, Inc.; AVX Corp.; Babcock & Wilcox Co. (The); BanCo de Chile; Baytex Energy Corp.; Benchmark Electronics, Inc.; Berkshire Hathaway, Inc.; Biglari Holdings, Inc.; Brookfield Residential Properties, Inc.; Brown & Brown, Inc.; BT Group PLC; Buckeye Technologies, Inc.; Cal-Maine Foods, Inc.; Canadian Natural Resources Ltd.; Carpenter Technology Corp.; Celadon Group, Inc.; Charles River Laboratories International, Inc.; Chemtura Corp.; Chico's FAS, Inc.; Children's Place Retail Stores, Inc. (The); China Eastern Airlines Corp. Ltd.; China Southern Airlines Co., Ltd.; China Telecom Corp., Ltd.; China Unicom Hong Kong Ltd.; Cia de Bebidas das Americas; Coca-Cola Bottling Co. Consolidated; Columbia Sportswear Co.; Commercial Metals Co.; Con-way, Inc.; Copart, Inc.; Corn Products International, Inc.; Covanta Holding Corp.; Crane Co.; CSS Industries, Inc.; Cubic Corp.; Cypress Semiconductor Corp.; Delhaize Group SA; Diebold, Inc.; Dollar Thrifty Automotive Group, Inc.; Domino's Pizza, Inc.; Dycom Industries, Inc.; Elan Corp. PLC; Embotelladora Andina SA; Emeritus Corp.; Energizer Holdings, Inc.; Ensco PLC; Fair Isaac Corp.; Fairchild Semiconductor International, Inc.; Fly Leasing Ltd.; Foot Locker, Inc.; Gaylord Entertainment Co.;

	Face Amount (000)		Value (000)
General Growth Properties, Inc.; Genpact Ltd.; Georgia Gulf Corp.; Global Payments, Inc.; GoldCorp, Inc.; Greif, Inc.; Gruma SAB de CV; Grupo Aeroportuario del Pacifico SAB de CV; Hanover Insurance Group, Inc. (The); Heartland Payment Systems, Inc.; Hill-Rom Holdings, Inc.; HollyFrontier Corp.; IAMGOLD Corp.; Industrias Bachoco SAB de CV; Ingram Micro, Inc.; Insperity, Inc.; InterContinental Hotels Group PLC; Invacare Corp.; ITT Corp.; Kansas City Southern; KBR, Inc.; Knight Transportation, Inc.; KT Corp.; Kyocera Corp.; Lan Airlines SA; Lear Corp.; LG Display Co., Ltd.; Luxottica Group SpA; LyondellBasell Industries N.V.; Manpower, Inc.; Martin Marietta Materials, Inc.; McDermott International, Inc.; Medley Capital Corp.; Mercury Computer Systems, Inc.; MGM Resorts International; Mid-America Apartment Communities, Inc.; Midas, Inc.; Minerals Technologies, Inc.; Mohawk Industries, Inc.; Movado Group, Inc.; National Fuel Gas Co.; Natural Gas Services Group, Inc.; NCR Corp.; Nelnet, Inc.; Nippon Telegraph & Telephone Corp.; NTT DoCoMo, Inc.; Nu Skin Enterprises, Inc.; N.V. Energy, Inc.; NVR, Inc.; Orbital Sciences Corp.; Oxford Industries, Inc.; Panera Bread Co.; Penn West Petroleum Ltd.; Plains Exploration & Production Co.; Plantronics, Inc.; Potash Corp. of Saskatchewan, Inc.; ProAssurance Corp.; Progenics Pharmaceuticals, Inc.; Quality Distribution, Inc.; Raymond James Financial, Inc.; Robbins & Myers, Inc.; Rockwood Holdings, Inc.; Royal Caribbean Cruises Ltd.; Royal Dutch Shell PLC; Sanchez Energy Corp.; Sauer-Danfoss, Inc.; Schiff Nutrition International, Inc.; Schweitzer-Mauduit International, Inc.; Senior Housing Properties Trust; Shaw Group, Inc. (The); Siemens AG; SolarWinds, Inc.; Solutia, Inc.; SouFun Holdings Ltd.; Statoil ASA; TD Ameritrade Holding Corp.; Teck Resources Ltd.; Towers Watson & Co.; TransDigm Group, Inc.; Trinity Industries, Inc.; Tupperware Brands Corp.; UDR, Inc.; Ultrapar Participacoes SA; Unifi, Inc.; URS Corp.; Vail Resorts, Inc.; Valhi, Inc.; Validus Holdings Ltd.; Vishay Intertechnology, Inc.; Visteon Corp.; WABCO Holdings, Inc.; Waddell & Reed Financial, Inc.; Warnaco Group, Inc. (The); WellCare Health Plans, Inc.; White Mountains Insurance Group Ltd.; Willis Group Holdings PLC; valued at $309,779)	$	295,000	$	295,000
JP Morgan Clearing Corp., (0.86%, dated 3/7/12, due 5/1/12; proceeds $310,407; fully collateralized by Convertible Bonds; Alliant Techsystems, Inc. 3.00% due 8/15/24; Continental Airlines, Inc. 4.50% due 1/15/15; DR Horton, Inc. 2.00% due 5/15/14; EnerSys 3.38%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
due 6/1/38; FTI Consulting, Inc. 3.75% due 7/15/12; General Cable Corp. 0.88% due 11/15/13; Leap Wireless International, Inc. 4.50% due 7/15/14; Leucadia National Corp. 3.75% due 4/15/14; Liberty Interactive LLC 3.25% - 4.00% due 11/15/29 - 3/15/31; Omnicare, Inc. 3.25% due 12/15/35; Penske Automotive Group, Inc. 3.50% due 4/1/26; Roper Industries, Inc. 1.48% due 1/15/34; Saks, Inc. 2.00% due 3/15/24; Sotheby's 3.12% due 6/15/13; Terex Corp. 4.00% due 6/1/15; tw telecom, Inc. 2.38% due 4/1/26; United States Steel Corp. 4.00% due 5/15/14; valued at $350,550)	$	310,000	$	310,000
Merrill Lynch Pierce Fenner, (0.31%, dated 4/30/12, due 5/1/12; proceeds $220,002; fully collateralized by Common Stocks; 7 Days Group Holdings Ltd.; AbitibiBowater, Inc.; Acme Packet, Inc.; Acorn Energy, Inc.; ADA-ES, Inc.; Affymax, Inc.; Alleghany Corp.; Allied Nevada Gold Corp.; America Movil SAB de CV; American Capital Mortgage Investment Corp.; American National Insurance Co.; American Railcar Industries, Inc.; Ampco-Pittsburgh Corp.; AngloGold Ashanti Ltd.; Anika Therapeutics, Inc.; Apco Oil and Gas International, Inc.; Apollo Residential Mortgage, Inc.; ArcelorMittal; Archer-Daniels-Midland Co.; ASM International N.V.; Associated Estates Realty Corp.; Assured Guaranty Ltd.; AstraZeneca PLC; Atlantic Tele-Network, Inc.; Atwood Oceanics, Inc.; AutoNavi Holdings Ltd.; Avnet, Inc.; AVX Corp.; Babcock & Wilcox Co. (The); Baidu, Inc.; Ball Corp.; Banco Macro SA; BankUnited, Inc.; Barclays PLC; Bassett Furniture Industries, Inc.; BE Aerospace, Inc.; Beacon Roofing Supply, Inc.; BHP Billiton PLC; Big Lots, Inc.; Biglari Holdings, Inc.; BP PLC; BRF - Brasil Foods SA; BroadVision, Inc.; Brookfield Residential Properties, Inc.; BT Group PLC; Cadence Design Systems, Inc.; Calpine Corp.; Canon, Inc.; Capella Education Co.; CareFusion Corp.; Carmike Cinemas, Inc.; CBS Corp.; Celadon Group, Inc.; Celgene Corp.; CGI Group, Inc.; Changyou.com Ltd.; Chesapeake Energy Corp.; Chicago Bridge & Iron Co. N.V.; China Mobile Ltd.; China Petroleum & Chemical Corp.; China Telecom Corp., Ltd.; China Yuchai International Ltd.; ChipMOS TECHNOLOGIES Bermuda Ltd.; Cia Cervecerias Unidas SA; Cia de Minas Buenaventura SA; Cia de Saneamento Basico do Estado de Sao Paulo; Cie Generale de Geophysique - Veritas; Citizens Republic BanCorp, Inc.; City Telecom HK Ltd.; Clicksoftware Technologies Ltd.; Collective Brands, Inc.; Collectors Universe; Comfort Systems USA, Inc.; Commercial Metals Co.; CommonWealth REIT; Computer Sciences

	Face Amount (000)	Value (000)
Corp.; ConAgra Foods, Inc.; Constant Contact, Inc.; Constellation Brands, Inc.; CoreLogic, Inc.; Costamare, Inc.; Covanta Holding Corp.; CPFL Energia SA; Credicorp Ltd.; CreXus Investment Corp.; Crosstex Energy LP; CSG Systems International, Inc.; CSR PLC; Ctrip.com International Ltd.; Culp, Inc.; Darling International, Inc.; Delhaize Group SA; Denbury Resources, Inc.; Desarrolladora Homex SAB de CV; DFC Global Corp.; DISH Network Corp.; Douglas Emmett, Inc.; Dr. Reddy's Laboratories Ltd.; DST Systems, Inc.; DSW, Inc.; Duke Realty Corp.; Dycom Industries, Inc.; EchoStar Corp.; Education Management Corp.; eHealth, Inc.; Elan Corp. PLC; Elbit Systems Ltd.; Embotelladora Andina SA; Emergent Biosolutions, Inc.; Empresa Nacional de Electricidad SA; Enersis SA; Ensco PLC; Erie Indemnity Co.; EV Energy Partner LP; Exelon Corp.; Exterran Partners LP; EZchip Semiconductor Ltd.; Federal-Mogul Corp.; First Citizens BancShares, Inc.; FirstService Corp.; Flexsteel Industries, Inc.; Focus Media Holding Ltd.; Gannett Co., Inc.; Genpact Ltd.; Global Payments, Inc.; Gold Fields Ltd.; Gold Resource Corp.; Grupo Aeroportuario del Centro Norte Sab de CV; Grupo Aeroportuario del Sureste SAB de CV; Grupo Televisa SAB; Guangshen Railway Co., Ltd.; Halcon Resources Corp.; Hardinge, Inc.; Harry Winston Diamond Corp.; Hawaiian Telcom Holdco, Inc.; HDFC Bank Ltd.; HealthSouth Corp.; Heidrick & Struggles International, Inc.; Hingham Institution for Savings; hiSoft Technology International Ltd.; Home BanCorp, Inc.; Home Inns & Hotels Management, Inc.; Honda Motor Co., Ltd.; Hooker Furniture Corp.; ICICI Bank Ltd.; ICON PLC; IDEX Corp.; Innospec, Inc.; Integramed America, Inc.; Interactive Brokers Group, Inc.; InterContinental Hotels Group PLC; International Speedway Corp.; InterXion Holding N.V.; Intuitive Surgical, Inc.; Itron, Inc.; ITT Educational Services, Inc.; John B Sanfilippo & Son, Inc.; John Wiley & Sons, Inc.; Kaiser Federal Financial Group, Inc.; Kansas City Life Insurance Co.; KAR Auction Services, Inc.; Kaydon Corp.; Kemper Corp.; Kenneth Cole Productions, Inc.; KT Corp.; Lan Airlines SA; Las Vegas Sands Corp.; Lennar Corp.; Liberty Property Trust; LogMeIn, Inc.; Luxottica Group SpA; LyondellBasell Industries N.V.; Madison Square Garden Co. (The); Magnachip Semiconductor Corp.; Mantech International Corp.; Martin Marietta Materials, Inc.; MeadWestvaco Corp.; Mediware Information Systems; Mellanox Technologies Ltd.; MercadoLibre, Inc.; Metals USA Holdings Corp.; MetroCorp Bancshares, Inc.; MGM Resorts International; Microsemi Corp.; Middleburg Financial Corp.;

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)	Value (000)
Repurchase Agreements (cont'd)
Mindray Medical International Ltd.; Mobile Telesystems OJSC; Molycorp, Inc.; Mosaic Co. (The); MYR Group, Inc.; Myriad Genetics, Inc.; NASB Financial, Inc.; National Beverage Corp.; National CineMedia, Inc.; National Financial Partners Corp.; National Research Corp.; New Oriental Education & Technology Group; News Corp.; Nippon Telegraph & Telephone Corp.; Northrim BanCorp, Inc.; Nutrisystem, Inc.; Ocean Rig UDW, Inc.; Oil-Dri Corp. of America; Old Republic International Corp.; OM Group, Inc.; OmniVision Technologies, Inc.; Pacific Capital Bancorp NA; Pacira Pharmaceuticals, Inc.; Parametric Technology Corp.; Patrick Industries, Inc.; Perfect World Co., Ltd.; Petrobras Argentina SA; Petroleo Brasileiro SA; PF Chang's China Bistro, Inc.; PhotoMedex, Inc.; Pinnacle Entertainment, Inc.; POSCO; Preferred Bank/Los Angeles CA; Presidential Life Corp.; Primerica, Inc.; Primus Telecommunications Group, Inc.; Provident Financial Holdings, Inc.; QIAGEN N.V.; Qihoo 360 Technology Co., Ltd.; Ramco-Gershenson Properties Trust; Randgold Resources Ltd.; Red Robin Gourmet Burgers, Inc.; Regal-Beloit Corp.; Research In Motion Ltd.; Rock-Tenn Co.; Rocky Brands, Inc.; Ross Stores, Inc.; Royal Caribbean Cruises Ltd.; Royal Dutch Shell PLC; Royal Gold, Inc.; Safety Insurance Group, Inc.; Sagent Pharmaceuticals, Inc.; Sanofi; Sasol Ltd.; Seaspan Corp.; Service Corp. International; Shinhan Financial Group Co., Ltd.; SI Financial Group, Inc.; Silicom Ltd.; Silicon Motion Technology Corp.; Silver Standard Resources, Inc.; Sinclair Broadcast Group, Inc.; SK Telecom Co., Ltd.; SM Energy Co.; Smith & Nephew PLC; Sociedad Quimica y Minera de Chile SA; Spreadtrum Communications, Inc.; Stage Stores, Inc.; StanCorp Financial Group, Inc.; Standard Parking Corp.; Stantec, Inc.; Steinway Musical Instruments, Inc.; Sturm, Ruger & Co., Inc.; Sunstone Hotel Investors, Inc.; Synageva BioPharma Corp.; Syneron Medical Ltd.; Taro Pharmaceuticals Industries Ltd.; Teavana Holdings, Inc.; Techne Corp.; Tejon Ranch Co.; Telecom Argentina SA; Teleflex, Inc.; Telefonica SA; Telekomunikasi Indonesia Persero Tbk PT; Telephone & Data Systems, Inc.; TELUS Corp.; Tenaris SA; Ternium SA; Tessco Technologies, Inc.; Tessera Technologies, Inc.; Teva Pharmaceutical Industries Ltd.; TGC Industries, Inc.; Thoratec Corp.; Tim Participacoes SA; Titanium Metals Corp.; TiVo, Inc.; Total SA; Total System Services, Inc.; Toyota Motor Corp.; Travelzoo, Inc.; Trinity Industries, Inc.; Tudou Holdings Ltd.; Tyco International Ltd.; UFP Technologies, Inc.; Ultrapar Participacoes SA; United Fire Group, Inc.; United Rentals, Inc.;

	Face Amount (000)		Value (000)
Vale SA; Velti PLC; VF Corp.; Viacom, Inc.; VimpelCom Ltd.; Vishay Precision Group, Inc.; Vodafone Group PLC; Walter Investment Management Corp.; West Coast Bancorp; Western Digital Corp.; Westlake Chemical Corp.; Williams-Sonoma, Inc.; Willis Lease Finance Corp.; Woori Finance Holdings Co., Ltd.; WPP PLC; WuXi AppTec Co., Ltd.; Yandex N.V.; Youku, Inc.; YPF SA; and Preferred Stocks; Aegon N.V.; Allied Capital Corp.; Ally Financial, Inc.; BRE Properties, Inc.; Citigroup Capital VII; Citigroup Capital XI; Endurance Specialty Holdings Ltd.; FelCor Lodging Trust, Inc.; Hersha Hospitality Trust; HSBC USA, Inc.; ING Groep N.V.; Kimco Realty Corp.; MetLife, Inc.; Morgan Stanley Capital Trust IV; Morgan Stanley Capital Trust VI; Morgan Stanley Capital Trust VII; MPG Office Trust, Inc.; PartnerRe Ltd.; Phoenix Companies, Inc. (The); PNC Capital Trust E; Public Storage; RBS Capital Funding Trust VII; Realty Income Corp.; SLM Corp.; UBS Preferred Funding Trust IV; Wachovia Preferred Funding Corp.; Wells Fargo Capital IX; Wells Fargo Capital XI; Xcel Energy, Inc.; valued at $231,000)	$	220,000	$	220,000
Merrill Lynch Pierce Fenner, (0.56%, dated 4/30/12, due 5/1/12; proceeds $100,002; fully collateralized by Common Stocks; 7 Days Group Holdings Ltd.; America Movil SAB de CV; Baidu, Inc.; BP PLC; Canon, Inc; Chicago Bridge & Iron Co. N.V.; China Mobile Ltd.; Ctrip.com International Ltd.; Ensco PLC; Green Dot Corp.; Grupo Televisa SAB; InterContinental Hotels Group PLC; Medicines Co. (The); Mobile Telesystems OJSC; Petroleo Brasileiro SA; Reliance Steel & Aluminum Co.; SK Telecom Co., Ltd.; Tech Data Corp.; Teva Pharmaceutical Industries Ltd.; Vale SA; Vishay Intertechnology, Inc.; Convertible Bonds; Amgen, Inc. 0.38% due 2/1/13; Lennar Corp. 2.75% due 12/15/20; Liberty Interactive LLC 3.13% due 3/30/23; Medtronic, Inc. 1.63% due 4/15/13; Convertible Preferred Stocks; Aspen Insurance Holdings Ltd.; Bunge Ltd.; Fifth Third Bancorp; Omnicare Capital Trust II; Wells Fargo & Co.; and Preferred Stocks; Ally Financial, Inc.; BRE Properties, Inc.; FelCor Lodging Trust, Inc.; MPG Office Trust, Inc.; valued at $109,278)		100,000		100,000
Merrill Lynch Pierce Fenner, (0.59%, dated 4/16/12, due 5/1/12; proceeds $175,043; fully collateralized by Common Stocks; 7 Days Group Holdings Ltd.; America Movil SAB de CV; Canon, Inc.; Chicago Bridge & Iron Co. N.V.; Ensco PLC; Mobile Telesystems OJSC; Petroleo Brasileiro SA; Convertible Bonds; Alliant Techsystems, Inc. 3.00% due 8/15/24; Amgen, Inc. 0.38% due 2/1/13; Chesapeake Energy Corp. 2.25% due 12/15/38; DR Horton, Inc. 2.00% due 5/15/14; Ford Motor Co. 4.25% due 11/15/16; Health Care REIT, Inc.

