BlackRock Liquidity Funds - FedFund NCSRS Certified semi-annual shareholder report (management investment company)

BlackRock Liquidity Funds - FedFund (BUPXX) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02354

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: John M. Perlowski, Chief Executive Officer, BlackRock Liquidity Funds, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 10/31/2012

Date of reporting period: 04/30/2012

Item 1 – Report to Stockholders


		April 30, 2012

Semi-Annual Report (Unaudited)

BlackRock Liquidity Funds

Federal Trust Fund

FedFund

TempCash

TempFund

T-Fund

Treasury Trust Fund

MuniCash

MuniFund

California Money Fund

New York Money Fund


Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents


	Page
Dear Shareholder		3
Semi-Annual Report:
Money Market Overview		4
Fund Information		5
Disclosure of Expenses		9
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		42
Statements of Operations		46
Statements of Changes in Net Assets		48
Financial Highlights		52
Notes to Financial Statements		80
Officers and Trustees		88
Additional Information		89



2	BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012

Dear Shareholder

One year ago at this time, risk assets were in a broad retreat as political strife in Greece ignited fears about sovereign debt problems spreading across Europe and economic indicators signaled that the global recovery had slowed. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. Early in August 2011, Standard & Poor’s downgraded the US government’s credit rating and turmoil erupted in financial markets around the world. Extraordinary levels of volatility persisted in the months that followed as the European debt crisis intensified. Macro news flow became the dominant force in financial markets, driving asset prices up and down in lock step, in a risk on/risk off trading pattern. By the end of the third quarter in 2011, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries and gold had rallied to historic highs.

October 2011 brought enough positive economic data to assuage fears of a global double-dip recession. Additionally, European leaders began making concerted efforts to stem the region’s debt crisis. Investors began to reenter the markets, putting risk assets on the road to recovery. Improving sentiment carried over into early 2012 as a number of factors elicited greater optimism. Sovereign debt problems in Europe became less pressing. Greece secured its second bailout package and completed the restructuring of its national debt. The European Central Bank gave financial markets a boost by providing additional liquidity through its long-term refinancing operations. The outlook for the global economy grew less dim as stronger data from the United States, particularly from the labor market, lifted sentiment. Hopes for additional monetary stimulus from the US Federal Reserve and strong corporate earnings pushed risk assets (including stocks, commodities and high yield bonds) higher through the first two months of the year while rising Treasury yields pressured higher-quality fixed income assets. The risk rally softened in late March, however, due to renewed fears about slowing growth in China and Europe’s debt troubles. Equity markets staggered downward in April as Spain’s financial situation became increasingly severe and elections in Greece and France added to uncertainty about the future of the euro zone. In the United States, disappointing jobs reports in April revealed that the recent acceleration in the labor market had been a short-lived surge. Overall, US economic data signaled that the pace of the recovery had slowed, but not to the extent that warranted additional monetary stimulus.

Thanks in large part to an exceptionally strong first quarter of 2012, equities and high yield bonds posted solid returns for the 6-month period ended April 30, 2012. On a 12-month basis, US large-cap stocks and high yield bonds delivered positive results; however, small-cap stocks finished in negative territory. International and emerging equities, which experienced significant downturns in 2011, lagged the broader rebound. Fixed income securities, including corporate, government and municipal bonds, performed well despite recent yield volatility. US Treasury bonds finished strong, with an April rally erasing the effects of their broad sell-off during February and March. Continued low short-term interest rates kept yields on money market securities near their all-time lows.

Financial markets have regained a significant degree of stability since the period of turmoil we endured last year; however, considerable headwinds remain. Political uncertainty in Europe elevates concerns about additional flare ups in the debt crisis. Higher energy prices and slowing growth in China continue to pose risks for the global economy. Potential political leadership changes around the world create additional layers of uncertainty. But, we believe that with these challenges come opportunities. We remain committed to working with you and your financial professional to identify actionable ideas for your portfolio. We encourage you to visit www.blackrock.com/newworld for more information.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

“Financial markets have regained a significant degree of stability since the period of turmoil we endured last year; however, considerable headwinds remain.”

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2012


	6-month			12-month
US large cap equities (S&P 500^® Index)		12.77	%		4.76	%
US small cap equities (Russell 2000^® Index)		11.02			(4.25	)
International equities (MSCI Europe, Australasia, Far East Index)		2.44			(12.82	)
Emerging market equities (MSCI Emerging Markets Index)		3.93			(12.61	)
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)		0.01			0.05
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		3.83			16.41
US investment grade bonds (Barclays US Aggregate Bond Index)		2.44			7.54
Tax-exempt municipal bonds (S&P Municipal Bond Index)		5.71			11.90
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		6.91			5.89

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



		THIS PAGE NOT PART OF YOUR FUND REPORT				3

Money Market Overview

For the 6-month period ended April 30, 2012

Throughout the six-month period ended April 30, 2012, the Federal Open Market Committee (“FOMC”) continued to maintain its target range for the federal funds rate at 0.00% to 0.25%. Toward the end of 2011, the FOMC noted that recent data indicated that economic growth had remained slow and inflation had moderated since earlier in the year. Considering these conditions, the FOMC announced its intention to extend the average duration of the US Treasury security portfolio by purchasing an additional $400 billion of long-term Treasury bonds and selling an equal amount of short-term Treasury securities before the end of June 2012. Known as “Operation Twist,” this policy action is designed to put downward pressure on long-term interest rates and make overall conditions more accommodative for economic growth. In January 2012, the FOMC indicated that it expects to keep interest rates low through late 2014.

In response to the ongoing European sovereign debt crisis, the European Central Bank expanded its long-term refinancing operations (“LTROs”) by providing euro-zone banks access to loans with maturities of three years and broadening the set of eligible collateral. As a result of these three-year allotments, euro-zone banks were able to obtain over one trillion euros of three-year funding. As a result of these expanded liquidity facilities, market sentiment improved notably in the first quarter of 2012.

While accommodative actions from major central banks have significantly improved liquidity conditions, market participants remain cautious about the continued stability of large financial institutions. In mid-February 2012, Moody’s Investors Services announced its review of 17 global banks and securities firms that operate in the capital markets, citing “more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions” as the challenges they face that may not be adequately reflected in their current ratings. The potential for ratings downgrades increases the uncertainty about the financial health of these institutions.

London Interbank Offered Rates (“LIBOR”) moved higher by as much as 0.12% from the end of October 2011, mostly in longer-dated LIBOR settings, due in large part to ongoing concerns about European sovereign debt risk. The slope of the LIBOR curve, as measured from one month to one year, steepened to 1.29% at the end of April 2012, from 0.69% at the end of October 2011.

In the short-term tax-exempt market, yields continued to trade at or near historic lows during the six-month period ended April 30, 2012. Total outstanding supply of variable rate demand note (“VRDN”) securities, which make up the largest portion of municipal money market fund holdings, was down approximately 35% at period end from its peak in mid-2008. Issuers were focused on replacing expiring and lower-quality credit enhancers with higher-quality enhancers during the period. As the FOMC continued its policy of maintaining low short-term interest rates, the reduced supply of VRDN securities coupled with continued strong demand from non-traditional buyers contributed to lower yields. The benchmark Securities Industry and Financial Markets Association Index, which represents the average rate on seven-day, high-quality, tax-exempt VRDN securities (as calculated by Municipal Market Data), averaged 0.14% over the six-month period, as compared to 0.15% for the prior six months.

State and local municipalities have continued to address their budget shortfalls in an effort to improve their fiscal health, and austerity measures have contributed to an overall decline in municipal note issuance. For the six-month period, note issuance declined more than 45% as compared to the same period last year. Rates on longer-dated one-year municipal notes declined 5 basis points over the six months to 0.20% as of April 30, 2012. This trend may likely continue through 2012 as municipalities look to limit spending further in the face of diminishing stimulus from the federal government.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



4	BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012

Fund Information as of April 30, 2012

Federal Trust Fund

Federal Trust Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.01%		0.01%
Dollar	0.01%		0.01%
Administration	0.01%		0.01%


Portfolio Composition	Percent of Net Assets

U.S. Government Sponsored Agency Obligations		73%
U.S. Treasury Obligations		27


Total		100%

FedFund

FedFund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.01%		0.01%
Dollar	0.01%		0.01%
Cash Management	0.01%		0.01%
Cash Reserve	0.01%		0.01%
Administration	0.01%		0.01%
Select	0.01%		0.01%
Private Client	0.01%		0.01%
Premier	0.01%		0.01%


Portfolio Composition	Percent of Net Assets

Repurchase Agreements		60%
U.S. Government Sponsored Agency Obligations		37
U.S. Treasury Obligations		4
Liabilities in Excess of Other Assets		(1)


Total		100%

TempCash

TempCash’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.17%		0.17%
Dollar	0.01%		0.01%


Portfolio Composition	Percent of Net Assets

Certificates of Deposit		33%
Commercial Paper		26
Repurchase Agreements		11
Municipal Bonds		10
U.S. Treasury Obligations		8
U.S. Government Sponsored Agency Obligations		6
Time Deposits		4
Corporate Notes		2
Closed-End Investment Companies		1
Liabilities in Excess of Other Assets		(1)


Total		100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.



BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012	5

Fund Information (continued) as of April 30, 2012

TempFund

TempFund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.14%		0.14%
Dollar	0.01%		0.01%
Cash Management	0.01%		0.01%
Cash Reserve	0.01%		0.01%
Administration	0.04%		0.04%
Select	0.00%		0.00%
Private Client	0.00%		0.00%
Premier	0.00%		0.00%


Portfolio Composition	Percent of Net Assets

Certificates of Deposit		40%
Commercial Paper		19
Repurchase Agreements		12
U.S. Treasury Obligations		11
U.S. Government Sponsored Agency Obligations		11
Municipal Bonds		5
Time Deposits		3
Corporate Notes		2
Liabilities in Excess of Other Assets		(3)


Total		100%

T-Fund

T-Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.01%		0.01%
Dollar	0.01%		0.01%
Cash Management	0.01%		0.01%
Administration	0.01%		0.01%
Select	0.01%		0.01%
Premier	0.01%		0.01%


Portfolio Composition	Percent of Net Assets

Repurchase Agreements		64%
U.S. Treasury Obligations		37
Liabilities in Excess of Other Assets		(1)


Total		100%

Treasury Trust Fund

Treasury Trust Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.00%		0.00%
Dollar	0.00%		0.00%
Cash Management	0.00%		0.00%
Administration	0.00%		0.00%


Portfolio Composition	Percent of Net Assets

U.S. Treasury Obligations		104%
Liabilities in Excess of Other Assets		(4)


Total		100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.



6	BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012

Fund Information (continued) as of April 30, 2012

MuniCash

MuniCash’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.20%		0.20%
Dollar	0.00%		0.00%
Cash Reserve	0.00%		0.00%


Portfolio Composition	Percent of Net Assets

Variable Rate Demand Notes		69%
Municipal Bonds		20
Commercial Paper		4
Municipal Put Bonds		2
Other Assets Less Liabilities		5


Total		100%

MuniFund

MuniFund’s (the “Fund”) investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.11%		0.11%
Dollar	0.00%		0.00%
Cash Management	0.00%		0.00%
Administration	0.01%		0.01%
Select	0.00%		0.00%
Private Client	0.00%		0.00%
Premier	0.00%		0.00%


Portfolio Composition	Percent of Net Assets

Variable Rate Demand Notes		74%
Municipal Bonds		17
Commercial Paper		7
Municipal Put Bonds		3
Liabilities in Excess of Other Assets		(1)


Total		100%

California Money Fund

California Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from California State personal income tax, as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.06%		0.06%
Dollar	0.00%		0.00%
Cash Management	0.00%		0.00%
Administration	0.00%		0.00%
Select	0.00%		0.00%
Private Client	0.00%		0.00%
Premier	0.00%		0.00%


Portfolio Composition	Percent of Net Assets

Variable Rate Demand Notes		58%
Municipal Bonds		21
Commercial Paper		17
Municipal Put Bonds		4


Total		100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.



BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012	7

Fund Information (concluded) as of April 30, 2012

New York Money Fund

New York Money Fund’s (the “Fund”) investment objective is to seek as high a level of current income that is exempt from federal income tax and, to the extent possible, from New York State and New York City personal income taxes, as is consistent with liquidity and stability of principal.



Yields	7-Day SEC Yield	7-Day Yield

Institutional	0.09%		0.09%
Cash Management	0.00%		0.00%
Administration	0.00%		0.00%
Select	0.00%		0.00%
Private Client	0.00%		0.00%
Premier	0.00%		0.00%


Portfolio Composition	Percent of Net Assets

Variable Rate Demand Notes		79%
Municipal Bonds		17
Commercial Paper		3
Municipal Put Bonds		1


Total		100%

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains. Past performance is not indicative of future results.



8	BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) expenses related to transactions, including sales charges and exchange fees; and (b) operating expenses including advisory fees, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense examples below (which are based on a hypothetical investment of $1,000 invested on November 1, 2011 and held through April 30, 2012) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples below 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 Fund and share class under the headings entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on each 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 each Fund 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 expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges 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.

