UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-02354
Name of Fund: | BlackRock Liquidity Funds | |||
California Money Fund | ||||
Federal Trust Fund | ||||
FedFund | ||||
MuniCash | ||||
MuniFund | ||||
New York Money Fund | ||||
TempCash | ||||
TempFund | ||||
T-Fund | ||||
Treasury Trust Fund | ||||
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 | |||
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Liquidity
Funds, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 – 04/30/2008
| Item 1 | – | Report to Stockholders |
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
BlackRock Liquidity Funds |  | |
SEMI-ANNUAL REPORT | APRIL 30, 2008 (UNAUDITED) | ||
TempFund
TempCash
FedFund
T-Fund
Federal Trust Fund
Treasury Trust Fund
MuniFund
MuniCash
California Money Fund
New York Money Fund
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
| Page | ||
| 3 | ||
Semi-Annual Report: | ||
Fund Summaries: | ||
| 4 | ||
| 5 | ||
| 6 | ||
| 7 | ||
| 8 | ||
| 9 | ||
| 10 | ||
| 11 | ||
| 12 | ||
| 13 | ||
| 14 | ||
Financial Statements: | ||
| 15 | ||
| 62 | ||
| 66 | ||
| 68 | ||
| 72 | ||
| 101 | ||
| 108 |
Privacy Principles of BlackRock Liquidity Funds
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
| 2 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Dear Shareholder
We are pleased to present this semi-annual report to shareholders of BlackRock Liquidity Funds for the six months ending April 30, 2008. BlackRock Liquidity Funds offer a variety of high-quality taxable and tax-exempt money market funds that are designed to meet the varied needs of our investors. Following is an overview of market events that have occurred during this six month reporting period.
Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns. The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.
Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.
Our extensive experience through multiple interest rate cycles and market events, our rigorous credit standards and our consistent focus on risk management enabled us to deliver on our fundamental objectives of safety, liquidity and yield. Should you wish to discuss your investment options, please contact your account representative or call our Client Service Center at (800) 821-7432.
As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Institutional Management Corporation
THIS PAGE NOT PART OF YOUR FUND REPORT
| 3 |
| Fund Summary | TempFund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Certificates of Deposit | 47 | % | |
Commercial Paper | 33 | ||
Variable Rate Obligations | 6 | ||
Agency Obligations | 5 | ||
Time Deposits | 3 | ||
Repurchase Agreements | 3 | ||
Master Notes | 2 | ||
Promissory Note | 1 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.88 | % | |
Dollar | 2.63 | ||
Cash Management | 2.38 | ||
Cash Reserve | 2.48 | ||
Administration | 2.78 | ||
Select (formerly Bear Stearns) | 2.06 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 2.61 | ||
Private Client (formerly Bear Stearns Private Client) | 2.38 | ||
Premier (formerly Bear Stearns Premier) | 2.38 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 28,932,966,000 | 42 | % | ||
31-60 Days | 13,088,197,000 | 19 | ||||
61-90 Days | 18,979,315,000 | 27 | ||||
91-120 Days | 1,762,814,000 | 3 | ||||
121-150 Days | 456,395,000 | 1 | ||||
over 150 Days | 5,777,970,000 | 8 | ||||
Average Weighted Maturity – 49 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,020.72 | $ | 0.91 | $ | 1,000.00 | $ | 1,024.09 | $ | 0.91 | ||||||
Dollar | $ | 1,000.00 | $ | 1,019.46 | $ | 2.16 | $ | 1,000.00 | $ | 1,022.83 | $ | 2.17 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,018.19 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
Cash Reserve | $ | 1,000.00 | $ | 1,018.69 | $ | 2.92 | $ | 1,000.00 | $ | 1,022.07 | $ | 2.93 | ||||||
Administration | $ | 1,000.00 | $ | 1,020.21 | $ | 1.41 | $ | 1,000.00 | $ | 1,023.59 | $ | 1.41 | ||||||
Select | $ | 1,000.00 | $ | 1,016.58 | $ | 5.03 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.05 | ||||||
Premier Choice | $ | 1,000.00 | $ | 1,004.90 | $ | 0.77 | $ | 1,000.00 | $ | 1,024.22 | $ | 0.78 | ||||||
Private Client | $ | 1,000.00 | $ | 1,018.20 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
Premier | $ | 1,000.00 | $ | 1,018.20 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
| * | For each class of the Fund except Premier Choice, expenses are equal to the annualized expense ratio for the class (0.18% for Institutional, 0.43% for Dollar, 0.68% for Cash Management, 0.58% for Cash Reserve, 0.28% for Administration, 1.00% for Select, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). For Premier Choice, expenses are equal to the annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 62/366 (to reflect the period the class was open). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| 4 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Fund Summary | TempCash | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Certificates of Deposit | 38 | % | |
Commercial Paper | 33 | ||
Variable Rate Obligations | 14 | ||
Agency Obligations | 7 | ||
Time Deposits | 4 | ||
Promissory Note | 2 | ||
Master Notes | 2 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.86 | % | |
Dollar | 2.61 | ||
Cash Management | 2.36 | ||
Administration | 2.76 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 4,859,598,000 | 36 | % | ||
31-60 Days | 3,567,800,000 | 26 | ||||
61-90 Days | 3,349,450,000 | 24 | ||||
91-120 Days | 713,743,000 | 5 | ||||
121-150 Days | 106,225,000 | 1 | ||||
over 150 Days | 1,063,020,000 | 8 | ||||
Average Weighted Maturity - 53 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,020.71 | $ | 0.91 | $ | 1,000.00 | $ | 1,024.09 | $ | 0.91 | ||||||
Dollar | $ | 1,000.00 | $ | 1,019.45 | $ | 2.16 | $ | 1,000.00 | $ | 1,022.83 | $ | 2.17 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,018.17 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.58 | $ | 3.42 | ||||||
Administration | $ | 1,000.00 | $ | 1,005.10 | $ | 0.30 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.30 | ||||||
| * | For each class of the Fund except Administration, expenses are equal to the annualized expense ratio for the class (0.18% for Institutional, 0.43% for Dollar and 0.68% for Cash Management), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). For Administration, expenses are equal to the annualized expense ratio of 0.28%, multiplied by the average account value over the period, multiplied by 39/366 (to reflect the period the class was open). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 5 |
| Fund Summary | FedFund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Agency Obligations | 54 | % | |
Repurchase Agreements | 46 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.42 | % | |
Dollar | 2.17 | ||
Cash Reserve | 2.02 | ||
Administration | 2.32 | ||
Select (formerly Bear Stearns) | 1.62 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 2.17 | ||
Private Client (formerly Bear Stearns Private Client) | 1.94 | ||
Premier (formerly Bear Stearns Premier) | 1.94 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 5,464,170,000 | 54 | % | ||
31-60 Days | 1,297,599,000 | 13 | ||||
61-90 Days | 1,749,555,000 | 17 | ||||
91-120 Days | 519,685,000 | 5 | ||||
121-150 Days | 603,240,000 | 6 | ||||
over 150 Days | 440,811,000 | 5 | ||||
Average Weighted Maturity - 43 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,018.49 | $ | 1.01 | $ | 1,000.00 | $ | 1,023.99 | $ | 1.01 | ||||||
Dollar | $ | 1,000.00 | $ | 1,017.24 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Cash Reserve | $ | 1,000.00 | $ | 1,016.48 | $ | 3.02 | $ | 1,000.00 | $ | 1,021.97 | $ | 3.03 | ||||||
Administration | $ | 1,000.00 | $ | 1,018.00 | $ | 1.51 | $ | 1,000.00 | $ | 1,023.49 | $ | 1.51 | ||||||
Select | $ | 1,000.00 | $ | 1,014.45 | $ | 5.02 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.05 | ||||||
Premier Choice | $ | 1,000.00 | $ | 1,017.24 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Private Client | $ | 1,000.00 | $ | 1,016.07 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
Premier | $ | 1,000.00 | $ | 1,016.07 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.60% for Cash Reserve, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| 6 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Fund Summary | T-Fund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Repurchase Agreements | 100 | % | |
7-Day Yield (Annualized) | |||
Institutional | 1.71 | % | |
Dollar | 1.46 | ||
Cash Management | 1.21 | ||
Administration | 1.61 | ||
Select | 0.91 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 1.46 | ||
Private Client (formerly Bear Stearns Private Client) | 1.23 | ||
Premier (formerly Bear Stearns Premier) | 1.23 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 8,440,707,000 | 86 | % | ||
31-60 Days | 875,000,000 | 9 | ||||
61-90 Days | 475,000,000 | 5 | ||||
Average Weighted Maturity - 10 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,014.39 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.99 | $ | 1.01 | ||||||
Dollar | $ | 1,000.00 | $ | 1,013.12 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,011.88 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.47 | $ | 3.53 | ||||||
Administration | $ | 1,000.00 | $ | 1,013.90 | $ | 1.49 | $ | 1,000.00 | $ | 1,023.50 | $ | 1.50 | ||||||
Select | $ | 1,000.00 | $ | 1,001.80 | $ | 1.72 | $ | 1,000.00 | $ | 1,023.26 | $ | 1.74 | ||||||
Premier Choice | $ | 1,000.00 | $ | 1,014.05 | $ | 2.23 | $ | 1,000.00 | $ | 1,022.76 | $ | 2.24 | ||||||
Private Client | $ | 1,000.00 | $ | 1,012.82 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.58 | $ | 3.42 | ||||||
Premier | $ | 1,000.00 | $ | 1,012.82 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.58 | $ | 3.42 | ||||||
| * | For each class of the Fund except Select, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management, 0.30% for Administration, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). For Select, expenses are equal to the annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 63/366 (to reflect the period the class was open). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 7 |
| Fund Summary | Federal Trust Fund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Agency Obligations | 100 | % | |
7-Day Yield (Annualized) | |||
Institutional | 2.22 | % | |
Dollar | 1.97 | ||
Administration | 2.12 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 343,048,000 | 55 | % | ||
31-60 Days | 158,698,000 | 25 | ||||
61-90 Days | 42,174,000 | 7 | ||||
91-120 Days | 30,285,000 | 5 | ||||
over 150 Days | 54,014,000 | 8 | ||||
Average Weighted Maturity - 44 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,018.04 | $ | 1.01 | $ | 1,000.00 | $ | 1,023.99 | $ | 1.01 | ||||||
Dollar | $ | 1,000.00 | $ | 1,016.79 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Administration | $ | 1,000.00 | $ | 1,017.55 | $ | 1.51 | $ | 1,000.00 | $ | 1,023.49 | $ | 1.51 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar and 0.30% for Administration), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| 8 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Fund Summary | Treasury Trust Fund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
U.S. Treasury Obligations | 100 | % | |
7-Day Yield (Annualized) | |||
Institutional | 1.18 | % | |
Dollar | 0.93 | ||
Cash Management | 0.68 | ||
Administration | 1.08 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 2,436,681,000 | 42 | % | ||
31-60 Days | 1,446,856,000 | 25 | ||||
61-90 Days | 1,254,137,000 | 22 | ||||
91-120 Days | 340,000,000 | 6 | ||||
121-150 Days | 222,000,000 | 4 | ||||
over 150 Days | 36,000,000 | 1 | ||||
Average Weighted Maturity - 44 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,013.40 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.99 | $ | 1.01 | ||||||
Dollar | $ | 1,000.00 | $ | 1,012.13 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,010.88 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.47 | $ | 3.53 | ||||||
Administration | $ | 1,000.00 | $ | 1,012.89 | $ | 1.51 | $ | 1,000.00 | $ | 1,023.49 | $ | 1.51 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management and 0.30% for Administration), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 9 |
| Fund Summary | MuniFund | |
| Fund Profile as of April 30, 2008 | ||
Top 10 State Concentration | Percentage of Total Investments | ||
Texas | 15 | % | |
Tennessee | 8 | ||
New York | 6 | ||
Florida | 6 | ||
California | 5 | ||
Ohio | 5 | ||
Pennsylvania | 5 | ||
Massachusetts | 4 | ||
Illinois | 4 | ||
Michigan | 4 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.45 | % | |
Dollar | 2.20 | ||
Cash Management | 1.95 | ||
Administration | 2.35 | ||
Select (formerly Bear Stearns) | 1.65 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 2.20 | ||
Private Client (formerly Bear Stearns Private Client) | 1.97 | ||
Premier (formerly Bear Stearns Premier) | 1.97 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 3,825,977,830 | 82 | % | ||
31-60 Days | 207,660,000 | 4 | ||||
61-90 Days | 215,180,000 | 5 | ||||
91-120 Days | 131,670,000 | 3 | ||||
121-150 Days | 2,300,000 | 0 | ||||
over 150 Days | 263,975,000 | 6 | ||||
Average Weighted Maturity - 27 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,014.10 | $ | 1.00 | $ | 1,000.00 | $ | 1,024.00 | $ | 1.00 | ||||||
Dollar | $ | 1,000.00 | $ | 1,012.86 | $ | 2.25 | $ | 1,000.00 | $ | 1,022.74 | $ | 2.26 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,011.60 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.47 | $ | 3.53 | ||||||
Administration | $ | 1,000.00 | $ | 1,013.61 | $ | 1.50 | $ | 1,000.00 | $ | 1,023.49 | $ | 1.51 | ||||||
Select | $ | 1,000.00 | $ | 1,010.09 | $ | 5.01 | $ | 1,000.00 | $ | 1,019.96 | $ | 5.04 | ||||||
Premier Choice | $ | 1,000.00 | $ | 1,012.84 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Private Client | $ | 1,000.00 | $ | 1,011.68 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
Premier | $ | 1,000.00 | $ | 1,011.68 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| 10 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Fund Summary | MuniCash | |
| Fund Profile as of April 30, 2008 | ||
Top 10 State Concentration | Percentage of Total Investments | ||
Texas | 11 | % | |
Ohio | 11 | ||
New York | 9 | ||
Michigan | 7 | ||
Missouri | 7 | ||
Kentucky | 6 | ||
Illinois | 6 | ||
Louisiana | 6 | ||
Florida | 5 | ||
Virginia | 3 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.60 | % | |
Dollar | 2.35 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 636,882,611 | 88 | % | ||
31-60 Days | 11,395,000 | 2 | ||||
91-120 Days | 37,200,000 | 5 | ||||
121-150 Days | 1,130,000 | 0 | ||||
over 150 Days | 33,025,000 | 5 | ||||
Average Weighted Maturity - 25 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,014.54 | $ | 0.73 | $ | 1,000.00 | $ | 1,024.27 | $ | 0.73 | ||||||
Dollar | $ | 1,000.00 | $ | 1,013.29 | $ | 1.96 | $ | 1,000.00 | $ | 1,023.03 | $ | 1.97 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.15% for Institutional and 0.39% for Dollar), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 11 |
| Fund Summary | California Money Fund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Variable Rate Demand Notes | 81 | % | |
Municipal Notes | 10 | ||
Tax Exempt Commercial Paper | 8 | ||
Municipal Put Bonds | 1 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.27 | % | |
Dollar | 2.02 | ||
Cash Management | 1.77 | ||
Administration | 2.17 | ||
Select (formerly Bear Stearns) | 1.47 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 2.01 | ||
Private Client (formerly Bear Stearns Private Client) | 1.79 | ||
Premier (formerly Bear Stearns Premier) | 1.79 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 926,169,739 | 83 | % | ||
31-60 Days | 55,000,000 | 5 | ||||
61-90 Days | 97,825,000 | 9 | ||||
91-120 Days | 13,635,000 | 1 | ||||
over 150 Days | 19,045,000 | 2 | ||||
Average Weighted Maturity - 17 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,012.76 | $ | 0.99 | $ | 1,000.00 | $ | 1,024.00 | $ | 1.00 | ||||||
Dollar | $ | 1,000.00 | $ | 1,011.51 | $ | 2.24 | $ | 1,000.00 | $ | 1,022.74 | $ | 2.26 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,010.25 | $ | 3.50 | $ | 1,000.00 | $ | 1,021.48 | $ | 3.52 | ||||||
Administration | $ | 1,000.00 | $ | 1,012.26 | $ | 1.49 | $ | 1,000.00 | $ | 1,023.50 | $ | 1.50 | ||||||
Select | $ | 1,000.00 | $ | 1,008.73 | $ | 5.00 | $ | 1,000.00 | $ | 1,019.96 | $ | 5.04 | ||||||
Premier Choice | $ | 1,000.00 | $ | 1,011.50 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Private Client | $ | 1,000.00 | $ | 1,010.34 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
Premier | $ | 1,000.00 | $ | 1,010.34 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.58 | $ | 3.42 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| 12 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Fund Summary | New York Money Fund | |
| Fund Profile as of April 30, 2008 | ||
Fund Diversification | Percentage of Total Investments | ||
Variable Rate Demand Notes | 85 | % | |
Municipal Notes | 12 | ||
Municipal Bonds | 2 | ||
Municipal Put Bonds | 1 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.28 | % | |
Dollar | 2.03 | ||
Cash Management | 1.78 | ||
Administration | 2.18 | ||
Select (formerly Bear Stearns) | 1.48 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 2.03 | ||
Private Client (formerly Bear Stearns Private Client) | 1.80 | ||
Premier (formerly Bear Stearns Premier) | 1.80 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 687,462,750 | 87 | % | ||
31-60 Days | 46,626,000 | 6 | ||||
61-90 Days | 17,055,000 | 2 | ||||
91-120 Days | 15,000,000 | 2 | ||||
121-150 Days | 5,860,000 | 1 | ||||
over 150 Days | 20,986,000 | 2 | ||||
Average Weighted Maturity - 21 days | ||||||
Expense Example
| Actual | Hypothetical** | |||||||||||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||||||||
Institutional | $ | 1,000.00 | $ | 1,012.94 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.99 | $ | 1.01 | ||||||
Dollar | $ | 1,000.00 | $ | 1,011.67 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Cash Management | $ | 1,000.00 | $ | 1,010.42 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.47 | $ | 3.53 | ||||||
Administration | $ | 1,000.00 | $ | 1,012.43 | $ | 1.50 | $ | 1,000.00 | $ | 1,023.49 | $ | 1.51 | ||||||
Select | $ | 1,000.00 | $ | 1,008.91 | $ | 5.01 | $ | 1,000.00 | $ | 1,019.95 | $ | 5.05 | ||||||
Premier Choice | $ | 1,000.00 | $ | 1,011.66 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | ||||||
Private Client | $ | 1,000.00 | $ | 1,010.52 | $ | 3.41 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
Premier | $ | 1,000.00 | $ | 1,010.52 | $ | 3.41 | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | ||||||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% Cash Management, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 13 |
Shareholders of these Funds may incur the following charges: (a) expenses related to transactions; and (b) operating expenses, including advisory fees, service and distribution fees including 12b-1 fees, and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on November 1, 2007 and held through April 30, 2008) are intended to assist shareholders both in calculating expenses ongoing costs based on an investment in the Funds and in comparing these expenses with similar costs of investing in other mutual funds.
The tables provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”
The tables also provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.
The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical tables are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
| 14 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| TempFund | ||
| Par (000) | Value | |||||
Agency Obligations — 5.3% | ||||||
Federal Home Loan Bank Variable Rate Notes — 1.8% | ||||||
2.36%, 3/20/09(a) | $ | 343,860 | $ | 344,143,868 | ||
2.64%, 8/13/09(a) | 360,600 | 360,600,000 | ||||
2.62%, 8/14/09(a) | 527,935 | 527,866,957 | ||||
| 1,232,610,825 | ||||||
Federal Home Loan Mortgage Corp. Discount Notes — 0.2% | ||||||
2.52%, 8/11/08(b) | 74,145 | 73,615,605 | ||||
2.50%, 8/18/08(b) | 50,000 | 49,621,528 | ||||
| 123,237,133 | ||||||
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.0% | ||||||
2.46%, 9/25/09(a) | 849,070 | 848,719,766 | ||||
2.82%, 9/28/09(a) | 554,405 | 554,211,118 | ||||
| 1,402,930,884 | ||||||
Federal National Mortgage Assoc. Discount Notes — 1.3% | ||||||
2.50%, 8/06/08(b) | 262,879 | 261,108,218 | ||||
2.50%, 8/20/08(b) | 132,140 | 131,123,458 | ||||
2.51%, 8/20/08(b) | 90,000 | 89,303,475 | ||||
2.49%, 9/08/08(b) | 282,745 | 280,202,651 | ||||
2.49%, 9/10/08(b) | 173,650 | 172,064,576 | ||||
| 933,802,378 | ||||||
Total Agency Obligations | 3,692,581,220 | |||||
Certificates of Deposit — 45.9% | ||||||
Domestic — 2.4% | ||||||
Chase Bank USA N.A., (A-1+, P-1) | ||||||
4.70%, 5/07/08 | 825,000 | 825,000,000 | ||||
HSBC Bank USA, (A-1+, P-1) | ||||||
2.91%, 6/09/08 | 25,000 | 25,000,000 | ||||
2.65%, 7/10/08 | 409,000 | 409,000,000 | ||||
2.63%, 8/01/08 | 231,000 | 231,000,000 | ||||
State Street Bank & Trust Co., (A-1+, P-1) | ||||||
2.90%, 5/05/08 | 60,000 | 60,000,000 | ||||
U.S. Bank, N.A., (A-1+, P-1) | ||||||
2.77%, 10/27/08 | 70,000 | 70,000,000 | ||||
| 1,620,000,000 | ||||||
Yankee — 43.5% | ||||||
Banco Bilbao Vizcaya Argentaria S.A., New York, (A-1+, P-1)(c) | ||||||
2.86%, 5/06/08(d) | 615,885 | 615,885,000 | ||||
5.42%, 6/12/08(d) | 41,435 | 41,453,353 | ||||
2.61%, 6/25/08(d) | 400,000 | 400,000,000 | ||||
4.55%, 7/07/08(d) | 200,000 | 200,000,000 | ||||
2.72%, 7/08/08(d) | 800,000 | 800,000,000 | ||||
2.70%, 7/17/08(d) | 100,000 | 100,000,000 | ||||
3.00%, 10/24/08(d) | 647,695 | 647,695,000 | ||||
Bank of Montreal, Chicago, (A-1, P-1) | ||||||
4.87%, 6/02/08(d) | 220,270 | 220,270,000 | ||||
Bank of Scotland Plc, New York, (A-1+, P-1) | ||||||
4.70%, 5/01/08(d) | 350,000 | 350,000,000 | ||||
2.54%, 6/20/08(d) | 400,000 | 400,000,000 | ||||
4.39%, 7/07/08(d) | 500,000 | 500,000,000 | ||||
3.07%, 7/31/08(d) | 407,000 | 407,000,000 | ||||
2.68%, 10/02/08(d) | 345,000 | 345,000,000 | ||||
2.72%, 10/02/08(d) | 275,000 | 275,000,000 | ||||
Banque Nationale de Paris, New York, (A-1+, P-1) | ||||||
2.94%, 6/04/08(d) | 725,000 | 725,000,000 | ||||
4.80%, 6/05/08(d) | 661,085 | 661,085,000 | ||||
4.50%, 7/03/08(d) | 702,860 | 702,860,000 | ||||
4.26%, 7/09/08(d) | 50,000 | 50,040,349 | ||||
2.91%, 8/19/08(d) | 150,000 | 150,000,000 | ||||
2.63%, 10/02/08(d) | 400,000 | 400,000,000 | ||||
2.74%, 10/16/08(d) | 200,000 | 200,000,000 | ||||
2.95%, 10/28/08(d) | 500,000 | 500,000,000 | ||||
Barclays Bank Plc, New York, (A-1+, P-1) | ||||||
3.00%, 6/04/08(d) | 636,400 | 636,400,000 | ||||
2.81%, 7/02/08(d) | 900,000 | 900,000,000 | ||||
2.77%, 7/08/08(d) | 1,000,000 | 1,000,000,000 | ||||
2.95%, 7/24/08(d) | 810,000 | 810,000,000 | ||||
Canadian Imperial Bank of Commerce, New York, (A-1, P-1) | ||||||
4.87%, 6/10/08(d) | 508,360 | 508,360,000 | ||||
Dexia Bank, New York, (A-1+, P-1) | ||||||
2.54%, 6/20/08(d) | 400,000 | 400,000,000 | ||||
2.75%, 7/10/08(d) | 413,000 | 413,007,974 | ||||
Funds Abbreviations
| To simplify the listings of Funds’ holdings in the Schedules of Investments, the names of many of the securities have been abbreviated according to the list on the right. | AMBAC | American Municipal Bond Assurance Corp. | MBIA | Municipal Bond Insurance Association | ||||
| AMT | Alternative Minimum Tax | MERLOTS | Municipal Exempt Receipts-Liquidity Option Tender | |||||
| BAN | Bond Anticipation Note | P-FLOAT | Putable Floating Option Tax-Exempt Receipt | |||||
| CDC | CDC Funding Group | PCRB | Pollution Control Revenue Bond | |||||
| COP | Certificates of Participation | PUTTERS | Putable Tax-Exempt Receipt | |||||
| DN | Demand Note (Variable Rate) | RAN | Revenue Anticipation Note | |||||
| FGIC | Financial Guaranty Insurance Company | RB | Revenue Bond | |||||
| FSA | Financial Security Assurance | ROC | Reset Option Certificate | |||||
| GO | General Obligation | SBPA | Stand-by Bond Purchase Agreement | |||||
| HFA | Housing Finance Authority | TAN | Tax Anticipation Note | |||||
| IDA | Industrial Development Authority | TECP | Tax Exempt Commercial Paper | |||||
| IDRB | Industrial Development Revenue Bond | TRAN | Tax and Revenue Anticipation Note | |||||
| ISD | Independent School District | |||||||
| LOC | Letter of Credit | |||||||
| MB | Municipal Bond |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 15 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| TempFund | ||
| Par (000) | Value | |||||
Certificates of Deposit (Continued) | ||||||
Yankee (Continued) | ||||||
Lloyds TSB Bank Plc, New York, (A-1+, P-1) | ||||||
2.63%, 7/08/08(d) | $ | 2,000,000 | $ | 2,000,000,000 | ||
2.63%, 7/09/08(d) | 1,300,000 | 1,300,000,000 | ||||
Mizuho Corporate Bank, New York, (A-1, P-1) | ||||||
2.86%, 5/05/08(d) | 231,550 | 231,550,000 | ||||
2.86%, 5/06/08(d) | 400,000 | 400,000,000 | ||||
2.86%, 5/07/08(d) | 670,000 | 670,000,000 | ||||
2.86%, 5/08/08(d) | 463,090 | 463,090,000 | ||||
2.85%, 5/12/08(d) | 275,000 | 275,000,000 | ||||
Natixis, New York, (A-1+, P-1) | ||||||
5.42%, 7/10/08(d) | 142,995 | 143,098,136 | ||||
Nordea Bank Finland Plc, New York, (A-1+, P-1) | ||||||
4.91%, 6/23/08(d) | 153,965 | 153,967,184 | ||||
2.65%, 10/14/08(d) | 170,005 | 170,005,000 | ||||
2.70%, 10/16/08(d) | 328,400 | 328,400,000 | ||||
4.82%, 10/22/08(d) | 34,000 | 34,015,681 | ||||
Rabobank Nederland N.V., New York, (A-1+, P-1) | ||||||
3.00%, 5/06/08(d) | 223,000 | 223,000,000 | ||||
2.87%, 6/06/08(d) | 100,000 | 100,000,000 | ||||
2.72%, 6/11/08(d) | 250,000 | 250,000,000 | ||||
2.60%, 7/08/08(d) | 500,000 | 500,000,000 | ||||
2.64%, 7/10/08(d) | 1,025,000 | 1,025,009,903 | ||||
Royal Bank of Scotland Plc, New York, (A-1+, P-1) | ||||||
2.91%, 6/05/08(d) | 1,100,000 | 1,100,000,000 | ||||
2.81%, 6/12/08(d) | 955,000 | 955,000,000 | ||||
3.75%, 7/22/08(d) | 124,635 | 124,871,769 | ||||
2.68%, 10/02/08(d) | 500,000 | 500,000,000 | ||||
Societe Generale, New York, (A-1+, P-1)(c) | ||||||
2.93%, 5/29/08(d) | 1,000,000 | 1,000,000,000 | ||||
3.11%, 10/24/08(d) | 523,250 | 523,275,186 | ||||
Svenska Handelsbanken AB, New York, (A-1+, P-1) | ||||||
4.86%, 6/10/08(d) | 228,925 | 228,925,000 | ||||
2.61%, 10/01/08(d) | 391,100 | 391,100,000 | ||||
2.70%, 10/17/08(d) | 246,000 | 246,000,000 | ||||
Toronto Dominion Bank, New York, (A-1+, P-1) | ||||||
4.86%, 5/28/08(d) | 250,000 | 250,000,915 | ||||
4.86%, 5/30/08(d) | 69,450 | 69,450,000 | ||||
4.85%, 6/06/08(d) | 508,490 | 508,490,000 | ||||
4.52%, 7/07/08(d) | 405,000 | 405,000,000 | ||||
2.65%, 10/06/08(d) | 181,970 | 181,970,000 | ||||
2.67%, 10/09/08(d) | 465,550 | 465,550,000 | ||||
UBS AG, Stamford, (A-1+, P-1) | ||||||
4.25%, 5/09/08(d) | 700,000 | 700,000,000 | ||||
2.98%, 6/04/08(d) | 600,000 | 600,000,000 | ||||
4.90%, 6/04/08(d) | 165,170 | 165,170,000 | ||||
| 30,040,995,450 | ||||||
Total Certificates of Deposit | 31,660,995,450 | |||||
Commercial Paper(b) — 33.2% | ||||||
Asset Backed Securities — 19.2% | ||||||
Amstel Funding Corp., (A-1+, P-1) | ||||||
3.26%, 5/05/08 | 147,545 | 147,491,556 | ||||
Amsterdam Funding Corp., (A-1, P-1) | ||||||
2.90%, 5/15/08 | 150,000 | 149,830,833 | ||||
2.97%, 5/20/08 | 375,000 | 374,412,188 | ||||
2.73%, 7/03/08 | 43,100 | 42,894,090 | ||||
Atlantis One Funding Corp., (A-1+, P-1) | ||||||
3.09%, 5/08/08 | 391,000 | 390,765,454 | ||||
2.75%, 7/01/08 | 180,000 | 179,161,250 | ||||
2.88%, 7/23/08 | 82,000 | 81,455,520 | ||||
Barton Capital Corp., (A-1+, P-1) | ||||||
2.82%, 5/07/08 | 25,000 | 24,988,250 | ||||
2.82%, 5/08/08 | 138,000 | 137,924,330 | ||||
2.84%, 5/09/08 | 143,600 | 143,509,372 | ||||
2.81%, 5/14/08 | 153,000 | 152,844,748 | ||||
2.82%, 5/15/08 | 150,000 | 149,835,500 | ||||
Cafco LLC, (A-1+, P-1) | ||||||
2.60%, 6/19/08 | 55,000 | 54,805,361 | ||||
2.92%, 7/08/08 | 230,000 | 228,731,422 | ||||
2.76%, 7/09/08 | 106,650 | 106,085,822 | ||||
2.75%, 7/10/08 | 250,845 | 249,503,676 | ||||
Cancara Asset Securitisation LLC, (A-1+, P-1) | ||||||
2.87%, 5/07/08 | 700,000 | 699,665,167 | ||||
2.83%, 5/13/08 | 252,020 | 251,782,261 | ||||
2.95%, 5/19/08 | 400,000 | 399,410,000 | ||||
Chariot Funding LLC, (A-1, P-1) | ||||||
2.85%, 5/02/08 | 79,000 | 78,993,746 | ||||
2.87%, 5/23/08 | 70,000 | 69,877,228 | ||||
2.87%, 5/27/08 | 56,156 | 56,039,601 | ||||
2.65%, 7/07/08 | 141,595 | 140,896,661 | ||||
Charta LLC, (A-1, P-1) | ||||||
2.83%, 5/06/08 | 350,000 | 349,862,431 | ||||
3.09%, 5/09/08 | 350,000 | 349,759,667 | ||||
2.77%, 7/07/08 | 210,000 | 208,917,392 | ||||
2.76%, 7/09/08 | 143,600 | 142,840,356 | ||||
Ciesco LLC, (A-1+, P-1) | ||||||
2.77%, 7/07/08 | 100,000 | 99,484,472 | ||||
2.75%, 7/09/08 | 136,820 | 136,098,845 | ||||
Clipper Receivables Co. LLC, (A-1, P-1) | ||||||
3.00%, 5/13/08 | 300,000 | 299,700,000 | ||||
CRC Funding LLC, (A-1+, P-1) | ||||||
2.83%, 6/18/08 | 165,550 | 164,925,325 | ||||
2.76%, 7/02/08 | 200,000 | 199,049,333 | ||||
2.76%, 7/09/08 | 61,550 | 61,224,400 | ||||
2.75%, 7/10/08 | 125,420 | 124,749,351 | ||||
Falcon Asset Securitization Co. LLC, (A-1, P-1) | ||||||
2.57%, 6/19/08 | 125,148 | 124,710,225 | ||||
Grampian Funding LLC, (A-1+, P-1) | ||||||
2.77%, 5/08/08 | 228,050 | 227,927,170 | ||||
Jupiter Securitization Co. LLC, (A-1, P-1) | ||||||
2.80%, 5/02/08 | 51,000 | 50,996,033 | ||||
2.87%, 5/22/08 | 425,000 | 424,288,479 | ||||
Kitty Hawk Funding Corp., (A-1+, P-1) | ||||||
3.05%, 5/09/08 | 360,000 | 359,756,000 | ||||
Liberty Street Funding LLC, (A-1, P-1) | ||||||
3.07%, 5/15/08 | 107,000 | 106,872,254 | ||||
Nieuw Amsterdam Receivables Corp., (A-1, P-1) | ||||||
2.85%, 5/12/08 | 164,100 | 163,957,096 | ||||
Old Line Funding LLC, (A-1+, P-1) | ||||||
2.73%, 6/20/08 | 88,449 | 88,113,631 | ||||
Palisades Commercial Peper Program, (A-1, P-1) | ||||||
3.18%, 5/15/08 | 198,320 | 198,074,744 | ||||
Park Avenue Receivables Corp., (A-1, P-1) | ||||||
2.70%, 5/07/08 | 108,894 | 108,844,998 | ||||
2.87%, 5/19/08 | 191,000 | 190,725,915 | ||||
2.87%, 5/20/08 | 50,000 | 49,924,264 | ||||
See Notes to Financial Statements.
| 16 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| TempFund | ||
| Par (000) | Value | |||||
Commercial Paper(b) (Continued) | ||||||
Asset Backed Securities (Continued) | ||||||
2.86%, 5/27/08 | $ | 190,000 | $ | 189,607,544 | ||
Ranger Funding Co. LLC, (A-1+, P-1) | ||||||
2.80%, 5/12/08 | 159,354 | 159,217,664 | ||||
2.86%, 6/06/08 | 166,000 | 165,525,240 | ||||
Scaldis Capital LLC, (A-1+, P-1) | ||||||
3.00%, 5/07/08 | 269,475 | 269,340,262 | ||||
2.93%, 5/12/08 | 333,050 | 332,751,828 | ||||
3.03%, 5/20/08 | 200,000 | 199,680,167 | ||||
3.00%, 5/27/08 | 400,000 | 399,133,333 | ||||
3.02%, 5/27/08 | 250,000 | 249,454,722 | ||||
Sheffield Receivables Corp., (A-1+, P-1) | ||||||
2.82%, 5/06/08 | 144,000 | 143,943,600 | ||||
2.95%, 5/20/08 | 118,500 | 118,315,502 | ||||
Solitaire Funding LLC, (A-1+, P-1) | ||||||
2.85%, 5/07/08 | 410,250 | 410,055,131 | ||||
2.95%, 5/19/08 | 408,050 | 407,448,126 | ||||
3.05%, 6/25/08 | 221,000 | 219,970,201 | ||||
Surrey Funding Corp., (A-1+, P-1) | ||||||
2.95%, 5/29/08 | 277,000 | 276,364,439 | ||||
Thames Asset Global Securitization No. 1, Inc., (A-1, P-1) | ||||||
2.92%, 5/19/08 | 414,000 | 413,395,560 | ||||
Variable Funding Capital Co. LLC, (A-1+, P-1) | ||||||
3.00%, 5/06/08 | 59,935 | 59,910,027 | ||||
Windmill Funding Corp., (A-1+, P-1) | ||||||
2.82%, 5/30/08 | 180,000 | 179,591,100 | ||||
2.73%, 7/03/08 | 15,000 | 14,928,338 | ||||
Yorktown Capital LLC, (A-1+, P-1) | ||||||
3.05%, 5/07/08 | 300,000 | 299,847,500 | ||||
2.60%, 6/19/08 | 214,000 | 213,242,678 | ||||
| 13,263,429,379 | ||||||
Banks — 13.4% | ||||||
ABN AMRO Bank N.V., Chicago, (A-1+, P-1) | ||||||
2.73%, 5/13/08 | 80,000 | 79,927,200 | ||||
Bank of America Corp., (A-1+, P-1) | ||||||
2.98%, 5/07/08 | 200,000 | 199,900,667 | ||||
4.69%, 5/27/08 | 347,500 | 346,322,940 | ||||
3.67%, 6/17/08 | 375,000 | 373,201,760 | ||||
2.84%, 7/07/08 | 500,000 | 497,357,222 | ||||
3.80%, 7/11/08 | 397,815 | 394,833,598 | ||||
2.83%, 8/19/08 | 365,650 | 362,489,260 | ||||
2.58%, 10/06/08 | 500,000 | 494,325,167 | ||||
Barclays US Funding Corp., (A-1+, P-1) | ||||||
2.93%, 7/24/08 | 16,000 | 15,890,613 | ||||
Citigroup Funding, Inc., (A-1+, P-1) | ||||||
4.73%, 5/01/08 | 45,840 | 45,840,000 | ||||
2.90%, 5/02/08 | 300,000 | 299,975,833 | ||||
4.73%, 5/02/08 | 54,225 | 54,217,875 | ||||
2.90%, 5/06/08 | 300,000 | 299,879,167 | ||||
4.73%, 5/09/08 | 200,000 | 199,789,778 | ||||
3.12%, 5/19/08 | 100,000 | 99,844,000 | ||||
4.81%, 6/04/08 | 199,105 | 198,200,510 | ||||
2.75%, 6/11/08 | 250,000 | 249,217,014 | ||||
2.75%, 6/20/08 | 250,000 | 249,045,139 | ||||
Dexia Delaware LLC, (A-1+, P-1) | ||||||
2.90%, 6/05/08 | 220,000 | 219,380,792 | ||||
2.49%, 6/16/08 | 225,000 | 224,284,125 | ||||
2.70%, 7/07/08 | 348,850 | 347,097,029 | ||||
HSBC Bank USA, (A-1+, P-1) | ||||||
2.65%, 7/10/08 | 100,000 | 99,485,694 | ||||
ING (US) Funding LLC, (A-1+, P-1) | ||||||
2.75%, 5/12/08 | 95,500 | 95,419,754 | ||||
2.77%, 5/15/08 | 50,000 | 49,946,139 | ||||
2.66%, 6/02/08 | 500,000 | 498,817,778 | ||||
2.90%, 6/05/08 | 79,915 | 79,689,684 | ||||
JPMorgan Chase & Co., (A-1+, P-1) | ||||||
3.00%, 5/05/08 | 644,000 | 643,785,333 | ||||
2.64%, 7/17/08 | 615,750 | 612,273,065 | ||||
Natexis Banques Popularies US Finance Co. LLC, (A-1+, P-1) | ||||||
3.00%, 6/05/08 | 284,720 | 283,889,567 | ||||
Nordea North America, Inc., (A-1+, P-1) | ||||||
2.69%, 5/06/08 | 343,595 | 343,466,629 | ||||
2.66%, 7/10/08 | 173,350 | 172,453,395 | ||||
Rabobank USA Finance Co., (A-1+, P-1) | ||||||
2.85%, 7/23/08 | 500,000 | 496,714,583 | ||||
Societe Generale North America, Inc., (A-1+, P-1) | ||||||
3.73%, 6/10/08 | 300,000 | 298,758,333 | ||||
4.48%, 7/02/08 | 300,000 | 297,687,400 | ||||
| 9,223,407,043 | ||||||
Finance Services — 0.6% | ||||||
General Electric Capital Corp., (A-1+, P-1) | ||||||
3.83%, 7/09/08 | 335,000 | 332,540,821 | ||||
3.83%, 7/10/08 | 64,550 | 64,069,282 | ||||
| 396,610,103 | ||||||
Insurance — 0.0% | ||||||
ING America Insurance Holdings, (A-1+, P-1) | ||||||
2.68%, 7/15/08 | 13,000 | 12,927,417 | ||||
Security Brokers & Dealers — 0.0% | ||||||
Greenwich Capital Holdings, Inc., (A-1+, P-1) | ||||||
4.80%, 5/16/08 | 10,000 | 9,980,000 | ||||
Total Commercial Paper | 22,906,353,942 | |||||
Master Notes — 1.8% | ||||||
Security Brokers & Dealers — 1.8% | ||||||
Bank of America Securities LLC, (A-1+, P-1) | ||||||
2.52%, 5/01/08(e) | 688,650 | 688,650,000 | ||||
Citigroup Global Markets, Inc., (A-1+, P-1) | ||||||
2.62%, 5/02/08(e) | 550,000 | 550,000,000 | ||||
Total Master Notes | 1,238,650,000 | |||||
Variable Rate Obligations — 7.0% | ||||||
Asset Backed Securities — 0.3% | ||||||
Mazarin Funding Corp., (A-1+, P-1) | ||||||
2.88%, 6/25/08(a) | 219,040 | 219,040,000 | ||||
Banks — 3.3% | ||||||
American Express Centurion Bank, (A+, Aa3) | ||||||
2.97%, 10/10/08(a) | 132,020 | 132,020,000 | ||||
2.94%, 11/07/08(a) | 50,000 | 50,000,000 | ||||
Bank of Montreal, Chicago, (A-1, P-1) | ||||||
3.20%, 11/10/08(a) | 600,280 | 600,280,000 | ||||
Bank of New York Co., Inc., (A+, Aa3) | ||||||
2.95%, 5/27/08(a)(f) | 125,000 | 125,000,000 | ||||
Bank of Scotland Plc, New York, (A-1+, P-1) | ||||||
2.80%, 10/27/08(a)(d) | 522,000 | 522,000,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 17 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| TempFund | ||
| Par (000) | Value | |||||
Variable Rate Obligations (Continued) | ||||||
Banks (Continued) | ||||||
Deutsche Bank AG, New York, (AA, Aa1) | ||||||
2.81%, 1/21/09(a) | $ | 437,140 | $ | 437,140,000 | ||
HSBC (USA), Inc., (AA-, Aa3) | ||||||
3.22%, 5/15/09(a) | 101,935 | 101,935,000 | ||||
Wachovia Bank, N.A., (AA, Aa1) | ||||||
2.91%, 5/01/09(a) | 330,350 | 330,350,000 | ||||
| 2,298,725,000 | ||||||
| Finance Services — 0.5% | ||||||
General Electric Capital Corp., (Aaa, AAA) | ||||||
2.77%, 1/05/09(a) | 170,000 | 170,046,503 | ||||
2.92%, 4/24/09(a) | 202,000 | 202,000,000 | ||||
| 372,046,503 | ||||||
| Life Insurance — 2.5% | ||||||
Allstate Life Global Funding II, (AA, Aa2) | ||||||
2.92%, 9/26/08(a)(f) | 75,000 | 75,000,000 | ||||
Hartford Life Insurance Co., (A-1+, P-1) | ||||||
2.82%, 4/30/09 (acquired 10/15/04 through 6/21/05, cost $200,000,000)(a)(g)(h) | 200,000 | 200,000,000 | ||||
ING Security Life Insurance, (AA, Aa3) | ||||||
2.86%, 6/06/08(a)(f) | 150,000 | 150,000,000 | ||||
MetLife Insurance Co. of Connecticut, (A-1+, P-1) | ||||||
2.82%, 9/29/08 (acquired 10/05/04, cost $250,000,000)(a)(g)(h) | 250,000 | 250,000,000 | ||||
New York Life Insurance Co., (A-1+, P-1) | ||||||
2.92%, 4/13/09 (acquired 4/14/08, cost $631,645,000)(a)(g)(h) | 631,645 | 631,645,000 | ||||
Transamerica Occidental Life Insurance Co., (A-1+, P-1) | ||||||
2.94%, 5/01/09 (acquired 9/21/04, cost $400,000,000)(a)(g)(h) | 400,000 | 400,000,000 | ||||
3.32%, 5/01/09 (acquired 12/10/07, cost $4,000,000)(a)(g)(h) | 4,000 | 4,000,000 | ||||
| 1,710,645,000 | ||||||
| Security Brokers & Dealers — 0.4% | ||||||
Morgan Stanley & Co., Inc., (A+, Aa3) | ||||||
2.84%, 1/14/09(a) | 250,000 | 250,000,000 | ||||
Total Variable Rate Obligations | 4,850,456,503 | |||||
| Promissory Note — 0.7% | ||||||
| Security Brokers & Dealers — 0.7% | ||||||
The Goldman Sachs Group, Inc., (A-1+, P-1) | ||||||
2.95%, 8/22/08 (acquired 8/24/06, cost $469,300,000)(a)(f)(g)(h) | ||||||
(Cost $469,300,000) | 469,300 | 469,300,000 | ||||
| Time Deposits — 3.3% | ||||||
Credit Suisse, (A-1+, P-1) | ||||||
2.38%, 5/01/08 | 361,000 | 361,000,000 | ||||
Deutsche Bank AG, (A-1+, P-1) | ||||||
2.44%, 5/01/08 | 600,000 | 600,000,000 | ||||
2.47%, 5/01/08 | 800,000 | 800,000,000 | ||||
Societe Generale, (A-1+, P-1) | ||||||
2.56%, 5/01/08 | 500,000 | 500,000,000 | ||||
Total Time Deposits | 2,261,000,000 | |||||
| Repurchase Agreements — 2.7% | ||||||
Deutsche Bank Securities Inc., | ||||||
1.97%, 5/01/08 | 300,842 | 300,842,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $300,858,463, collateralized by $337,148,000 Resolution Funding Corp. Strips, Federal Home Loan Mortgage Corp. Notes, Federal National Mortgage Assoc. Medium Term Notes, Federal Home Loan Bank Notes, Federal Home Loan Bank Bonds and Federal Farm Credit Bank 0.00% to 5.00% due from 5/05/08 to 1/15/26. The value of the collateral is $309,867,424.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.00%, 5/01/08 | 196,000 | 196,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $196,010,889, collateralized by $221,152,676 Federal Home Loan Mortgage Corp. Bonds 5.00% to 6.50% due from 8/01/36 to 4/01/38. The value of the collateral is $201,880,000.) | ||||||
Goldman Sachs & Co., | ||||||
1.97%, 5/01/08 | 800,000 | 800,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $800,043,778, collateralized by $1,439,256,927 Federal National Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Bonds 4.00% to 7.00% due from 6/01/16 to 4/01/38. The value of the collateral is $824,000,000.) | ||||||
Morgan Stanley & Co., Inc., | ||||||
2.00%, 5/01/08 | 198,000 | 198,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $198,011,000 collateralized by $365,340,753 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 7.00% due from 10/01/13 to 2/01/38. The value of the collateral is $203,954,285.) | ||||||
PNC Bank, N.A., | ||||||
2.14%, 5/01/08(i) | 308,100 | 308,100,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $308,118,293, collateralized by $440,723,493 Federal Home Loan Mortgage Corp. Bonds and Federal National Mortgage Assoc. Bonds 5.00% to 6.00% due from 6/01/21 to 6/01/35. The value of the collateral is $347,078,502.) | ||||||
UBS Securities LLC, | ||||||
2.00%, 5/01/08 | 40,000 | 40,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $40,002,222, collateralized by $278,473,098 Federal National Mortgage Assoc. Strips due from 3/01/34 to 1/01/36. The value of the collateral is $41,200,267.) | ||||||
Total Repurchase Agreements | 1,842,942,000 | |||||
Total Investments in Securities — 99.9% | 68,922,279,115 | |||||
| Other Assets in Excess of Liabilities — 0.1% | 102,443,269 | |||||
| Net Assets — 100.0% | $ | 69,024,722,384 | ||||
See Notes to Financial Statements.
| 18 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (concluded) | TempFund |
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown is as of report date and the date shown is the final maturity date. |
| (b) | Rate shown reflects the discount rate at the time of purchase. |
| (c) | Ratings reflect those of main branch. |
| (d) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (e) | Rate shown is as of report date and the date shown is the date on which principal and accrued interest may be recovered through demand. |
| (f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (g) | Restricted security as to resale. As of report date the Fund held 2.8% of its net assets, with a current market value of $1,954,945,000 and an original cost of $1,954,945,000 in these securities. |
| (h) | Illiquid security. |
| (i) | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Purchase Cost | Sales Cost | Interest Income | ||||||
PNC Bank, N.A. | $ | 16,227,100,000 | $ | 16,275,000,000 | $ | 2,076,732 | |||
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 19 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| TempCash | ||
| Par (000) | Value | |||||
Agency Obligations — 7.4% | ||||||
Federal Home Loan Bank Discount Note — 0.7% | ||||||
2.50%, 8/06/08(a) | $ | 97,664 | $ | 97,006,124 | ||
Federal Home Loan Bank Variable Rate Notes — 1.9% | ||||||
2.36%, 3/20/09(b) | 72,715 | 72,775,029 | ||||
2.64%, 8/13/09(b) | 76,100 | 76,100,000 | ||||
2.62%, 8/14/09(b) | 112,915 | 112,900,447 | ||||
| 261,775,476 | ||||||
Federal Home Loan Mortgage Corp. Discount Note — 0.1% | ||||||
2.52%, 8/11/08(a) | 17,255 | 17,131,799 | ||||
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2% | ||||||
2.46%, 9/25/09(b) | 181,090 | 181,015,302 | ||||
2.82%, 9/28/09(b) | 121,035 | 120,992,672 | ||||
| 302,007,974 | ||||||
Federal National Mortgage Assoc. Discount Notes — 2.5% | ||||||
2.48%, 8/13/08(a) | 167,294 | 166,095,431 | ||||
2.50%, 8/20/08(a) | 30,120 | 29,888,289 | ||||
2.51%, 8/20/08(a) | 29,960 | 29,728,596 | ||||
2.49%, 9/08/08(a) | 65,810 | 65,218,258 | ||||
2.49%, 9/10/08(a) | 40,415 | 40,046,011 | ||||
| 330,976,585 | ||||||
Total Agency Obligations | 1,008,897,958 | |||||
Certificates of Deposit — 36.9% | ||||||
Domestic — 2.4% | ||||||
Chase Bank USA N.A., (A-1+, P-1) | ||||||
4.70%, 5/07/08 | 194,855 | 194,855,000 | ||||
HSBC Bank USA, (A-1+, P-1) | ||||||
2.65%, 7/10/08 | 86,000 | 86,000,000 | ||||
2.63%, 8/01/08 | 48,000 | 48,000,000 | ||||
| 328,855,000 | ||||||
Yankee — 34.5% | ||||||
Banco Bilbao Vizcaya Argentaria S.A., New York, (A-1+, P-1)(c) | ||||||
5.42%, 6/12/08(d) | 9,960 | 9,964,412 | ||||
2.72%, 7/08/08(d) | 100,000 | 100,000,000 | ||||
2.70%, 7/17/08(d) | 100,000 | 100,000,000 | ||||
3.00%, 10/24/08(d) | 100,000 | 100,000,000 | ||||
Bank of Montreal, Chicago, (A-1, P-1) | ||||||
4.87%, 6/02/08(d) | 55,235 | 55,235,000 | ||||
Bank of Nova Scotia, New York, (A-1+, P-1) | ||||||
2.64%, 10/07/08(d) | 196,335 | 196,335,000 | ||||
Bank of Scotland Plc, New York, (A-1+, P-1) | ||||||
2.54%, 6/20/08(d) | 50,000 | 50,000,000 | ||||
4.39%, 7/07/08(d) | 100,000 | 100,000,000 | ||||
3.07%, 7/31/08(d) | 90,000 | 90,000,000 | ||||
2.68%, 10/02/08(d) | 70,660 | 70,660,000 | ||||
Banque Nationale de Paris, New York, (A-1+, P-1) | ||||||
2.94%, 6/04/08(d) | 75,000 | 75,000,000 | ||||
4.80%, 6/05/08(d) | 145,000 | 145,239,302 | ||||
4.50%, 7/03/08(d) | 221,480 | 221,480,000 | ||||
4.26%, 7/09/08(d) | 67,500 | 67,554,471 | ||||
2.91%, 8/19/08(d) | 150,000 | 150,000,000 | ||||
2.95%, 10/28/08(d) | 55,000 | 55,000,000 | ||||
Barclays Bank Plc, New York, (A-1+, P-1) | ||||||
3.00%, 6/04/08(d) | 160,000 | 160,000,000 | ||||
2.81%, 7/02/08(d) | 100,000 | 100,000,000 | ||||
2.77%, 7/08/08(d) | 200,000 | 200,000,000 | ||||
2.95%, 7/24/08(d) | 200,000 | 200,000,000 | ||||
Canadian Imperial Bank of Commerce, New York, (A-1, P-1) | ||||||
4.87%, 6/10/08(d) | 127,480 | 127,480,000 | ||||
Dexia Bank, New York, (A-1+, P-1) | ||||||
2.54%, 6/20/08(d) | 50,000 | 50,000,000 | ||||
2.75%, 7/10/08(d) | 87,000 | 87,001,680 | ||||
Lloyds TSB Bank Plc, New York, (A-1+, P-1) | ||||||
2.63%, 7/09/08(d) | 200,000 | 200,000,000 | ||||
Mizuho Corporate Bank, New York, (A-1, P-1) | ||||||
2.86%, 5/05/08(d) | 48,850 | 48,850,000 | ||||
2.86%, 5/08/08(d) | 97,700 | 97,700,000 | ||||
2.85%, 5/12/08(d) | 100,000 | 100,000,000 | ||||
Natixis, New York, (A-1+, P-1) | ||||||
5.42%, 7/10/08(d) | 27,730 | 27,750,000 | ||||
Nordea Bank Finland Plc, New York, (A-1+, P-1) | ||||||
4.91%, 6/23/08(d) | 29,860 | 29,860,424 | ||||
2.65%, 10/14/08(d) | 35,710 | 35,710,000 | ||||
2.70%, 10/16/08(d) | 71,600 | 71,600,000 | ||||
Rabobank Nederland N.V., New York, (A-1+, P-1) | ||||||
3.00%, 5/06/08(d) | 50,000 | 50,000,000 | ||||
2.64%, 7/10/08(d) | 275,000 | 275,002,657 | ||||
Royal Bank of Scotland Plc, New York, (A-1+, P-1) | ||||||
4.92%, 6/04/08(d) | 85,000 | 85,000,783 | ||||
2.91%, 6/05/08(d) | 200,000 | 200,000,000 | ||||
2.81%, 6/12/08(d) | 25,000 | 25,000,000 | ||||
2.68%, 10/02/08(d) | 45,000 | 45,000,000 | ||||
Societe Generale, New York, (A-1+, P-1)(c) | ||||||
3.11%, 10/24/08(d) | 100,000 | 100,004,813 | ||||
Svenska Handelsbanken AB, New York, (A-1+, P-1) | ||||||
4.86%, 6/10/08(d) | 55,035 | 55,035,000 | ||||
2.61%, 10/01/08(d) | 80,135 | 80,135,000 | ||||
2.70%, 10/17/08(d) | 54,000 | 54,000,000 | ||||
Toronto Dominion Bank, New York, (A-1+, P-1) | ||||||
4.86%, 5/30/08(d) | 16,350 | 16,350,000 | ||||
4.85%, 6/06/08(d) | 84,270 | 84,270,000 | ||||
4.52%, 7/07/08(d) | 95,000 | 95,000,000 | ||||
2.65%, 10/06/08(d) | 49,580 | 49,580,000 | ||||
2.67%, 10/09/08(d) | 105,000 | 105,000,000 | ||||
UBS AG, Stamford, (A-1+, P-1) | ||||||
2.98%, 6/04/08(d) | 200,000 | 200,000,000 | ||||
4.90%, 6/04/08(d) | 34,105 | 34,105,000 | ||||
| 4,675,903,542 | ||||||
Total Certificates of Deposit | 5,004,758,542 | |||||
Commercial Paper(a) — 33.4% | ||||||
Asset Backed Securities — 16.3% | ||||||
Amsterdam Funding Corp., (A-1, P-1) | ||||||
2.90%, 5/15/08 | 50,000 | 49,943,611 | ||||
Atlantic Asset Securitization Corp., (A-1, P-1) | ||||||
2.90%, 5/14/08 | 100,000 | 99,895,278 | ||||
Atlantis One Funding Corp., (A-1+, P-1) | ||||||
3.11%, 6/04/08 | 60,000 | 59,823,767 | ||||
2.75%, 7/01/08 | 50,000 | 49,767,014 | ||||
Barton Capital Corp., (A-1+, P-1) | ||||||
2.84%, 5/09/08 | 31,400 | 31,380,183 | ||||
2.82%, 5/15/08 | 50,000 | 49,945,167 | ||||
See Notes to Financial Statements.