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
3.00% - 4.75% due 7/15/27 - 12/1/29; Iconix Brand Group, Inc. 1.88% due 6/30/12; Intel Corp. 3.25% due 8/1/39; International Game Technology 3.25% due 5/1/14; Leap Wireless International, Inc. 4.50% due 7/15/14; Lennar Corp. 2.00% - 3.25% due 12/1/20 - 11/15/21; Liberty Interactive LLC 3.13% due 3/30/23; MGM Resorts International 4.25% due 4/15/15; Medtronic, Inc. 1.63% due 4/15/13; Old Republic International Corp. 8.00% due 5/15/12; Omnicare, Inc. 3.25% due 12/15/35; ON Semiconductor Corp. 1.88% due 12/15/25; Owens-Brockway Glass Container, Inc. 3.00% due 6/1/15; PHH Corp. 6.00% due 6/15/17; Sotheby's 3.13% due 6/15/13; Stewart Enterprises, Inc. 3.13% due 7/15/14; a Convertible Preferred Stock; Aspen Insurance Holdings Ltd.; and a Preferred Stock; MPG Office Trust, Inc.; valued at $196,060)	$	175,000	$	175,000
Societe Generale, (0.19%, dated 4/30/12, due 5/1/12; proceeds $150,001; fully collateralized by a U.S. Government Agency; Government National Mortgage Association 4.00% due 4/15/41; and U.S. Government Obligations; U.S Treasury Notes 0.13% - 3.00% due 4/15/16 - 9/30/16; valued at $153,082)		150,000		150,000
Societe Generale, (0.20%, dated 4/30/12, due 5/1/12; proceeds $1,175,007; fully collateralized by U.S Government Agencies; Federal Home Loan Mortgage Corporation 3.50% - 4.50% due 11/1/25 - 8/1/40; Federal National Mortgage Association 3.50% - 5.50% due 7/1/21 - 12/1/41; valued at $1,210,338)		1,175,000		1,175,000
Societe Generale, (0.22%, dated 4/30/12, due 5/1/12; proceeds $130,001; fully collateralized by a U.S. Government Agency; Government National Mortgage Association 4.00% due 4/15/41; valued at $134,397)		130,000		130,000
TD Securities USA, (0.14%, dated 4/26/12, due 5/3/12; proceeds $10,000; fully collateralized by a U.S. Government Obligation, U.S. Treasury Strip Zero Coupon due 4/4/13; valued at $10,200)		10,000		10,000
TD Securities USA, (0.24%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by Corporate Bonds; Deutsche Bank AG 6.00% due 9/1/17; Goldman Sachs Group, Inc. (The) 5.35% due 1/15/15; Verizon Communications, Inc. 3.50% - 5.85% due 11/1/21 - 9/15/35; and a U.S. Government Obligation; U.S. Treasury Note 1.25% due 4/30/19; valued at $104,921)		100,000		100,000
UBS Securities LLC, (0.20%, dated 4/30/12, due 5/1/12; proceeds $500,003; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 0.25% due 4/30/14; valued at $510,000)		500,000		500,000

	Face Amount (000)		Value (000)
UBS Securities LLC, (0.21%, dated 4/30/12, due 5/1/12; proceeds $170,001; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.00% - 5.50% due 12/1/31 - 10/1/41; valued at $174,938)	$	170,000	$	170,000
Wells Fargo Securities LLC, (0.22%, dated 4/30/12, due 5/1/12; proceeds $200,001; fully collateralized by U.S. Government Agencies; Federal Farm Credit Bank 1.05% due 3/28/16; Federal Home Loan Bank 0.35% - 1.27% due 10/15/13 - 3/2/17; Federal Home Loan Mortgage Corporation 0.50% due 10/15/13 - 9/19/14; Federal Home Loan Mortgage Corporation Discount Note Zero Coupon due 7/16/12 - 1/4/13; Federal National Mortgage Association 4.38% due 9/15/12; and a U.S. Government Obligation; U.S. Treasury Note 2.63% due 12/31/14; valued at $204,034)		200,000		200,000
Wells Fargo Securities LLC, (0.26%, dated 4/30/12, due 5/1/12; proceeds $480,003; fully collateralized by Corporate Bonds; Aflac, Inc. 6.90% due 12/17/39; Allegheny Energy Supply Co. LLC 6.75% due 10/15/39; Allergan, Inc. 5.75% due 4/1/16; Allstate Corp. (The) 5.20% - 6.13% due 12/15/32 - 5/15/67; Altria Group, Inc. 4.13% due 9/11/15; American Express Credit Corp. 2.80% - 7.30% due 8/20/13 - 9/19/16; Anglo American Capital PLC 2.63% due 4/3/17; Anheuser-Busch InBev Worldwide, Inc. 0.76% - 3.00% due 10/15/12 - 7/14/14; Apache Corp. 3.63% due 2/1/21; ArcelorMittal 3.75% due 8/5/15; Archer-Daniels-Midland Co. 5.77% due 3/1/41; Atmos Energy Corp. 5.50% due 6/15/41; BAE Systems PLC 4.75% due 10/11/21; Bank of New York Mellon Corp. (The) 1.70% - 4.60% due 11/24/14 - 1/15/20; Bank One Corp. 5.25% due 1/30/13; BB&T Corp. 4.75% due 10/1/12; Bear Stearns Cos LLC (The) 5.70% - 7.25% due 11/15/14 - 2/1/18; Becton Dickinson and Co. 1.75% due 11/8/16; Burlington Northern Santa Fe LLC 3.60% - 4.10% due 9/1/20 - 6/1/21; Camden Property Trust 5.88% due 11/30/12; Canadian National Railway Co. 6.20% due 6/1/36; Canadian Pacific Railway Co. 5.75% - 7.13% due 10/15/31 - 5/15/37; Carolina Power & Light Co. 8.63% due 9/15/21; Cellco Partnership/Verizon Wireless Capital LLC 7.38% due 11/15/13; Cenovus Energy, Inc. 6.75% due 11/15/39; CenterPoint Energy Resources Corp. 5.85% due 1/15/41; Chubb Corp. (The) 6.38% - 6.50% due 4/15/37 - 5/15/38; Cigna Corp. 4.00% due 2/15/22; Cliffs Natural Resources, Inc. 5.90% due 3/15/20; CNA Financial Corp. 7.25% due 11/15/23; Coca-Cola Co. (The)

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)	Value (000)
Repurchase Agreements (cont'd)
3.30% due 9/1/21; Coca-Cola Enterprises, Inc. 1.13% due 11/12/13; Comcast Cable Communications Holdings, Inc. 8.38% due 3/15/13; Comcast Corp. 6.40% due 5/15/38; Comerica, Inc. 3.00% due 9/16/15; ConocoPhillips 4.75% due 10/15/12; COX Communications, Inc. 6.95% due 6/1/38; CSX Corp. 6.15% - 6.22% due 5/1/37 - 4/30/40; Daimler Finance North America LLC 1.95% due 3/28/14; DCP Midstream LLC 4.75% due 9/30/21; Digital Realty Trust LP 5.88% due 2/1/20; DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 3.13% - 3.80% due 2/15/16 - 3/15/22; Dover Corp. 5.38% due 3/1/41; Dow Chemical Co. (The) 9.40% due 5/15/39; eBay, Inc. 0.88% due 10/15/13; Ecolab, Inc. 4.35% due 12/8/21; Ensco PLC 4.70% due 3/15/21; Enterprise Products Operating LLC 5.75% due 3/1/35; ERP Operating LP 4.75% due 7/15/20; Everest Reinsurance Holdings, Inc. 6.60% due 5/1/67; Exelon Generation Co. LLC 6.20% due 10/1/17; Fifth Third Bank 4.75% due 2/1/15; Fiserv, Inc. 4.63% due 10/1/20; Florida Power & Light Co. 5.25% due 2/1/41; General Electric Capital Corp. 2.25% - 5.63% due 11/9/15 - 1/7/21; General Electric Co. 5.00% due 2/1/13; Georgia Power Co. 5.95% due 2/1/39; Goldman Sachs Group, Inc. (The) 5.13% - 5.45% due 11/1/12 - 1/15/15; Hartford Financial Services Group, Inc. 6.10% due 10/1/41; HCP, Inc. 3.75% due 2/1/19; Hewlett-Packard Co. 4.50% due 3/1/13; HSBC Finance Capital Trust IX 5.91% due 11/30/35; HSBC Finance Corp. 6.38% due 11/27/12; Indiana Michigan Power Co. 6.05% due 3/15/37; Intel Corp. 1.95% due 10/1/16; International Business Machines Corp. 1.95% - 4.75% due 11/29/12 - 11/1/21; International Paper Co. 6.00% due 11/15/41; Jersey Central Power & Light Co. 6.40% due 5/15/36; John Deere Capital Corp. 1.88% - 5.75% due 1/15/13 - 9/10/18; JPMorgan Chase & Co. 3.70% - 6.00% due 1/20/15 - 10/15/20; Kimco Realty Corp. 4.30% due 2/1/18; Koninklijke KPN N.V. 8.38% due 10/1/30; Kraft Foods, Inc. 6.25% - 6.88% due 6/1/12 - 1/26/39; Liberty Mutual Group, Inc. 6.50% - 7.00% due 3/15/34 - 3/15/35; Lincoln National Corp. 6.15% due 4/7/36; Loews Corp. 6.00% due 2/1/35; Macy's Retail Holdings, Inc. 6.90% due 4/1/29; Massachusetts Mutual Life Insurance Co. 5.63% due 5/15/33; McDonald's Corp. 6.30% due 10/15/37; Mellon Funding Corp. 0.65% due 5/15/14; Merrill Lynch & Co., Inc. 1.14% - 5.45% due 2/5/13 - 12/1/26;

	Face Amount (000)	Value (000)
MetLife, Inc. 5.70% due 6/15/35; Microsoft Corp. 4.20% due 6/1/19; MidAmerican Energy Holdings Co. 6.13% due 4/1/36; Morgan Stanley 6.00% due 5/13/14; NBCUniversal Media LLC 4.38% due 4/1/21; New York Life Global Funding 1.65% due 5/15/17; News America, Inc. 5.56% - 6.15% due 8/15/20 - 3/1/37; Noble Holding International Ltd. 5.25% due 3/15/42; Occidental Petroleum Corp. 1.45% due 12/13/13; OnCor Electric Delivery Co. LLC 5.95% due 9/1/13; Oracle Corp. 6.13% due 7/8/39; Pacific Gas & Electric Co. 4.45% due 4/15/42; Panhandle Eastern Pipeline Co. LP 6.20% due 11/1/17; Pepco Holdings, Inc. 7.45% due 8/15/32; PepsiCo, Inc. 2.75% - 5.50% due 2/15/13 - 11/1/40; Petro-Canada 6.80% due 5/15/38; Petronas Capital Ltd. 7.00% due 5/22/12; Phillips 66 4.30% due 4/1/22; Plains All American Pipeline LP/PAA Finance Corp. 6.50% due 5/1/18; Potash Corp. of Saskatchewan, Inc. 5.88% due 12/1/36; Potomac Electric Power Co. 3.05% due 4/1/22; Principal Financial Group, Inc. 8.88% due 5/15/19; Province of Ontario Canada 1.88% due 11/19/12; Prudential Financial, Inc. 4.50% due 11/16/20; Raytheon Co. 3.13% due 10/15/20; Reinsurance Group of America, Inc. 6.75% due 12/15/65; Rogers Communications, Inc. 6.80% due 8/15/18; Royal Bank of Scotland PLC (The) 4.38% due 3/16/16; Santander Holdings USA, Inc. 4.63% due 4/19/16; Schlumberger Norge AS 1.95% due 9/14/16; SeaRiver Maritime Financial Holdings, Inc. Zero Coupon due 9/1/12; Shell International Finance BV 6.38% due 12/15/38; Simon Property Group LP 4.13% - 5.65% due 2/1/20 - 12/1/21; South Carolina Electric & Gas Co. 6.05% due 1/15/38; Southern California Edison Co. 4.05% - 5.50% due 8/15/18 - 3/15/42; SouthTrust Bank 4.75% due 3/1/13; Statoil ASA 7.75% due 6/15/23; TCI Communications, Inc. 8.75% due 8/1/15; Time Warner Cable, Inc. 4.00% - 7.50% due 4/1/14 - 9/1/21; Time Warner, Inc. 4.00% - 10.15% due 5/1/12 - 1/15/22; Toyota Motor Credit Corp. 2.05% due 1/12/17; TransCanada PipeLines Ltd. 7.63% due 1/15/39; UDR, Inc. 8.50% due 9/15/24; Union Pacific Corp. 6.25% due 5/1/34; United Technologies Corp. 6.05% due 6/1/36; UnitedHealth Group, Inc. 4.88% - 6.63% due 11/15/12 - 11/15/37; USB Capital XIII Trust 6.63% due 12/15/39; Verizon Communications, Inc. 1.25% - 5.50% due 4/15/13 - 4/1/17; Vodafone Group PLC 4.15% due 6/10/14; Wal-Mart Stores, Inc. 6.50% due 8/15/37; Walt Disney Co. (The)

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
2.55% due 2/15/22; Waste Management, Inc. 6.38% due 3/11/15; Weatherford International Ltd. 6.75% - 9.88% due 3/1/39 - 9/15/40; Williams Cos, Inc. (The) 7.88% due 9/1/21; XL Group Plc 6.38% due 11/15/24; Xstrata Finance Canada Ltd. 3.60% due 1/15/17; valued at $504,000)	$	480,000	$	480,000
Wells Fargo Securities LLC, (0.36%, dated 4/30/12, due 5/1/12; proceeds $90,001; fully collateralized by Corporate Bonds; Allstate Life Global Funding Trusts 5.38% due 4/30/13; General Electric Capital Corp. 3.75% due 11/14/14; Newmont Mining Corp. 6.25% due 10/1/39; Principal Life Income Funding Trusts 5.30% due 4/24/13; Protective Life Corp. 8.45% due 10/15/39; Prudential Financial, Inc. 6.63% due 12/1/37; Viasystems, Inc. 12.00% due 1/15/15; Weatherford International Ltd. 6.00% due 3/15/18; valued at $94,691)		90,000		90,000
Total Repurchase Agreements (Cost $8,672,460)				8,672,460
Tax-Exempt Instruments (11.6%)
Closed-End Investment Company (0.2%)
Nuveen Premium Income Municipal Fund 2, Inc., VRDP Ser 1-4895 (AMT)
0.40%, 5/5/41 (b)		35,000		35,000
Daily Variable Rate Bond (0.1%)
Indiana Finance Authority, Indiana University Health Obligated Group Ser 2011 K (Taxable)
0.25%, 3/1/33		20,375		20,375
Weekly Variable Rate Bonds (11.3%)
Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge 2001 Ser A
0.20%, 4/1/36		93,600		93,600
2007 Ser A-1
0.25%, 4/1/47		36,800		36,800
California Educational Facilities Authority, California Institute of Technology 2006 Ser B
0.20%, 10/1/36		20,000		20,000
California Housing Finance Agency, Multifamily Ser 2000 C (AMT)
0.24%, 2/1/33		30,580		30,580
Colorado Housing & Finance Authority,
Multi-Family Class I 2006 Ser A-1 (Taxable)
0.20%, 10/1/36		40,750		40,750
Single Family Mortgage Class I 2003 Ser B-3 (AMT)
0.23%, 11/1/26		42,500		42,500
Single Family Mortgage Class I 2007 Ser B-2 (AMT)
0.25%, 5/1/38		25,000		25,000
Denver Public Schools, CO, Ser 2011 A-1 COPs (Taxable)
0.20%, 12/15/37		11,600		11,600