Expense Example


	Actual						Hypothetical¹
	Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Expenses Paid During the Period²		Beginning Account Value November 1, 2011		Ending Account Value April 30, 2012		Expenses Paid During the Period²		Annualized Expense Ratio
Federal Trust Fund
Institutional		$1,000.00		$1,000.10		$0.45		$1,000.00		$1,024.42		$0.45		0.09	%
Dollar		$1,000.00		$1,000.10		$0.45		$1,000.00		$1,024.42		$0.45		0.09	%
Administration		$1,000.00		$1,000.10		$0.45		$1,000.00		$1,024.42		$0.45		0.09	%

FedFund
Institutional		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%
Dollar		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%
Cash Management		$1,000.00		$1,000.10		$0.75		$1,000.00		$1,024.12		$0.75		0.15	%
Cash Reserve		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%
Administration		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%
Select		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%
Private Client		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%
Premier		$1,000.00		$1,000.10		$0.80		$1,000.00		$1,024.07		$0.81		0.16	%

TempCash
Institutional		$1,000.00		$1,000.70		$0.90		$1,000.00		$1,023.97		$0.91		0.18	%
Dollar		$1,000.00		$1,000.10		$1.54		$1,000.00		$1,023.32		$1.56		0.31	%

TempFund
Institutional		$1,000.00		$1,000.70		$0.90		$1,000.00		$1,023.97		$0.91		0.18	%
Dollar		$1,000.00		$1,000.10		$1.44		$1,000.00		$1,023.42		$1.46		0.29	%
Cash Management		$1,000.00		$1,000.10		$1.44		$1,000.00		$1,023.42		$1.46		0.29	%
Cash Reserve		$1,000.00		$1,000.10		$1.44		$1,000.00		$1,023.42		$1.46		0.29	%
Administration		$1,000.00		$1,000.20		$1.39		$1,000.00		$1,023.47		$1.41		0.28	%
Select		$1,000.00		$1,000.10		$1.49		$1,000.00		$1,023.37		$1.51		0.30	%
Private Client		$1,000.00		$1,000.10		$1.54		$1,000.00		$1,023.32		$1.56		0.31	%
Premier		$1,000.00		$1,000.10		$1.49		$1,000.00		$1,023.37		$1.51		0.30	%

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.

For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).



BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012	9

Expense Example (concluded)


	Actual									Hypothetical¹
	Beginning Account Value November 1, 2011			Ending Account Value April 30, 2012			Expenses Paid During the Period²			Beginning Account Value November 1, 2011			Ending Account Value April 30, 2012			Expenses Paid During the Period²			Annualized Expense Ratio
T-Fund
Institutional		$	1,000.00		$	1,000.10		$	0.45		$	1,000.00		$	1,024.42		$	0.45		0.09	%
Dollar		$	1,000.00		$	1,000.10		$	0.45		$	1,000.00		$	1,024.42		$	0.45		0.09	%
Cash Management		$	1,000.00		$	1,000.10		$	0.40		$	1,000.00		$	1,024.47		$	0.40		0.08	%
Administration		$	1,000.00		$	1,000.10		$	0.45		$	1,000.00		$	1,024.42		$	0.45		0.09	%
Select		$	1,000.00		$	1,000.10		$	0.45		$	1,000.00		$	1,024.42		$	0.45		0.09	%
Premier		$	1,000.00		$	1,000.10		$	0.50		$	1,000.00		$	1,024.37		$	0.50		0.10	%

Treasury Trust Fund
Institutional		$	1,000.00		$	1,000.00		$	0.20		$	1,000.00		$	1,024.66		$	0.20		0.04	%
Dollar		$	1,000.00		$	1,000.00		$	0.20		$	1,000.00		$	1,024.66		$	0.20		0.04	%
Cash Management		$	1,000.00		$	1,000.00		$	0.20		$	1,000.00		$	1,024.66		$	0.20		0.04	%
Administration		$	1,000.00		$	1,000.00		$	0.20		$	1,000.00		$	1,024.66		$	0.20		0.04	%

MuniCash
Institutional		$	1,000.00		$	1,000.40		$	0.99		$	1,000.00		$	1,023.87		$	1.01		0.20	%
Dollar		$	1,000.00		$	1,000.00		$	1.39		$	1,000.00		$	1,023.47		$	1.41		0.28	%
Cash Reserve		$	1,000.00		$	1,000.00		$	1.34		$	1,000.00		$	1,021.61		$	1.36		0.29	%

MuniFund
Institutional		$	1,000.00		$	1,000.20		$	0.94		$	1,000.00		$	1,023.92		$	0.96		0.19	%
Dollar		$	1,000.00		$	1,000.00		$	1.09		$	1,000.00		$	1,023.77		$	1.11		0.22	%
Cash Management		$	1,000.00		$	1,000.00		$	1.04		$	1,000.00		$	1,023.82		$	1.06		0.21	%
Administration		$	1,000.00		$	1,000.00		$	1.04		$	1,000.00		$	1,023.82		$	1.06		0.21	%
Select		$	1,000.00		$	1,000.00		$	1.09		$	1,000.00		$	1,023.77		$	1.11		0.22	%
Private Client		$	1,000.00		$	1,000.00		$	1.09		$	1,000.00		$	1,023.77		$	1.11		0.22	%
Premier		$	1,000.00		$	1,000.00		$	1.09		$	1,000.00		$	1,023.77		$	1.11		0.22	%

California Money Fund
Institutional		$	1,000.00		$	1,000.10		$	0.85		$	1,000.00		$	1,024.02		$	0.86		0.17	%
Dollar		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Cash Management		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Administration		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Select		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Private Client		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Premier		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%

New York Money Fund
Institutional		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Cash Management		$	1,000.00		$	1,000.10		$	0.99		$	1,000.00		$	1,023.87		$	1.01		0.20	%
Administration		$	1,000.00		$	1,000.10		$	0.90		$	1,000.00		$	1,023.97		$	0.91		0.18	%
Select		$	1,000.00		$	1,000.10		$	0.94		$	1,000.00		$	1,023.92		$	0.96		0.19	%
Private Client		$	1,000.00		$	1,000.10		$	0.94		$	1,000.00		$	1,023.92		$	0.96		0.19	%
Premier		$	1,000.00		$	1,000.10		$	0.94		$	1,000.00		$	1,023.92		$	0.96		0.19	%

¹	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.

²	For each class, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).



10	BLACKROCK LIQUIDITY FUNDS	APRIL 30, 2012

Schedule of Investments April 30, 2012 (Unaudited)

Federal Trust Fund

(Percentages shown are based on Net Assets)


U.S. Government Sponsored Agency Obligations	Par (000)		Value
Federal Farm Credit Bank Bonds, 2.13%, 6/18/12	$	1,500	$	1,503,715
Federal Farm Credit Bank Discount Notes: (a)
0.06%, 5/17/12		5,900		5,899,843
0.09%, 7/06/12		12,000		11,998,020
0.16%, 11/21/12		2,000		1,998,187
Federal Farm Credit Bank Variable Rate Notes: (b)
0.26%, 5/14/12		5,000		5,000,037
0.32%, 7/13/12		2,000		2,000,447
0.23%, 8/20/12		2,425		2,425,149
0.27%, 9/20/12		400		400,048
0.30%, 1/14/13		5,000		4,999,648
0.41%, 1/25/13		1,500		1,500,056
0.29%, 4/26/13		3,000		3,001,498
0.33%, 11/27/13		3,000		3,000,000
0.19%, 3/07/14		5,000		4,999,146
Federal Home Loan Bank Bonds:
0.13%, 5/10/12		3,000		2,999,950
0.25%, 7/11/12		5,500		5,501,643
0.17%, 7/16/12		6,000		5,999,848
0.25%, 7/20/12		1,500		1,500,256
0.15%, 7/30/12		5,000		4,999,599
0.88%, 8/22/12		2,500		2,505,329
0.20%, 12/06/12		2,000		2,000,327
0.16%, 1/24/13		200		199,892
0.16%, 1/25/13		4,000		3,998,572
0.16%, 2/01/13		600		599,663
0.16%, 2/01/13		400		399,775
0.18%, 2/01/13		1,000		999,939
Federal Home Loan Bank Discount Notes: (a)
0.10%, 5/02/12		2,829		2,828,992
0.10%, 5/09/12		3,427		3,426,924
0.10%, 5/18/12		9,900		9,899,533
0.08%, 6/20/12		15,000		14,998,438
0.17%, 10/03/12		3,000		2,997,869
Federal Home Loan Bank Variable Rate Notes, 0.18%, 11/01/12 (b)		7,000		6,998,573
Tennessee Valley Authority Bonds, 6.79%, 5/23/12		22,842		22,934,582
Tennessee Valley Authority Discount Notes, 0.07%, 6/07/12 (a)		6,000		5,999,568
Total U.S. Government Sponsored Agency Obligations – 73.1%				150,515,066


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bills: (a)
0.06%, 5/03/12	$	28,605	$	28,604,913
0.04%, 5/17/12		14,738		14,737,738
0.10%, 5/17/12		2,130		2,129,910
0.09%, 5/24/12		9,000		8,999,506
Total U.S. Treasury Obligations – 26.5%				54,472,067
*Total Investments (Cost $204,987,133) – 99.6%**				204,987,133
Other Assets Less Liabilities – 0.4%				727,463

Net Assets – 100.0%			$	205,714,596

*	Cost for federal income tax purposes.

(a)	Rate shown reflects the discount rate at the time of purchase.

(b)	Variable rate security. Rate shown is as of report date.

—

Fair Value Measurements – Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

—

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$204,987,133	–	$204,987,133

¹ See above Schedule of Investments for values in each security type.

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:


AGM		Assured Guaranty Municipal Corp.
AMT		Alternative Minimum Tax (subject to)
BAN		Bond Anticipation Notes
CalPERS		California Public Employees’ Retirement System
CalSTRS		California State Teachers’ Retirement System
COP		Certificates of Participation


GO		General Obligation Bonds
GTD		Guaranteed
IDA		Industrial Development Authority
IDRB		Industrial Development Revenue Bonds
ISD		Independent School District
LOC		Letter of Credit
MB		Municipal Bonds


MERLOTS		Municipal Exempt Receipts Liquidity Optional Tenders
PCRB		Pollution Control Revenue Bonds
PSF		Permanent School Fund
PUTTERS		Puttable Tax-Exempt Receipts
RAN		Revenue Anticipation Notes
RB		Revenue Bonds
ROC		Reset Option Certificates


SBPA		Stand-by Bond Purchase Agreement
SPEARS		Short Puttable Exempt Adjustable Receipts
TAN		Tax Anticipation Notes
TECP		Tax-Exempt Commercial Paper
TRAN		Tax Revenue Anticipation Notes
VRDN		Variable Rate Demand Notes
VRDP		Variable Rate Demand Preferred

Schedule of Investments April 30, 2012 (Unaudited)

FedFund

(Percentages shown are based on Net Assets)


U.S. Government Sponsored Agency Obligations	Par (000)		Value
Fannie Mae Bonds:
1.25%, 5/07/12	$	30,020	$	30,025,367
4.88%, 5/18/12		70,250		70,402,514
1.13%, 7/30/12		30,897		30,967,940
Fannie Mae Discount Notes: (a)
0.07%, 5/21/12		46,575		46,573,318
0.08%, 6/20/12		43,446		43,441,173
0.14%, 7/16/12		38,000		37,988,769
0.15%, 7/16/12		73,000		72,976,883
0.23%, 7/16/12		86,050		86,008,218
0.14%, 8/01/12		75,000		74,973,167
0.19%, 10/01/12		80,000		79,935,400
Fannie Mae Variable Rate Notes: (b)
0.27%, 12/20/12		40,000		40,012,992
0.43%, 12/20/12		200,000		199,974,258
0.30%, 1/10/13		175,000		174,975,470
0.41%, 5/17/13		20,000		19,993,561
0.21%, 11/08/13		128,500		128,440,673
Federal Farm Credit Bank Bonds, 2.13%, 6/18/12		8,500		8,521,065
Federal Farm Credit Bank Discount Notes: (a)
0.09%, 7/06/12		13,000		12,997,855
0.16%, 11/21/12		90,000		89,918,400
Federal Farm Credit Bank Variable Rate Notes: (b)
0.22%, 6/28/12		75,000		75,021,672
0.30%, 1/14/13		45,000		44,996,836
0.33%, 11/27/13		52,000		52,000,000
0.19%, 3/07/14		200,000		199,965,846
Federal Home Loan Bank Bonds:
0.15%, 5/01/12		149,050		149,050,000
0.12%, 5/17/12		50,000		49,998,186
1.13%, 5/18/12		12,220		12,225,312
0.15%, 5/25/12		160,000		159,995,807
0.08%, 5/29/12		100,000		99,996,434
0.10%, 6/08/12		80,000		79,996,917
0.14%, 6/18/12		75,000		74,997,777
0.17%, 7/16/12		49,000		48,998,759
0.25%, 7/16/12		80,000		80,016,370
0.15%, 7/30/12		195,000		194,984,359
0.25%, 8/17/12		125,000		125,009,664
0.11%, 8/20/12		125,000		124,979,175
0.88%, 8/22/12		25,500		25,554,353
0.23%, 11/06/12		50,000		50,016,053
0.20%, 11/07/12		85,000		84,998,522
0.20%, 11/07/12		62,000		62,010,342
0.19%, 11/21/12		92,500		92,511,558
0.20%, 11/23/12		100,000		100,018,169
0.20%, 11/28/12		100,095		100,113,962
0.20%, 12/06/12		80,000		80,013,061
0.28%, 1/11/13		25,000		25,000,000
0.17%, 2/01/13		90,000		89,984,363
0.18%, 2/01/13		94,000		93,994,298
0.17%, 2/06/13		40,000		39,994,472
0.16%, 2/08/13		60,000		59,972,889
0.16%, 2/08/13		35,000		34,988,100
0.17%, 2/11/13		75,000		74,986,557
0.18%, 2/15/13		81,000		80,978,821
0.19%, 2/27/13		71,000		70,974,461
0.20%, 3/01/13		61,000		60,988,368
Federal Home Loan Bank Discount Notes, 0.18%, 8/15/12 (a)		19,000		18,989,930
Federal Home Loan Bank Variable Rate Notes, 0.18%, 11/01/12 (b)		3,900		3,899,205
Freddie Mac Bonds, 0.38%, 11/30/12		5,350		5,356,292