| 20 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| TempCash | ||
| Par (000) | Value | |||||
Commercial Paper(a) (Continued) | ||||||
Asset Backed Securities (Continued) | ||||||
Cafco LLC, (A-1+, P-1) | ||||||
2.76%, 7/09/08 | $ | 23,350 | $ | 23,226,478 | ||
2.75%, 7/10/08 | 56,470 | 56,168,042 | ||||
Charta LLC, (A-1, P-1) | ||||||
2.76%, 7/09/08 | 31,400 | 31,233,894 | ||||
Ciesco LLC, (A-1+, P-1) | ||||||
2.75%, 7/09/08 | 30,805 | 30,642,632 | ||||
CRC Funding LLC, (A-1+, P-1) | ||||||
2.83%, 6/18/08 | 34,450 | 34,320,009 | ||||
2.77%, 7/07/08 | 61,000 | 60,685,528 | ||||
2.76%, 7/09/08 | 13,450 | 13,378,849 | ||||
2.75%, 7/10/08 | 28,235 | 28,084,021 | ||||
Galleon Capital LLC, (A-1, P-1) | ||||||
3.05%, 5/23/08 | 150,000 | 149,720,417 | ||||
Jupiter Securitization Co. LLC, (A-1, P-1) | ||||||
2.87%, 5/22/08 | 175,000 | 174,707,021 | ||||
LMA Americas LLC, (A-1, P-1) | ||||||
2.80%, 5/14/08 | 40,000 | 39,959,556 | ||||
Nieuw Amsterdam Receivables Corp., (A-1, P-1) | ||||||
2.85%, 5/12/08 | 35,900 | 35,868,737 | ||||
Old Line Funding LLC, (A-1+, P-1) | ||||||
2.73%, 6/20/08 | 19,100 | 19,027,579 | ||||
Palisades Commercial Peper Program, (A-1, P-1) | ||||||
3.18%, 5/15/08 | 41,840 | 41,788,258 | ||||
Park Avenue Receivables Corp., (A-1, P-1) | ||||||
2.86%, 5/27/08 | 200,000 | 199,586,889 | ||||
2.87%, 6/02/08 | 71,000 | 70,818,871 | ||||
Ranger Funding Co. LLC, (A-1+, P-1) | ||||||
2.80%, 5/12/08 | 50,000 | 49,957,222 | ||||
Scaldis Capital LLC, (A-1+, P-1) | ||||||
3.00%, 5/07/08 | 56,855 | 56,826,572 | ||||
2.93%, 5/12/08 | 75,350 | 75,282,541 | ||||
3.03%, 5/20/08 | 100,000 | 99,840,083 | ||||
Sheffield Receivables Corp., (A-1+, P-1) | ||||||
2.95%, 5/20/08 | 30,000 | 29,953,292 | ||||
2.94%, 6/04/08 | 85,000 | 84,763,983 | ||||
Solitaire Funding LLC, (A-1+, P-1) | ||||||
2.95%, 5/19/08 | 91,950 | 91,814,374 | ||||
Surrey Funding Corp., (A-1+, P-1) | ||||||
2.95%, 5/29/08 | 58,000 | 57,866,922 | ||||
Thames Asset Global Securitization No. 1, Inc., (A-1, P-1) | ||||||
2.92%, 5/19/08 | 86,000 | 85,874,440 | ||||
3.07%, 5/27/08 | 51,363 | 51,249,117 | ||||
Variable Funding Capital Co. LLC, (A-1+, P-1) | ||||||
3.00%, 5/06/08 | 15,065 | 15,058,723 | ||||
Windmill Funding Corp., (A-1+, P-1) | ||||||
2.95%, 5/28/08 | 160,000 | 159,646,000 | ||||
| 2,208,105,070 | ||||||
Banks — 16.5% | ||||||
Banco Bilbao Vizcaya Argentaria Puerto Rico, (A-1+, P-1)(c) | ||||||
2.80%, 6/27/08 | 100,000 | 99,556,667 | ||||
Bank of America Corp., (A-1+, P-1) | ||||||
3.67%, 6/17/08 | 150,000 | 149,280,704 | ||||
2.84%, 7/07/08 | 125,000 | 124,339,306 | ||||
3.80%, 7/11/08 | 94,175 | 93,469,211 | ||||
2.83%, 8/19/08 | 83,450 | 82,728,644 | ||||
2.58%, 10/06/08 | 100,000 | 98,865,033 | ||||
Citigroup Funding, Inc., (A-1+, P-1) | ||||||
4.81%, 6/04/08 | 50,895 | 50,663,795 | ||||
Danske Corp., (A-1+, P-1) | ||||||
2.88%, 5/13/08 | 100,000 | 99,904,000 | ||||
2.71%, 7/11/08 | 200,000 | 198,933,028 | ||||
Dexia Delaware LLC, (A-1+, P-1) | ||||||
2.90%, 6/05/08 | 200,000 | 199,437,083 | ||||
2.49%, 6/16/08 | 75,000 | 74,761,375 | ||||
2.70%, 7/07/08 | 78,550 | 78,155,286 | ||||
ING (US) Funding LLC, (A-1+, P-1) | ||||||
2.90%, 6/05/08 | 20,085 | 20,028,371 | ||||
JPMorgan Chase & Co., (A-1+, P-1) | ||||||
3.00%, 5/05/08 | 50,000 | 49,983,333 | ||||
2.64%, 7/17/08 | 134,250 | 133,491,935 | ||||
Lloyds TSB Bank Plc, (A-1+, P-1) | ||||||
2.88%, 6/06/08 | 50,000 | 49,856,000 | ||||
2.87%, 6/09/08 | 150,000 | 149,533,625 | ||||
Natexis Banques Popularies US Finance Co. LLC, (A-1+, P-1) | ||||||
3.00%, 6/05/08 | 61,620 | 61,440,275 | ||||
Nordea North America, Inc., (A-1+, P-1) | ||||||
2.66%, 7/10/08 | 39,000 | 38,798,283 | ||||
Royal Bank of Scotland Plc, (A-1+, P-1) | ||||||
4.79%, 5/21/08 | 100,000 | 99,733,889 | ||||
Societe Generale North America, Inc., (A-1+, P-1) | ||||||
3.73%, 6/10/08 | 200,000 | 199,172,222 | ||||
4.48%, 7/02/08 | 80,000 | 79,383,307 | ||||
| 2,231,515,372 | ||||||
Finance Services — 0.6% | ||||||
General Electric Capital Corp., (A-1+, P-1) | ||||||
3.83%, 7/09/08 | 80,000 | 79,412,733 | ||||
Total Commercial Paper | 4,519,033,175 | |||||
Master Notes — 1.7% | ||||||
Security Brokers & Dealers — 1.7% | ||||||
Citigroup Global Markets, Inc., (A-1+, P-1) | ||||||
2.62%, 5/02/08(e) | ||||||
(Cost $235,000,000) | 235,000 | 235,000,000 | ||||
Variable Rate Obligations — 15.0% | ||||||
Asset Backed Securities — 0.4% | ||||||
Mazarin Funding Corp., (A-1+, P-1) | ||||||
2.88%, 6/25/08(b) | 56,690 | 56,690,000 | ||||
Banks — 7.8% | ||||||
Bank of Montreal, Chicago, (A-1, P-1) | ||||||
3.20%, 11/10/08(b) | 140,310 | 140,310,000 | ||||
3.22%, 5/29/09(b)(f) | 114,950 | 114,950,000 | ||||
Bank of Nova Scotia, New York, (AA-, Aa1) | ||||||
2.65%, 7/03/08(b) | 80,165 | 80,159,488 | ||||
Bank of Scotland Plc, New York, (A-1+, P-1) | ||||||
2.80%, 10/27/08(b)(d) | 100,000 | 100,000,000 | ||||
Citigroup Funding, Inc., (AA-, Aa3) | ||||||
3.07%, 8/13/08(b) | 30,000 | 30,000,000 | ||||
Deutsche Bank AG, New York, (AA, Aa1) | ||||||
2.81%, 1/21/09(b) | 89,365 | 89,365,000 | ||||
HBOS Treasury Services Plc, (Aa1, AA) | ||||||
2.67%, 6/24/08(b)(f) | 150,000 | 150,000,000 | ||||
2.78%, 1/30/09(b) | 45,000 | 45,000,000 | ||||
HSBC (USA), Inc., (AA-, Aa3) | ||||||
3.22%, 5/15/09(b) | 23,380 | 23,380,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 21 |
| Schedule of Investments (concluded) | (Percentages shown are based on Net Assets) | |
| TempCash | ||
| Par (000) | Value | ||||||
Variable Rate Obligations (Continued) | |||||||
Banks (Continued) | |||||||
Royal Bank of Scotland Plc, (Aa1, AA-) | |||||||
2.76%, 9/26/08(b)(f) | $ | 100,000 | $ | 100,000,000 | |||
Wachovia Bank, N.A., (AA, Aa1) | |||||||
2.91%, 5/01/09(b) | 67,900 | 67,900,000 | |||||
Westpac Banking Corp., New York, (Aa1, AA) | |||||||
3.00%, 10/10/08(b) | 108,250 | 108,250,000 | |||||
| 1,049,314,488 | |||||||
| Finance Services — 0.9% | |||||||
General Electric Capital Corp., (Aaa, AAA) | |||||||
2.77%, 1/05/09(b) | 40,000 | 40,010,942 | |||||
2.92%, 4/24/09(b) | 83,000 | 83,000,000 | |||||
| 123,010,942 | |||||||
| Life Insurance — 4.4% | |||||||
Allstate Life Global Funding II, (AA, Aa2) | |||||||
2.92%, 9/26/08(b)(f) | 40,000 | 40,000,000 | |||||
2.92%, 1/15/09(b)(f) | 100,000 | 100,000,000 | |||||
Irish Life & Permanent Plc, (A+, Aa3) | |||||||
2.90%, 9/19/08(b)(f) | 100,000 | 100,000,000 | |||||
Monumental Life Insurance Co., (A-1+, P-1) | |||||||
3.29%, 5/08/09 (acquired 9/23/02, cost $200,000,000)(b)(g)(h) | 200,000 | 200,000,000 | |||||
New York Life Insurance Co., (A-1+, P-1) | |||||||
2.92%, 4/13/09 (acquired 4/14/08, cost $132,775,000)(b)(g)(h) | 132,775 | 132,775,000 | |||||
Transamerica Occidental Life Insurance Co., (A-1+, P-1) | |||||||
3.32%, 5/01/09 (acquired 6/28/04, cost $26,000,000)(b)(g)(h) | 26,000 | 26,000,000 | |||||
| 598,775,000 | |||||||
| Security Brokers & Dealers — 1.5% | |||||||
Morgan Stanley & Co., Inc., (A+, Aa3) | |||||||
2.84%, 1/14/09(b) | 200,000 | 200,000,000 | |||||
Total Variable Rate Obligations | 2,027,790,430 | ||||||
| Promissory Note — 2.0% | |||||||
| Security Brokers & Dealers — 2.0% | |||||||
The Goldman Sachs Group, Inc., (A-1+, P-1) | |||||||
2.95%(b)(f)(g)(h), 8/22/08 (acquired 8/24/06, cost $266,450,000) | |||||||
(Cost $266,450,000) | 266,450 | 266,450,000 | |||||
| Time Deposits — 4.3% | |||||||
Credit Suisse, (A-1+, P-1) | |||||||
2.38%, 5/01/08 | |||||||
(Cost $578,000,000) | 578,000 | 578,000,000 | |||||
| Repurchase Agreement — 0.0% | |||||||
Deutsche Bank Securities Inc., | |||||||
2.00%, 5/01/08 | |||||||
(Agreement dated 4/30/08 to be repurchased at $790,044, collateralized by $2,363,000 Resolution Funding Corp. Strips due 4/15/30. The value of the collateral is $813,912.) | |||||||
(Cost $790,000) | 790 | 790,000 | |||||
Total Investments in Securities — 100.7% | 13,640,720,105 | ||||||
| Liabilities in Excess of Other Assets — (0.7)% | (93,179,186 | ) | |||||
| Net Assets — 100.0% | $ | 13,547,540,919 | |||||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| (b) | Rate shown is as of report date and the date shown is the final maturity date. |
| (c) | Ratings reflect those of main branch. |
| (d) | Issuer is a U.S. branch of a foreign domiciled bank. |
| (e) | Rate shown is as of report date and the date shown is the date on which principal and accrued interest may be recovered through demand. |
| (f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (g) | Restricted security as to resale. As of report date the Fund held 4.6% of its net assets, with a current market value of $625,225,000 and an original cost of $625,225,000 in these securities. |
| (h) | Illiquid security. |
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| 22 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| FedFund | ||
| Par (000) | Value | |||||
Agency Obligations — 53.7% | ||||||
Federal Farm Credit Bank Bond — 0.5% | ||||||
3.38%, 7/15/08 | $ | 50,000 | $ | 49,922,571 | ||
| Federal Farm Credit Bank Variable Rate Notes — 5.5% | ||||||
2.31%, 7/09/08(a) | 275,000 | 274,994,787 | ||||
2.34%, 3/12/09(a) | 125,000 | 125,000,000 | ||||
2.31%, 11/16/09(a) | 150,000 | 150,000,000 | ||||
| 549,994,787 | ||||||
| Federal Home Loan Bank Bonds — 6.2% | ||||||
4.20%, 6/17/08 | 25,000 | 25,000,000 | ||||
5.13%, 7/23/08 | 45,000 | 45,096,825 | ||||
3.88%, 8/22/08 | 91,000 | 90,957,889 | ||||
4.25%, 9/12/08 | 19,970 | 20,111,698 | ||||
2.58%, 9/17/08 | 100,000 | 100,122,082 | ||||
5.10%, 9/19/08 | 24,860 | 25,126,930 | ||||
2.26%, 10/17/08 | 225,000 | 225,022,857 | ||||
3.75%, 11/14/08 | 23,500 | 23,688,538 | ||||
2.56%, 2/13/09 | 70,170 | 70,170,000 | ||||
| 625,296,819 | ||||||
| Federal Home Loan Bank Discount Notes — 5.1% | ||||||
2.00%, 5/01/08(b) | 1,238 | 1,238,000 | ||||
2.41%, 5/09/08(b) | 49,800 | 49,773,329 | ||||
4.18%, 5/14/08(b) | 107,473 | 107,310,775 | ||||
4.11%, 5/21/08(b) | 75,000 | 74,828,750 | ||||
4.17%, 5/23/08(b) | 100,000 | 99,745,167 | ||||
4.15%, 5/30/08(b) | 50,000 | 49,832,847 | ||||
4.17%, 6/27/08(b) | 24,000 | 23,841,540 | ||||
4.17%, 6/30/08(b) | 106,810 | 106,067,671 | ||||
| 512,638,079 | ||||||
| Federal Home Loan Bank Variable Rate Notes — 15.9% | ||||||
2.65%, 9/17/08(a) | 300,000 | 299,958,221 | ||||
2.51%, 1/09/09(a) | 155,000 | 155,185,277 | ||||
2.98%, 2/11/09(a) | 200,000 | 200,089,507 | ||||
2.95%, 2/18/09(a) | 100,000 | 100,000,000 | ||||
2.38%, 2/20/09(a) | 400,000 | 400,000,000 | ||||
2.31%, 3/04/09(a) | 150,000 | 150,000,000 | ||||
2.54%, 7/14/09(a) | 100,000 | 100,022,674 | ||||
2.64%, 8/13/09(a) | 100,000 | 100,000,000 | ||||
2.56%, 1/11/10(a) | 100,000 | 100,129,267 | ||||
| 1,605,384,946 | ||||||
| Federal Home Loan Mortgage Corp. Bonds — 1.7% | ||||||
3.50%, 5/21/08 | 13,000 | 12,994,384 | ||||
4.50%, 8/04/08 | 29,480 | 29,599,531 | ||||
3.63%, 9/15/08 | 17,069 | 17,066,022 | ||||
4.48%, 9/19/08 | 35,341 | 35,332,813 | ||||
5.13%, 10/15/08 | 31,100 | 31,502,318 | ||||
4.63%, 12/19/08 | 48,377 | 49,096,399 | ||||
| 175,591,467 | ||||||
| Federal Home Loan Mortgage Corp. Discount Notes — 9.3% | ||||||
2.53%, 5/12/08(b) | 92,471 | 92,399,515 | ||||
4.16%, 5/19/08(b) | 105,000 | 104,781,600 | ||||
4.18%, 5/23/08(b) | 41,860 | 41,753,071 | ||||
3.90%, 5/30/08(b) | 60,610 | 60,419,584 | ||||
2.49%, 6/02/08(b) | 81,150 | 80,970,388 | ||||
3.78%, 6/05/08(b) | 100,000 | 99,632,500 | ||||
2.10%, 6/06/08(b) | 50,000 | 49,895,000 | ||||
3.81%, 6/06/08(b) | 100,000 | 99,619,000 | ||||
3.80%, 6/16/08(b) | 28,234 | 28,096,908 | ||||
4.05%, 6/30/08(b) | 115,000 | 114,224,708 | ||||
2.10%, 8/29/08(b) | 100,000 | 99,300,000 | ||||
2.10%, 9/08/08(b) | 50,000 | 49,620,833 | ||||
2.11%, 10/06/08(b) | 19,219 | �� | 19,041,021 | |||
| 939,754,128 | ||||||
| Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2% | ||||||
2.46%, 9/25/09(a) | 139,215 | 139,157,575 | ||||
2.82%, 9/28/09(a) | 84,595 | 84,565,416 | ||||
| 223,722,991 | ||||||
| Federal National Mortgage Assoc. Bonds — 3.7% | ||||||
3.25%, 8/15/08 | 94,205 | 94,171,876 | ||||
5.13%, 9/02/08 | 56,000 | 56,459,346 | ||||
5.00%, 9/15/08 | 200,000 | 201,905,223 | ||||
5.00%, 10/16/08 | 23,445 | 23,739,503 | ||||
| 376,275,948 | ||||||
| Federal National Mortgage Assoc. Discount Notes — 3.6% | ||||||
2.50%, 5/28/08(b) | 79,565 | 79,415,816 | ||||
3.98%, 7/02/08(b) | 50,000 | 49,657,278 | ||||
3.75%, 7/09/08(b) | 63,637 | 63,179,609 | ||||
2.62%, 7/16/08(b) | 94,489 | 93,966,371 | ||||
2.83%, 7/16/08(b) | 74,619 | 74,173,193 | ||||
| 360,392,267 | ||||||
Total Agency Obligations | 5,418,974,003 | |||||
| Repurchase Agreements — 46.1% | ||||||
Banc of America Securities LLC, | ||||||
1.98%, 5/01/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $300,016,500, collateralized by $313,995,972 Federal National Mortgage Assoc. Bonds 4.50% to 5.50% due from 4/01/23 to 2/01/38. The value of the collateral is $306,000,001.) | ||||||
Barclays Capital Markets, Inc., | ||||||
2.00%, 5/01/08 | 900,000 | 900,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $900,050,000, collateralized by $1,731,655,007 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Adjustable Mortgage Notes and Federal Home Loan Mortgage Corp. Bonds 4.00% to 7.50% due from 4/01/10 to 2/01/48. The value of the collateral is $918,000,000.) | ||||||
Barclays Capital Markets, Inc., | ||||||
2.90%, 5/05/08 | 350,000 | 350,000,000 | ||||
(Agreement dated 2/04/08 to be repurchased at $352,565,694, collateralized by $513,016,340 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 6.50% due from 7/01/14 to 4/01/38. The value of the collateral is $357,000,000.) | ||||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 23 |
Schedule of Investments (concluded) | (Percentages shown are based on Net Assets) | |
| FedFund | ||
| Par (000) | Value | |||||
Repurchase Agreements (Continued) | ||||||
Barclays Capital Markets, Inc., | ||||||
2.25%, 5/27/08 | $ | 200,000 | $ | 200,000,000 | ||
(Agreement dated 3/27/08 to be repurchased at $200,762,500, collateralized by $254,315,521 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes due from 11/01/12 to 4/01/38. The value of the collateral is $204,000,000.) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
2.12%, 7/30/08 | 150,000 | 150,000,000 | ||||
(Agreement dated 4/25/08 to be repurchased at $150,848,000, collateralized by $317,198,765 Federal National Mortgage Assoc. Variable Rate Notes 3.96% to 5.65% due from 7/01/21 to 4/01/44. The value of the collateral is $153,000,178.) | ||||||
Deutsche Bank Securities Inc., | ||||||
1.75%, 5/01/08 | 64,358 | 64,358,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $64,361,129, collateralized by $77,107,744 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $66,288,740.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.00%, 5/01/08 | 325,000 | 325,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $325,018,056, collateralized by $389,384,644 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $334,750,000.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.43%, 6/11/08 | 150,000 | 150,000,000 | ||||
(Agreement dated 3/13/08 to be repurchased at $150,911,250, collateralized by $179,715,990 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $154,500,000.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.12%, 7/23/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 4/24/08 to be repurchased at $301,590,000, collateralized by $359,431,979 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $309,000,000.) | ||||||
Greenwich Capital Markets, Inc., | ||||||
1.98%, 5/01/08 | 575,000 | 575,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $575,031,625, collateralized by $1,015,736,535 Federal National Mortgage Assoc. Strips due from 11/01/35 to 10/01/36. The value of the collateral is $592,252,032.) | ||||||
Greenwich Capital Markets, Inc., | ||||||
2.45%, 7/09/08 | 150,000 | 150,000,000 | ||||
(Agreement dated 3/05/08 to be repurchased at $151,286,250, collateralized by $293,639,943 Federal National Mortgage Assoc. Strips due from 8/01/35 to 7/01/36. The value of the collateral is $154,501,917.) | ||||||
Morgan Stanley & Co., Inc., | ||||||
2.00%, 5/01/08 | 377,000 | 377,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $377,020,944, collateralized by $765,494,582 Federal National Mortgage Assoc. Bonds, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 7.50% due from 8/01/09 to 5/01/38. The value of the collateral is $388,311,053.) | ||||||
PNC Bank, N.A., | ||||||
2.14%, 5/01/08(c) | 12,200 | 12,200,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $12,200,724, collateralized by $62,650,000 Federal National Mortgage Assoc. Bonds 5.26% due 6/01/35. The value of the collateral is $47,805,057.) | ||||||
UBS Securities LLC, | ||||||
2.75%, 6/24/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 2/25/08 to be repurchased at $302,750,000, collateralized by $565,387,638 Federal National Mortgage Assoc. Strips due from 7/01/33 to 7/01/37. The value of the collateral is $309,000,474.) | ||||||
UBS Securities LLC, | ||||||
2.45%, 7/07/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 3/05/08 to be repruchased at $302,531,667, collateralized by $804,324,428 Federal National Mortgage Assoc. Strips due from 7/01/33 to 12/01/34. The value of the collateral is $309,000,499.) | ||||||
UBS Securities LLC, | ||||||
3.77%, 7/09/08 | 200,000 | 200,000,000 | ||||
(Agreement dated 1/11/08 to be repurchased at $203,770,000 collateralized by $304,063,410 Federal Home Mortgage Corp. Bonds 4.50% to 6.00% due from 4/01/09 to 1/01/38. The value of the collateral is $206,003,562.) | ||||||
Total Repurchase Agreements | 4,653,558,000 | |||||
Total Investments in Securities — 99.8% | 10,072,532,003 | |||||
| Other Assets in Excess of Liabilities — 0.2% | 15,802,441 | |||||
| Net Assets — 100.0% | $ | 10,088,334,444 | ||||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown is as of report date and the date shown is the final maturity date. |
| (b) | Rate shown reflects the discount rate at the time of purchase. |
| (c) | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Purchase Cost | Sales Cost | Interest Income | ||||||
PNC Bank, N.A. | $ | 3,585,000,000 | $ | 3,581,300,000 | $ | 423,332 | |||
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| 24 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| T-Fund | ||
| Par (000) | Value | |||||
Repurchase Agreements — 99.7% | ||||||
Barclays Capital Markets, Inc., | ||||||
1.92%, 5/01/08 | $ | 900,000 | $ | 900,000,000 | ||
(Agreement dated 4/30/08 to be repurchased at $900,048,000, collateralized by $869,233,200 U.S. Treasury Notes, U.S. Treasury Bonds, U.S. Treasury Bills and U.S. Treasury Inflation Indexed Securities 3.50% to 12.00% due from 8/15/08 to 4/30/13. The value of the collateral is $918,000,102.) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
1.80%, 5/08/08 | 950,000 | 950,000,000 | ||||
(Agreement dated 4/24/08 to be repurchased at $950,665,000, collateralized by $800,504,000 U.S. Treasury Inflation Indexed Securities 0.63% to 3.88% due from 1/15/09 to 1/15/16. The value of the collateral is $969,004,176.) | ||||||
Deutsche Bank Securities Inc., | ||||||
1.95%, 5/01/08 | 1,475,000 | 1,475,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $1,475,079,896, collateralized by $1,306,051,303 U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Securities 3.38% to 13.25% due from 12/15/08 to 4/15/29. The value of the collateral is $1,504,500,010.) | ||||||
Deutsche Bank Securities Inc., | ||||||
1.79%, 6/10/08 | 375,000 | 375,000,000 | ||||
(Agreement dated 3/11/08 to be repurchased at $376,696,771, collateralized by $332,046,942 U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Securities 3.38% to 13.25% due from 12/15/08 to 4/15/29. The value of the collateral is $382,500,003.) | ||||||
Deutsche Bank Securities Inc., | ||||||
1.90%, 6/11/08 | 500,000 | 500,000,000 | ||||
(Agreement dated 3/12/08 to be repurchased at $502,401,389, collateralized by $442,729,255 U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Securities 3.38% to 13.25% due from 12/15/08 to 4/15/29. The value of the collateral is $510,000,003.) | ||||||
Greenwich Capital Markets, Inc., | ||||||
1.95%, 5/01/08 | 1,375,000 | 1,375,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $1,375,074,479, collateralized by $1,211,393,000 U.S. Treasury Notes and U.S. Treasury Bonds 4.13% to 8.88% due from 2/15/09 to 2/15/36. The value of the collateral is $1,402,501,797.) | ||||||
Greenwich Capital Markets, Inc., | ||||||
1.40%, 7/25/08 | 475,000 | 475,000,000 | ||||
(Agreement dated 3/18/08 to be repurchased at $477,382,917, collateralized by $403,509,000 U.S. Treasury Notes and U.S. Treasury Bonds 2.13% to 11.75% due from 4/30/10 to 2/15/37. The value of the collateral is $484,502,086.) | ||||||
HSBC Securities (USA) Inc., | ||||||
1.95%, 5/01/08 | 700,000 | 700,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $700,037,917, collateralized by $1,715,919,918 U.S. Treasury Strips due from 11/15/08 to 2/15/38. The value of the collateral is $714,002,258.) | ||||||
JPMorgan Securities Inc., | ||||||
1.25%, 5/01/08 | 186,740 | 186,740,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $186,746,484, collateralized by $139,820,000 U.S. Treasury Bonds 7.88% due 2/15/21. The value of the collateral is $190,478,992.) | ||||||
JPMorgan Securities Inc., | ||||||
1.95%, 5/01/08 | 650,000 | 650,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $650,035,208, collateralized by $530,943,000 U.S. Treasury Notes and U.S. Treasury Bonds 4.88% to 8.75% due from 5/15/09 to 8/15/22. The value of the collateral is $663,006,431.) | ||||||
Mizuho Securities USA Inc., | ||||||
1.65%, 5/01/08 | 200,000 | 200,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $200,009,167, collateralized by $296,453,417 U.S. Treasury Notes, U.S. Treasury Strips and U.S. Treasury Strip Principals 0.00% to 4.75% due from 12/31/08 to 2/15/37. The value of the collateral is $204,000,000.) | ||||||
Mizuho Securities USA Inc., | ||||||
1.95%, 5/01/08 | 600,000 | 600,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $600,032,500, collateralized by $889,360,251 U.S. Treasury Notes, U.S. Treasury Strips and U.S. Treasury Strip Principals 0.00% to 4.75% due from 12/31/08 to 2/15/37. The value of the collateral is $612,000,000.) | ||||||
Morgan Stanley & Co., Inc., | ||||||
1.87%, 5/01/08 | 653,967 | 653,967,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $654,000,970, collateralized by $622,309,200 U.S. Treasury Notes and U.S. Treasury Bonds 4.50% to 5.13% due from 2/15/09 to 2/15/31. The value of the collateral is $667,046,441.) | ||||||
UBS Securities LLC, | ||||||
1.83%, 5/07/08 | 750,000 | 750,000,000 | ||||
(Agreement dated 4/23/08 to be repurchased at $750,533,750, collateralized by $1,437,477,000 U.S. Treasury Strips due from 2/15/16 to 2/15/36. The value of the collateral is $765,002,389.) | ||||||
Total Investments in Securities — 99.7% | 9,790,707,000 | |||||
| Other Assets in Excess of Liabilities — 0.3% | 28,432,399 | |||||
| Net Assets — 100.0% | $ | 9,819,139,399 | ||||
| * | Aggregate cost for federal income tax purposes. |
| • | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Purchase Cost | Sales Cost | Interest Income | ||||||
Merrill Lynch | |||||||||
Government | |||||||||
Securities Inc. | $ | 1,071,739,000 | $ | 1,871,739,000 | $ | 110,021 | |||
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 25 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| Federal Trust Fund | ||
| Par (000) | Value | |||||
Agency Obligations — 100.0% | ||||||
Federal Farm Credit Bank Bond — 0.8% | ||||||
3.38%, 7/15/08 | $ | 5,174 | $ | 5,186,989 | ||
Federal Farm Credit Bank Discount Notes — 22.9% | ||||||
1.68%, 5/05/08(a) | 50,000 | 49,990,667 | ||||
2.66%, 5/08/08(a) | 10,000 | 9,994,828 | ||||
1.94%, 5/23/08(a) | 30,000 | 29,964,433 | ||||
2.00%, 5/28/08(a) | 24,000 | 23,964,000 | ||||
2.45%, 6/02/08(a) | 10,000 | 9,978,222 | ||||
2.27%, 6/05/08(a) | 20,000 | 19,955,861 | ||||
| 143,848,011 | ||||||
Federal Farm Credit Bank Variable Rate Notes — 18.3% | ||||||
2.24%, 8/21/08(b) | 35,000 | 35,001,212 | ||||
2.73%, 8/22/08(b) | 40,000 | 39,998,198 | ||||
2.76%, 8/27/08(b) | 25,000 | 25,000,000 | ||||
2.34%, 3/12/09(b) | 15,000 | 15,000,000 | ||||
| 114,999,410 | ||||||
Federal Home Loan Bank Bonds — 6.4% | ||||||
5.13%, 8/08/08 | 5,285 | 5,325,985 | ||||
2.20%, 10/09/08 | 25,000 | 25,000,000 | ||||
3.63%, 11/14/08 | 10,000 | 10,069,940 | ||||
| 40,395,925 | ||||||
Federal Home Loan Bank Discount Notes — 32.2% | ||||||
2.00%, 5/01/08(a) | 9,598 | 9,598,000 | ||||
2.72%, 5/02/08(a) | 20,000 | 19,998,489 | ||||
2.71%, 5/16/08(a) | 10,450 | 10,438,200 | ||||
4.10%, 5/21/08(a) | 8,000 | 7,981,778 | ||||
1.97%, 5/23/08(a) | 3,000 | 2,996,388 | ||||
2.05%, 5/29/08(a) | 10,000 | 9,984,056 | ||||
4.08%, 5/30/08(a) | 8,000 | 7,973,707 | ||||
2.10%, 6/06/08(a) | 5,446 | 5,434,563 | ||||
2.20%, 6/06/08(a) | 40,000 | 39,912,000 | ||||
4.08%, 6/06/08(a) | 8,000 | 7,967,360 | ||||
2.10%, 6/11/08(a) | 10,000 | 9,976,083 | ||||
2.08%, 6/13/08(a) | 6,141 | 6,125,743 | ||||
4.13%, 6/13/08(a) | 9,111 | 9,066,055 | ||||
2.12%, 6/20/08(a) | 25,000 | 24,926,389 | ||||
2.05%, 6/25/08(a) | 5,000 | 4,984,340 | ||||
2.06%, 6/25/08(a) | 10,000 | 9,968,513 | ||||
2.08%, 7/11/08(a) | 15,000 | 14,938,615 | ||||
| 202,270,279 | ||||||
Federal Home Loan Bank Variable Rate Notes — 16.3% | ||||||
2.65%, 9/17/08(b) | 10,000 | 9,998,897 | ||||
2.51%, 1/09/09(b) | 25,000 | 25,029,883 | ||||
2.98%, 2/11/09(b) | 20,000 | 20,000,000 | ||||
2.63%, 8/10/09(b) | 25,000 | 25,000,000 | ||||
2.56%, 1/11/10(b) | 22,000 | 22,028,439 | ||||
| 102,057,219 | ||||||
Tennessee Valley Authority Bond — 3.1% | ||||||
5.38%, 11/13/08 | 19,014 | 19,336,513 | ||||
Total Investments in Securities — 100.0% | 628,094,346 | |||||
Other Assets in Excess of Liabilities — 0.0% | 64,999 | |||||
Net Assets — 100.0% | $ | 628,159,345 | ||||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| (b) | Rate shown is as of report date and the date shown is the final maturity date. |
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| 26 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| Treasury Trust Fund | ||
| Par (000) | Value | ||||||
U.S. Treasury Obligations — 109.3% | |||||||
U.S. Treasury Bills — 105.6% | |||||||
1.40%, 5/01/08(a) | $ | 44,042 | $ | 44,042,000 | |||
1.45%, 5/01/08(a) | 5,268 | 5,268,000 | |||||
1.49%, 5/01/08(a) | 43,700 | 43,700,000 | |||||
1.54%, 5/01/08(a) | 1,358 | 1,358,000 | |||||
1.55%, 5/01/08(a) | 167,043 | 167,043,000 | |||||
1.58%, 5/01/08(a) | 170,000 | 170,000,000 | |||||
2.35%, 5/01/08(a) | 42,075 | 42,075,000 | |||||
1.32%, 5/08/08(a) | 37,017 | 37,007,535 | |||||
1.35%, 5/08/08(a) | 50,000 | 49,986,875 | |||||
1.39%, 5/08/08(a) | 8,322 | 8,319,751 | |||||
1.47%, 5/08/08(a) | 75,378 | 75,356,454 | |||||
1.57%, 5/08/08(a) | 15,385 | 15,380,294 | |||||
2.15%, 5/08/08(a) | 150,000 | 149,937,357 | |||||
2.20%, 5/08/08(a) | 75,000 | 74,967,917 | |||||
0.80%, 5/15/08(a) | 11,315 | 11,311,480 | |||||
0.82%, 5/15/08(a) | 65,000 | 64,979,272 | |||||
0.84%, 5/15/08(a) | 54,000 | 53,982,465 | |||||
1.18%, 5/15/08(a) | 4,917 | 4,914,744 | |||||
1.20%, 5/15/08(a) | 35,000 | 34,983,667 | |||||
1.22%, 5/15/08(a) | 84,453 | 84,412,932 | |||||
1.29%, 5/15/08(a) | 100,000 | 99,949,833 | |||||
1.45%, 5/15/08(a) | 50,000 | 49,971,903 | |||||
0.96%, 5/22/08(a) | 13,158 | 13,150,670 | |||||
1.19%, 5/22/08(a) | 40,000 | 39,972,233 | |||||
1.20%, 5/22/08(a) | 23,347 | 23,330,657 | |||||
1.22%, 5/22/08(a) | 35,000 | 34,975,092 | |||||
1.46%, 5/22/08(a) | 20,000 | 19,982,967 | |||||
1.48%, 5/22/08(a) | 26,215 | 26,192,368 | |||||
1.57%, 5/22/08(a) | 70,000 | 69,936,096 | |||||
1.58%, 5/22/08(a) | 100,000 | 99,907,833 | |||||
2.21%, 5/22/08(a) | 35,000 | 34,954,859 | |||||
1.22%, 5/29/08(a) | 170,000 | 169,838,689 | |||||
1.24%, 5/29/08(a) | 313,688 | 313,385,603 | |||||
1.44%, 5/29/08(a) | 50,000 | 49,944,000 | |||||
2.19%, 5/29/08(a) | 96,000 | 95,836,853 | |||||
0.95%, 6/05/08(a) | 35,000 | 34,967,674 | |||||
0.98%, 6/05/08(a) | 120,000 | 119,885,666 | |||||
0.99%, 6/05/08(a) | 110,000 | 109,894,125 | |||||
1.00%, 6/05/08(a) | 160,000 | 159,844,931 | |||||
1.05%, 6/05/08(a) | 10,000 | 9,989,826 | |||||
1.08%, 6/05/08(a) | 50,000 | 49,947,451 | |||||
1.17%, 6/05/08(a) | 50,000 | 49,943,125 | |||||
1.22%, 6/05/08(a) | 103,944 | 103,820,711 | |||||
1.86%, 6/05/08(a) | 50,000 | 49,909,826 | |||||
0.90%, 6/12/08(a) | 35,507 | 35,469,718 | |||||
0.92%, 6/12/08(a) | 42,255 | 42,209,893 | |||||
0.93%, 6/12/08(a) | 50,000 | 49,945,750 | |||||
0.95%, 6/12/08(a) | 5,004 | 4,998,454 | |||||
0.98%, 6/12/08(a) | 138,746 | 138,587,951 | |||||
1.05%, 6/12/08(a) | 53,400 | 53,334,585 | |||||
1.07%, 6/12/08(a) | 140,000 | 139,825,233 | |||||
1.20%, 6/12/08(a) | 100,000 | 99,860,000 | |||||
3.14%, 6/12/08(a) | 37,000 | 36,864,457 | |||||
3.15%, 6/12/08(a) | 18,000 | 17,933,955 | |||||
3.18%, 6/12/08(a) | 35,000 | 34,870,109 | |||||
0.98%, 6/19/08(a) | 55,000 | 54,926,636 | |||||
1.03%, 6/26/08(a) | 33,000 | 32,947,383 | |||||
1.22%, 6/26/08(a) | 15,000 | 14,971,533 | |||||
0.78%, 7/03/08(a) | 38,523 | 38,470,416 | |||||
1.04%, 7/03/08(a) | 110,000 | 109,800,763 | |||||
1.11%, 7/03/08(a) | 90,000 | 89,825,175 | |||||
1.31%, 7/03/08(a) | 70,000 | 69,840,138 | |||||
1.32%, 7/03/08(a) | 35,000 | 34,919,150 | |||||
1.33%, 7/03/08(a) | 35,000 | 34,918,844 | |||||
1.40%, 7/03/08(a) | 65,000 | 64,840,750 | |||||
2.00%, 7/03/08(a) | 15,629 | 15,574,299 | |||||
2.09%, 7/03/08(a) | 44,499 | 44,336,634 | |||||
2.30%, 7/03/08(a) | 139,000 | 138,441,741 | |||||
1.29%, 7/10/08(a) | 100,000 | 99,750,139 | |||||
1.31%, 7/10/08(a) | 100,000 | 99,746,056 | |||||
1.43%, 7/10/08(a) | 50,000 | 49,860,778 | |||||
1.12%, 7/17/08(a) | 130,000 | 129,688,578 | |||||
1.21%, 7/24/08(a) | 1,486 | 1,481,822 | |||||
1.31%, 7/24/08(a) | 65,000 | 64,802,075 | |||||
1.32%, 7/24/08(a) | 65,000 | 64,800,558 | |||||
2.40%, 7/24/08(a) | 20,000 | 19,888,000 | |||||
2.41%, 7/24/08(a) | 20,000 | 19,887,767 | |||||
2.42%, 7/24/08(a) | 20,000 | 19,887,300 | |||||
1.39%, 7/31/08(a) | 15,000 | 14,947,296 | |||||
1.41%, 7/31/08(a) | 35,000 | 34,875,697 | |||||
1.42%, 7/31/08(a) | 15,000 | 14,946,158 | |||||
1.14%, 8/07/08(a) | 100,000 | 99,689,667 | |||||
1.14%, 8/14/08(a) | 100,000 | 99,667,500 | |||||
1.10%, 8/21/08(a) | 75,000 | 74,743,333 | |||||
1.12%, 9/04/08(a) | 50,000 | 49,804,000 | |||||
1.55%, 9/04/08(a) | 30,000 | 29,837,198 | |||||
1.78%, 9/04/08(a) | 35,000 | 34,782,563 | |||||
1.55%, 9/11/08(a) | 90,000 | 89,484,625 | |||||
1.36%, 9/25/08(a) | 17,000 | 16,905,940 | |||||
1.72%, 10/30/08(a) | 36,000 | 35,686,960 | |||||
| 5,531,437,311 | |||||||
U.S. Treasury Notes — 3.7% | |||||||
2.63%, 5/15/08 | 75,000 | 75,051,270 | |||||
3.75%, 5/15/08 | 80,000 | 80,096,494 | |||||
5.13%, 6/30/08 | 40,000 | 40,220,353 | |||||
| 195,368,117 | |||||||
Total Investments in Securities — 109.3% | 5,726,805,428 | ||||||
Liabilities in Excess of Other Assets — (9.3)% | (487,862,209 | ) | |||||
Net Assets — 100.0% | $ | 5,238,943,219 | |||||
| * | Aggregate cost for federal income tax purposes is $5,726,981,226. |
| (a) | Rate shown reflects the discount rate at the time of purchase. |
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 27 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
MuniFund |
| Par (000) | Value | |||||
Municipal Bonds — 99.7% | ||||||
Alabama — 1.0% | ||||||
Alabama Public School & College Authority RB Municipal Trust Receipts Floaters Series 2007-2200 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | $ | 7,900 | $ | 7,900,000 | ||
West Jefferson Industrial Development Board PCRB (Alabama Power Co. Project) Series 1998 DN, (A-1, VMIG-1) | ||||||
2.45%, 5/01/08(b) | 40,590 | 40,590,000 | ||||
| 48,490,000 | ||||||
Alaska — 0.5% | ||||||
Valdez Marine Terminal RB (BP Pipelines, Inc. Project) Series 2003A DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/01/08(b) | 10,700 | 10,700,000 | ||||
Valdez Marine Terminal RB (BP Pipelines, Inc. Project) Series 2003B DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/01/08(b) | 13,800 | 13,800,000 | ||||
| 24,500,000 | ||||||
Arizona — 0.3% | ||||||
Apache County IDRB (Tucson Electric Power Co. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.50%, 5/07/08(b) | 1,000 | 1,000,000 | ||||
Arizona Transportation Board Excise Tax RB Series 2007 DN (Bank of America N.A. Liquidity Facility), (A-1+) | ||||||
2.45%, 5/07/08(a)(b) | 1,880 | 1,880,000 | ||||
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP DN (Wells Fargo Bank N.A. Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 3,275 | 3,275,000 | ||||
Salt River Pima-Maricopa Indian Community RB Series 2006 DN (Bank of America N.A. LOC), (A-1+) | ||||||
2.45%, 5/07/08(b) | 7,300 | 7,300,000 | ||||
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2007-1841 DN (Morgan Stanley Group Liquidity Facility), | ||||||
2.43%, 5/07/08(a)(b) | 922 | 921,500 | ||||
| 14,376,500 | ||||||
Arkansas — 0.5% | ||||||
Arkansas HFA RB (Baptist Health Project) Series 1995 DN (MBIA Insurance), (A-1+) | ||||||
4.00%, 5/07/08(b) | 23,000 | 23,000,000 | ||||
California — 5.1% | ||||||
California Department of Water Resource Power Supply RB Series 2008I-2 DN (Landesbank Hessen-Thueringen Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(b) | 2,200 | 2,200,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2007-2003 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1) | ||||||
2.54%, 5/07/08(a)(b) | 85 | 85,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008-2590 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.53%, 5/07/08(a)(b) | 12,115 | 12,115,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008-2664 DN (Morgan Stanley Municipal Funding Liqudity Facility), (A-1+) | ||||||
2.53%, 5/07/08(a)(b) | 3,800 | 3,800,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2008-2670 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.53%, 5/07/08(a)(b) | 9,800 | 9,800,000 | ||||
California GO Series 2003A-2 DN (JPMorgan Chase & Co. LOC, WestLB AG LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/01/08(b) | 14,200 | 14,200,000 | ||||
California GO Series 2007 RAN, (A-1, P-1) | ||||||
4.00%, 6/30/08 | 139,000 | 139,140,953 | ||||
California Health Facilities Financing Authority RB Municipal Trust Receipts Floaters Series 2008-2636 DN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), (VMIG-1) | ||||||
2.53%, 5/07/08(a)(b) | 15,055 | 15,055,000 | ||||
Long Beach Bond Finance Authority GO Municipal Trust Receipts Floaters Series 2008-2563D DN (AMBAC Insurance, Transamerica International, Inc. Guaranty, Morgan Stanely Municipal Funding Liqudity Facility), (A-1+) | ||||||
2.55%, 5/07/08(a)(b) | 25,990 | 25,990,000 | ||||
Los Angeles Unified School District GO Munitops Trust Certificates Series 2005-36 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA), (F-1+, AAA) | ||||||
3.81%, 5/01/08(a)(b) | 15,995 | 15,995,000 | ||||
| 238,380,953 | ||||||
Colorado — 2.2% | ||||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 DN (U.S. Bank N.A. LOC), (A-1+) | ||||||
2.48%, 5/07/08(b) | 10,560 | 10,560,000 | ||||
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 DN (U.S. Bank N.A. LOC), (A-1+) | ||||||
2.51%, 5/07/08(b) | 6,505 | 6,505,000 | ||||
Aurora Centretech Metropolitan District GO Series 1998 DN (U.S. Bank N.A. LOC), (A-1+) | ||||||
2.43%, 5/07/08(b) | 3,170 | 3,170,000 | ||||
Colorado Educational & Cultural Facilities Authority RB (Northwest University Project) Series 2007 DN (Bank of America N.A. LOC), (A-1+) | ||||||
2.45%, 5/07/08(b) | 8,265 | 8,265,000 | ||||
Colorado Educational & Cultural Facilities Authority RB (St. John Evangelical School Project) Series 2007 DN (Commerce Bank N.A. LOC), (VMIG-1) | ||||||
2.70%, 5/07/08(b) | 11,815 | 11,815,000 | ||||
See Notes to Financial Statements.