	Face Amount (000)		Value (000)
East Bay Municipal Utility District, CA,
Water System Sub Refg Ser 2008 A-2
0.23%, 6/1/38	$	32,520	$	32,520
Water System Sub Refg Ser 2008 A-3
0.23%, 6/1/38		40,230		40,230
Highlands County Health Facilities Authority, FL, Adventist Health System/Sunbelt Obligated Group Ser 2005 G
0.22%, 11/15/35		44,425		44,425
Illinois Finance Authority, Northwestern Memorial Hospital Ser 2007 A-4
0.23%, 8/15/42		10,345		10,345
Kansas Department of Transportation,
Highway Ser 2002 C-1
0.22%, 9/1/19		23,600		23,600
Highway Ser 2002 C-2
0.22%, 9/1/19		26,400		26,400
Highway Ser 2004 C-2
0.25%, 9/1/22		16,215		16,215
Highway Ser 2008 A-2
0.20%, 9/1/14		28,560		28,560
Highway Ser 2008 A-5
0.20%, 9/1/15		26,250		26,250
Los Angeles Department of Water & Power, CA, Power System 2001 Ser B Subser B-5
0.23%, 7/1/34		32,000		32,000
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
0.20%, 2/15/38		16,200		16,200
Massachusetts Development Finance Agency, Partners HealthCare System, Inc., Ser 2011 K-2
0.18%, 7/1/46		44,000		44,000
Massachusetts Health & Educational Facilities Authority, Partners HealthCare System 2009 Ser I-1
0.23%, 7/1/44		25,600		25,600
Massachusetts Water Resources Authority, Gen Ser 2008 F
0.18%, 8/1/29		50,000		50,000
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, TN,
Vanderbilt University Ser 2000 A
0.23%, 10/1/30		6,025		6,025
Vanderbilt University Ser 2005 A-2
0.20%, 10/1/44		12,000		12,000
Michigan Finance Authority, Unemployment Obligation Assessment Ser 2011
0.27%, 7/1/14		53,400		53,400
Michigan State University, Ser 2000 A
0.23%, 8/15/30		25,935		25,935

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (cont'd)
Minnesota Housing Finance Agency, Residential Housing Finance 2007 Ser J (Taxable)
0.21%, 7/1/38	$	9,220	$	9,220
New Hampshire Health & Education Facilities Authority,
Dartmouth College Ser 2002
0.23%, 6/1/32		36,260		36,260
Dartmouth College Ser 2003
0.23%, 6/1/23		49,735		49,735
New York City Housing Development Corporation, NY, Gold Street 2006 Ser A
0.23%, 4/15/36		45,900		45,900
New York City Transitional Finance Authority, NY, Future Tax Fiscal 1999 2nd Ser Subser A-2
0.23%, 11/15/27		44,300		44,300
Future Tax Fiscal 2001 Ser A
0.26%, 2/15/30		51,450		51,450
New York City, NY, Fiscal 2010 Subser G-4
0.22%, 3/1/39		100,000		100,000
New York State Dormitory Authority,
City University System Cons 5th Ser 2008 D
0.22%, 7/1/31		24,400		24,400
Mental Health Services Facilities Ser 2003D-2F
0.23%, 2/15/31		30,000		30,000
Rockefeller University Ser 2009 B
0.23%, 7/1/40		32,750		32,750
New York State Housing Finance Agency,
Clinton Green North Ser 2006 A (AMT)
0.23%, 11/1/38		34,000		34,000
Related-Taconic West 17th Street Ser 2009 A
0.21%, 5/15/39		25,000		25,000
Tower 31 Ser 2005 A
0.23%, 11/1/36		51,400		51,400
North Carolina Medical Care Commission, Novant Health Obligated Group Ser 2004 A
0.28%, 11/1/34		76,650		76,650
Orlando Utilities Commission, FL, Utility System Ser 2008-1
0.20%, 10/1/33		52,000		52,000
Pennsylvania Housing Finance Agency, Single Family Mortgage Ser 2004-81C (AMT)
0.26%, 10/1/34		20,855		20,855
Riverside County Transportation Commission, CA, Sales Tax Ser 2009 A
0.25%, 6/1/29		38,140		38,140
Sacramento Transportation Authority, CA, Measure A Sales Tax Ser 2009 A
0.19%, 10/1/38		75,000		75,000
San Francisco City & County, CA, San Francisco International Airport Second Ser 2010 A-1 (AMT)
0.22%, 5/1/30		43,000		43,000
Santa Clara Valley Transportation Authority, CA, Measure A Sales Tax Ser 2008 B
0.22%, 4/1/36		44,300		44,300

	Face Amount (000)		Value (000)
South Dakota Housing Development Authority, Homeownership Mortgage Ser 2008 C (AMT)
0.25%, 5/1/39	$	45,000	$	45,000
Triborough Bridge & Tunnel Authority, NY, Ser 2002 F
0.25%, 11/1/32		22,545		22,545
University of Massachusetts Building Authority, Senior Ser 2011-1
0.20%, 11/1/34		88,110		88,110
University of Texas Regents, Financing System Ser 2008 B
0.16%, 8/1/16		20,460		20,460
0.20%, 5/3/12		63,180		63,180
Utah Housing Corporation,
Single Family Mortgage Class I 2008 Ser A-1 (AMT)
0.27%, 7/1/39		16,450		16,450
Ser C-1 (AMT)
0.27%, 7/1/39		11,325		11,325
Single Family Mortgage Class I 2009 Ser A
0.24%, 7/1/38		27,000		27,000
Single Family Mortgage Class I 2009 Ser B
0.24%, 1/1/39		18,185		18,185
Wake County, NC,
Public Improvement Ser 2003 C
0.21%, 5/3/12		14,160		14,160
School Ser 2007 B
0.21%, 3/1/24		14,800		14,800
Wisconsin Housing & Economic Development Authority, Home Ownership Ser 2004 E (AMT)
0.23%, 9/1/35		34,800		34,800
				2,105,825
Total Tax-Exempt Instruments (Cost $2,161,200)				2,161,200
Total Investments (100.0%) (Cost $18,714,200)				18,714,200
Other Assets in Excess of Liabilities (0.0%) (c)				421
Net Assets (100.0%)			$	18,714,621

(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)  Amount is less than 0.05%.

AMT  Alternative Minimum Tax.

COPs  Certificates of Participation.

REIT  Real Estate Investment Trust.

VRDP  Variable Rate Demand Preferred.

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Prime Portfolio

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's investments as of April 30, 2012. (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	$	—	$	3,198,500	$	—	$	3,198,500
Commercial Paper		—		2,408,369		—		2,408,369
Floating Rate Notes		—		2,273,671		—		2,273,671
Repurchase Agreements		—		8,672,460		—		8,672,460
Tax-Exempt Instruments
Closed-End Investment Company		—		35,000		—		35,000
Daily Variable Rate Bond		—		20,375		—		20,375
Weekly Variable Rate Bonds		—		2,105,825		—		2,105,825
Total Tax-Exempt Instruments		—		2,161,200		—		2,161,200
Total Assets	$	—	$	18,714,200	$	—	$	18,714,200

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, 2012, the Portfolio did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		46.3	%
Certificates of Deposit		17.1
Commercial Paper		12.9
Floating Rate Notes		12.1
Tax-Exempt Instruments		11.6
Total Investments		100.0	%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Government Portfolio

	Face Amount (000)		Value (000)
U.S. Agency Securities (4.7%)
Federal Farm Credit Bank,
0.33%, 6/25/12 (a)	$	45,000	$	44,992
0.39%, 9/14/12 (a)		48,500		48,496
Federal Home Loan Bank,
0.19%, 10/25/12 (a)		78,000		77,992
0.28%, 9/10/12 (a)		45,000		45,010
Federal Home Loan Mortgage Corporation
1.75%, 6/15/12		85,192		85,366
Federal National Mortgage Association
0.14%, 1/2/13		190,000		189,818
Total U.S. Agency Securities (Cost $491,674)				491,674
Repurchase Agreements (95.3%)
ABN Amro Securities (USA) LLC, (0.21%, dated 4/30/12, due 5/1/12; proceeds $300,002; fully collateralized by U.S. Government Agencies; Federal Home Loan Bank 1.38% - 1.42% due 3/28/14 - 9/12/14; Federal Home Loan Mortgage Corporation 1.75% - 5.50% due 1/26/15 - 2/1/42; Federal National Mortgage Association 3.50% - 6.50% due 2/1/20 - 11/1/41; valued at $308,772)		300,000		300,000
Bank of Montreal, (0.18%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 1.25% due 3/15/14; valued at $102,156)		100,000		100,000
Bank of Montreal, (0.18%, dated 4/30/12, due 5/1/12; proceeds $175,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 0.25% due 3/31/14; valued at $178,037)		175,000		175,000
Bank of Nova Scotia, (0.18%, dated 4/30/12, due 5/1/12; proceeds $315,002; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 1.25% - 1.88% due 2/28/14 - 4/30/19; valued at $321,273)		315,000		315,000
Bank of Nova Scotia, (0.21%, dated 1/17/12, due 1/11/13; proceeds $400,840; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.00% - 4.50% due 12/1/26 - 1/1/42; Federal National Mortgage Association 3.00% - 5.00% due 11/1/25 - 1/1/42; valued at $414,929) (Demand 5/7/12)		400,000		400,000
Bank of Nova Scotia, (0.21%, dated 4/30/12, due 5/1/12; proceeds $1,100,006; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.50% - 5.00% due 7/1/39 - 4/1/42; Federal National Mortgage Association 3.50% - 5.00% due 1/1/26 - 4/1/42; Government National Mortgage Association 4.00% due 4/20/41; valued at $1,133,325)		1,100,000		1,100,000

	Face Amount (000)		Value (000)
Barclays Capital, Inc., (0.17%, dated 4/25/12, due 5/2/12; proceeds $145,005; fully collateralized by U.S. Government Agencies; Government National Mortgage Association 2.11% - 3.24% due 4/20/27 - 10/20/61; valued at $149,423)	$	145,000	$	145,000
Barclays Capital, Inc., (0.17%, dated 4/30/12, due 5/1/12; proceeds $150,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 6.13% due 11/15/27; U.S. Treasury Note 1.50% due 6/30/16; valued at $153,380)		150,000		150,000
BNP Paribas Securities Corp., (0.18%, dated 4/30/12, due 5/1/12; proceeds $165,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 1.13% - 2.50% due 12/15/12 - 3/31/13; valued at $168,704)		165,000		165,000
BNP Paribas Securities Corp., (0.21%, dated 4/30/12, due 5/1/12; proceeds $235,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.30% - 2.64% due 4/1/42; Federal National Mortgage Association 2.34% - 3.18% due 1/1/37 - 6/1/41; valued at $241,968)		235,000		235,000
Citibank NA, (0.20%, dated 4/30/12, due 5/1/12; proceeds $400,002; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.45% - 6.01% due 8/1/19 - 12/1/41; Federal National Mortgage Association 2.15% - 6.20% due 8/1/19 - 5/1/42; valued at $412,000) (See Note H)		400,000		400,000
Credit Agricole CIB, (0.17%, dated 4/30/12, due 5/1/12; proceeds $215,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Bond 4.50% due 5/15/38; valued at $219,495)		215,000		215,000
Credit Agricole CIB, (0.21%, dated 4/30/12, due 5/1/12; proceeds $450,003; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.50% due 8/1/14; Federal National Mortgage Association 5.00% due 2/1/36 - 7/1/40; and a U.S. Government Obligation; U.S. Treasury Note 0.13% due 12/31/13; valued at $462,165)		450,000		450,000
Credit Suisse Securities USA, (0.20%, dated 4/10/12, due 5/10/12; proceeds $100,017; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 2.01% - 2.55% due 4/1/42; valued at $103,185)		100,000		100,000
Deutsche Bank Securities, Inc., (0.12%, dated 4/24/12, due 5/1/12; proceeds $163,004; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.00% - 5.00% due 7/1/39 - 4/1/42; valued at $168,241)		163,000		163,000

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Government Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
Deutsche Bank Securities, Inc., (0.17%, dated 4/25/12, due 5/2/12; proceeds $185,006; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.86% - 5.84% due 2/1/36 - 9/1/37; Federal National Mortgage Association 2.61% - 6.00% due 10/1/19 - 4/1/42; valued at $190,833)	$	185,000	$	185,000
Deutsche Bank Securities, Inc., (0.19%, dated 4/30/12, due 5/1/12; proceeds $485,003; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.50% - 2.00% due 8/15/14 - 11/15/21; valued at $494,583)		485,000		485,000
Deutsche Bank Securities, Inc., (0.21%, dated 4/30/12, due 5/1/12; proceeds $400,002; fully collateralized by U.S. Government Agencies; Federal National Mortgage Association 4.00% - 5.50% due 6/1/31 - 11/1/40; valued at $412,612)		400,000		400,000
Goldman Sachs & Co., (0.17%, dated 4/26/12, due 5/3/12; proceeds $155,005; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 5.00% due 8/1/30 - 6/1/41; Federal National Mortgage Association 3.76% - 5.50% due 3/1/39 - 3/1/42; valued at $159,549)		155,000		155,000
Goldman Sachs & Co., (0.17%, dated 4/27/12, due 5/4/12; proceeds $150,005; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.91% due 11/1/41; Federal National Mortgage Association 2.58% - 4.50% due 12/1/39 - 4/1/42; valued at $154,419)		150,000		150,000
Goldman Sachs & Co., (0.20%, dated 4/30/12, due 5/7/12; proceeds $150,006; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 2.68% - 5.50% due 6/1/39 - 2/1/42; Federal National Mortgage Association 3.14% - 5.50% due 9/1/35 - 2/1/42; valued at $154,535)		150,000		150,000
HSBC Securities USA, Inc., (0.20%, dated 4/30/12, due 5/1/12; proceeds $400,002; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% - 6.50% due 4/1/16 - 4/1/42; valued at $413,445)		400,000		400,000
RBC Capital Markets LLC, (0.20%, dated 4/30/12, due 5/1/12; proceeds $250,001; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.00% - 3.05% due 4/1/27 - 11/1/40; Federal National Mortgage Association 1.95% - 4.50% due 2/1/17 - 5/1/42; valued at $257,615)		250,000		250,000

	Face Amount (000)		Value (000)
RBS Securities, Inc., (0.21%, dated 4/30/12, due 5/1/12; proceeds $150,001; fully collateralized by U.S. Government Agencies; Government National Mortgage Association Zero Coupon - 8.00% due 2/15/22 - 2/15/52; valued at $154,903)	$	150,000	$	150,000
Societe Generale, (0.20%, dated 4/30/12, due 5/1/12; proceeds $1,825,010; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 4.00% - 6.00% due 2/1/25 - 11/1/40; Federal National Mortgage Association 4.00% - 6.50% due 9/1/24 - 12/1/48; valued at $1,879,753)		1,825,000		1,825,000
TD Securities USA, (0.14%, dated 4/26/12, due 5/3/12; proceeds $110,003; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.38% - 4.75% due 5/15/14 - 4/30/19; U.S. Treasury Strip Zero Coupon due 7/12/12; valued at $112,206)		110,000		110,000
UBS Securities LLC, (0.18%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 0.88% due 4/30/17; valued at $102,000)		100,000		100,000
UBS Securities LLC, (0.21%, dated 4/30/12, due 5/1/12; proceeds $1,080,006; fully collateralized by U.S. Government Agencies; Federal Home Loan Mortgage Corporation 3.00% - 6.00% due 2/1/23 - 4/1/42; Federal National Mortgage Association 3.00% - 6.50% due 2/1/23 - 5/1/42; valued at $1,111,943)		1,080,000		1,080,000
Wells Fargo Securities LLC, (0.22%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by a U.S. Government Agency; Federal Home Loan Bank 5.63% due 3/14/36; and a U.S. Government Obligation; U.S. Treasury Bond 3.13% due 11/15/41; valued at $102,041)		100,000		100,000
Total Repurchase Agreements (Cost $9,953,000)				9,953,000
Total Investments (100.0%) (Cost $10,444,674)				10,444,674
Other Assets in Excess of Liabilities (0.0%) (b)				122
Net Assets (100.0%)			$	10,444,796

(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, 2012.

(b)  Amount is less than 0.05%.