U.S. Government Sponsored Agency Obligations	Par (000)		Value
Freddie Mac Discount Notes: (a)
0.08%, 7/09/12	$	100,000	$	99,984,667
0.10%, 10/09/12		150,000		149,932,917
Freddie Mac Variable Rate Notes: (b)
0.22%, 5/11/12		125,000		124,998,288
0.20%, 8/10/12		50,000		49,998,766
0.30%, 1/24/13		50,000		49,985,211
0.20%, 3/21/13		15,000		14,994,624
0.36%, 9/03/13		170,000		169,953,952
0.18%, 9/13/13		130,000		129,892,052
Total U.S. Government Sponsored Agency Obligations – 37.3%				4,865,444,390



U.S. Treasury Obligations
U.S. Treasury Bills: (a)
0.15%, 9/13/12		109,100		109,037,881
0.15%, 9/20/12		160,000		159,905,333
0.15%, 11/01/12		163,000		162,880,512
0.19%, 3/07/13		67,000		66,888,650
Total U.S. Treasury Obligations – 3.8%				498,712,376


Repurchase Agreements
Barclays Capital, Inc.,
0.18%, 5/01/12		400,000		400,000,000
(Purchased on 4/30/12 to be repurchased at $400,002,000, collateralized by various U.S. Treasury obligations, 1.00% to 4.38% due from 7/15/13 to 2/15/38, aggregate par and fair value of $368,464,800 and $408,000,097, respectively)
Citigroup Global Markets, Inc.,
0.21%, 5/01/12		500,000		500,000,000
(Purchased on 4/30/12 to be repurchased at $500,002,917, collateralized by various U.S. government sponsored agency obligations, 2.61% to 6.07% due from 10/01/21 to 3/01/42, aggregate par and fair value of $1,023,393,335 and $515,000,001, respectively)
Credit Suisse Securities (USA) LLC,
0.17%, 5/01/12		482,800		482,800,000
(Purchased on 4/30/12 to be repurchased at $482,802,280, collateralized by various U.S. Treasury obligations, 0.63% to 4.25% due from 4/30/13 to 11/15/17, aggregate par and fair value of $474,283,400 and $492,456,049, respectively)
Credit Suisse Securities (USA) LLC,
0.17%, 5/02/12		400,000		400,000,000
(Purchased on 4/25/12 to be repurchased at $400,013,222, collateralized by various U.S. government sponsored agency obligations, 4.00% to 5.00% due from 8/01/26 to 9/01/41, aggregate par and fair value of $500,989,518 and $412,001,459, respectively)

Schedule of Investments (continued)

FedFund

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
Deutsche Bank Securities Inc.,
0.20%, 5/01/12	$	150,000	$	150,000,000
(Purchased on 4/30/12 to be repurchased at $150,000,833, collateralized by various U.S. government sponsored agency obligations, 0.00% due from 5/10/12 to 7/27/12, aggregate par and fair value of $153,013,000 and $153,000,849, respectively)
Deutsche Bank Securities Inc.,
0.21%, 5/01/12		1,045,593		1,045,593,000
(Purchased on 4/30/12 to be repurchased at $1,045,599,099, collateralized by various U.S. government sponsored agency obligations, 3.50% to 5.50% due from 7/21/31 to 4/01/42, aggregate par and fair value of $1,557,793,410 and $1,076,960,790, respectively)
Deutsche Bank Securities Inc.,
0.17%, 5/02/12		400,000		400,000,000
(Purchased on 4/25/12 to be repurchased at $400,013,222, collateralized by various U.S. government sponsored agency obligations, 0.59% to 23.78% due from 1/15/24 to 4/25/42, aggregate par and fair value of $1,648,742,802 and $430,960,484, respectively)
Deutsche Bank Securities Inc.,
0.15%, 5/03/12		300,000		300,000,000
(Purchased on 4/26/12 to be repurchased at $300,008,750, collateralized by various U.S. government sponsored agency obligations, 2.75% to 7.00% due from 11/16/37 to 4/20/42, aggregate par and fair value of $299,177,712 and $321,000,001, respectively)
Deutsche Bank Securities Inc.,
0.20%, 5/07/12(c)		400,000		400,000,000
(Purchased on 3/19/12 to be repurchased at $400,202,222, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.50% due from 3/15/17 to 4/01/42, aggregate par and fair value of $1,668,793,771 and $426,379,963, respectively)
Goldman Sachs & Co.,
0.13%, 5/01/12		250,000		250,000,000
(Purchased on 4/24/12 to be repurchased at $250,006,319, collateralized by various U.S. government sponsored agency obligations, 3.00% to 6.50% due from 11/01/25 to 4/01/42, aggregate par and fair value of $461,964,133 and $257,500,000, respectively)
Goldman Sachs & Co.,
0.20%, 5/01/12		146,906		146,906,000
(Purchased on 4/30/12 to be repurchased at $146,906,816, collateralized by various U.S. government sponsored agency and U.S. Treasury obligations, 4.00% to 4.50% due from 8/01/41 to 11/01/41, aggregate par and fair value of $144,542,921 and $151,313,181, respectively)


Repurchase Agreements	Par (000)		Value
Goldman Sachs & Co.,
0.17%, 5/02/12	$	135,000	$	135,000,000
(Purchased on 4/25/12 to be repurchased at $135,004,463, collateralized by various U.S. government sponsored agency obligations, 3.50% to 5.00% due from 2/01/25 to 7/01/41, aggregate par and fair value of $156,088,162 and $139,050,000, respectively)
Goldman Sachs & Co.,
0.20%, 5/07/12		600,000		600,000,000
(Purchased on 4/30/12 to be repurchased at $600,023,333, collateralized by various U.S. government sponsored agency obligations, 2.22% to 8.00% due from 5/01/17 to 5/01/42, aggregate par and fair value of $1,359,085,028 and $618,000,000, respectively)
HSBC Securities (USA) Inc.,
0.18%, 5/01/12		450,000		450,000,000
(Purchased on 4/30/12 to be repurchased at $450,002,250, collateralized by various U.S. Treasury obligations, 0.25% to 2.00% due from 11/30/13 to 4/30/14, aggregate par and fair value of $452,967,000 and $459,003,339, respectively)
HSBC Securities (USA) Inc.,
0.21%, 5/01/12		428,000		428,000,000
(Purchased on 4/30/12 to be repurchased at $428,002,497, collateralized by various U.S. government sponsored agency obligations, 3.50% to 8.50% due from 12/01/21 to 4/01/42, aggregate par and fair value of $922,162,937 and $440,842,684, respectively)
JPMorgan Securities Inc.,
0.18%, 5/01/12		200,000		200,000,000
(Purchased on 4/30/12 to be repurchased at $200,001,000, collateralized by various U.S. Treasury obligations, 0.00% due from 5/15/17 to 11/15/24, aggregate par and fair value of $245,832,756 and $204,004,031, respectively)
Merrill Lynch, Pierce, Fenner & Smith, Inc.,
0.18%, 5/01/12		132,390		132,390,000
(Purchased on 4/30/12 to be repurchased at $132,390,662, collateralized by U.S. Treasury Note, 0.38% due at 11/15/14, par and fair value of $134,701,000 and $135,037,815, respectively)
Merrill Lynch, Pierce, Fenner & Smith, Inc.,
0.19%, 5/01/12		200,000		200,000,000
(Purchased on 4/30/12 to be repurchased at $200,001,056, collateralized by various U.S. government sponsored agency obligations, 2.00% to 4.00% due from 4/25/27 to 1/15/42, aggregate par and fair value of $237,271,721 and $214,000,000, respectively)

Schedule of Investments (concluded)

FedFund

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
Morgan Stanley & Co.,
0.22%, 5/01/12	$	397,548	$	397,548,000
(Purchased on 4/30/12 to be repurchased at $397,550,430, collateralized by various U.S. government sponsored agency obligations, 4.00% to 5.00% due from 11/01/38 to 4/01/42, aggregate par and fair value of $908,338,757 and $409,474,441, respectively)
PNC Bank N.A.,
0.21%, 5/01/12(d)		21,800		21,800,000
(Purchased on 4/30/12 to be repurchased at $21,800,127, collateralized by Fredie Mac Note, 2.06% due at 1/15/22, par and fair value of $125,000,000 and $113,592,699, respectively)
RBS Securities Inc.,
0.21%, 5/01/12		440,000		440,000,000
(Purchased on 4/30/12 to be repurchased at $440,002,567, collateralized by various U.S. government sponsored agency obligations, 3.00% to 6.00% due from 3/01/21 to 5/01/42, aggregate par and fair value of $516,449,965 and $453,201,872, respectively)
UBS Securities LLC,
0.22%, 5/01/12		375,000		375,000,000
(Purchased on 4/30/12 to be repurchased at $375,002,292, collateralized by various U.S. government sponsored agency obligations, 3.00% to 3.50% due from 4/01/22 to 1/01/42, aggregate par and fair value of $372,190,375 and $386,250,001, respectively)
Total Repurchase Agreements – 60.3%				7,855,037,000
Total Investments (Cost $13,219,193,766*) – 101.4%				13,219,193,766
Liabilities in Excess of Other Assets – (1.4)%				(176,189,684	)

Net Assets – 100.0%			$	13,043,004,082

*	Cost for federal income tax purposes.

(a)	Rate shown reflects the discount rate at the time of purchase.

(b)	Variable rate security. Rate shown is as of report date.

(c)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(d)	Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Par at

October 31,

2011

Net

Activity

(Par)

Par at

April 30,

2012

Income

PNC Bank N.A.

–

21,800,000

16,140

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$13,219,193,766	–	$13,219,193,766

¹ See above Schedule of Investments for values in each security type.