| 28 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Colorado (Continued) | ||||||
Colorado HFA RB Series 2001AA-2 DN (Landesbank Hessen-Thueringen Girozentrale SBPA), (A-1+, VMIG-1) | ||||||
2.70%, 5/07/08(b) | $ | 9,800 | $ | 9,800,000 | ||
Colorado Housing & Finance Authority RB (Single Family Mortgage Project) Series 2006I-C2 DN (DEFPA Bank Plc SBPA), (A-1, VMIG-1) | ||||||
2.70%, 5/07/08(b) | 2,500 | 2,500,000 | ||||
Colorado Springs Utilities RB Series 2005 ROC-RR-II-R-457 DN (Citibank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.43%, 5/07/08(a)(b) | 7,465 | 7,465,000 | ||||
Cornerstar Metropolitan District RB Series 2007 DN (Compass Bank LOC), (A-1) | ||||||
2.51%, 5/07/08(b) | 10,000 | 10,000,000 | ||||
Regional Transportation District RB (FastTrack Project) Series 2007 ROC-RR-II-R-10118 DN (AMBAC Insurance, Citigroup Financial Products Liquidity Facility), (AAA, A-1) | ||||||
2.61%, 5/07/08(a)(b) | 7,435 | 7,435,000 | ||||
Regional Transportation District RB Series 2007 ROC-R-II-R-10117 DN (AMBAC Insurance, Citigroup Financial Products Liquidity Facility), | ||||||
2.61%, 5/07/08(a)(b) | 7,995 | 7,995,000 | ||||
Solaris Metropolitan District No. 1 RB Series 2008 DN (KeyBank N.A. LOC), (A-1) | ||||||
2.48%, 5/07/08(b) | 5,610 | 5,610,000 | ||||
Southglenn Metropolitan District RB Series 2007 DN (Banque Nationale de Paribas LOC), (A-1+) | ||||||
2.48%, 5/07/08(b) | 3,100 | 3,100,000 | ||||
Timnath Development Authority RB Series 2007 DN (Compass Bank LOC), | ||||||
2.51%, 5/07/08(b) | 6,675 | 6,675,000 | ||||
| 100,895,000 | ||||||
Connecticut — 1.3% | ||||||
Connecticut Health & Educational Facilities Authority RB Municipal Trust Receipts Floaters (Quinnipiac University Project) Series 2007K-100WD DN (MBIA Insurance, Lehman Liquidity Co. Liquidity Facility), (VMIG-1) | ||||||
3.55%, 5/07/08(a)(b) | 12,370 | 12,370,000 | ||||
Connecticut Special Tax Obligation RB (Transportation Infrastructure Project) Series 2003-1 DN (AMBAC Insurance, WestLB AG SBPA), (A-1+, VMIG-1) | ||||||
4.50%, 5/07/08(b) | 50,100 | 50,100,000 | ||||
| 62,470,000 | ||||||
Delaware — 0.1% | ||||||
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.48%, 5/07/08(b) | 2,350 | 2,350,000 | ||||
Delaware Economic Development Authority RB (St. Anne’s Episcopal School Project) Series 2001 DN (Wilmington Trust Co. LOC), (A-1) | ||||||
2.43%, 5/07/08(b) | 1,935 | 1,935,000 | ||||
Sussex County IDRB (Rehoboth Mall Project) Series 2001A DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.48%, 5/07/08(b) | 2,625 | 2,625,000 | ||||
| 6,910,000 | ||||||
District of Columbia — 0.9% | ||||||
District of Columbia RB (Arts & Technology Academy Project) Series 2002 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.43%, 5/07/08(b) | 3,445 | 3,445,000 | ||||
District of Columbia RB (Community Connections Real Estate Foundation Issue Project) Series 2007A DN (M&T Bank Corp. LOC), | ||||||
2.43%, 5/07/08(b) | 7,100 | 7,100,000 | ||||
District of Columbia RB (Internships & Academic Center Project) Series 2006 DN (Branch Banking & Trust Co. LOC), (Aaa, VMIG-1) | ||||||
2.48%, 5/07/08(a)(b) | 1,700 | 1,700,000 | ||||
District of Columbia RB (Washington Drama Society, Inc. Project) Series 2008 DN (JPMorgan Chase Bank LOC), (VMIG-1) | ||||||
2.43%, 5/07/08(b) | 10,000 | 10,000,000 | ||||
Washington Metro Area Transportation TECP, | ||||||
0.95%, 5/06/08 | 20,000 | 20,000,000 | ||||
| 42,245,000 | ||||||
Florida — 5.5% | ||||||
Broward County Professional Sports Facilities RB (Civic Arena Project) Series 2008DB-487 DN (AMBAC Insurance, Deutsche Bank A.G. Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 7,155 | 7,155,000 | ||||
Cape Coral Water & Sewer RB Series 2007 ROC-RR-II-R-11097PB DN (AMBAC Insurance, PB Capital Corp. Liquidity Facility), (A-1, VMIG-1) | ||||||
2.48%, 5/07/08(a)(b) | 6,185 | 6,185,000 | ||||
Florida Department of Environmental Protection RB MERLOTS Trust Receipts Series 2007D-81 DN (MBIA Insurance, Wachovia Bank N.A. SBPA), (A-1+) | ||||||
3.52%, 5/07/08(a)(b) | 7,500 | 7,500,000 | ||||
Florida Gas Utilities RB (Gas Supply Project) Series 2006 DN (Multiple SBPA’s), (A-1+, VMIG-1) | ||||||
1.70%, 5/07/08(b) | 30,900 | 30,900,000 | ||||
Florida Hurricane Catastrophe Fund RB Series 2006A MB, | ||||||
5.00%, 7/01/08 | 2,080 | 2,084,203 | ||||
Florida Juvenile Department RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance, Wachovia Bank N.A. SBPA), (VMIG-1) | ||||||
4.97%, 5/07/08(a)(b) | 10,005 | 10,005,000 | ||||
Florida Keys Aqueduct Authority Water RB Series 2008-25 DN (CIFG Insurance, DEPFA Bank Plc SBPA, DEPFA Bank Plc LOC), (VMIG-1) | ||||||
2.19%, 5/07/08(a)(b) | 39,150 | 39,150,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 29 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Florida (Continued) | ||||||
Hernando County Water & Sewer RB Eclipse Funding Trust Series 2006-0035 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | $ | 7,200 | $ | 7,200,000 | ||
Highlands County Health Facilities Authority RB (Adventist Health System Project) Series 2007A-2 DN, | ||||||
2.55%, 5/07/08(b) | 1,070 | 1,070,000 | ||||
Jacksonville Electric Authority TECP, | ||||||
1.38%, 6/04/08 | 17,325 | 17,325,000 | ||||
Jacksonville Health Facilities Authority Hospital RB (Charity Obligation Group Project) Series 1997C DN (MBIA Insurance, Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.65%, 5/01/08(b) | 10,170 | 10,170,000 | ||||
Jacksonville PCRB (Florida Power & Light Co. Project) Series 1995 DN, (A-1, VMIG-1) | ||||||
2.45%, 5/01/08(b) | 15,540 | 15,540,000 | ||||
Jacksonville Transportation RB Series 2008A DN (JPMorgan Chase Bank SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(b) | 45,500 | 45,500,000 | ||||
Miami Dade County Expressway Authority Toll System RB Series 2006A-121 DN (AMBAC Insurance, Citibank N.A. LOC), | ||||||
2.49%, 5/07/08(a)(b) | 2,740 | 2,740,000 | ||||
Miami-Dade County School Board COP Eclipse Funding Trust Series 2007A DN (U.S. Bank LOC), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 2,670 | 2,670,000 | ||||
Orlando & Orange County Expressway Authority RB Series 2007A DN (FSA Insurance, Bayerishe Landesbank Girozentrale Liquidity Facility), | ||||||
2.49%, 5/07/08(a)(b) | 10,000 | 10,000,000 | ||||
Orlando & Orange County Expressway Authority RB Series 2008B-3 DN (Wachovia Bank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.65%, 5/07/08(b) | 20,000 | 20,000,000 | ||||
Palm Beach County RB PUTTERS Series 2008-2622 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 1,830 | 1,830,000 | ||||
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty), (VMIG-1) | ||||||
2.57%, 5/07/08(a)(b)(c) | 2,130 | 2,130,000 | ||||
Polk County IDRB (Winter Haven Hospital Project) Series 2006 DN (SunTrust Bank LOC), (A-1+) | ||||||
2.45%, 5/07/08(b) | 5,000 | 5,000,000 | ||||
Port St. Lucie RB Munitops Trust Certificates Series 2006 DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA), (VMIG-1) | ||||||
3.23%, 5/07/08(a)(b) | 10,750 | 10,750,000 | ||||
South Miami Health Facilities Authority RB PUTTERS (Baptist Health Project) Series 2008-2473 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 1,550 | 1,550,000 | ||||
Volusia County School Board COP Eclipse Funding Trust Series 2007-0036 DN (FSA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+, VMIG-1) | ||||||
3.78%, 5/07/08(a)(b) | 1,960 | 1,960,000 | ||||
| 258,414,203 | ||||||
Georgia — 2.5% | ||||||
Atlanta Airport RB Series 2003C-2 DN (MBIA Insurance, Wachovia Bank N.A. SBPA), (A-1+, VMIG-1) | ||||||
3.00%, 5/07/08(b) | 11,450 | 11,450,000 | ||||
Atlanta Airport RB Series 2003C-3 DN (MBIA Insurance, WestLB AG SBPA), (A-1+, VMIG-1) | ||||||
3.00%, 5/07/08(b) | 10,960 | 10,960,000 | ||||
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2005 DN (FSA Insurance, Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.47%, 5/07/08(a)(b) | 5,000 | 5,000,000 | ||||
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2006A DN (FSA Insurance, Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 4,600 | 4,600,000 | ||||
Atlanta Water & Wastewater RB Series 2008 DN (Wachovia Bank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(b) | 25,000 | 25,000,000 | ||||
Bibb County Methodist Home Development Authority RB Series 2001 DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.75%, 5/07/08(b) | 2,000 | 2,000,000 | ||||
Burke County Development Authority PCRB (Georgia Power Co. Vogtle Project) Series 1994-8 DN, (VMIG-1) | ||||||
2.53%, 5/07/08(b) | 10,000 | 10,000,000 | ||||
Burke County Development Authority PCRB (Georgia Power Co. Vogtle Project) Series 1996 DN, | ||||||
2.65%, 5/07/08(b) | 5,700 | 5,700,000 | ||||
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(b) | 1,100 | 1,100,000 | ||||
Fulton County Development Authority RB (Georgia Technical Facilities Project) Series 2008B DN (SunTrust Bank LOC), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(b) | 3,400 | 3,400,000 | ||||
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(b) | 3,000 | 3,000,000 | ||||
Heard County Development Authority PCRB (Georgia Power Co. Wansley Project) Series 1997 DN, | ||||||
2.70%, 5/07/08(b) | 7,500 | 7,500,000 | ||||
Municipal Electric Authority RB (Project One Project) Series 2000C DN (MBIA Insurance, Bayerische Landebank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.55%, 5/07/08(b) | 26,055 | 26,055,000 | ||||
| 115,765,000 | ||||||
Hawaii — 0.1% | ||||||
Hawaii GO Series 2007 ROC-RR-II-R-12161 DN (FSA Insurance, Bank of New York Liquidity Facility), (A-1+, VMIG-1) | ||||||
2.49%, 5/07/08(a)(b) | 3,470 | 3,470,000 | ||||
Idaho — 0.2% | ||||||
Idaho GO Series 2007 TAN, (SP-1+, MIG-1) | ||||||
4.50%, 6/30/08 | 10,100 | 10,112,287 | ||||
See Notes to Financial Statements.
| 30 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Illinois — 4.2% | ||||||
Chicago GO Municipal Trust Receipts Floaters Series 2008-31 DN (DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA), | ||||||
2.73%, 5/07/08(a)(b) | $ | 19,200 | $ | 19,200,000 | ||
Chicago Park District GO Series 2007 ROC-RR-II-R-12129 DN (FGIC Insurance, FSA Insurance, Bayerische Landesbank Girozentrale Liquidity Facility), (A-1, VMIG-1) | ||||||
2.50%, 5/07/08(a)(b) | 5,665 | 5,665,000 | ||||
Chicago Water RB Series 2008-2622 DN (FSA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
2.48%, 5/07/08(a)(b) | 16,700 | 16,700,000 | ||||
Cook County Township High School District Number 225 GO PUTTERS Series 2008-2445 DN (JPMorgan Chase & Co. Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 2,690 | 2,690,000 | ||||
Illinois Dedicated Tax RB Macon Trust Certificates Series 2002N DN (AMBAC Insurance, Bank of America N.A. SBPA), (A-1+) | ||||||
3.43%, 5/07/08(a)(b) | 2,935 | 2,935,000 | ||||
Illinois Educational Facilities Authority RB Macon Trust Certificates Series 2005D DN (Bank of America N.A. SBPA), (A-1+) | ||||||
2.45%, 5/07/08(a)(b) | 2,780 | 2,780,000 | ||||
Illinois Educational Facilities Authority RB Series 2007 1B-3 TECP (Dexia Bank LOC), (A-1+) | ||||||
3.66%, 5/06/08 | 10,000 | 10,000,000 | ||||
Illinois Finance Authority RB (Advocate Health Care Network Project) Series 2008B-4 DN (JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1) | ||||||
2.58%, 5/07/08(b) | 36,525 | 36,525,000 | ||||
Illinois Finance Authority RB (University of Chicago Project) Series 2008DB-601 DN (Deutsche Bank Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 10,305 | 10,305,000 | ||||
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2006-06-2001 DN (Landsbank Hessen-Thuringen Girozentrale SBPA), (A-1) | ||||||
2.49%, 5/07/08(a)(b) | 14,000 | 14,000,000 | ||||
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2007-73TP DN (The Goldman Sachs Group, Inc. Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 10,005 | 10,005,000 | ||||
Illinois GO Macon Trust Certificates Series 2006L DN (Bank of America N.A. SBPA), (VMIG-1) | ||||||
2.45%, 5/07/08(a)(b) | 3,500 | 3,500,000 | ||||
Illinois Highway Authority Toll RB Series 1998B DN (FSA Insurance, Landesbank Hessen-Thueringen Girozentrale SBPA), (VMIG-1) | ||||||
2.60%, 5/07/08(b) | 16,675 | 16,675,000 | ||||
Kane County Community Unit School District Number 304 GO Municipal Trust Receipts Floaters Series 2008-2310 DN (FSA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.48%, 5/07/08(a)(b) | 4,940 | 4,940,000 | ||||
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB (McCormick Place Expansion Project) Series 2008DB-476 DN (MBIA Insurance, Deutsche Bank A.G. Liquidity Facility), | ||||||
2.46%, 5/07/08(a)(b) | 15,000 | 15,000,000 | ||||
Rockford County RB (Wesley Willows Obligation Project) Series 2007 DN (M & I Marshall & Ilsley LOC), (A-1) | ||||||
2.58%, 5/01/08(a)(b) | 10,625 | 10,625,000 | ||||
Rockford IDRB (Trinity Learning Center Project) Series 2003 DN (M & I Marshall & Ilsley Bank LOC), | ||||||
2.63%, 5/07/08(b) | 3,500 | 3,500,000 | ||||
Will & Kendall Counties Community Consolidated School District Number 202 GO PUTTERS Series 2008-2569 DN (Assured Guaranty Ltd. Insurance, JPMorgan Chase & Co. Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 6,240 | 6,240,000 | ||||
Will County Community High School District No. 210 Lincoln-Way GO Municipal Trust Receipts Floaters Series 2008-2286 DN (FSA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1) | ||||||
2.48%, 5/07/08(a)(b) | 6,625 | 6,625,000 | ||||
| 197,910,000 | ||||||
Indiana — 2.4% | ||||||
Elkhart County Industrial Hospital Authority RB (Oaklawn Center Project) Series 2006 DN (Royal Bank of Scotland LOC), (A-1+) | ||||||
2.48%, 5/07/08(b) | 10,745 | 10,745,000 | ||||
Indiana Bond Bank RB (Advance Funding Program) Series 2008A RAN (Bank of New York LOC), (SP-1+) | ||||||
3.00%, 1/30/09 | 15,000 | 15,099,203 | ||||
Indiana Bond Bank RB (Mid-Year Funding Program) Series 2007A RAN (Bank of New York LOC), (SP-1+) | ||||||
4.50%, 5/20/08 | 12,000 | 12,004,518 | ||||
Indiana Finance Authority RB (Hamilton Grove Project) Series 2008A DN (LaSalle Bank N.A. LOC), | ||||||
2.50%, 5/07/08(b) | 12,935 | 12,935,000 | ||||
Indiana Finance Authority RB PUTTERS Series 2006-1642 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 3,790 | 3,790,000 | ||||
Indiana Health Facilities Financing Authority RB (Henry County Hospital Project) Series 2002 DN (Fifth Third Bank N.A. LOC), (A-1+) | ||||||
2.45%, 5/07/08(b) | 16,095 | 16,095,000 | ||||
Jasper County Economic Development Authority RB (Oak Grove Project) Series 2006 DN (Fifth Third Bank N.A. LOC), (A-1+) | ||||||
2.48%, 5/07/08(b) | 4,380 | 4,380,000 | ||||
Porter County Industrial Jail Building Corp. RB MERLOTS Trust Receipts Series 2001A-43 DN (Wachovia Bank N.A. LOC), (A-1) | ||||||
2.82%, 5/07/08(a)(b) | 7,110 | 7,110,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 31 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Indiana (Continued) | ||||||
Tipton Economic Development RB (Tipton Memorial Hospital Project) Series 2006A DN (Fifth Third Bank N.A. LOC), | ||||||
2.48%, 5/07/08(b) | $ | 24,200 | $ | 24,200,000 | ||
Winona Lake Economic Development RB (Grace College Project) Series 2006 DN (KeyBank N.A. LOC), (A-1) | ||||||
2.48%, 5/07/08(b) | 6,730 | 6,730,000 | ||||
| 113,088,721 | ||||||
Iowa — 0.7% | ||||||
Des Moines Commercial Development RB (Grand Office Park Project) Series 1985 DN (Principal Life Insurance Co. Guaranty), (A-1+) | ||||||
2.55%, 5/07/08(b) | 8,000 | 8,000,000 | ||||
Iowa GO Series 2007 TRAN, (MIG-1, F-1+) | ||||||
4.00%, 6/30/08 | 9,000 | 9,010,878 | ||||
Urbandale IDRB (Aurora Business Park Assoc. Project) Series 1985 DN (Principal Life Insurance Co. Guaranty), (A-1+) | ||||||
2.60%, 5/07/08(b) | 9,200 | 9,200,000 | ||||
Urbandale IDRB (Meredith Drive Assoc. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC), | ||||||
2.63%, 5/07/08(b) | 4,500 | 4,500,000 | ||||
| 30,710,878 | ||||||
Kansas — 0.1% | ||||||
Lenexa RB Series 2007-302 DN (Bank of America N.A. Liquidity Facility), (VMIG-1) | ||||||
2.47%, 5/07/08(a)(b) | 4,000 | 4,000,000 | ||||
Kentucky — 1.0% | ||||||
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A DN (U.S. Bank N.A. LOC), (VMIG-1) | ||||||
2.47%, 5/07/08(b) | 4,050 | 4,050,000 | ||||
Kenton County Educational RB (Redwood Rehabilitation Center Project) Series 2004 DN (Fifth Third Bank N.A. LOC), | ||||||
2.57%, 5/07/08(b) | 510 | 510,000 | ||||
Kentucky Asset Liability TECP (Dexia Group LOC), | ||||||
1.55%, 6/05/08 | 8,000 | 8,000,000 | ||||
Kentucky Economic Development Finance Authority RB (Adventist Long Term Care Project) Series 2007 DN (SunTrust Bank LOC), | ||||||
2.45%, 5/07/08(b) | 3,630 | 3,630,000 | ||||
Kentucky Public Energy Gas Authority RB Series 2006 DN (Societe Generale Group LOC), (A-1+, VMIG-1) | ||||||
2.56%, 5/01/08(b) | 28,300 | 28,300,000 | ||||
| 44,490,000 | ||||||
Louisiana — 2.2% | ||||||
Donaldsonville IDRB (Chef John Folse & Co. Project) Series 2007A DN (Regions Bank LOC), | ||||||
2.55%, 5/07/08(b) | 5,000 | 5,000,000 | ||||
Lafourche Parish Consolidated School District No. 1 GO Series 2008 MB (Assured Guaranty Ltd. Insurance), (AAA) | ||||||
3.00%, 5/07/08 | 295 | 296,410 | ||||
Lake Charles Harbor & Terminal District RB (Lake Charles Cogeneration Project) Series 2008 MB (Rabobank N.A. GIC), (A-1+) | ||||||
2.25%, 3/15/09 | 30,000 | 30,000,000 | ||||
Louisiana Gas & Fuel Tax RB Series 2006-0150 DN (FSA Insurance, Citibank N.A. LOC), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 23,735 | 23,735,000 | ||||
Louisiana Gas & Fuel Tax RB Series 2006A-137 DN (FSA Insurance, Citibank N.A. SBPA), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 1,040 | 1,040,000 | ||||
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 DN (Federal National Mortgage Assoc. Guaranty), (A-1+) | ||||||
2.48%, 5/07/08(b) | 2,935 | 2,935,000 | ||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B DN, | ||||||
2.70%, 5/07/08(b) | 7,500 | 7,500,000 | ||||
Louisiana Local Government Environmental Facilities Community Development Authority RB (Northwestern State University Student Project) Series 2007A DN (Regions Bank LOC), | ||||||
2.51%, 5/07/08(b) | 8,785 | 8,785,000 | ||||
Louisiana Public Facilities Authority RB (GCGK Investments LLC Project) Series 2006 DN (AmSouth Bank LOC), (P-1) | ||||||
2.43%, 5/07/08(b) | 4,000 | 4,000,000 | ||||
Monroe Sales & Use Tax RB Series 2007A DN (FSA Insurance, JPMorgan Chase Bank SBPA), (A-1+) | ||||||
2.50%, 5/07/08(b) | 19,640 | 19,640,000 | ||||
| 102,931,410 | ||||||
Maine — 0.1% | ||||||
Maine School Administrative District No. 051 GO Series 2007 BAN, (SP-1+) | ||||||
3.75%, 12/30/08 | 4,000 | 4,016,714 | ||||
Maryland — 0.9% | ||||||
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.43%, 5/07/08(b) | 4,415 | 4,415,000 | ||||
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999A DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.43%, 5/07/08 (acquired 12/14/07, cost $2,135,000)(b)(d) | 2,135 | 2,135,000 | ||||
Maryland Economic Development Corp. RB (Government Insurance Trust Facility Project) Series 2007 DN (M&T Bank Corp. LOC), | ||||||
2.43%, 5/07/08(b) | 4,260 | 4,260,000 | ||||
Maryland Health & Higher Educational Facilities Authority RB (Adventist Healthcare Project) Series 2005A DN (LaSalle Bank N.A. LOC), (VMIG-1) | ||||||
2.45%, 5/07/08(b) | 11,700 | 11,700,000 | ||||
See Notes to Financial Statements.
| 32 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Maryland (Continued) | ||||||
Maryland Health & Higher Educational Facilities Authority RB (Lifebridge Health Project) PUTTERS Series 2008-2602 DN (Assured Guaranty Ltd. Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | $ | 3,440 | $ | 3,440,000 | ||
Montgomery County Economic Development RB (Brooke Grove Foundation, Inc. Project) Series 1998 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.43%, 5/07/08(b) | 8,130 | 8,130,000 | ||||
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.48%, 5/07/08(b) | 3,060 | 3,060,000 | ||||
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.43%, 5/07/08(b) | 2,500 | 2,500,000 | ||||
| 39,640,000 | ||||||
Massachusetts — 4.4% | ||||||
Cohasset GO Series 2007 BAN, (SP-1+) | ||||||
4.00%, 8/08/08 | 10,000 | 10,008,866 | ||||
Marblehead GO Series 2007 BAN, (SP-1+) | ||||||
4.00%, 8/14/08 | 8,000 | 8,007,521 | ||||
Massachusetts Development Finance Agency RB (Custodial Receipts Project) Series 2007-344 DN (Bank of America N.A. LOC, Bank of American N.A. Liquidity Facility), | ||||||
2.54%, 5/07/08(a)(b) | 41,815 | 41,815,000 | ||||
Massachusetts Development Finance Agency RB (Hillside School Project) Series 2007 DN (Sovereign Bank LOC, JPMorgan Chase Bank LOC), (A-1+, VMIG-1) | ||||||
2.44%, 5/07/08(b) | 5,000 | 5,000,000 | ||||
Massachusetts Development Finance Agency RB (Insitution for Developing Disabilitites Project) Series 2008 DN (Sovereign Bank LOC, JPMorgan Chase Bank LOC), (VMIG-1) | ||||||
1.90%, 5/07/08(b) | 10,895 | 10,895,000 | ||||
Massachusetts GO Municipal Trust Receipts Floaters Series 2007-P62W-D DN (Lehman Liquidity Co. Liquidity Facility), (VMIG-1) | ||||||
2.35%, 5/07/08(a)(b) | 25,000 | 25,000,000 | ||||
Massachusetts GO Municipal Trust Receipts Floaters Series 2008-8023 DN (FSA Insurance, Dexia Credit Local Liquidity Facility), (A-1) | ||||||
2.47%, 5/07/08(a)(b) | 17,135 | 17,135,000 | ||||
Massachusetts GO Municipal Trust Receipts Floaters Series 2008-8024 DN (FSA Insurance, Dexia Credit Local Liquidity Facility), (A-1) | ||||||
2.47%, 5/07/08(a)(b) | 22,920 | 22,920,000 | ||||
Massachusetts GO Series 2001C MB, (AA, Aa2) | ||||||
5.25%, 12/01/08 | 5,285 | 5,387,122 | ||||
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare Systems Project) Series 2003D-1 DN, (A-1+, VMIG-1) | ||||||
2.32%, 5/01/08(b) | 6,800 | 6,800,000 | ||||
Massachusetts Health & Educational Facilities Authority TECP, | ||||||
1.55%, 5/19/08 | 9,000 | 9,000,000 | ||||
1.85%, 6/05/08 | 29,400 | 29,400,000 | ||||
Massachusetts Water Resources Authority RB Municipal Trust Receipts Floaters Series 2007-07-KL3D DN (FSA Insurance, Bayerische Hypo-Und Vereinsbank Liquidity Facility), (VMIG-1) | ||||||
2.75%, 5/07/08(a)(b) | 11,640 | 11,640,000 | ||||
| 203,008,509 | ||||||
Michigan — 3.7% | ||||||
Detroit Sewage Disposal RB Series 2001C-1 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(b) | 6,000 | 6,000,000 | ||||
Kent Hospital Finance Authority RB (Spectrum Health Project) Series 2008B-2 DN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), (A-1, VMIG-1) | ||||||
2.57%, 5/07/08(b) | 70,000 | 70,000,000 | ||||
Macomb Hospital Finance Authority RB (Mt. Clemens General Project) Series 2003A-2 DN (Comercia Bank N.A. LOC), | ||||||
2.75%, 5/07/08(b) | 7,695 | 7,695,000 | ||||
Michigan Higher Educational Facilities Authority RB (Cleary University Project) Series 2006 DN (Comerica Bank N.A. LOC), (A-1) | ||||||
2.61%, 5/07/08(b) | 5,240 | 5,240,000 | ||||
Michigan Hospital Finance Authority RB (Trinity Health Credit) Series 2005F DN, (A-1+, VMIG-1, F-1+) | ||||||
2.62%, 5/07/08(b) | 24,900 | 24,900,000 | ||||
Michigan Municipal Bond Authority GO Series 2007B-1 RAN, (SP-1+) | ||||||
4.50%, 8/20/08 | 15,000 | 15,035,939 | ||||
Michigan State University RB Series 1998A-2 DN (DEPFA Bank Plc SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(b) | 36,000 | 36,000,000 | ||||
Wayne State University RB Munitops Trust Certificates Series 2006-61 DN (AMBAC Insurance, Bank of America N.A. SBPA), (F-1+) | ||||||
2.51%, 5/07/08(a)(b) | 9,215 | 9,215,000 | ||||
| 174,085,939 | ||||||
Minnesota — 1.5% | ||||||
Minneapolis & St. Paul Housing & Redevelopment Authority Health Care Systems RB (Allina Health System Project) Series 2007B-1 DN (MBIA Insurance, Bank of New York SBPA), (VMIG-1) | ||||||
3.50%, 5/07/08(b) | 37,710 | 37,710,000 | ||||
Minneapolis & St. Paul Housing & Redevelopment Authority Health Care Systems RB (Children’s Hospital Clinic Project) Series 2004A DN (FSA Insurance, U.S. Bank N.A. SBPA), | ||||||
2.53%, 5/02/08(b) | 5,000 | 5,000,000 | ||||
Minneapolis & St. Paul Metropolitan Airports Commission RB Series 2005A DN (AMBAC Insurance, Morgan Stanley Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 3,450 | 3,450,000 | ||||
Minnesota Public Facilities Authority Water PCRB MERLOTS Trust Receipts Series 2002A DN (Wachovia Bank N.A. SBPA), (VMIG-1) | ||||||
2.72%, 5/07/08(a)(b) | 14,695 | 14,695,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 33 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Minnesota (Continued) | ||||||
West St. Paul ISD Number 197 RB Series 2004 ROC-RR-II-R-6506 DN (Citibank N.A. SBPA), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | $ | 7,080 | $ | 7,080,000 | ||
| 67,935,000 | ||||||
Mississippi — 0.7% | ||||||
Mississippi Development Bank RB Series 2007H-1 DN (Regions Bank LOC), (VMIG-1) | ||||||
2.05%, 5/07/08(a)(b) | 13,000 | 13,000,000 | ||||
Mississippi Development Bank Special Obligation RB (Correctional Facilities Project) Series 2002 DN (AMBAC Insurance, AmSouth Bank of Alabama SBPA), (A-1) | ||||||
5.25%, 5/07/08(b) | 205 | 205,000 | ||||
Mississippi Hospital Equipement Facililty TECP, | ||||||
2.15%, 6/06/08 | 19,210 | 19,210,000 | ||||
| 32,415,000 | ||||||
Missouri — 1.6% | ||||||
Bi-State Development Agency Metropolitan District RB (Metrolink Cross County Project) Series 2002A DN (FSA Insurance, WestLB AG SBPA), (A-1+, VMIG-1) | ||||||
2.80%, 5/07/08(b) | 28,260 | 28,260,000 | ||||
Brentwoood RB (Eager Road Project) Series 2007-2B DN (Compass Bank LOC), (A-1) | ||||||
2.50%, 5/07/08(b) | 13,235 | 13,235,000 | ||||
Jackson County Special Obligation RB Series 2006 ROC-RR-II-R-663 DN (AMBAC Insurance, AmSouth Bank of Alabama LOC), (VMIG-1) | ||||||
2.91%, 5/07/08(a)(b) | 10,055 | 10,055,000 | ||||
Missouri Development Finance Board Lease RB Series 1999 DN (Transamerica Life Insurance Co. SBPA), (A-1+) | ||||||
2.85%, 5/07/08(b) | 9,605 | 9,605,000 | ||||
Missouri Highways & Transit Commission RB PUTTERS Series 2008-2623 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 5,345 | 5,345,000 | ||||
Missouri Highways & Transpotation Commission First Lien State Road RB Municipal Trust Receipts Floaters Series 2008-07 DN (Branch Banking & Trust Co. Liquidity Facility), (A-1) | ||||||
2.43%, 5/07/08(a)(b) | 9,995 | 9,995,000 | ||||
| 76,495,000 | ||||||
Nebraska — 0.5% | ||||||
Central Plains Energy RB MERLOTS Trust Receipts Series 2007E-09 DN (Wachovia Bank N.A. SBPA), (A-1+) | ||||||
2.82%, 5/07/08(a)(b) | 5,215 | 5,215,000 | ||||
Omaha Convention Center GO Series 2007 ROC-RR-II-R-12170 DN (Bank of New York Liquidity Facility), (A-1+, VMIG-1) | ||||||
2.46%, 5/07/08(a)(b) | 7,990 | 7,990,000 | ||||
Scotts Bluff County Hospital Authority No. 1 RB (Regional West Medical Center Project) Series 2005 DN (KeyBank N.A. LOC), (VMIG-1) | ||||||
2.50%, 5/07/08(b) | 10,000 | 10,000,000 | ||||
| 23,205,000 | ||||||
Nevada — 0.9% | ||||||
Clark County School District GO PUTTERS Series 2005-1159 DN (FSA Insurance, PB Capital Corp. Liquidity Facility), | ||||||
2.51%, 5/07/08(a)(b) | 3,975 | 3,975,000 | ||||
Henderson Healthcare Facility RB Municipal Trust Receipts Floaters (Catholic Healthcare West Project) Series 2008-2633 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.53%, 5/07/08(a)(b) | 14,500 | 14,500,000 | ||||
Reno Health Facility RB Municipal Trust Receipts Floaters (Catholic Healthcare West Project) Series 2008-2634 DN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), (A-1+) | ||||||
2.53%, 5/07/08(a)(b) | 21,375 | 21,375,000 | ||||
| 39,850,000 | ||||||
New Hampshire — 1.3% | ||||||
New Hampshire Business Finance Authority RB (Huggins Hospital Project) Series 2007 DN (TD Banknorth N.A. LOC), (A-1+) | ||||||
2.63%, 5/07/08(b) | 5,000 | 5,000,000 | ||||
New Hampshire Business Finance Authority RB (Monadnock Community Hospital Project) Series 2007 DN (TD BankNorth N.A. LOC), (A-1+) | ||||||
2.63%, 5/01/08(b) | 8,230 | 8,230,000 | ||||
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005A DN (TD Banknorth N.A. LOC), | ||||||
2.48%, 5/07/08(b) | 4,000 | 4,000,000 | ||||
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005B DN (TD Banknorth N.A. LOC), (VMIG-1) | ||||||
2.46%, 5/07/08(b) | 4,310 | 4,310,000 | ||||
New Hampshire Business Finance Authority RB (Valley Regional Hospital Project) Series 2003 DN (Bank of New York LOC), (A-1+) | ||||||
2.48%, 5/07/08(b) | 9,665 | 9,665,000 | ||||
New Hampshire Health & Educational Facilities Authority RB (Wentworth Douglass Hospital Project) Series 2001 DN (Radian Insurance, JPMorgan Chase Bank LOC), (A-1+) | ||||||
2.40%, 5/07/08(b) | 3,950 | 3,950,000 | ||||
New Hampshire Higher Education & Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2007-1633 DN (AMBAC Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1) | ||||||
2.53%, 5/07/08(a)(b) | 27,590 | 27,590,000 | ||||
| 62,745,000 | ||||||
New Jersey — 2.0% | ||||||
Camden County Improvement Authority RB (Harvest Village Project) Series 1999A DN (JPMorgan Chase Bank LOC), (A-1+) | ||||||
2.29%, 5/01/08(b) | 1,400 | 1,400,000 | ||||
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-1 DN (Allied Irish Bank Plc LOC), (VMIG-1) | ||||||
2.60%, 5/07/08(b) | 15,000 | 15,000,000 | ||||
See Notes to Financial Statements.
| 34 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
New Jersey (Continued) | ||||||
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-4 DN (Bank of America N.A. LOC), (VMIG-1) | ||||||
2.60%, 5/07/08(b) | $ | 9,635 | $ | 9,635,000 | ||
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-5 DN (Wachovia Bank N.A. LOC), (VMIG-1) | ||||||
2.60%, 5/07/08(b) | 25,000 | 25,000,000 | ||||
New Jersey GO Series 2007 TRAN, (SP-1+, MIG-1) | ||||||
4.50%, 6/24/08 | 10,000 | 10,012,941 | ||||
Port Authority of New York & New Jersey Special Obligation RB (Versatile Structure Obligation Project) Series 1994-2 DN (JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1) | ||||||
1.69%, 5/01/08(b) | 30,400 | 30,400,000 | ||||
| 91,447,941 | ||||||
New Mexico — 1.3% | ||||||
New Mexico Finance Authority RB Series 2008A-2 DN (UBS AG LOC), | ||||||
1.55%, 5/07/08(b) | 8,000 | 8,000,000 | ||||
New Mexico GO Series 2007 TRAN, | ||||||
3.75%, 6/30/08 | 40,000 | 40,045,851 | ||||
University of New Mexico RB Munitops Trust Certificates Series 2005-42 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA), (F-1+) | ||||||
2.51%, 5/07/08(a)(b) | 10,290 | 10,290,000 | ||||
| 58,335,851 | ||||||
New York — 6.5% | ||||||
Long Island Power Authority Electric System RB Municipal Trust Receipts Floaters Series 2008-2565D DN (CIFG Insurance, Morgan Stanley Municipal Funding Liqiudity Facility, Transamerica International, Inc. Guaranty), (A-1+) | ||||||
2.56%, 5/07/08(a)(b) | 18,345 | 18,345,000 | ||||
Metropolitan Transportation Authority RB (Dedicated Tax Fund Project) Series 2002B DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+) | ||||||
2.30%, 5/07/08(b) | 48,450 | 48,450,000 | ||||
New York City GO Series 1993E-4 DN (State Street Bank & Trust Co. LOC), (A-1+, VMIG-1) | ||||||
2.50%, 5/01/08(b) | 13,000 | 13,000,000 | ||||
New York City GO Series 2005E-3 DN (Bank of America N.A. LOC), (A-1+, VMIG-1) | ||||||
2.37%, 5/07/08(b) | 1,255 | 1,255,000 | ||||
New York City GO Series 2008J-3 DN (Allied Irish Bank Plc LOC), (A-1, VMIG-1) | ||||||
2.50%, 5/07/08(b) | 1,000 | 1,000,000 | ||||
New York City GO Series 2008L-5 DN (Dexia Credit Local Liquidity Facility), (A-1+) | ||||||
2.50%, 5/07/08(b) | 30,000 | 30,000,000 | ||||
New York City Municipal Water Finance Authority TECP, (A-1+, P-1) | ||||||
2.20%, 5/29/08 | 34,100 | 34,100,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2007-2008BB-1 DN (Fortis Bank SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(b) | 50,000 | 50,000,000 | ||||
New York City Transitional Finance Authority RB (Future Tax Secured Project) Series 2001A DN (JPMorgan Chase Bank SBPA), (A-1+, VMIG-1) | ||||||
2.65%, 5/07/08(b) | 30,600 | 30,600,000 | ||||
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3B DN (Citigroup Global Markets Holdings, Inc. SBPA), (A-1+, VMIG-1) | ||||||
2.66%, 5/01/08(b) | 39,625 | 39,625,000 | ||||
New York Dormitory Authority RB (Cornell University Project) Series 2008C DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.50%, 5/07/08(b) | 10,800 | 10,800,000 | ||||
New York Local Government Assistance Corp. RB Series 1993A DN (GO of Corp. Insurance, Bayerische Landesbank Girozentrale LOC, Westdeutsche Landesbank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.65%, 5/07/08(b) | 7,000 | 7,000,000 | ||||
New York Power Authority TECP, | ||||||
1.33%, 5/09/08 | 17,412 | 17,412,000 | ||||
| 301,587,000 | ||||||
North Carolina — 1.7% | ||||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1015 DN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(b) | 18,000 | 18,000,000 | ||||
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005D DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.38%, 5/07/08(b) | 15,025 | 15,025,000 | ||||
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(b) | 280 | 280,000 | ||||
Mecklenburg County COP Series 2007A DN (Landesbank Hessen-Thueringen Girozentrale SBPA), (A-1, VMIG-1) | ||||||
2.65%, 5/01/08(b) | 9,900 | 9,900,000 | ||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 DN (Branch Banking & Trust Co. LOC), (A-1+) | ||||||
2.48%, 5/07/08(b) | 4,250 | 4,250,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 35 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
North Carolina (Continued) | ||||||
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 DN (Branch Banking & Trust Co. LOC), (A-1+) 2.48%, 5/07/08(b) | ||||||
2.48%, 5/07/08(b) | $ | 1,175 | $ | 1,175,000 | ||
North Carolina GO Series 2003A-23 MB (Wachovia Bank N.A. SBPA), (A-1+) | ||||||
2.00%, 2/09/09(a) | 5,500 | 5,500,000 | ||||
North Carolina Medical Care Commission Hospital RB (Southeastern Regional Medical Center Project) Series 2005 DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(b) | 2,950 | 2,950,000 | ||||
North Carolina Medical Care Commission Retirement Facilities RB (United Church Homes & Services Project) Series 2007 DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(b) | 6,150 | 6,150,000 | ||||
University of North Carolina at Chapel Hill RB Munitops Trust Certificates Series 2005-52 DN (Bank of America N.A. SBPA), (VMIG-1) | ||||||
2.45%, 5/07/08(a)(b) | 5,995 | 5,995,000 | ||||
University of North Carolina RB Eagle Trust Receipts Series 2005A DN (Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 10,000 | 10,000,000 | ||||
| 79,225,000 | ||||||
Ohio — 5.0% | ||||||
American Municipal Power, Inc. GO Series 2008A TECP (JPMorgan Chase Bank LOC), (A-1+, P-1) | ||||||
2.35%, 5/20/08 | 20,000 | 20,000,000 | ||||
1.50%, 6/04/08 | 41,725 | 41,725,000 | ||||
American Municipal Power, Inc. RB (Prepayment Project) Series 2007A MB (The Goldman Sachs Group, Inc. Guaranty), (AA-, Aa3) | ||||||
5.00%, 2/01/09 | 3,615 | 3,676,403 | ||||
Buckeye Tobacco Settlement Financing Authority RB Municipal Trust Receipts Floaters Series 2007-2125 DN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), (A-1, VMIG-1) | ||||||
2.53%, 5/07/08(a)(b) | 1,600 | 1,600,000 | ||||
Buckeye Tobacco Settlement Financing Authority RB Series 2008-619 DN (Deutsche Bank Guaranty, Deutsche Bank Liquidity Facility), (F-1+) | ||||||
2.44%, 5/07/08(a)(b) | 28,970 | 28,970,000 | ||||
Butler County Healthcare Facilities RB (LifeSphere Project) Series 2007 DN (U.S. Bank N.A. LOC), | ||||||
2.46%, 5/07/08(b) | 2,075 | 2,075,000 | ||||
Cincinnati School District COP Series 2007 ROC-RR-II-R-12049 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility), (A-1+, P-1) | ||||||
2.49%, 5/07/08(a)(b) | 4,400 | 4,400,000 | ||||
Cleveland Waterworks RB Series 1998I MB (FSA Insurance), (AAA, Aa2) | ||||||
5.25%, 1/01/09 | 2,410 | 2,433,289 | ||||
Columbus Regional Airport Authority RB PUTTERS Series 2007-2353 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 1,700 | 1,700,000 | ||||
Columbus Regional Airport Authority RB Series 2007 DN (MBIA Insurance), | ||||||
2.44%, 5/07/08(a)(b) | 5,015 | 5,015,000 | ||||
Columbus Sewerage System RB PUTTERS Series 2008-2456 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 1,400 | 1,400,000 | ||||
Cuyahoga County Health Care Facilities RB (Franciscan Communities Project) Series 2004E DN (LaSalle Bank N.A. LOC), (A-1) | ||||||
2.45%, 5/07/08(b) | 2,915 | 2,915,000 | ||||
Delaware County Port Authority Economic Development RB (The Columbus Zoological Park Assoc. Project) Series 2006 DN (JPMorgan Chase Bank LOC), | ||||||
2.48%, 5/07/08(b) | 1,850 | 1,850,000 | ||||
East Liverpool City Hospital RB Series 2006 DN (Fifth Third Bank N.A. LOC), (A-1+) | ||||||
2.53%, 5/07/08(b) | 5,700 | 5,700,000 | ||||
Hamilton County Economic Development RB (Taft Museum Project) Series 2002 DN (Fifth Third Bank N.A. LOC), | ||||||
2.49%, 5/07/08(b) | 280 | 280,000 | ||||
Hamilton County Healthcare Facilities RB (Import-Episcopal Project) Series 2005A DN (KeyBank N.A. LOC), (A-1, VMIG-1) | ||||||
2.44%, 5/07/08(b) | 850 | 850,000 | ||||
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A DN (U.S. Bank N.A. LOC), (VMIG-1) | ||||||
2.43%, 5/07/08(b) | 380 | 380,000 | ||||
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (FSA Insurance, Svenska Handelsbanken AB SBPA), (A-1+) | ||||||
2.42%, 5/07/08(a)(b)(c) | 3,845 | 3,845,000 | ||||
Hilliard School District GO Series 2007A BAN, | ||||||
4.00%, 6/12/08 | 6,100 | 6,102,155 | ||||
Kent State University RB Municipal Trust Receipts Floaters Series 2001 DN (MBIA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
3.35%, 5/07/08(b) | 7,900 | 7,900,000 | ||||
Lakewood School District GO PUTTERS Series 2007-1960 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
3.67%, 5/07/08(a)(b) | 3,180 | 3,180,000 | ||||
Madeira City School District School Improvement GO Munitops Trust Certificates Series 2006-37 DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 6,995 | 6,995,000 | ||||
Ohio GO (Common Schools Project) Series 2006C DN, | ||||||
2.55%, 5/07/08(b) | 1,245 | 1,245,000 | ||||
Ohio GO (Full Faith & Credit Highway Project) Series 2004H MB, | ||||||
5.00%, 5/01/08 | 700 | 700,000 | ||||
See Notes to Financial Statements.
| 36 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Ohio (Continued) | ||||||
Ohio GO (Higher Education Project) Series 2002A MB, (AAA, Aaa) | ||||||
5.00%, 8/01/08 | $ | 3,630 | $ | 3,641,711 | ||
Ohio GO (Highway Capital Improvement Project) Series 1998C MB, (AAA, Aaa) | ||||||
5.00%, 5/01/08 | 1,000 | 1,000,000 | ||||
Ohio GO Series 2004B MB, | ||||||
5.00%, 2/01/09 | 1,390 | 1,419,922 | ||||
Ohio Higher Educational Facility Community RB Eclipse Funding Trust (University of Dayton Project) Series 2006-0107 DN (FGIC Insurance, U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 1,305 | 1,305,000 | ||||
Ohio Water Development Authority RB (Water Development Pure Water Project) Series 2002B DN (MBIA Insurance, State Street Bank & Trust Co. SBPA), (A-1+, VMIG-1) | ||||||
3.25%, 5/07/08(b) | 6,380 | 6,380,000 | ||||
Summit County Port Authority Port Facilities RB (Summa Wellness Institute Project) Series 2006 DN (Fifth Third Bank N.A. LOC), (VMIG-1) | ||||||
2.69%, 5/07/08(b) | 2,000 | 2,000,000 | ||||
University of Akron General Receipts RB Series 2008C-1 DN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA), (VMIG-1) | ||||||
2.60%, 5/07/08(b) | 30,000 | 30,000,000 | ||||
University of Akron General Receipts RB Series 2008C-2 DN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA), (VMIG-1) | ||||||
2.60%, 5/07/08(b) | 30,000 | 30,000,000 | ||||
Wood County Facilities Import Piping Industry RB Series 2001 DN (KeyBank N.A. LOC), | ||||||
2.49%, 5/07/08(b) | 1,695 | 1,695,000 | ||||
| 232,378,480 | ||||||
Oklahoma — 0.1% | ||||||
Oklahoma Turnpike Authority RB Series 2006 DN (Lloyds TSB Bank Plc, Fortis Bank, Banco Bilbao Vizcaya Argentaria S.A. SBPA), (VMIG-1) | ||||||
2.50%, 5/07/08(b) | 6,670 | 6,670,000 | ||||
Oregon — 0.9% | ||||||
Klamath Falls Electricity RB Series 1999 MB (Escrowed in U.S. Treasury), (AAA, Aaa) | ||||||
6.00%, 1/01/09 | 40,000 | 41,540,078 | ||||
Pennsylvania — 4.7% | ||||||
Berks County Municipal Authority RB (Phoebe-Devitt Homes Project) Series 2008A DN (Sovereign Bank & Banco Santander LOC), (A-1+) | ||||||
2.45%, 5/07/08(b) | 4,200 | 4,200,000 | ||||
Delaware Valley Regional Finance Authority Local Government RB Municipal Securities Trust Receipts Series 2007A DN (Societe Generale Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 22,500 | 22,500,000 | ||||
Emmaus General Authority RB Series 1996 DN (FSA Insurance, Wachovia Bank N.A. SBPA), (A-1+) | ||||||
2.65%, 5/07/08(b) | 52,800 | 52,800,000 | ||||
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008B DN (Wachovia Bank N.A. LOC), (A-1+) | ||||||
2.65%, 5/07/08(b) | 4,165 | 4,165,000 | ||||
Montgomery County IDRB (Fountain Life Christian Project) Series 2007A DN (First Tennessee Bank LOC), | ||||||
2.49%, 5/07/08(b) | 3,220 | 3,220,000 | ||||
North Penn Water Authority RB Municipal Trust Receipts Floaters Series 2008-24 DN (FGIC Insured, DEPFA Bank Plc SBPA, DEPFA Bank Plc LOC), (VMIG-1) | ||||||
2.19%, 5/07/08(a)(b) | 6,030 | 6,030,000 | ||||
Pennsylvania Turnpike Commission RB Series 2001U DN (Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(b) | 49,750 | 49,750,000 | ||||
Pennsylvania Turnpike Commission RB Series 2002A-1 DN (WestLB SBPA), (A-1+, VMIG-1) | ||||||
2.70%, 5/07/08(b) | 28,375 | 28,375,000 | ||||
Philadelphia School District GO Municipal Trust Receipts Floaters Series 2004 DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.45%, 5/07/08(a)(b) | 11,110 | 11,110,000 | ||||
Philadelphia School District GO Series 2007A TRAN (Bank of America N.A. LOC), (SP-1+, MIG-1) | ||||||
4.50%, 6/27/08 | 7,900 | 7,909,284 | ||||
Philadelphia School District GO Series 2008B-1 DN (State Aid Withholding Insurance, Wachovia Bank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(b) | 15,000 | 15,000,000 | ||||
Philadelphia School District GO Series 2008C-1 DN (State Aid Withholding Insurance, Commerce Bank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(b) | 11,000 | 11,000,000 | ||||
York General Authority RB (Strand Capital Performing Arts Center Project) Series 2002 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.48%, 5/07/08(b) | 1,720 | 1,720,000 | ||||
| 217,779,284 | ||||||
Puerto Rico — 1.0% | ||||||
Commonwealth of Puerto Rico GO Series 2007 TRAN (Bank of Nova Scotia, Banque Nationale de Paribas, Dexia Credit Local, Fortis Bank, Banco Bilbao Vizcaya Argentaria S.A., KBC Bank N.V. and Banco Santander Central Hisapano LOC), (SP-1+) | ||||||
4.25%, 7/30/08 | 20,000 | 20,040,963 | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB MERLOTS Trust Receipts Series 2007C-111 DN (FSA Insurance, Wachovia Bank N.A. SBPA), | ||||||
2.35%, 5/07/08(a)(b) | 10,475 | 10,475,000 | ||||
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1985 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 3,750 | 3,750,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 37 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Puerto Rico (Continued) | ||||||
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1986 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | $ | 2,500 | $ | 2,500,000 | ||
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1987 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 3,250 | 3,250,000 | ||||
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1988 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
2.49%, 5/07/08(a)(b) | 1,500 | 1,500,000 | ||||
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1991 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 5,100 | 5,100,000 | ||||
| 46,615,963 | ||||||
Rhode Island — 2.1% | ||||||
East Providence GO Series 2008 TAN, (SP-1+) | ||||||
3.00%, 7/09/08 | 15,000 | 15,004,184 | ||||
Narragansett Bay Commission RB Series 2004A DN (MBIA Insurance, Dexia Credit Local SBPA), (A-1+) | ||||||
4.20%, 5/07/08(b) | 51,220 | 51,220,000 | ||||
Rhode Island Health & Educational Building Corp. Higher Education Facility RB (Bryant University Project) Series 2008 DN (TD BankNorth N.A. LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(b) | 32,600 | 32,600,000 | ||||
| 98,824,184 | ||||||
South Carolina — 0.1% | ||||||
Horry County School District GO Series 2007 ROC-RR-II-R-754PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility), (VMIG-1) | ||||||
2.48%, 5/07/08(a)(b) | 5,665 | 5,665,000 | ||||
Tennessee — 7.8% | ||||||
Blount County Public Building Authority RB Municipal Trust Receipts Floaters Series 2008-11 DN (AMBAC Municipal Government Insurance, DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA), | ||||||
2.19%, 5/07/08(a)(b) | 17,900 | 17,900,000 | ||||
Blount County Public Building Authority RB Municipal Trust Receipts Floaters Series 2008-12 DN (AMBAC Municipal Government Insurance, DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA), | ||||||
2.19%, 5/07/08(a)(b) | 4,750 | 4,750,000 | ||||
Blount County Public Building Authority RB Municipal Trust Receipts Floaters Series 2008-13 DN (AMBAC Municipal Government Insurance, DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA), | ||||||
2.19%, 5/07/08(a)(b) | 13,300 | 13,300,000 | ||||
Gallatin Industrial Development Board Educational Facilities RB (John Vianney School Project) Series 2002 DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.75%, 5/07/08(b) | 1,670 | 1,670,000 | ||||
Knox County GO Series 2000 MB, (AA, Aa2) | ||||||
6.00%, 5/07/08 | 1,000 | 1,018,832 | ||||
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 DN (Bank of America N.A. LOC), (A-1+, VMIG-1) | ||||||
2.45%, 5/07/08(b) | 12,690 | 12,690,000 | ||||
Municipal Energy Acquistion Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 DN (JPMorgan Chase Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 156,875 | 156,875,000 | ||||
Shelby County GO Series 2006C DN (Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(b) | 56,800 | 56,800,000 | ||||
Tennergy Corp. Gas RB BNP Paribas STARS Certificates Trust Series 2006-001 DN (BNP Paribas Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 12,000 | 12,000,000 | ||||
Tennergy Corp. Gas RB PUTTERS Series 2006-1258Q DN (JPMorgan Chase & Co. Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 8,000 | 8,000,000 | ||||
Tennessee Energy Acquisition Corp. Gas RB Municipal Trust Receipts Floaters Series 2004-90TP DN (Branch Banking & Trust Co. Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 7,900 | 7,900,000 | ||||
Tennessee Energy Acquisition Corp. Gas RB Municipal Trust Receipts Floaters Series 2006-52G DN (The Goldman Sachs & Co., Inc. Guaranty, The Goldman Group, Inc. Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 12,000 | 12,000,000 | ||||
Tennessee Energy Acquisition Corp. Gas RB Municipal Trust Receipts Floaters Series 2007-2154 DN (Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
2.55%, 5/07/08(a)(b) | 22,500 | 22,500,000 | ||||
Tennessee Energy Acquisition Corp. Gas RB PUTTERS Series 2007-2172 DN (JPMorgan Chase Bank Liquidity Facility), | ||||||
2.51%, 5/07/08(a)(b) | 23,390 | 23,390,000 | ||||
Tennessee Energy Acquisition Corp. Gas RB PUTTERS Series 2007-2375 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 13,145 | 13,145,000 | ||||
| 363,938,832 | ||||||
Texas — 14.9% | ||||||
Austin TECP, | ||||||
1.40%, 5/09/08 | 14,466 | 14,466,000 | ||||
Clear Creek ISD GO Series 2005-04 DN (Wachovia Bank N.A. LOC), (VMIG-1) | ||||||
2.82%, 5/07/08(a)(b) | 5,100 | 5,100,000 | ||||
Comal ISD GO Series 2005 DN (Bank of New York LOC), (A-1, VMIG-1) | ||||||
2.55%, 5/07/08(a)(b) | 2,815 | 2,815,000 | ||||
See Notes to Financial Statements.