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

2012 Semi-Annual Report

April 30, 2012 (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 investments as of April 30, 2012. (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	$	—	$	491,674	$	—	$	491,674
Repurchase Agreements		—		9,953,000		—		9,953,000
Total Assets	$	—	$	10,444,674	$	—	$	10,444,674

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, 2012, the Portfolio did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		95.3	%
U.S. Agency Securities		4.7
Total Investments		100.0	%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Government Securities Portfolio

	Face Amount (000)		Value (000)
U.S. Agency Securities (87.8%)
Federal Farm Credit Bank,
0.10%, 5/4/12 (a)	$	4,800	$	4,800
0.33%, 6/25/12 (b)		4,000		3,999
0.36%, 7/2/12 (b)		1,000		1,000
0.39%, 9/14/12 (b)		1,500		1,500
2.13%, 6/18/12		17,935		17,982
Federal Home Loan Bank,
0.03%, 5/1/12 (a)		67,695		67,695
0.06%, 5/9/12 - 5/18/12 (a)		11,734		11,734
0.07%, 5/2/12 (a)		15,000		15,000
0.08%, 5/2/12 (a)		8,000		8,000
0.09%, 5/9/12 (a)		4,000		4,000
0.10%, 5/2/12 - 7/13/12 (a)		51,750		51,747
0.11%, 5/11/12 - 7/5/12 (a)		25,675		25,672
0.25%, 6/29/12		4,500		4,501
0.27%, 7/6/12		2,500		2,501
1.13%, 5/18/12		31,000		31,015
1.38%, 6/8/12		10,100		10,113
1.88%, 6/20/12		3,650		3,659
4.88%, 6/8/12		1,050		1,055
Total U.S. Agency Securities (Cost $265,973)				265,973
U.S. Treasury Securities (13.2%)
U.S. Treasury Bills,
0.10%, 6/21/12 (c)		10,000		9,999
0.12%, 5/31/12 (c)		10,000		9,999
U.S. Treasury Notes,
1.38%, 5/15/12		13,000		13,007
1.88%, 6/15/12		2,000		2,004
4.75%, 5/31/12		5,000		5,019
Total U.S. Treasury Securities (Cost $40,028)				40,028
Total Investments (101.0%) (Cost $306,001)				306,001
Liabilities in Excess of Other Assets (-1.0%)				(3,074	)
Net Assets (100.0%)			$	302,927

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

(b)  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, 2012.

(c)  Rate shown is the yield to maturity at April 30, 2012.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's investments as of April 30, 2012. (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	$	—	$	265,973	$	—	$	265,973
U.S. Treasury Securities		—		40,028		—		40,028
Total Assets	$	—	$	306,001	$	—	$	306,001

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, 2012, the Portfolio did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
U.S. Agency Securities		86.9	%
U.S. Treasury Securities		13.1
Total Investments		100.0	%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Treasury Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (5.5%)
U.S. Treasury Bills,
0.12%, 5/31/12 (a)	$	135,000	$	134,987
0.15%, 9/20/12 (a)		35,500		35,479
0.21%, 5/3/12 (a)		50,000		49,999
U.S. Treasury Notes,
0.63%, 7/31/12		144,000		144,196
1.38%, 9/15/12		43,000		43,194
Total U.S. Treasury Securities (Cost $407,855)				407,855
Repurchase Agreements (94.5%)
ABN Amro Securities (USA) LLC, (0.18%, dated 4/30/12, due 5/1/12; proceeds $235,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 3.13% due 2/15/42; U.S. Treasury Notes 0.13% - 4.25% due 5/15/12 - 2/15/42; valued at $239,655)		235,000		235,000
Bank of Montreal, (0.18%, dated 4/30/12, due 5/1/12; proceeds $175,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.25% - 1.13% due 6/15/13 - 3/31/14; valued at $178,513)		175,000		175,000
Bank of Montreal, (0.18%, dated 4/30/12, due 5/1/12; proceeds $300,002; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.75% - 1.25% due 3/31/13 - 3/15/14; valued at $305,284)		300,000		300,000
Bank of Nova Scotia, (0.15%, dated 3/23/12, due 3/18/13; proceeds $250,375; fully collateralized by U.S. Government Obligations; U.S. Treasury Bonds 3.50% - 4.50% due 5/15/38 - 8/15/41; U.S. Treasury Notes 0.25% - 4.88% due 6/30/12 - 2/15/42; U.S. Treasury Strip Zero Coupon due 9/20/12; valued at $255,120) (Demand 5/7/12)		250,000		250,000
Bank of Nova Scotia, (0.18%, dated 4/30/12, due 5/1/12; proceeds $255,001; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 1.25% due 4/30/19; valued at $260,000)		255,000		255,000
Barclays Capital, Inc., (0.14%, dated 4/25/12, due 5/2/12; proceeds $250,007; fully collateralized by U.S. Government Obligations; U.S. Treasury Bonds 3.13% - 6.00% due 2/15/26 - 2/15/42; U.S. Treasury Notes 0.75% - 4.25% due 6/15/14 - 2/15/22; valued at $255,060)		250,000		250,000
Barclays Capital, Inc., (0.17%, dated 4/30/12, due 5/1/12; proceeds $250,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Bond 4.50% due 5/15/38; U.S. Treasury Note 1.75% due 7/31/15; valued at $254,487)		250,000		250,000

	Face Amount (000)		Value (000)
BNP Paribas Securities Corp., (0.15%, dated 4/4/12, due 5/4/12; proceeds $50,006; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.13% - 4.25% due 4/15/14 - 2/15/42; U.S. Treasury Strips Zero Coupon due 11/15/14 - 8/15/39; valued at $51,000)	$	50,000	$	50,000
BNP Paribas Securities Corp., (0.18%, dated 4/30/12, due 5/1/12; proceeds $265,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Strips Zero Coupon due 8/9/12 - 4/4/13; valued at $270,400)		265,000		265,000
Credit Agricole CIB, (0.17%, dated 4/30/12, due 5/1/12; proceeds $400,002; fully collateralized by U.S. Government Obligations; U.S. Treasury Bonds 7.63% due 11/15/22 - 2/15/25; valued at $408,549)		400,000		400,000
Deutsche Bank Securities, Inc., (0.19%, dated 4/30/12, due 5/1/12; proceeds $482,652; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.88% - 4.00% due 2/15/15 - 11/30/16; valued at $493,095)		482,649		482,649
HSBC Securities USA, Inc., (0.18%, dated 4/30/12, due 5/1/12; proceeds $100,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.25% due 10/31/13 - 4/30/14; valued at $102,000)		100,000		100,000
HSBC Securities USA, Inc., (0.20%, dated 4/30/12, due 5/1/12; proceeds $300,002; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 0.25% due 4/30/14; valued at $306,005)		300,000		300,000
RBS Securities, Inc., (0.18%, dated 4/30/12, due 5/1/12; proceeds $400,002; fully collateralized by U.S. Government Obligations; U.S. Treasury Bonds 4.38% - 4.50% due 5/15/38 - 5/15/41; valued at $414,494)		400,000		400,000
Societe Generale, (0.18%, dated 4/30/12, due 5/1/12; proceeds $1,250,006; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.13% - 4.25% due 5/15/12 - 5/15/39; U.S. Treasury Strips Zero Coupon due 8/15/12 - 11/15/41; valued at $1,275,529)		1,250,000		1,250,000
TD Securities USA, (0.14%, dated 4/26/12, due 5/3/12; proceeds $110,003; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.25% - 2.50% due 2/15/15 to 3/31/15; valued at $112,610)		110,000		110,000

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Treasury Portfolio

	Face Amount (000)		Value (000)
Repurchase Agreements (cont'd)
UBS Securities LLC, (0.18%, dated 4/30/12, due 5/1/12; proceeds $1,650,008; fully collateralized by U.S. Government Obligations; U.S. Treasury Bonds 3.50% - 8.00% due 11/15/21 - 2/15/39; U.S. Treasury Notes 0.13% - 4.25% due 10/31/12 - 1/15/28; valued at $1,683,142)	$	1,650,000	$	1,650,000
Wells Fargo Securities LLC, (0.18%, dated 4/30/12, due 5/1/12; proceeds $250,001; fully collateralized by U.S. Government Obligations; U.S. Treasury Notes 0.63% - 2.63% due 6/30/12 - 12/31/14; U.S. Treasury Strips Zero Coupon due 5/24/12 - 7/26/12; valued at $254,862)		250,000		250,000
Total Repurchase Agreements (Cost $6,972,649)				6,972,649
Total Investments (100.0%) (Cost $7,380,504)				7,380,504
Liabilities in Excess of Other Assets (-0.0%) (b)				(1,093	)
Net Assets (100.0%)			$	7,379,411

(a)  Rate shown is the yield to maturity at April 30, 2012.

(b)  Amount is less than 0.05%.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's investments as of April 30, 2012. (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	$	—	$	407,855	$	—	$	407,855
Repurchase Agreements		—		6,972,649		—		6,972,649
Total Assets	$	—	$	7,380,504	$	—	$	7,380,504

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, 2012, the Portfolio did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
Repurchase Agreements		94.5	%
U.S. Treasury Securities		5.5
Total Investments		100.0	%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Treasury Securities Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Securities (105.4%)
U.S. Treasury Bills,
0.02%, 5/10/12 (a)	$	79,000	$	79,000
0.03%, 5/3/12 (a)		1,500		1,500
0.04%, 5/3/12 - 5/31/12 (a)		210,000		209,995
0.05%, 5/3/12 - 5/10/12 (a)		45,000		45,000
0.06%, 5/3/12 - 5/10/12 (a)		490,275		490,274
0.07%, 5/3/12 - 6/14/12 (a)		792,500		792,475
0.08%, 5/10/12 - 7/19/12 (a)		335,000		334,985
0.09%, 5/24/12 - 6/28/12 (a)		210,000		209,988
0.10%, 6/21/12 - 8/2/12 (a)		350,000		349,937
0.15%, 9/20/12 (a)		13,000		12,992
U.S. Treasury Notes,
0.63%, 7/31/12		50,000		50,069
1.38%, 9/15/12		6,000		6,027
1.88%, 6/15/12		45,000		45,099
4.75%, 5/31/12		211,000		211,802
Total Investments (105.4%) (Cost $2,839,143)				2,839,143
Liabilities in Excess of Other Assets (-5.4%)				(146,222	)
Net Assets (100.0%)			$	2,692,921

(a)  Rate shown is the yield to maturity at April 30, 2012.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's investments as of April 30, 2012. (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	$	—	$	2,839,143	$	—	$	2,839,143
Total Assets	$	—	$	2,839,143	$	—	$	2,839,143

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, 2012, the Portfolio did not have any significant investments transfer between investment 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.
29

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Tax-Exempt Instruments (101.8%)
Commercial Paper (a) (9.2%)
Harris County Cultural Education Facilities Finance Corporation, TX, Methodist Hospital System Ser 2009 C-1
0.20%, 9/5/12 - 10/3/12	$	20,000	$	20,000
0.28%, 7/10/12		5,000		5,000
0.30%, 7/25/12		20,000		20,000
Harris County, TX, Notes Ser C
0.29%, 5/2/12		5,903		5,903
Houston, TX, Ser G-2
0.15%, 5/1/12		10,000		10,000
Ser H-2
0.16%, 5/22/12		10,000		10,000
Howard County, MD, Ser 2011 BANs
0.22%, 7/26/12		5,000		5,000
JEA, FL, Electric System Subser 2000 B
0.20%, 5/14/12		5,000		5,000
Electric System Subser 2000 F-1
0.24%, 5/24/12		4,750		4,750
Electric System Subser 2001 C
0.20%, 5/14/12		5,000		5,000
Las Vegas Valley Water District, NV, Water Ser 2004 A
0.24%, 5/17/12		5,000		5,000
Lincoln, NE, Lincoln Electric System Ser 1995
0.20%, 5/22/12		20,000		20,000
Nebraska Public Power District, Ser A Notes
0.22%, 8/22/12 - 8/29/12		10,000		10,000
				125,653
Daily Variable Rate Bonds (11.5%)
Chicago, IL, Refg Ser 2005 D-1
0.23%, 1/1/40		29,400		29,400
Harris County Health Facilities Development Corporation, TX, Methodist Hospital System Ser 2008 A-2
0.23%, 12/1/41		12,010		12,010
JP Morgan Chase & Co., CA, Los Angeles Ser 2011 TRANs PUTTERs Ser 3930
0.25%, 8/12/12 (b)		10,000		10,000
JP Morgan Chase & Co., TX, Texas Ser 2011 TRANs PUTTERs Ser 3945
0.25%, 8/30/12 (b)		15,995		15,995
Texas Ser 2011 TRANs PUTTERs Ser 3953
0.25%, 8/30/12 (b)		10,000		10,000
Massachusetts, Central Artery Ser 2000 A
0.30%, 12/1/30		20,000		20,000
Consolidated Loan Ser 2006 B
0.30%, 3/1/26		30,340		30,340
New York City, NY, Fiscal 2006 Subser J-4
0.26%, 8/1/25		30,085		30,085
				157,830

	Face Amount (000)		Value (000)
Municipal Bonds & Notes (1.7%)
Kentucky Rural Water Finance Corporation, Public Projects Construction Notes Ser D-2011-1
1.25%, 11/1/12	$	3,500	$	3,512
Los Angeles County Schools Pooled Financing Program, CA, Pooled 2011-2012 Ser A-1 TRANs
2.00%, 6/29/12		4,000		4,010
Pooled 2011-2012 Ser B-2 TRANs
2.00%, 12/31/12		5,000		5,055
Pooled 2011-2012 Ser B-3 TRANs
2.00%, 1/31/13		3,200		3,237
Massachusetts Water Pollution Abatement Trust, State Revolving Fund Ser 16 BANs
0.30%, 3/1/13		5,000		5,000
Minnesota Rural Water Finance Authority, Public Projects Construction Notes Ser 2012
1.25%, 3/1/13		1,000		1,007
St. Louis, MO, General Fund Ser 2011 TRANs
2.00%, 6/29/12		1,500		1,504
				23,325
Put Option Bonds (c) (7.3%)
Fairfax County Industrial Development Authority, VA, Inova Health System Window Ser 2020 A-1
0.37%, 5/15/39		4,000		4,000
Golden Empire Schools Financing Authority, CA, Kern High School District Ser 2012
0.70%, 5/1/13		5,000		5,000
Illinois Finance Authority, Advocate Health Care Window Ser 2011 B Illinois Finance Authority
0.37%, 4/1/51		1,400		1,400
Kentucky Economic Development Finance Authority, Catholic Health Initiatives Window Ser 2011 B-1
0.35%, 2/1/46		1,000		1,000
Catholic Health Initiatives Window Ser 2011 B-3
0.35%, 2/1/46		1,300		1,300
Massachusetts Bay Transportation Authority, Senior Sales Tax Window Ser 2010 A
0.34%, 7/1/30		4,500		4,500
Michigan Hospital Finance Authority, Ascension Health Senior Credit Group Window Ser 2010 F-8
0.34%, 11/15/49		10,000		10,000
New York Liberty Development Corporation, NY, Recovery Zone 3 World Trade Center Ser 2010 A-1
0.30%, 8/8/12		9,500		9,500
Norfolk Economic Development Authority, VA, Sentara Healthcare Window Ser 2010 B
0.37%, 11/1/34		3,000		3,000
Sentara Healthcare Window Ser 2010 C
0.37%, 11/1/34		3,000		3,000
Sentara Healthcare Window Ser 2012 A
0.33%, 11/1/34		10,000		10,000
Orlando Utilities Commission, FL, Utility System Window Ser 2011 A
0.36%, 10/1/27		5,000		5,000

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Put Option Bonds (cont'd)
Rib Floater Credit Enhanced Trust, CA, California RANs Ser B-1 Trust Receipts Ser 2012 FR-2U
0.22%, 6/28/12 (b)	$	13,500	$	13,500
Riverton, UT, IHC Health Services Inc Deutsche Bank SPEARS Ser DB 1063X
0.30%, 8/15/41 (b)		13,700		13,700
University of Massachusetts Building Authority, Commonwealth Guaranteed Window Senior Ser 2011-2
0.34%, 11/1/34		15,535		15,535
				100,435
Weekly Variable Rate Bonds (72.1%)
Arizona Health Facilities Authority, Banner Health Ser 2008 D ROCs II-R Ser 11687
0.27%, 7/1/25 (b)		1,600		1,600
Barclays Capital Municipal Trust Receipts, AZ, Salt River Project Agricultural 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, MA, Massachusetts School Building Authority Senior Dedicated Sales Tax Ser 2011 B Floater-TRs Ser 30BX
0.24%, 10/15/41 (b)		10,000		10,000
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
BB&T Municipal Trust, AZ, Salt River Project Agricultural Improvement & Power District Ser 2008 A Floater Certificates Ser 9
0.24%, 1/1/16 (b)		9,940		9,940
BB&T Municipal Trust, FL, Tampa Bay Water Ser 2008 Floater Certificates Ser 36
0.23%, 4/1/16 (b)		15,590		15,590
California, Ser 2005 A Subser A-3
0.29%, 5/1/40		34,100		34,100
California Health Facilities Financing Authority, Kaiser Permanente Ser 2006 C
0.23%, 6/1/41		20,000		20,000
Capital Beltway Funding Corporation of Virginia, Senior Lien Toll I-495 Hot Lanes Ser 2008 C
0.19%, 12/31/47		23,800		23,800
Senior Lien Toll I-495 Hot Lanes Ser 2008 D
0.17%, 12/31/47		21,000		21,000
Central Plains Energy Project, NE, Gas Project No. 2 Ser 2009
0.25%, 8/1/39		26,950		26,950
Colorado Springs, CO, Utilities System Sub Lien Ser 2007 A
0.26%, 11/1/37		19,720		19,720
Dallas Area Rapid Transit, TX, Sales Tax Ser 2008 ROCs II-R Ser 11541
0.28%, 6/1/16 (b)		3,500		3,500