Schedule of Investments April 30, 2012 (Unaudited)

TempCash

(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Euro – 0.9%
National Australia Bank Ltd., London, 0.47%, 12/20/12 (a)	$	39,000	$	39,000,000

Yankee – 32.1% (b)
Bank of Nova Scotia, Houston:
0.48%, 6/26/12		24,600		24,600,000
0.35%, 8/30/12		100,000		100,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., New York, 0.37%, 7/13/12		125,000		125,000,000
Barclays Bank Plc, New York:
0.50%, 5/16/12		49,000		49,000,000
0.59%, 7/13/12		60,000		60,000,000
Credit Suisse Group A.G., New York, 0.30%, 7/11/12		150,000		150,000,000
Mizuho Corporate Bank Ltd., New York:
0.38%, 5/18/12		50,000		50,000,000
0.37%, 6/07/12		140,000		140,000,000
National Australia Bank Ltd., New York:
0.29%, 10/12/12 (a)		50,000		50,000,000
0.51%, 5/03/13 (a)		51,500		51,500,000
Nordea Bank Finland Plc, New York:
0.61%, 8/09/12		46,500		46,500,000
0.36%, 10/11/12		57,000		57,000,000
Norinchukin Bank, New York, 0.17%, 5/01/12		100,000		100,000,000
Rabobank Nederland N.V., New York:
0.57%, 9/17/12		40,000		40,000,000
0.53%, 10/25/12		101,000		101,000,000
0.57%, 1/18/13 (a)		25,000		25,000,000
Royal Bank of Canada, New York, 0.45%, 4/02/13 (a)		55,500		55,500,000
Sumitomo Mitsui Banking Corp., New York, 0.38%, 7/06/12		125,000		125,000,000
Svenska Handelsbanken, New York, 0.45%, 5/16/12		33,000		33,000,000
Toronto Dominion Bank, New York, 0.28%, 8/24/12		40,000		40,000,000

				1,423,100,000
Total Certificates of Deposit – 33.0%				1,462,100,000



Commercial Paper (c)
Antalis US Funding Corp., 0.52%, 5/03/12		23,000		22,999,336
Atlantis One Funding Corp., 0.41%, 8/02/12		210,000		209,777,575
Barclays Bank Plc, US Collateralized Commercial Paper Notes, Series 2010-1, 0.52%, 5/11/12		12,840		12,838,145
Barton Capital LLC, 0.35%, 5/02/12		29,123		29,122,717
Erste Abwicklungsanstalt:
0.58%, 10/17/12		17,000		16,953,713
0.61%, 11/09/12		13,000		12,957,707
HSBC Securities (USA) Inc., 0.29%, 6/05/12		33,500		33,490,555
ING US Funding LLC:
0.49%, 5/16/12		125,000		124,974,479
0.48%, 6/08/12		50,000		49,974,667
0.38%, 7/24/12		25,000		24,978,125
Kells Funding LLC, 0.60%, 6/26/12		100,000		99,906,667
National Australia Funding Delaware, Inc.:
0.49%, 6/18/12		35,000		34,977,133
0.47%, 7/03/12		42,000		41,965,455
Old Line Funding LLC, 0.32%, 8/24/12		50,000		49,948,889
Salisbury Receivables Co. LLC, 0.40%, 5/08/12		30,000		29,997,667


Commercial Paper (c)	Par (000)		Value
Scaldis Capital LLC, 0.43%, 5/14/12	$	30,680	$	30,675,236
Solitaire Funding LLC:
0.37%, 6/12/12		25,000		24,989,208
0.37%, 7/25/12		40,000		39,965,056
Sumitomo Trust & Banking Co. Ltd., New York, 0.37%, 7/16/12		125,000		124,902,361
Westpac Banking Corp.:
0.50%, 6/27/12		19,705		19,689,400
0.50%, 7/09/12		67,000		66,935,792
0.49%, 8/13/12		50,500		50,428,514
Total Commercial Paper – 26.0%				1,152,448,397



Corporate Notes – 2.3%
JPMorgan Chase Bank N.A., 0.54%, 5/17/13 (a)		101,820		101,820,000



Municipal Bonds
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2007G-1 VRDN (JPMorgan Chase Bank N.A. LOC), 0.20%, 5/07/12 (d)		50,000		50,000,000
California State Department of Water Resources RB Series 2008-2705 VRDN (Morgan Stanley Bank LOC), 0.40%, 5/07/12 (d)(e)		12,605		12,605,000
Colorado Public Schools Series 2011A-1 VRDN (AGM Insurance, JPMorgan Chase Bank N.A. LOC), 0.20%, 5/07/12 (d)		11,600		11,600,000
Colorado Public Schools Series 2011A-2 VRDN (AGM Insurance, JPMorgan Chase Bank N.A. LOC), 0.25%, 5/07/12 (d)		45,450		45,450,000
Colorado Public Schools Series 2011A-4 VRDN (AGM Insurance, Royal Bank of Canada LOC), 0.17%, 5/07/12 (d)		7,000		7,000,000
East Baton Rouge Parish IDRB (Exxonmobil Project) Series 2010A VRDN, 0.20%, 5/01/12 (d)		42,950		42,950,000
Jacksonville RB Series 2008A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/07/12 (d)		19,660		19,660,000
Kansas Department of Transportation RB Series 2002B-3 VRDN (Barclays Bank Plc SBPA), 0.22%, 5/07/12 (d)		43,815		43,815,000
Loudoun County IDA RB (Howard Hughes Medical Institute Project) Series 2003B VRDN, 0.20%, 5/07/12 (d)		65,745		65,745,000
Maryland Community Development Administration Department of Housing & Community Development RB (Residential Project) Series 2006J AMT VRDN (State Street Bank & Trust Co. SBPA), 0.24%, 5/07/12 (d)		57,000		57,000,000
Michigan Finance Authority RB (Unemployment Obligation Assessment Project) Series 2011 VRDN (Citibank N.A. LOC), 0.27%, 5/07/12 (d)		20,000		20,000,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2009-3129 VRDN (Morgan Stanley Bank LOC), 0.40%, 5/07/12 (d)(e)		14,740		14,740,000
New York Housing Financing Agency RB (Kew Gardens Hills Project) Series 2003A VRDN (Fannie Mae Guaranty), 0.24%, 5/07/12 (d)		33,530		33,530,000
University of California RB Series 2011Z-1 VRDN, 0.20%, 5/07/12 (d)		17,000		17,000,000

Schedule of Investments (continued)

TempCash

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Washington GO Series 2009-3045 VRDN (National Public Finance Insurance, Morgan Stanley Bank Liquidity Facility), 0.40%, 5/07/12 (d)(e)	$	12,505	$	12,505,000
Total Municipal Bonds – 10.2%				453,600,000



Closed-End Investment Companies (d)(e)
California – 0.3%
Nuveen California Performance Plus Municipal Fund, Inc. Series 2010-1-810 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		4,200		4,200,000
Nuveen California Quality Income Municipal Fund, Inc. Series 2010-1-1581 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		5,000		5,000,000
Nuveen California Select Quality Municipal Fund, Inc. Series 2010-1-1589 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		5,000		5,000,000

				14,200,000
Multi-State – 0.2%
Nuveen Premier Insured Municipal Income Fund, Inc. Series 2010-1-1309 VRDP (Citibank N.A. Liquidity Facility), 0.39%, 5/07/12		6,900		6,900,000
New York – 0.4%
Nuveen New York Investment Quality Municipal Fund, Inc. Series 2010-1-1123 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		8,700		8,700,000
Nuveen New York Select Quality Municipal Fund, Inc. Series 2010-1-1648 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		8,200		8,200,000

				16,900,000
Total Closed-End Investment Companies – 0.9%				38,000,000



Time Deposits – 3.3%
Natixis S.A., 0.21%, 5/01/12		147,390		147,390,000


U.S. Government Sponsored Agency Obligations
Fannie Mae Variable Rate Notes: (a)
0.23%, 7/26/12		58,000		57,997,271
0.26%, 8/23/12		50,000		49,995,261
0.27%, 9/17/12		75,000		74,994,224
0.27%, 12/20/12		42,500		42,494,508
Freddie Mac Variable Rate Notes, 0.30%, 1/24/13 (a)		45,000		44,986,689
Total U.S. Government Sponsored Agency Obligations – 6.1%				270,467,953



U.S. Treasury Obligations
U.S. Treasury Bills: (c)
0.12%, 8/23/12		6,000		5,997,673
0.13%, 8/23/12		25,000		24,989,906
0.14%, 8/30/12		35,000		34,983,413
0.15%, 11/15/12		65,000		64,946,375
0.16%, 4/04/13		35,000		34,947,891
0.18%, 4/04/13		10,000		9,983,288


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Notes:
0.63%, 7/31/12	$	50,000	$	50,066,220
4.38%, 8/15/12		25,000		25,310,039
0.38%, 8/31/12		35,000		35,031,037
4.13%, 8/31/12		10,000		10,133,568
0.38%, 9/30/12		20,000		20,020,963
4.25%, 9/30/12		25,000		25,427,948
3.38%, 11/30/12		20,500		20,888,872
Total U.S. Treasury Obligations – 8.2%				362,727,193



Repurchase Agreements
Barclays Capital, Inc., 0.58%, 5/03/12 (Purchased on 3/29/12 to be repurchased at $7,504,229, collateralized by U.S. Treasury Note, 3.13% due at 9/30/13, par and fair value of $7,332,000 and $7,650,073, respectively)		7,500		7,500,000
Citigroup Global Markets, Inc., 0.69%, 5/01/12 (d) (Purchased on 12/23/11 to be repurchased at $58,500,000, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 7.21% due from 1/15/28 to 1/10/45, aggregate par and fair value of $205,336,468 and $61,755,715, respectively)		58,500		58,500,000
Citigroup Global Markets, Inc., 0.41%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $50,000,569, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 5.22% due from 1/15/29 to 12/18/49, aggregate par and fair value of $257,169,615 and $52,593,202, respectively)		50,000		50,000,000
Deutsche Bank Securities Inc., 0.51%, 5/03/12 (Purchased on 4/19/12 to be repurchased at $15,002,975, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 9.35% due from 2/15/15 to 6/25/49, aggregate par and fair value of $5,319,353,297 and $16,715,371, respectively)		15,000		15,000,000
Deutsche Bank Securities Inc., 0.21%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $300,001,750, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.00% due from 4/01/27 to 12/01/47, aggregate par and fair value of $756,000,236 and $309,000,000, respectively)		300,000		300,000,000

Schedule of Investments (concluded)

TempCash

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
JPMorgan Securities Inc., 0.56%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $65,001,011, collateralized by various corporate/debt obligations, 5.00% to 12.00% due from 11/01/13 to 11/01/31, aggregate par and fair value of $66,953,507 and $69,553,651, respectively)	$	65,000		$ 65,000,000
Total Repurchase Agreements – 11.2%				496,000,000
*Total Investments (Cost $4,484,553,543) – 101.2%**				4,484,553,543
Liabilities in Excess of Other Assets – (1.2)%				(51,231,397	)

Net Assets – 100.0%			$	4,433,322,146

*	Cost for federal income tax purposes.

(a)	Variable rate security. Rate shown is as of report date.

(b)	Issuer is a US branch of a foreign domiciled bank.

(c)	Rate shown reflects the discount rate at the time of purchase.

(d)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(e)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$4,484,553,543	–	$	4,484,553,543

¹ See above Schedule of Investments for values in each security type.

Schedule of Investments April 30, 2012 (Unaudited)

TempFund

(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Euro – 1.7%
National Australia Bank Ltd., London:
0.47%, 12/20/12 (a)	$	360,000	$	360,000,000
0.45%, 1/16/13 (a)		430,000		430,000,000

				790,000,000
Yankee – 38.0% (b)
Bank of Montreal, Chicago:
0.16%, 5/02/12		431,500		431,500,000
0.18%, 5/08/12		445,000		445,000,000
Bank of Nova Scotia, Houston:
0.18%, 5/10/12		790,000		790,000,000
0.48%, 6/26/12		290,000		290,000,000
0.35%, 8/30/12		510,000		510,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.40%, 5/11/12		500,000		500,000,000
0.38%, 7/02/12		500,000		500,000,000
0.37%, 7/13/12		867,000		867,000,000
Barclays Bank Plc, New York:
0.50%, 5/16/12		487,280		487,280,000
0.59%, 7/13/12		575,000		575,000,000
Credit Suisse Group A.G., New York, 0.30%, 7/12/12		800,000		800,000,000
Deutsche Bank A.G., New York:
0.38%, 6/01/12		600,000		600,000,000
0.40%, 6/08/12		500,000		500,000,000
Mizuho Corporate Bank Ltd., New York:
0.37%, 6/07/12		224,500		224,500,000
0.37%, 7/10/12		800,000		800,000,000
National Australia Bank Ltd., New York:
0.49%, 6/18/12		225,000		225,000,000
0.51%, 5/03/13 (a)		512,500		512,500,000
Nordea Bank Finland Plc, New York:
0.30%, 5/21/12		486,000		486,000,000
0.61%, 8/09/12		417,500		417,500,000
0.36%, 10/11/12		590,000		590,000,000
Norinchukin Bank, New York:
0.17%, 5/01/12		211,500		211,500,000
0.17%, 5/07/12		500,000		500,000,000
Rabobank Nederland N.V., New York:
0.33%, 5/08/12 (a)		700,000		700,000,000
0.45%, 7/09/12		200,000		200,000,000
0.57%, 9/17/12		693,500		693,500,000
0.53%, 10/25/12		575,000		575,000,000
Royal Bank of Canada, New York:
0.51%, 5/16/12 (a)		325,000		325,000,000
0.45%, 4/02/13 (a)		530,500		530,500,000
Sumitomo Mitsui Banking Corp., New York:
0.38%, 7/06/12		375,000		375,000,000
0.37%, 7/17/12		625,000		625,000,000
Sumitomo Trust & Banking Co. Ltd., New York, 0.18%, 6/01/12		800,000		800,000,000
Svenska Handelsbanken, New York:
0.45%, 5/16/12		295,000		295,000,000
0.28%, 8/24/12		345,000		345,000,000
0.38%, 10/11/12		75,000		75,000,000
Toronto Dominion Bank, New York:
0.17%, 5/14/12		500,000		500,000,000
0.17%, 5/15/12		100,000		100,000,000