| 38 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Texas (Continued) | ||||||
Conroe ISD GO PUTTERS (School Building Project) Series 2008-2487 DN (PSF Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | $ | 1,000 | $ | 1,000,000 | ||
Dallas County Community College District GO Series 2007 TECP (Dexia Group LOC), (P-1) | ||||||
1.50%, 5/15/08 | 22,500 | 22,500,000 | ||||
Dallas ISD Building GO Munitops Trust Certificates Series 2006-8 DN (PSF Guaranty, Bank of America N.A. SBPA), (VMIG-1) | ||||||
2.44%, 5/07/08(a)(b) | 11,565 | 11,565,000 | ||||
De Soto ISD RB Series 2004 ROC-RR-II-R-2107 DN (PSF Guaranty, Citigroup Global Markets Holdings, Inc. Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 4,865 | 4,865,000 | ||||
Del Valle ISD GO PUTTERS Series 2007-1946 DN (PSF Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 17,325 | 17,325,000 | ||||
Eagle Mountain & Saginaw ISD GO Municipal Securities Trust Receipts Series 2003 SGA-141 DN (PSF Guaranty, Societe Generale Group Liquidity Facility), (A-1+) | ||||||
2.75%, 5/07/08(a)(b) | 4,000 | 4,000,000 | ||||
Galena Park ISD GO Series 2001 SG-154 DN (PSF Guaranty, Societe Generale Group Liquidity Facility), (A-1) | ||||||
2.41%, 5/07/08(a)(b) | 9,900 | 9,900,000 | ||||
Gulf Coast Waste Disposal Authority PCRB (Amoco Oil Remarketing Project) Series 1992 DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/01/08(b) | 34,300 | 34,300,000 | ||||
Harris County GO Series 2006A MB, (AA+, Aa1) | ||||||
5.00%, 10/01/08 | 2,775 | 2,799,002 | ||||
Harris County Health Facilities Development Corp. RB (Texas Children’s Hospital Project) Series 1999B-1 DN (MBIA Insurance, JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(b) | 29,225 | 29,225,000 | ||||
Harris County RB (Toll Road Unlimited Tax & Subordinate Lien Revenue Refunding Bonds Project) Series 2003 MB, (AA+, Aa1) | ||||||
5.00%, 8/01/08 | 3,740 | 3,751,879 | ||||
Houston GO Munitops Trust Certificates Series 2006-88 DN (FSA Insurance, ABN-AMRO Bank N.V. LOC), (AAA, F1+) | ||||||
2.45%, 5/07/08(a)(b) | 7,400 | 7,400,000 | ||||
Houston GO PUTTERS Series 2006-1610 DN (FSA Insurance, JPMorgan Chase Bank LOC), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 5,625 | 5,625,000 | ||||
Houston ISD GO (Schoolhouse Project) Series 2004 MB (PSF Guaranty, Bank of America N.A. SBPA), (A-1+, MIG-1) | ||||||
3.75%, 6/16/08 | 10,000 | 10,000,000 | ||||
Houston ISD GO PUTTERS Series 2005 DN (PSF Guaranty, JPMorgan Chase & Co. LOC), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 5,300 | 5,300,000 | ||||
Houston Water & Sewer System RB Municipal Trust Receipts Floaters Series 2007-2043 DN (Branch Banking & Trust Co. Liquidity Facility), (VMIG-1) | ||||||
2.46%, 5/07/08(a)(b) | 14,830 | 14,830,000 | ||||
Houston Water & Sewer System RB Series 2007 ROC-RR-II-R-787 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility), (VMIG-1) | ||||||
2.49%, 5/07/08(a)(b) | 1,600 | 1,600,000 | ||||
Irving GO Series 2000 MB, (AAA, Aaa) | ||||||
5.50%, 3/15/09 | 500 | 517,247 | ||||
Judson ISD GO Municipal Trust Receipts Floaters Series 2007-1859 DN (PSF Guaranty, Wells Fargo Bank N.A. Liquidity Facility), | ||||||
3.45%, 5/07/08(a)(b) | 3,940 | 3,940,000 | ||||
Katy ISD GO Series 1999A MB (PSF Insurance), (AAA, Aaa) | ||||||
5.50%, 2/15/09 | 500 | 513,389 | ||||
Lamar Consolidation ISD GO Series 2007 ROC-II-R-10276 DN (PSF Insurance, Citigroup Financial Products Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 5,120 | 5,120,000 | ||||
Lamar Consolidation ISD GO Series 2008DB-512 DN (PSF Insurance, Deutsche Bank Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 3,250 | 3,250,000 | ||||
Lovejoy ISD GO (School Building Project) Series 2008DB-514 DN (PSF Insurance, Deutsche Bank A.G. Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 3,275 | 3,275,000 | ||||
Lower Colorado River Authority RB MERLOTS Trust Receipts Series 2000 DN (FSA Insurance, Wachovia Bank N.A. SBPA), (Aaa, VMIG-1) | ||||||
2.82%, 5/07/08(a)(b) | 2,000 | 2,000,000 | ||||
Lower Colorado River Authority TECP (JPMorgan Chase & Co. LOC), | ||||||
1.40%, 6/10/08 | 37,000 | 37,000,000 | ||||
1.35%, 6/11/08 | 10,000 | 10,000,000 | ||||
Mansfield ISD GO Munitops Trust Certificates Series 2007-54 DN (PSF Insurance, ABN-AMRO Bank N.V. SBPA), | ||||||
2.44%, 5/07/08(a)(b) | 17,710 | 17,710,000 | ||||
North East ISD GO Series 2000 SG-143 DN (PSF Guaranty, Societe Generale Group Liquidity Facility), | ||||||
1.79%, 5/07/08(a)(b) | 26,515 | 26,515,000 | ||||
North Texas Tollway Authority GO Series 2007 BAN, (SP-1, MIG-1) | ||||||
4.13%, 11/19/08 | 153,000 | 153,020,126 | ||||
Pasadena ISD GO Munitops Trust Certificates Series 2006-57 DN (PSF Guaranty, ABN-AMRO Bank N.V. SBPA), (VMIG-1) | ||||||
2.44%, 5/07/08(a)(b) | 10,690 | 10,690,000 | ||||
Port Arthur ISD GO PUTTERS Series 2008-2579 DN (Assured Guaranty Insurance, JPMorgan Chase & Co. Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 3,510 | 3,510,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 39 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Texas (Continued) | ||||||
San Antonio GO Series 2007 MB, (AA+, Aa1) | ||||||
4.00%, 8/01/08 | $ | 1,000 | $ | 1,002,743 | ||
San Antonio RB MERLOTS Trust Receipts Series 2007D-71 DN (Wachovia Bank N.A. SBPA), (A-1+) | ||||||
2.82%, 5/07/08(a)(b) | 2,255 | 2,255,000 | ||||
Seminole ISD GO (School Building Project) Series 2008DB-559 DN (PSF Insurance, Deutsche Bank A.G. Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 4,250 | 4,250,000 | ||||
Socorro ISD GO Series 2005 ROC-RR-II-R-2222 DN (Citibank SBPA, PSF Guaranty), (F-1+) | ||||||
2.43%, 5/07/08(a)(b) | 2,470 | 2,470,000 | ||||
Texas A&M University RB Series 2003 ROC-RR-II-R-4005 DN (Citigroup Financial Products Liquidity Facility), (VMIG-1) | ||||||
2.43%, 5/07/08(a)(b) | 4,925 | 4,925,000 | ||||
Texas Affordable Housing Corp. Multi-Family Housing RB Municipal Trust Receipts Floaters Series 2006-12TP DN (MBIA Insurance, Branch Banking & Trust Co. Liquidity Facility), (F-1+) | ||||||
2.44%, 5/07/08(a)(b) | 162 | 161,830 | ||||
Texas GO Eagle Trust Receipts Series 2006A-0126 DN (Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 5,700 | 5,700,000 | ||||
Texas GO Municipal Trust Receipts Floaters Series 2005-1147 DN (Morgan Stanley Group SBPA), (F-1+) | ||||||
2.43%, 5/07/08(a)(b) | 3,710 | 3,710,000 | ||||
Texas GO Municipal Trust Receipts Floaters Series 2007-1873 DN (Morgan Stanley Group Liquidity Facility), | ||||||
2.43%, 5/07/08(a)(b) | 6,665 | 6,665,000 | ||||
Texas GO PUTTERS Series 2008-2568 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 2,800 | 2,800,000 | ||||
Texas GO PUTTERS Series 2008-2618 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 5,400 | 5,400,000 | ||||
Texas GO Series 2006-0122 DN (Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 7,650 | 7,650,000 | ||||
Texas GO Series 2007 TRAN, (SP-1+, MIG-1) | ||||||
4.50%, 8/28/08 | 70,000 | 70,179,407 | ||||
Texas Municipal Gas Acquisition & Supply Corp. II RB Municipal Trust Receipts Floaters Series 2007-85 DN (The Goldman Sachs Group, Inc. Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | 30,000 | 30,000,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp. II RB PUTTERS Series 2007-1989 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 2,330 | 2,330,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II- R-10014 DN (Dexia Credit Local Liquidity Facility), (A-1+, AA-) | ||||||
2.50%, 5/07/08(a)(b) | 14,400 | 14,400,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II- R-10015 DN (Landesbank Hessen-Thueringen Girozentrale Liquidity Facility), (A-1, AA-) | ||||||
2.50%, 5/07/08(a)(b) | 5,900 | 5,900,000 | ||||
Texas Public Finance Authority TECP, | ||||||
1.30%, 5/09/08 | 13,500 | 13,500,000 | ||||
Texas Transportation Commission RB PUTTERS Series 2007-2393 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 2,155 | 2,155,000 | ||||
Texas Water Development Board RB Municipal Trust Receipts Floaters (Revolving Fund Project) Series 2008-2300 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 3,935 | 3,935,000 | ||||
University of Texas Financing System RB Series 1999B MB, (AAA, Aaa) | ||||||
5.50%, 8/15/08 | 300 | 302,562 | ||||
University of Texas Financing System RB Series 2008B DN (University of Texas Investment Management Co. Liquidity Facility), (A-1+, VMIG-1) | ||||||
2.20%, 5/07/08(b) | 11,300 | 11,300,000 | ||||
University of Texas RB MERLOTS Trust Receipts Series 2003B-14 DN (Wachovia Bank N.A. SBPA), (VMIG-1) | ||||||
2.72%, 5/07/08(a)(b) | 6,225 | 6,225,000 | ||||
| 692,644,185 | ||||||
Vermont — 0.8% | ||||||
Vermont Economic Development Authority RB (Green Mountain College Project) Series 2003A DN (KeyBank N.A. LOC), | ||||||
2.49%, 5/07/08(b) | 7,775 | 7,775,000 | ||||
Vermont Educational & Health Buildings Financing Agency RB (Mt. Ascutney Hospital Project) Series 2005A DN (TD Banknorth N.A. LOC), (VMIG-1) | ||||||
2.46%, 5/07/08(b) | 4,830 | 4,830,000 | ||||
Vermont Educational & Health Buildings Financing Agency RB (Porter Hospital Project) Series 2005A DN (TD Banknorth N.A. LOC), | ||||||
2.48%, 5/07/08(b) | 3,900 | 3,900,000 | ||||
Winooski Special Obligation Bonds Series 2006A DN (TD Banknorth N.A. LOC), (VMIG-1) | ||||||
2.63%, 5/01/08(b) | 22,200 | 22,200,000 | ||||
| 38,705,000 | ||||||
Virginia — 1.0% | ||||||
Albemarle County IDRB (Jefferson Scholars Foundation Project) Series 2007 DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.70%, 5/07/08(b) | 5,600 | 5,600,000 | ||||
Fairfax County Economic Development Authority RB (Retirement Greenspring Project) Series 2006B DN (Wachovia Bank N.A. LOC), (A-1+) | ||||||
2.45%, 5/07/08(b) | 22,060 | 22,060,000 | ||||
See Notes to Financial Statements.
| 40 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniFund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Virginia (Continued) | ||||||
Hampton Roads Regional Jail Authority Facilities RB Series 2004 ROC-RR-II-R-2156 DN (MBIA Insurance, Citibank N.A. Liquidity Facility), (MIG-1) | ||||||
2.72%, 5/07/08(a)(b) | $ | 4,175 | $ | 4,175,000 | ||
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003D DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(b) | 14,355 | 14,355,000 | ||||
Virginia Public School Authority RB Series 2003 ROC-RR-II-R-4050 DN (Citigroup, Inc. Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 100 | 100,000 | ||||
Virginia Resources Authority Clean Water RB Municipal Trust Receipts Floaters Series 2007-1860 DN (Wells Fargo Bank N.A. LOC), (VMIG-1) | ||||||
2.43%, 5/07/08(a)(b) | 1,115 | 1,115,000 | ||||
| 47,405,000 | ||||||
Washington — 2.2% | ||||||
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-2 DN (Branch Banking & Trust Co. Liquidity Facility), (VMIG-1) | ||||||
2.48%, 5/07/08(a)(b) | 2,665 | 2,665,000 | ||||
Central Puget Sound Regional Transit Authority RB MERLOTS Trust Receipts Series 2007D-76 DN (FSA Insurance, Wachovia Bank N.A. SBPA), (A-1+) | ||||||
2.82%, 5/07/08(a)(b) | 5,000 | 5,000,000 | ||||
King County Public Hospital District No. 1 GO Series 2008DB-614 DN (Assured Guaranty Insurance, Deutsche Bank A.G. Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 3,925 | 3,925,000 | ||||
Port of Seattle RB Municipal Trust Receipts Floaters Series 2008-2560D DN (FGIC Insurance, Transamerica International, Inc. Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.58%, 5/07/08(a)(b) | 11,085 | 11,085,000 | ||||
Seattle GO Municipal Securities Trust Certificates Series 2003 SGA-142 DN (Societe Generale Group SBPA, Bear Stearns Capital Markets Liquidity Facility), (A-1+) | ||||||
2.75%, 5/07/08(a)(b) | 4,000 | 4,000,000 | ||||
Seattle Municipal Light & Power RB MERLOTS Trust Receipts Series 2001A-56 DN (FSA Insurance, Wachovia Bank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.82%, 5/07/08(a)(b) | 7,335 | 7,335,000 | ||||
Snohomish County Public Utility District No. 1 RB (Generation Systems Project) Series 1995 DN (MBIA Insurance, DEPFA Bank Plc SBPA), (A-1, VMIG-1) | ||||||
4.10%, 5/07/08(b) | 20,000 | 20,000,000 | ||||
Spokane County School District No. 081 GO Series 2003 ROC-RR-II-R-4000 DN (FSA Insurance, Citibank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.48%, 5/07/08(a)(b) | 3,520 | 3,520,000 | ||||
Washington Economic Development Finance Authority RB Series 2006-1531 DN (Morgan Stanley Group LOC), (A-1) | ||||||
2.48%, 5/07/08(a)(b) | 2,136 | 2,136,500 | ||||
Washington GO MERLOTS Trust Receipts Series 2006 DN (Wachovia Bank N.A. SBPA), (A-1+) | ||||||
2.82%, 5/07/08(a)(b) | 12,415 | 12,415,000 | ||||
Washington GO Series 2007 ROC-RR-II- R-759PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility), | ||||||
2.48%, 5/07/08(a)(b) | 8,020 | 8,020,000 | ||||
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 DN (Bank of America N.A. LOC), (A-1+, VMIG-1) | ||||||
2.65%, 5/01/08(b) | 23,520 | 23,520,000 | ||||
| 103,621,500 | ||||||
Wisconsin — 1.2% | ||||||
Wisconsin GO Series 2007 MB, (MIG-1, F-1+) | ||||||
4.50%, 6/16/08 | 11,000 | 11,010,134 | ||||
Wisconsin Health & Educational Facilities Authority RB (Marshfield Project) Series 2006B DN (Marshall & Ilsley Bank LOC), | ||||||
2.49%, 5/07/08(b) | 28,500 | 28,500,000 | ||||
Wisconsin Health & Educational Facilities Authority RB (Mercy Alliance, Inc. Project) Series 2007 DN (Marshall & Ilsley Bank LOC), | ||||||
2.49%, 5/07/08(b) | 4,545 | 4,545,000 | ||||
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B DN (Marshall & Ilsley Bank LOC), (A-1) | ||||||
2.49%, 5/07/08(b) | 2,295 | 2,295,000 | ||||
Wisconsin Health & Educational Facilities Authority RB (St. Joseph’s Community Hospital Project) Series 2001 DN (Marshall & Ilsley Bank LOC), (A-1) | ||||||
2.49%, 5/07/08(b) | 8,700 | 8,700,000 | ||||
Wisconsin School Districts Cash Flow Management Program COP Series 2007A-1 BAN (U.S. Bank N.A. LOC), (MIG-1) | ||||||
4.50%, 9/18/08 | 2,300 | 2,307,387 | ||||
| 57,357,521 | ||||||
Total Investments in Securities — 99.7% | 4,649,296,933 | |||||
Other Assets in Excess of Liabilities — 0.3% | 13,522,774 | |||||
Net Assets — 100.0% | $ | 4,662,819,707 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 41 |
| Schedule of Investments (concluded) | ||
| MuniFund | ||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (b) | Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (c) | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Sales Cost | Interest Income | ||||
Alaska Housing Finance Corp. RB (Housing Development Project) Series 2002D DN (MBIA Insurance) | $ | 10,000,000 | $ | 26,389 | ||
Chesterfield County IDRB P-Float Trust Receipts Series 2003 PT-886 DN (Merrill Lynch & Co. Guaranty) | 24,995,000 | 17,134 | ||||
Delaware Valley Regional Finance Authority Local Government RB Series 2003 PT-749 DN (Landesbank Hessen-Thuringen Girozentrale SBPA) | 8,815,000 | 78,103 | ||||
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (FSA Insurance, Svenska Handelsbanken AB SBPA) | — | 69,511 | ||||
Kentucky Economic Development Finance Authority RB P-Float Trust Receipts (Hospital Facilities Project) Series 2001-509 DN (Merrill Lynch & Co. SBPA, National Australia Bank Ltd. LOC) | 27,520,000 | 19,317 | ||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurers, Societe Generale Group SBPA) | 5,370,000 | 3,491 | ||||
Municipal Securities Pool Trust Receipts RB Series 2004-18 DN (Multiple Insurers, Societe Generale Group SBPA) | 2,590,000 | 25,620 | ||||
New Jersey Economic Development Authority RB P-Float Trust Receipts Series 2004 MT-035 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | 2,200,000 | 28,415 | ||||
New Jersey Health Care Facilities Financing Authority RB P-Float Trust Receipts Series 2001 PT-1319 DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA) | 2,320,000 | 1,553 | ||||
Pennsylvania Higher Educational Facilities Authority RB P-Float Trust Receipts Series 2004 MT-042 DN (Lloyds TSB Bank Plc LOC, Merrill Lynch Capital Services SBPA) | 7,100,000 | 4,589 | ||||
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty) | — | 30,048 | ||||
Triborough Bridge & Tunnel Authority RB P-Float Trust Receipts Series 2002 PA-956 DN (Merrill Lynch Capital Services Liquidity Facility) | 5,000,000 | 3,222 | ||||
| (d) | Restricted security as to resale. As of report date the Fund held less than 0.1% of its net assets, with a current market value of $2,135,000 and an original cost of $2,135,000 in these securities. |
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| 42 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds — 99.6% | ||||||
Alabama — 0.5% | ||||||
Alabama HFA Single Family Mortgage RB Series 2006H AMT DN (Bayerische Landesbank Girozentrale Guaranty), (Aa2, VMIG-1) | ||||||
2.75%, 5/07/08(a) | $ | 1,155 | $ | 1,155,000 | ||
Brundidge IDRB (Carter Brothers Project) Series 2001 AMT DN (SouthTrust Bank N.A. LOC), | ||||||
2.55%, 5/07/08(a) | 855 | 855,000 | ||||
Tuscaloosa IDRB Series 2000A AMT DN (SouthTrust Bank N.A. LOC), | ||||||
2.55%, 5/07/08(a) | 1,235 | 1,235,000 | ||||
| 3,245,000 | ||||||
Alaska — 1.0% | ||||||
Valdez Marine Terminal RB (BP Pipelines, Inc. Project) Series 2003B DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/01/08(a) | 7,200 | 7,200,000 | ||||
Arkansas — 0.7% | ||||||
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program) Series 2006E AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, State Street Bank & Trust Co. LOC), (A-1+) | ||||||
2.51%, 5/07/08(a) | 5,000 | 5,000,000 | ||||
California — 2.3% | ||||||
California Housing Finance Agency Home Mortgage RB Series 2006C DN (Calyon Bank SBPA), (A-1+, VMIG-1) | ||||||
2.60%, 5/01/08(a) | 100 | 100,000 | ||||
California Housing Finance Agency Home Mortgage RB Series 2006F AMT DN (Fortis Bank SBPA), (A-1+, VMIG-1) | ||||||
2.55%, 5/01/08(a) | 16,600 | 16,600,000 | ||||
| 16,700,000 | ||||||
Colorado — 2.0% | ||||||
Colorado HFA RB Series 2001AA-3 DN (Landesbank Hessen-Thueringen Girozentrale SBPA), (A-1+, VMIG-1) | ||||||
2.70%, 5/07/08(a) | 4,700 | 4,700,000 | ||||
Colorado HFA Single Family Mortgage RB Series 2006-1B3 AMT DN (DEPFA Bank Plc SBPA), (A-1, VMIG-1) | ||||||
2.95%, 5/07/08(a) | 9,945 | 9,945,000 | ||||
| 14,645,000 | ||||||
Florida — 4.8% | ||||||
Gainesville Utilities System RB Series 2006A DN (SunTrust Bank SBPA), (A-1+) | ||||||
2.62%, 5/01/08(a) | 900 | 900,000 | ||||
Jacksonville Economic Development Commission IDRB (Glasfloss Industries, Inc. Project) Series 2002 AMT DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 1,770 | 1,770,000 | ||||
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.58%, 5/07/08(a) | 1,650 | 1,650,000 | ||||
Jacksonville Transportation RB Series 2008A DN (JPMorgan Chase Bank SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 28,400 | 28,400,000 | ||||
Lee County IDRB (Raymond Building Supply Corp. Project) Series 1997 AMT DN (SunTrust Bank LOC), | ||||||
2.81%, 5/07/08(a) | 2,015 | 2,015,000 | ||||
| 34,735,000 | ||||||
Georgia — 1.3% | ||||||
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) Series 1992 DN, (A-1, VMIG-1) | ||||||
2.58%, 5/01/08(a) | 5,955 | 5,955,000 | ||||
Clayton County Housing Authority Multi-Family Housing RB (Providence Place Apartments Project) Series 2006 AMT DN (AmSouth Bank of Alabama LOC), (VMIG-1) | ||||||
2.49%, 5/07/08(a) | 300 | 300,000 | ||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT DN (Wachovia Bank N.A. LOC), | ||||||
2.56%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B DN (Wachovia Bank N.A. LOC), | ||||||
2.56%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC), | ||||||
2.56%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
| 9,255,000 | ||||||
Illinois — 5.9% | ||||||
Chicago GO Municipal Trust Receipts Floaters Series 2008-31 DN (DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA), | ||||||
2.73%, 5/07/08(a)(b) | 5,920 | 5,920,000 | ||||
Chicago IDRB (Promise Candy Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC), | ||||||
2.67%, 5/07/08(a) | 2,825 | 2,825,000 | ||||
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 DN (LaSalle Bank N.A. LOC), (A-1+) | ||||||
2.63%, 5/07/08(a) | 1,515 | 1,515,000 | ||||
Illinois Development Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC), | ||||||
2.72%, 5/07/08(a) | 1,910 | 1,910,000 | ||||
Illinois Development Finance Authority IDRB (Freedman Seating Co. Project) Series 2005 AMT DN (LaSalle Bank N.A. LOC), (A-1+) | ||||||
2.60%, 5/07/08(a) | 2,020 | 2,020,000 | ||||
Illinois Development Finance Authority IDRB (Harbortown Industries Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC), | ||||||
2.70%, 5/07/08(a) | 2,000 | 2,000,000 | ||||
Illinois Development Finance Authority IDRB (Mason Corp. Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC), | ||||||
2.70%, 5/07/08(a) | 3,895 | 3,895,000 | ||||
Illinois Educational Facilities Authority RB Series 2007 1B-3 TECP (Dexia Bank LOC), (A-1+) | ||||||
3.66%, 5/06/08 | 7,000 | 7,000,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 43 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Illinois (Continued) | ||||||
Illinois Finance Authority RB (Alternative Behavior Treatment Project) Series 2005 DN (JPMorgan Chase Bank LOC), | ||||||
2.75%, 5/07/08(a) | $ | 2,995 | $ | 2,995,000 | ||
Illinois Housing Development Authority RB Series 2007H-2 AMT MB, (A-1+, VMIG-1) | ||||||
3.48%, 10/01/08 | 1,045 | 1,045,000 | ||||
Rockford County RB (Wesley Willows Obligation Project) Series 2007 DN (M & I Marshall & Ilsley LOC), (A-1) | ||||||
2.58%, 5/01/08(a)(b) | 1,825 | 1,825,000 | ||||
Upper River Valley IDRB (Advanced Drainage System Project) Series 2002 AMT DN (National City Bank N.A. LOC), | ||||||
2.80%, 5/07/08(a) | 1,300 | 1,300,000 | ||||
Will County Environmental Facilities RB (Exxonmobil Project) Series 2001 AMT DN, (A-1+, VMIG-1) | ||||||
2.70%, 5/01/08(a) | 8,085 | 8,085,000 | ||||
| 42,335,000 | ||||||
Indiana — 3.1% | ||||||
Anderson Economic Development RB (Printer Zink, Inc. Project) Series 2004A AMT DN (Star Financial Bank LOC, U.S. Bank N.A. LOC), (A-1+) | ||||||
2.60%, 5/07/08(a) | 1,600 | 1,600,000 | ||||
Fort Wayne Economic Development Authority RB (Advanced Machine & Tool Project) Series 2001 AMT DN (National City Bank N.A. LOC), | ||||||
2.95%, 5/07/08(a) | 1,270 | 1,270,000 | ||||
Huntingburg Multi-Family Housing RB (Lincoln Village Apartments Project) Series 2000 AMT DN (Federal Home Loan Bank Guaranty), | ||||||
2.70%, 5/07/08(a) | 2,250 | 2,250,000 | ||||
Indiana Bond Bank RB (Mid-Year Funding Program) Series 2007A RAN (Bank of New York LOC), (SP-1+) | ||||||
4.50%, 5/20/08 | 4,500 | 4,501,695 | ||||
Indiana Economic Development Finance Authority IDRB (Republic Services, Inc. Project) Series 2005 AMT DN, (VMIG-2) | ||||||
3.90%, 5/07/08(a) | 5,300 | 5,300,000 | ||||
Indiana Economic Development Finance Authority RB (Saroyan Hardwoods, Inc. Project) Series 1994 AMT DN (Fifth Third Bank N.A. LOC), | ||||||
3.20%, 5/07/08(a) | 350 | 350,000 | ||||
Indiana Finance Authority Health Care Facilities RB (BehaviorCorp, Inc. Project) Series 2007 DN (Hunington National Bank LOC), | ||||||
2.85%, 5/07/08(a) | 2,800 | 2,800,000 | ||||
Kendallville Economic Developmental Authority RB (Parts Finishing Group Project) Series 2006 AMT DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 2,725 | 2,725,000 | ||||
Orleans Economic Development RB (Almana LLC Project) Series 1995 AMT DN (Bank One N.A. LOC), | ||||||
2.85%, 5/07/08(a) | 900 | 900,000 | ||||
Scottsburg Economic Development Authority RB (American Plastic Corp. Project) Series 2000 AMT DN (National City Bank N.A. LOC), | ||||||
2.95%, 5/07/08(a) | 725 | 725,000 | ||||
| 22,421,695 | ||||||
Iowa — 0.1% | ||||||
Dallas County IDRB (Sioux City Brick Project) Series 2000A AMT DN (Firstar Bank N.A. LOC), | ||||||
3.10%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
Kentucky — 5.9% | ||||||
City of Wilder Industrial Building RB (Saratoga Investments LP Project) Series 1998 AMT DN (Fifth Third Bank N.A. LOC), | ||||||
2.63%, 5/07/08(a) | 785 | 785,000 | ||||
Dayton IDRB (Ramkat Enterprise Project) Series 2001 AMT DN (Peoples Bank LOC, Firstar Bank N.A. LOC), | ||||||
2.68%, 5/07/08(a) | 885 | 885,000 | ||||
Elsmere IDRB (International Mold Steel, Inc. Project) Series 1996 AMT DN (U.S. Bank N.A. LOC), | ||||||
2.63%, 5/07/08(a) | 1,010 | 1,010,000 | ||||
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT DN (Bank One N.A. LOC), | ||||||
3.10%, 5/07/08(a) | 3,320 | 3,320,000 | ||||
Kentucky Economic Development Finance Authority Solid Waste Disposal RB (Republic Services, Inc. Project) Series 2005 AMT DN, (A-2) | ||||||
3.30%, 5/07/08(a) | 7,400 | 7,400,000 | ||||
Kentucky Public Energy Gas Authority RB Series 2006 DN (Societe Generale Group LOC), (A-1+, VMIG-1) | ||||||
2.56%, 5/01/08(a) | 29,300 | 29,300,000 | ||||
| 42,700,000 | ||||||
Louisiana — 5.7% | ||||||
Donaldsonville IDRB (John Folse & Co., Inc. Project) Series 2003 DN (AmSouth Bank LOC), | ||||||
2.55%, 5/07/08(a) | 2,150 | 2,150,000 | ||||
East Baton Rouge RB (Morgan Keegan Municipal Products, Inc. Project) Trust Receipts Series 2007A AMT DN (Transamerica Life Insurance Co. Guaranty, Lloyds TSB Bank Plc SBPA), (A-1+) | ||||||
2.63%, 5/07/08(a)(b) | 2,780 | 2,780,000 | ||||
Lake Charles Harbor & Terminal District RB (Lake Charles Cogeneration Project) Series 2008 MB (Rabobank N.A. GIC), (A-1+) | ||||||
2.25%, 3/15/09 | 12,000 | 12,000,000 | ||||
Louisiana Housing Finance Agency RB (Housing Restoration Project) Series 2002A AMT DN (Regions Bank LOC), (A-1) | ||||||
2.56%, 5/07/08(a) | 2,050 | 2,050,000 | ||||
Louisiana Local Government Enviromental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A DN, (A-1+) | ||||||
2.80%, 5/07/08(a) | 6,000 | 6,000,000 | ||||
Louisiana Local Government Enviromental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 DN (Bank One N.A. LOC), | ||||||
2.68%, 5/07/08(a) | 1,140 | 1,140,000 | ||||
New Orleans Finance Authority RB Morgan Keegan Municipal Products, Inc. Municipal Trust Receipts Floaters Series 2006G AMT DN (Lloyds TSB Bank Plc LOC), (A-1+) | ||||||
2.63%, 5/07/08(a)(b) | 2,500 | 2,500,000 | ||||
North Webster Parish IDRB (CSP Project) Series 2001 AMT DN (Regions Bank LOC), | ||||||
2.53%, 5/07/08(a) | 2,425 | 2,425,000 | ||||
See Notes to Financial Statements.
| 44 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Louisiana (Continued) | ||||||
St. Charles Parish PCRB (Shell Oil Co. Norco Project) Series 1991 AMT DN, (A-1+, VMIG-1) | ||||||
2.68%, 5/01/08(a) | $ | 10,000 | $ | 10,000,000 | ||
| 41,045,000 | ||||||
Maine — 0.7% | ||||||
Maine Finance Authority RB (Brunswick Publishing LLC Project) Series 2008 AMT DN (State Street Bank & Trust Co. LOC, SunTrust Bank LOC), (A-1+) | ||||||
2.53%, 5/07/08(a) | 5,000 | 5,000,000 | ||||
Maryland — 2.2% | ||||||
Maryland Economic Development Corp. RB (Acadia Todds Lane LLC Facilities Project) Series 2006 AMT DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.53%, 5/07/08(a) | 5,650 | 5,650,000 | ||||
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT DN (Manufacturers & Traders Trust Co. LOC), (A-1) | ||||||
2.53%, 5/07/08(a) | 5,490 | 5,490,000 | ||||
Maryland Economic Development Corp. RB (Joe Corbis Pizza Project) Series 2000 AMT DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.58%, 5/01/08(a) | 665 | 665,000 | ||||
Maryland Economic Development Corp. RB (Lithographing Co. Project) Series 2001 AMT DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.53%, 5/07/08(a) | 1,920 | 1,920,000 | ||||
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.58%, 5/07/08(a) | 2,100 | 2,100,000 | ||||
| 15,825,000 | ||||||
Massachusetts — 0.3% | ||||||
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare Systems Project) Series 2003D-1 DN, (A-1+, VMIG-1) | ||||||
2.32%, 5/01/08(a) | 1,800 | 1,800,000 | ||||
Michigan — 7.2% | ||||||
Michigan Housing Development Authority RB Series 2007D AMT DN, (A-1+) | ||||||
3.05%, 9/13/08(a) | 10,000 | 10,000,000 | ||||
Michigan Municipal Bond Authority GO Series 2007B-2 RAN (Scotiabank LOC), (SP-1+) | ||||||
4.50%, 8/20/08 | 4,400 | 4,410,542 | ||||
Michigan Strategic Fund Ltd. Obligation RB (America Group LLC Project) Series 2000 AMT DN (Bank One N.A. LOC), | ||||||
3.30%, 5/07/08(a) | 3,000 | 3,000,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Bayloff Properties Project) Series 1998 AMT DN (National City Bank N.A. LOC), | ||||||
2.95%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Conway Products Project) Series 2001 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 1,730 | 1,730,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Dow Chemical Project) Series 2003B-1 DN, (A-2, P-2) | ||||||
3.50%, 5/07/08(a) | 450 | 450,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (G&B Tech LLC Project) Series 2005 AMT DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 1,505 | 1,505,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Hannah Technical Project) Series 2002 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 2,500 | 2,500,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (John A. Van Bosch Co. Project) Series 2006 AMT DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 2,000 | 2,000,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (K&K Management Co. Project) Series 2000 AMT DN (Huntington National Bank LOC), | ||||||
2.78%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC), | ||||||
3.10%, 5/07/08(a) | 2,720 | 2,720,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Midwest Glass Fabricators, Inc. Project) Series 2001 DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 1,870 | 1,870,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Pyper Products Corp. Project) Series 2002 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 2,010 | 2,010,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Saginaw Production Corp. Project) Series 2001 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 1,915 | 1,915,000 | ||||
Michigan Strategic Fund Ltd. Obligation RB (Total Business Systems Project) Series 1998 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 2,100 | 2,100,000 | ||||
Oakland County Economic Development Corp. RB (Glass & Mirror Craft Industries, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC), | ||||||
2.80%, 5/07/08(a) | 3,600 | 3,600,000 | ||||
Zeeland Hospital Finance Authority RB (Zeeland Community Hospital Project) Series 2004 DN (Huntington National Bank LOC), (A-2) | ||||||
2.85%, 5/07/08(a) | 10,300 | 10,300,000 | ||||
| 52,110,542 | ||||||
Minnesota — 0.2% | ||||||
Becker IDRB (Plymouth Foam Project) Series 2004 DN (Associated Bank N.A. LOC), | ||||||
2.64%, 5/07/08(a) | 1,770 | 1,770,000 | ||||
Mississippi — 0.1% | ||||||
Mississippi Development Bank Special Obligation GO (Jackson Project) Series 2008 MB (Assured Guaranty Ltd.), (Aaa) | ||||||
3.00%, 5/01/09 | 980 | 987,894 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 45 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Missouri — 6.7% | ||||||
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT DN (Commerce Bank N.A. LOC), | ||||||
2.71%, 5/07/08(a) | $ | 2,725 | $ | 2,725,000 | ||
Missouri Higher Education Loan Authority RB Series 2006A AMT DN (MBIA Insurance, DEPFA Bank Plc SBPA), (A-1, VMIG-1) | ||||||
3.10%, 5/07/08(a) | 40,000 | 40,000,000 | ||||
Palmyra IDA Solidwaste Disposal RB (BASF Corp. Project) Series 2002 AMT DN (BASF Aktiengesellsch Liquidity Facility), (A-1+) | ||||||
2.80%, 5/07/08(a) | 4,000 | 4,000,000 | ||||
St. Charles County IDRB (Austin Machine Co. Project) Series 2003A DN (Bank of America N.A. LOC), | ||||||
2.66%, 5/07/08(a) | 1,450 | 1,450,000 | ||||
| 48,175,000 | ||||||
Montana — 0.1% | ||||||
Montana Housing Board RB MERLOTS Trust Receipts Series 2002A-19 AMT DN (Wachovia Bank N.A. LOC), (VMIG-1) | ||||||
2.87%, 5/07/08(a)(b) | 995 | 995,000 | ||||
Multi-State — 3.1% | ||||||
Federal Home Loan Mortgage Corp. Variable Rate Demand Certificates (Multi-Family Housing Project) Series 2005A-M005 AMT DN (Federal Home Loan Mortgage Corp. Guaranty), (AAA) | ||||||
3.33%, 5/07/08(a) | 22,471 | 22,471,111 | ||||
New Hampshire — 0.3% | ||||||
New Hampshire Business Finance Authority Industrial Facilities RB (Felton Brush, Inc. Project) Series 1997 AMT DN (KeyBank N.A. LOC), (VMIG-1) | ||||||
2.81%, 5/07/08(a) | 755 | 755,000 | ||||
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.70%, 5/07/08(a) | 1,645 | 1,645,000 | ||||
| 2,400,000 | ||||||
New Mexico — 1.1% | ||||||
Farmington PCRB (Arizona Public Service Co. Four Corners Project) Series 1994C AMT DN (Barclays Bank Plc LOC), (A-1+, P-1) | ||||||
2.52%, 5/01/08(a) | 8,100 | 8,100,000 | ||||
New York — 8.9% | ||||||
Lewis County IDRB (Climax Manufacturing Co. Project) Series 2000 AMT DN (M&T Bank Corp. LOC), (A-1, VMIG-1) | ||||||
2.55%, 5/07/08(a) | 730 | 730,000 | ||||
New York City GO Series 1993E-3 DN (WestLB AG LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/01/08(a) | 11,500 | 11,500,000 | ||||
New York City GO Series 2006I-5 DN (California Public Employees Retirement LOC), (VMIG-1) | ||||||
2.50%, 5/01/08(a) | 7,020 | 7,020,000 | ||||
New York City GO Series 2008L-4 DN (DEPFA Bank Plc Liquidity Facility), (A-1, VMIG-1) | ||||||
2.53%, 5/01/08(a) | 9,900 | 9,900,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-2 DN (Lloyds TSB Bank Plc SBPA), (A-1+, VMIG-1) | ||||||
2.50%, 5/01/08(a) | 6,500 | 6,500,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-3 DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 3,900 | 3,900,000 | ||||
New York Housing Finance Agency RB (Worth Street Housing Project) Series 2002 AMT DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility), (VMIG-1) | ||||||
2.70%, 5/07/08(a) | 11,800 | 11,800,000 | ||||
New York Mortgage Agency Homeowner Mortgage RB Series 2006-139 AMT DN (Dexia Credit Local SBPA), (VMIG-1) | ||||||
2.77%, 5/01/08(a) | 7,000 | 7,000,000 | ||||
New York Mortgage Agency RB Series 2005 AMT DN (Dexia Credit Local SBPA), (VMIG-1) | ||||||
3.00%, 5/07/08(a) | 3,800 | 3,800,000 | ||||
Ulster IDRB (Viking Industries, Inc. Project) Series 1998A AMT DN (KeyBank N.A. LOC), | ||||||
2.81%, 5/07/08(a) | 990 | 990,000 | ||||
Yates County IDRB (Coach & Equipment Manufacturing Corp. Project) Series 2000A AMT DN (M&T Bank Corp. LOC), (A-1+) | ||||||
2.55%, 5/07/08(a) | 1,380 | 1,380,000 | ||||
| 64,520,000 | ||||||
North Carolina — 2.0% | ||||||
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005B DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.65%, 5/01/08(a) | 2,903 | 2,903,000 | ||||
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005D DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.38%, 5/07/08(a) | 1,300 | 1,300,000 | ||||
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT DN (Branch Banking & Trust Co. LOC), (Aa3, VMIG-1) | ||||||
2.58%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1991B DN, (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 700 | 700,000 | ||||
North Carolina Housing Finance Agency RB Series 2002 ROC-RR-II-R-175 AMT DN (Citibank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 1,850 | 1,850,000 | ||||
North Carolina Port Authority RB (Wilmington Bulk LLC Project) Series 2001A AMT DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.58%, 5/07/08(a) | 1,165 | 1,165,000 | ||||
North Carolina Port Authority RB Series 2006A-2 AMT DN (Bank of America N.A. LOC), (VMIG-1) | ||||||
2.80%, 5/07/08(a) | 900 | 900,000 | ||||
Rutherford County Industrial Facilities PCRB (Thieman Metal Technology Project) Series 1998 AMT DN (Branch Banking & Trust Co. LOC), (VMIG-1) | ||||||
2.58%, 5/07/08(a) | 1,650 | 1,650,000 | ||||
See Notes to Financial Statements.
| 46 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
North Carolina (Continued) | ||||||
Sampson County Industrial Facilities PCRB (Dubose Strapping, Inc. Project) Series 2003 AMT DN (Wachovia Bank N.A. LOC), | ||||||
2.55%, 5/07/08(a) | $ | 2,000 | $ | 2,000,000 | ||
Wake County HFA RB (Casa Melvid Multi-Family Housing Project) Series 2001A AMT DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.95%, 5/07/08(a) | 700 | 700,000 | ||||
| 14,168,000 | ||||||
North Dakota — 0.1% | ||||||
North Dakota Housing Finance Agency RB Series 2001A-19 AMT DN (Wachovia Bank N.A. LOC), (VMIG-1) | ||||||
2.87%, 5/07/08(a)(b) | 895 | 895,000 | ||||
Ohio — 11.1% | ||||||
American Municipal Power, Inc. GO (Cleveland Public Power Project) Series 2007 BAN, | ||||||
3.78%, 8/14/08 | 1,000 | 1,000,000 | ||||
Buckeye Tobacco Settlement Financing Authority RB Series 2008-619 DN (Deutsche Bank Guaranty, Deutsche Bank Liquidity Facility), (F-1+) | ||||||
2.44%, 5/07/08(a)(b) | 900 | 900,000 | ||||
Cuyahoga County RB (Great Lakes Brewing Co. Project) Series 2007 AMT DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 1,000 | 1,000,000 | ||||
Delaware County Economic Development RB (The Columbus Zoological Park Assoc., Inc. Project) Series 2003 DN (Huntington National Bank LOC), | ||||||
2.85%, 5/07/08(a) | 10 | 10,000 | ||||
Delaware County IDRB (Air Waves, Inc. Project) Series 1995 DN (KeyBank N.A. LOC), | ||||||
2.81%, 5/07/08(a) | 300 | 300,000 | ||||
Dover GO (Municipal Electric Systems Improvements Project) Series 2007 BAN, | ||||||
4.25%, 6/05/08 | 485 | 485,237 | ||||
Franklin County Health Care Facilities RB (Heritage Day Health Centers Project) Series 2002 DN (Huntington National Bank LOC), | ||||||
2.85%, 5/07/08(a) | 699 | 699,000 | ||||
Lancaster Port Authority Gas RB Series 2008 DN (Royal Bank of Canada SBPA), (VMIG-1) | ||||||
2.45%, 5/07/08(a) | 8,000 | 8,000,000 | ||||
Mahoning County Housing RB (Youngstown State University Project) Series 2002 DN (National City Bank N.A. LOC), | ||||||
2.85%, 5/07/08(a) | 15,330 | 15,330,000 | ||||
Mahoning County IDRB (Serra Land Project) Series 1997 AMT DN (KeyBank N.A. LOC), | ||||||
2.81%, 5/07/08(a) | 810 | 810,000 | ||||
Mason GO (Downtown Improvements Project) Series 2007 BAN, | ||||||
4.50%, 6/04/08 | 1,685 | 1,686,207 | ||||
Ohio GO (Common Schools Project) Series 2005A DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(a) | 1,020 | 1,020,000 | ||||
Ohio Higher Educational Facility RB (Cedarville University Project) Series 2004 DN (KeyBank N.A. LOC), | ||||||
2.49%, 5/07/08(a) | 1,700 | 1,700,000 | ||||
Ohio Housing Finance Agency Residential Mortgage RB (Mortgage-Backed Securities Program) Series 2008 AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, Federal Home Loan Mortgage Corp. SBPA), (VMIG-1) | ||||||
2.95%, 5/07/08(a) | 5,000 | 5,000,000 | ||||
Ohio Solid Waste RB (Republic Services, Inc. Project) Series 2005 AMT DN, (A-2) | ||||||
4.00%, 5/07/08(a) | 8,000 | 8,000,000 | ||||
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006C AMT DN (Wachovia Bank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.65%, 5/07/08(a) | 31,600 | 31,600,000 | ||||
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT DN (KeyBank N.A. LOC), | ||||||
2.56%, 5/07/08(a) | 2,160 | 2,160,000 | ||||
Trumbull County IDRB (Ellwood Engineered Project) Series 2004 AMT DN (KeyBank N.A. LOC), | ||||||
2.56%, 5/07/08(a) | 400 | 400,000 | ||||
| 80,100,444 | ||||||
Oklahoma — 0.7% | ||||||
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT DN (Bank of America LOC), | ||||||
2.90%, 5/07/08(a) | 2,850 | 2,850,000 | ||||
Oklahoma City IDRB Series 1998 AMT DN (Bank One N.A. LOC), | ||||||
3.10%, 5/07/08(a) | 1,480 | 1,480,000 | ||||
Oklahoma Industrial Authority RB (Integris Baptist Medical Center, Inc. Project) Series 1999B DN (MBIA Insurance, JPMorgan Chase Bank SBPA), (A-1+, VMIG-1) | ||||||
2.70%, 5/01/08(a) | 800 | 800,000 | ||||
| 5,130,000 | ||||||
Pennsylvania — 1.1% | ||||||
Erie County IDRB (Fountainhead Project) Series 2006 AMT DN (Huntington National Bank LOC), | ||||||
2.95%, 5/07/08(a) | 2,150 | 2,150,000 | ||||
Philadelphia School District GO Series 2007A TRAN (Bank of America N.A. LOC), (SP-1+, MIG-1) | ||||||
4.50%, 6/27/08 | 5,925 | 5,931,963 | ||||
| 8,081,963 | ||||||
Rhode Island — 0.6% | ||||||
Rhode Island Health & Educational Building Corp. Higher Education Facility RB (Bryant University Project) Series 2008 DN (TD BankNorth N.A. LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 4,400 | 4,400,000 | ||||
South Carolina — 0.2% | ||||||
South Carolina Housing Finance & Development RB (Arrington Place Apartment Project) Series 2001 AMT DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.95%, 5/07/08(a) | 1,100 | 1,100,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 47 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
South Dakota — 0.5% | ||||||
Spink County Solid Waste Disposal RB (United Feeders LLP Project) Series 2007 AMT DN (Wells Fargo Bank N.A. LOC), | ||||||
2.55%, 5/07/08(a) | $ | 3,800 | $ | 3,800,000 | ||
Tennessee — 2.1% | ||||||
Chattanooga IDRB (TB Woods, Inc. Project) Series 1997 AMT DN (M&T Bank Corp. LOC), | ||||||
2.58%, 5/07/08(a) | 2,290 | 2,290,000 | ||||
Coffee County IDRB (Comtec Polymers, Inc. Project) Series 1997 AMT DN (Bank of America N.A. LOC), | ||||||
2.63%, 5/07/08(a) | 1,200 | 1,200,000 | ||||
Grundy County IDRB (Toyota Seat Project) Series 2001 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 2,385 | 2,385,000 | ||||
Morgan Keegan Municipal Products, Inc. RB Trust Receipts Series 2007F DN (Banque Nationale de Paribas SBPA), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a)(b) | 1,720 | 1,720,000 | ||||
Morristown IDRB (Petoskey Plastic Project) Series 1999 AMT DN (Comerica Bank N.A. LOC), | ||||||
2.58%, 5/07/08(a) | 1,080 | 1,080,000 | ||||
Municipal Energy Acquistion Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 DN (JPMorgan Chase Liquidity Facility), (VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 1,000 | 1,000,000 | ||||
Sevier County Public Building Authority RB (Local Government Public Improvement Project) Series 2007VI-K-1 DN (DEPFA Bank Plc SBPA), (VMIG-1) | ||||||
2.73%, 5/01/08(a) | 5,400 | 5,400,000 | ||||
| 15,075,000 | ||||||
Texas — 11.1% | ||||||
Dallas County Community College District GO Series 2007 TECP (Dexia Credit Local SBPA), (P-1) | ||||||
1.50%, 5/15/08 | 30,000 | 30,000,000 | ||||
Dallas Fort Worth International Airport RB PUTTERS Series 2007-2236 AMT DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (AAA, VMIG-1) | ||||||
2.51%, 5/07/08(a)(b) | 5,210 | 5,210,000 | ||||
Gulf Coast Waste Disposal Authority Environmental Facilities RB (Exxon Mobil Project) Series 2001B AMT DN, (A-1+) | ||||||
2.70%, 5/01/08(a) | 50 | 50,000 | ||||
Gulf Coast Waste Disposal Authority PCRB (Amoco Oil Remarketing Project) Series 1992 DN, (A-1+, VMIG-1) | ||||||
2.60%, 5/01/08(a) | 2,400 | 2,400,000 | ||||
Harris County RB (Toll Road Unlimited Tax & Subordinate Lien Revenue Refunding Bonds Project) Series 2003 MB, (AA+, Aa1) | ||||||
5.00%, 8/01/08 | 1,800 | 1,805,717 | ||||
Montgomery County IDRB (Sawyer Research Products, Inc. Project) Series 1995 AMT DN (KeyBank N.A. LOC), | ||||||
3.22%, 5/07/08(a) | 712 | 711,500 | ||||
Port Corpus Christi Nueces Solid Waste Disposal Authority RB (Flint Hills Resources Project) Series 2006 AMT DN (Flint Hills Resources Guaranty), (A-1, P-1) | ||||||
3.10%, 5/07/08(a) | 2,000 | 2,000,000 | ||||
San Marcos IDRB (TB Woods, Inc. Project) Series 1999 AMT DN (M&T Bank Corp. LOC), | ||||||
2.58%, 5/07/08(a) | 3,000 | 3,000,000 | ||||
South Plains Housing Corp. Single Family RB MERLOTS Trust Receipts Series 2002A-11 AMT DN (Government National Mortgage Assoc. Guaranty, Wachovia Bank N.A. SBPA), (VMIG-1) | ||||||
2.87%, 5/07/08(a)(b) | 990 | 990,000 | ||||
Texas College GO (Student Loans Project) Series 2006 AMT MB (State Street Bank & Trust SBPA), (A-1+, VMIG-1) | ||||||
3.75%, 8/01/08 | 5,000 | 5,000,000 | ||||
Texas GO (Water Financial Assistance Project) Series 2008DB-499 AMT DN (Deutsche Bank SBPA), (F-1+) | ||||||
2.47%, 5/07/08(a)(b) | 2,405 | 2,405,000 | ||||
Texas GO Series 2007 TRAN, (SP-1+, MIG-1) | ||||||
4.50%, 8/28/08 | 25,000 | 25,064,411 | ||||
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II- R-10015 DN (Landesbank Hessen-Thueringen Girozentrale Liquidity Facility), (A-1, AA-) | ||||||
2.50%, 5/07/08(a)(b) | 1,800 | 1,800,000 | ||||
| 80,436,628 | ||||||
Virginia — 3.3% | ||||||
Botetourt County IDRB (Altec Industries Project) Series 2001 AMT DN (AmSouth Bank of Alabama LOC), (A-1) | ||||||
2.68%, 5/07/08(a) | 2,600 | 2,600,000 | ||||
Lexington IDA Educational Facilities RB (VMI Development Board, Inc. Project) Series 2006 DN (Wachovia Bank N.A. LOC), (VMIG-1) | ||||||
2.65%, 5/01/08(a) | 2,000 | 2,000,000 | ||||
Madison County IDRB (Woodberry Forest School Project) Series 2007 DN (SunTrust Bank LOC), (VMIG-1) | ||||||
2.58%, 5/01/08(a) | 8,450 | 8,450,000 | ||||
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT DN (Bank of America N.A. LOC), | ||||||
2.65%, 5/07/08(a) | 1,400 | 1,400,000 | ||||
Virginia Beach Development Authority Multi-Family Housing RB (Residential Rental Housing Project) Series 2002 AMT DN (SunTrust Bank LOC), | ||||||
3.00%, 5/07/08(a) | 1,648 | 1,648,000 | ||||
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Project) Series 2006C DN (Wachovia Bank N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.65%, 5/01/08(a) | 3,245 | 3,245,000 | ||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT DN (Wachovia Bank N.A. LOC), (A-1+) | ||||||
2.87%, 5/07/08(a)(b) | 65 | 65,000 | ||||
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-22 AMT DN (Wachovia Bank N.A. LOC), (A-1+) | ||||||
2.87%, 5/07/08(a)(b) | 4,405 | 4,405,000 | ||||
See Notes to Financial Statements.