	Face Amount (000)		Value (000)
Florida State Board of Education, FL, Capital Outlay Ser 2005 G ROCs II-R Ser 12017
0.26%, 10/15/16 (b)	$	7,800	$	7,800
Franklin County, OH, Ohio Health Corp. Ser 2009 A
0.21%, 11/15/41		2,600		2,600
Gainesville, FL, Utilities System 2007 Ser A
0.25%, 10/1/36		25,945		25,945
Utilities System 2008 Ser B
0.23%, 10/1/38		20,000		20,000
Harris County Industrial Development Corporation, TX, Baytank, Inc., Ser 1998
0.25%, 2/1/20		28,000		28,000
Highlands County Health Facilities Authority, FL, Adventist Health System/Sunbelt Obligated Group Ser 2004 A
0.22%, 11/15/34		11,210		11,210
Adventist Health System/Sunbelt Obligated Group   Ser 2006 C ROCs II-R Ser 11564 (BHAC)
0.26%, 11/15/14 (b)		4,590		4,590
Houston, TX, Combined Utility System First Lien Ser 2004 B6
0.23%, 5/15/34		27,500		27,500
Illinois Toll Highway Authority, Toll Highway Senior Priority Ser 2007 A-1B
0.23%, 7/1/30		20,300		20,300
Toll Highway Senior Priority Ser 2007 A-2B
0.23%, 7/1/30		25,000		25,000
JEA, FL, District Energy System Ser 2004 A
0.25%, 10/1/34		9,116		9,116
Electric System Ser Three 2008 B-4
0.22%, 5/7/12		40,220		40,220
Water & Sewer System Subser 2008 A-2
0.24%, 10/1/42		20,000		20,000
JP Morgan Chase & Co., IL, Illinois Finance Authority Advocate Health Care Ser 2010 A, B, C PUTTERs Ser 3628
0.25%, 4/1/17 (b)		16,005		16,005
King County, WA, Limited Tax Sewer Ser 2010 A
0.18%, 1/1/40		20,465		20,465
Main Street Natural Gas, Inc., GA, Gas Ser 2010 A
0.25%, 8/1/40		19,375		19,375
Massachusetts Bay Transportation Authority, Senior Sales Tax Ser 2005 B Eagle #720050087 Class A (AGM)
0.25%, 7/1/29 (b)		9,900		9,900
Massachusetts Health & Educational Facilities Authority, Harvard University Ser 2005 C ROCs II-R Ser 10390
0.25%, 1/15/14 (b)		5,590		5,590
Massachusetts Water Resources Authority, Gen Ser 2008 A-3
0.21%, 8/1/37		28,800		28,800
Gen Ser 2008 C-2
0.23%, 11/1/26		30,595		30,595

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (cont'd)
Miami-Dade County School Board, FL, Ser 2007 B COPs Eagle #20070068 Class A (BHAC)
0.26%, 5/1/32 (b)	$	12,870	$	12,870
Michigan Finance Authority, Unemployment Obligation Assessment Ser 2011
0.27%, 7/1/14		22,200		22,200
Milwaukee Redevelopment Authority, WI, University of Wisconsin-Milwaukee-Kenilworth Ser 2005
0.25%, 9/1/40		1,950	��	1,950
Mobile Downtown Redevelopment Authority, AL, Gulf Opportunity Zone Austal USA LLC Ser 2011 A
0.23%, 5/1/41		10,000		10,000
Ser 2011 B
0.23%, 5/1/41		10,000		10,000
New Castle County, DE, University Courtyard Apartments Ser 2005
0.27%, 8/1/31		5,000		5,000
New Mexico Finance Authority, Sub Lien Ser 2008 Subser B-1
0.20%, 12/15/26		20,920		20,920
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Ser 2008
0.24%, 8/1/34		25,795		25,795
New Mexico Municipal Energy Acquisition Authority, Gas Supply Ser 2009
0.25%, 11/1/39		19,945		19,945
New York City Transitional Finance Authority, NY, Future Tax Fiscal 2010 Ser F Subser F-5
0.22%, 2/1/35		20,000		20,000
Future Tax Fiscal 2010 Ser G Subser G-5
0.25%, 5/1/34		30,000		30,000
New York City, NY, Fiscal 2004 Subser H-2
0.21%, 3/1/34		7,670		7,670
Fiscal 2008 Ser J Subser J-3
0.25%, 8/1/23		25,700		25,700
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
Orlando Utilities Commission, FL, Utility System Ser 2008-2
0.23%, 10/1/33		10,000		10,000
Pinellas County Health Facilities Authority, FL, Baycare Health System Ser 2009 A-2
0.24%, 11/1/38		3,500		3,500
RBC Municipal Products Trust, Inc., CA, Contra Costa Transportation Authority Sales Tax Ser 2010 Floater Certificates Ser E-17
0.25%, 3/1/34 (b)		24,800		24,800

	Face Amount (000)		Value (000)
RBC Municipal Products Trust, Inc., PA, Berks County Municipal Authority Reading Hospital & Medical Center Ser 2009 A-1 & A-2 Floater Certificates Ser E-15
0.26%, 7/1/13 (b)	$	19,555	$	19,555
RBC Municipal Products Trust, Inc., TX, Houston Combined Utility System First Lien Ser 2010 B Floater Certificates Ser E-14
0.25%, 5/15/34 (b)		10,000		10,000
Sevier County Public Building Authority, TN, Local Government Public Improvement Ser VI-A-1
0.25%, 6/1/29		20,310		20,310
Southcentral Pennsylvania General Authority, WellSpan Health Series 2008 A ROCs II-R Ser 11686
0.26%, 12/1/24 (b)		1,000		1,000
Texas Transportation Commission, Mobility Fund Ser 2005-B
0.23%, 4/1/30		4,810		4,810
Mobility Fund Ser 2007 Eagle #20070090   Class A
0.25%, 4/1/37 (b)		10,000		10,000
University of Michigan Regents, General Ser 2008 B
0.18%, 4/1/28		7,070		7,070
University of Texas Regents, Permanent University Fund Ser 2008 A
0.19%, 7/1/37		6,200		6,200
Utah Water Finance Agency, Ser 2008 B
0.26%, 10/1/37		10,000		10,000
Ser 2008 B-2
0.26%, 10/1/35		12,255		12,255
Ser 2008 B-4
0.26%, 10/1/36		23,160		23,160
Williamstown, KY, Kentucky League of Cities Funding Trust 2008 Ser A
0.24%, 7/1/38		7,000		7,000
				990,151
Total Investments (101.8%) (Cost $1,397,394)				1,397,394
Liabilities in Excess of Other Assets (-1.8%)				(24,079	)
Net Assets (100.0%)			$	1,373,315

(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, 2012.

AGM  Assured Guaranty Municipal Corporation.

BANs  Bond Anticipation Notes.

BHAC  Berkshire Hathaway Assurance Corporation.

COPs  Certificates of Participation.

PUTTERS  Puttable Tax-Exempt Receipts.

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Portfolio of Investments (cont'd)

Tax-Exempt Portfolio

RANs  Revenue Anticipation Notes.

ROCs  Reset Option Certificates.

TRANs  Tax and Revenue Anticipation Notes.

TRs  Trust Receipts.

Fair Value Measurement Information:

The following is a summary of the inputs used to value the Portfolio's investments as of April 30, 2012. (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	$	—	$	125,653	$	—	$	125,653
Daily Variable Rate Bonds		—		157,830		—		157,830
Municipal Bonds & Notes		—		23,325		—		23,325
Put Option Bonds		—		100,435		—		100,435
Weekly Variable Rate Bonds		—		990,151		—		990,151
Total Tax-Exempt Instruments		—		1,397,394		—		1,397,394
Total Assets	$	—	$	1,397,394	$	—	$	1,397,394

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, 2012, the Portfolio did not have any significant investments transfer between investment levels.

Portfolio Composition

Classification	Percentage of Total Investments
Weekly Variable Rate Bonds		70.9	%
Daily Variable Rate Bonds		11.3
Commercial Paper		9.0
Put Option Bonds		7.2
Other*		1.6
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
Florida	$	200,591		14.6	%
Texas		198,918		14.5
Massachusetts		160,260		11.7
New York		122,955		8.9
California		119,702		8.7
Illinois		92,105		6.7
New Mexico		66,660		4.9
Virginia		64,800		4.7
Utah		59,115		4.3
Nebraska		56,950		4.1
Michigan		39,270		2.9
Pennsylvania		20,555		1.5
Washington		20,465		1.5
Tennessee		20,310		1.5
Alabama		20,000		1.5
Oregon		20,000		1.5
Ohio		19,830		1.4
Colorado		19,720		1.4
Georgia		19,375		1.4
Arizona		16,540		1.2
Kentucky		12,812		0.9
North Carolina		7,000		0.5
Delaware		5,000		0.4
Maryland		5,000		0.4
Nevada		5,000		0.4
Wisconsin		1,950		0.1
Missouri		1,504		0.1
Minnesota		1,007		0.1
	$	1,397,394		101.8	%

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Statements of Assets and Liabilities

	Money Market Portfolio (000)			Prime Portfolio (000)			Government Portfolio (000)			Government Securities Portfolio (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Cost	$	2,804,845		$	18,714,200		$	10,044,674		$	306,001
Investments in Securities of Affiliated Issuers, at Cost		—			—			400,000			—
Total Investments in Securities, at Cost		2,804,845			18,714,200			10,444,674			306,001
Investments in Securities of Unaffiliated Issuers, at Value		2,804,845			18,714,200			10,044,674			306,001
Investments in Securities of Affiliated Issuers, at Value		—			—			400,000			—
Total Investments in Securities, at Value(1)		2,804,845			18,714,200			10,444,674			306,001
Cash		9			18			25			1
Interest Receivable		556			3,629			948			603
Receivable for Portfolio Shares Sold		—			86			—			—
Due from Adviser		—			—			—			8
Receivable from Affiliate		—			—			2			—
Other Assets		117			466			309			57
Total Assets		2,805,527			18,718,399			10,445,958			306,670
Liabilities:
Payable for Portfolio Shares Redeemed		5,483			—			—	@		—
Payable for Investments Purchased		—			—			—			3,684
Payable for Advisory Fees		209			1,495			455			—
Dividends Declared		142			1,135			154			—	@
Payable for Administration Fees		109			731			398			12
Payable for Custodian Fees		50			122			29			6
Payable for Professional Fees		17			18			17			29
Administration Plan Fees Payable — Institutional Select Class		—	@		10			—	@		—	@
Service and Shareholder Administration Plan Fees Payable — Advisory Class		—	@		2			—			—
Administration Plan Fees Payable — Investor Class		2			—	@		—	@		—
Administration Plan Fees Payable — Administrative Class		—	@		—	@		—	@		—
Distribution Plan and Shareholder Service Plan Fees Payable — Participant Class		—	@		1			—	@		—	@
Distribution Plan and Shareholder Service Plan Fees Payable — Cash Management Class		10			—	@		—	@		—
Other Liabilities		64			264			109			12
Total Liabilities		6,086			3,778			1,162			3,743
Net Assets	$	2,799,441		$	18,714,621		$	10,444,796		$	302,927
Net Assets Consist of:
Paid-in-Capital	$	2,799,422		$	18,714,405		$	10,444,489		$	302,924
Undistributed Net Investment Income		125			215			291			11
Accumulated Net Realized Gain (Loss)		(106	)		1			16			(8	)
Net Assets	$	2,799,441		$	18,714,621		$	10,444,796		$	302,927
(1) Including: Repurchase Agreements, at Value	$	1,161,285		$	8,672,460		$	9,953,000		$	—

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

2012 Semi-Annual Report

April 30, 2012 (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	$	2,692,419	$	18,458,891	$	10,151,076	$	290,040
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		2,692,408,436		18,458,605,508		10,150,789,861		290,035,991
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
INSTITUTIONAL SELECT CLASS:
Net Assets	$	100	$	236,045	$	97,886	$	100
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		100,003		236,043,832		97,885,248		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
INVESTOR CLASS:
Net Assets	$	24,412	$	3,195	$	8,869	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		24,412,098		3,194,773		8,861,173		100,000
Net Asset Value, Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
ADMINISTRATIVE CLASS:
Net Assets	$	100	$	70	$	19,122	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		100,000		70,000		19,121,104		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
ADVISORY CLASS:
Net Assets	$	118	$	11,926	$	164,301	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		117,681		11,924,942		164,298,738		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00	$	1.00
PARTICIPANT CLASS:
Net Assets	$	1,488	$	4,464	$	100	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		1,487,755		4,463,680		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	$	80,804	$	30	$	3,442	$	12,387
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		80,803,049		30,000		3,442,334		12,386,713
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.
35

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Statements of Assets and Liabilities

	Treasury Portfolio (000)			Treasury Securities Portfolio (000)			Tax-Exempt Portfolio (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Cost	$	7,380,504		$	2,839,143		$	1,397,394
Total Investments in Securities, at Value(1)		7,380,504			2,839,143			1,397,394
Cash		—	@		423			8
Interest Receivable		386			4,597			496
Receivable for Portfolio Shares Sold		—			300			—
Due from Adviser		—			1			—
Other Assets		229			119			52
Total Assets		7,381,119			2,844,583			1,397,950
Liabilities:
Payable for Investments Purchased		—			149,964			24,320
Payable for Portfolio Shares Redeemed		1,045			1,550			—
Payable for Administration Fees		268			103			56
Payable for Advisory Fees		201			—			124
Dividends Declared		61			2			2
Payable for Professional Fees		12			33			20
Payable for Custodian Fees		48			—			9
Service and Shareholder Administration Plan Fees Payable — Advisory Class		—	@		—			—	@
Administration Plan Fees Payable — Institutional Select Class		—	@		—	@		—	@
Administration Plan Fees Payable — Investor Class		—	@		—			—	@
Administration Plan Fees Payable — Administrative Class		—	@		—			—	@
Distribution Plan and Shareholder Service Plan Fees Payable — Participant Class		—			—	@		1
Distribution Plan and Shareholder Service Plan Fees Payable — Cash Management Class		—			—	@		20
Other Liabilities		73			10			83
Total Liabilities		1,708			151,662			24,635
Net Assets	$	7,379,411		$	2,692,921		$	1,373,315
Net Assets Consist of:
Paid-in-Capital	$	7,379,339		$	2,692,925		$	1,373,342
Undistributed Net Investment Income (Loss)		64			(5	)		3
Accumulated Net Realized Gain (Loss)		8			1			(30	)
Net Assets	$	7,379,411		$	2,692,921		$	1,373,315
(1) Including: Repurchase Agreements, at Value	$	6,972,649		$	—		$	—

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Statements of Assets and Liabilities (cont'd)

	Treasury Portfolio (000)		Treasury Securities Portfolio (000)		Tax-Exempt Portfolio (000)
INSTITUTIONAL CLASS:
Net Assets	$	6,795,921	$	2,646,904	$	640,671
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		6,795,858,996		2,646,902,873		640,567,927
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
INSTITUTIONAL SELECT CLASS:
Net Assets	$	82,457	$	100	$	100
Shares Outstanding $0.01 par value of beneficial interest (unlimited number of shares authorized) (not in 000's)		82,456,962		100,000		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
INVESTOR CLASS:
Net Assets	$	100	$	383	$	104
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		100,000		383,462		104,380
Net Asset Value, Redemption Price Per Share	$	1.00	$	1.00	$	1.00
ADMINISTRATIVE CLASS:
Net Assets	$	6,896	$	100	$	100
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		6,895,724		100,000		100,000
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
ADVISORY CLASS:
Net Assets	$	142,045	$	100	$	6,866
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		142,042,378		100,000		6,864,966
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
PARTICIPANT CLASS:
Net Assets	$	131	$	100	$	18,867
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		130,626		100,000		18,865,440
Net Asset Value, Offering and Redemption Price Per Share	$	1.00	$	1.00	$	1.00
CASH MANAGEMENT CLASS:
Net Assets	$	351,861	$	45,234	$	706,607
Shares Outstanding $0.01 par value shares of beneficial interest (unlimited number of shares authorized) (not in 000's)		351,857,223		45,234,549		706,534,841
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.
37

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Statements of Operations

	Money Market Portfolio (000)			Prime Portfolio (000)			Government Portfolio (000)			Government Securities Portfolio (000)
Investment Income:
Interest	$	3,926		$	22,375		$	5,617		$	121
Interest from Securities of Affiliated Issuers (Note H)		—			32			234			—
Total Investment Income		3,926			22,407			5,851			121
Expenses:
Advisory Fees (Note B)		1,900			10,999			6,489			407
Administration Fees (Note C)		633			3,666			2,163			136
Custodian Fees (Note F)		76			215			118			16
Trustees' Fees and Expenses		38			220			105			9
Registration and Filing Fees		62			94			97			35
Professional Fees		22			24			22			32
Shareholder Reporting Fees		5			32			7			1
Pricing Fees		—	@		1			—	@		—	@
Administration Plan Fees — Institutional Select Class (Note D)		—	@		53			32			1
Administration Plan Fees — Investor Class (Note D)		14			2			12			4
Administration Plan Fees — Administrative Class (Note D)		—	@		—	@		14			—	@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		—	@		28			206			—	@
Distribution Plan and Shareholder Service Plan Fees — Participant Class (Note D)		6			11			—	@		—	@
Distribution Plan and Shareholder Service Plan Fees — Cash Management Class (Note D)		54			—	@		2			10
Other Expenses		44			211			138			17
Expenses Before Non Operating Expenses		2,854			15,556			9,405			668
Bank Overdraft Expense		—			(1	)		—			—
Total Expenses		2,854			15,555			9,405			668
Waiver of Advisory Fees (Note B)		(754	)		(3,730	)		(4,840	)		(407	)
Expenses Reimbursed by Advisor (Note B)		—			—			—			(152	)
Waiver of Administration Plan Fees — Institutional Select Class (Note D)		—			—			(32	)		(1	)
Waiver of Administration Plan Fees — Investor Class (Note D)		(1	)		(—	@)		(12	)		(4	)
Waiver of Administration Plan Fees — Administrative Class (Note D)		(—	@)		(—	@)		(14	)		(—	@)
Waiver of Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		(—	@)		(14	)		(205	)		(—	@)
Waiver of Distribution Plan and Shareholder Service Plan Fees — Participant Class (Note D)		(4	)		(8	)		(—	@)		(—	@)
Waiver of Distribution Plan and Shareholder Service Plan Fees — Cash Management Class (Note D)		(9	)		(—	@)		(2	)		(10	)
Net Expenses		2,086			11,803			4,300			94
Net Investment Income		1,840			10,604			1,551			27
Realized Gain (Loss):
Investments Sold		13			22			16			(2	)
Net Increase in Net Assets Resulting from Operations	$	1,853		$	10,626		$	1,567		$	25

@  Amount is less than $500.