				17,401,780,000
Total Certificates of Deposit – 39.7%				18,191,780,000


Commercial Paper (c)	Par (000)		Value
Antalis US Funding Corp., 0.52%, 5/03/12	$	305,500	$	305,491,174
Atlantis One Funding Corp.:
0.38%, 5/29/12		100,000		99,970,444
0.39%, 6/07/12		200,000		199,919,833
0.46%, 7/09/12		99,500		99,412,274
Barclays Bank Plc, US Collateralized Commercial Paper Notes, Series 2010-1, 0.52%, 5/11/12		133,930		133,910,655
Commonwealth Bank of Australia, 0.50%, 7/06/12		270,500		270,252,042
DnB NOR BANK ASA, 0.32%, 8/13/12		384,000		383,645,013
ING US Funding LLC:
0.49%, 5/16/12		500,000		499,897,917
0.48%, 6/08/12		500,000		499,746,667
0.38%, 7/23/12		802,000		801,306,604
Kells Funding LLC:
0.60%, 6/25/12		300,000		299,725,000
0.54%, 7/05/12		500,000		499,512,500
0.56%, 7/09/12		125,000		124,865,833
Matchpoint Master Trust, 0.40%, 5/30/12		165,000		164,946,833
MetLife Short Term Funding LLC, 0.24%, 5/01/12		123,546		123,546,000
National Australia Funding Delaware, Inc., 0.47%, 7/03/12		529,000		528,564,897
Nieuw Amsterdam Receivables Corp.:
0.51%, 5/21/12		108,000		107,969,400
0.46%, 7/09/12		129,000		128,886,265
Nordea North America, Inc., 0.40%, 5/23/12		233,305		233,247,970
NRW.BANK, 0.27%, 7/24/12		135,000		134,914,950
Old Line Funding LLC:
0.25%, 5/21/12		90,084		90,071,488
0.32%, 7/27/12		50,094		50,055,261
0.32%, 8/27/12		90,000		89,905,600
Salisbury Receivables Co. LLC, 0.23%, 6/14/12		100,000		99,971,889
Scaldis Capital LLC, 0.43%, 5/11/12		318,695		318,656,934
Sheffield Receivables Corp., 0.30%, 7/20/12		50,000		49,966,667
Solitaire Funding LLC, 0.38%, 6/06/12		180,000		179,931,600
Starbird Funding Corp.:
0.42%, 5/02/12		115,500		115,498,653
0.43%, 5/07/12		200,000		199,985,667
State Street Corp., 0.23%, 6/06/12		100,000		99,977,000
Svenska Handelsbanken, Inc.:
0.25%, 7/11/12		95,054		95,007,133
0.39%, 10/02/12		150,000		149,749,750
Westpac Banking Corp.:
0.50%, 6/27/12		180,295		180,152,266
0.50%, 7/05/12		185,000		184,832,986
0.50%, 7/09/12		554,000		553,469,083
0.49%, 8/13/12		663,000		662,061,487
Total Commercial Paper – 19.1%				8,759,025,735



Corporate Notes – 1.7%
JPMorgan Chase Bank N.A., 0.54%, 5/17/13 (a)		752,200		752,200,000

Schedule of Investments (continued)

TempFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2007B-2 VRDN (JPMorgan Chase Bank N.A. LOC), 0.20%, 5/07/12 (d)	$	53,580	$	53,580,000
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2007E-3 VRDN (Bank of America N.A. LOC), 0.24%, 5/07/12 (d)		75,000		75,000,000
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2008A-1 VRDN (JPMorgan Chase Bank N.A. LOC), 0.20%, 5/07/12 (d)		99,750		99,750,000
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2008B-1 VRDN (Bank of America N.A. LOC), 0.22%, 5/07/12 (d)		54,845		54,845,000
California GO Series 2005B-1 VRDN (Bank of America N.A. LOC), 0.25%, 5/07/12 (d)		20,000		20,000,000
California GO Series 2005B-4 VRDN (JPMorgan Chase Bank N.A. LOC), 0.23%, 5/07/12 (d)		49,100		49,100,000
California GO Series 2005B-7 VRDN (JPMorgan Chase Bank N.A. LOC), 0.18%, 5/01/12 (d)		47,300		47,300,000
California Housing Finance Agency Home Mortgage RB Series 2001U VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.23%, 5/07/12 (d)		20,485		20,485,000
California Housing Finance Agency Home Mortgage RB Series 2002J VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.23%, 5/07/12 (d)		20,000		20,000,000
California Housing Finance Agency Home Mortgage RB Series 2003F AMT VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.23%, 5/07/12 (d)		64,645		64,645,000
California Housing Finance Agency Home Mortgage RB Series 2005D AMT VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.23%, 5/07/12 (d)		39,700		39,700,000
California Housing Finance Agency Home Mortgage RB Series 2005D AMT VRDN (Fannie Mae LOC, Freddie Mac LOC), 0.23%, 5/07/12 (d)		44,755		44,755,000
California Housing Finance Agency Home Mortgage RB Series 2005H VRDN (Fannie Mae LOC, Freddie Mac LOC), 0.23%, 5/07/12 (d)		110,550		110,550,000
California Housing Finance Agency Home Mortgage RB Series 2008D AMT VRDN (Fannie Mae Guaranty, Freddie Mac Guaranty), 0.22%, 5/07/12 (d)		17,880		17,880,000
Chattanooga Health, Education & Housing Facility Board RB (Catholic Health Initiatives Project) Series 2004C VRDN, 0.24%, 5/07/12 (d)		36,260		36,260,000
District of Columbia GO Series 2008C-2 VRDN (JPMorgan Chase Bank N.A. LOC), 0.25%, 5/07/12 (d)		78,552		78,552,000
Gulf Coast Waste Disposal Authority RB (Exxon Mobil Project) Series 2003 VRDN, 0.21%, 5/01/12 (d)		24,800		24,800,000
Harris County Health Facilities Development Corp. RB (Texas Children’s Hospital Project) Series 1999B-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/07/12 (d)		44,080		44,080,000
Harris County IDRB (Exxon Project) Series 1997 VRDN, 0.21%, 5/01/12 (d)		14,700		14,700,000
Houston Higher Education Finance Corp. RB (Rice University Project) Series 2006A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.24%, 5/07/12 (d)		25,900		25,900,000


Municipal Bonds	Par (000)		Value
Jacksonville RB Series 2008A VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/07/12 (d)	$	55,040	$	55,040,000
JEA Water & Sewer System RB Series 2008A-2 VRDN (JPMorgan Chase & Co. SBPA), 0.25%, 5/07/12 (d)		28,715		28,715,000
Maryland Health & Higher Educational Facilities Authority RB (John Hopkins University Project) Series 2008B VRDN, 0.22%, 5/07/12 (d)		55,835		55,835,000
Michigan Finance Authority RB (Unemployment Obligation Assessment Project) Series 2011 VRDN (Citibank N.A. LOC), 0.27%, 5/07/12 (d)		74,000		74,000,000
Minneapolis & St Paul Housing & Redevelopment Authority RB (Allina Health Project) Series 2007C-2 VRDN (Wells Fargo Bank N.A. LOC), 0.20%, 5/07/12 (d)		51,400		51,400,000
Mississippi Business Finance Commission RB (Chevron USA, Inc. Project) Series 2010K VRDN (Chevron Corp. Guaranty), 0.25%, 5/01/12 (d)		35,000		35,000,000
Mississippi Business Finance Commission RB (Chevron USA, Inc. Project) Series 2010L VRDN (Chevron Corp. Guaranty), 0.24%, 5/01/12 (d)		30,000		30,000,000
Mississippi Business Finance Corp. Gulf Opportunity Zone IDRB (Chevron USA, Inc. Project) Series 2007A VRDN (Chevron Corp. Guaranty), 0.22%, 5/01/12 (d)		178,590		178,590,000
Port of Port Arthur Navigation District RB (Texaco Inc. Project) Series 1994 VRDN (Texaco Inc. Obligor), 0.22%, 5/01/12 (d)		35,000		35,000,000
Sacramento Municipal Utility District RB Series 2008J VRDN (Bank of America N.A. LOC), 0.29%, 5/07/12 (d)		71,440		71,440,000
Sacramento Transportation Authority Measure A Sales Tax RB Series 2009B VRDN (JPMorgan Chase Bank N.A. SBPA), 0.23%, 5/07/12 (d)		103,100		103,100,000
Shelby County GO (Public Improvement & School Project) Series 2006B VRDN (CalSTRS SBPA, State Street Bank & Trust Co. SBPA), 0.19%, 5/07/12 (d)		55,250		55,250,000
Southern California Public Power Authority RB (Magnolia Power Project) Series 2009 VRDN (Wells Fargon Bank N.A. LOC), 0.24%, 5/07/12 (d)		25,645		25,645,000
Southern California Public Power Authority RB Series 2009 VRDN (US Bank N.V. LOC), 0.22%, 5/07/12 (d)		33,560		33,560,000
Texas GO Series 2003 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.17%, 5/07/12 (d)		24,865		24,865,000
Texas RB PUTTERS Series 2011-3945 VRDN (JPMorgan Chase & Co. SBPA), 0.25%, 5/01/12 (d)(e)(f)		50,000		50,000,000
Texas RB PUTTERS Series 2011-3946 VRDN (JPMorgan Chase & Co. SBPA), 0.25%, 5/01/12 (d)(e)(f)		55,380		55,380,000
Texas RB PUTTERS Series 2011-3953 VRDN (JPMorgan Chase & Co. SBPA), 0.25%, 5/01/12 (d)(e)(f)		99,265		99,265,000
Texas RB PUTTERS Series 2011-3964 VRDN (JPMorgan Chase & Co. SBPA), 0.25%, 5/01/12 (d)(e)(f)		125,000		125,000,000
Total Municipal Bonds – 4.7%				2,128,967,000

Schedule of Investments (continued)

TempFund

(Percentages shown are based on Net Assets)


Closed-End Investment Companies (d)(e)	Par (000)		Value
California – 0.0%
Nuveen California Performance Plus Municipal Fund, Inc. Series 2010-1-810 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12	$	4,300	$	4,300,000
Nuveen California Quality Income Municipal Fund, Inc. Series 2010-1-1581 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		5,000		5,000,000
Nuveen California Select Quality Municipal Fund, Inc. Series 2010-1-1589 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		5,000		5,000,000

				14,300,000
Multi-State – 0.0%
Nuveen Premier Insured Municipal Income Fund, Inc. Series 2010-1-1309 VRDP (Citibank N.A. Liquidity Facility), 0.39%, 5/07/12		7,000		7,000,000
New York – 0.1%
Nuveen New York Investment Quality Municipal Fund, Inc. Series 2010-1-1123 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		8,600		8,600,000
Nuveen New York Quality Income Municipal Fund, Inc. Series 2010-1-1617 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		8,500		8,500,000
Nuveen New York Select Quality Municipal Fund, Inc. Series 2010-1-1648 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		8,200		8,200,000

				25,300,000
Total Closed-End Investment Companies – 0.1%				46,600,000



Time Deposits
Natixis S.A., 0.21%, 5/01/12		662,392		662,392,000
Svenska Handelsbanken AB, 0.16%, 5/01/12		575,000		575,000,000
Total Time Deposits – 2.7%				1,237,392,000


U.S. Government Sponsored Agency Obligations
Fannie Mae Variable Rate Notes: (a)
0.23%, 7/26/12		571,000		570,973,129
0.26%, 8/23/12		700,000		699,933,649
0.27%, 9/17/12		710,000		709,945,322
0.27%, 12/20/12		458,000		457,940,818
Federal Home Loan Bank Bonds, 0.25%, 8/17/12		81,000		81,006,262
Federal Home Loan Bank Discount Notes, 0.11%, 7/11/12 (c)		250,000		249,945,764
Freddie Mac Variable Rate Notes: (a)
0.30%, 1/24/13		388,000		387,885,234
0.39%, 9/03/13		100,000		99,972,913
0.18%, 9/13/13		1,720,000		1,718,571,765
Total U.S. Government Sponsored Agency Obligations – 10.9%				4,976,174,856


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bills: (c)
0.10%, 8/09/12	$	368,000	$	367,897,778
0.12%, 8/23/12		275,000		274,893,323
0.13%, 8/23/12		300,000		299,881,250
0.14%, 8/30/12		829,000		828,615,526
0.15%, 9/20/12		200,000		199,881,667
0.16%, 4/04/13		275,000		274,586,889
0.18%, 4/04/13		300,000		299,498,633
U.S. Treasury Notes:
0.63%, 7/31/12		523,000		523,694,787
1.75%, 8/15/12		455,000		457,128,490
0.38%, 8/31/12		447,000		447,396,904
4.13%, 8/31/12		326,000		330,324,051
1.38%, 9/15/12		98,000		98,456,475
0.38%, 9/30/12		344,000		344,362,712
3.38%, 11/30/12		187,000		190,546,074
3.63%, 12/31/12		100,000		102,293,717
Total U.S. Treasury Obligations – 11.0%				5,039,458,276