| 48 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (concluded) | (Percentages shown are based on Net Assets) | |
| MuniCash | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
Virginia (Continued) | ||||||
Virginia Small Business Financing Authority RB (Coastal Development Group Project) Series 1989 AMT DN (Branch Banking & Trust Co. LOC), | ||||||
3.10%, 5/07/08(a) | $ | 55 | $ | 55,000 | ||
| 23,868,000 | ||||||
Washington — 0.1% | ||||||
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 DN (Bank of America N.A. LOC), (A-1+, VMIG-1) | ||||||
2.65%, 5/01/08(a) | 400 | 400,000 | ||||
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT DN (Bank of America N.A. LOC), (A-1+) | ||||||
2.65%, 5/07/08(a) | 385 | 385,000 | ||||
| 785,000 | ||||||
Wisconsin — 1.2% | ||||||
Mequon IDRB (Johnson Level GRW Investment Project) Series 1995 AMT DN (Bank One N.A. LOC), | ||||||
3.20%, 5/07/08(a) | 420 | 420,000 | ||||
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT DN (Bank One N.A. LOC), | ||||||
3.10%, 5/07/08(a) | 1,820 | 1,820,000 | ||||
Wisconsin GO Series 2007 MB, (MIG-1, F-1+) | ||||||
4.50%, 6/16/08 | 3,300 | 3,303,040 | ||||
Wisconsin Health & Educational Facilities RB (Pooled Loan Financing Program) Series 2002E DN (Associated Bank N.A. LOC), (VMIG-1) | ||||||
2.63%, 5/07/08(a) | 1,785 | 1,785,000 | ||||
Wisconsin School Districts Cash Flow Management Program COP Series 2007A-1 BAN (U.S. Bank N.A. LOC), (MIG-1) | ||||||
4.50%, 9/18/08 | 1,130 | 1,133,629 | ||||
| 8,461,669 | ||||||
Wyoming — 1.3% | ||||||
Campbell County IDRB (Two Elk Partners Project) Series 2007 MB (Royal Bank of Canada GIC), (A-1+) | ||||||
3.65%, 11/28/08 | 9,000 | 9,000,000 | ||||
Total Investments in Securities — 99.6% | 719,737,946 | |||||
Other Assets in Excess of Liabilities — 0.4% | 2,819,357 | |||||
Net Assets — 100.0% | $ | 722,557,303 | ||||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
| • | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Sales Cost | Interest Income | ||||
Austin Housing Financial Corp. RB P-Float Trust Receipts Series 2005 PT-2578 AMT DN (Merrill Lynch & Co. Guaranty) | $ | 14,585,000 | $ | 10,098 | ||
District of Columbia Housing Finance Agency RB Series 2004 PT-2391 AMT DN (MBIA Insurance, Merrill Lynch & Co. SBPA) | 2,395,000 | 1,658 | ||||
MuniMae Tax Exempt Board Subsidiary LLC RB P-Float Trust Receipts Series 2005 PT-2691 AMT DN (Merrill Lynch & Co. Guaranty) | 22,540,000 | 15,605 | ||||
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurers, Societe Generale Group SBPA) | 2,930,000 | 1,905 | ||||
Oregon Homeowners RB (Trinity Draw Down Project) Series 2005 MT-134 AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA) | 1,880,000 | 21,655 | ||||
Virginia Beach Development Authority Multi-Family Housing RB P-Float Trust Receipts Series 2005-2505 AMT DN (Merrill Lynch & Co. Guaranty) | 3,745,000 | 2,593 | ||||
| — | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 49 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| California Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds — 99.6% | ||||||
California — 95.6% | ||||||
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek At Union City Project) Series 2008A DN (Bank of America N.A. SBPA), (A-1+) | ||||||
2.35%, 5/07/08(a) | $ | 25,000 | $ | 25,000,000 | ||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 1997F DN (Kredietbank N.V. LOC), (A-1+) | ||||||
2.18%, 5/07/08(a) | 500 | 500,000 | ||||
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 2005M DN (Bank of Nova Scotia LOC), (A-1+) | ||||||
2.18%, 5/07/08(a) | 1,700 | 1,700,000 | ||||
Alhambra Unified School District GO (Land Acquisitions Notes Project) Series 2007 BAN, | ||||||
4.50%, 6/30/08 | 2,925 | 2,928,419 | ||||
Anaheim City School District GO Series 2007 ROC-RR-II-10018Z DN (MBIA Insurance, Citigroup Financial Products Liquidity Facility), (A-1+) | ||||||
2.70%, 5/07/08(a)(b) | 5,000 | 5,000,000 | ||||
Anaheim Public Financing Authority RB Municipal Trust Receipts Floaters Series 2007-2011 DN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), (VMIG-1) | ||||||
2.44%, 5/07/08(a)(b) | 9,195 | 9,195,000 | ||||
Anaheim Redevelopment Agency Tax Allocation RB (Merged Redevelopment Project) Series 2007DB-490 DN (FSA Insurance, Deutsche Bank Liquidity Facility), (AAA, F-1+) | ||||||
2.40%, 5/07/08(a)(b) | 5,300 | 5,300,000 | ||||
Bakersfield Hospital RB Municipal Trust Receipts Floaters Series 2008-2408 DN (MBIA Insurance, Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility, (VMIG-1) | ||||||
2.53%, 5/07/08(a)(b) | 7,400 | 7,400,000 | ||||
California Department of Water Resource Power Supply RB Municipal Trust Receipts Floaters (Central Valley Project) Series 2007-106G DN (The Goldman Sachs Group, Inc. Liquidity Facility, The Goldman Sachs Group, Inc. Guaranty), (A-1+, VMIG-1) | ||||||
3.50%, 5/07/08(a)(b) | 25,430 | 25,430,000 | ||||
California Department of Water Resource Power Supply RB Series 2002B-4 DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.45%, 5/01/08(a) | 19,200 | 19,200,000 | ||||
California Department of Water Resource Power Supply RB Series 2002B-5 DN (Bayersche Landesbank Girozentrale LOC, WestLB AG LOC), (A-1+, VMIG-1) | ||||||
2.19%, 5/01/08(a) | 18,800 | 18,800,000 | ||||
California Department of Water Resource Power Supply RB Series 2002B-6 DN (State Street Bank & Trust Co. LOC), (A-1+, VMIG-1) | ||||||
2.19%, 5/07/08(a) | 19,770 | 19,770,000 | ||||
California Department of Water Resource Power Supply RB Series 2002C-4 DN (JPMorgan Chase Bank LOC, CALSTERS LOC), (A-1+, VMIG-1) | ||||||
2.23%, 5/07/08(a) | 38,400 | 38,400,000 | ||||
California Department of Water Resource Power Supply RB Series 2002C-7 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.15%, 5/07/08(a) | 3,075 | 3,075,000 | ||||
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA), (A-1, AAA) | ||||||
2.39%, 5/07/08(a)(b)(c) | 9,700 | 9,700,000 | ||||
California Department of Water Resource Power Supply RB Series 2005F-2 DN (Societe Generale Group LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 9,750 | 9,750,000 | ||||
California Department of Water Resource Power Supply RB Series 2005F-5 DN (Citibank N.A. LOC), (A-1+, VMIG-1) | ||||||
2.55%, 5/07/08(a) | 10,205 | 10,205,000 | ||||
California Department of Water Resource Power Supply RB Series 2005G-2 DN (Lloyds TSB Bank Plc LOC), (A-1+, VMIG-1) | ||||||
2.23%, 5/07/08(a) | 1,900 | 1,900,000 | ||||
California Department of Water Resource Power Supply RB Series 2008I-1 DN (Allied Irish Bank Plc LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 3,850 | 3,850,000 | ||||
California Department of Water Resource Power Supply RB Series 2008J-1 DN (JPMorgan Chase Bank LOC, California Public Employees’ Retirement System LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/01/08(a) | 5,600 | 5,600,000 | ||||
California Economic Recovery RB Series 2004C-16 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 17,900 | 17,900,000 | ||||
California Educational Facilities Authority RB (Pomona College Project) Series 2005B DN, (A-1+, VMIG-1) | ||||||
2.20%, 5/07/08(a) | 2,000 | 2,000,000 | ||||
California GO (Weekly Kindergarten Public University Project) Series 2004A-8 DN (Citibank N.A. LOC, CALSTERS LOC), (A-1+, VMIG-1) | ||||||
2.20%, 5/07/08(a) | 4,105 | 4,105,000 | ||||
California GO Eclipse Funding Trust Series 2005-0004 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (F-1+) | ||||||
3.78%, 5/01/08(a)(b) | 8,970 | 8,970,000 | ||||
California GO Eclipse Funding Trust Series 2007-0054 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+) | ||||||
2.42%, 5/07/08(a)(b) | 19,995 | 19,995,000 | ||||
California GO Municipal Trust Receipts Floaters Series 2007-2003 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1) | ||||||
2.54%, 5/07/08(a)(b) | 17,850 | 17,850,000 | ||||
See Notes to Financial Statements.
| 50 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| California Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
California (Continued) | ||||||
California GO Municipal Trust Receipts Floaters Series 2007-2178 DN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility), (A-1+) | ||||||
2.45%, 5/07/08(a)(b) | $ | 8,590 | $ | 8,590,000 | ||
California GO Municipal Trust Receipts Floaters Series 2008-2661 DN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility), (A-1+, AAA) | ||||||
2.49%, 5/07/08(a)(b) | 13,300 | 13,300,000 | ||||
California GO Municipal Trust Receipts Series 2008A DN (Societe Generale LOC, Societe General Liquidity Facility), (A-1+, AAA) | ||||||
2.41%, 5/07/08(a)(b) | 4,075 | 4,075,000 | ||||
California GO PUTTERS Series 2007-2213 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.68%, 5/07/08(a)(b) | 5,995 | 5,995,000 | ||||
California GO Series 2003A-2 DN (JPMorgan Chase & Co. LOC, WestLB AG LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/01/08(a) | 7,700 | 7,700,000 | ||||
California GO Series 2003A-3 DN (WestLB AG LOC, JPMorgan Chase Bank LOC), (A-1+, VMIG-1) | ||||||
2.19%, 5/01/08(a) | 2,700 | 2,700,000 | ||||
California GO Series 2005B-5 DN (Depfa Bank Plc LOC), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 5,500 | 5,500,000 | ||||
California GO Series 2007-1599 DN (MBIA Insurance, DEPFA Bank Plc Liquidity Facility), (A-1+, AAA) | ||||||
2.53%, 5/07/08(a)(b) | 6,200 | 6,200,000 | ||||
California GO Series 2007DB-457 DN (FSA Insurance, Deutsche Bank Liquidity Facility), (F-1+) | ||||||
2.41%, 5/07/08(a)(b) | 3,133 | 3,133,000 | ||||
California GO Series 2007 RAN, (A-1, P-1) | ||||||
4.00%, 6/30/08 | 32,000 | 32,032,450 | ||||
California GO Series 2007 ROC-RR-II-R-846 DN (AMBAC Insurance, Berkshire Hathaway Corp. Credit Support, Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.46%, 5/07/08(a)(b) | 15,080 | 15,080,000 | ||||
California GO Series 2008 TECP (Multiple LOCs), (A-1, P-1) | ||||||
2.00%, 5/20/08 | 10,400 | 10,400,000 | ||||
1.30%, 6/03/08-6/05/08 | 35,300 | 35,300,000 | ||||
1.56%, 6/05/08 | 7,000 | 7,000,000 | ||||
2.01%, 7/14/08 | 15,000 | 15,000,000 | ||||
California Health Facilities Financing Authority RB Municipal Trust Receipts Floaters Series 2008-2413 DN (MBIA Insurance, Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1) | ||||||
2.53%, 5/07/08(a)(b) | 4,600 | 4,600,000 | ||||
California Infrastructure & Economic Development Bank RB (Academy of Motion Pictures Arts & Science Project) Series 2002 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1) | ||||||
5.25%, 5/07/08(a) | 2,500 | 2,500,000 | ||||
California Infrastructure & Economic Development Bank RB (Goodwill Industries For Orange County Project) Series 2006 DN (Wells Fargo Bank N.A. LOC), (F-1+) | ||||||
2.22%, 5/07/08(a) | 1,800 | 1,800,000 | ||||
California Infrastructure & Economic Development Bank RB (J. Paul Getty Trust) Series 2008A-1 MB, (A-1+, VMIG-1) | ||||||
1.70%, 5/01/08 | 2,120 | 2,120,000 | ||||
California Infrastructure & Economic Development Bank RB (J. Paul Getty Trust) Series 2008A-4 DN, (A-1+, VMIG-1) | ||||||
1.70%, 5/07/08(a) | 1,440 | 1,440,000 | ||||
California Pollution Control Financing Authority PCRB (BP West Coast Products LLC Project) Series 2008 DN, (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 6,400 | 6,400,000 | ||||
California Statewide Communities Development Authority RB (Archer School For Girls, Inc. Project) Series 2005 DN (Allied Irish Bank Plc LOC), (VMIG-1) | ||||||
2.35%, 5/07/08(a) | 5,820 | 5,820,000 | ||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2003D DN, (A-1, F-1) | ||||||
2.75%, 5/07/08(a) | 6,200 | 6,200,000 | ||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2004L DN, (A-1, F-1) | ||||||
2.41%, 5/07/08(a) | 7,000 | 7,000,000 | ||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2007 ROC-RR-II-R-10248CE DN (Citigroup Financial Products Guaranty, Citigroup Financial Products Liquidity Facility), (VMIG-1) | ||||||
2.47%, 5/07/08(a)(b) | 43,700 | 43,700,000 | ||||
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2007 ROC-RR-II-R-763CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.47%, 5/01/08(a)(b) | 3,200 | 3,200,000 | ||||
California Statewide Communities Development Authority RB (Multi-Family Housing Project) Municipal Trust Receipts Floaters Series 2008-14G DN (Goldman Sachs & Company Liquidity Facility), (F-1+) | ||||||
2.41%, 5/07/08(a)(b) | 8,000 | 8,000,000 | ||||
California Statewide Communities Development Authority RB (Multi-Family Housing Project) PUTTERS Series 2008-2680 DN (JPMorgan Chase Bank Liquidity Facility), | ||||||
2.53%, 5/07/08(a)(b) | 5,300 | 5,300,000 | ||||
California Statewide Communities Development Authority RB (Presbyterian Homes Project) Series 2006B DN (Bank of America N.A. LOC), (A-1+) | ||||||
2.25%, 5/07/08(a) | 1,500 | 1,500,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 51 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| California Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
California (Continued) | ||||||
California Statewide Communities Development Authority RB (University Retirement Community at Davis Project) Series 2008 DN (Bank of America N.A. LOC), (Aaa, VMIG-1) | ||||||
2.35%, 5/07/08(a) | $ | 2,865 | $ | 2,865,000 | ||
California Statewide Communities Development Authority RB Series 2008K TECP, (A-1, F-1) | ||||||
1.17%, 6/11/08 | 6,200 | 6,200,000 | ||||
Chino Basin Regional Financing Authority RB Series 2008DBE-500 DN (Deutsche Bank Guaranty, Deutsche Bank Liquidity Facility), (A-1+) | ||||||
2.44%, 5/07/08(a)(b) | 5,445 | 5,445,000 | ||||
Coast Community College District GO Series 2006-45 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility), (F-1+) | ||||||
2.44%, 5/07/08(a)(b) | 3,247 | 3,246,739 | ||||
Coast Community College District GO Series 2006DB-621 DN (FSA Insurance, Deustche Bank Liquidy Facility), (A-1+, AAA) | ||||||
2.41%, 5/07/08(a)(b) | 3,450 | 3,450,000 | ||||
Coast Community College District GO Series 2006Z-58 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility), (AAA, F-1) | ||||||
2.44%, 5/07/08(a)(b) | 5,005 | 5,005,000 | ||||
Daly Housing Financing Agency Multi-Family RB (Serramonte Del Ray Apartments Project) Series 1999A DN (Federal National Mortgage Assoc. LOC), (A-1+, P-1) | 7,200 | 7,200,000 | ||||
2.24%, 5/07/08(a) | ||||||
East Bay Municipal Utilitiy District RB Series 2008A-2 DN (Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 2,400 | 2,400,000 | ||||
East Bay Municipal Utilitiy District RB Series 2008A-3 DN (Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 2,400 | 2,400,000 | ||||
East Bay Municipal Utilitiy District RB Series 2008B-3 DN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 10,500 | 10,500,000 | ||||
East Bay Municipal Utilitiy District RB Series 2008C-2 DN (Multiple SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 1,800 | 1,800,000 | ||||
East Bay Municipal Utilitiy District RB Series 2008C-3 DN (Multiple SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 1,200 | 1,200,000 | ||||
East Bay Municipal Utility District RB Series 2007-0072 DN (AMBAC Insurance, Banco Bilbao Vizcaya Argentaria S.A. Liquidity Facility), (A-1+) | ||||||
2.45%, 5/07/08(a)(b) | 1,880 | 1,880,000 | ||||
Elsinore Valley Municipal Water District COP Eclipse Funding Trust Series 2007-0069 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+) | ||||||
3.62%, 8/07/08(a)(b) | 3,635 | 3,635,000 | ||||
Foothill-De Anza Community College GO Series 2000Y DN (Wachovia Bank N.A. LOC), (VMIG-1) | ||||||
2.80%, 5/07/08(a)(b) | 2,770 | 2,770,000 | ||||
Glendale Hospital RB Municipal Trust Receipts Floaters Series 2008-2415 DN (MBIA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1) | ||||||
2.53%, 5/07/08(a)(b) | 4,400 | 4,400,000 | ||||
Golden State Tobacco Securitization Corp. RB Series 2008DBE-625 DN (Duetsche Bank Guaranty, Deutsche Bank Liquidy Facility), | ||||||
2.41%, 5/07/08(a)(b) | 6,265 | 6,265,000 | ||||
Golden State Tobacco Settlement Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2448 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.53%, 5/07/08(a)(b) | 25,000 | 25,000,000 | ||||
Irvine Public Facilities & Infrastructure Authority Lease RB (Capital Improvement Project) Series 1985 DN (State Street Bank & Trust Co. LOC), (VMIG-1) | ||||||
2.70%, 5/07/08(a) | 1,185 | 1,185,000 | ||||
Los Angeles Community College District GO Munitops Trust Certificates Series 2005A DN (FSA Insurance, ABN-AMRO Bank N.V. SBPA), (AAA, F-1+) | ||||||
2.42%, 5/07/08(a)(b) | 9,830 | 9,830,000 | ||||
Los Angeles County Sanitation District Financing Authority RB Eclipse Funding Trust Series 2006-0055 DN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facilities), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 2,655 | 2,655,000 | ||||
Los Angeles Department of Water & Power RB Series 2007 ROC-RR-II-R-12087 DN (FSA Insurance, AMBAC Insurance, Citigroup Financial Products Liquidity Facility), (A-1+) | ||||||
2.46%, 5/07/08(a)(b) | 4,350 | 4,350,000 | ||||
Los Angeles GO Series 2007 TRAN, (SP-1+, MIG-1) | ||||||
4.25%, 6/30/08 | 24,200 | 24,222,704 | ||||
Los Angeles Unified School District GO Series 2007-9TP DN (AMBAC Insurance, DEPFA Bank Plc Liquidity Facility), (A-1+, AAA) | ||||||
2.40%, 5/01/08(a)(b) | 1,000 | 1,000,000 | ||||
Metropolitan Water District of Southern California Waterworks RB Series 2000B-1 DN (WestLB AG SBPA), (A-1+, VMIG-1) | ||||||
2.19%, 5/01/08(a) | 7,555 | 7,555,000 | ||||
Metropolitan Water District of Southern California Waterworks RB Series 2008A-1 DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 6,100 | 6,100,000 | ||||
Modesto Irrigation District Financing Authority RB Municipal Securities Trust Receipts Series 2008A DN (MBIA Insurance, Societe Generale LOC, Societe General Liquidy Facility), (A-1+, AAA) | ||||||
2.41%, 5/07/08(a)(b) | 5,905 | 5,905,000 | ||||
See Notes to Financial Statements.
| 52 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| California Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
California (Continued) | ||||||
Morgan Hill Redevelopment Agency Tax Allocation RB (Ojo De Agua Redevelopment Project) Series 2008A DN (Scotiabank LOC), (A-1+) | ||||||
2.30%, 5/07/08(a) | $ | 17,000 | $ | 17,000,000 | ||
Napa Valley Unified School District GO Series 2007 TRAN (GO of District), (SP-1+) | ||||||
4.25%, 10/01/08 | 3,245 | 3,256,276 | ||||
Northern California Gas Authority No. 1 RB Municipal Trust Receipts Floaters Series 2007-98 DN (The Goldman Sachs Group, Inc. Liquidity Facility), (F-1+, AA-) | ||||||
2.41%, 5/07/08(a)(b) | 14,100 | 14,100,000 | ||||
Northern California Gas Authority No. 1 RB Series 2007-1811 DN (Morgan Stanley Group LOC), (F-1+, AA-) | ||||||
2.49%, 5/07/08(a)(b) | 10,100 | 10,100,000 | ||||
Norwalk-La Mirada Unified School District GO Series 2003SG-169 DN (Societe Generale Group SBPA), (A-1+) | ||||||
2.41%, 5/07/08(a)(b) | 20,000 | 20,000,000 | ||||
Orange County Fire Authority GO Series 2007 TRAN, | ||||||
4.00%, 6/30/08 | 5,800 | 5,803,757 | ||||
Orange County Sanitation District COP Series 2000A DN (Dexia Public Finance Bank SBPA), (A-1+, VMIG-1) | ||||||
2.20%, 5/01/08(a) | 3,200 | 3,200,000 | ||||
Orange County Water District COP Series 2008A DN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), (VMIG-1) | ||||||
2.36%, 5/07/08(a) | 20,200 | 20,200,000 | ||||
Paramount Unified School District GO PUTTERS Series 2007-2060 DN (FSA Insurance, JPMorgan Chase & Co. Liquidity Facility), (A-1+, AAA) | ||||||
2.51%, 5/07/08(a)(b) | 1,300 | 1,300,000 | ||||
Peralta Community College District GO Series 2006X-1264 DN (FSA Insurance, Morgan Stanley Group Liquidity Facility), (VMIG-1) | ||||||
2.45%, 5/07/08(a)(b) | 7,745 | 7,745,000 | ||||
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA), (A-1+, AAA) | ||||||
2.50%, 5/07/08(a)(b)(c) | 5,845 | 5,845,000 | ||||
Rancho Santiago Community College District GO Munitops Trust Certificates Series 2007 DN (FSA Insurance, Bank of America N.A. SBPA), (F-1+, AAA) | ||||||
2.42%, 5/07/08(a)(b) | 7,615 | 7,615,000 | ||||
Sacramento County GO Series 2007 TRAN, (SP-1+, MIG-1) | ||||||
4.00%, 7/09/08 | 11,600 | 11,606,993 | ||||
Sacramento County Water Financing Authority RB Municipal Trust Receipts Floaters Series 2007-1769 DN (DEPFA Bank Plc Guaranty, DEPFA Bank Plc Liquidity Facility), (A-1) | ||||||
2.53%, 5/07/08(a)(b) | 44,400 | 44,400,000 | ||||
Sacramento Municipal Utility District GO Series 2008J TECP (Bank of New York LOC, CALSTRS LOC), | ||||||
1.55%, 6/05/08 | 6,500 | 6,500,000 | ||||
San Diego Public Facilities Financing Authority RB Municipal Securities Trust Receipts Series 2008A DN (Societe Generale LOC, Societe General Liquidity Facility), (A-1+, AA-) | ||||||
2.41%, 5/07/08(a)(b) | 4,170 | 4,170,000 | ||||
2.42%, 5/07/08(a)(b) | 7,315 | 7,315,000 | ||||
San Diego Public Facilities Financing Authority RB PUTTERS Series 2008-2595 DN (JPMorgan Chase & Co. LOC, JPMorgan Chase & Co. Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 8,640 | 8,640,000 | ||||
San Diego Unified School District RB Series 2004 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility), | ||||||
2.45%, 5/07/08(a)(b) | 5,150 | 5,150,000 | ||||
San Francisco County Transportation GO Series 2008B TECP (Landesbank Baden-Wuerttemberg Girozentrale LOC), (A-1+, P-1) | ||||||
1.75%, 5/16/08 | 6,250 | 6,250,000 | ||||
San Francisco County Unified School District GO Series 2007 TRAN, (SP-1+) | ||||||
4.00%, 11/14/08 | 15,800 | 15,852,817 | ||||
San Jose Redevelopment Agency RB (Merged Area Redevelopment Project) Series 1996A DN (Morgan Guaranty Trust LOC), (A-1+) | ||||||
2.33%, 5/07/08(a) | 4,275 | 4,275,000 | ||||
San Jose Redevelopment Agency Tax Allocation RB PUTTERS Series 2006-1601 DN (MBIA Insurance, JPMorgan Chase Bank Liquidity Facility), (AAA, F-1+) | ||||||
3.18%, 5/07/08(a)(b) | 2,100 | 2,100,000 | ||||
San Mateo County GO Series 2006 ROC-RR-II-R-647WFZ DN (MBIA Insurance, Wells Fargo Bank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.47%, 5/07/08(a)(b) | 1,000 | 1,000,000 | ||||
Santa Cruz County Board of Education GO Series 2007 TRAN, (SP-1+) | ||||||
4.25%, 6/30/08 | 2,800 | 2,802,434 | ||||
Sequoia Union High School District GO Municipal Trust Receipts Floaters Series 2007-2160 DN (FSA Insurance, Wells Fargo Bank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.45%, 5/07/08(a)(b) | 4,105 | 4,105,000 | ||||
Sonoma County Junior College District GO Eclipse Funding Trust Series 2006-0014 DN (FSA Insurance, U.S. Bank N.A. Liquidity Facility), (VMIG-1) | ||||||
2.44%, 5/07/08(a)(b) | 3,000 | 3,000,000 | ||||
South Placer Wastewater Authority RB Series 2008A DN (State Street Bank & Trust Co. LOC, California Teacher’s Retirement System LOC), (A-1+, VMIG-1) | ||||||
2.25%, 5/07/08(a) | 24,000 | 24,000,000 | ||||
Southern California Public Power Authority RB Municipal Trust Receipts Floaters (Gas Project) Series 2007-2103 DN (Morgan Stanley Municipal Funding Liquidity Facility), (AA-, F-1+) | ||||||
2.51%, 5/07/08(a)(b) | 5,000 | 5,000,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 53 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| California Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
California (Continued) | ||||||
University of California RB Municipal Trust Receipts Floaters Series 2007W-131 DN (MBIA Insurance, Lehman Liquidity Co. Liquidity Facility), (A-1) | ||||||
2.86%, 5/07/08(a)(b) | $ | 15,000 | $ | 15,000,000 | ||
University of California RB PUTTERS Series 2006-1231 DN (MBIA Insurance, JPMorgan Chase Bank Liquidity Facility), (Aaa, VMIG-1) | ||||||
2.58%, 5/01/08(a)(b) | 3,185 | 3,185,000 | ||||
University of California RB Series 2006-1425 DN (AMBAC Insurance, Morgan Stanley Group Liquidity Facility), (A-1) | ||||||
2.90%, 5/07/08 (acquired 7/14/06, cost $18,840,000)(a)(b)(d) | 18,840 | 18,840,000 | ||||
Upland RB (Mountain Springs Project) Series 1998A DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility), (A-1+) | ||||||
2.24%, 5/07/08(a) | 6,600 | 6,600,000 | ||||
Victorville Joint Powers Financing Authority RB (Cogeneration Facility Project) Series 2007A DN (Fortis Bank LOC), (A-1+) | ||||||
2.38%, 5/07/08(a) | 22,000 | 22,000,000 | ||||
Yosemite Community College District GO Series 2007 ROC-RR-II-R-12065 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility), (A-1+) | ||||||
2.47%, 5/07/08(a)(b) | 5,840 | 5,840,000 | ||||
| 1,067,370,589 | ||||||
Puerto Rico — 4.0% | ||||||
Commonwealth of Puerto Rico GO Series 2007 TRAN (Bank of Nova Scotia, Banque Nationale de Paribas, Dexia Credit Local, Fortis Bank, Banco Bilbao Vizcaya Argentaria S.A., KBC Bank N.V. and Banco Santander Central Hisapano LOC), (SP-1+) | ||||||
4.25%, 7/30/08 | 10,000 | 10,020,482 | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2007-2035 DN (Assured Guaranty Ltd. Insurance, Branch Banking & Trust Co. Liquidity Facility), (A-1+) | ||||||
2.47%, 5/07/08(a)(b) | 2,830 | 2,830,000 | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2008-2391 DN (AMBAC Insurance, Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+) | ||||||
2.49%, 5/07/08(a)(b) | 6,245 | 6,245,000 | ||||
Commonwealth of Puerto Rico Highway & Transportation Authority RB PUTTERS Series 2002-246 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.63%, 5/07/08(a)(b) | 3,600 | 3,600,000 | ||||
Puerto Rico Electric Power Authority RB Municipal Securities Trust Receipts Series 2008A DN (Societe Generale LOC, Societe General Liquidity facility), | ||||||
2.41%, 5/07/08(a)(b) | 8,165 | 8,165,000 | ||||
Puerto Rico Electric Power Authority RB PUTTERS Series 2000-147 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.63%, 5/07/08(a)(b) | 3,100 | 3,100,000 | ||||
Puerto Rico Electric Power Authority RB PUTTERS Series 2007-1830 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1) | ||||||
2.63%, 5/07/08(a)(b) | 2,000 | 2,000,000 | ||||
Puerto Rico Electric Power Authority RB Series 2007 SGB-69 DN (FSA Insurance, Societe General Group LOC), (A-1+) | ||||||
1.65%, 7/01/08(a)(b) | 3,500 | 3,500,000 | ||||
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipt Floaters Series 2007-2006-1990 DN (Morgan Stanley Dean Witter Guaranty, Morgan Stanley Group Liquidity Facilities), (A-1+, AAA) | ||||||
2.49%, 5/07/08(a)(b) | 5,000 | 5,000,000 | ||||
| 44,460,482 | ||||||
Total Investments in Securities — 99.6% | 1,111,831,071 | |||||
Other Assets in Excess of Liabilities — 0.4% | 4,887,058 | |||||
Net Assets — 100.0% | $ | 1,116,718,129 | ||||
See Notes to Financial Statements.
| 54 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (concluded) | ||
| California Money Fund | ||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (c) | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Sales Cost | Realized Gain | Interest Income | ||||||
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2006F DN (DEPFA Bank Plc Liquidity Facility) | $ | 15,000,000 | $ | 41,850 | $ | 112,058 | |||
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA) | — | — | 132,867 | ||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1236 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | 2,200,000 | — | 1,456 | ||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1237 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | 2,740,000 | — | 1,813 | ||||||
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006D-195 DN (FGIC Insurance, Deutsche Bank Liquidity Facility) | 2,065,000 | — | 15,996 | ||||||
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA) | 5,000 | — | 81,579 | ||||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2005 PA-1288 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA) | 2,000,000 | — | 1,369 | ||||||
West Covina Unified School District GO Series 2003-23 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility) | 6,795,000 | 61,642 | |||||||
| (d) | Restricted security as to resale. As of report date the Fund held 1.7% of its net assets, with a current market value of $18,840,000 and an original cost of $18,840,000 in these securities. |
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 55 |
| Schedule of Investments April 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |
| New York Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds — 99.7% | ||||||
New York — 99.5% | ||||||
Albany School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.25%, 6/27/08 | $ | 2,301 | $ | 2,302,829 | ||
4.00%, 7/18/08 | 2,700 | 2,701,548 | ||||
Amityville Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/27/08 | 900 | 900,340 | ||||
Arlington Central School District GO Series 2007B BAN (State Aid Withholding Insurance), | ||||||
4.25%, 8/22/08 | 800 | 801,419 | ||||
Babylon Industrial Development Agency Resource Recovery RB (Ogden Martin Systems of Babylon, Inc. Project) Series 1998 DN (FSA Insurance, JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1) | ||||||
2.50%, 5/07/08(a) | 6,650 | 6,650,000 | ||||
Bellmore Union Free School District GO Series 2007 BAN, | ||||||
3.50%, 6/18/08 | 2,000 | 2,000,928 | ||||
Binghamton School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
3.90%, 9/19/08 | 800 | 800,773 | ||||
Broome County GO Series 2008 BAN, | ||||||
2.75%, 4/17/09 | 6,360 | 6,429,173 | ||||
Chautauqua County GO Series 2008 TAN, | ||||||
3.20%, 12/17/08 | 1,500 | 1,504,082 | ||||
Copiague Union Free School District GO Series 2007 BAN, | ||||||
3.50%, 6/18/08 | 1,000 | 1,000,359 | ||||
Corning School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/27/08 | 1,300 | 1,300,468 | ||||
East Aurora GO Series 2008 BAN, | ||||||
2.75%, 4/02/09 | 800 | 806,942 | ||||
Eastchester Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/20/08 | 1,800 | 1,800,710 | ||||
Elwood Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/27/08 | 2,000 | 2,001,056 | ||||
Erie County Civic Facilities IDRB (Hauptman- Woodward Project) Series 2004 DN (KeyBank N.A. LOC), | ||||||
2.49%, 5/07/08(a) | 2,250 | 2,250,000 | ||||
Erie County IDRB (Orchard Park CCRC, Inc. Project) Series 2006B DN (Sovereign Bank LOC, Citizens Financial Group, Inc. LOC), (A-1+) | ||||||
2.42%, 5/07/08(a) | 600 | 600,000 | ||||
Fayetteville-Manlius Central School District GO Series 2008 BAN (State Aid Withholding Insurance), | ||||||
2.75%, 4/24/09 | 1,365 | 1,380,945 | ||||
Franklin County IDA Civic Facility RB (Paul Smith’s College Project) Series 1998 DN (KeyBank N.A. LOC), | ||||||
2.74%, 5/07/08(a) | 2,290 | 2,290,000 | ||||
Freeport GO Series 2007A BAN, | ||||||
4.00%, 5/09/08 | 300 | 300,018 | ||||
Glens Falls School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.00%, 7/11/08 | 2,100 | 2,101,096 | ||||
Greenport Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/30/08 | 900 | 900,355 | ||||
Half Hollow Hills Central School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/30/08 | 300 | 300,143 | ||||
Hamburg Village GO Series 2008 BAN, | ||||||
2.00%, 2/05/09 | 580 | 583,549 | ||||
Harborfields Central School District GO Series 2007 TAN, | ||||||
3.90%, 6/27/08 | 3,000 | 3,001,128 | ||||
Hauppauge Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/27/08 | 4,000 | 4,001,506 | ||||
Hempstead Town IDA Civic Facility RB (Hebrew Academy Project) Series 2006 DN (Sovereign Bank LOC, KBC Bank N.V. LOC), (A-1+) | ||||||
2.41%, 5/07/08(a) | 5,995 | 5,995,000 | ||||
Hempstead Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.25%, 6/24/08 | 5,100 | 5,103,617 | ||||
Hicksville Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/27/08 | 200 | 200,106 | ||||
Hilton Central School District GO Series 2007 RAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/19/08 | 800 | 800,309 | ||||
Hoosick Falls Central School District GO Series 2008 BAN, | ||||||
3.00%, 4/03/09 | 1,340 | 1,355,564 | ||||
Hudson Yards Infrastructure Corp. RB Eagle Series 2007A DN (FSA Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility), (A-1) | ||||||
2.47%, 5/07/08(a)(b) | 2,600 | 2,600,000 | ||||
Huntington Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/27/08 | 4,000 | 4,001,572 | ||||
Islip Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/27/08 | 1,700 | 1,700,641 | ||||
Johnstown School District GO Series 2008 BAN, | ||||||
2.00%, 7/11/08 | 655 | 655,572 | ||||
Kings Park Central School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
3.90%, 8/15/08 | 900 | 900,628 | ||||
Laurens Central School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/26/08 | 500 | 500,221 | ||||
Lewisboro GO Series 2008 BAN, | ||||||
2.00%, 2/20/09 | 500 | 503,225 | ||||
Liberty Development Corp. RB Municipal Trust Receipts Floaters Series 2006-1251 DN (Morgan Stanley Group SBPA), (VMIG-1) | ||||||
2.41%, 5/07/08(a)(b) | 7,600 | 7,600,000 | ||||
See Notes to Financial Statements.
| 56 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| New York Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
New York (Continued) | ||||||
Liberty Development Corp. RB Municipal Trust Receipts Floaters Series 2007-2025 DN (Branch Banking & Trust Co. Liquidity Facility), | ||||||
2.44%, 5/07/08(a)(b) | $ | 1,395 | $ | 1,395,000 | ||
Livonia Central School District GO Series 2008 BAN (State Aid Withholding Insurance), | ||||||
3.25%, 6/26/08 | 2,005 | 2,005,789 | ||||
Long Island Power Authority Electric System RB Series 1998-2A DN (WestLB AG LOC), (A-1+, VMIG-1) | ||||||
2.70%, 5/07/08(a) | 7,910 | 7,910,000 | ||||
Long Island Power Authority Electric System RB Series 1998-3B DN (WestLB AG LOC), (A-1+, VMIG-1) | ||||||
2.29%, 5/01/08(a) | 10,600 | 10,600,000 | ||||
Long Island Power Authority Electric System RB Series 1998A MB (FSA Insurance), (AAA) | ||||||
5.13%, 6/01/08 | 1,800 | 1,820,157 | ||||
Long Island Power Authority Electric System RB Series 2001-2B DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/01/08(a) | 9,000 | 9,000,000 | ||||
Long Island Power Authority Electrical System RB Series 2001-3A DN (JPMorgan Chase & Co. LOC, Landesbank Baden-Wuerttemberg Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 7,800 | 7,800,000 | ||||
Long Island Power Authority Electrical System RB Series 2003E DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 6,500 | 6,500,000 | ||||
Mattituck-Cutchogue Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/30/08 | 1,700 | 1,700,676 | ||||
Metropolitan Transportation Authority RB (Dedicated Tax Fund Project) Series 2002B DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+) | ||||||
2.30%, 5/07/08(a) | 9,100 | 9,100,000 | ||||
Metropolitan Transportation Authority RB Municipal Trust Receipts Floaters Series 2008-2566D DN (Transamerica Life Insurance Co. Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), | ||||||
2.56%, 5/07/08(a)(b) | 38,545 | 38,545,000 | ||||
Metropolitan Transportation Authority RB Series 2002D-1 DN (FSA Insurance, WestLB AG SBPA), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 6,800 | 6,800,000 | ||||
Metropolitan Transportation Authority RB Series 2002D-2 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 100 | 100,000 | ||||
Metropolitan Transportation Authority RB Series 2005 DN (Fortis Bank LOC), (VMIG-1) | ||||||
2.20%, 5/07/08(a) | 4,450 | 4,450,000 | ||||
Miller Place Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/30/08 | 600 | 600,266 | ||||
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A DN (JPMorgan Chase Bank LOC), (VMIG-1) | ||||||
2.43%, 5/07/08(a) | 2,295 | 2,295,000 | ||||
Monroe County IDA Civic Facility RB (Sigal Center Project) Series 2004 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.51%, 5/07/08(a) | 1,600 | 1,600,000 | ||||
Monroe County IDA Civic Facility RB (YMCA of Greater Rochester Project) Series 2004 DN (M&T Bank Corp. LOC), (A-1) | ||||||
2.48%, 5/07/08(a) | 2,480 | 2,480,000 | ||||
Monroe-Woodbury Central School District GO (School Bus Project) Series 2007 BAN (State Aid Withholding Insurance), | ||||||
3.70%, 11/14/08 | 1,000 | 1,001,927 | ||||
Mount Vernon New York City School District GO Series 2008 RAN (State Aid Withholding Insurance), | ||||||
3.25%, 8/12/08 | 5,000 | 5,005,533 | ||||
Nassau County IDA Civic Facility RB (Cold Spring Harbor Laboratory Project) Series 1999 DN (Morgan Guaranty Trust LOC), (A-1+) | ||||||
2.32%, 5/01/08(a) | 5,450 | 5,450,000 | ||||
Nassau County IDA Civic Facility RB (North Shore Hebrew Academy Project) Series 2005 DN (Sovereign Bank LOC, Comerica Bank N.A. LOC), (VMIG-1) | ||||||
2.46%, 5/07/08(a) | 2,400 | 2,400,000 | ||||
New York City Convention Center RB Eclipse Funding Trust Series 2006-0004 DN (U.S. Bank N.A. Guaranty, Liquidity Facility), (VMIG-1) | ||||||
3.78%, 5/01/08(a)(b) | 10,625 | 10,625,000 | ||||
New York City GO Municipal Trust Receipts Floaters Series 2008-2473 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1) | ||||||
2.41%, 5/07/08(a)(b) | 7,500 | 7,500,000 | ||||
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Credit Local LOC), (F-1+) | ||||||
2.44%, 5/07/08(a)(b)(c) | 5,290 | 5,290,000 | ||||
New York City GO PUTTERS Series 2006-1299 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 5,335 | 5,335,000 | ||||
New York City GO PUTTERS Series 2007-2392 DN JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 6,295 | 6,295,000 | ||||
New York City GO Series 1995F-5 DN (Bayyerische Landesbank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(a) | 3,975 | 3,975,000 | ||||
New York City GO Series 2002C-2 DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(a) | 4,070 | 4,070,000 | ||||
New York City GO Series 2003A-5 DN (HSBC Bank LOC), (A-1) | ||||||
2.55%, 5/07/08(a) | 3,750 | 3,750,000 | ||||
New York City GO Series 2006I-4 DN (Bank of New York LOC), (A-1+, VMIG-1) | ||||||
2.30%, 5/07/08(a) | 5,000 | 5,000,000 | ||||
New York City GO Series 2007 ROC-RR-II- R-11299 DN (Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.42%, 5/07/08(a)(b) | 4,400 | 4,400,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 57 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| New York Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
New York (Continued) | ||||||
New York City GO Trust Receipts Series 2002-725X DN (FSA Insurance, Morgan Stanley Group Liquidity Facility), (VMIG-1) | ||||||
2.46%, 5/07/08(a)(b) | $ | 9,644 | $ | 9,643,750 | ||
New York City Housing Development Corp. Multi-Family Rental Housing RB (20th Exchange Place Project) Series 2006A DN (Landesbank Hessen-Thueringen Girozentrale LOC), (A-1) | ||||||
2.40%, 5/07/08(a) | 2,000 | 2,000,000 | ||||
New York City Housing Development Corp. Multi-Family Rental Housing RB (2nd Gold Street Project) Series 2006A DN (Fannie Mae Insurance, Fannie Mae Liquidity Facility), (A-1+) | ||||||
2.60%, 5/07/08(a) | 10,000 | 10,000,000 | ||||
New York City Housing Development Corp. Multi-Family Rental Housing RB (90th West Street Project) Series 2006A DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility), (A-1+) | ||||||
2.60%, 5/07/08(a) | 3,700 | 3,700,000 | ||||
New York City Housing Development Corp. Multi-Family Rental Housing RB (Related Monterey Project) Series 1997A DN (Federal National Mortgage Assoc. Guaranty), (A-1+) | ||||||
2.50%, 5/07/08(a) | 15,700 | 15,700,000 | ||||
New York City Housing Development Corp. RB (Beekman Tower Project) Series 2008A DN (Royal Bank of Scotland LOC), (A-1+) | ||||||
2.45%, 5/07/08(a) | 14,400 | 14,400,000 | ||||
New York City IDA Civic Facilities RB (Abraham Joshua Heschel Project) Series 2002 DN (Allied Irish Bank Plc LOC), (VMIG-1) | ||||||
2.42%, 5/07/08(a) | 1,800 | 1,800,000 | ||||
New York City IDA Civic Facilities RB (American Civil Liberties Project) Series 2005 DN (JPMorgan Chase Bank LOC), (A-1+, VMIG-1) | ||||||
2.50%, 5/01/08(a) | 4,400 | 4,400,000 | ||||
New York City IDA Civic Facilities RB (French Institute Alliance Project) Series 2005 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.51%, 5/07/08(a) | 2,040 | 2,040,000 | ||||
New York City IDA Civic Facilities RB (Hewitt School Project) Series 2002 DN (Allied Irish Bank Plc LOC), (VMIG-1) | ||||||
2.46%, 5/07/08(a) | 1,500 | 1,500,000 | ||||
New York City IDA Civic Facilities RB (The Birch Wathen Lenox School Project) Series 2004 DN (Allied Irish Bank Plc LOC), (VMIG-1) | ||||||
2.46%, 5/07/08(a) | 2,605 | 2,605,000 | ||||
New York City IDA Civic Facilities RB (Touro College Project) Series 2007 DN (JPMorgan Chase Bank LOC), (A-1+, VMIG-1) | ||||||
2.57%, 5/07/08(a) | 7,500 | 7,500,000 | ||||
New York City Industrial Development Agency RB (Liberty-1 Bryant Park LLC Project) Series 2004B DN (Bank of New York LOC), (A-1+) | ||||||
2.50%, 5/01/08(a) | 7,200 | 7,200,000 | ||||
New York City Municipal Water Finance Authority TECP, (A-1+, P-1) | ||||||
2.20%, 5/29/08 | 8,000 | 8,000,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 DN (State Street Bank & Trust Co. & CALSTERS SBPA), (A-1+, VMIG-1) | ||||||
2.50%, 5/01/08(a) | 16,400 | 16,400,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2006CC-1 DN (Bank of Nova Scotia SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/01/08(a) | 4,100 | 4,100,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2007-2008BB-1 DN (Fortis Bank SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 12,200 | 12,200,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2007-2008BB-5 DN (Bank of America N.A. SBPA), | ||||||
2.50%, 5/01/08(a) | 1,250 | 1,250,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Municipal Trust Receipts Floaters Series 2005-1051 DN (Morgan Stanley Muncipal Funding Liquidity Facility), (VMIG-1) | ||||||
2.41%, 5/07/08(a)(b) | 4,095 | 4,095,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Municipal Trust Receipts Floaters Series 2006-1226 DN (Morgan Stanley Group Liquidity Facility), (VMIG-1) | ||||||
2.41%, 5/07/08(a)(b) | 3,940 | 3,940,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB PUTTERS Series 2005-988 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 6,800 | 6,800,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB PUTTERS Series 2006-1263 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1) | ||||||
2.51%, 5/07/08(a)(b) | 4,235 | 4,235,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2001F-1 DN (Credit Locale de France LOC), (A-1+, VMIG-1) | ||||||
2.53%, 5/01/08(a) | 2,420 | 2,420,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2001F-2 DN (Morgan Guaranty Trust SBPA), (VMIG-1) | ||||||
2.30%, 5/07/08(a) | 2,600 | 2,600,000 | ||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2002C-3 DN (DEPFA Bank Plc SBPA), (A-1+, VMIG-1) | ||||||
2.35%, 5/01/08(a) | 5,500 | 5,500,000 | ||||
See Notes to Financial Statements.
| 58 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| New York Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
New York (Continued) | ||||||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-3 DN (Bank of America N.A. SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | $ | 21,400 | $ | 21,400,000 | ||
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-4 DN (BNP Paribas SBPA), (A-1+, VMIG-1) | ||||||
2.31%, 5/07/08(a) | 22,800 | 22,800,000 | ||||
New York City Transitional Finance Authority RB Eagle Trust Receipts Series 2001 DN (Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 3,300 | 3,300,000 | ||||
New York City Transitional Finance Authority RB Municipal Trust Receipts Floaters Series 2006-1401 DN (Morgan Stanley Group Liquidity Facility), (A-1) | ||||||
2.41%, 5/07/08(a)(b) | 4,935 | 4,935,000 | ||||
New York City Transitional Finance Authority RB Series 2003-2D DN (Lloyds TSB Bank Plc Liquidity Facility), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 8,700 | 8,700,000 | ||||
New York City Transitional Finance Authority RB Series 2005A-1 MB, | ||||||
5.00%, 11/01/08 | 590 | 597,407 | ||||
New York City Transitional Finance Authority RB Series 2007 ROC-RR-II-R-10131 DN (Citibank N.A. Liquidity Facility), (A-1+) | ||||||
2.42%, 5/07/08(a)(b) | 8,630 | 8,630,000 | ||||
New York City Trust for Cultural Resources RB (The Museum of Broadcasting Project) Series 1989 DN (KBC Bank N.V. LOC), (A-1+, VMIG-1) | ||||||
2.35%, 5/07/08(a) | 895 | 895,000 | ||||
New York Dormitory Authority RB (Cornell University Project) Series 2004 DN (HSBC Bank USA N.A. SBPA), (A-1+, VMIG-1) | ||||||
1.40%, 5/07/08(a) | 6,500 | 6,500,000 | ||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2E DN (Banque Nationale de Paribas SBPA), (A-1+) | ||||||
2.30%, 5/07/08(a) | 200 | 200,000 | ||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2F DN (JPMorgan Chase Bank SBPA), (A-1+) | ||||||
2.05%, 5/07/08(a) | 1,340 | 1,340,000 | ||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2G DN (Bank of Nova Scotia SBPA), (A-1) | ||||||
2.30%, 5/07/08(a) | 12,815 | 12,815,000 | ||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2H DN (HSBC Bank USA N.A. SBPA), (A-1+) | ||||||
2.30%, 5/07/08(a) | 4,495 | 4,495,000 | ||||
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2004F-2B DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+) | ||||||
2.10%, 5/07/08(a) | 24,300 | 24,300,000 | ||||
New York Dormitory Authority RB (Municipal Health Facility Improvement Project) Series 2001-1 MB (FSA Insurance), | ||||||
5.00%, 1/15/09 | 500 | 507,798 | ||||
New York Dormitory Authority RB Municipal Trust Receipts (Columbia University Project) Series 2001-132 DN (Societe Generale Liquidity Facility), (A-1+) | ||||||
2.75%, 5/07/08(a)(b) | 2,000 | 2,000,000 | ||||
New York Dormitory Authority RB PUTTERS Series 2007-1956 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 1,375 | 1,375,000 | ||||
New York Dormitory Authority RB PUTTERS Series 2008-2659 DN (JPMorgan Chase & Co. Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 2,500 | 2,500,000 | ||||
New York Dormitory Authority RB Series 2005B DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.45%, 5/07/08(a) | 7,500 | 7,500,000 | ||||
New York Dormitory Authority RB Series 2006 DN (Fannie Mae Insurance, Fannie Mae Liquidity Facility), (A-1) | ||||||
2.40%, 5/07/08(a) | 7,000 | 7,000,000 | ||||
New York Environmental Facilities Corp. Clean Water & Drinking RB MERLOTS Trust Receipts Series 2004B DN (Wachovia Bank N.A. SBPA), (A-1) | ||||||
2.82%, 5/07/08(a)(b) | 5,365 | 5,365,000 | ||||
New York Environmental Facilities Corp. Clean Water & Drinking RB PUTTERS Series 2006-1372 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.51%, 5/07/08(a)(b) | 1,845 | 1,845,000 | ||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Series 2003 ROC-RR-II-R-4001 DN (Citigroup Financial Products Liquidity Facility), (VMIG-1) | ||||||
2.42%, 5/07/08(a)(b) | 1,580 | 1,580,000 | ||||
New York Environmental Facilities Corp. Clean Water & Drinking RB Series 2007 ROC-RR-II-R-12032 DN (Citigroup Financial Products Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 5,710 | 5,710,000 | ||||
New York GO (Environmental Quality Project) Series 1998G DN (WestLB AG LOC), (A-1+, VMIG-1) | ||||||
3.20%, 5/07/08(a) | 7,260 | 7,260,000 | ||||
New York GO Series 2000B MB (Dexia Credit Local LOC), (A-1+, VMIG-1) | ||||||
2.80%, 7/02/08 | 1,200 | 1,200,000 | ||||
New York Housing Finance Agency RB (10 Liberty-A Project) Series 2003 DN (Federal Home Loan Mortgage Corp. Insurance, Federal Home Loan Mortgage Corp. Liquidity Facility), | ||||||
2.50%, 5/07/08(a) | 16,230 | 16,230,000 | ||||
New York Housing Finance Agency RB (Normandie Court I Project) Series 1991A DN (Societe Generale LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 4,400 | 4,400,000 | ||||
New York Housing Finance Agency RB (North End Project) Series 2004 DN (Federal National Mortgage Assoc. Liquidity Facility), (VMIG-1) | ||||||
2.50%, 5/07/08(a) | 4,900 | 4,900,000 | ||||
New York Housing Finance Agency RB (Tribeca Green Housing Project) Series 2003A DN (Landesbank Hessen-Thuringen Girozentrale LOC), (VMIG-1) | ||||||
2.60%, 5/07/08(a) | 13,485 | 13,485,000 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 59 |
| Schedule of Investments (continued) | (Percentages shown are based on Net Assets) | |
| New York Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
New York (Continued) | ||||||
New York Housing Finance Agency RB Series 2003E DN (Banque Nationale de Paribas LOC), (A-1+, F1+) | ||||||
2.60%, 5/07/08(a) | $ | 10,700 | $ | 10,700,000 | ||
New York Local Government Assistance Corp. RB Series 1994B DN (Bayerische Landesbank Girozentrale LOC, Westdeutsche Landesbank LOC), (A-1+, VMIG-1) | ||||||
2.70%, 5/07/08(a) | 4,605 | 4,605,000 | ||||
New York Local Government Assistance Corp. RB Series 1995C DN (Landesbank Hessen-Thuringen Girozentrale LOC), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 300 | 300,000 | ||||
New York Local Government Assistance Corp. RB Series 1995F DN (Toronto Dominion LOC), (A-1, VMIG-1) | ||||||
2.45%, 5/07/08(a) | 2,400 | 2,400,000 | ||||
New York Power Authority GO Series 1985 MB (Dexia Credit Local Liquidity Facility), (A-1+, MIG-1) | ||||||
2.10%, 9/02/08 | 2,760 | 2,760,000 | ||||
New York Power Authority TECP, | ||||||
2.55%, 7/18/08 | 3,000 | 3,000,000 | ||||
New York Tollway Authority Second General Highway & Bridge Trust Fund RB Municipal Trust Receipts Floaters Series 2008-2527 DN (Morgan Stanley Municpal Funding Liqudity Facility), (A-1+) | ||||||
2.41%, 5/07/08(a)(b) | 2,009 | 2,009,000 | ||||
New York Urban Development Corp. RB UBS Municipal Certificates Floaters Series 2007-07-1037 DN (Bank of New York Liquidity Facility), (A-1+) | ||||||
2.46%, 5/07/08(a)(b) | 400 | 400,000 | ||||
North Babylon Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/26/08 | 300 | 300,156 | ||||
North Syracuse Central School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/19/08 | 220 | 220,074 | ||||
Ogdensburg Enlarged City School District GO Series 2007 RAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/27/08 | 700 | 700,230 | ||||
Oneida County IDRB (Preswick Glen Civic Facility Project) Series 2006 DN (Sovereign Bank LOC, Lloyds TSB Bank Plc LOC), (A-1+) | ||||||
2.42%, 5/07/08(a) | 3,500 | 3,500,000 | ||||
Onondaga County IDA Civic Facility RB (YMCA Greater Syracuse Project) Series 2003A DN (Citizens Financial Group, Inc. LOC), | ||||||
2.49%, 5/07/08(a) | 3,800 | 3,800,000 | ||||
Ontario County Civic Facilities RB (Finger Lakes Project) Series 2006A DN (Citizens Financial Group, Inc. LOC), (VMIG-1) | ||||||
2.40%, 5/07/08(a) | 4,000 | 4,000,000 | ||||
Orange County GO Series 2007 BAN, | ||||||
3.90%, 7/24/08 | 1,600 | 1,600,044 | ||||
Orange County IDA Civic Facilities RB (Cornwall Hospital Project) Series 2006 DN (KeyBank N.A. LOC), (VMIG-1) | ||||||
2.45%, 5/07/08(a) | 4,000 | 4,000,000 | ||||
Otsego County IDRB (Templeton Foundation Project) Series 2007A DN (KeyBank N.A. LOC), | ||||||
2.49%, 5/07/08(a) | 575 | 575,000 | ||||
Owego Town GO Series 2008 BAN, | ||||||
2.70%, 1/29/09 | 721 | 721,345 | ||||
Poughkeepsie City GO Series 2007B BAN, | ||||||
3.90%, 9/12/08 | 500 | 500,476 | ||||
Poughkeepsie City GO Series 2007C BAN, | ||||||
3.90%, 7/18/08 | 1,500 | 1,500,838 | ||||
Poughkeepsie City GO Series 2008A BAN, | ||||||
2.75%, 4/24/09 | 1,090 | 1,102,198 | ||||
Poughkeepsie City GO Series 2008 BAN, | ||||||
2.75%, 3/20/09 | 865 | 870,550 | ||||
Ramapo Housing Authority RB (Fountainview College Road Project) Series 1998 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(a) | 6,970 | 6,970,000 | ||||
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.52%, 5/07/08(a) | 2,500 | 2,500,000 | ||||
Ridge Road Fire District GO Series 2008 BAN, | ||||||
2.00%, 12/18/08 | 630 | 631,614 | ||||
Rockland County GO Series 2007E BAN, | ||||||
3.90%, 9/04/08 | 1,300 | 1,301,120 | ||||
Rockland County IDRB (Northern Manor Multicare Project) Series 2002 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(a) | 10,635 | 10,635,000 | ||||
Rockland County IDRB (Northern River Assisted Living Project) Series 1999 DN (M&T Bank Corp. LOC), (VMIG-1) | ||||||
2.48%, 5/07/08(a) | 8,900 | 8,900,000 | ||||
Rome School District GO Series 2007A BAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/27/08 | 900 | 900,283 | ||||
Rome School District GO Series 2007B BAN (State Aid Withholding Insurance), | ||||||
4.00%, 7/25/08 | 800 | 800,374 | ||||
Rome School District GO Series 2007 RAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/20/08 | 1,800 | 1,800,472 | ||||
Schenectady County IDA Civic Facility RB (Sunnyview Project) Series 2003B DN (KeyBank N.A. LOC), (VMIG-1) | ||||||
2.45%, 5/07/08(a) | 2,295 | 2,295,000 | ||||
Schenectady School District GO Series 2007 RAN (State Aid Withholding Insurance), | ||||||
4.00%, 7/31/08 | 1,300 | 1,300,653 | ||||
Shenendehowa Cetnral School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
3.85%, 6/27/08 | 2,300 | 2,300,079 | ||||
Southampton Union Free School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
3.90%, 9/17/08 | 500 | 500,494 | ||||
Southampton Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/27/08 | 1,500 | 1,500,614 | ||||
Suffolk County GO Series 2008 TAN, (SP-1+, MIG-1) | ||||||
3.50%, 8/14/08 | 7,000 | 7,013,847 | ||||
Syracuse Industrial Development Agency RB (Syracuse University Project) Series 2008A-2 DN (JPMorgan Chase Bank LOC), (A-1+, VMIG-1) | ||||||
2.45%, 5/01/08(a) | 2,200 | 2,200,000 | ||||
See Notes to Financial Statements.