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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Statements of Operations

	Treasury Portfolio (000)			Treasury Securities Portfolio (000)			Tax-Exempt Portfolio (000)
Investment Income:
Interest	$	2,879		$	423		$	879
Dividends from Securities of Affiliated Issuer (Note H)		—			—			1
Total Investment Income		2,879			423			880
Expenses:
Advisory Fees (Note B)		4,372			2,059			1,007
Administration Fees (Note C)		1,457			686			336
Custodian Fees (Note F)		116			26			19
Trustees' Fees and Expenses		78			31			28
Registration and Filing Fees		65			31			25
Professional Fees		26			37			23
Shareholder Reporting Fees		8			—	@		3
Pricing Fees		—	@		—	@		1
Administration Plan Fees — Institutional Select Class (Note D)		19			1			—	@
Administration Plan Fees — Investor Class (Note D)		5			1			—	@
Administration Plan Fees — Administrative Class (Note D)		5			—	@		—	@
Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		158			—	@		8
Distribution Plan and Shareholder Service Plan Fees — Participant Class (Note D)		—	@		—	@		47
Distribution Plan and Shareholder Service Plan Fees — Cash Management Class (Note D)		252			34			521
Other Expenses		96			28			40
Total Expenses		6,657			2,934			2,058
Waiver of Advisory Fees (Note B)		(3,789	)		(2,059	)		(704	)
Expenses Reimbursed by Advisor (Note B)		—			(554	)		—
Waiver of Administration Plan Fees — Institutional Select Class (Note D)		(19	)		(1	)		(—	@)
Waiver of Administration Plan Fees — Investor Class (Note D)		(5	)		(1	)		(—	@)
Waiver of Administration Plan Fees — Administrative Class (Note D)		(5	)		(—	@)		(—	@)
Waiver of Service and Shareholder Administration Plan Fees — Advisory Class (Note D)		(158	)		(—	@)		(8	)
Waiver of Distribution Plan and Shareholder Service Plan Fees — Participant Class (Note D)		(—	@)		(—	@)		(46	)
Waiver of Distribution Plan and Shareholder Service Plan Fees — Cash Management Class (Note D)		(252	)		(34	)		(501	)
Rebate from Morgan Stanley Affiliate (Note H)		—			—			(4	)
Net Expenses		2,429			285			795
Net Investment Income		450			138			85
Realized Gain:
Investments Sold		8			2			44
Net Increase in Net Assets Resulting from Operations	$	458		$	140		$	129

@  Amount is less than $500.

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets

	Money Market Portfolio						Prime Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)			Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,840		$	5,040		$	10,604		$	20,517
Net Realized Gain (Loss)		13			(40	)		22			(9	)
Net Increase in Net Assets Resulting from Operations		1,853			5,000			10,626			20,508
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(1,823	)		(4,975	)		(10,504	)		(20,450	)
Institutional Select Class:
Net Investment Income		(—	@)		(—	@)		(98	)		(61	)
Investor Class:
Net Investment Income		(8	)		(26	)		(1	)		(2	)
Administrative Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Advisory Class:
Net Investment Income		(—	@)		(—	@)		(1	)		(3	)
Participant Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(1	)
Cash Management Class:
Net Investment Income		(9	)		(39	)		(—	@)		(—	@)
Total Distributions		(1,840	)		(5,040	)		(10,604	)		(20,517	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		13,094,558			25,273,160			71,028,921			136,940,502
Distributions Reinvested		1,295			3,109			5,167			8,357
Redeemed		(12,665,718	)		(26,083,454	)		(64,535,228	)		(139,057,025	)
Institutional Select Class:
Subscribed		—			—			820,390			849,740
Distributions Reinvested		—			—			39			42
Redeemed		—			—			(781,563	)		(810,157	)
Investor Class:
Subscribed		63,867			159,236			3			177
Distributions Reinvested		7			26			—	@		1
Redeemed		(53,959	)		(147,200	)		(1	)		(4,451	)
Administrative Class:
Subscribed		—			—			—			—
Distributions Reinvested		—			—			—			—
Redeemed		—			—			(30	)		—
Advisory Class:
Subscribed		115			700			20,185			52,949
Distributions Reinvested		—			—	@		1			3
Redeemed		(286	)		(659	)		(33,553	)		(56,728	)
Participant Class:
Subscribed		4,018			7,384			2,373			3,726
Distributions Reinvested		—			—			—	@		—	@
Redeemed		(4,595	)		(10,742	)		(3,300	)		(2,413	)
Cash Management Class:
Subscribed		153,358			661,283			30			2,246
Distributions Reinvested		9			39			—	@		—	@
Redeemed		(151,016	)		(711,363	)		(388	)		(3,770	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		441,653			(848,481	)		6,523,046			(2,076,801	)
Total Increase (Decrease) in Net Assets		441,666			(848,521	)		6,523,068			(2,076,810	)
Net Assets:
Beginning of Period		2,357,775			3,206,296			12,191,553			14,268,363
End of Period	$	2,799,441		$	2,357,775		$	18,714,621		$	12,191,553
Undistributed Net Investment Income Included in End of Period Net Assets	$	125		$	125		$	215		$	215

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets (cont'd)

	Money Market Portfolio						Prime Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)			Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		13,094,558			25,273,160			71,028,921			136,940,502
Shares Issued on Distributions Reinvested		1,295			3,109			5,167			8,357
Shares Redeemed		(12,665,718	)		(26,083,454	)		(64,535,228	)		(139,057,025	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		430,135			(807,185	)		6,498,860			(2,108,166	)
Institutional Select Class:
Shares Subscribed		—			—			820,390			849,740
Shares Issued on Distributions Reinvested		—			—			39			42
Shares Redeemed		—			—			(781,563	)		(810,157	)
Net Increase in Institutional Select Class Shares Outstanding		—			—			38,866			39,625
Investor Class:
Shares Subscribed		63,867			159,236			3			177
Shares Issued on Distributions Reinvested		7			26			—	@@		1
Shares Redeemed		(53,959	)		(147,200	)		(1	)		(4,451	)
Net Increase (Decrease) in Investor Class Shares Outstanding		9,915			12,062			2			(4,273	)
Administrative Class:
Shares Subscribed		—			—			—			—
Shares Issued on Distributions Reinvested		—			—			—			—
Shares Redeemed		—			—			(30	)		—
Net Decrease in Administrative Class Shares Outstanding		—			—			(30	)		—
Advisory Class:
Shares Subscribed		115			700			20,185			52,949
Shares Issued on Distributions Reinvested		—			—	@@		1			3
Shares Redeemed		(286	)		(659	)		(33,553	)		(56,728	)
Net Increase (Decrease) in Advisory Class Shares Outstanding		(171	)		41			(13,367	)		(3,776	)
Participant Class:
Shares Subscribed		4,018			7,384			2,373			3,726
Shares Issued on Distributions Reinvested		—			—			—	@@		—	@@
Shares Redeemed		(4,595	)		(10,742	)		(3,300	)		(2,413	)
Net Increase (Decrease) in Participant Class Shares Outstanding		(577	)		(3,358	)		(927	)		1,313
Cash Management Class:
Shares Subscribed		153,358			661,283			30			2,246
Shares Issued on Distributions Reinvested		9			39			—	@@		—	@@
Shares Redeemed		(151,016	)		(711,363	)		(388	)		(3,770	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		2,351			(50,041	)		(358	)		(1,524	)

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets

	Government Portfolio						Government Securities Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)			Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,551		$	1,981		$	27		$	85
Net Realized Gain (Loss)		16			5			(2	)		(5	)
Net Increase in Net Assets Resulting from Operations		1,567			1,986			25			80
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(1,491	)		(1,959	)		(26	)		(82	)
Institutional Select Class:
Net Investment Income		(23	)		(2	)		(—	@)		(1	)
Investor Class:
Net Investment Income		(4	)		(5	)		(—	@)		(—	@)
Administrative Class:
Net Investment Income		(3	)		(2	)		(—	@)		(—	@)
Advisory Class:
Net Investment Income		(29	)		(13	)		(—	@)		(—	@)
Participant Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Cash Management Class:
Net Investment Income		(1	)		(—	@)		(1	)		(2	)
Total Distributions		(1,551	)		(1,981	)		(27	)		(85	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		42,680,886			55,587,411			860,787			3,625,133
Distributions Reinvested		854			1,144			24			71
Redeemed		(38,312,431	)		(56,524,043	)		(1,163,927	)		(3,593,530	)
Institutional Select Class:
Subscribed		1,757,367			340,001			50,000			130,000
Distributions Reinvested		12			—	@		—			1
Redeemed		(1,669,594	)		(330,001	)		(50,000	)		(130,001	)
Investor Class:
Subscribed		113,812			622,810			—			50,000
Distributions Reinvested		4			2			—	@		—	@
Redeemed		(118,891	)		(708,620	)		(50,000	)		—
Administrative Class:
Subscribed		—			3,245			—			—
Distributions Reinvested		3			2			—			—
Redeemed		—			(4,696	)		—			—
Advisory Class:
Subscribed		55,614			100,162			—			—
Distributions Reinvested		7			1			—			—
Redeemed		(39,738	)		(79,799	)		—			—
Participant Class:
Subscribed		—			—			—			—
Redeemed		—			—			—			—
Cash Management Class:
Subscribed		3,999			1,000			45			95,790
Distributions Reinvested		1			—	@		1			2
Redeemed		(1,650	)		(1,552	)		(2,344	)		(91,217	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		4,470,255			(992,933	)		(355,414	)		86,249
Total Increase (Decrease) in Net Assets		4,470,271			(992,928	)		(355,416	)		86,244
Net Assets:
Beginning of Period		5,974,525			6,967,453			658,343			572,099
End of Period	$	10,444,796		$	5,974,525		$	302,927		$	658,343
Undistributed Net Investment Income Included in End of Period Net Assets	$	291		$	291		$	11		$	11

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets (cont'd)

	Government Portfolio						Government Securities Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)			Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		42,680,886			55,587,411			860,787			3,625,133
Shares Issued on Distributions Reinvested		854			1,144			24			71
Shares Redeemed		(38,312,431	)		(56,524,043	)		(1,163,927	)		(3,593,530	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		4,369,309			(935,488	)		(303,116	)		31,674
Institutional Select Class:
Shares Subscribed		1,757,367			340,001			50,000			130,000
Shares Issued on Distributions Reinvested		12			—	@@		—			1
Shares Redeemed		(1,669,594	)		(330,001	)		(50,000	)		(130,001	)
Net Increase in Institutional Select Class Shares Outstanding		87,785			10,000			—			—
Investor Class:
Shares Subscribed		113,812			622,810			—			50,000
Shares Issued on Distributions Reinvested		4			2			—	@@		—	@@
Shares Redeemed		(118,891	)		(708,620	)		(50,000	)		—
Net Increase (Decrease) in Investor Class Shares Outstanding		(5,075	)		(85,808	)		(50,000	)		50,000
Administrative Class:
Shares Subscribed		—			3,245			—			—
Shares Issued on Distributions Reinvested		3			2			—			—
Shares Redeemed		—			(4,696	)		—			—
Net Increase (Decrease) in Administrative Class Shares Outstanding		3			(1,449	)		—			—
Advisory Class:
Shares Subscribed		55,614			100,162			—			—
Shares Issued on Distributions Reinvested		7			1			—			—
Shares Redeemed		(39,738	)		(79,799	)		—			—
Net Increase in Advisory Class Shares Outstanding		15,883			20,364			—			—
Participant Class:
Shares Subscribed		—			—			—			—
Shares Redeemed		—			—			—			—
Net Increase in Participant Class Shares Outstanding		—			—			—			—
Cash Management Class:
Shares Subscribed		3,999			1,000			45			95,790
Shares Issued on Distributions Reinvested		1			—	@@		1			2
Shares Redeemed		(1,650	)		(1,552	)		(2,344	)		(91,217	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		2,350			(552	)		(2,298	)		4,575

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets

	Treasury Portfolio						Treasury Securities Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)			Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	450		$	896		$	138		$	36
Net Realized Gain (Loss)		8			(1	)		2			(1	)
Net Increase in Net Assets Resulting from Operations		458			895			140			35
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(408	)		(854	)		(135	)		(34	)
Institutional Select Class:
Net Investment Income		(6	)		(4	)		(—	@)		(—	@)
Investor Class:
Net Investment Income		(—	@)		(1	)		(—	@)		(—	@)
Administrative Class:
Net Investment Income		(1	)		(1	)		(—	@)		(—	@)
Advisory Class:
Net Investment Income		(9	)		(10	)		(—	@)		(—	@)
Participant Class:
Net Investment Income		(—	@)		(—	@)		(—	@)		(—	@)
Cash Management Class:
Net Investment Income		(26	)		(26	)		(3	)		(2	)
Total Distributions		(450	)		(896	)		(138	)		(36	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		23,035,630			32,492,491			4,785,665			4,337,070
Distributions Reinvested		248			453			124			30
Redeemed		(20,904,199	)		(32,621,404	)		(4,811,844	)		(1,667,337	)
Institutional Select Class:
Subscribed		227,624			542,001			12,000			8,000
Distributions Reinvested		6			4			—	@		—	@
Redeemed		(225,277	)		(462,001	)		(12,050	)		(7,950	)
Investor Class:
Subscribed		2,401			54,804			7,049			—
Distributions Reinvested		—	@		1			—	@		—
Redeemed		(57,215	)		—			(6,766	)		—
Administrative Class:
Subscribed		—			898			—			—
Distributions Reinvested		1			1			—			—
Redeemed		(1,063	)		(12,256	)		—			—
Advisory Class:
Subscribed		1,015,526			1,282,530			—			—
Distributions Reinvested		—	@		—	@		—			—
Redeemed		(990,340	)		(1,217,098	)		—			—
Participant Class:
Subscribed		2			102			—			—
Distributions Reinvested		—	@		—	@		—			—
Redeemed		(—	@)		(100	)		—			—
Cash Management Class:
Subscribed		244,583			394,998			29,136			84,408
Distributions Reinvested		26			26			2			2
Redeemed		(208,544	)		(336,723	)		(26,688	)		(57,287	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		2,139,409			118,727			(23,372	)		2,696,936
Total Increase (Decrease) in Net Assets		2,139,417			118,726			(23,370	)		2,696,935
Net Assets:
Beginning of Period		5,239,994			5,121,268			2,716,291			19,356
End of Period	$	7,379,411		$	5,239,994		$	2,692,921		$	2,716,291
Undistributed Net Investment Income (Loss) Included in End of Period Net Assets	$	64		$	64		$	(5	)	$	(5	)

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets (cont'd)

	Treasury Portfolio						Treasury Securities Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)			Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		23,035,630			32,492,491			4,785,665			4,337,070
Shares Issued on Distributions Reinvested		248			453			124			30
Shares Redeemed		(20,904,199	)		(32,621,404	)		(4,811,844	)		(1,667,337	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		2,131,679			(128,460	)		(26,055	)		2,669,763
Institutional Select Class:
Shares Subscribed		227,624			542,001			12,000			8,000
Shares Issued on Distributions Reinvested		6			4			—	@@		—	@@
Shares Redeemed		(225,277	)		(462,001	)		(12,050	)		(7,950	)
Net Increase (Decrease) in Institutional Select Class Shares Outstanding		2,353			80,004			(50	)		50
Investor Class:
Shares Subscribed		2,401			54,804			7,049			—
Shares Issued on Distributions Reinvested		—	@@		1			—	@@		—
Shares Redeemed		(57,215	)		—			(6,766	)		—
Net Increase (Decrease) in Investor Class Shares Outstanding		(54,814	)		54,805			283			—
Administrative Class:
Shares Subscribed		—			898			—			—
Shares Issued on Distributions Reinvested		1			1			—			—
Shares Redeemed		(1,063	)		(12,256	)		—			—
Net Decrease in Administrative Class Shares Outstanding		(1,062	)		(11,357	)		—			—
Advisory Class:
Shares Subscribed		1,015,526			1,282,530			—			—
Shares Issued on Distributions Reinvested		—	@@		—	@@		—			—
Shares Redeemed		(990,340	)		(1,217,098	)		—			—
Net Increase in Advisory Class Shares Outstanding		25,186			65,432			—			—
Participant Class:
Shares Subscribed		2			102			—			—
Shares Issued on Distributions Reinvested		—	@@		—	@@		—			—
Shares Redeemed		(—	@@)		(100	)		—			—
Net Increase in Participant Class Shares Outstanding		2			2			—			—
Cash Management Class:
Shares Subscribed		244,583			394,998			29,136			84,408
Shares Issued on Distributions Reinvested		26			26			2			2
Shares Redeemed		(208,544	)		(336,723	)		(26,688	)		(57,287	)
Net Increase in Cash Management Class Shares Outstanding		36,065			58,301			2,450			27,123

@  Amount is less than $500.