Repurchase Agreements
Barclays Capital, Inc., 0.41%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $100,001,139, collateralized by various U.S. State Government obligations, 0.00% to 7.00% due from 10/01/14 to 5/15/50, aggregate par and fair value of $100,056,798 and $107,000,001, respectively)		100,000		100,000,000
Barclays Capital, Inc., 0.58%, 5/03/12 (Purchased on 3/29/12 to be repurchased at $269,651,968, collateralized by various corporate/debt and U.S. Treasury obligations, 3.13% to 11.34% due from 5/01/12 to 12/29/49, aggregate par and fair value of $319,475,242 and $282,815,604, respectively)		269,500		269,500,000
Barclays Capital, Inc., 0.66%, 6/11/12 (Purchased on 4/11/12 to be repurchased at $125,139,792, collateralized by various corporate/debt and U.S. Treasury obligations, 1.00% to 11.34% due from 5/01/12 to 6/01/18, aggregate par and fair value of $124,639,905 and $128,254,568, respectively)		125,000		125,000,000
Barclays Capital, Inc., 0.77%, 7/11/12 (Purchased on 4/11/12 to be repurchased at $125,243,299, collateralized by various corporate/debt and U.S. Treasury obligations, 1.00% to 11.34% due from 5/01/12 to 12/29/49, aggregate par and fair value of $128,505,219 and $130,128,138, respectively)		125,000		125,000,000

Schedule of Investments (continued)

TempFund

(Percentages shown are based on Net Assets)

Repurchase Agreements

Par

(000)

Value

Credit Suisse Securities (USA) LLC,
0.17%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $500,002,361, collateralized by various U.S. Treasury obligations, 0.25% to 2. 25% due from 3/31/14 to 3/15/15, aggregate par and fair value of $497,734,600 and $510,005,000, respectively)

500,000

500,000,000

Credit Suisse Securities (USA) LLC,
0.26%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $250,001,806, collateralized by various corporate/debt obligations, 0.00% to 9.45% due from 2/15/16 to 2/15/51, aggregate par and fair value of $22,211,641,396 and $267,500, 439, respectively)

250,000

250,000,000

Deutsche Bank Securities Inc.,
0.21%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $1,100,006,417, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.00% due from 11/15/20 to 5/01/42, aggregate par and fair value of $2,264,787,786 and $1,138,660,390, respectively)

1,100,000

1,100,000,000

Deutsche Bank Securities Inc.,
0.51%, 5/03/12
(Purchased on 4/19/12 to be repurchased at $100,019,833, collateralized by various corporate/debt and U.S. government sponsored agency obligations, 0.00% to 6.39% due from 1/17/14 to 6/25/49, aggregate par and fair value of $1,427,063,057 and $112,232, 894, respectively)

100,000

100,000,000

Goldman Sachs & Co.,
0.13%, 5/01/12
(Purchased on 4/24/12 to be repurchased at $800,020,222, collateralized by various U.S. government sponsored agency obligations, 0.00% to 7.00% due from 12/01/19 to 5/01/42, aggregate par and fair value of $3,323,269,044 and $831,776,371, respectively)

800,000

800,000,000

Goldman Sachs & Co.,
0.17%, 5/03/12
(Purchased on 4/26/12 to be repurchased at $400,013,222, collateralized by various U.S. government sponsored agency obligations, 2.37% to 6.00% due from 12/01/25 to 4/01/42, aggregate par and fair value of $710,143,010 and $412,000,001, respectively)

400,000

400,000,000

Goldman Sachs & Co.,
0.17%, 5/04/12
(Purchased on 4/27/12 to be repurchased at $100,003,306, collateralized by Fannie Mae Bonds, 3.50% to 7.50% due from 11/01/32 to 4/01/42, aggregate par and fair value of $169,112,086 and $103,000,001, respectively)

100,000

100,000,000


Repurchase Agreements	Par (000)		Value
HSBC Securities (USA) Inc., 0.24%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $50,000,333, collateralized by various corporate/debt obligations, 0.38% to 7.72% due from 10/01/12 to 8/15/37, aggregate par and fair value of $51,270,741 and $53, 500, 493, respectively)	$	50,000	$	50,000,000
HSBC Securities (USA) Inc., 0.28%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $50,000,389, collateralized by various corporate/debt obligations, 0.38% to 7.72% due from 7/27/12 to 3/15/42, aggregate par and fair value of $51,151,609 and $53, 504, 067, respectively)		50,000		50,000,000
JPMorgan Securities Inc., 0.67%, 6/11/12 (Purchased on 4/10/12 to be repurchased at $200,230,778, collateralized by various corporate/debt obligations, 2.40% to 12.25% due from 5/01/12 to 11/12/36, aggregate par and fair value of $206,035,218 and $214,005,206, respectively)		200,000		200,000,000
UBS Securities LLC, 0.20%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $200,001,111, collateralized by U.S. Treasury Note, 1.25% due at 4/30/19, par and fair value of $205,219,100 and $204,000,099, respectively)		200,000		200,000,000
UBS Securities LLC, 0.22%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $900,005,500, collateralized by various U.S. government sponsored agency obligations, 3.00% to 10.50% due from 1/25/18 to 4/01/42, aggregate par and fair value of $949,797,251 and $927,000,001, respectively)		900,000		900,000,000
UBS Securities LLC, 0.34%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $500,004,722, collateralized by various corporate/debt obligations, 0.00% to 12.50% due from 1/08/13 to 11/01/47, aggregate par and fair value of $508,913,125 and $535,000,001, respectively)		500,000		500,000,000
Total Repurchase Agreements – 12.6%				5,769,500,000
Total Investments (Cost $46,901,097,867*) – 102.5%				46,901,097,867
Liabilities in Excess of Other Assets – (2.5)%				(1,125,472,387	)

Net Assets – 100.0%			$	45,775,625,480

*	Cost for federal income tax purposes.

(a)	Variable rate security. Rate shown is as of report date.

(b)	Issuer is a US branch of a foreign domiciled bank.

(c)	Rate shown reflects the discount rate at the time of purchase.

Schedule of Investments (concluded)

TempFund

(d)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(e)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(f)	These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

—

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Par at October 31, 2011	Net Activity (Par)	Par at April 30, 2012	Income
PNC Bank N.A.	–	–	–	$75,848

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

46,901,097,867

–

46,901,097,867

¹ See above Schedule of Investments for values in each security type.

Schedule of Investments April 30, 2012 (Unaudited)

T-Fund

(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bills: (a)
0.05%, 6/14/12	$	200,000	$	199,987,778
0.06%, 7/12/12		100,000		99,989,000
0.07%, 7/26/12		100,000		99,983,278
0.08%, 8/02/12		500,000		499,895,267
0.10%, 8/09/12		331,000		330,908,056
0.10%, 8/23/12		139,725		139,682,714
0.13%, 8/23/12		370,000		369,853,542
0.13%, 9/06/12		75,000		74,965,333
0.15%, 9/13/12		93,000		92,947,688
0.15%, 9/20/12		300,000		299,822,500
0.15%, 9/27/12		150,000		149,906,875
0.14%, 10/04/12		53,000		52,967,847
0.15%, 10/04/12		38,000		37,976,123
0.15%, 10/11/12		275,000		274,813,229
0.13%, 10/18/12		100,000		99,938,611
0.13%, 10/25/12		200,000		199,877,083
0.15%, 11/01/12		200,000		199,853,389
0.10%, 11/15/12		155,000		154,914,750
0.14%, 2/07/13		225,000		224,754,229
0.17%, 3/07/13		143,327		143,116,786
0.19%, 3/07/13		53,000		52,911,917
U.S. Treasury Notes:
1.38%, 5/15/12		200,000		200,094,125
0.75%, 5/31/12		140,000		140,072,383
0.63%, 6/30/12		194,000		194,173,063
1.50%, 7/15/12		550,000		551,597,538
0.63%, 7/31/12		225,000		225,296,390
4.63%, 7/31/12		221,000		223,489,660
1.75%, 8/15/12		100,000		100,479,688
0.38%, 8/31/12		350,025		350,330,794
4.13%, 8/31/12		73,000		73,965,825
1.38%, 9/15/12		125,000		125,576,967
4.25%, 9/30/12		100,000		101,711,816
1.38%, 10/15/12		200,000		201,139,747
1.38%, 11/15/12		85,000		85,545,057
0.50%, 11/30/12		150,000		150,310,789
0.63%, 1/31/13		50,000		50,165,975
0.63%, 2/28/13		203,000		203,735,902
1.38%, 3/15/13		82,000		82,834,891
Total U.S. Treasury Obligations – 36.6%				6,859,586,605



Repurchase Agreements
Barclays Capital, Inc., 0.18%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $1,048,005,240, collateralized by various U.S. Treasury obligations, 0.63% to 3.00% due from 7/15/12 to 6/30/18, aggregate par and fair value of $993,629,800 and $1,068,960,074, respectively)		1,048,000		1,048,000,000
Citigroup Global Markets, Inc., 0.17%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $880,052,156, collateralized by various U.S. Treasury obligations, 0.00% to 2.38% due from 1/15/15 to 2/15/42, aggregate par and fair value of $980,240,977 and $897,648,960, respectively)		880,048		880,048,000

Repurchase Agreements

Par

(000)

Value

Credit Suisse Securities (USA) LLC,
0.09%, 5/01/12
(Purchased on 4/24/12 to be repurchased at $1,000,017,500, collateralized by various U.S. Treasury obligations, 0.13% to 2.63% due from 4/05/15 to 7/15/17, aggregate par and fair value of $841,028,600 and $1,020,000,404, respectively)

1,000,000

1,000,000,000

Credit Suisse Securities (USA) LLC,
0.17%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $1,214,111,734, collateralized by various U.S. Treasury obligations, 0.13% to 2.50% due from 4/15/13 to 1/15/22, aggregate par and fair value of $997,009,858 and $1,238,397,044, respectively)

1,214,106

1,214,106,000

Credit Suisse Securities (USA) LLC,
0.14%, 5/02/12
(Purchased on 4/25/12 to be repurchased at $500,013,611, collateralized by various U.S. Treasury obligations, 1.13% to 2.00% due from 1/15/15 to 1/15/21, aggregate par and fair value of $418,825,800 and $510,000,323, respectively)

500,000

500,000,000

Credit Suisse Securities (USA) LLC,
0.13%, 5/04/12
(Purchased on 4/27/12 to be repurchased at $150,003,792, collateralized by U.S. Treasury Note, 1.63% due at 1/15/15, par and fair value of $117,540,000 and $153,002,925, respectively)

150,000

150,000,000

Deutsche Bank Securities Inc.,
0.19%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $1,393,663,355, collateralized by various U.S. Treasury obligations, 0.00% to 4.50% due from 5/03/12 to 5/15/38, aggregate par and fair value of $1,379,018,000 and $1,421,529,190, respectively)

1,393,656

1,393,656,000

Deutsche Bank Securities Inc.,
0.14%, 5/02/12
(Purchased on 4/25/12 to be repurchased at $700,019,056, collateralized by various U.S. Treasury obligations, 0.00% to 7. 50% due from 2/15/13 to 2/15/39, aggregate par and fair value of $868,127,536 and $714,000,077, respectively)

700,000

700,000,000

HSBC Securities (USA) Inc.,
0.18%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $732,803,664, collateralized by various U.S. Treasury obligations, 0.00% to 0.25% due from 5/03/12 to 10/31/13, aggregate par and fair value of $748,224,000 and $747,460,962, respectively)

732,800

732,800,000

JPMorgan Securities Inc.,
0.18%, 5/01/12
(Purchased on 4/30/12 to be repurchased at $845,004,225, collateralized by various U.S. Treasury obligations, 0.00% due from 2/15/13 to 2/15/25, aggregate par and fair value of $957,262,512 and $861,902,609, respectively)

845,000

845,000,000

Schedule of Investments (concluded)

T-Fund

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)	Value
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.18%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $239,360,197, collateralized by U.S. Treasury Note, 2.25% due at 7/31/18, par and fair value of $227,671,200 and $244,146,214, respectively)	$ 239,359	$	239,359,000
Morgan Stanley & Co., 0.18%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $939,480,697, collateralized by various U.S. Treasury obligations, 0.00% to 10.63% due from 5/24/12 to 2/15/40, aggregate par and fair value of $885,397,200 and $958,265,618, respectively)	939,476		939,476,000
Morgan Stanley & Co., 0.15%, 5/02/12 (Purchased on 4/25/12 to be repurchased at $400,011,667, collateralized by various U.S. Treasury obligations, 0.13% to 7.25% due from 1/15/13 to 11/15/26, aggregate par and fair value of $384,633,446 and $408,000,054, respectively)	400,000		400,000,000
RBS Securities Inc., 0.18%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $1,165,005,825, collateralized by various U.S. Treasury obligations, 1.38% to 3.25% due from 5/15/12 to 2/15/19, aggregate par and fair value of $1,130,159,700 and $1,188,302,058, respectively)	1,165,000		1,165,000,000
UBS Securities LLC, 0.18%, 5/01/12 (Purchased on 4/30/12 to be repurchased at $903,004,515, collateralized by various U.S. Treasury obligations, 0.00% to 2.63% due from 5/03/12 to 5/31/15, aggregate par and fair value of $890,358,100 and $921,060,078, respectively)	903,000		903,000,000
Total Repurchase Agreements – 64.5%			12,110,445,000
*Total Investments (Cost $18,970,031,605) – 101.1%**			18,970,031,605
Liabilities in Excess of Other Assets – (1.1)%			(212,916,617	)

Net Assets – 100.0%		$	18,757,114,988

*	Cost for federal income tax purposes.