| 60 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (concluded) | (Percentages shown are based on Net Assets) | |
| New York Money Fund | ||
| Par (000) | Value | |||||
Municipal Bonds (Continued) | ||||||
New York (Continued) | ||||||
Tarrytown Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
3.90%, 6/13/08 | $ | 900 | $ | 900,278 | ||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (DEPFA Bank Plc Liquidity Facility), (A-1+) | ||||||
2.47%, 5/07/08(a)(b)(c) | 17,495 | 17,495,000 | ||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbanken AB Liquidity Facility), (A-1) | ||||||
2.47%, 5/07/08(a)(b)(c) | 7,495 | 7,495,000 | ||||
Tobacco Settlement Financing Corp. RB Series 2003B-1 MB, (AA-, A1) | ||||||
5.00%, 6/01/08 | 400 | 400,398 | ||||
Triborough Bridge & Tunnel Authority RB Series 2002F DN (ABN-AMRO Bank N.V. SBPA), (A-1+, VMIG-1) | ||||||
2.60%, 5/07/08(a) | 6,000 | 6,000,000 | ||||
Triborough Bridge & Tunnel Authority RB Series 2005A DN (Dexia SBPA), (A-1+, VMIG-1) | ||||||
2.40%, 5/07/08(a) | 8,500 | 8,500,000 | ||||
Triborough Bridge & Tunnel Authority RB Series 2005B-3 DN (Bank of America N.A. SBPA), (A-1+, VIMG-1) | ||||||
2.20%, 5/07/08(a) | 3,755 | 3,755,000 | ||||
Triborough Bridge & Tunnel Authority RB Series 2006B-4 DN (Landesbank Baden-Wurttemberg Girozentrale SBPA), (A-1+, VMIG1) | ||||||
2.40%, 5/07/08(a) | 8,055 | 8,055,000 | ||||
Troy IDA Civic Facility RB (Rensselaer Polytechnic Institute Project) Series 2008 DN (Bank of America N.A. LOC), (A-1+, VMIG-1) | ||||||
2.20%, 5/07/08(a) | 8,000 | 8,000,000 | ||||
Vestal GO Series 2007 BAN, | ||||||
4.00%, 5/23/08 | 700 | 700,154 | ||||
Wantagh Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/27/08 | 200 | 200,109 | ||||
Wappinger GO Series 2008 BAN, | ||||||
2.75%, 4/03/09 | 655 | 661,000 | ||||
Watertown Enlarged City School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.00%, 6/26/08 | 3,000 | 3,001,146 | ||||
Watertown GO Series 2008 BAN, | ||||||
2.00%, 2/25/09 | 690 | 694,072 | ||||
White Plains GO Series 2008 BAN, | ||||||
3.00%, 1/22/09 | 500 | 501,772 | ||||
Yorktown Central School District GO Series 2007 BAN (State Aid Withholding Insurance), | ||||||
4.00%, 10/02/08 | 1,300 | 1,302,643 | ||||
| 791,995,158 | ||||||
Puerto Rico — 0.2% | ||||||
Puerto Rico Electric Power Authority RB PUTTERS Series 2000-164 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+) | ||||||
2.43%, 5/07/08(a)(b) | 1,235 | 1,235,000 | ||||
Total Investments in Securities — 99.7% | 793,230,158 | |||||
Other Assets in Excess of Liabilities — 0.3% | 2,485,784 | |||||
Net Assets — 100.0% | $ | 795,715,942 | ||||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand. |
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (c) | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Sales Cost | Interest Income | ||||
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Credit Local LOC) | $ | 10,000 | $ | 72,899 | ||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (DEPFA Bank Plc Liquidity Facility) | — | 252,229 | ||||
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbank AB Liquidity Facility) | — | 104,285 | ||||
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 61 |
Statements of Assets and Liabilities
April 30, 2008 (Unaudited) | TempFund | TempCash | FedFund | T-Fund | Federal Trust Fund | ||||||||||||
Assets | |||||||||||||||||
Investments at value - unaffiliated1 | $ | 67,079,337,115 | $ | 13,639,930,105 | $ | 5,418,974,003 | $ | — | $ | 628,094,346 | |||||||
Repurchase agreements - affiliated2 | 308,100,000 | — | 12,200,000 | — | — | ||||||||||||
Repurchase agreements - unaffiliated3 | 1,534,842,000 | 790,000 | 4,641,358,000 | 9,790,707,000 | — | ||||||||||||
Cash | 494,855 | — | 950,971 | 37,000,382 | 691 | ||||||||||||
Interest receivable | 210,584,113 | 43,144,795 | 25,314,996 | 4,076,630 | 1,323,837 | ||||||||||||
Interest receivable - affiliated | 18,293 | — | 724 | — | — | ||||||||||||
Prepaid expenses | 1,108,915 | 254,272 | 175,766 | 176,763 | 35,183 | ||||||||||||
Total assets | 69,134,485,291 | 13,684,119,172 | 10,098,974,460 | 9,831,960,775 | 629,454,057 | ||||||||||||
Liabilities | |||||||||||||||||
Bank overdraft | — | 37,975 | — | — | — | ||||||||||||
Investments purchased payable | — | 114,950,000 | — | — | — | ||||||||||||
Income dividends payable | 86,113,009 | 16,769,266 | 6,506,331 | 9,082,046 | 1,047,008 | ||||||||||||
Management fees payable | 18,713,557 | 4,174,057 | 3,261,092 | 3,149,274 | 188,031 | ||||||||||||
Service and distribution fees payable | 3,685,257 | 236,558 | 702,722 | 384,968 | 25,704 | ||||||||||||
Transfer agent fees payable | 388,761 | 104,460 | 21,062 | 45,072 | 5,211 | ||||||||||||
Custodian fees payable | 321,516 | 111,237 | 70,307 | 78,437 | 5,622 | ||||||||||||
Officer and Trustees fees payable | 112,491 | 16,291 | 5,468 | 12,106 | 598 | ||||||||||||
Other accrued expenses | 428,316 | 178,409 | 73,034 | 69,473 | 22,538 | ||||||||||||
Total liabilities | 109,762,907 | 136,578,253 | 10,640,016 | 12,821,376 | 1,294,712 | ||||||||||||
Net Assets | |||||||||||||||||
Net Assets | $ | 69,024,722,384 | $ | 13,547,540,919 | $ | 10,088,334,444 | $ | 9,819,139,399 | $ | 628,159,345 | |||||||
Net Assets Consist of | |||||||||||||||||
Paid-in capital | $ | 69,021,270,067 | $ | 13,546,536,422 | $ | 10,088,346,498 | $ | 9,819,236,667 | $ | 628,023,219 | |||||||
Undistributed net investment income | — | — | — | — | 294 | ||||||||||||
Accumulated net realized gain (loss) | 3,452,317 | 1,004,497 | (12,054 | ) | (97,268 | ) | 135,832 | ||||||||||
Net Assets | $ | 69,024,722,384 | $ | 13,547,540,919 | $ | 10,088,334,444 | $ | 9,819,139,399 | $ | 628,159,345 | |||||||
1 Investments at cost - unaffiliated | $ | 67,079,337,115 | $ | 13,639,930,105 | $ | 5,418,974,003 | $ | — | $ | 628,094,346 | |||||||
2 Repurchase agreements at cost - affiliated | 308,100,000 | — | 12,200,000 | — | — | ||||||||||||
3 Repurchase agreements at cost - unaffiliated | 1,534,842,000 | 790,000 | 4,641,358,000 | 9,790,707,000 | — | ||||||||||||
See Notes to Financial Statements.
| 62 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Statements of Assets and Liabilities (continued)
April 30, 2008 (Unaudited) | TempFund | TempCash | FedFund | T-Fund | Federal Trust Fund | ||||||||||
Institutional | |||||||||||||||
Net Assets | $ | 55,905,726,963 | $ | 12,352,948,319 | $ | 7,906,941,973 | $ | 8,379,045,866 | $ | 479,425,537 | |||||
Shares outstanding, unlimited number of shares authorized | 55,903,012,494 | 12,352,019,650 | 7,906,950,609 | 8,379,127,545 | 479,322,715 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Dollar | |||||||||||||||
Net Assets | $ | 7,046,313,766 | $ | 1,116,838,187 | $ | 833,986,007 | $ | 646,485,841 | $ | 114,884,865 | |||||
Shares outstanding, unlimited number of shares authorized | 7,046,113,277 | 1,116,762,870 | 833,971,196 | 646,499,699 | 114,861,612 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Cash Management | |||||||||||||||
Net Assets | $ | 932,750,481 | $ | 112,419 | $ | — | $ | 553,098,548 | $ | — | |||||
Shares outstanding, unlimited number of shares authorized | 932,672,315 | 112,370 | — | 553,100,913 | — | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | — | |||||
Cash Reserve | |||||||||||||||
Net Assets | $ | 8,861,013 | $ | — | $ | 1,545,524 | $ | — | $ | — | |||||
Shares outstanding, unlimited number of shares authorized | 8,857,573 | — | 1,545,721 | — | — | ||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | — | $ | — | |||||
Administration | |||||||||||||||
Net Assets | $ | 2,115,663,337 | $ | 77,641,994 | $ | 101,305,204 | $ | 82,966,019 | $ | 33,848,943 | |||||
Shares outstanding, unlimited number of shares authorized | 2,115,581,083 | 77,641,532 | 101,306,280 | 82,965,682 | 33,839,514 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Select | |||||||||||||||
Net Assets | $ | 971,100,778 | $ | — | $ | 134,727,935 | $ | 49,174,128 | $ | — | |||||
Shares outstanding, unlimited number of shares authorized | 970,989,703 | — | 134,729,622 | 49,174,093 | — | ||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | |||||
Premier Choice | |||||||||||||||
Net Assets | $ | 2,010 | $ | — | $ | 2,273 | $ | 509 | $ | — | |||||
Shares outstanding, unlimited number of shares authorized | 2,010 | — | 2,281 | 509 | — | ||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | |||||
Private Client | |||||||||||||||
Net Assets | $ | 1,502,493,816 | $ | — | $ | 969,801,966 | $ | 4,336,809 | $ | — | |||||
Shares outstanding, unlimited number of shares authorized | 1,502,314,570 | — | 969,815,471 | 4,336,702 | — | ||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | |||||
Premier | |||||||||||||||
Net Assets | $ | 541,810,220 | $ | — | $ | 140,023,562 | $ | 104,031,679 | $ | — | |||||
Shares outstanding, unlimited number of shares authorized | 541,727,042 | — | 140,025,317 | 104,031,524 | — | ||||||||||
Net Asset Value | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | $ | — | |||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 63 |
| Statements of Assets and Liabilities (continued) |
April 30, 2008 (Unaudited) | Treasury Trust Fund | MuniFund | MuniCash | California Money Fund | New York Money Fund | ||||||||||
Assets | |||||||||||||||
Investments at value - unaffiliated1 | $ | 5,726,805,428 | $ | 4,643,321,933 | $ | 719,737,946 | $ | 1,096,286,071 | $ | 762,950,158 | |||||
Investments at value - affiliated2 | — | 5,975,000 | — | 15,545,000 | 30,280,000 | ||||||||||
Cash | — | 44,746 | 23,438 | 69,586 | 22,621 | ||||||||||
Interest receivable | 2,980,351 | 26,811,844 | 3,789,489 | 6,248,354 | 3,955,451 | ||||||||||
Interest receivable - affiliated | — | 43,063 | — | 165,720 | 310,549 | ||||||||||
Investments sold receivable | — | 68,221,772 | — | — | — | ||||||||||
Prepaid expenses | 70,802 | 122,893 | 55,522 | 34,819 | 22,337 | ||||||||||
Total Assets | 5,729,856,581 | 4,744,541,251 | 723,606,395 | 1,118,349,550 | 797,541,116 | ||||||||||
Liabilities | |||||||||||||||
Bank overdraft | 1,699,698 | — | — | — | — | ||||||||||
Investments purchased payable | 483,775,292 | 75,696,410 | — | — | 661,000 | ||||||||||
Income dividends payable | 3,471,914 | 4,235,254 | 862,890 | 1,079,470 | 777,026 | ||||||||||
Management fees payable | 1,703,531 | 1,325,959 | 107,628 | 371,883 | 252,006 | ||||||||||
Service and distribution fees payable | 166,182 | 354,092 | 19,924 | 141,331 | 101,025 | ||||||||||
Transfer agent fees payable | 22,047 | 43,091 | 29,301 | 28,581 | 14,275 | ||||||||||
Custodian fees payable | 35,754 | 12,674 | — | — | — | ||||||||||
Officer and Trustees fees payable | 2,595 | 4,424 | 2,810 | 2,015 | 1,026 | ||||||||||
Other accrued expenses | 36,349 | 49,640 | 26,539 | 8,141 | 18,816 | ||||||||||
Total Liabilities | 490,913,362 | 81,721,544 | 1,049,092 | 1,631,421 | 1,825,174 | ||||||||||
Net Assets | |||||||||||||||
Net Assets | $ | 5,238,943,219 | $ | 4,662,819,707 | $ | 722,557,303 | $ | 1,116,718,129 | $ | 795,715,942 | |||||
Net Assets Consist of | |||||||||||||||
Paid-in capital | $ | 5,238,291,826 | $ | 4,662,324,629 | $ | 722,503,487 | $ | 1,116,524,837 | $ | 795,691,837 | |||||
Undistributed net investment income | — | 2,304 | 10,030 | — | 6 | ||||||||||
Accumulated net realized gain | 651,393 | 492,774 | 43,786 | 193,292 | 24,099 | ||||||||||
Net Assets | $ | 5,238,943,219 | $ | 4,662,819,707 | $ | 722,557,303 | $ | 1,116,718,129 | $ | 795,715,942 | |||||
1 Investments at cost - unaffiliated | $ | 5,726,805,428 | $ | 4,643,321,933 | $ | 719,737,946 | $ | 1,096,286,071 | $ | 762,950,158 | |||||
2 Investments at cost - affiliated | — | 5,975,000 | — | 15,545,000 | 30,280,000 | ||||||||||
See Notes to Financial Statements.
| 64 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Statements of Assets and Liabilities (concluded)
April 30, 2008 (Unaudited) | Treasury Trust Fund | MuniFund | MuniCash | California Money Fund | New York Money Fund | ||||||||||
Institutional | |||||||||||||||
Net Assets | $ | 4,538,439,526 | $ | 3,322,627,788 | $ | 635,531,536 | $ | 802,402,301 | $ | 558,028,063 | |||||
Shares outstanding, unlimited number of shares authorized | 4,537,854,540 | 3,322,247,189 | 635,511,697 | 802,233,256 | 557,647,679 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Dollar | |||||||||||||||
Net Assets | $ | 488,227,429 | $ | 239,525,112 | $ | 87,025,767 | $ | 13,437,900 | $ | 6,306,547 | |||||
Shares outstanding, unlimited number of shares authorized | 488,211,432 | 239,504,390 | 86,995,251 | 13,425,005 | 6,299,885 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||
Cash Management | |||||||||||||||
Net Assets | $ | 77,310,333 | $ | 97,141,868 | $ | — | $ | 9,354,933 | $ | 22,929,210 | |||||
Shares outstanding, unlimited number of shares authorized | 77,293,217 | 97,129,271 | — | 9,351,268 | 22,924,546 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||
Administration | |||||||||||||||
Net Assets | $ | 134,965,931 | $ | 455,824,458 | $ | — | $ | 4,749,322 | $ | 11,662,004 | |||||
Shares outstanding, unlimited number of shares authorized | 134,932,637 | 455,707,519 | — | 4,747,430 | 11,647,254 | ||||||||||
Net Asset Value | $ | 1.00 | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||
Select | |||||||||||||||
Net Assets | $ | — | $ | 31,589,432 | $ | — | $ | 30,410,490 | $ | 8,974,779 | |||||
Shares outstanding, unlimited number of shares authorized | — | 31,583,435 | — | 30,394,994 | 8,970,707 | ||||||||||
Net Asset Value | $ | — | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||
Premier Choice | |||||||||||||||
Net Assets | $ | — | $ | 2,289 | $ | — | $ | 2,237 | $ | 2,237 | |||||
Shares outstanding, unlimited number of shares authorized | — | 2,297 | — | 2,237 | 2,237 | ||||||||||
Net Asset Value | $ | — | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||
Private Client | |||||||||||||||
Net Assets | $ | — | $ | 317,851,747 | $ | — | $ | 237,884,790 | $ | 185,322,212 | |||||
Shares outstanding, unlimited number of shares authorized | — | 317,784,127 | — | 237,798,649 | 185,206,149 | ||||||||||
Net Asset Value | $ | — | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||
Premier | |||||||||||||||
Net Assets | $ | — | $ | 198,257,013 | $ | — | $ | 18,476,156 | $ | 2,490,890 | |||||
Shares outstanding, unlimited number of shares authorized | — | 198,196,067 | — | 18,465,214 | 2,484,309 | ||||||||||
Net Asset Value | $ | — | $ | 1.00 | $ | — | $ | 1.00 | $ | 1.00 | |||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 65 |
Six Months Ended April 30, 2008 (Unaudited) | TempFund | TempCash | FedFund | |||||||||
Investment Income | ||||||||||||
Interest | $ | 1,346,527,440 | $ | 308,535,707 | $ | 159,933,468 | ||||||
Interest from affiliates | 2,076,732 | — | 423,332 | |||||||||
Total investment income | 1,348,604,172 | 308,535,707 | 160,356,800 | |||||||||
Expenses | ||||||||||||
Management | 55,985,343 | 14,962,854 | 8,915,203 | |||||||||
Service - class specific | 19,780,477 | 1,319,853 | 4,097,103 | |||||||||
Distribution - class specific | 4,929,032 | — | 2,014,009 | |||||||||
Transfer agent | 1,259,210 | 279,481 | 174,829 | |||||||||
Custodian | 1,172,011 | 196,593 | 157,018 | |||||||||
Registration | 34,441 | 19,052 | 40,003 | |||||||||
Professional | 346,648 | 88,782 | 57,197 | |||||||||
Officer and Trustees | 244,267 | 53,616 | 34,675 | |||||||||
Printing | 65,820 | 15,680 | 9,257 | |||||||||
Miscellaneous | 380,975 | 90,631 | 55,387 | |||||||||
Total expenses | 84,198,224 | 17,026,542 | 15,554,681 | |||||||||
Less management fees waived | (2,723,015 | ) | (2,774,988 | ) | (881,485 | ) | ||||||
Less distribution fees waived - class specific | (3,190,943 | ) | — | (1,766,286 | ) | |||||||
Less service fees waived - class specific | (148,979 | ) | — | (147,539 | ) | |||||||
Less fees paid indirectly | (94,721 | ) | (2,576 | ) | (91,630 | ) | ||||||
Total expenses after waivers | 78,040,566 | 14,248,978 | 12,667,741 | |||||||||
Net investment income | 1,270,563,606 | 294,286,729 | 147,689,059 | |||||||||
Realized Gain (Loss) | ||||||||||||
Net realized gain from: | ||||||||||||
Investments | 6,893,150 | 3,157,547 | — | |||||||||
Investments - affiliated | — | — | — | |||||||||
| 6,893,150 | 3,157,547 | — | ||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 1,277,456,756 | $ | 297,444,276 | $ | 147,689,059 | ||||||
See Notes to Financial Statements.
| 66 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Statements of Operations (concluded)
| T-Fund | Federal Trust Fund | Treasury Trust Fund | MuniFund | MuniCash | California Money Fund | New York Money Fund | ||||||||||||||||||||
| $ | 140,175,074 | $ | 10,390,979 | $ | 49,981,523 | $ | 59,896,691 | $ | 13,727,716 | $ | 15,986,830 | $ | 9,499,296 | |||||||||||||
| 110,021 | — | — | 307,392 | 53,514 | 408,780 | 429,413 | ||||||||||||||||||||
| 140,285,095 | 10,390,979 | 49,981,523 | 60,204,083 | 13,781,230 | 16,395,610 | 9,928,709 | ||||||||||||||||||||
| 9,619,626 | 748,919 | 4,355,317 | 5,506,265 | 1,551,934 | 2,232,783 | 1,369,800 | ||||||||||||||||||||
| 3,150,725 | 125,996 | 638,524 | 2,211,107 | 102,978 | 908,045 | 593,892 | ||||||||||||||||||||
| 104,101 | — | — | 780,622 | — | 521,885 | 356,066 | ||||||||||||||||||||
| 175,312 | 14,476 | 95,651 | 112,144 | 47,399 | 63,914 | 31,424 | ||||||||||||||||||||
| 129,243 | 9,570 | 49,077 | 62,736 | 30,520 | 26,630 | 17,284 | ||||||||||||||||||||
| 28,857 | 13,964 | 15,490 | 33,664 | 22,393 | 10,231 | 6,523 | ||||||||||||||||||||
| 66,407 | 17,806 | 33,618 | 37,071 | 21,098 | 23,604 | 21,252 | ||||||||||||||||||||
| 42,399 | 11,921 | 21,710 | 21,026 | 11,578 | 13,314 | 12,188 | ||||||||||||||||||||
| 11,239 | 1,281 | 3,941 | 4,716 | 1,426 | 2,079 | 1,155 | ||||||||||||||||||||
| 65,592 | 10,115 | 31,563 | 34,322 | 9,713 | 9,416 | 6,695 | ||||||||||||||||||||
| 13,393,501 | 954,048 | 5,244,891 | 8,803,673 | 1,799,039 | 3,811,901 | 2,416,279 | ||||||||||||||||||||
| (884,531 | ) | (263,450 | ) | (796,308 | ) | (1,820,048 | ) | (1,049,696 | ) | (1,186,445 | ) | (735,409 | ) | |||||||||||||
| (86,650 | ) | — | — | (720,725 | ) | — | (446,403 | ) | (341,727 | ) | ||||||||||||||||
| (15,155 | ) | — | — | (69,043 | ) | — | (38,647 | ) | (22,380 | ) | ||||||||||||||||
| (32,175 | ) | (289 | ) | (6,218 | ) | (60,135 | ) | (31,303 | ) | (41,513 | ) | (14,752 | ) | |||||||||||||
| 12,374,990 | 690,309 | 4,442,365 | 6,133,722 | 718,040 | 2,098,893 | 1,302,011 | ||||||||||||||||||||
| 127,910,105 | 9,700,670 | 45,539,158 | 54,070,361 | 13,063,190 | 14,296,717 | 8,626,698 | ||||||||||||||||||||
| 9,771 | 99,105 | 446,795 | 482,525 | 308,193 | 135,709 | 15,177 | ||||||||||||||||||||
| — | — | — | — | — | 41,850 | — | ||||||||||||||||||||
| 9,771 | 99,105 | 446,795 | 482,525 | 308,193 | 177,559 | 15,177 | ||||||||||||||||||||
| $ | 127,919,876 | $ | 9,799,775 | $ | 45,985,953 | $ | 54,552,886 | $ | 13,371,383 | $ | 14,474,276 | $ | 8,641,875 | |||||||||||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 67 |
Statements of Changes in Net Assets
| TempFund | TempCash | |||||||||||||||
Increase in Net Assets: | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 1,270,563,606 | $ | 1,975,697,015 | $ | 294,286,729 | $ | 509,202,644 | ||||||||
Net realized gain | 6,893,150 | 69,686 | 3,157,547 | 68,723 | ||||||||||||
Net increase in net assets resulting from operations | 1,277,456,756 | 1,975,766,701 | 297,444,276 | 509,271,367 | ||||||||||||
Dividends to Shareholders from | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional | (1,025,834,382 | ) | (1,448,652,272 | ) | (274,064,701 | ) | (462,360,840 | ) | ||||||||
Dollar | (131,481,877 | ) | (268,354,099 | ) | (20,165,846 | ) | (46,432,912 | ) | ||||||||
Cash Management | (15,235,340 | ) | (24,975,107 | ) | (3,090 | ) | (5,298 | ) | ||||||||
Cash Reserve | (203,675 | ) | (791,748 | ) | — | — | ||||||||||
Administration | (41,040,145 | ) | (95,779,809 | ) | (53,056 | ) | (403,630 | ) | ||||||||
Select | (16,229,071 | ) | (37,405,578 | ) | — | — | ||||||||||
Premier Choice | (10 | ) | (652,749 | ) | — | — | ||||||||||
Private Client | (30,047,830 | ) | (77,288,590 | ) | — | — | ||||||||||
Premier | (10,491,276 | ) | (21,797,063 | ) | — | — | ||||||||||
Decrease in net assets resulting from dividends to shareholders | (1,270,563,606 | ) | (1,975,697,015 | ) | (294,286,693 | ) | (509,202,680 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net increase in net assets resulting from capital share transactions | 6,442,735,409 | 26,979,181,649 | 1,119,246,101 | 1,804,075,035 | ||||||||||||
Net Assets | ||||||||||||||||
Total increase in net assets | 6,449,628,559 | 26,979,251,335 | 1,122,403,684 | 1,804,143,722 | ||||||||||||
Beginning of period | 62,575,093,825 | 35,595,842,490 | 12,425,137,235 | 10,620,993,513 | ||||||||||||
End of period | $ | 69,024,722,384 | $ | 62,575,093,825 | $ | 13,547,540,919 | $ | 12,425,137,235 | ||||||||
End of period undistributed (distributions in excess of) net investment income | — | — | — | $ | (36 | ) | ||||||||||
See Notes to Financial Statements.
| 68 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Statements of Changes in Net Assets (continued) |
| FedFund | T-Fund | Federal Trust Fund | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | |||||||||||||||||
| $ | 147,689,059 | $ | 174,364,560 | $ | 127,910,105 | $ | 247,839,893 | $ | 9,700,670 | $ | 14,967,070 | |||||||||||
| — | — | 9,771 | (81 | ) | 99,105 | 36,727 | ||||||||||||||||
| 147,689,059 | 174,364,560 | 127,919,876 | 247,839,812 | 9,799,775 | 15,003,797 | |||||||||||||||||
| (114,526,132 | ) | (125,002,205 | ) | (104,046,419 | ) | (187,611,225 | ) | (7,631,236 | ) | (11,831,501 | ) | |||||||||||
| (12,343,035 | ) | (22,516,414 | ) | (14,274,958 | ) | (31,724,030 | ) | (1,337,387 | ) | (2,633,395 | ) | |||||||||||
| — | — | (7,098,250 | ) | (25,833,998 | ) | — | — | |||||||||||||||
| (36,277 | ) | (144,588 | ) | — | — | — | — | |||||||||||||||
| (1,190,838 | ) | (2,544,467 | ) | (1,166,695 | ) | (2,670,631 | ) | (732,047 | ) | (502,174 | ) | |||||||||||
| (1,979,400 | ) | (2,415,677 | ) | (52,159 | ) | — | — | — | ||||||||||||||
| (39 | ) | (106 | ) | (7 | ) | (3 | ) | — | — | |||||||||||||
| (15,175,978 | ) | (18,860,453 | ) | (243,333 | ) | (3 | ) | — | — | |||||||||||||
| (2,437,215 | ) | (2,880,795 | ) | (1,028,284 | ) | (3 | ) | — | — | |||||||||||||
| (147,688,914 | ) | (174,364,705 | ) | (127,910,105 | ) | (247,839,893 | ) | (9,700,670 | ) | (14,967,070 | ) | |||||||||||
| 3,817,022,701 | 2,958,400,893 | 2,126,961,807 | 3,713,966,890 | 219,457,498 | 265,699,434 | |||||||||||||||||
| 3,817,022,846 | 2,958,400,748 | 2,126,971,578 | 3,713,966,809 | 219,556,603 | 265,736,161 | |||||||||||||||||
| 6,271,311,598 | 3,312,910,850 | 7,692,167,821 | 3,978,201,012 | 408,602,742 | 142,866,581 | |||||||||||||||||
| $ | 10,088,334,444 | $ | 6,271,311,598 | $ | 9,819,139,399 | $ | 7,692,167,821 | $ | 628,159,345 | $ | 408,602,742 | |||||||||||
| — | $ | (145 | ) | — | — | $ | 294 | $ | 294 | |||||||||||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 69 |
| Statements of Changes in Net Assets (continued) |
| Treasury Trust Fund | MuniFund | |||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 45,539,158 | $ | 70,979,039 | $ | 54,070,361 | $ | 96,288,897 | ||||||||
Net realized gain | 446,795 | 524,325 | 482,525 | 19,489 | ||||||||||||
Net increase in net assets resulting from operations | 45,985,953 | 71,503,364 | 54,552,886 | 96,308,386 | ||||||||||||
Dividends to Shareholders from | ||||||||||||||||
Net investment income: | ||||||||||||||||
Institutional | (40,032,522 | ) | (56,201,711 | ) | (37,630,029 | ) | (60,529,909 | ) | ||||||||
Dollar | (2,973,353 | ) | (7,888,982 | ) | (2,133,383 | ) | (3,150,414 | ) | ||||||||
Cash Management | (767,341 | ) | (2,031,945 | ) | (782,154 | ) | (1,688,895 | ) | ||||||||
Cash Reserve | — | — | — | — | ||||||||||||
Administration | (1,765,942 | ) | (4,856,401 | ) | (6,106,565 | ) | (14,267,987 | ) | ||||||||
Select | — | — | (342,665 | ) | (697,696 | ) | ||||||||||
Premier Choice | — | — | (29 | ) | (73 | ) | ||||||||||
Private Client | — | — | (3,886,084 | ) | (9,127,900 | ) | ||||||||||
Premier | — | — | (3,189,452 | ) | (6,826,023 | ) | ||||||||||
Decrease in net assets resulting from dividends to shareholders | (45,539,158 | ) | (70,979,039 | ) | (54,070,361 | ) | (96,288,897 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 2,543,547,570 | 1,442,633,346 | 1,172,074,469 | 1,116,054,836 | ||||||||||||
Net Assets | ||||||||||||||||
Total increase (decrease) in net assets | 2,543,994,365 | 1,443,157,671 | 1,172,556,994 | 1,116,074,325 | ||||||||||||
Beginning of period | 2,694,948,854 | 1,251,791,183 | 3,490,262,713 | 2,374,188,388 | ||||||||||||
End of period | $ | 5,238,943,219 | $ | 2,694,948,854 | $ | 4,662,819,707 | $ | 3,490,262,713 | ||||||||
End of period undistributed net investment income | — | — | $ | 2,304 | $ | 2,304 | ||||||||||
See Notes to Financial Statements.
| 70 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Statements of Changes in Net Assets (concluded)
| MuniCash | California Money Fund | New York Money Fund | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | |||||||||||||||||
| $ | 13,063,190 | $ | 48,823,502 | $ | 14,296,717 | $ | 39,642,572 | $ | 8,626,698 | $ | 19,509,134 | |||||||||||
| 308,193 | 227,059 | 177,559 | 67,898 | 15,177 | 51,875 | |||||||||||||||||
| 13,371,383 | 49,050,561 | 14,474,276 | 39,710,470 | 8,641,875 | 19,561,009 | |||||||||||||||||
| (11,973,110 | ) | (45,724,041 | ) | (10,321,642 | ) | (28,478,818 | ) | (6,005,620 | ) | (12,465,216 | ) | |||||||||||
| (1,088,053 | ) | (3,084,371 | ) | (517,982 | ) | (1,921,183 | ) | (76,801 | ) | (235,929 | ) | |||||||||||
| — | — | (202,091 | ) | (483,627 | ) | (203,973 | ) | (400,826 | ) | |||||||||||||
| (55 | ) | (679 | ) | — | — | — | — | |||||||||||||||
| (1,972 | ) | (14,411 | ) | (80,924 | ) | (202,460 | ) | (171,632 | ) | (480,638 | ) | |||||||||||
| — | — | (364,536 | ) | (1,094,130 | ) | (69,753 | ) | (144,854 | ) | |||||||||||||
| — | — | (25 | ) | (69 | ) | (1,831 | ) | (8,065 | ) | |||||||||||||
| — | — | (2,465,302 | ) | (6,736,251 | ) | (1,979,216 | ) | (5,348,142 | ) | |||||||||||||
| — | — | (344,215 | ) | (726,034 | ) | (117,872 | ) | (425,464 | ) | |||||||||||||
| (13,063,190 | ) | (48,823,502 | ) | (14,296,717 | ) | (39,642,572 | ) | (8,626,698 | ) | (19,509,134 | ) | |||||||||||
| (283,525,074 | ) | (318,827,058 | ) | (15,065,356 | ) | (36,406,671 | ) | 206,600,899 | 93,730,018 | |||||||||||||
| (283,216,881 | ) | (318,599,999 | ) | (14,887,797 | ) | (36,338,773 | ) | 206,616,076 | 93,781,893 | |||||||||||||
| 1,005,774,184 | 1,324,374,183 | 1,131,605,926 | 1,167,944,699 | 589,099,866 | 495,317,973 | |||||||||||||||||
| $ | 722,557,303 | $ | 1,005,774,184 | $ | 1,116,718,129 | $ | 1,131,605,926 | $ | 795,715,942 | $ | 589,099,866 | |||||||||||
| $ | 10,030 | $ | 10,030 | — | — | $ | 6 | $ | 6 | |||||||||||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 71 |
| Financial Highlights | TempFund |
| Institutional | ||||||||||||||||||||||||
Six Months April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0206 | 0.0521 | 0.0470 | 0.0276 | 0.0109 | 0.0113 | ||||||||||||||||||
Dividends from net investment income | (0.0206 | ) | (0.0521 | ) | (0.0470 | ) | (0.0276 | ) | (0.0109 | ) | (0.0113 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 2.07 | %2 | 5.33 | % | 4.81 | % | 2.80 | % | 1.09 | % | 1.14 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.18 | %3 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Total expenses, net of waivers | 0.18 | %3 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Total expenses | 0.19 | %3 | 0.20 | % | 0.20 | % | 0.21 | % | 0.21 | % | 0.20 | % | ||||||||||||
Net investment income | 4.07 | %3 | 5.22 | % | 4.78 | % | 2.78 | % | 1.09 | % | 1.15 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 55,905,727 | $ | 50,720,755 | $ | 25,788,255 | $ | 20,229,031 | $ | 17,452,337 | $ | 20,081,053 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
Six Months April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0193 | 0.0496 | 0.0445 | 0.0252 | 0.0084 | 0.0088 | ||||||||||||||||||
Dividends from net investment income | (0.0193 | ) | (0.0496 | ) | (0.0445 | ) | (0.0252 | ) | (0.0084 | ) | (0.0088 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.95 | %2 | 5.07 | % | 4.55 | % | 2.54 | % | 0.84 | % | 0.89 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.43 | %3 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Total expenses, net of waivers | 0.43 | %3 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Total expenses | 0.44 | %3 | 0.45 | % | 0.45 | % | 0.46 | % | 0.46 | % | 0.45 | % | ||||||||||||
Net investment income | 3.96 | %3 | 4.95 | % | 4.44 | % | 2.57 | % | 0.83 | % | 0.90 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,046,314 | $ | 6,310,899 | $ | 4,971,729 | $ | 4,212,168 | $ | 3,665,117 | $ | 3,818,036 | ||||||||||||
See Notes to Financial Statements.
| 72 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | TempFund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0181 | 0.0471 | 0.0420 | 0.0227 | 0.0059 | 0.0063 | ||||||||||||||||||
Dividends from net investment income | (0.0181 | ) | (0.0471 | ) | (0.0420 | ) | (0.0227 | ) | (0.0059 | ) | (0.0063 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.82 | %2 | 4.81 | % | 4.28 | % | 2.29 | % | 0.59 | % | 0.63 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||||||
Total expenses | 0.69 | %3 | 0.70 | % | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | ||||||||||||
Net investment income | 3.60 | %3 | 4.71 | % | 4.24 | % | 2.38 | % | 0.58 | % | 0.57 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 932,750 | $ | 724,122 | $ | 358,944 | $ | 282,475 | $ | 192,325 | $ | 147,693 | ||||||||||||
| Cash Reserve4 | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | 10/04/05 - 10/31/05 | 11/01/03 - 12/15/03 | Year Ended October 31, | ||||||||||||||||||||
| 2007 | 2006 | 20031 | ||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0186 | 0.0481 | 0.0430 | 0.0025 | 0.0007 | 0.0067 | ||||||||||||||||||
Dividends from net investment income | (0.0186 | ) | (0.0481 | ) | (0.0430 | ) | (0.0025 | ) | (0.0007 | ) | (0.0067 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.87 | %2 | 4.92 | % | 4.39 | % | 0.24 | %2 | 0.07 | %2 | 0.76 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.58 | %3 | 0.58 | % | 0.58 | % | 0.58 | %3 | 0.58 | %3 | 0.58 | % | ||||||||||||
Total expenses, net of waivers | 0.58 | %3 | 0.58 | % | 0.58 | % | 0.58 | %3 | 0.58 | %3 | 0.58 | % | ||||||||||||
Total expenses | 0.59 | %3 | 0.60 | % | 0.61 | % | 0.62 | %3 | 0.60 | %3 | 0.60 | % | ||||||||||||
Net investment income | 4.48 | %3 | 4.80 | % | 4.38 | % | 3.34 | %3 | 0.54 | %3 | 0.94 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,861 | $ | 12,090 | $ | 17,173 | $ | 3,723 | — | $ | 6,622 | |||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Cash Reserve Shares outstanding during the period August 7, 2003 to September 15, 2003 and December 16, 2003 to October 3, 2005. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 73 |
Financial Highlights (continued) | TempFund |
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0201 | 0.0511 | 0.0460 | 0.0267 | 0.0099 | 0.0103 | ||||||||||||||||||
Dividends from net investment income | (0.0201 | ) | (0.0511 | ) | (0.0460 | ) | (0.0267 | ) | (0.0099 | ) | (0.0103 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 2.02 | %2 | 5.23 | % | 4.70 | % | 2.70 | % | 0.99 | % | 1.04 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.28 | %3 | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | ||||||||||||
Total expenses, net of waivers | 0.28 | %3 | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | ||||||||||||
Total expenses | 0.29 | %3 | 0.30 | % | 0.30 | % | 0.31 | % | 0.31 | % | 0.30 | % | ||||||||||||
Net investment income | 4.08 | %3 | 5.11 | % | 4.65 | % | 2.71 | % | 1.25 | % | 1.00 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,115,663 | $ | 1,842,566 | $ | 1,763,132 | $ | 1,261,354 | $ | 1,200,346 | $ | 330 | ||||||||||||
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0165 | 0.0439 | 0.0388 | 0.0195 | 0.0032 | 0.0034 | ||||||||||||||||||
Dividends from net investment income | (0.0165 | ) | (0.0439 | ) | (0.0388 | ) | (0.0195 | ) | (0.0032 | ) | (0.0034 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.66 | %2 | 4.48 | % | 3.95 | % | 1.96 | % | 0.32 | % | 0.34 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.00 | % | 0.95 | % | 0.96 | % | ||||||||||||
Total expenses, net of waivers | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.00 | % | 0.95 | % | 0.96 | % | ||||||||||||
Total expenses | 1.04 | %3 | 1.05 | % | 1.05 | % | 1.03 | % | 1.03 | % | 1.02 | % | ||||||||||||
Net investment income | 3.38 | %3 | 4.39 | % | 3.89 | % | 2.25 | % | 0.34 | % | 0.30 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 971,101 | $ | 888,584 | $ | 810,613 | $ | 706,592 | $ | 189,266 | $ | 75,071 | ||||||||||||
See Notes to Financial Statements.
| 74 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | TempFund |
| Premier Choice | Private Client | |||||||||||||||||||||||||||||||||||
| Period Ended April 30, 20084 (Unaudited) | Period Ended 08/16/07 | Year Ended October 31, | Period Ended 10/31/055 | Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/046 | ||||||||||||||||||||||||||||||
| 2006 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Net investment income | 0.0050 | 0.0390 | 0.0443 | 0.0154 | 0.0181 | 0.0473 | 0.0428 | 0.0235 | 0.0048 | |||||||||||||||||||||||||||
Dividends from net investment income | (0.0050 | ) | (0.0390 | ) | (0.0443 | ) | (0.0154 | ) | (0.0181 | ) | (0.0473 | ) | (0.0428 | ) | (0.0235 | ) | (0.0048 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Total Investment Return | ||||||||||||||||||||||||||||||||||||
Based on net asset value | 0.50 | %2 | 3.98 | %2 | 4.52 | % | 1.55 | %2 | 1.82 | %2 | 4.84 | % | 4.37 | % | 2.37 | % | 0.48 | %2 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | %3 | 0.45 | % | 0.45 | %3 | 0.68 | %3 | 0.65 | % | 0.60 | % | 0.60 | % | 0.58 | %3 | ||||||||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | %3 | 0.45 | % | 0.45 | %3 | 0.68 | %3 | 0.65 | % | 0.60 | % | 0.60 | % | 0.58 | %3 | ||||||||||||||||||
Total expenses | 0.73 | %3 | 0.70 | %3 | 0.71 | % | 0.72 | %3 | 1.04 | %3 | 1.05 | % | 1.05 | % | 1.06 | % | 1.05 | %3 | ||||||||||||||||||
Net investment income | 2.83 | %3 | 4.92 | %3 | 4.78 | % | 3.09 | %3 | 3.72 | %3 | 4.73 | % | 4.32 | % | 2.57 | % | 0.96 | %3 | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2 | — | $ | 10,347 | $ | 3,619 | $ | 1,502,494 | $ | 1,566,346 | $ | 1,479,708 | $ | 1,018,935 | $ | 280,458 | |||||||||||||||||||
| Premier | ||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Period Ended 10/31/057 | |||||||||||||||
| Year Ended October 31, | ||||||||||||||||
| 2007 | 2006 | |||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0181 | 0.0473 | 0.0428 | 0.0179 | ||||||||||||
Dividends from net investment income | (0.0181 | ) | (0.0473 | ) | (0.0428 | ) | (0.0179 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return | ||||||||||||||||
Based on net asset value | 1.82 | %2 | 4.84 | % | 4.37 | % | 1.80 | %2 | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | %3 | ||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | %3 | ||||||||
Total expenses | 0.79 | %3 | 0.80 | % | 0.80 | % | 0.81 | %3 | ||||||||
Net investment income | 3.68 | %3 | 4.73 | % | 4.29 | % | 2.93 | %3 | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 541,810 | $ | 509,731 | $ | 395,943 | $ | 321,636 | ||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Premier Choice Shares outstanding during the period August 17, 2007 to February 28, 2008. |
| 5 | Commenced operations on April 25, 2005. |
| 6 | Commenced operations on March 26, 2004. |
| 7 | Commenced operations on March 2, 2005. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 75 |
| Financial Highlights (continued) | TempCash |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0205 | 0.0521 | 0.0471 | 0.0278 | 0.0112 | 0.0118 | ||||||||||||||||||
Dividends from net investment income | (0.0205 | ) | (0.0521 | ) | (0.0471 | ) | (0.0278 | ) | (0.0112 | ) | (0.0118 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 2.07 | %2 | 5.34 | % | 4.82 | % | 2.82 | % | 1.13 | % | 1.18 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.18 | %3 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Total expenses, net of waivers | 0.18 | %3 | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | ||||||||||||
Total expenses | 0.22 | %3 | 0.24 | % | 0.23 | % | 0.24 | % | 0.23 | % | 0.23 | % | ||||||||||||
Net investment income | 4.11 | %3 | 5.22 | % | 4.79 | % | 2.88 | % | 1.11 | % | 1.18 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 12,352,948 | $ | 11,420,516 | $ | 9,769,075 | $ | 11,576,987 | $ | 7,850,023 | $ | 11,193,249 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Outstanding Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0193 | 0.0496 | 0.0446 | 0.0253 | 0.0087 | 0.0093 | ||||||||||||||||||
Dividends from net investment income | (0.0193 | ) | (0.0496 | ) | (0.0446 | ) | (0.0253 | ) | (0.0087 | ) | (0.0093 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.95 | %2 | 5.08 | % | 4.56 | % | 2.56 | % | 0.88 | % | 0.93 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.43 | %3 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Total expenses, net of waivers | 0.43 | %3 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | ||||||||||||
Total expenses | 0.47 | %3 | 0.49 | % | 0.48 | % | 0.49 | % | 0.49 | % | 0.48 | % | ||||||||||||
Net investment income | 3.92 | %3 | 4.96 | % | 4.50 | % | 2.63 | % | 0.87 | % | 0.94 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,116,838 | $ | 1,004,425 | $ | 826,331 | $ | 595,873 | $ | 531,509 | $ | 433,227 | ||||||||||||
See Notes to Financial Statements.
| 76 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | TempCash |
| Cash Management | Administration | |||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/064 | Period Ended 4/30/085 (Unaudited) | Period Ended 09/24/076 | Period Ended 10/31/067,8 | |||||||||||||||||||
| 2007 | ||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0181 | 0.0471 | 0.0179 | 0.0043 | 0.0386 | 0.0301 | ||||||||||||||||||
Dividends from net investment income | (0.0181 | ) | (0.0471 | ) | (0.0179 | ) | (0.0043 | ) | (0.0386 | ) | (0.0301 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.82 | %2 | 4.82 | % | 1.80 | %2 | 0.43 | %2 | 3.92 | %2 | 3.04 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.68 | % | 0.68 | %3 | 0.28 | %3 | 0.28 | %3 | 0.28 | %3 | ||||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.68 | % | 0.68 | %3 | 0.28 | %3 | 0.28 | %3 | 0.28 | %3 | ||||||||||||
Total expenses | 0.72 | %3 | 0.74 | % | 0.73 | %3 | 0.32 | %3 | 0.34 | %3 | 0.34 | %3 | ||||||||||||
Net investment income | 3.79 | %3 | 4.72 | % | 4.29 | %3 | 3.06 | %3 | 5.12 | %3 | 5.01 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 112 | $ | 196 | $ | 126 | $ | 77,642 | — | $ | 25,461 | |||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commenced operations on June 14, 2006. |
| 5 | There were no Administration Shares outstanding during the period September 25, 2007 to November 29, 2007 or the period December 24, 2007 to April 15, 2008. |
| 6 | There were no Administration Shares outstanding during the period June 28, 2007 to August 20, 2007. |
| 7 | Commenced operations on November 15, 2005. |
| 8 | There were no Administration Shares outstanding during the period November 25, 2005 to March 30, 2006. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 77 |
| Financial Highlights (continued) | FedFund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0184 | 0.0507 | 0.0463 | 0.0269 | 0.0105 | 0.0110 | ||||||||||||||||||
Dividends from net investment income | (0.0184 | ) | (0.0507 | ) | (0.0463 | ) | (0.0269 | ) | (0.0105 | ) | (0.0110 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.85 | %2 | 5.19 | % | 4.73 | % | 2.73 | % | 1.05 | % | 1.10 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.22 | %3 | 0.27 | % | 0.28 | % | 0.29 | % | 0.29 | % | 0.28 | % | ||||||||||||
Net investment income | 3.53 | %3 | 5.04 | % | 4.64 | % | 2.73 | % | 1.04 | % | 1.10 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,906,942 | $ | 4,583,892 | $ | 2,417,594 | $ | 2,320,001 | $ | 1,883,220 | $ | 2,163,336 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0171 | 0.0482 | 0.0438 | 0.0244 | 0.0080 | 0.0085 | ||||||||||||||||||
Dividends from net investment income | (0.0171 | ) | (0.0482 | ) | (0.0438 | ) | (0.0244 | ) | (0.0080 | ) | (0.0085 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.72 | %2 | 4.93 | % | 4.47 | % | 2.47 | % | 0.80 | % | 0.85 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.47 | %3 | 0.52 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.53 | % | ||||||||||||
Net investment income | 3.38 | %3 | 4.83 | % | 4.46 | % | 2.49 | % | 0.79 | % | 0.87 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 833,986 | $ | 683,594 | $ | 415,040 | $ | 372,460 | $ | 345,479 | $ | 397,344 | ||||||||||||
See Notes to Financial Statements.
| 78 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Financial Highlights (continued) | FedFund |
| Cash Reserve | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/031,4 | ||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0164 | 0.0467 | 0.0423 | 0.0229 | 0.0065 | 0.0034 | ||||||||||||||||||
Dividends from net investment income | (0.0164 | ) | (0.0467 | ) | (0.0423 | ) | (0.0229 | ) | (0.0065 | ) | (0.0034 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.65 | %2 | 4.78 | % | 4.31 | % | 2.32 | % | 0.65 | % | 0.59 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.60 | %3 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %3 | ||||||||||||
Total expenses, net of waivers | 0.60 | %3 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %3 | ||||||||||||
Total expenses | 0.62 | %3 | 0.66 | % | 0.68 | % | 0.70 | % | 0.69 | % | 0.69 | %3 | ||||||||||||
Net investment income | 3.53 | %3 | 4.61 | % | 4.26 | % | 1.94 | % | 0.62 | % | 0.58 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,546 | $ | 1,183 | $ | 1,082 | $ | 1,547 | $ | 9,276 | $ | 13,492 | ||||||||||||
| Administration | ||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/055,6 | ||||||||||||||
| 2007 | 2006 | |||||||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0179 | 0.0497 | 0.0453 | 0.0110 | ||||||||||||
Dividends from net investment income | (0.0179 | ) | (0.0497 | ) | (0.0453 | ) | (0.0110 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return | ||||||||||||||||
Based on net asset value | 1.80 | %2 | 5.09 | % | 4.63 | % | 1.10 | %2 | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | %3 | ||||||||
Total expenses, net of waivers | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | %3 | ||||||||
Total expenses | 0.32 | %3 | 0.38 | % | 0.38 | % | 0.39 | %3 | ||||||||
Net investment income | 3.33 | %3 | 4.97 | % | 4.67 | % | 2.63 | %3 | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 101,305 | $ | 41,411 | $ | 83,069 | $ | 43,480 | ||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commenced operations on April 1, 2003. |
| 5 | Commenced operations on November 10, 2004. |
| 6 | There were no Administration Shares outstanding during the period November 19, 2004 to July 5, 2005. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 79 |
Financial Highlights (continued) | FedFund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0144 | 0.0427 | 0.0383 | 0.0189 | 0.0031 | 0.0033 | ||||||||||||||||||
Dividends from net investment income | (0.0144 | ) | (0.0427 | ) | (0.0383 | ) | (0.0189 | ) | (0.0031 | ) | (0.0033 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.45 | %2 | 4.36 | % | 3.90 | % | 1.91 | % | 0.31 | % | 0.33 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | ||||||||||||
Total expenses, net of waivers | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | ||||||||||||
Total expenses | 1.07 | %3 | 1.12 | % | 1.13 | % | 1.09 | % | 1.09 | % | 1.08 | % | ||||||||||||
Net investment income | 2.81 | %3 | 4.24 | % | 3.86 | % | 2.14 | % | 0.36 | % | 0.30 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 134,728 | $ | 98,752 | $ | 52,420 | $ | 47,205 | $ | 18,837 | $ | 7,889 | ||||||||||||
| Premier Choice | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/044 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0171 | 0.0482 | 0.0438 | 0.0244 | 0.0054 | |||||||||||||||
Dividends from net investment income | (0.0171 | ) | (0.0482 | ) | (0.0438 | ) | (0.0244 | ) | (0.0054 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.72 | %2 | 4.93 | % | 4.47 | % | 2.47 | % | 0.54 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %3 | ||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %3 | ||||||||||
Total expenses | 0.72 | %3 | 0.77 | % | 0.53 | % | 0.87 | % | 0.54 | %3 | ||||||||||
Net investment income | 3.28 | %3 | 4.83 | % | 4.39 | % | 2.48 | % | 0.92 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||||
See Notes to Financial Statements.
| 80 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Financial Highlights (continued) | FedFund |
| Private Client | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/044 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
| �� | ||||||||||||||||||||
Net investment income | 0.0160 | 0.0462 | 0.0423 | 0.0229 | 0.0045 | |||||||||||||||
Dividends from net investment income | (0.0160 | ) | (0.0462 | ) | (0.0423 | ) | (0.0229 | ) | (0.0045 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.61 | %2 | 4.72 | % | 4.31 | % | 2.32 | % | 0.45 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.58 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.58 | %3 | ||||||||||
Total expenses | 1.07 | %3 | 1.12 | % | 1.13 | % | 1.14 | % | 0.80 | %3 | ||||||||||
Net investment income | 3.15 | %3 | 4.58 | % | 4.25 | % | 2.59 | % | 0.92 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 969,802 | $ | 768,612 | $ | 295,307 | $ | 241,913 | $ | 50,579 | ||||||||||
| Premier | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/044 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0160 | 0.0462 | 0.0423 | 0.0227 | 0.0038 | |||||||||||||||
Dividends from net investment income | (0.0160 | ) | (0.0462 | ) | (0.0423 | ) | (0.0227 | ) | (0.0038 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.61 | %2 | 4.72 | % | 4.31 | % | 2.30 | % | 0.38 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.70 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.70 | %3 | ||||||||||
Total expenses | 0.82 | %3 | 0.87 | % | 0.88 | % | 0.89 | % | 0.79 | %3 | ||||||||||
Net investment income | 3.13 | %3 | 4.60 | % | 4.15 | % | 2.84 | % | 0.60 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 140,024 | $ | 93,867 | $ | 48,396 | $ | 86,126 | $ | 2 | ||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commenced operations on March 26, 2004. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 81 |
| Financial Highlights (continued) | T-Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0143 | 0.0493 | 0.0456 | 0.0260 | 0.0098 | 0.0106 | ||||||||||||||||||
Dividends from net investment income | (0.0143 | ) | (0.0493 | ) | (0.0456 | ) | (0.0260 | ) | (0.0098 | ) | (0.0106 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.44 | %2 | 5.05 | % | 4.65 | % | 2.63 | % | 0.99 | % | 1.06 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.22 | %3 | 0.25 | % | 0.26 | % | 0.28 | % | 0.28 | % | 0.27 | % | ||||||||||||
Net investment income | 2.81 | %3 | 4.88 | % | 4.57 | % | 2.66 | % | 0.98 | % | 1.06 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,379,046 | $ | 6,280,213 | $ | 2,906,319 | $ | 2,958,524 | $ | 2,438,998 | $ | 2,601,725 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0131 | 0.0468 | 0.0431 | 0.0235 | 0.0073 | 0.0081 | ||||||||||||||||||
Dividends from net investment income | (0.0131 | ) | (0.0468 | ) | (0.0431 | ) | (0.0235 | ) | (0.0073 | ) | (0.0081 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.31 | %2 | 4.79 | % | 4.39 | % | 2.37 | % | 0.74 | % | 0.81 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.47 | %3 | 0.51 | % | 0.51 | % | 0.53 | % | 0.53 | % | 0.52 | % | ||||||||||||
Net investment income | 2.73 | %3 | 4.69 | % | 4.32 | % | 2.43 | % | 0.73 | % | 0.79 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 646,486 | $ | 775,904 | $ | 691,792 | $ | 728,168 | $ | 1,481,069 | $ | 449,468 | ||||||||||||
See Notes to Financial Statements.