@@  Amount is less than 500 shares.

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets

	Tax-Exempt Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	85		$	678
Net Realized Gain		44			5
Net Increase in Net Assets Resulting from Operations		129			683
Distributions from and/or in Excess of:
Institutional Class:
Net Investment Income		(49	)		(603	)
Institutional Select Class:
Net Investment Income		(—	@)		(—	@)
Investor Class:
Net Investment Income		(—	@)		(—	@)
Administrative Class:
Net Investment Income		(—	@)		(—	@)
Advisory Class:
Net Investment Income		(—	@)		(1	)
Participant Class:
Net Investment Income		(1	)		(2	)
Cash Management Class:
Net Investment Income		(35	)		(72	)
Total Distributions		(85	)		(678	)
Capital Share Transactions:(1)
Institutional Class:
Subscribed		1,319,495			4,936,702
Distributions Reinvested		44			510
Redeemed		(1,303,340	)		(5,299,568	)
Institutional Select Class:
Subscribed		—			3,687
Redeemed		—			(3,687	)
Investor Class:
Subscribed		—			—
Distributions Reinvested		—			—	@
Redeemed		—			(1,262	)
Administrative Class:
Subscribed		—			—
Redeemed		—			—
Advisory Class:
Subscribed		1,107			2,759
Distributions Reinvested		—	@		1
Redeemed		(650	)		(2,564	)
Participant Class:
Subscribed		1,363			17,661
Distributions Reinvested		1			2
Redeemed		(1,003	)		(17,088	)
Cash Management Class:
Subscribed		812,480			1,762,265
Distributions Reinvested		34			71
Redeemed		(731,100	)		(1,923,123	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		98,431			(523,634	)
Total Increase (Decrease) in Net Assets		98,475			(523,629	)
Net Assets:
Beginning of Period		1,274,840			1,798,469
End of Period	$	1,373,315		$	1,274,840
Undistributed Net Investment Income Included in End of Period Net Assets	$	3		$	3

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

2012 Semi-Annual Report

April 30, 2012

Statements of Changes in Net Assets (cont'd)

	Tax-Exempt Portfolio
	Six Months Ended April 30, 2012 (unaudited) (000)			Year Ended October 31, 2011 (000)
(1) Capital Share Transactions:
Institutional Class:
Shares Subscribed		1,319,495			4,936,702
Shares Issued on Distributions Reinvested		44			510
Shares Redeemed		(1,303,340	)		(5,299,568	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		16,199			(362,356	)
Institutional Select Class:
Shares Subscribed		—			3,687
Shares Redeemed		—			(3,687	)
Net Increase in Institutional Select Class: Shares Outstanding		—			—
Investor Class:
Shares Subscribed		—			—
Shares Issued on Distributions Reinvested		—			—	@@
Shares Redeemed		—			(1,262	)
Net Decrease in Investor Class Shares Outstanding		—			(1,262	)
Administrative Class:
Shares Subscribed		—			—
Shares Redeemed		—			—
Net Increase in Administrative Class Shares Outstanding		—			—
Advisory Class:
Shares Subscribed		1,107			2,759
Shares Issued on Distributions Reinvested		—	@@		1
Shares Redeemed		(650	)		(2,564	)
Net Increase in Advisory Class Shares Outstanding		457			196
Participant Class:
Shares Subscribed		1,363			17,661
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(1,003	)		(17,088	)
Net Increase in Participant Class Shares Outstanding		361			575
Cash Management Class:
Shares Subscribed		812,480			1,762,265
Shares Issued on Distributions Reinvested		34			71
Shares Redeemed		(731,100	)		(1,923,123	)
Net Increase (Decrease) in Cash Management Class Shares Outstanding		81,414			(160,787	)

@  Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
47

2012 Semi-Annual Report

April 30, 2012

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Distributions From Net Investment Income			Net Asset Value, End of Period		Total Return
Money Market Portfolio:
Institutional Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	1.000		0.07	%‡
Year Ended 10/31/11		1.000		0.002	††		(0.000	)^		(0.002	)		1.000		0.15	%
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	%##
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.001	††	$	0.000	^	$	(0.001	)	$	1.000		0.05	%‡
Year Ended 10/31/11		1.000		0.001	††		(0.000	)^		(0.001	)		1.000		0.10	%
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	%##
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.03	%‡
Year Ended 10/31/11		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		0.08	%^ ^
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	%##
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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	%##
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.00	%‡§
Year Ended 10/31/11		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	%##
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.00	%‡§
Year Ended 10/31/11		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		0.002			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	%##
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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	%##

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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	2,692,419		0.16	%*?		N/A			0.22	%*?		0.15	%*?		0.09	%*?
Year Ended 10/31/11		2,262,272		0.16	%?		N/A			0.22	%?		0.15	%?		0.09	%?
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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	100		0.21	%*?		N/A			0.27	%*?		0.10	%*?		0.04	%*?
Year Ended 10/31/11		100		0.21	%?		N/A			0.27	%?		0.10	%?		0.04	%?
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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	24,412		0.26	%*?		N/A			0.32	%*?		0.05	%*?		(0.01	)%*?
Year Ended 10/31/11		14,496		0.25	%?†		N/A			0.32	%?		0.06	%?		(0.01	)%?
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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	100		0.28	%*?†		N/A			0.37	%*?		0.03	%*?		(0.06	)%*?
Year Ended 10/31/11		100		0.28	%?†		N/A			0.37	%?		0.03	%?		(0.06	)%?
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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	118		0.28	%*?†		N/A			0.47	%*?		0.03	%*?		(0.16	)%*?
Year Ended 10/31/11		289		0.29	%?†		N/A			0.47	%?		0.02	%?		(0.16	)%?
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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	1,488		0.30	%*?†		N/A			0.72	%*?		0.01	%*?		(0.41	)%*?
Year Ended 10/31/11		2,065		0.33	%?†		N/A			0.72	%?		(0.02	)%?		(0.41	)%?
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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	80,804		0.29	%*?†		N/A			0.37	%*?		0.02	%*?		(0.06	)%*?
Year Ended 10/31/11		78,453		0.28	%?†		N/A			0.37	%?		0.03	%?		(0.06	)%?
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	%

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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	1.000	$	0.001	††	$	(0.000	)^	$	(0.001	)	$	—		$	1.000		0.07	%‡
Year Ended 10/31/11		1.000		0.001	††		(0.000	)^		(0.001	)		—			1.000		0.12	%
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	%##
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.001	††	$	(0.000	)^	$	(0.001	)	$	—		$	1.000		0.05	%‡
Year Ended 10/31/11		1.000		0.001	††		(0.000	)^		(0.001	)		—			1.000		0.08	%
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	%##
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.02	%‡
Year Ended 10/31/11		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.04	%
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	%##
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		1.000		0.000	††^		(0.000	)^		(0.000	)^		—			1.000		0.02	%
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	%##
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/11		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		0.002			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	%##
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/11		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		0.002			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	%##
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		1.000		0.000	††^		(0.000	)^		(0.000	)^		—			1.000		0.02	%
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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	18,458,891		0.16	%*?		N/A			0.21	%*?		0.15	%*?		0.10	%*?
Year Ended 10/31/11		11,960,009		0.16	%?		N/A			0.21	%?		0.13	%?		0.08	%?
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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	236,045		0.21	%*?		N/A			0.26	%*?		0.10	%*?		0.05	%*?
Year Ended 10/31/11		197,179		0.21	%?		N/A			0.26	%?		0.08	%?		0.03	%?
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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	3,195		0.26	%*?†		N/A			0.31	%*?		0.05	%*?		0.00	%*?§
Year Ended 10/31/11		3,193		0.25	%?†		N/A			0.31	%?		0.04	%?		(0.02	)%?
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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	70		0.28	%*?†		N/A			0.36	%*?		0.03	%*?		(0.05	)%*?
Year Ended 10/31/11		100		0.27	%?†		N/A			0.36	%?		0.02	%?		(0.07	)%?
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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	11,926		0.29	%*?†		N/A			0.46	%*?		0.02	%*?		(0.15	)%*?
Year Ended 10/31/11		25,293		0.28	%?†		N/A			0.46	%?		0.01	%?		(0.17	)%?
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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	4,464		0.29	%*?†		N/A			0.71	%*?		0.02	%*?		(0.40	)%*?
Year Ended 10/31/11		5,391		0.27	%?†		N/A			0.71	%?		0.02	%?		(0.42	)%?
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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	30		0.26	%*?†		N/A			0.36	%*?		0.05	%*?		(0.05	)%*?
Year Ended 10/31/11		388		0.26	%?†		N/A			0.36	%?		0.03	%?		(0.07	)%?
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

2012 Semi-Annual Report

April 30, 2012

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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		0.003			(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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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		0.002			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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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		0.002			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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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		0.14	%
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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.02	%‡
Year Ended 10/31/11		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		0.12	%
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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	10,151,076		0.10	%*?		N/A			0.21	%*?		0.04	%*?		(0.07	)%*?
Year Ended 10/31/11		5,781,753		0.14	%?		N/A			0.22	%?		0.03	%?		(0.05	)%?
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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	97,886		0.10	%*?†		N/A			0.26	%*?		0.04	%*?		(0.12	)%*?
Year Ended 10/31/11		10,100		0.15	%?†		N/A			0.27	%?		0.02	%?		(0.10	)%?
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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	8,869		0.10	%*?†		N/A			0.31	%*?		0.04	%*?		(0.17	)%*?
Year Ended 10/31/11		13,944		0.18	%?†		N/A			0.32	%?		(0.01	)%?		(0.15	)%?
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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	19,122		0.10	%*?†		N/A			0.36	%*?		0.04	%*?		(0.22	)%*?
Year Ended 10/31/11		19,118		0.16	%?†		N/A			0.37	%?		0.01	%?		(0.20	)%?
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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	164,301		0.10	%*?†		N/A			0.46	%*?		0.04	%*?		(0.32	)%*?
Year Ended 10/31/11		148,418		0.16	%?†		N/A			0.47	%?		0.01	%?		(0.30	)%?
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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	100		0.10	%*?†		N/A			0.71	%*?		0.04	%*?		(0.57	)%*?
Year Ended 10/31/11		100		0.16	%?†		N/A			0.72	%?		0.01	%?		(0.55	)%?
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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	3,442		0.10	%*?†		N/A			0.36	%*?		0.04	%*?		(0.22	)%*?
Year Ended 10/31/11		1,092		0.16	%?†		N/A			0.37	%?		0.01	%?		(0.20	)%?
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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.00	%§‡
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	1.000		0.01	%‡
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	1.000		0.00	%§‡
Year Ended 10/31/11		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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	290,040		0.03	%*?		N/A			0.24	%*?		0.01	%*?		(0.20	)%*?
Year Ended 10/31/11		593,158		0.11	%?		N/A			0.25	%?		0.01	%?		(0.13	)%?
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 4/30/12 (unaudited)	$	100		0.03	%*?†		N/A			0.29	%*?		0.01	%*?		(0.25	)%*?
Year Ended 10/31/11		100		0.11	%?†		N/A			0.30	%?		0.01	%?		(0.18	)%?
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 4/30/12 (unaudited)	$	100		0.03	%*?†		N/A			0.34	%*?		0.01	%*?		(0.30	)%*?
Year Ended 10/31/11		50,100		0.11	%?†		N/A			0.35	%?		0.01	%?		(0.23	)%?
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 4/30/12 (unaudited)	$	100		0.03	%*?†		N/A			0.39	%*?		0.01	%*?		(0.35	)%*?
Year Ended 10/31/11		100		0.11	%?†		N/A			0.40	%?		0.01	%?		(0.28	)%?
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 4/30/12 (unaudited)	$	100		0.03	%*?†		N/A			0.49	%*?		0.01	%*?		(0.45	)%*?
Year Ended 10/31/11		100		0.12	%?†		N/A			0.50	%?		0.00	%?§		(0.38	)%?
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 4/30/12 (unaudited)	$	100		0.03	%*?†		N/A			0.74	%*?		0.01	%*?		(0.70	)%*?
Year Ended 10/31/11		100		0.11	%?†		N/A			0.75	%?		0.01	%?		(0.63	)%?
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 4/30/12 (unaudited)	$	12,387		0.03	%*?†		N/A			0.39	%*?		0.01	%*?		(0.35	)%*?
Year Ended 10/31/11		14,685		0.11	%?†		N/A			0.40	%?		0.01	%?		(0.28	)%?
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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		1.000		0.000	††^		0.000	^		(0.000	)^		—			1.000		0.02	%
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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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		0.01	%
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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
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	%

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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	6,795,921		0.08	%*?		N/A			0.21	%*?		0.02	%*?		(0.11	)%*?
Year Ended 10/31/11		4,664,235		0.11	%?		N/A			0.22	%?		0.01	%?		(0.10	)%?
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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	82,457		0.08	%*?†		N/A			0.26	%*?		0.02	%*?		(0.16	)%*?
Year Ended 10/31/11		80,104		0.11	%?†		N/A			0.27	%?		0.01	%?		(0.15	)%?
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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	100		0.08	%*?†		N/A			0.31	%*?		0.02	%*?		(0.21	)%*?
Year Ended 10/31/11		54,914		0.11	%?†		N/A			0.32	%?		0.01	%?		(0.20	)%?
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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	6,896		0.08	%*?†		N/A			0.36	%*?		0.02	%*?		(0.26	)%*?
Year Ended 10/31/11		7,959		0.12	%?†		N/A			0.37	%?		0.00	%?§		(0.25	)%?
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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	142,045		0.08	%*?†		N/A			0.46	%*?		0.02	%*?		(0.36	)%*?
Year Ended 10/31/11		116,858		0.12	%?†		N/A			0.47	%?		0.00	%?§		(0.35	)%?
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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	131		0.08	%*?†		N/A			0.71	%*?		0.02	%*?		(0.61	)%*?
Year Ended 10/31/11		129		0.12	%?†		N/A			0.72	%?		0.00	%?§		(0.60	)%?
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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	351,861		0.08	%*?†		N/A			0.36	%*?		0.02	%*?		(0.26	)%*?
Year Ended 10/31/11		315,795		0.12	%?†		N/A			0.37	%?		0.00	%?§		(0.25	)%?
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	%

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

2012 Semi-Annual Report

April 30, 2012

Financial Highlights

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000
Year Ended 10/31/11		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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)		0.00	%§‡	$	2,646,904		0.02	%*?		0.21	%*?		0.01	%*?		(0.18	)%*?
Year Ended 10/31/11		0.01	%		2,672,957		0.01	%?		0.26	%?		0.00	%?§		(0.25	)%?
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 4/30/12 (unaudited)		0.01	%‡	$	100		0.02	%*?†		0.26	%*?		0.01	%*?		(0.23	)%*?
Year Ended 10/31/11		0.01	%		150		0.01	%?†		0.31	%?		0.00	%?§		(0.30	)%?
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 4/30/12 (unaudited)		0.01	%‡	$	383		0.02	%*?†		0.31	%*?		0.01	%*?		(0.28	)%*?
Year Ended 10/31/11		0.01	%		100		0.01	%?†		0.36	%?		0.00	%?§		(0.35	)%?
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 4/30/12 (unaudited)		0.01	%‡	$	100		0.02	%*?†		0.36	%*?		0.01	%*?		(0.33	)%*?
Year Ended 10/31/11		0.01	%		100		0.01	%?†		0.41	%?		0.00	%?§		(0.40	)%?
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 4/30/12 (unaudited)		0.01	%‡	$	100		0.02	%*?†		0.46	%*?		0.01	%*?		(0.43	)%*?
Year Ended 10/31/11		0.01	%		100		0.01	%?†		0.51	%?		0.00	%?§		(0.50	)%?
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 4/30/12 (unaudited)		0.01	%‡	$	100		0.02	%*?†		0.71	%*?		0.01	%*?		(0.68	)%*?
Year Ended 10/31/11		0.01	%		100		0.01	%?†		0.76	%?		0.00	%?§		(0.75	)%?
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 4/30/12 (unaudited)		0.00	%§‡	$	45,234		0.02	%*?†		0.36	%*?		0.01	%*?		(0.33	)%*?
Year Ended 10/31/11		0.01	%		42,784		0.01	%?†		0.41	%?		0.00	%?§		(0.40	)%?
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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	(0.000	)^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	)		(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	%
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	)		(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	%
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.01	%‡
Year Ended 10/31/11		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	%
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/11		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		0.002			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	%
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/11		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		0.001			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	%
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	1.000	$	0.000	††^	$	0.000	^	$	(0.000	)^	$	—		$	1.000		0.00	%§‡
Year Ended 10/31/11		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		0.002			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	%