(a)	Rate shown reflects the discount rate at the time of purchase.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$18,970,031,605	–	$18,970,031,605

¹ See above Schedule of Investments for values in each security type.

Schedule of Investments April 30, 2012 (Unaudited)

Treasury Trust Fund

(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bills: (a)
0.06%, 5/03/12	$	581,073	$	581,071,225
0.07%, 5/03/12		35,612		35,611,870
0.08%, 5/03/12		45,000		44,999,810
0.07%, 5/10/12		59,230		59,228,926
0.08%, 5/10/12		525,000		524,990,006
0.04%, 5/17/12		16,872		16,871,700
0.06%, 5/17/12		97,900		97,897,563
0.07%, 5/17/12		160,000		159,995,264
0.10%, 5/17/12		28,937		28,935,759
0.06%, 5/24/12		450,000		449,982,750
0.07%, 5/24/12		110,000		109,995,432
0.09%, 5/24/12		330,000		329,982,079
0.12%, 5/31/12		101,000		100,990,321
0.08%, 6/07/12		125,180		125,169,655
0.08%, 6/14/12		38,537		38,533,232
0.10%, 6/21/12		200,000		199,973,083
0.09%, 6/28/12		52,300		52,292,669
0.07%, 7/05/12		105,000		104,986,066
0.09%, 7/05/12		70,000		69,989,260
0.08%, 7/12/12		250,000		249,962,150
0.08%, 7/19/12		117,000		116,979,460
0.08%, 7/26/12		150,000		149,971,333
0.08%, 8/02/12		110,000		109,977,005
0.10%, 8/02/12		200,000		199,951,972
0.11%, 8/02/12		15,000		14,995,931
0.10%, 8/09/12		200,000		199,944,444
0.12%, 8/09/12		39,171		39,158,269
0.13%, 8/16/12		130,000		129,951,701
0.10%, 8/23/12		11,000		10,996,691
0.13%, 8/23/12		80,000		79,968,333
0.14%, 8/30/12		25,000		24,988,236
0.13%, 9/06/12		200,000		199,911,111
0.15%, 9/13/12		23,250		23,236,922
0.14%, 10/04/12		15,000		14,990,900
0.15%, 10/04/12		10,000		9,993,717
0.13%, 10/18/12		28,000		27,982,811
0.19%, 3/07/13		14,000		13,976,733
U.S. Treasury Notes:
1.50%, 7/15/12		19,800		19,857,341
4.13%, 8/31/12		10,000		10,132,124
3.88%, 10/31/12		125,000		127,333,742
Total U.S. Treasury Obligations – 104.2%				4,905,757,596
Total Investments (Cost $4,905,757,596*) – 104.2%				4,905,757,596
Liabilities in Excess of Other Assets – (4.2)%				(199,857,540	)

Net Assets – 100.0%			$	4,705,900,056

*	Cost for federal income tax purposes.

(a)	Rate shown reflects the discount rate at the time of purchase.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$4,905,757,596	–	$4,905,757,596

¹ See above Schedule of Investments for values in each security type.

Schedule of Investments April 30, 2012 (Unaudited)

MuniCash

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Alaska – 0.3%
Alaska Housing Finance Corp. RB Series 2010-3188 VRDN (Morgan Stanley Bank SBPA), 0.45%, 5/07/12 (a)(b)	$	900	$	900,000
Arizona – 0.9%
Ak-Chin Indian Community RB Series 2008 VRDN (Bank of America N.A. LOC), 0.28%, 5/07/12 (b)		1,500		1,500,000
Phoenix IDA RB (Swift Aviation Services Inc. Project) Series 2002 VRDN (US Bank N.A. LOC), 0.31%, 5/01/12 (b)		1,105		1,105,000

				2,605,000
Arkansas – 1.7%
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program Project) Series 2006E AMT VRDN (Ginnie Mae Insurance, State Street Bank & Trust Co. SBPA), 0.33%, 5/07/12 (b)		5,000		5,000,000
California – 16.9%
California RB Series 2011A-2 RAN, 2.00%, 6/26/12		10,900		10,927,069
California School Cash Reserve Program Authority RB Series 2012R, 2.00%, 10/31/12		2,500		2,519,398
East Bay California Municipal Utility District Water System Series 2012 TECP, 0.20%, 6/05/12		3,500		3,500,000
Los Angeles County GO Series 2011C TRAN, 2.50%, 6/29/12		1,100		1,103,709
Los Angeles County Metropolitan Transportation Authority RB RBC Municipal Products, Inc. Trust Series 2011E-24 Mandatory Put Bonds (Royal Bank of Canada Credit Agreement, Royal Bank of Canada SBPA), 0.23%, 8/01/12 (a)(b)		1,300		1,300,000
Redwood School District GO Series 2011 TRAN, 1.50%, 8/31/12		6,250		6,267,620
Riverside County GO Series 2011B TRAN, 2.00%, 6/29/12		1,000		1,002,699
Sacramento Financing Authority RB Municipal Trust Receipts Floaters Series 2011-4698 VRDN (Bank of America N.A. SBPA, Bank of America N.A. Guaranty), 0.51%, 5/07/12 (a)(b)(c)		6,830		6,830,000
Sacramento Unified School District GO Series 2012 TRAN, 2.00%, 10/01/12		2,000		2,012,667
San Juan Unified School District GO Series 2012 TRAN, 2.00%, 10/01/12		2,000		2,014,015
South Coast Local Education Agencies RB Series 2011B TRAN, 2.00%, 5/15/12		1,000		1,000,611
Tulare County GO Series 2011 TRAN, 1.25%, 9/07/12		10,100		10,130,472

				48,608,260
Connecticut – 1.3%
Connecticut Housing Finance Authority RB Series 2009A-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/01/12 (b)		2,100		2,100,000
Connecticut Housing Finance Authority RB Series 2011A-1 Mandatory Put Bonds, 0.30%, 7/25/12 (b)		1,500		1,500,000

				3,600,000


Municipal Bonds	Par (000)		Value
Florida – 0.5%
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT VRDN (Branch Banking & Trust Co. LOC), 0.32%, 5/07/12 (b)	$	360	$	360,000
Orlando Utilities Commission Utilities System RB Series 2011A VRDN 7 Month Window, 0.36%, 11/26/12 (b)		1,100		1,100,000

				1,460,000
Georgia – 1.0%
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT VRDN (Wells Fargo Bank N.A. LOC), 0.42%, 5/07/12 (b)		1,000		1,000,000
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B VRDN (Wells Fargo Bank N.A. LOC), 0.42%, 5/07/12 (b)		1,000		1,000,000
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT VRDN (Wells Fargo Bank N.A. LOC), 0.42%, 5/07/12 (b)		1,000		1,000,000

				3,000,000
Illinois – 2.4%
Chicago IDRB (Promise Candy Project) Series 2001 AMT VRDN (Bank of America N.A. LOC), 0.65%, 5/07/12 (b)		1,885		1,885,000
Chicago Transit Authority COP Series 2009 ROC-RR-II-R-11786 VRDN (AGM Insurance, Citibank N.A. SBPA), 0.60%, 5/07/12 (a)(b)(c)		1,265		1,265,000
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 VRDN (Bank of America N.A. LOC), 0.60%, 5/07/12 (b)		2,315		2,315,000
Illinois Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT VRDN (Bank of America N.A. LOC), 0.65%, 5/07/12 (b)		1,430		1,430,000

				6,895,000
Iowa – 2.8%
Iowa Finance Authority RB (Bio America Inc. Project) Series 2012 VRND (Korea Development Bank LOC), 0.65%, 5/07/12 (b)		8,000		8,000,000
Kansas – 2.1%
Kansas Development Finance Authority RB (Delaware Highlands Project) Series 2005C AMT VRDN (Federal Home Loan Bank LOC), 0.40%, 5/07/12 (b)		6,120		6,120,000
Kentucky – 0.8%
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.50%, 5/07/12 (b)		2,200		2,200,000
Louisiana – 3.2%
Ascension Parish RB (BASF Corp. Project) Series 1997 AMT VRDN (BASF Corp. Liquidity Facility), 0.39%, 5/07/12 (b)		2,400		2,400,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A VRDN (BASF Corp. Obligor), 0.39%, 5/07/12 (b)		6,000		6,000,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 VRDN (JPMorgan Chase Bank N.A. LOC), 0.50%, 5/07/12 (b)		710		710,000

				9,110,000

Schedule of Investments (continued)

MuniCash

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Maryland – 1.5%
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.35%, 5/07/12 (b)	$	2,800	$	2,800,000
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), 0.40%, 5/07/12 (b)		1,620		1,620,000

				4,420,000
Massachusetts – 0.5%
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.34%, 11/26/12 (b)		1,000		1,000,000
University of Massachusetts Building Authority RB Series 2011-2 VRDN (Massachusetts State Guaranteed), 0.34%, 11/26/12 (b)		495		495,000

				1,495,000
Michigan – 2.8%
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN (Ascension Health Corporate Obligor), 0.34%, 11/26/12 (b)		3,000		3,000,000
Michigan Strategic Fund Ltd. Obligation RB (Amera Group LLC Project) Series 2000 AMT VRDN (JPMorgan Chase & Co. LOC), 0.45%, 5/07/12 (b)		2,200		2,200,000
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.50%, 5/07/12 (b)		2,000		2,000,000
Michigan Strategic Fund RB (Larsen Warden Project) Series 2008 VRDN (Standard Chartered Bank LOC), 0.67%, 5/07/12 (b)		1,000		1,000,000

				8,200,000
Minnesota – 2.2%
Minneapolis & St Paul Housing & Redevelopment Authority RB Series 2004B VRDN (AGM Insurance, US Bank N.A. SBPA), 0.28%, 5/01/12 (b)		6,400		6,400,000
Missouri – 2.1%
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT VRDN (TD Bank N.A. LOC), 0.48%, 5/07/12 (b)		2,025		2,025,000
Palmyra IDA Solid Waste Disposal RB (BASF Corp. Project) Series 2002 AMT VRDN (BASF Aktiengesellsch Liquidity Facility), 0.39%, 5/07/12 (b)		4,000		4,000,000

				6,025,000
Nevada – 1.1%
Clark County RB (Apartment Revenue Project) Series 2011A MB, 2.00%, 6/19/12		3,050		3,055,694
New Hampshire – 0.4%
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT VRDN (Manufacturers and Traders Trust Co. LOC), 0.40%, 5/07/12 (b)		1,005		1,005,000
New Jersey – 1.5%
Burlington County Bridge Commission RB (Soil Waste Project) Series 2011 Notes, 2.00%, 10/10/12		800		805,390
Hopatcong Borough GO Series 2011 BAN, 1.25%, 8/03/12		1,200		1,201,868


Municipal Bonds	Par (000)		Value
New Jersey (concluded)
Saddle River Borough GO Series 2012 BAN, 1.00%, 3/28/13	$	2,200	$	2,210,111

				4,217,369
New York – 1.8%
New York Housing Development Corp. RB Series 2006J-1 Mandatory Put Bonds, 0.35%, 9/17/12 (b)		3,015		3,015,000
New York Tollway Authority RB Series 2011A BAN, 2.00%, 7/12/12		2,200		2,207,113

				5,222,113
North Carolina – 0.7%
Lee County Industrial Facilities & Pollution Control Financing Authority IDRB (Arden Corp. Project) Series 1999 AMT VRDN (Comerica Bank LOC), 0.35%, 5/07/12 (b)		1,450		1,450,000
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT VRDN (Branch Banking & Trust Co. LOC), 0.42%, 5/07/12 (b)		560		560,000

				2,010,000
Ohio – 2.9%
Avon GO Series 2011A BAN, 1.00%, 7/03/12		1,000		1,000,993
Ohio RB (Development Assistance Project) Series 2011A BAN, 0.35%, 6/01/12		1,000		1,000,000
Ohio RB (Revitalization Project) Series 2011A BAN, 0.35%, 6/01/12		1,700		1,700,000
Sharonville GO Series 2011 BAN, 1.13%, 7/12/12		4,740		4,744,397

				8,445,390
Oklahoma – 1.3%
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT VRDN (Bank of America N.A. LOC), 0.45%, 5/07/12 (b)		3,850		3,850,000
Pennsylvania – 4.1%
Beaver County IDA RB (BASF Corp. Project) Series 1997 AMT VRDN (BASF Corp. Obligor), 0.39%, 5/07/12 (b)		300		300,000
Delaware County RB (Riddle Village Project) Series 2006 VRDN (Bank of America N.A. LOC), 0.38%, 5/07/12 (b)		3,100		3,100,000
Pennsylvania Economic Development Financing Authority RB (Solar Innovations Inc. Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.55%, 5/07/12 (b)		2,635		2,635,000
Pennsylvania Housing Finance Agency RB Series 2004-83C VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 0.25%, 5/07/12 (b)		200		200,000
Philadelphia Airport RB SPEARS Series 2008DB-495 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.34%, 5/07/12 (a)(b)(c)		5,705		5,705,000