| 82 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | T-Fund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0118 | 0.0443 | 0.0406 | 0.0210 | 0.0048 | 0.0056 | ||||||||||||||||||
Dividends from net investment income | (0.0118 | ) | (0.0443 | ) | (0.0406 | ) | (0.0210 | ) | (0.0048 | ) | (0.0056 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.19 | %2 | 4.53 | % | 4.13 | % | 2.12 | % | 0.48 | % | 0.56 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Total expenses, net of waivers | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Total expenses | 0.72 | %3 | 0.75 | % | 0.77 | % | 0.78 | % | 0.78 | % | 0.77 | % | ||||||||||||
Net investment income | 2.41 | %3 | 4.42 | % | 4.25 | % | 2.21 | % | 0.49 | % | 0.56 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 553,099 | $ | 552,059 | $ | 364,515 | $ | 126,531 | $ | 71,616 | $ | 73,714 | ||||||||||||
| Administration | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0139 | 0.0484 | 0.0446 | 0.0250 | 0.0088 | 0.0096 | ||||||||||||||||||
Dividends from net investment income | (0.0139 | ) | (0.0484 | ) | (0.0446 | ) | (0.0250 | ) | (0.0088 | ) | (0.0096 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.39 | %2 | 4.94 | % | 4.55 | % | 2.53 | % | 0.89 | % | 0.96 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Total expenses, net of waivers | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||
Total expenses | 0.32 | %3 | 0.35 | % | 0.37 | % | 0.37 | % | 0.39 | % | 0.37 | % | ||||||||||||
Net investment income | 2.79 | %3 | 4.77 | % | 4.47 | % | 2.98 | % | 0.90 | % | 0.98 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 82,966 | $ | 83,990 | $ | 15,574 | $ | 19,832 | $ | 201 | $ | 142 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 83 |
| Financial Highlights (continued) | T-Fund |
| Select | Premier Choice | |||||||||||
| Period Ended April 30, 20081 (Unaudited) | Six Months Ended April 30, 2008 (Unaudited) | Period Ended October 31, 20072 | ||||||||||
Per Share Operating Performance | ||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Net investment income | 0.0019 | 0.0131 | 0.0027 | |||||||||
Dividends from net investment income | (0.0019 | ) | (0.0131 | ) | (0.0027 | ) | ||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
Total Investment Return | ||||||||||||
Based on net asset value3 | 0.19 | % | 1.32 | % | 0.26 | % | ||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses, net of waivers including fees paid indirectly4 | 1.00 | % | 0.45 | % | 0.45 | % | ||||||
Total expenses, net of waivers4 | 1.00 | % | 0.45 | % | 0.45 | % | ||||||
Total expenses4 | 1.06 | % | 0.45 | % | 0.74 | % | ||||||
Net investment income4 | 1.05 | % | 2.60 | % | 4.37 | % | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 49,174 | $ | 1 | $ | 1 | ||||||
| Private Client | Premier | |||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Period Ended October 31, 20072 | Six Months Ended April 30, 2008 (Unaudited) | Period Ended October 31, 20072 | |||||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0119 | 0.0025 | 0.0119 | 0.0025 | ||||||||||||
Dividends from net investment income | (0.0119 | ) | (0.0025 | ) | (0.0119 | ) | (0.0025 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return | ||||||||||||||||
Based on net asset value3 | 1.20 | % | 0.24 | % | 1.20 | % | 0.24 | % | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses, net of waivers including fees paid indirectly4 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||
Total expenses, net of waivers4 | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||
Total expenses4 | 1.07 | % | 1.09 | % | 0.82 | % | 0.84 | % | ||||||||
Net investment income4 | 2.61 | % | 4.14 | % | 1.90 | % | 4.14 | % | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 4,337 | $ | 1 | $ | 104,032 | $ | 1 | ||||||||
| 1 | Commenced operations on February 28, 2008. |
| 2 | Commenced operations on October 9, 2007. |
| 3 | Aggregate total investment return. |
| 4 | Annualized. |
See Notes to Financial Statements.
| 84 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | Federal Trust |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0179 | 0.0503 | 0.0459 | 0.0263 | 0.0101 | 0.0106 | ||||||||||||||||||
Dividends from net investment income | (0.0179 | ) | (0.0503 | ) | (0.0459 | ) | (0.0263 | ) | (0.0101 | ) | (0.0106 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.80 | %2 | 5.15 | % | 4.68 | % | 2.67 | % | 1.02 | % | 1.07 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.29 | %3 | 0.32 | % | 0.36 | % | 0.38 | % | 0.35 | % | 0.35 | % | ||||||||||||
Net investment income | 3.48 | %3 | 5.02 | % | 4.56 | % | 2.68 | % | 0.97 | % | 1.07 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 479,426 | $ | 331,909 | $ | 105,242 | $ | 110,741 | $ | 88,886 | $ | 193,437 | ||||||||||||
| Dollar | Administration | |||||||||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31 | Six Months Ended April 30, 2008 (Unaudited) | Period Ended 10/31/074 | |||||||||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Net investment income | 0.0167 | 0.0478 | 0.0434 | 0.0238 | 0.0076 | 0.0081 | 0.0174 | 0.0201 | ||||||||||||||||||||||||
Dividends from net investment income | (0.0167 | ) | (0.0478 | ) | (0.0434 | ) | (0.0238 | ) | (0.0076 | ) | (0.0081 | ) | (0.0174 | ) | (0.0201 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||
Total Investment Return | ||||||||||||||||||||||||||||||||
Based on net asset value | 1.68 | %2 | 4.89 | % | 4.42 | % | 2.41 | % | 0.77 | % | 0.81 | % | 1.76 | %2 | 2.01 | %2 | ||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.30 | %3 | 0.30 | %3 | ||||||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.30 | %3 | 0.30 | %3 | ||||||||||||||||
Total expenses | 0.54 | %3 | 0.57 | % | 0.60 | % | 0.63 | % | 0.60 | % | 0.60 | % | 0.39 | %3 | 0.40 | %3 | ||||||||||||||||
Net investment income | 3.17 | %3 | 4.77 | % | 4.34 | % | 2.55 | % | 0.80 | % | 0.80 | % | 3.55 | %3 | 4.88 | %3 | ||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 114,885 | $ | 43,013 | $ | 37,625 | $ | 18,857 | $ | 7,835 | $ | 4,555 | $ | 33,849 | $ | 33,680 | ||||||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commenced operations on June 1, 2007. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 85 |
| Financial Highlights (continued) | Treasury Trust |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0133 | 0.0458 | 0.0431 | 0.0244 | 0.0091 | 0.0098 | ||||||||||||||||||
Dividends from net investment income | (0.0133 | ) | (0.0458 | ) | (0.0431 | ) | (0.0244 | ) | (0.0091 | ) | (0.0098 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.34 | %2 | 4.68 | % | 4.39 | % | 2.47 | % | 0.92 | % | 0.99 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.24 | %3 | 0.29 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.30 | % | ||||||||||||
Net investment income | 2.43 | %3 | 4.38 | % | 4.32 | % | 2.43 | % | 0.89 | % | 0.97 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,538,440 | $ | 2,370,308 | $ | 882,971 | $ | 806,381 | $ | 783,247 | $ | 1,401,853 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0121 | 0.0433 | 0.0406 | 0.0219 | 0.0066 | 0.0073 | ||||||||||||||||||
Dividends from net investment income | (0.0121 | ) | (0.0433 | ) | (0.0406 | ) | (0.0219 | ) | (0.0066 | ) | (0.0073 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.21 | %2 | 4.42 | % | 4.14 | % | 2.21 | % | 0.67 | % | 0.74 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.49 | %3 | 0.55 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||||||
Net investment income | 1.96 | %3 | 4.36 | % | 4.06 | % | 2.09 | % | 0.68 | % | 0.75 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 488,227 | $ | 173,312 | $ | 205,317 | $ | 206,999 | $ | 343,163 | $ | 270,930 | ||||||||||||
See Notes to Financial Statements.
| 86 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | Treasury Trust |
| Cash Management4 | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 11/17/04 - 10/31/05 | 11/01/03 - 06/20/04 | 12/03/02 - 10/31/031 | ||||||||||||||||||||||
| 2007 | 2006 | |||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0108 | 0.0408 | 0.0381 | 0.0190 | 0.0018 | 0.0021 | ||||||||||||||||||
Dividends from net investment income | (0.0108 | ) | (0.0408 | ) | (0.0381 | ) | (0.0190 | ) | (0.0018 | ) | (0.0021 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.09 | %2 | 4.16 | % | 3.88 | % | 1.92 | %2 | 0.18 | %2 | 0.39 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | %3 | 0.70 | %3 | 0.70 | %3 | ||||||||||||
Total expenses, net of waivers | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | %3 | 0.70 | %3 | 0.70 | %3 | ||||||||||||
Total expenses | 0.74 | %3 | 0.80 | % | 0.80 | % | 0.81 | %3 | 0.80 | %3 | 0.80 | %3 | ||||||||||||
Net investment income | 2.02 | %3 | 4.10 | % | 3.72 | % | 1.58 | %3 | 0.27 | %3 | 0.48 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 77,310 | $ | 54,373 | $ | 50,437 | $ | 21,929 | — | $ | 6,924 | |||||||||||||
| Administration5 | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 05/25/04 - 10/31/04 | 11/01/02 - 10/02/031 | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0128 | 0.0448 | 0.0421 | 0.0234 | 0.0043 | 0.0083 | ||||||||||||||||||
Dividends from net investment income | (0.0128 | ) | (0.0448 | ) | (0.0421 | ) | (0.0234 | ) | (0.0043 | ) | (0.0083 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.29 | %2 | 4.57 | % | 4.29 | % | 2.37 | % | 0.44 | %2 | 0.91 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %3 | 0.30 | %3 | ||||||||||||
Total expenses, net of waivers | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %3 | 0.30 | %3 | ||||||||||||
Total expenses | 0.35 | %3 | 0.40 | % | 0.41 | % | 0.41 | % | 0.40 | %3 | 0.42 | %3 | ||||||||||||
Net investment income | 2.54 | %3 | 4.49 | % | 4.16 | % | 2.36 | % | 1.04 | %3 | 0.91 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 134,966 | $ | 96,955 | $ | 113,067 | $ | 154,211 | $ | 141,449 | — | |||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Cash Management Shares outstanding during the periods October 16, 2002 to December 2, 2002, January 17, 2003 to May 29, 2003 and June 21, 2004 to November 16, 2004. |
| 5 | There were no Administration Shares outstanding during the period October 3, 2003 to May 24, 2004. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 87 |
| Financial Highlights (continued) | MuniFund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0140 | 0.0349 | 0.0312 | 0.0199 | 0.0095 | 0.0096 | ||||||||||||||||||
Dividends from net investment income | (0.0140 | ) | (0.0349 | ) | (0.0312 | ) | (0.0199 | ) | (0.0095 | ) | (0.0096 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.41 | %2 | 3.55 | % | 3.17 | % | 2.01 | % | 0.95 | % | 0.96 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.29 | %3 | 0.33 | % | 0.33 | % | 0.33 | % | 0.34 | % | 0.35 | % | ||||||||||||
Net investment income | 2.80 | %3 | 3.49 | % | 3.10 | % | 2.02 | % | 0.95 | % | 0.93 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,322,628 | $ | 2,316,504 | $ | 1,420,560 | $ | 2,135,257 | $ | 1,812,753 | $ | 1,549,951 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0128 | 0.0324 | 0.0287 | 0.0174 | 0.0070 | 0.0071 | ||||||||||||||||||
Dividends from net investment income | (0.0128 | ) | (0.0324 | ) | (0.0287 | ) | (0.0174 | ) | (0.0070 | ) | (0.0071 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.29 | %2 | 3.29 | % | 2.91 | % | 1.76 | % | 0.70 | % | 0.71 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.44 | % | 0.45 | % | 0.44 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.54 | %3 | 0.58 | % | 0.58 | % | 0.58 | % | 0.59 | % | 0.60 | % | ||||||||||||
Net investment income | 2.52 | %3 | 3.23 | % | 2.87 | % | 1.75 | % | 0.73 | % | 0.74 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 239,525 | $ | 147,606 | $ | 96,853 | $ | 84,763 | $ | 82,323 | $ | 37,749 | ||||||||||||
See Notes to Financial Statements.
| 88 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | MuniFund |
| Cash Management4 | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0115 | 0.0299 | 0.0262 | 0.0149 | 0.0045 | 0.0040 | ||||||||||||||||||
Dividends from net investment income | (0.0115 | ) | (0.0299 | ) | (0.0262 | ) | (0.0149 | ) | (0.0045 | ) | (0.0040 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.16 | %2 | 3.03 | % | 2.65 | % | 1.51 | % | 0.45 | % | 0.45 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.69 | % | 0.69 | % | 0.69 | %3 | ||||||||||||
Total expenses, net of waivers | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | %3 | ||||||||||||
Total expenses | 0.79 | %3 | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.85 | %3 | ||||||||||||
Net investment income | 2.22 | %3 | 2.98 | % | 2.65 | % | 1.58 | % | 0.43 | % | 0.40 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 97,142 | $ | 40,620 | $ | 41,699 | $ | 35,774 | $ | 20,114 | $ | 22,423 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | There were no Cash Management Shares outstanding during the period December 6, 2002 to January 9, 2003. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 89 |
| Financial Highlights (continued) | MuniFund |
| Administration1 | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 05/17/04 - 10/31/04 | 11/01/02 - 10/06/032 | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0135 | 0.0339 | 0.0302 | 0.0189 | 0.0044 | 0.0081 | ||||||||||||||||||
Dividends from net investment income | (0.0135 | ) | (0.0339 | ) | (0.0302 | ) | (0.0189 | ) | (0.0044 | ) | (0.0081 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.36 | %3 | 3.44 | % | 3.07 | % | 1.91 | % | 0.44 | %3 | 0.87 | %3 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.29 | % | 0.30 | %4 | 0.29 | %4 | ||||||||||||
Total expenses, net of waivers | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %4 | 0.30 | %4 | ||||||||||||
Total expenses | 0.39 | %4 | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | %4 | 0.45 | %4 | ||||||||||||
Net investment income | 2.69 | %4 | 3.39 | % | 3.01 | % | 1.90 | % | 1.01 | %4 | 0.90 | %4 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 455,824 | $ | 389,468 | $ | 371,211 | $ | 516,607 | $ | 437,590 | — | |||||||||||||
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20032 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0100 | 0.0269 | 0.0232 | 0.0119 | 0.0026 | 0.0026 | ||||||||||||||||||
Dividends from net investment income | (0.0100 | ) | (0.0269 | ) | (0.0232 | ) | (0.0119 | ) | (0.0026 | ) | (0.0026 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.01 | %3 | 2.72 | % | 2.35 | % | 1.20 | % | 0.26 | % | 0.26 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 1.00 | %4 | 1.00 | % | 1.00 | % | 0.99 | % | 0.89 | % | 0.87 | % | ||||||||||||
Total expenses, net of waivers | 1.00 | %4 | 1.00 | % | 1.00 | % | 1.00 | % | 0.90 | % | 0.88 | % | ||||||||||||
Total expenses | 1.14 | %4 | 1.18 | % | 1.18 | % | 1.13 | % | 1.14 | % | 1.15 | % | ||||||||||||
Net investment income | 2.00 | %4 | 2.68 | % | 2.32 | % | 1.15 | % | 0.29 | % | 0.25 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 31,589 | $ | 38,401 | $ | 31,467 | $ | 24,225 | $ | 28,191 | $ | 5,371 | ||||||||||||
See Notes to Financial Statements.
| 90 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | MuniFund |
| Premier Choice | Private Client | |||||||||||||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/055 | Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/046 | |||||||||||||||||||||||||||||||
| 2007 | 2006 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Net investment income | 0.0128 | 0.0324 | 0.0287 | 0.0108 | 0.0116 | 0.0303 | 0.0272 | 0.0155 | 0.0033 | |||||||||||||||||||||||||||
Dividends from net investment income | (0.0128 | ) | (0.0324 | ) | (0.0287 | ) | (0.0108 | ) | (0.0116 | ) | (0.0303 | ) | (0.0272 | ) | (0.0155 | ) | (0.0033 | ) | ||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||
Total Investment Return | ||||||||||||||||||||||||||||||||||||
Based on net asset value | 1.28 | %3 | 3.29 | % | 2.91 | % | 1.08 | %3 | 1.17 | %3 | 3.08 | % | 2.76 | % | 1.56 | % | 0.33 | %3 | ||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.44 | %4 | 0.68 | %4 | 0.65 | % | 0.60 | % | 0.62 | % | 0.68 | %4 | ||||||||||||||||||
Total expenses, net of waivers | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | %4 | 0.68 | %4 | 0.65 | % | 0.60 | % | 0.63 | % | 0.68 | %4 | ||||||||||||||||||
Total expenses | 0.79 | %4 | 0.84 | % | 0.58 | % | 0.58 | %4 | 1.14 | %4 | 1.18 | % | 1.18 | % | 1.18 | % | 0.83 | %4 | ||||||||||||||||||
Net investment income | 2.52 | %4 | 3.23 | % | 2.85 | % | 1.75 | %4 | 2.32 | %4 | 3.03 | % | 2.75 | % | 1.64 | % | 0.67 | %4 | ||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | $ | 317,852 | $ | 293,358 | $ | 252,344 | $ | 161,860 | $ | 51,799 | ||||||||||||||||||
| Premier | ||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||
| Period Ended 10/31/057 | ||||||||||||||||
| 2007 | 2006 | |||||||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0116 | 0.0300 | 0.0272 | 0.0120 | ||||||||||||
Dividends from net investment income | (0.0116 | ) | (0.0300 | ) | (0.0272 | ) | (0.0120 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return | ||||||||||||||||
Based on net asset value | 1.17 | %3 | 3.08 | % | 2.76 | % | 1.21 | %3 | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %4 | 0.66 | % | 0.60 | % | 0.59 | %4 | ||||||||
Total expenses, net of waivers | 0.68 | %4 | 0.66 | % | 0.60 | % | 0.60 | %4 | ||||||||
Total expenses | 0.89 | %4 | 0.93 | % | 0.93 | % | 0.93 | %4 | ||||||||
Net investment income | 2.36 | %4 | 3.03 | % | 2.72 | % | 1.88 | %4 | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 198,257 | $ | 264,304 | $ | 160,053 | $ | 126,455 | ||||||||
| 1 | There were no Administration Shares outstanding during the period October 7, 2003 to May 16, 2004. |
| 2 | Audited by other auditors. |
| 3 | Aggregate total investment return. |
| 4 | Annualized. |
| 5 | Commenced operations on April 25, 2005. |
| 6 | Commenced operations on March 26, 2004. |
| 7 | Commenced operations on March 2, 2005. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 91 |
| Financial Highlights (continued) | MuniCash |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0145 | 0.0353 | 0.0318 | 0.0206 | 0.0100 | 0.0108 | ||||||||||||||||||
Dividends from net investment income | (0.0145 | ) | (0.0353 | ) | (0.0318 | ) | (0.0206 | ) | (0.0100 | ) | (0.0108 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.45 | %2 | 3.59 | % | 3.23 | % | 2.09 | % | 1.01 | % | 1.09 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.14 | %3 | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | ||||||||||||
Total expenses, net of waivers | 0.15 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.38 | %3 | 0.36 | % | 0.36 | % | 0.34 | % | 0.33 | % | 0.34 | % | ||||||||||||
Net investment income | 2.95 | %3 | 3.54 | % | 3.12 | % | 2.04 | % | 1.01 | % | 1.04 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 635,532 | $ | 919,878 | $ | 1,232,427 | $ | 2,181,441 | $ | 2,315,927 | $ | 2,054,465 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0132 | 0.0328 | 0.0293 | 0.0181 | 0.0075 | 0.0083 | ||||||||||||||||||
Dividends from net investment income | (0.0132 | ) | (0.0328 | ) | (0.0293 | ) | (0.0181 | ) | (0.0075 | ) | (0.0083 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.33 | %2 | 3.33 | % | 2.97 | % | 1.83 | % | 0.76 | % | 0.84 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.38 | %3 | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | 0.44 | % | ||||||||||||
Total expenses, net of waivers | 0.39 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.63 | %3 | 0.61 | % | 0.61 | % | 0.59 | % | 0.58 | % | 0.59 | % | ||||||||||||
Net investment income | 2.63 | %3 | 3.28 | % | 2.93 | % | 1.79 | % | 0.75 | % | 0.81 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 87,026 | $ | 85,628 | $ | 91,505 | $ | 59,321 | $ | 79,579 | $ | 90,241 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| 92 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | California Money Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0127 | 0.0341 | 0.0308 | 0.0197 | 0.0092 | 0.0094 | ||||||||||||||||||
Dividends from net investment income | (0.0127 | ) | (0.0341 | ) | (0.0308 | ) | (0.0197 | ) | (0.0092 | ) | (0.0094 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.28 | %2 | 3.46 | % | 3.13 | % | 1.99 | % | 0.92 | % | 0.94 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.19 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.19 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.40 | %3 | 0.40 | % | 0.40 | % | 0.41 | % | 0.41 | % | 0.40 | % | ||||||||||||
Net investment income | 2.52 | %3 | 3.40 | % | 3.13 | % | 2.00 | % | 0.92 | % | 0.93 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 802,402 | $ | 778,621 | $ | 860,859 | $ | 593,417 | $ | 454,698 | $ | 496,630 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0114 | 0.0316 | 0.0283 | 0.0172 | 0.0067 | 0.0069 | ||||||||||||||||||
Dividends from net investment income | (0.0114 | ) | (0.0316 | ) | (0.0283 | ) | (0.0172 | ) | (0.0067 | ) | (0.0069 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.15 | %2 | 3.20 | % | 2.87 | % | 1.74 | % | 0.68 | % | 0.69 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.44 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.65 | %3 | 0.65 | % | 0.65 | % | 0.65 | % | 0.66 | % | 0.65 | % | ||||||||||||
Net investment income | 2.46 | %3 | 3.16 | % | 2.86 | % | 1.84 | % | 0.66 | % | 0.71 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 13,438 | $ | 47,235 | $ | 40,850 | $ | 26,293 | $ | 1,347 | $ | 15,463 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 93 |
| Financial Highlights (continued) | California Money Fund |
| Cash Management | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/031,2 | ||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0102 | 0.0291 | 0.0258 | 0.0147 | 0.0042 | 0.0008 | ||||||||||||||||||
Dividends from net investment income | (0.0102 | ) | (0.0291 | ) | (0.0258 | ) | (0.0147 | ) | (0.0042 | ) | (0.0008 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.03 | %3 | 2.95 | % | 2.61 | % | 1.48 | % | 0.42 | % | 0.25 | %3 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.69 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.68 | %4 | ||||||||||||
Total expenses, net of waivers | 0.70 | %4 | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.69 | %4 | ||||||||||||
Total expenses | 0.90 | %4 | 0.90 | % | 0.90 | % | 0.91 | % | 0.90 | % | 0.91 | %4 | ||||||||||||
Net investment income | 2.10 | %4 | 2.92 | % | 2.70 | % | 1.50 | % | 0.40 | % | 0.25 | %4 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 9,355 | $ | 21,289 | $ | 10,122 | $ | 205 | $ | 120 | $ | 227 | ||||||||||||
| Administration | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/045 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0122 | 0.0331 | 0.0298 | 0.0187 | 0.0037 | |||||||||||||||
Dividends from net investment income | (0.0122 | ) | (0.0331 | ) | (0.0298 | ) | (0.0187 | ) | (0.0037 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.23 | %3 | 3.36 | % | 3.02 | % | 1.89 | % | 0.37 | %3 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.29 | %4 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||
Total expenses, net of waivers | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||||
Total expenses | 0.50 | %4 | 0.50 | % | 0.50 | % | 0.51 | % | 0.51 | %4 | ||||||||||
Net investment income | 2.50 | %4 | 3.31 | % | 2.99 | % | 1.98 | % | 1.00 | %4 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 4,749 | $ | 6,971 | $ | 5,013 | $ | 3,898 | $ | 1,738 | ||||||||||
See Notes to Financial Statements.
| 94 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | California Money Fund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20032 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0087 | 0.0261 | 0.0228 | 0.0117 | 0.0025 | 0.0025 | ||||||||||||||||||
Dividends from net investment income | (0.0087 | ) | (0.0261 | ) | (0.0228 | ) | (0.0117 | ) | (0.0025 | ) | (0.0025 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 0.87 | %3 | 2.64 | % | 2.31 | % | 1.18 | % | 0.25 | % | 0.25 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.99 | %4 | 1.00 | % | 1.00 | % | 1.00 | % | 0.86 | % | 0.87 | % | ||||||||||||
Total expenses, net of waivers | 1.00 | %4 | 1.00 | % | 1.00 | % | 1.00 | % | 0.86 | % | 0.88 | % | ||||||||||||
Total expenses | 1.24 | %4 | 1.25 | % | 1.25 | % | 1.21 | % | 1.20 | % | 1.20 | % | ||||||||||||
Net investment income | 1.68 | %4 | 2.61 | % | 2.31 | % | 1.27 | % | 0.25 | % | 0.24 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 30,410 | $ | 35,563 | $ | 33,556 | $ | 15,777 | $ | 6,307 | $ | 3,103 | ||||||||||||
| Premier Choice | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/046 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0114 | 0.0316 | 0.0283 | 0.0172 | 0.0045 | |||||||||||||||
Dividends from net investment income | (0.0114 | ) | (0.0316 | ) | (0.0283 | ) | (0.0172 | ) | (0.0045 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.15 | %3 | 3.20 | % | 2.87 | % | 1.74 | % | 0.45 | %3 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.44 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||||
Total expenses, net of waivers | 0.45 | %4 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %4 | ||||||||||
Total expenses | 0.90 | %4 | 0.90 | % | 0.94 | % | 0.87 | % | 0.66 | %4 | ||||||||||
Net investment income | 2.24 | %4 | 3.14 | % | 2.83 | % | 1.90 | % | 0.76 | %4 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||||
| 1 | Commenced operations on July 14, 2003. |
| 2 | Audited by other auditors. |
| 3 | Aggregate total investment return. |
| 4 | Annualized. |
| 5 | Commenced operations on June 18, 2004. |
| 6 | Commenced operations on March 26, 2004. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 95 |
| Financial Highlights (continued) | California Money Fund |
| Private Client | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0103 | 0.0296 | 0.0268 | 0.0152 | 0.0030 | |||||||||||||||
Dividends from net investment income | (0.0103 | ) | (0.0296 | ) | (0.0268 | ) | (0.0152 | ) | (0.0030 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.03 | %2 | 2.99 | % | 2.72 | % | 1.54 | % | 0.32 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.67 | %3 | 0.65 | % | 0.60 | % | 0.64 | % | 0.68 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.65 | % | 0.60 | % | 0.64 | % | 0.68 | %3 | ||||||||||
Total expenses | 1.24 | %3 | 1.25 | % | 1.25 | % | 1.26 | % | 0.91 | %3 | ||||||||||
Net investment income | 2.00 | %3 | 2.95 | % | 2.71 | % | 1.62 | % | 0.63 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 237,885 | $ | 196,002 | $ | 203,719 | $ | 127,509 | $ | 37,216 | ||||||||||
| Premier | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0103 | 0.0295 | 0.0268 | 0.0154 | 0.0036 | |||||||||||||||
Dividends from net investment income | (0.0103 | ) | (0.0295 | ) | (0.0268 | ) | (0.0154 | ) | (0.0036 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.03 | %2 | 2.99 | % | 2.72 | % | 1.55 | % | 0.36 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.67 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.60 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.60 | %3 | ||||||||||
| �� | ||||||||||||||||||||
Total expenses | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.01 | % | 0.81 | %3 | ||||||||||
Net investment income | 2.08 | %3 | 2.94 | % | 2.70 | % | 1.90 | % | 0.55 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 18,476 | $ | 45,924 | $ | 13,822 | $ | 15,778 | $ | 2 | ||||||||||
| 1 | Commenced operations on March 26, 2004. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements
| 96 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | New York Money Fund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0129 | 0.0346 | 0.0314 | 0.0197 | 0.0091 | 0.0096 | ||||||||||||||||||
Dividends from net investment income | (0.0129 | ) | (0.0346 | ) | (0.0314 | ) | (0.0197 | ) | (0.0091 | ) | (0.0096 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.29 | %2 | 3.51 | % | 3.18 | % | 1.99 | % | 0.92 | % | 0.96 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.19 | % | 0.19 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.40 | %3 | 0.41 | % | 0.41 | % | 0.41 | % | 0.40 | % | 0.40 | % | ||||||||||||
Net investment income | 2.51 | %3 | 3.45 | % | 3.14 | % | 1.98 | % | 0.90 | % | 0.95 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 558,028 | $ | 357,803 | $ | 313,842 | $ | 271,454 | $ | 234,346 | $ | 347,960 | ||||||||||||
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) |
Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0116 | 0.0323 | 0.0289 | 0.0172 | 0.0066 | 0.0071 | ||||||||||||||||||
Dividends from net investment income | (0.0116 | ) | (0.0323 | ) | (0.0289 | ) | (0.0172 | ) | (0.0066 | ) | (0.0071 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.17 | %2 | 3.26 | % | 2.93 | % | 1.74 | % | 0.67 | % | 0.71 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.44 | % | 0.44 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.65 | %3 | 0.66 | % | 0.66 | % | 0.66 | % | 0.65 | % | 0.65 | % | ||||||||||||
Net investment income | 2.35 | %3 | 3.21 | % | 2.88 | % | 1.67 | % | 0.67 | % | 0.68 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,307 | $ | 6,514 | $ | 6,362 | $ | 5,515 | $ | 5,059 | $ | 5,216 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 97 |
Financial Highlights (continued) | New York Money Fund | |
| Cash Management | ||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/051 | ||||||||||||||
| 2007 | 2006 | |||||||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0104 | 0.0296 | 0.0264 | 0.0114 | ||||||||||||
Dividends from net investment income | (0.0104 | ) | (0.0296 | ) | (0.0264 | ) | (0.0114 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return | ||||||||||||||||
Based on net asset value | 1.04 | %2 | 3.00 | % | 2.67 | % | 1.14 | %2 | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | %3 | ||||||||
Total expenses, net of waivers | 0.70 | %3 | 0.70 | % | 0.70 | % | 0.70 | %3 | ||||||||
Total expenses | 0.90 | %3 | 0.91 | % | 0.91 | % | 0.91 | %3 | ||||||||
Net investment income | 1.95 | %3 | 2.96 | % | 2.70 | % | 1.80 | %3 | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 22,929 | $ | 15,062 | $ | 9,398 | $ | 3,585 | ||||||||
| Administration | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/044 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0124 | 0.0336 | 0.0304 | 0.0187 | 0.0035 | |||||||||||||||
Dividends from net investment income | (0.0124 | ) | (0.0336 | ) | (0.0304 | ) | (0.0187 | ) | (0.0035 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.24 | %2 | 3.41 | % | 3.08 | % | 1.89 | % | 0.35 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %3 | ||||||||||
Total expenses, net of waivers | 0.30 | %3 | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | %3 | ||||||||||
Total expenses | 0.50 | %3 | 0.51 | % | 0.51 | % | 0.51 | % | 0.51 | %3 | ||||||||||
Net investment income | 2.49 | %3 | 3.35 | % | 3.04 | % | 1.84 | % | 0.94 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 11,662 | $ | 13,158 | $ | 16,125 | $ | 16,394 | $ | 21,890 | ||||||||||
See Notes to Financial Statements.
| 98 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Financial Highlights (continued) | New York Money Fund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20035 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0089 | 0.0266 | 0.0234 | 0.0117 | 0.0024 | 0.0025 | ||||||||||||||||||
Dividends from net investment income | (0.0089 | ) | (0.0266 | ) | (0.0234 | ) | (0.0117 | ) | (0.0024 | ) | (0.0025 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 0.89 | %2 | 2.69 | % | 2.36 | % | 1.18 | % | 0.24 | % | 0.25 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.00 | % | 0.82 | % | 0.90 | % | ||||||||||||
Total expenses, net of waivers | 1.00 | %3 | 1.00 | % | 1.00 | % | 1.00 | % | 0.83 | % | 0.91 | % | ||||||||||||
Total expenses | 1.25 | %3 | 1.26 | % | 1.26 | % | 1.21 | % | 1.20 | % | 1.20 | % | ||||||||||||
Net investment income | 1.70 | %3 | 2.66 | % | 2.33 | % | 1.35 | % | 0.21 | % | 0.25 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,975 | $ | 6,255 | $ | 2,686 | $ | 3,831 | $ | 1,420 | $ | 18,652 | ||||||||||||
| Premier Choice | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/046 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0116 | 0.0321 | 0.0289 | 0.0172 | 0.0043 | |||||||||||||||
Dividends from net investment income | (0.0116 | ) | (0.0321 | ) | (0.0289 | ) | (0.0172 | ) | (0.0043 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.17 | %2 | 3.26 | % | 2.93 | % | 1.74 | % | 0.43 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.44 | %3 | ||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %3 | ||||||||||
Total expenses | 0.91 | %3 | 0.91 | % | 0.91 | % | 0.87 | % | 0.65 | %3 | ||||||||||
Net investment income | 2.88 | %3 | 3.19 | % | 3.14 | % | 1.94 | % | 0.69 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 641 | $ | 242 | $ | 2 | $ | 2 | ||||||||||
| 1 | Commenced operations on March 3, 2005. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commenced operations on June 18, 2004. |
| 5 | Audited by other auditors. |
| 6 | Commenced operations on March 26, 2004. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 99 |
Financial Highlights (concluded) | New York Money Fund |
| Private Client | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0105 | 0.0300 | 0.0274 | 0.0152 | 0.0030 | |||||||||||||||
Dividends from net investment income | (0.0105 | ) | (0.0300 | ) | (0.0274 | ) | (0.0152 | ) | (0.0030 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.05 | %2 | 3.05 | % | 2.77 | % | 1.54 | % | 0.30 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.64 | % | 0.68 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.64 | % | 0.69 | %3 | ||||||||||
Total expenses | 1.25 | %3 | 1.26 | % | 1.26 | % | 1.26 | % | 0.92 | %3 | ||||||||||
Net investment income | 2.05 | %3 | 3.00 | % | 2.75 | % | 1.58 | % | 0.56 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 185,322 | $ | 175,446 | $ | 138,323 | $ | 111,739 | $ | 53,933 | ||||||||||
| Premier | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0105 | 0.0300 | 0.0274 | 0.0154 | 0.0034 | |||||||||||||||
Dividends from net investment income | (0.0105 | ) | (0.0300 | ) | (0.0274 | ) | (0.0154 | ) | (0.0034 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.05 | %2 | 3.05 | % | 2.77 | % | 1.56 | % | 0.34 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.68 | % | 0.60 | % | 0.61 | % | 0.59 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.68 | % | 0.60 | % | 0.61 | % | 0.60 | %3 | ||||||||||
Total expenses | 1.00 | %3 | 1.01 | % | 1.01 | % | 1.02 | % | 0.80 | %3 | ||||||||||
Net investment income | 2.36 | %3 | 3.01 | % | 2.72 | % | 1.82 | % | 0.55 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 2,491 | $ | 14,221 | $ | 8,339 | $ | 5,774 | $ | 2 | ||||||||||
| 1 | Commenced operations on March 26, 2004. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| 100 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock Liquidity Funds (the “Trust”), a Delaware statutory business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The financial statements and these accompanying notes relate to the Trust’s ten Funds: TempFund, TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money Fund and New York Money Fund (each a “Fund” and together, the “Funds”). The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.
California Money Fund and New York Money Fund each offer eleven classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares, Institutional Shares and Plus Shares. TempFund and MuniFund each offer ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares, Institutional Shares and Plus Shares. FedFund offers ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. T-Fund offers ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares, Institutional Shares and Plus Shares. TempCash and MuniCash each offer nine classes of shares: Administration Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. Federal Trust Fund and Treasury Trust Fund each offer eight classes of shares: Administration Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. As of April 30, 2008, no Plus Shares or Cash Plus Shares were outstanding.
Effective February 21, 2008 Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice Shares and Bear Stearns Private Client Shares were renamed Select Shares, Premier Shares, Premier Choice Shares and Private Client Shares, respectively.
The following is a summary of significant accounting policies followed by the Funds:
Valuation of Investments: Fund securities are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 of the 1940 Act. Under this method, securities are valued at cost when purchased and thereafter, a constant proportionate amortization of any discount or premium is recorded until the maturity of the security. Regular review and monitoring of the valuation is performed in an attempt to avoid dilution or adverse results to shareholders.
The Funds seek to maintain the net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.
Repurchase Agreements: The Funds may invest in U.S. government and agency securities pursuant to repurchase agreements. Under such agreements, the counterparty agrees to repurchase the security at a mutually agreed upon time and price. The counterparty will be required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Fund’s custodian. If the counterparty defaults and the fair value of the collateral declines, liquidation of the collateral by the Fund may be delayed or limited.
Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income is recognized on the accrual basis. The Funds amortize all premiums and discounts on debt securities. Income and realized gains and losses are allocated daily to each class based on its relative net assets.
Dividends and Distributions to Shareholders: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates.
Income Taxes: It is the Funds’ policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
Effective April 30, 2008, the Funds implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to the Funds, and has determined that the adoption of FIN 48 does not have a material impact on the Funds’ financial statements. The Funds file U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ tax returns remains open for the years ended September 30, 2004 through September 30, 2006. The statute of limitations on the Funds’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 101 |
| Notes to Financial Statements (continued) |
(“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.
In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.
In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities - an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Funds’ financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to one of the Funds or classes are charged to that Fund or class. Other operating expenses shared by several Funds are pro-rated among those Funds on the basis of relative net assets or other appropriate methods. Other expenses of a Fund are allocated daily to each class based on its relative net assets.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
Pursuant to agreements between the Trust and BlackRock Institutional Management Corporation (“BIMC”), an indirect wholly-owned subsidiary of BlackRock, Inc., BIMC provides both investment advisory and administration services to the Trust. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), an indirect wholly-owned subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.
The Trust has entered into a management agreement with BIMC under which it provides certain advisory, administration and accounting services. BIMC has entered into a sub-administration agreement with PFPC under which PFPC provides certain administration services with respect to the Trust.
For the management and administration services provided and expenses assumed by it under the management agreement, BIMC is entitled to receive the following annual fees computed daily based upon each Fund’s average daily net assets and paid monthly:
TempFund | ||
Management Fee | .350% of the first $1 billion. | |
| .300% of the next $1 billion | ||
| .250% of the next $1 billion | ||
| .200% of the next $1 billion | ||
| .195% of the next $1 billion | ||
| .190% of the next $1 billion | ||
| .180% of the next $1 billion | ||
| .175% of the next $1 billion | ||
| .170% of amounts in excess of $8 billion. | ||
TempCash, MuniFund and MuniCash | ||
Management Fee | .350% of the first $1 billion | |
| .300% of the next $1 billion | ||
| .250% of the next $1 billion | ||
| .200% of the next $1 billion | ||
| .195% of the next $1 billion | ||
| .190% of the next $1 billion | ||
| .185% of the next $1 billion | ||
| .180% of amounts in excess of $7 billion. | ||
California Money Fund and New York Money Fund | ||
Management Fee | .375% of the first $1 billion | |
| .350% of the next $1 billion | ||
| .325% of the next $1 billion | ||
| .300% of amounts in excess of $3 billion. | ||
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund | ||
Calculation A | Calculation B | |
.175% of the first $1 billion* | .175% of the first $1 billion** | |
.150% of the next $1 billion* | .150% of the next $1 billion** | |
.125% of the next $1 billion* | .125% of the next $1 billion** | |
.100% of the next $1 billion* | .100% of amounts in excess of $3 billion.** | |
.095% of the next $1 billion* | ||
.090% of the next $1 billion* | ||
.085% of the next $1 billion* | ||
.080% of amounts in excess of $7 billion.* | ||
The management fee is equal to calculation A plus calculation B.
| * | Based on the combined average net assets of FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund. |
| ** | Based on the average net assets of each Fund. |
Until February 28, 2009, BIMC, as investment advisor and administrator, has contractually agreed to reduce its fees and reimburse expenses to ensure that the combined “Management Fees” and “Miscellaneous Expenses” do not exceed 0.18% of the average daily net assets of TempFund and TempCash and 0.20% of the average daily net assets of
| 102 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Notes to Financial Statements (continued) |
FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money Fund and New York Money Fund. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.
Pursuant to the Select Shares Distribution Plan, the Premier Shares Distribution Plan, the Premier Choice Shares Distribution Plan and the Private Client Shares Distribution Plan, the Trust may pay BDI a fee for distribution and sales support services. In addition, the Trust may pay Service Organizations, including affiliates of BIMC, fees for providing certain services (“shareholder services”) to their customers who own shares of the Funds. Pursuant to its respective Shareholder Services Plan, each of the Administration, Dollar, Cash Management, Cash Reserve, Select, Premier, Premier Choice and Private Client Share classes are currently paying fees to Service Organizations, which may include affiliates of BIMC.
Pursuant to the Distribution Plan the Funds pay BDI ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:
| Service | Distribution | |||||
| Fee1 | Fee 1 | |||||
Dollar | 0.25 | % | — | |||
Cash Management | 0.50 | % | — | |||
Cash Reserve | 0.40 | % | — | |||
Administration | 0.10 | % | — | |||
Select | 0.50 | % | 0.35 | % | ||
Premier Choice | 0.40 | % | 0.10 | % | ||
Private Client | 0.50 | % | 0.35 | % | ||
Premier | 0.50 | % | 0.10 | % | ||
(1) Due to certain contractual and voluntary waivers the above stated rates may be reduced. |
For the six months ended April 30, 2008, the following charts show the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers of those expenses.
| Share Classes | |||||||||||||||||||||||||||
Service Fees | Dollar | Cash Management | Cash Reserve | Administration | Select | Premier Choice | Private Client | Premier | Total | ||||||||||||||||||
TempFund | $ | 8,513,646 | $ | 2,136,225 | $ | 21,255 | $ | 1,025,047 | $ | 2,482,985 | $ | 1 | $ | 4,141,356 | $ | 1,459,962 | $ | 19,780,477 | |||||||||
TempCash | 1,317,528 | 412 | — | 1,913 | — | — | — | — | 1,319,853 | ||||||||||||||||||
FedFund | 899,434 | — | 4,122 | 35,934 | 353,891 | 5 | 2,411,082 | 392,635 | 4,097,103 | ||||||||||||||||||
T-Fund | 1,293,258 | 1,475,526 | — | 40,451 | 24,930 | — | 46,677 | 269,883 | 3,150,725 | ||||||||||||||||||
Federal Trust Fund | 105,389 | — | — | 20,607 | — | — | — | — | 125,996 | ||||||||||||||||||
Treasury Trust Fund | 378,774 | 190,240 | — | 69,510 | — | — | — | — | 638,524 | ||||||||||||||||||
MuniFund | 211,369 | 175,648 | — | 226,388 | 85,567 | 5 | 836,594 | 675,536 | 2,211,107 | ||||||||||||||||||
MuniCash | 102,908 | — | 7 | 63 | — | — | — | — | 102,978 | ||||||||||||||||||
California Money Fund | 52,507 | 47,914 | — | 3,226 | 107,832 | 5 | 614,178 | 82,383 | 908,045 | ||||||||||||||||||
New York Money Fund | 8,169 | 52,185 | — | 6,882 | 20,483 | 254 | 480,960 | 24,959 | 593,892 | ||||||||||||||||||
| Share Classes | |||||||||||||||
Service Fees Waived | Select | Premier Choice | Private Client | Premier | Total | ||||||||||
TempFund | $ | 148,979 | $ | — | $ | — | $ | — | $ | 148,979 | |||||
FedFund | 35,389 | 2 | 96,443 | 15,705 | 147,539 | ||||||||||
T-Fund | 2,493 | — | 1,867 | 10,795 | 15,155 | ||||||||||
MuniFund | 8,556 | 2 | 33,464 | 27,021 | 69,043 | ||||||||||
California Money Fund | 10,783 | 2 | 24,567 | 3,295 | 38,647 | ||||||||||
New York Money Fund | 2,048 | 95 | 19,239 | 998 | 22,380 | ||||||||||
| Share Classes | |||||||||||||||
Distribution Fees | Select | Premier Choice | Private Client | Premier | Total | ||||||||||
TempFund | $ | 1,738,089 | $ | 1 | $ | 2,898,950 | $ | 291,992 | $ | 4,929,032 | |||||
FedFund | 247,724 | 2 | 1,687,756 | 78,527 | 2,014,009 | ||||||||||
T-Fund | 17,451 | — | 32,674 | 53,976 | 104,101 | ||||||||||
MuniFund | 59,897 | 2 | 585,616 | 135,107 | 780,622 | ||||||||||
California Money Fund | 75,483 | 2 | 429,923 | 16,477 | 521,885 | ||||||||||
New York Money Fund | 14,338 | 64 | 336,672 | 4,992 | 356,066 | ||||||||||
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 103 |
| Notes to Financial Statements (continued) |
| Share Classes | ||||||||||||
Distribution Fees Waived | Premier Choice | Private Client | Premier | Total | ||||||||
TempFund | $ | 1 | $ | 2,898,950 | $ | 291,992 | $ | 3,190,943 | ||||
FedFund | 2 | 1,687,757 | 78,527 | 1,766,286 | ||||||||
T-Fund | — | 32,674 | 53,976 | 86,650 | ||||||||
MuniFund | 2 | 585,616 | 135,107 | 720,725 | ||||||||
California Money Fund | 2 | 429,924 | 16,477 | 446,403 | ||||||||
New York Money Fund | 64 | 336,671 | 4,992 | 341,727 | ||||||||
In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly. The fee is based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.
The Funds may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.
Pursuant to the Trust’s operating procedures, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are included on the Statements of Operations as fees paid indirectly.
Pursuant to the Transfer Agent Agreement, PFPC serves as the transfer and dividend disbursing agent for the Funds. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 share classes plus $50,000 for each additional share class beyond the first 40, plus transaction fees, per account fees and disbursements.
For the six months ended April 30, 2008, the Funds paid to affiliates the following fees in return for distribution and sales support services:
TempFund | $ | 6,567,269 | |
TempCash | 909,891 | ||
FedFund | 860,291 | ||
T-Fund | 127,562 | ||
Treasury Trust Fund | 235,325 | ||
MuniFund | 348,353 | ||
MuniCash | 63,422 | ||
New York Money Fund | 3,465 |
The Funds may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are included on the Statement of Operations as fees paid indirectly.
Certain officers and/or trustees of the Funds are officers and/or directors of BlackRock, Inc. or its affiliates.
3. Capital Shares:
The Trust’s Declaration of Trust permits the trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.
Because the Funds have each sold and redeemed shares only at a constant net asset value of $1.00 per share, the number of shares represented by such sales, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.