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

2012 Semi-Annual Report

April 30, 2012

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 4/30/12 (unaudited)	$	640,671		0.12	%*?+		N/A			0.22	%*?		0.01	%*?+		(0.09	)%*?		0.00	%?§
Year Ended 10/31/11		624,452		0.17	%?+		N/A			0.23	%?		0.06	%?+		0.00	%?§		0.00	%§
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
Institutional Select Class
Six Months Ended 4/30/12 (unaudited)	$	100		0.12	%*?+†		N/A			0.27	%*?		0.01	%*?+		(0.14	)%*?		0.00	%?§
Year Ended 10/31/11		100		0.20	%?+†		N/A			0.28	%?		0.03	%?+		(0.05	)%?		0.00	%§
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
Investor Class
Six Months Ended 4/30/12 (unaudited)	$	104		0.12	%*?+†		N/A			0.32	%*?		0.01	%*?+		(0.19	)%*?		0.00	%?§
Year Ended 10/31/11		104		0.23	%?+†		N/A			0.33	%?		0.00	%?§+		(0.10	)%?		0.00	%§
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
Administrative Class
Six Months Ended 4/30/12 (unaudited)	$	100		0.13	%*?+†		N/A			0.37	%*?		0.00	%*?§+		(0.24	)%*?		0.00	%?§
Year Ended 10/31/11		100		0.22	%?+†		N/A			0.38	%?		0.01	%?+		(0.15	)%?		0.00	%§
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
Advisory Class
Six Months Ended 4/30/12 (unaudited)	$	6,866		0.13	%*?+†		N/A			0.47	%*?		0.00	%*?§+		(0.34	)%*?		0.00	%?§
Year Ended 10/31/11		6,409		0.21	%?+†		N/A			0.48	%?		0.02	%?+		(0.25	)%?		0.00	%§
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
Participant Class
Six Months Ended 4/30/12 (unaudited)	$	18,867		0.13	%*?+†		N/A			0.72	%*?		0.00	%*?§+		(0.59	)%*?		0.00	%?§
Year Ended 10/31/11		18,505		0.21	%?+†		N/A			0.73	%?		0.02	%?+		(0.50	)%?		0.00	%§
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
Cash Management Class
Six Months Ended 4/30/12 (unaudited)	$	706,607		0.13	%*?+†		N/A			0.37	%*?		0.00	%*?§+		(0.24	)%*?		0.00	%?§
Year Ended 10/31/11		625,170		0.22	%?+†		N/A			0.38	%?		0.01	%?+		(0.15	)%?		0.00	%§
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

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

2012 Semi-Annual Report

April 30, 2012

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. Without these capital contributions, the impact was less than 0.005% to the total returns for the Money Market and Prime Portfolios.

#  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, Participant and Cash Management 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 Maximum Expense Ratios may vary among share classes by more or less than the administration plan, service and shareholder administration plan, distribution plan and/or shareholder service plan (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) 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

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Liquidity Funds (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), 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, 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).

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

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

2.  Repurchase Agreements: Certain Portfolios may enter into repurchase agreements under which a Portfolio lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the 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 of the collateral proceeds may be subject to cost and delays. 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^TM ("ASC") 820, "Fair Value Measurements and Disclosure" ("ASC 820"), defines fair value as the value 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 valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the 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

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.

63

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Notes to Financial Statements (cont'd)

In May 2011, FASB issued Accounting Standards Update ("ASU") 2011-04. The amendments in this update are the results of the work of FASB and the International Accounting Standards Board to develop common requirements for measuring fair value and for disclosing information about fair value measurements, which are effective during interim and annual periods beginning after December 15, 2011. Consequently, these amendments improve the comparability of fair value measurements presented and disclosed in the financial statements prepared in accordance with GAAP and International Financial Reporting Standards. At this time, the Fund's management is evaluating the implications of ASU 2011-04.

4.  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.

5.  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. Advisory Fees: Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, provides the Portfolio with investment advisory services under the terms of an Investment Advisory Agreement, paid monthly, at the annual rates of the average daily net assets indicated below.

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

The Adviser has agreed to reduce its advisory fee and/or reimburse each Portfolio so that total annual operating expenses of each share class, excluding certain investment related expenses, will not exceed the maximum expense ratios.

	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. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Portfolios' Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. These fee waivers and/or expense reimbursements will continue for at least one year or until such time that the Fund's Board of Trustees acts to discontinue all or a portion of such waivers and/or expense reimbursements when it deems such action is appropriate. For the six months ended April 30, 2012, the Portfolios had advisory fees waived and/or certain expenses reimbursed as follows:

Portfolio	Advisory Fees Waived and/or Reimbursed (000)
Money Market	$	754
Prime		3,730
Government		4,840
Government Securities		559
Treasury		3,789
Treasury Securities		2,613
Tax-Exempt		704

C. Administration Fees: The Adviser also serves as Administrator to the Fund and provides 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

64

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Notes to Financial Statements (cont'd)

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. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, 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 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 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 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. These fee waivers will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waivers when it deems such action is appropriate.

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 (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 Act.

The Fund has entered into an arrangement with its Custodian whereby credits realized on uninvested cash balances are 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" in the Statements of Operations. The Portfolio files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the four-year period ended October 31, 2011, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown in 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 2011 and 2010 was as follows:

	2011 Distributions Paid From:								2010 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	$	5,041		$	—	$	—		$	6,817	$	—	$	—
Prime		20,517			—		—			22,392		—		—
Government		1,980			—		1			4,177		—		107
Government Securities		85			—		—			157		—		4
Treasury		896			—		—	@		1,697		—		—
Treasury Securities		36			—		—			8		—		—
Tax-Exempt		—	@		678		—			118		1,685		152

@ Amount is less than $500.

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

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

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2012 Semi-Annual Report

April 30, 2012 (unaudited)

Notes to Financial Statements (cont'd)

Permanent differences are generally due to distribution reclass, nondeductible expenses, equalization 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, 2011:

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		$	—	@	$	(1	)
Prime		(2	)		2			—
Government		15			(5	)		(10	)
Government Securities		1			—			(1	)
Treasury		2			1			(3	)
Treasury Securities		1			—			(1	)
Tax-Exempt		(215	)		2			213

@ Amount is less than $500.

At October 31, 2011, 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	$	239	$	—	$	—
Prime		921		—		—
Government		410		—		—
Government Securities		20		—		—
Treasury		144		—		—
Treasury Securities		2		—		—
Tax-Exempt		—		38		—

The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. At April 30, 2012, the cost of investments for each Portfolio were as follows:

Portfolio	Cost (000)
Money Market	$	2,804,845
Prime		18,714,200
Government		10,444,674
Government Securities		306,001
Treasury		7,380,504
Treasury Securities		2,839,143
Tax-Exempt		1,397,394

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Modernization Act") was signed into law. The Modernization Act modernizes several tax provisions related to Regulated Investment Companies ("RICs") and their shareholders. One key change made by the Modernization Act is that capital losses will generally retain their character as short-term or long-term and may be carried forward indefinitely to offset future gains. These losses are utilized before other capital loss carryforwards that expire. Generally, the Modernization Act is effective for taxable years beginning after December 22, 2010.

At October 31, 2011, the following Portfolios had available for Federal income tax purposes unused capital losses, which will expire on the indicated dates:

Portfolio	2016 (000)		2018 (000)		2019 (000)		Total (000)
Money Market	$	81	$	—	$	39	$	120
Prime		13		—		7		20
Government Securities		—		—		5		5
Treasury Securities		—		—		1		1
Tax-Exempt		—		74		—		74

To the extent that capital loss carryovers are used to offset any future capital gains realized during the carryover period as provided by U.S. Federal income tax regulations, no capital gains tax liability will be incurred by a Portfolio for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

During the year ended October 31, 2011, the following Portfolios utilized capital loss carryforwards for U.S. Federal income tax purposes of approximately:

Portfolio	Capital Loss Carryforward Utilized (000)
Tax-Exempt	$	6

H. Transactions with Affiliates: The Tax-Exempt Portfolio invested in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio ("the Government Portfolio"), an open-ended management investment company managed by the Adviser. A summary of the Tax-Exempt Portfolio's transactions in shares of the Government Portfolio during the six months ended April 30, 2012 is as follows:

Portfolio	Value October 31, 2011 (000)		Purchases at Cost (000)		Sales (000)		Dividend Income (000)		Value April 30, 2012 (000)
Tax-Exempt	$	—	$	133,000,000	$	133,000,000	$	1,000	$	—

Advisory fees paid by the Portfolio are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Government Portfolio. For the six months ended April 30, 2012, advisory fees paid were reduced by approximately $4,000 relating to the Portfolio's investment in the Government Portfolio.

66

2012 Semi-Annual Report

April 30, 2012 (unaudited)

Notes to Financial Statements (cont'd)

For the six months ended April 30, 2012, the following Portfolios invested in Citigroup, Inc., and its affiliated broker-dealers which may be deemed affiliates of the Adviser, Administrator and Distributor under Section 17 of the Act.

Portfolio	Value October 31, 2011 (000)		Purchases at Cost (000)		Sales (000)		Interest Income (000)		Value April 30, 2012 (000)
Prime	$	200,000	$	8,000,000	$	8,200,000	$	32	$	—
Government		200,000		41,200,000		41,000,000		234		400,000

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

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, 2012, approximately 1.99% of the net assets of the Tax-Exempt Portfolio are covered by such insurance. The insurers and their obligations are as follows:

Insurers	Percentage of Net Assets
AGM		0.72	%
BHAC		1.27

At April 30, 2012, 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		53.75	%		22.03	%		18.98	%		43.13	%
Institutional Select Class		—			100.00			92.12			—
Investor Class		91.71			100.00			98.85			—
Administrative Class		—			—			90.11			—
Advisory Class		98.13			91.53			98.27			—
Participant Class		93.28			92.38			—			—
Cash Management Class		14.13			—			—			24.22

	Percentage of Ownership
Class	Treasury			Treasury Securities			Tax- Exempt
Institutional Class		14.44	%		—			—
Institutional Select Class		99.88			—			—
Investor Class		—			73.92	%		—
Administrative Class		100.00			—			—
Advisory Class		99.36			—			99.89	%
Participant Class		23.45			—			99.47
Cash Management Class		35.85			—			12.47

67

2012 Semi-Annual Report

April 30, 2012 (unaudited)

U.S. Privacy Policy

AN IMPORTANT NOTICE CONCERNING OUR U.S. PRIVACY POLICY

This privacy notice describes the U.S. privacy policy of Morgan Stanley Distribution, Inc., and the Morgan Stanley family of mutual funds ("us", "our", "we").

We are required by federal law to provide you with notice of our U.S. privacy policy ("Policy"). This Policy applies to both our current and former clients unless we state otherwise and is intended for individual clients who purchase products or receive services from us for personal, family or household purposes. 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, or accounts subject to the Uniform Gifts to Minors Act.

This notice sets out our business practices to protect your privacy; how we collect and share personal information about you; and how you can limit our sharing or certain uses by others of this information. We may amend this Policy at any time, and will inform you of any changes to our 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 your information. We strive to safeguard the information our clients entrust to us. Protecting the confidentiality and security of client information is an important part of how we conduct our business.

This notice describes what personal information we collect about you, how we collect it, when we may share it with others, and how certain others may use it. It discusses the steps you may take to limit our sharing of certain information about you with our affiliated companies, including, but not limited to our affiliated banking businesses, brokerage firms and credit service affiliates. 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 as "personal information." We also use the term "affiliated company" in this notice. An affiliated company is a company in our family of companies and includes companies with the Morgan Stanley name. These affiliated companies are financial institutions such as broker-dealers, banks, investment advisers and credit card issuers. We refer to any company that is not an affiliated company as a nonaffiliated third party. For purposes of Section 5 of this notice, and your ability to limit certain uses of personal information by our affiliates, this notice applies to the use of personal information by our affiliated companies.

1.  WHAT PERSONAL INFORMATION DO WE COLLECT FROM YOU?

We may collect the following types of information about you: (i) information provided by you, including information from applications and other forms we receive from you, (ii) information about your transactions with us or our affiliates, (iii) information about your transactions with nonaffiliated third parties, (iv) information from consumer reporting agencies, (v) information obtained from our websites, and (vi) information obtained from other sources.

For example:

•  We collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other 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.

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2012 Semi-Annual Report

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U.S. Privacy Policy (cont'd)

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

We may disclose personal information we collect about you in each of the categories listed above to affiliated and nonaffiliated third parties.

a. Information we disclose to affiliated companies.

We may disclose personal information that we collect about you to our affiliated companies to manage your account(s) effectively, to service and process your transactions, and 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. 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 may disclose personal information that we collect about you to nonaffiliated third parties to provide marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. We may also disclose all of the information we collect to other nonaffiliated third parties for our everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, report to credit bureaus, offer our own products and services, protect against fraud, for institutional risk control, to perform services on our behalf, and as otherwise required or permitted by law.

When we share personal information about you 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 permitted or 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 that comply with applicable law and regulations to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information by employees. 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 appropriate security standards with respect to such information.

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

By following the opt-out procedures in Section 6, below, you may limit the extent to which we share with our affiliated companies, personal information that was collected to determine your eligibility for products and services such as your credit reports and other information that you have provided to us or that we may obtain from third parties ("eligibility information"). Eligibility information does not include your identification information or personal information pertaining to our transactions or experiences with you. Please note that, even if you direct us not to share eligibility information with our affiliated companies, we may still share your personal information, including eligibility information, with our affiliated companies under circumstances that are permitted under applicable law, such as to process transactions or to service your account.

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

By following the opt-out instructions in Section 6, below, you may limit our affiliated companies from marketing their products or services to you based on personal information we disclose to them. This information may include, for example, your income and account history with us. Please note that, even if you choose to limit our affiliated companies from using personal information about you that we may share with them for marketing their products and services to you, our affiliated companies may use your personal information that they obtain from us to market to you in circumstances permitted by law, such as if the affiliated party has its own relationship with you.

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2012 Semi-Annual Report

April 30, 2012 (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 eligibility information about you with our affiliated companies, or our affiliated companies' use of personal information for marketing purposes, as described in this notice, you may do so by:

•  Calling us at (800) 548-7786
Monday–Friday between 8a.m. and 5p.m. (EST)

•  Writing to us at the following address:

  Morgan Stanley Services Company Inc.
c/o Privacy Coordinator
201 Plaza Two, 3rd Floor
Jersey City, New Jersey 07311

If you choose to write to us, your request should include: your name, address, telephone number and account number(s) to which the opt-out applies and whether you are opting out with respect to sharing of eligibility information (Section 4 above), or information used for marketing (Section 5 above), or both. Written opt-out requests 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 understand that if you limit our sharing or our affiliated companies' use of personal information, you and any joint account holder(s) may not receive information about our affiliated companies' products and services, including products or services that could help you manage your financial resources and achieve your investment objectives.

If you have more than one account or relationship with us, please specify the accounts to which you would like us to apply your privacy choices. If you have accounts or relationships with our affiliates, you may receive multiple privacy policies from them, and will need to separately notify those companies of your privacy choices for those accounts or relationships.

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

The following 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 nonaffiliated third parties, or eligibility information with affiliated companies, 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 eligibility information with affiliated companies, unless you provide us with your written consent to share such information.

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.

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2012 Semi-Annual Report

April 30, 2012 (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

Adviser and Administrator

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

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

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

Officers

Michael E. Nugent
Chairperson of the Board and Trustee

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

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

Reporting to Shareholders

Each Portfolio provides a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the Portfolio'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. Each Portfolio also delivers the semi-annual and annual reports to shareholders and makes these reports available on its public website, www.morganstanley.com/liquidity. Each Portfolio 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 on Form N-MFP. The Portfolios do 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 Portfolio 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/liquidity. 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 Fund which describes in detail each 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 a Portfolio, please visit our website at www.morganstanley.com/liquidity or call toll free 1 (888) 378-1630.

71

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, New York 10036

© 2012 Morgan Stanley

MSILFSAN
IU12-01257P-Y04/12

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/ Kevin Klingert

Kevin Klingert

Principal Executive Officer

June 19, 2012

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/ Kevin Klingert

Kevin Klingert

Principal Executive Officer

June 19, 2012

/s/ Francis Smith

Francis Smith

Principal Financial Officer

June 19, 2012