Transactions in capital shares for each period were as follows:
| TempFund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 371,621,606,198 | $ | 433,068,105,139 | ||||
Dollar | 28,316,367,893 | 52,553,070,776 | ||||||
Cash Management | 1,868,648,986 | 3,362,775,636 | ||||||
Cash Reserve | 2,386,595 | 38,879,893 | ||||||
Administration | 1,236,687,331 | 1,914,540,367 | ||||||
Select | 537,688,182 | 1,122,046,235 | ||||||
Premier Choice | 2,000 | 57,310,072 | ||||||
Private Client | 816,913,369 | 1,452,110,892 | ||||||
Premier | 556,010,376 | 1,056,361,440 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 470,596,775 | 570,242,855 | ||||||
Dollar | 7,984,278 | 18,457,032 | ||||||
Cash Management | 6,807,919 | 14,638,090 | ||||||
Cash Reserve | 106,253 | 401,511 | ||||||
Administration | 8,275,979 | 21,705,467 | ||||||
Select | 16,289,687 | 37,397,981 | ||||||
Premier Choice | 10 | 627,994 | ||||||
Private Client | 30,165,936 | 77,283,769 | ||||||
Premier | 10,526,082 | 21,785,031 | ||||||
Shares redeemed: | ||||||||
Institutional | (366,912,633,278 | ) | (408,705,925,835 | ) | ||||
Dollar | (27,589,720,531 | ) | (51,232,350,447 | ) | ||||
Cash Management | (1,666,928,544 | ) | (3,012,236,348 | ) | ||||
Cash Reserve | (5,722,673 | ) | (44,364,706 | ) | ||||
Administration | (972,099,971 | ) | (1,856,811,166 | ) | ||||
Select | (471,577,069 | ) | (1,081,472,176 | ) | ||||
Premier Choice | — | (68,283,762 | ) | |||||
Private Client | (911,119,425 | ) | (1,442,755,073 | ) | ||||
Premier | (534,526,949 | ) | (964,359,018 | ) | ||||
Net increase | $ | 6,442,735,409 | $ | 26,979,181,649 | ||||
| 104 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Notes to Financial Statements (continued) |
| TempCash | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 111,159,791,506 | $ | 176,528,817,405 | ||||
Dollar | 1,229,732,692 | 1,855,380,140 | ||||||
Cash Management | 496,008 | 1,385,360 | ||||||
Administration | 77,738,356 | 32,958,510 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 127,224,311 | 203,513,449 | ||||||
Dollar | 18,353,369 | 42,651,400 | ||||||
Cash Management | 3,090 | 5,298 | ||||||
Administration | 52,556 | 350,543 | ||||||
Shares redeemed: | ||||||||
Institutional | (110,357,495,868 | ) | (175,080,960,004 | ) | ||||
Dollar | (1,135,917,661 | ) | (1,719,937,983 | ) | ||||
Cash Management | (582,878 | ) | (1,320,812 | ) | ||||
Administration | (149,380 | ) | (58,768,271 | ) | ||||
Net increase | $ | 1,119,246,101 | $ | 1,804,075,035 | ||||
| FedFund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 32,843,189,732 | $ | 19,166,783,329 | ||||
Dollar | 6,453,497,558 | 12,449,089,470 | ||||||
Cash Reserve | 53,661,274 | 31,133,706 | ||||||
Administration | 73,428,973 | 47,698,207 | ||||||
Select | 231,017,204 | 187,645,415 | ||||||
Premier Choice | 1 | 1 | ||||||
Private Client | 784,257,995 | 956,296,510 | ||||||
Premier | 281,691,285 | 232,915,996 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 72,530,236 | 61,381,648 | ||||||
Dollar | 313,655 | 1,352,112 | ||||||
Cash Reserve | 34,743 | 142,790 | ||||||
Administration | 408,644 | 3,225 | ||||||
Select | 1,985,612 | 2,410,724 | ||||||
Premier Choice | 39 | 106 | ||||||
Private Client | 15,225,263 | 18,807,572 | ||||||
Premier | 2,442,341 | 2,875,927 | ||||||
Shares redeemed: | ||||||||
Institutional | (29,592,697,960 | ) | (17,061,867,541 | ) | ||||
Dollar | (6,303,407,748 | ) | (12,181,887,181 | ) | ||||
Cash Reserve | (53,333,049 | ) | (31,176,238 | ) | ||||
Administration | (13,941,986 | ) | (89,359,863 | ) | ||||
Select | (197,025,207 | ) | (143,724,646 | ) | ||||
Premier Choice | (1 | ) | (129 | ) | ||||
Private Client | (598,280,900 | ) | (501,798,833 | ) | ||||
Premier | (237,975,003 | ) | (190,321,414 | ) | ||||
Net increase | $ | 3,817,022,701 | $ | 2,958,400,893 | ||||
| T-Fund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 31,707,877,191 | $ | 37,887,490,070 | ||||
Dollar | 4,323,224,455 | 7,143,541,774 | ||||||
Cash Management | 1,077,709,983 | 1,045,691,763 | ||||||
Administration | 328,063,501 | 1,276,117,439 | ||||||
Select | 65,801,653 | — | ||||||
Premier Choice | 1 | 2,550 | ||||||
Private Client | 86,503,558 | 2,333 | ||||||
Premier | 783,620,884 | 2,131 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 45,281,001 | 47,947,162 | ||||||
Dollar | 1,526,362 | 6,506,438 | ||||||
Cash Management | 298,630 | 1,177,632 | ||||||
Administration | 1,060,752 | 2,330,872 | ||||||
Select | 50,954 | — | ||||||
Premier Choice | 7 | 3 | ||||||
Private Client | 243,198 | 3 | ||||||
Premier | 1,024,842 | 3 | ||||||
Shares redeemed: | ||||||||
Institutional | (29,654,331,175 | ) | (34,561,543,676 | ) | ||||
Dollar | (4,454,171,342 | ) | (7,065,936,362 | ) | ||||
Cash Management | (1,076,970,452 | ) | (859,325,068 | ) | ||||
Administration | (330,148,128 | ) | (1,210,032,953 | ) | ||||
Select | (16,678,514 | ) | — | |||||
Premier Choice | (1 | ) | (2,051 | ) | ||||
Private Client | (82,410,849 | ) | (1,541 | ) | ||||
Premier | (680,614,704 | ) | (1,632 | ) | ||||
Net increase | $ | 2,126,961,807 | $ | 3,713,966,890 | ||||
| Federal Trust Fund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2006 | |||||||
Shares sold: | ||||||||
Institutional | $ | 931,865,892 | $ | 757,288,870 | ||||
Dollar | 84,620,488 | 261,279,554 | ||||||
Administration | 66,203,948 | 62,198,340 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 2,459,395 | 6,797,664 | ||||||
Shares redeemed: | ||||||||
Institutional | (786,884,219 | ) | (537,448,078 | ) | ||||
Dollar | (12,765,248 | ) | (255,896,900 | ) | ||||
Administration | (66,042,758 | ) | (28,520,016 | ) | ||||
Net increase | $ | 219,457,498 | $ | 265,699,434 | ||||
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 105 |
| Notes to Financial Statements (continued) |
| Treasury Trust Fund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 13,330,450,905 | $ | 11,923,500,782 | ||||
Dollar | 1,688,298,009 | 540,471,165 | ||||||
Cash Management | 208,924,803 | 180,412,677 | ||||||
Administration | 289,359,338 | 149,374,411 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 13,208,257 | 21,005,257 | ||||||
Dollar | 1,645,677 | 4,653,101 | ||||||
Cash Management | 42,659 | 178,912 | ||||||
Administration | 455 | — | ||||||
Shares redeemed: | ||||||||
Institutional | (11,175,908,298 | ) | (10,457,617,236 | ) | ||||
Dollar | (1,375,071,047 | ) | (577,169,742 | ) | ||||
Cash Management | (186,039,522 | ) | (176,664,356 | ) | ||||
Administration | (251,363,666 | ) | (165,511,625 | ) | ||||
Net increase | $ | 2,543,547,570 | $ | 1,442,633,346 | ||||
| MuniFund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 9,186,107,695 | $ | 13,537,810,780 | ||||
Dollar | 728,536,937 | 1,167,831,704 | ||||||
Cash Management | 211,309,524 | 168,167,445 | ||||||
Administration | 424,018,197 | 782,802,422 | ||||||
Select | 190,284,536 | 160,243,467 | ||||||
Premier Choice | 1 | 1 | ||||||
Private Client | 1,377,935,208 | 2,648,685,261 | ||||||
Premier | 1,562,722,254 | 2,822,534,566 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 18,749,109 | 27,543,465 | ||||||
Dollar | 57,171 | 216,134 | ||||||
Cash Management | 70,187 | 266,117 | ||||||
Administration | 1,599 | — | ||||||
Select | 343,854 | 695,236 | ||||||
Premier Choice | 29 | 73 | ||||||
Private Client | 3,891,472 | 9,125,803 | ||||||
Premier | 3,199,487 | 6,818,554 | ||||||
Shares redeemed: | ||||||||
Institutional | (8,199,035,386 | ) | (12,669,426,544 | ) | ||||
Dollar | (636,694,546 | ) | (1,117,295,209 | ) | ||||
Cash Management | (154,868,069 | ) | (169,511,393 | ) | ||||
Administration | (357,722,925 | ) | (764,546,163 | ) | ||||
Select | (197,444,988 | ) | (154,005,087 | ) | ||||
Premier Choice | (1 | ) | (89 | ) | ||||
Private Client | (1,357,380,041 | ) | (2,616,797,335 | ) | ||||
Premier | (1,632,006,835 | ) | (2,725,104,372 | ) | ||||
Net increase | $ | 1,172,074,469 | $ | 1,116,054,836 | ||||
| MuniCash | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 4,270,751,103 | $ | 24,920,431,349 | ||||
Dollar | 236,332,810 | 455,029,760 | ||||||
Cash Reserve* | — | 181,750 | ||||||
Administration** | 94,071 | 1,100,000 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 2,499,329 | 12,614,020 | ||||||
Dollar | 921,084 | 2,499,846 | ||||||
Cash Reserve* | 49 | 679 | ||||||
Administration** | 1,373 | 13,784 | ||||||
Shares redeemed: | ||||||||
Institutional | (4,557,874,427 | ) | (25,245,804,088 | ) | ||||
Dollar | (235,887,302 | ) | (463,422,667 | ) | ||||
Cash Reserve* | (10,138 | ) | (172,340 | ) | ||||
Administration** | (353,026 | ) | (1,299,151 | ) | ||||
Net decrease | $ | (283,525,074 | ) | $ | (318,827,058 | ) | ||
* Liquidated on 01/08/08. | ||||||||
** Liquidated on 01/25/08. | ||||||||
| California Money Fund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 2,102,710,677 | $ | 3,486,013,598 | ||||
Dollar | 219,600,875 | 883,083,074 | ||||||
Cash Management | 46,121 | 10,913,164 | ||||||
Administration | 5,637,634 | 8,601,723 | ||||||
Select | 133,495,804 | 255,273,401 | ||||||
Premier Choice | 2 | 1 | ||||||
Private Client | 1,344,289,683 | 2,274,833,552 | ||||||
Premier | 174,172,989 | 430,230,833 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 1,963,094 | 5,759,178 | ||||||
Dollar | 269,138 | 1,194,660 | ||||||
Cash Management | 202,096 | 481,483 | ||||||
Select | 365,650 | 1,094,069 | ||||||
Premier Choice | 25 | 69 | ||||||
Private Client | 2,467,401 | 6,737,753 | ||||||
Premier | 346,739 | 723,696 | ||||||
Shares redeemed: | ||||||||
Institutional | (2,081,010,232 | ) | (3,574,058,204 | ) | ||||
Dollar | (253,671,562 | ) | (877,896,799 | ) | ||||
Cash Management | (12,184,867 | ) | (228,812 | ) | ||||
Administration | (7,860,327 | ) | (6,643,934 | ) | ||||
Select | (139,020,378 | ) | (254,363,179 | ) | ||||
Premier Choice | (1 | ) | (83 | ) | ||||
Private Client | (1,304,913,466 | ) | (2,289,301,593 | ) | ||||
Premier | (201,972,451 | ) | (398,854,321 | ) | ||||
Net decrease | $ | (15,065,356 | ) | $ | (36,406,671 | ) | ||
| 106 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Notes to Financial Statements (concluded) |
| New York Money Fund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 1,505,164,421 | $ | 2,419,659,914 | ||||
Dollar | 6,030,796 | 18,688,510 | ||||||
Cash Management | 48,062,121 | 86,992,458 | ||||||
Administration | 6,216,268 | 8,840,317 | ||||||
Select | 18,554,819 | 35,362,362 | ||||||
Premier Choice | 398 | 661,341 | ||||||
Private Client | 886,685,008 | 1,277,024,710 | ||||||
Premier | 67,400,954 | 257,205,109 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 1,078,431 | 2,148,316 | ||||||
Dollar | 76,798 | 235,849 | ||||||
Select | 69,788 | 144,626 | ||||||
Premier Choice | 1,883 | 8,033 | ||||||
Private Client | 1,983,774 | 5,346,165 | ||||||
Premier | 118,816 | 425,069 | ||||||
Shares redeemed: | ||||||||
Institutional | (1,306,027,447 | ) | (2,377,881,267 | ) | ||||
Dollar | (6,314,817 | ) | (18,773,309 | ) | ||||
Cash Management | (40,195,761 | ) | (81,329,441 | ) | ||||
Administration | (7,712,890 | ) | (11,807,980 | ) | ||||
Select | (15,904,659 | ) | (31,938,371 | ) | ||||
Premier Choice | (641,143 | ) | (270,728 | ) | ||||
Private Client | (878,796,794 | ) | (1,245,261,326 | ) | ||||
Premier | (79,249,865 | ) | (251,750,339 | ) | ||||
Net increase | $ | 206,600,899 | $ | 93,730,018 | ||||
4. Capital Loss Carryforward:
As of October 31, 2007, the Funds had the following capital loss carryforwards available to offset future realized capital gains:
| Expiring October 31, | |||||||||||||||
| 2008 | 2013 | 2014 | 2015 | Total | |||||||||||
TempFund | $ | — | $ | 3,440,833 | $ | — | $ | — | $ | 3,440,833 | |||||
TempCash | — | 2,153,050 | — | — | 2,153,050 | ||||||||||
FedFund | — | 12,054 | — | — | 12,054 | ||||||||||
T-Fund | 15,846 | 91,112 | — | 81 | 107,039 | ||||||||||
MuniCash | — | 839 | 263,568 | — | 264,407 | ||||||||||
5. Asset Concentration:
The California Money Fund and New York Money Fund invest primarily in municipal obligations from issuers domiciled in those states, respectively, and, as a result, are more susceptible to adverse consequences of economic, political and other developments than a more geographically diverse fund. Such consequences may include declines in the market value and marketability of fund securities, as well as impairment of the ability of certain issuers of California and New York municipal securities to pay principal and interest on their obligations.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 107 |
David O. Beim, Trustee
Richard S. Davis, Trustee
Ronald W. Forbes, Trustee
Henry Gabbay, Trustee
Dr. Matina Horner, Trustee
Rodney D. Johnson, Trustee
Herbert I. London, Trustee
Cynthia A. Montgomery, Trustee
Joseph P. Platt, Jr., Trustee
Robert C. Robb, Jr., Trustee
Toby Rosenblatt, Trustee
Kenneth L. Urish, Trustee
Frederick W. Winter, Trustee
Donald C. Burke, Trust President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer of the Funds
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer
Howard Surloff, Secretary
Investment Advisor and Administrator
BlackRock Institutional Management Corporation
Wilmington, DE 19809
Sub-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, PA 19406
Custodian
PFPC Trust Company
Philadelphia, PA 19153
Counsel
Sidley AustinLLP
New York, NY 10019
Independent Registered Public Accounting Firm
Deloitte & ToucheLLP
Philadelphia, PA 19103
Electronic copies of most financial reports and prospectuses are available on the Funds’ website.
The Trust has delegated proxy voting responsibilities to BlackRock, subject to the general oversight of the Trust’s Board of Trustees. A description of the policies and procedures that BlackRock uses to determine how to vote proxies relating to Fund securities is available without charge, upon request, by calling 1-800-821-7432, or on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.
Information on how proxies relating to the Trust’s voting securities (if any) were voted by BlackRock during the most recent 12-month period ended June 30th is available, upon request and without charge, by calling 1-800-821-7432 or on the website of the Commission at http://www.sec.gov.
The Trust files its complete schedule of Fund holdings for the first and third quarters of its fiscal year with the Commission on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s Forms N-Q may also be obtained, upon request, by calling 1-800-821-7432.
This report is submitted for the general information of the shareholders of the Trust. It is not authorized for distribution to prospective investors unless accompanied or preceded by effective prospectuses for each Fund of the Trust, which contain information concerning the investment policies of the Funds as well as other pertinent information. Statements and other information contained in this report are as dated and subject to change.
| 108 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, PNC Bank, National Association or any other bank, and shares are not federally insured by, guaranteed by, obligations of or otherwise supported by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. Investments in shares of the Funds involve investment risks, including the possible loss of the principal amount invested.
BRLF-SA-001 04/08
FedFund – Cash Reserve Shares Semi-Annual Report April 30, 2008 |
| Page | ||
| 3 | ||
Semi-Annual Report: | ||
| 4 | ||
| 6 | ||
Financial Statements: | ||
| 7 | ||
| 13 | ||
| 15 | ||
| 16 | ||
| 17 | ||
| 25 | ||
| 32 |
Privacy Principles of BlackRock Liquidity Funds
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
| 2 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Dear Shareholder
We are pleased to present this semi-annual report to shareholders of BlackRock Liquidity Funds for the six months ending April 30, 2008. BlackRock Liquidity Funds offer a variety of high-quality taxable and tax-exempt money market funds that are designed to meet the varied needs of our investors. Following is an overview of market events that have occurred during this six month reporting period.
Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns. The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.
Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.
Our extensive experience through multiple interest rate cycles and market events, our rigorous credit standards and our consistent focus on risk management enabled us to deliver on our fundamental objectives of safety, liquidity and yield. Should you wish to discuss your investment options, please contact your account representative or call our Client Service Center at (800) 821-7432.
As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Institutional Management Corporation
THIS PAGE NOT PART OF YOUR FUND REPORT
3
| Fund Summary | FedFund |
Fund Profile as of April 30, 2008
Fund Diversification | Percentage of Total Investments | ||
Agency Obligations | 54 | % | |
Repurchase Agreements | 46 | ||
7-Day Yield (Annualized) | |||
Institutional | 2.42 | % | |
Dollar | 2.17 | ||
Cash Reserve | 2.02 | ||
Administration | 2.32 | ||
Select (formerly Bear Stearns) | 1.62 | ||
Premier Choice (formerly Bear Stearns Premier Choice) | 2.17 | ||
Private Client (formerly Bear Stearns Private Client) | 1.94 | ||
Premier (formerly Bear Stearns Premier) | 1.94 | ||
Maturity Information
Maturity | Par | Percentage of Total Investments | ||||
1-30 Days | $ | 5,464,170,000 | 54 | % | ||
31-60 Days | 1,297,599,000 | 13 | ||||
61-90 Days | 1,749,555,000 | 17 | ||||
91-120 Days | 519,685,000 | 5 | ||||
121-150 Days | 603,240,000 | 6 | ||||
over 150 Days | 440,811,000 | 5 | ||||
Average Weighted Maturity - 43 days
| 4 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Fund Summary | FedFund |
Expense Example
| Actual | |||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||
Institutional | $ | 1,000.00 | $ | 1,018.49 | $ | 1.01 | |||
Dollar | $ | 1,000.00 | $ | 1,017.24 | $ | 2.26 | |||
Cash Reserve | $ | 1,000.00 | $ | 1,016.48 | $ | 3.02 | |||
Administration | $ | 1,000.00 | $ | 1,018.00 | $ | 1.51 | |||
Select | $ | 1,000.00 | $ | 1,014.45 | $ | 5.02 | |||
Premier Choice | $ | 1,000.00 | $ | 1,017.24 | $ | 2.26 | |||
Private Client | $ | 1,000.00 | $ | 1,016.07 | $ | 3.42 | |||
Premier | $ | 1,000.00 | $ | 1,016.07 | $ | 3.42 | |||
| Hypothetical** | |||||||||
| Beginning Account Value November 1, 2007 | Ending Account Value April 30, 2008 | Expenses Paid During the Period* | |||||||
Institutional | $ | 1,000.00 | $ | 1,023.99 | $ | 1.01 | |||
Dollar | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | |||
Cash Reserve | $ | 1,000.00 | $ | 1,021.97 | $ | 3.03 | |||
Administration | $ | 1,000.00 | $ | 1,023.49 | $ | 1.51 | |||
Select | $ | 1,000.00 | $ | 1,019.95 | $ | 5.05 | |||
Premier Choice | $ | 1,000.00 | $ | 1,022.73 | $ | 2.27 | |||
Private Client | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | |||
Premier | $ | 1,000.00 | $ | 1,021.57 | $ | 3.43 | |||
| * | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.60% for Cash Reserve, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
| ** | Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 5 |
Shareholders of the Fund may incur the following charges: (a) expenses related to transactions; and (b) operating expenses, including advisory fees, service and distribution fees including 12b-1 fees, and other Fund expenses. The expense examples on the previous page (which are based on a hypothetical investment of $1,000 invested on November 1, 2007 and held through April 30, 2008) are intended to assist shareholders both in calculating expenses ongoing costs based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The tables provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”
The tables also provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other fund’s shareholder reports.
The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
| 6 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments April 30, 2008 (Unaudited) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Agency Obligations — 53.7% | ||||||
Federal Farm Credit Bank Bond — 0.5% | ||||||
3.38%, 7/15/08 | $ | 50,000 | $ | 49,922,571 | ||
Federal Farm Credit Bank Variable Rate Notes — 5.5% | ||||||
2.31%, 7/09/08(a) | 275,000 | 274,994,787 | ||||
2.34%, 3/12/09(a) | 125,000 | 125,000,000 | ||||
2.31%, 11/16/09(a) | 150,000 | 150,000,000 | ||||
| 549,994,787 | ||||||
Federal Home Loan Bank Bonds — 6.2% | ||||||
4.20%, 6/17/08 | 25,000 | 25,000,000 | ||||
5.13%, 7/23/08 | 45,000 | 45,096,825 | ||||
3.88%, 8/22/08 | 91,000 | 90,957,889 | ||||
4.25%, 9/12/08 | 19,970 | 20,111,698 | ||||
2.58%, 9/17/08 | 100,000 | 100,122,082 | ||||
5.10%, 9/19/08 | 24,860 | 25,126,930 | ||||
2.26%, 10/17/08 | 225,000 | 225,022,857 | ||||
3.75%, 11/14/08 | 23,500 | 23,688,538 | ||||
2.56%, 2/13/09 | 70,170 | 70,170,000 | ||||
| 625,296,819 | ||||||
Federal Home Loan Bank Discount Notes — 5.1% | ||||||
2.00%, 5/01/08(b) | 1,238 | 1,238,000 | ||||
2.41%, 5/09/08(b) | 49,800 | 49,773,329 | ||||
4.18%, 5/14/08(b) | 107,473 | 107,310,775 | ||||
4.11%, 5/21/08(b) | 75,000 | 74,828,750 | ||||
4.17%, 5/23/08(b) | 100,000 | 99,745,167 | ||||
4.15%, 5/30/08(b) | 50,000 | 49,832,847 | ||||
4.17%, 6/27/08(b) | 24,000 | 23,841,540 | ||||
4.17%, 6/30/08(b) | 106,810 | 106,067,671 | ||||
| 512,638,079 | ||||||
Federal Home Loan Bank Variable Rate Notes — 15.9% | ||||||
2.65%, 9/17/08(a) | 300,000 | 299,958,221 | ||||
2.51%, 1/09/09(a) | 155,000 | 155,185,277 | ||||
2.98%, 2/11/09(a) | 200,000 | 200,089,507 | ||||
2.95%, 2/18/09(a) | 100,000 | 100,000,000 | ||||
2.38%, 2/20/09(a) | 400,000 | 400,000,000 | ||||
2.31%, 3/04/09(a) | 150,000 | 150,000,000 | ||||
2.54%, 7/14/09(a) | 100,000 | 100,022,674 | ||||
2.64%, 8/13/09(a) | 100,000 | 100,000,000 | ||||
2.56%, 1/11/10(a) | 100,000 | 100,129,267 | ||||
| 1,605,384,946 | ||||||
Federal Home Loan Mortgage Corp. Bonds — 1.7% | ||||||
3.50%, 5/21/08 | 13,000 | 12,994,384 | ||||
4.50%, 8/04/08 | 29,480 | 29,599,531 | ||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 7 |
| Schedule of Investments (continued) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Agency Obligations (Continued) | ||||||
Federal Home Loan Mortgage Corp. Bonds (Continued) | ||||||
3.63%, 9/15/08 | $ | 17,069 | $ | 17,066,022 | ||
4.48%, 9/19/08 | 35,341 | 35,332,813 | ||||
5.13%, 10/15/08 | 31,100 | 31,502,318 | ||||
4.63%, 12/19/08 | 48,377 | 49,096,399 | ||||
| 175,591,467 | ||||||
Federal Home Loan Mortgage Corp. Discount Notes — 9.3% | ||||||
2.53%, 5/12/08(b) | 92,471 | 92,399,515 | ||||
4.16%, 5/19/08(b) | 105,000 | 104,781,600 | ||||
4.18%, 5/23/08(b) | 41,860 | 41,753,071 | ||||
3.90%, 5/30/08(b) | 60,610 | 60,419,584 | ||||
2.49%, 6/02/08(b) | 81,150 | 80,970,388 | ||||
3.78%, 6/05/08(b) | 100,000 | 99,632,500 | ||||
2.10%, 6/06/08(b) | 50,000 | 49,895,000 | ||||
3.81%, 6/06/08(b) | 100,000 | 99,619,000 | ||||
3.80%, 6/16/08(b) | 28,234 | 28,096,908 | ||||
4.05%, 6/30/08(b) | 115,000 | 114,224,708 | ||||
2.10%, 8/29/08(b) | 100,000 | 99,300,000 | ||||
2.10%, 9/08/08(b) | 50,000 | 49,620,833 | ||||
2.11%, 10/06/08(b) | 19,219 | 19,041,021 | ||||
| 939,754,128 | ||||||
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2% | ||||||
2.46%, 9/25/09(a) | 139,215 | 139,157,575 | ||||
2.82%, 9/28/09(a) | 84,595 | 84,565,416 | ||||
| 223,722,991 | ||||||
Federal National Mortgage Assoc. Bonds — 3.7% | ||||||
3.25%, 8/15/08 | 94,205 | 94,171,876 | ||||
5.13%, 9/02/08 | 56,000 | 56,459,346 | ||||
5.00%, 9/15/08 | 200,000 | 201,905,223 | ||||
5.00%, 10/16/08 | 23,445 | 23,739,503 | ||||
| 376,275,948 | ||||||
Federal National Mortgage Assoc. Discount Notes — 3.6% | ||||||
2.50%, 5/28/08(b) | 79,565 | 79,415,816 | ||||
3.98%, 7/02/08(b) | 50,000 | 49,657,278 | ||||
3.75%, 7/09/08(b) | 63,637 | 63,179,609 | ||||
2.62%, 7/16/08(b) | 94,489 | 93,966,371 | ||||
2.83%, 7/16/08(b) | 74,619 | 74,173,193 | ||||
| 360,392,267 | ||||||
Total Agency Obligations | 5,418,974,003 | |||||
See Notes to Financial Statements.
| 8 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Repurchase Agreements — 46.1% | ||||||
Banc of America Securities LLC, | ||||||
1.98%, 5/01/08 | $ | 300,000 | $ | 300,000,000 | ||
(Agreement dated 4/30/08 to be repurchased at $300,016,500, collateralized by $313,995,972 Federal National Mortgage Assoc. Bonds 4.50% to 5.50% due from 4/01/23 to 2/01/38. The value of the collateral is $306,000,001.) | ||||||
Barclays Capital Markets, Inc., | ||||||
2.00%, 5/01/08 | 900,000 | 900,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $900,050,000, collateralized by $1,731,655,007 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Adjustable Mortgage Notes and Federal Home Loan Mortgage Corp. Bonds 4.00% to 7.50% due from 4/01/10 to 2/01/48. The value of the collateral is $918,000,000.) | ||||||
Barclays Capital Markets, Inc., | ||||||
2.90%, 5/05/08 | 350,000 | 350,000,000 | ||||
(Agreement dated 2/04/08 to be repurchased at $352,565,694, collateralized by $513,016,340 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 6.50% due from 7/01/14 to 4/01/38. The value of the collateral is $357,000,000.) | ||||||
Barclays Capital Markets, Inc., | ||||||
2.25%, 5/27/08 | 200,000 | 200,000,000 | ||||
(Agreement dated 3/27/08 to be repurchased at $200,762,500, collateralized by $254,315,521 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes due from 11/01/12 to 4/01/38. The value of the collateral is $204,000,000.) | ||||||
Credit Suisse Securities (USA) LLC, | ||||||
2.12%, 7/30/08 | 150,000 | 150,000,000 | ||||
(Agreement dated 4/25/08 to be repurchased at $150,848,000, collateralized by $317,198,765 Federal National Mortgage Assoc. Variable Rate Notes 3.96% to 5.65% due from 7/01/21 to 4/01/44. The value of the collateral is $153,000,178.) | ||||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 9 |
| Schedule of Investments (continued) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Repurchase Agreements (Continued) | ||||||
Deutsche Bank Securities Inc., | ||||||
1.75%, 5/01/08 | $ | 64,358 | $ | 64,358,000 | ||
(Agreement dated 4/30/08 to be repurchased at $64,361,129, collateralized by $77,107,744 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $66,288,740.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.00%, 5/01/08 | 325,000 | 325,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $325,018,056, collateralized by $389,384,644 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $334,750,000.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.43%, 6/11/08 | 150,000 | 150,000,000 | ||||
(Agreement dated 3/13/08 to be repurchased at $150,911,250, collateralized by $179,715,990 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $154,500,000.) | ||||||
Deutsche Bank Securities Inc., | ||||||
2.12%, 7/23/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 4/24/08 to be repurchased at $301,590,000, collateralized by $359,431,979 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $309,000,000.) | ||||||
See Notes to Financial Statements.
| 10 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Schedule of Investments (continued) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Repurchase Agreements (Continued) | ||||||
Greenwich Capital Markets, Inc., | ||||||
1.98%, 5/01/08 | $ | 575,000 | $ | 575,000,000 | ||
(Agreement dated 4/30/08 to be repurchased at $575,031,625, collateralized by $1,015,736,535 Federal National Mortgage Assoc. Strips due from 11/01/35 to 10/01/36. The value of the collateral is $592,252,032.) | ||||||
Greenwich Capital Markets, Inc., | ||||||
2.45%, 7/09/08 | 150,000 | 150,000,000 | ||||
(Agreement dated 3/05/08 to be repurchased at $151,286,250, collateralized by $293,639,943 Federal National Mortgage Assoc. Strips due from 8/01/35 to 7/01/36. The value of the collateral is $154,501,917.) | ||||||
Morgan Stanley & Co., Inc., | ||||||
2.00%, 5/01/08 | 377,000 | 377,000,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $377,020,944, collateralized by $765,494,582 Federal National Mortgage Assoc. Bonds, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 7.50% due from 8/01/09 to 5/01/38. The value of the collateral is $388,311,053.) | ||||||
PNC Bank, N.A., | ||||||
2.14%, 5/01/08(c) | 12,200 | 12,200,000 | ||||
(Agreement dated 4/30/08 to be repurchased at $12,200,724, collateralized by $62,650,000 Federal National Mortgage Assoc. Bonds 5.26% due 6/01/35. The value of the collateral is $47,805,057.) | ||||||
UBS Securities LLC, | ||||||
2.75%, 6/24/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 2/25/08 to be repurchased at $302,750,000, collateralized by $565,387,638 Federal National Mortgage Assoc. Strips due from 7/01/33 to 7/01/37. The value of the collateral is $309,000,474.) | ||||||
UBS Securities LLC, | ||||||
2.45%, 7/07/08 | 300,000 | 300,000,000 | ||||
(Agreement dated 3/05/08 to be repurchased at $302,531,667, collateralized by $804,324,428 Federal National Mortgage Assoc. Strips due from 7/01/33 to 12/01/34. The value of the collateral is $309,000,499.) | ||||||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 11 |
| Schedule of Investments (concluded) | FedFund | |
| (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||
Repurchase Agreements (Continued) | ||||||
UBS Securities LLC, | $ | 200,000 | $ | 200,000,000 | ||
Total Repurchase Agreements | 4,653,558,000 | |||||
Total Investments in Securities — 99.8% | 10,072,532,003 | |||||
Other Assets in Excess of Liabilities — 0.2% | 15,802,441 | |||||
Net Assets — 100.0% | $ | 10,088,334,444 | ||||
| * | Aggregate cost for federal income tax purposes. |
| (a) | Rate shown is as of report date and the date shown is the final maturity date. |
| (b) | Rate shown reflects the discount rate at the time of purchase. |
| (c) | Investments in companies considered to be an affiliate of the Fund were as follows: |
Affiliate | Purchase Cost | Sales Cost | Interest Income | ||||||
PNC Bank, N.A. | $ | 3,585,000,000 | $ | 3,581,300,000 | $ | 423,332 | |||
| • | For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
| 12 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Statement of Assets and Liabilities
April 30, 2008 (Unaudited) | FedFund | |||
Assets | ||||
Investments at value - unaffiliated1 | $ | 5,418,974,003 | ||
Repurchase agreements - affiliated2 | 12,200,000 | |||
Repurchase agreements - unaffiliated3 | 4,641,358,000 | |||
Cash | 950,971 | |||
Interest receivable | 25,314,996 | |||
Interest receivable - affiliated | 724 | |||
Prepaid expenses | 175,766 | |||
Total assets | 10,098,974,460 | |||
Liabilities | ||||
Income dividends payable | 6,506,331 | |||
Management fees payable | 3,261,092 | |||
Service and distribution fees payable | 702,722 | |||
Transfer agent fees payable | 21,062 | |||
Custodian fees payable | 70,307 | |||
Officer and Trustees fees payable | 5,468 | |||
Other accrued expenses | 73,034 | |||
Total liabilities | 10,640,016 | |||
Net Assets | ||||
Net Assets | $ | 10,088,334,444 | ||
Net Assets Consist of | ||||
Paid-in capital | $ | 10,088,346,498 | ||
Accumulated net realized gain (loss) | (12,054 | ) | ||
Net Assets | $ | 10,088,334,444 | ||
1 Investments at cost - unaffiliated | $ | 5,418,974,003 | ||
2 Repurchase agreements at cost - affiliated | 12,200,000 | |||
3 Repurchase agreements at cost - unaffiliated | 4,641,358,000 | |||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 13 |
| Statement of Assets and Liabilities (concluded) |
April 30, 2008 (Unaudited) | FedFund | ||
Institutional | |||
Net Assets | $ | 7,906,941,973 | |
Shares outstanding, unlimited number of shares authorized | 7,906,950,609 | ||
Net Asset Value | $ | 1.00 | |
Dollar | |||
Net Assets | $ | 833,986,007 | |
Shares outstanding, unlimited number of shares authorized | 833,971,196 | ||
Net Asset Value | $ | 1.00 | |
Cash Reserve | |||
Net Assets | $ | 1,545,524 | |
Shares outstanding, unlimited number of shares authorized | 1,545,721 | ||
Net Asset Value | $ | 1.00 | |
Administration | |||
Net Assets | $ | 101,305,204 | |
Shares outstanding, unlimited number of shares authorized | 101,306,280 | ||
Net Asset Value | $ | 1.00 | |
Select | |||
Net Assets | $ | 134,727,935 | |
Shares outstanding, unlimited number of shares authorized | 134,729,622 | ||
Net Asset Value | $ | 1.00 | |
Premier Choice | |||
Net Assets | $ | 2,273 | |
Shares outstanding, unlimited number of shares authorized | 2,281 | ||
Net Asset Value | $ | 1.00 | |
Private Client | |||
Net Assets | $ | 969,801,966 | |
Shares outstanding, unlimited number of shares authorized | 969,815,471 | ||
Net Asset Value | $ | 1.00 | |
Premier | |||
Net Assets | $ | 140,023,562 | |
Shares outstanding, unlimited number of shares authorized | 140,025,317 | ||
Net Asset Value | $ | 1.00 | |
See Notes to Financial Statements.
| 14 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Six Months Ended April 30, 2008 (Unaudited) | FedFund | |||
Investment Income | ||||
Interest | $ | 159,933,468 | ||
Interest from affiliates | 423,332 | |||
Total investment income | 160,356,800 | |||
Expenses | ||||
Management | 8,915,203 | |||
Service - class specific | 4,097,103 | |||
Distribution - class specific | 2,014,009 | |||
Transfer agent | 174,829 | |||
Custodian | 157,018 | |||
Registration | 40,003 | |||
Professional | 57,197 | |||
Officer and Trustees | 34,675 | |||
Printing | 9,257 | |||
Miscellaneous | 55,387 | |||
Total expenses | 15,554,681 | |||
Less management fees waived | (881,485 | ) | ||
Less distribution fees waived - class specific | (1,766,286 | ) | ||
Less service fees waived - class specific | (147,539 | ) | ||
Less fees paid indirectly | (91,630 | ) | ||
Total expenses after waivers | 12,667,741 | |||
Net investment income | 147,689,059 | |||
Net Increase in Net Assets Resulting from Operations | $ | 147,689,059 | ||
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 15 |
Statements of Changes in Net Assets
| FedFund | ||||||||
Increase in Net Assets: | Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, 2007 | ||||||
Operations | ||||||||
Net investment income | $ | 147,689,059 | $ | 174,364,560 | ||||
Net increase in net assets resulting from operations | 147,689,059 | 174,364,560 | ||||||
Dividends to Shareholders from | ||||||||
Net investment income: | ||||||||
Institutional | (114,526,132 | ) | (125,002,205 | ) | ||||
Dollar | (12,343,035 | ) | (22,516,414 | ) | ||||
Cash Reserve | (36,277 | ) | (144,588 | ) | ||||
Administration | (1,190,838 | ) | (2,544,467 | ) | ||||
Select | (1,979,400 | ) | (2,415,677 | ) | ||||
Premier Choice | (39 | ) | (106 | ) | ||||
Private Client | (15,175,978 | ) | (18,860,453 | ) | ||||
Premier | (2,437,215 | ) | (2,880,795 | ) | ||||
Decrease in net assets resulting from dividends to shareholders | (147,688,914 | ) | (174,364,705 | ) | ||||
Capital Share Transactions | ||||||||
Net increase in net assets resulting from capital share transactions | 3,817,022,701 | 2,958,400,893 | ||||||
Net Assets | ||||||||
Total increase in net assets | 3,817,022,846 | 2,958,400,748 | ||||||
Beginning of period | 6,271,311,598 | 3,312,910,850 | ||||||
End of period | $ | 10,088,334,444 | $ | 6,271,311,598 | ||||
End of period distributions in excess of net investment income | — | $ | (145 | ) | ||||
See Notes to Financial Statements.
| 16 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights | FedFund |
| Institutional | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0184 | 0.0507 | 0.0463 | 0.0269 | 0.0105 | 0.0110 | ||||||||||||||||||
Dividends from net investment income | (0.0184 | ) | (0.0507 | ) | (0.0463 | ) | (0.0269 | ) | (0.0105 | ) | (0.0110 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.85 | %2 | 5.19 | % | 4.73 | % | 2.73 | % | 1.05 | % | 1.10 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses, net of waivers | 0.20 | %3 | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Total expenses | 0.22 | %3 | 0.27 | % | 0.28 | % | 0.29 | % | 0.29 | % | 0.28 | % | ||||||||||||
Net investment income | 3.53 | %3 | 5.04 | % | 4.64 | % | 2.73 | % | 1.04 | % | 1.10 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,906,942 | $ | 4,583,892 | $ | 2,417,594 | $ | 2,320,001 | $ | 1,883,220 | $ | 2,163,336 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 17 |
| Financial Highlights (continued) | FedFund |
| Dollar | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20031 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0171 | 0.0482 | 0.0438 | 0.0244 | 0.0080 | 0.0085 | ||||||||||||||||||
Dividends from net investment income | (0.0171 | ) | (0.0482 | ) | (0.0438 | ) | (0.0244 | ) | (0.0080 | ) | (0.0085 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.72 | %2 | 4.93 | % | 4.47 | % | 2.47 | % | 0.80 | % | 0.85 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Total expenses | 0.47 | %3 | 0.52 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.53 | % | ||||||||||||
Net investment income | 3.38 | %3 | 4.83 | % | 4.46 | % | 2.49 | % | 0.79 | % | 0.87 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 833,986 | $ | 683,594 | $ | 415,040 | $ | 372,460 | $ | 345,479 | $ | 397,344 | ||||||||||||
See Notes to Financial Statements.
| 18 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | FedFund |
| Cash Reserve | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/031,4 | ||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0164 | 0.0467 | 0.0423 | 0.0229 | 0.0065 | 0.0034 | ||||||||||||||||||
Dividends from net investment income | (0.0164 | ) | (0.0467 | ) | (0.0423 | ) | (0.0229 | ) | (0.0065 | ) | (0.0034 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.65 | %2 | 4.78 | % | 4.31 | % | 2.32 | % | 0.65 | % | 0.59 | %2 | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.60 | %3 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %3 | ||||||||||||
Total expenses, net of waivers | 0.60 | %3 | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | %3 | ||||||||||||
Total expenses | 0.62 | %3 | 0.66 | % | 0.68 | % | 0.70 | % | 0.69 | % | 0.69 | %3 | ||||||||||||
Net investment income | 3.53 | %3 | 4.61 | % | 4.26 | % | 1.94 | % | 0.62 | % | 0.58 | %3 | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,546 | $ | 1,183 | $ | 1,082 | $ | 1,547 | $ | 9,276 | $ | 13,492 | ||||||||||||
| 1 | Audited by other auditors. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
| 4 | Commenced operations on April 1, 2003. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 19 |
| Financial Highlights (continued) | FedFund |
| Administration | ||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/051,2 | ||||||||||||||
| 2007 | 2006 | |||||||||||||||
Per Share Operating Performance | ||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Net investment income | 0.0179 | 0.0497 | 0.0453 | 0.0110 | ||||||||||||
Dividends from net investment income | (0.0179 | ) | (0.0497 | ) | (0.0453 | ) | (0.0110 | ) | ||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||
Total Investment Return | ||||||||||||||||
Based on net asset value | 1.80 | %3 | 5.09 | % | 4.63 | % | 1.10 | %3 | ||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||
Total expenses, net of waivers | 0.30 | %4 | 0.30 | % | 0.30 | % | 0.30 | %4 | ||||||||
Total expenses | 0.32 | %4 | 0.38 | % | 0.38 | % | 0.39 | %4 | ||||||||
Net investment income | 3.33 | %4 | 4.97 | % | 4.67 | % | 2.63 | %4 | ||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 101,305 | $ | 41,411 | $ | 83,069 | $ | 43,480 | ||||||||
See Notes to Financial Statements.
| 20 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | FedFund |
| Select | ||||||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | |||||||||||||||||||||||
| 2007 | 2006 | 2005 | 2004 | 20035 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Net investment income | 0.0144 | 0.0427 | 0.0383 | 0.0189 | 0.0031 | 0.0033 | ||||||||||||||||||
Dividends from net investment income | (0.0144 | ) | (0.0427 | ) | (0.0383 | ) | (0.0189 | ) | (0.0031 | ) | (0.0033 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return | ||||||||||||||||||||||||
Based on net asset value | 1.45 | %3 | 4.36 | % | 3.90 | % | 1.91 | % | 0.31 | % | 0.33 | % | ||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 1.00 | %4 | 1.00 | % | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | ||||||||||||
Total expenses, net of waivers | 1.00 | %4 | 1.00 | % | 1.00 | % | 1.00 | % | 0.95 | % | 0.95 | % | ||||||||||||
Total expenses | 1.07 | %4 | 1.12 | % | 1.13 | % | 1.09 | % | 1.09 | % | 1.08 | % | ||||||||||||
Net investment income | 2.81 | %4 | 4.24 | % | 3.86 | % | 2.14 | % | 0.36 | % | 0.30 | % | ||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 134,728 | $ | 98,752 | $ | 52,420 | $ | 47,205 | $ | 18,837 | $ | 7,889 | ||||||||||||
| 1 | Commenced operations on November 10, 2004. |
| 2 | There were no Administration Shares outstanding during the period November 19, 2004 to July 5, 2005. |
| 3 | Aggregate total investment return. |
| 4 | Annualized. |
| 5 | Audited by other auditors. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 21 |
| Financial Highlights (continued) | FedFund |
| Premier Choice | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0171 | 0.0482 | 0.0438 | 0.0244 | 0.0054 | |||||||||||||||
Dividends from net investment income | (0.0171 | ) | (0.0482 | ) | (0.0438 | ) | (0.0244 | ) | (0.0054 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.72 | %2 | 4.93 | % | 4.47 | % | 2.47 | % | 0.54 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %3 | ||||||||||
Total expenses, net of waivers | 0.45 | %3 | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | %3 | ||||||||||
Total expenses | 0.72 | %3 | 0.77 | % | 0.53 | % | 0.87 | % | 0.54 | %3 | ||||||||||
Net investment income | 3.28 | %3 | 4.83 | % | 4.39 | % | 2.48 | % | 0.92 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 2 | $ | 2 | $ | 2 | $ | 2 | $ | 2 | ||||||||||
See Notes to Financial Statements.
| 22 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Financial Highlights (continued) | FedFund |
| Private Client | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0160 | 0.0462 | 0.0423 | 0.0229 | 0.0045 | |||||||||||||||
Dividends from net investment income | (0.0160 | ) | (0.0462 | ) | (0.0423 | ) | (0.0229 | ) | (0.0045 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.61 | %2 | 4.72 | % | 4.31 | % | 2.32 | % | 0.45 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.58 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.58 | %3 | ||||||||||
Total expenses | 1.07 | %3 | 1.12 | % | 1.13 | % | 1.14 | % | 0.80 | %3 | ||||||||||
Net investment income | 3.15 | %3 | 4.58 | % | 4.25 | % | 2.59 | % | 0.92 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 969,802 | $ | 768,612 | $ | 295,307 | $ | 241,913 | $ | 50,579 | ||||||||||
| 1 | Commenced operations on March 26, 2004. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 23 |
| Financial Highlights (concluded) | FedFund |
| Premier | ||||||||||||||||||||
| Six Months Ended April 30, 2008 (Unaudited) | Year Ended October 31, | Period Ended 10/31/041 | ||||||||||||||||||
| 2007 | 2006 | 2005 | ||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Net investment income | 0.0160 | 0.0462 | 0.0423 | 0.0227 | 0.0038 | |||||||||||||||
Dividends from net investment income | (0.0160 | ) | (0.0462 | ) | (0.0423 | ) | (0.0227 | ) | (0.0038 | ) | ||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total Investment Return | ||||||||||||||||||||
Based on net asset value | 1.61 | %2 | 4.72 | % | 4.31 | % | 2.30 | % | 0.38 | %2 | ||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses, net of waivers including fees paid indirectly | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.70 | %3 | ||||||||||
Total expenses, net of waivers | 0.68 | %3 | 0.66 | % | 0.60 | % | 0.60 | % | 0.70 | %3 | ||||||||||
Total expenses | 0.82 | %3 | 0.87 | % | 0.88 | % | 0.89 | % | 0.79 | %3 | ||||||||||
Net investment income | 3.13 | %3 | 4.60 | % | 4.15 | % | 2.84 | % | 0.60 | %3 | ||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 140,024 | $ | 93,867 | $ | 48,396 | $ | 86,126 | $ | 2 | ||||||||||
| 1 | Commenced operations on March 26, 2004. |
| 2 | Aggregate total investment return. |
| 3 | Annualized. |
See Notes to Financial Statements.
| 24 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock Liquidity Funds (the “Trust”), a Delaware statutory business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The financial statements and these accompanying notes relate to the FedFund (the “Fund”). The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.
FedFund offers ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. As of April 30, 2008, no Cash Plus Shares were outstanding.
Effective February 21, 2008 Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice Shares and Bear Stearns Private Client Shares were renamed Select Shares, Premier Shares, Premier Choice Shares and Private Client Shares, respectively.
The following is a summary of significant accounting policies followed by the Fund:
Valuation of Investments: Fund securities are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 of the 1940 Act. Under this method, securities are valued at cost when purchased and thereafter, a constant proportionate amortization of any discount or premium is recorded until the maturity of the security. Regular review and monitoring of the valuation is performed in an attempt to avoid dilution or adverse results to shareholders. The Fund seeks to maintain the net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.
Repurchase Agreements: The Fund may invest in U.S. government and agency securities pursuant to repurchase agreements. Under such agreements, the counterparty agrees to repurchase the security at a mutually agreed upon time and price. The counterparty will be required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Fund’s custodian. If the counterparty defaults and the fair value of the collateral declines, liquidation of the collateral by the Fund may be delayed or limited.
Investment Transactions and Investment Income: Investment transactions
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 25 |
| Notes to Financial Statements (continued) |
are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income is recognized on the accrual basis. The Fund amortizes all premiums and discounts on debt securities. Income and realized gains and losses are allocated daily to each class based on its relative net assets.
Dividends and Distributions to Shareholders: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates.
Income Taxes: It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
Effective April 30, 2008, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended September 30, 2004 through September 30, 2006. The statute of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.
In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
| 26 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Notes to Financial Statements (continued) |
year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.
In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities - an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Fund’s financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to FedFund are charged directly. Other operating expenses shared by several Funds are pro-rated among those Funds on the basis of relative net assets or other appropriate methods. Other expenses of a Fund are allocated daily to each class based on its relative net assets.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
Pursuant to agreements between the Trust and BlackRock Institutional Management Corporation (“BIMC”), an indirect wholly-owned subsidiary of BlackRock, Inc., BIMC provides both investment advisory and administration services to the Trust. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), an indirect wholly-owned subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.
The Trust has entered into a management agreement with BIMC under which it provides certain advisory, administration and accounting services. BIMC has entered into a sub-administration agreement with PFPC under which PFPC provides certain administration services with respect to the Trust.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 27 |
| Notes to Financial Statements (continued) |
For the management and administration services provided and expenses assumed by it under the management agreement, BIMC is entitled to receive the following annual fees computed daily based upon each Fund’s average daily net assets and paid monthly:
FedFund | ||
Calculation A | Calculation B | |
| .175% of the first $1 billion* | .175% of the first $1 billion** | |
| .150% of the next $1 billion* | .150% of the next $1 billion** | |
| .125% of the next $1 billion* | .125% of the next $1 billion** | |
| .100% of the next $1 billion* | .100% of amounts in excess | |
| .095% of the next $1 billion* | of $3 billion.** | |
| .090% of the next $1 billion* | ||
| .085% of the next $1 billion* | ||
| .080% of amounts in excess of $7 billion.* |
The management fee is equal to calculation A plus calculation B.
| * | Based on the combined average net assets of FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund. |
| ** | Based on the average net assets of FedFund. |
Until February 28, 2009, BIMC, as investment advisor and administrator, has contractually agreed to reduce its fees and reimburse expenses to ensure that the combined “Management Fees” and “Miscellaneous Expenses” do not exceed 0.20% of the average daily net assets of FedFund. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.
Pursuant to the Select Shares Distribution Plan, the Premier Shares Distribution Plan, the Premier Choice Shares Distribution Plan and the Private Client Shares Distribution Plan, the Trust may pay BDI a fee for distribution and sales support services. In addition, the Trust may pay Service Organizations, including affiliates of BIMC, fees for providing certain services (“shareholder services”) to their customers who own shares of the Fund. Pursuant to its respective Shareholder Services Plan, each of the Administration, Dollar, Cash Management, Cash Reserve, Select, Premier, Premier Choice and Private Client Share classes are currently paying fees to Service Organizations, which may include affiliates of BIMC.
Pursuant to the Distribution Plan the Fund pays BDI ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:
| 28 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Notes to Financial Statements (continued) |
| Service Fee1 | Distribution Fee 1 | |||||
Dollar | 0.25 | % | — | |||
Cash Management | 0.50 | % | — | |||
Cash Reserve | 0.40 | % | — | |||
Administration | 0.10 | % | — | |||
Select | 0.50 | % | 0.35 | % | ||
Premier Choice | 0.40 | % | 0.10 | % | ||
Private Client | 0.50 | % | 0.35 | % | ||
Premier | 0.50 | % | 0.10 | % |
| (1) | Due to certain contractual and voluntary waivers the above stated rates may be reduced. |
For the six months ended April 30, 2008, the following charts show the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers of those expenses.
Share Classes | Service Fees | Service Fees Waived | Distribution Fees | Distribution Fees Waived | ||||||||
Dollar | $ | 899,434 | $ | — | $ | — | $ | — | ||||
Cash Reserve | 4,122 | — | — | — | ||||||||
Administration | 35,934 | — | — | — | ||||||||
Select | 353,891 | 35,389 | 247,724 | — | ||||||||
Premier Choice | 5 | 2 | 2 | 2 | ||||||||
Private Client | 2,411,082 | 96,443 | 1,687,756 | 1,687,757 | ||||||||
Premier | 392,635 | 15,705 | 78,527 | 78,527 | ||||||||
Total | $ | 4,097,103 | $ | 147,539 | $ | 2,014,009 | $ | 1,766,286 | ||||
In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly. The fee is based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.
The Fund may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.
Pursuant to the Trust’s operating procedures, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are included on the Statements of Operations as fees paid indirectly.
Pursuant to the Transfer Agent Agreement, PFPC serves as the transfer and dividend disbursing agent for the Fund. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 share classes plus $50,000 for each additional share class beyond the first 40, plus transaction fees, per account fees and disbursements.
For the six months ended April 30, 2008, the Fund paid to affiliates the
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 29 |
| Notes to Financial Statements (continued) |
following fees in return for distribution and sales support services:
FedFund | $ | 860,291 |
The Fund may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are included on the Statement of Operations as fees paid indirectly.
Certain officers and/or trustees of the Fund are officers and/or directors of BlackRock, Inc. or its affiliates.
3. Capital Shares:
The Trust’s Declaration of Trust permits the trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.
Because the Fund has sold and redeemed shares only at a constant net asset value of $1.00 per share, the number of shares represented by such sales, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.
Transactions in capital shares for each period were as follows:
| FedFund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Shares sold: | ||||||||
Institutional | $ | 32,843,189,732 | $ | 19,166,783,329 | ||||
Dollar | 6,453,497,558 | 12,449,089,470 | ||||||
Cash Reserve | 53,661,274 | 31,133,706 | ||||||
Administration | 73,428,973 | 47,698,207 | ||||||
Select | 231,017,204 | 187,645,415 | ||||||
Premier Choice | 1 | 1 | ||||||
Private Client | 784,257,995 | 956,296,510 | ||||||
Premier | 281,691,285 | 232,915,996 | ||||||
Shares issued in reinvestment of dividends: | ||||||||
Institutional | 72,530,236 | 61,381,648 | ||||||
Dollar | 313,655 | 1,352,112 | ||||||
Cash Reserve | 34,743 | 142,790 | ||||||
Administration | 408,644 | 3,225 | ||||||
Select | 1,985,612 | 2,410,724 | ||||||
Premier Choice | 39 | 106 | ||||||
Private Client | 15,225,263 | 18,807,572 | ||||||
Premier | 2,442,341 | 2,875,927 | ||||||
Shares redeemed: | ||||||||
Institutional | (29,592,697,960 | ) | (17,061,867,541 | ) | ||||
Dollar | (6,303,407,748 | ) | (12,181,887,181 | ) | ||||
Cash Reserve | (53,333,049 | ) | (31,176,238 | ) | ||||
| 30 | SEMI-ANNUAL REPORT | APRIL 30, 2008 |
| Notes to Financial Statements (concluded) |
| FedFund | ||||||||
| Six Months Ended April 30, 2008 | Year Ended October 31, 2007 | |||||||
Administration | $ | (13,941,986 | ) | $ | (89,359,863 | ) | ||
Select | (197,025,207 | ) | (143,724,646 | ) | ||||
Premier Choice | (1 | ) | (129 | ) | ||||
Private Client | (598,280,900 | ) | (501,798,833 | ) | ||||
Premier | (237,975,003 | ) | (190,321,414 | ) | ||||
Net increase | $ | 3,817,022,701 | $ | 2,958,400,893 | ||||
4. Capital Loss Carryforward:
As of April 30, 2008, the Fund had capital loss carryforwards available to offset future realized capital gains:
| Expiring October 31, | ||||||
| 2013 | Total | |||||
FedFund | $ | 12,054 | $ | 12,054 | ||
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 31 |
David O. Beim, Trustee
Richard S. Davis, Trustee
Ronald W. Forbes, Trustee
Henry Gabbay, Trustee
Dr. Matina Horner, Trustee
Rodney D. Johnson, Trustee
Herbert I. London, Trustee
Cynthia A. Montgomery, Trustee
Joseph P. Platt, Jr., Trustee
Robert C. Robb, Jr., Trustee
Toby Rosenblatt, Trustee
Kenneth L. Urish, Trustee
Frederick W. Winter, Trustee
Donald C. Burke, Trust President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer of the Funds
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer
Howard Surloff, Secretary
Investment Advisor and Administrator
BlackRock Institutional Management Corporation
Wilmington, DE 19809
Sub-Administrator and Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Distributor
BlackRock Distributors, Inc.
King of Prussia, PA 19406
Custodian
PFPC Trust Company
Philadelphia, PA 19153
Counsel
Sidley Austin LLP
New York, NY 10019
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Philadelphia, PA 19103
Electronic copies of most financial reports and prospectuses are available on the Funds’ website.
The Trust has delegated proxy voting responsibilities to BlackRock, subject to the general oversight of the Trust’s Board of Trustees. A description of the policies and procedures that BlackRock uses to determine how to vote proxies relating to Fund securities is available without charge, upon request, by calling 1-800-821-7432, or on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.
Information on how proxies relating to the Trust’s voting securities (if any) were voted by BlackRock during the most recent 12-month period ended June 30th is available, upon request and without charge, by calling 1-800-821-7432 or on the website of the Commission at http://www.sec.gov.
The Trust files its complete schedule of Fund holdings for the first and third quarters of its fiscal year with the Commission on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s Forms N-Q may also be obtained, upon request, by calling 1-800-821-7432.
This report is submitted for the general information of the shareholders of the Trust. It is not authorized for distribution to prospective investors unless accompanied or preceded by effective prospectuses for each Fund of the Trust, which contain information concerning the investment policies of the Funds as well as other pertinent information. Statements and other information contained in this report are as dated and subject to change.
| SEMI-ANNUAL REPORT | APRIL 30, 2008 | 32 |
We all have reasons to invest. Some of us have greater objectives. Sierra Club Mutual Funds are for people interested in uniting their financial goals with environmental progress.
Invest with a purpose.
Invest for our planet.
Shares of the Fund are not deposits or obligations of, or guaranteed or endorsed by, PNC Bank, National Association or any other bank, and shares are not federally insured by, guaranteed by, obligations of or otherwise supported by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. Investments in shares of the Funds involve investment risks, including the possible loss of the principal amount invested.
Sierra Club Mutual Funds
www.sierraclubfunds.com
E-Mail: info@sierraclubfunds.com
Toll-Free Tel: (866) 897-5982
SCMMSANN 4/08
Printed on recycled paper |  |
Item 2 | – | Code of Ethics – Not Applicable to this semi-annual report | ||
Item 3 | – | Audit Committee Financial Expert – Not Applicable to this semi-annual report | ||
Item 4 | – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report | ||
Item 5 | – | Audit Committee of Listed Registrants – Not Applicable | ||
Item 6 | – | Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. | ||
Item 7 | – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable | ||
Item 8 | – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable | ||
Item 9 | – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable | ||
Item 10 | – | Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures. | ||
Item 11 | – | Controls and Procedures | ||
11(a) | – | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
11(b) | – | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
Item 12 | – | Exhibits attached hereto | ||
12(a)(1) | – | Code of Ethics – Not Applicable to this semi-annual report | ||
12(a)(2) | – | Certifications – Attached hereto | ||
12(a)(3) | – | Not Applicable | ||
12(b) | – | Certifications – Attached hereto | ||
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.
| BlackRock Liquidity Funds | ||
| By: | /s/ Donald C. Burke | |
| Donald C. Burke | ||
| Chief Executive Officer of | ||
| BlackRock Liquidity Funds | ||
Date: June 23, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Donald C. Burke | |
| Donald C. Burke | ||
| Chief Executive Officer (principal executive officer) of | ||
| BlackRock Liquidity Funds |
Date: June 23, 2008
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Liquidity Funds |
Date: June 23, 2008