				11,940,000
Rhode Island – 0.4%
Rhode Island GO Series 2011 TAN, 2.00%, 6/29/12		1,250		1,253,418

Schedule of Investments (continued)

MuniCash

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
South Dakota – 1.3%
Spink County Solid Waste Disposal RB (United Feeders LLP Project) Series 2007 AMT VRDN (AgriBank FCB LOC), 0.36%, 5/07/12 (b)	$	3,800	$	3,800,000
Tennessee – 2.1%
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit Group Project) Series 2001B-1 VRDN (Ascension Health System Obligor), 0.34%, 11/26/12 (b)		5,900		5,900,000
Texas – 2.6%
Brazos River Harbor Navigation District Brazoria County RB (BASF Corp. Project) Series 2002 AMT VRDN (BASF Corp. Obligor), 0.39%, 5/07/12 (b)		5,000		5,000,000
Harris County Cultural Education Facilities Finance Corp. RB (Methodist Hosp System Project) Series 2009 MB (The Methodist Hospital Obligor), 5.00%, 6/01/12		1,000		1,003,913
Port of Arthur Navigation District Industrial Development Corp. RB (Total Petrochemicals Project) Series 2012 VRDN (Total S.A. Credit Agreement), 0.44%, 5/07/12 (b)		800		800,000
Texas Municipal Power Agency RB Municipal Trust Receipts Floaters Series 2010-12C VRDN (Wells Fargo Bank N.A. Credit Agreement, Wells Fargo Bank N.A. SBPA), 0.25%, 5/07/12 (a)(b)(c)		565		565,000

				7,368,913
Virginia – 4.3%
Fairfax County IDA RB (Inova Health Systems Project) Series 2010A-1 VRDN (Inova Health System Obligated Group), 0.37%, 11/26/12 (b)		1,500		1,500,000
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT VRDN (Bank of America N.A. LOC), 0.40%, 5/07/12 (b)		1,400		1,400,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program Project) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/01/12 (b)		6,600		6,600,000
Virginia College Building Authority Educational Facilities RB (University of Richmond Project) Series 2006 VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/01/12 (b)		2,850		2,850,000
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT VRDN (Wells Fargo Bank N.A. SBPA), 0.30%, 5/07/12 (b)(c)		45		45,000

				12,395,000
Washington – 1.7%
King County Series 2012A TECP (Bayerische Landesbank Girozentrale SBPA), 0.25%, 5/10/12		5,000		5,000,000
Wisconsin – 2.4%
Marshfield Housing Authority RB (Wildwood Regency Project) Series 2003 AMT VRDN (U.S. Bank N.A. LOC), 0.35%, 5/07/12 (b)		2,385		2,385,000
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT VRDN (JPMorgan Chase Bank N.A. LOC), 0.50%, 5/07/12 (b)		1,400		1,400,000
Wisconsin Economic Authority GO Series 2012-08 TECP, 0.27%, 7/09/12		3,000		3,000,000

				6,785,000


Municipal Bonds	Par (000)		Value
Wyoming – 3.5%
Green River Solid Waste Disposal RB (OCI Wyoming LP Project) Series 1997 VRDN (TD Bank N.A. LOC), 0.35%, 5/07/12 (b)	$	4,000	$	4,000,000
Wyoming Community Development Authority RB Municipal Trust Receipts Floaters Series 2006-1424-R VRDN (Bank of America N.A. SBPA), 0.42%, 5/07/12 (a)(b)(c)		6,035		6,035,000

				10,035,000
Total Municipal Bonds – 75.1%				216,321,157


Closed-End Investment Companies (a)(b)
California – 8.7%
Nuveen California Investment Quality Municipal Fund, Inc. Series 2010-1-956 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		5,000		5,000,000
Nuveen California Quality Income Municipal Fund, Inc. Series 2010-1-1581 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		10,000		10,000,000
Nuveen California Select Quality Municipal Fund, Inc. Series 2010-1-1589 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		10,000		10,000,000

				25,000,000
Multi-State – 4.4%
Nuveen Municipal Advantage Fund, Inc. Series 2010 VRDP (JPMorgan Chase Bank N.A. Liquidity Facility), 0.36%, 5/07/12		9,800		9,800,000
Nuveen Municipal Market Opportunities Fund, Inc. Series 2010-3509 VRDP (Deutsche Bank A.G. Liquidity Facility), 0.42%, 5/07/12		2,900		2,900,000

				12,700,000
New Jersey – 2.1%
Nuveen New Jersey Investment Quality Municipal Fund, Inc. Series 2010-1-1443 VRDP (Citibank N.A. Liquidity Facility), 0.39%, 5/07/12		4,000		4,000,000
Nuveen New Jersey Premium Income Municipal Fund, Inc. Series 2010-1-886 VRDP (Citibank N.A. Liquidity Facility), 0.39%, 5/07/12		2,000		2,000,000

				6,000,000
New York – 3.0%
Nuveen New York Quality Income Municipal Fund, Inc. Series 2010-1-1617 VRDP (Citibank N.A. Liquidity Facility), 0.37%, 5/07/12		8,500		8,500,000
Pennsylvania – 1.9%
Nuveen Pennsylvania Investment Quality Municipal Fund, Inc. Series 2010-1-1125 VRDP (Citibank N.A. Liquidity Facility), 0.39%, 5/07/12		3,000		3,000,000
Nuveen Pennsylvania Premium Income Municipal Fund, Inc. II Series 2010-1-1000 VRDP (Citibank N.A. Liquidity Facility), 0.39%, 5/07/12		2,500		2,500,000

				5,500,000
Total Closed-End Investment Companies – 20.1%				57,700,000
*Total Investments (Cost $274,021,157) – 95.2%**				274,021,157
Other Assets Less Liabilities – 4.8%				13,943,520

Net Assets – 100.0%			$	287,964,677

*	Cost for federal income tax purposes.

Schedule of Investments (concluded)

MuniCash

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(c)	These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

274,021,157

–

274,021,157

¹ See above Schedule of Investments for values in each state.

Schedule of Investments April 30, 2012 (Unaudited)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)			Value
Alabama – 1.8%
Alabama Public School & College Authority RB PUTTERS Series 2011-719 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)	$	16,000		$	16,000,000
Birmingham Commercial Development Authority RB (Civic Center Project) Series 2011A VRDN (Barclays Bank Plc SBPA), 0.27%, 5/07/12 (a)(c)		4,300			4,300,000
Huntsville IDRB (Brown Precision Project) Series 2009 VRDN (Federal Home Loan Bank LOC), 0.28%, 5/07/12 (c)		5,760			5,760,000
Taylor-Ryan Improvement District RB Series 2005 VRDN (Federal Home Loan Bank LOC), 0.25%, 5/07/12 (c)		10,000	��		10,000,000
Tuscaloosa County Port Authority RB (Gulf Opportunity Zone Project) Series 2007 VRDN (Federal Home Loan Bank LOC), 0.29%, 5/07/12 (c)		5,000			5,000,000

					41,060,000
Arizona – 0.6%
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP VRDN (Wells Fargo Bank N.A. SBPA), 0.26%, 5/07/12 (a)(b)(c)		1,145			1,145,000
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2005-1076 VRDN (Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		4,850			4,850,000
Tempe IDRB (Arizona State University Football Brickyard Project) Series 2004A VRDN (Bank of America N.A. LOC), 0.33%, 5/07/12 (c)		8,200			8,200,000

					14,195,000
Arkansas – 0.3%
Fort Smith Sales & Use Tax RB Series 2012 MB, 1.00%, 5/01/13		4,300			4,326,445
Rogers RB Series 2011 MB, 2.00%, 11/01/12		1,885			1,900,614

					6,227,059
California – 15.0%
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek at Union City Project) Series 2008A VRDN (Bank of America N.A. SBPA), 0.35%, 5/01/12 (c)		6,600			6,600,000
California Educational Facility Authority RB SPEARS (Pomona College Project) Series 2007DB-373 VRDN (Deutsche Bank A.G. SBPA), 0.31%, 5/07/12 (a)(b)(c)		5,557			5,557,000
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. SBPA, Wells Fargo Bank N.A. Credit Agreement), 0.32%, 5/07/12 (a)(b)(c)		5,100			5,100,000
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. SBPA, Wells Fargo Bank N.A. Credit Agreement), 0.32%, 5/07/12 (a)(b)(c)		39,300			39,300,000
California GO Series 2004C-1 VRDN (Bank of America N.A. LOC), 0.25%, 5/01/12 (c)		1,000			1,000,000
California Infrastructure & Economic Development Bank RB (Pacific Gas & Electric Co. Project) Series 2009A VRDN (Mizuho Corp. Bank Ltd. LOC), 0.24%, 5/01/12 (c)		6,000			6,000,000
California RB Series 2011A-2 RAN, 2.00%, 6/26/12		59,100			59,247,050


Municipal Bonds	Par (000)		Value
California (concluded)
California School Cash Reserve Program Authority RB Series 2012P TRAN, 2.00%, 12/31/12	$	4,445	$	4,489,394
California School Cash Reserve Program Authority RB Series 2012S TRAN, 2.00%, 12/31/12		5,000		5,056,724
California School Cash Reserve Program Authority RB Series 2012U TRAN, 2.00%, 12/31/12		2,000		2,019,975
California State Health Facilities Financing Authority RB (Providence Health Service Project) Series 2009-4646 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(c)		35,025		35,025,000
California Statewide Communities Development Authority RB (Kaiser Foundation Health Plan, Inc. Project) Series 2004J VRDN (Kaiser Permanente Obligor), 0.23%, 5/07/12 (c)		12,400		12,400,000
California Statewide University Revenue Authority RB Municipal Trust Receipts Floaters Series 2011-4696 VRDN (Bank of America N.A. Guaranty, Bank of America N.A. SBPA), 0.51%, 5/07/12 (a)(b)(c)		10,265		10,265,000
Coast Community College District GO Series 2006-36TPZ VRDN (AGM Insurance, Wells Fargo Bank N.A. Liquidity Facility), 0.28%, 5/07/12 (a)(c)		3,490		3,490,000
Corona-Norca Unified School District GO Series 2012 TRAN, 2.00%, 12/31/12		4,300		4,349,985
East Side Union High School District GO Municipal Trust Receipts Floaters Series 2010-3171 VRDN (AGM Insurance, Morgan Stanley Bank LOC), 0.40%, 5/07/12 (a)(b)(c)		15,000		15,000,000
Long Beach Community College District GO SPEARS Series 2008-670 VRDN (AGM Insurance, Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		9,665		9,665,000
Los Angeles Community College District GO Municipal Trust Receipts Floaters Series 2009-2984 VRDN (Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		7,500		7,500,000
Los Angeles County GO Series 2011C TRAN, 2.50%, 6/29/12		6,900		6,923,263
Los Angeles County Metropolitan Transportation Authority RB RBC Municipal Products, Inc. Trust Series 2011E-24 Mandatory Put Bonds (Royal Bank of Canada Credit Agreement, Royal Bank of Canada SBPA), 0.23%, 8/01/12 (a)(c)		7,200		7,200,000
Los Angeles County School RB Series 2012B-1 TRAN, 2.00%, 11/30/12		6,000		6,060,868
Riverside County GO Series 2011B TRAN, 2.00%, 6/29/12		4,000		4,010,795
Riverside Water Revenue RB Series 2011A Mandatory Put Bonds, 0.30%, 5/01/13 (c)		5,500		5,500,000
Sacramento Unified School District GO Series 2012 TRAN, 2.00%, 10/01/12		4,000		4,025,335
San Francisco City & County Redevelopment Agency RB (Hunters Point Project) Series 2005A-7 VRDN (JPMorgan Chase Bank N.A. LOC), 0.35%, 5/07/12 (c)		6,750		6,750,000
San Juan Unified School District GO Series 2012 TRAN, 2.00%, 10/01/12		7,000		7,050,366

Schedule of Investments (continued)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
California (concluded)
San Mateo County GO SPEARS (Election 2005 Project) Series 2007DB-282 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.31%, 5/07/12 (a)(b)(c)	$	10,610	$	10,610,000
San Mateo County GO SPEARS (Election 2005 Project) Series 2007DB-415 VRDN (National Reinsurance Corp. Insurance, Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.31%, 5/07/12 (a)(b)(c)		10,780		10,780,000
Santa Clara County GO PUTTERS Series 2009-4642 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		30,000		30,000,000
South Coast Local Education Agencies RB Series 2011B TRAN, 2.00%, 5/15/12		5,100		5,103,117

				336,078,872
Colorado – 3.2%
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 VRDN (U.S. Bank N.A. LOC), 0.27%, 5/07/12 (c)		9,250		9,250,000
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 VRDN (U.S. Bank N.A. LOC), 0.27%, 5/07/12 (c)		5,830		5,830,000
Aurora Centretech Metropolitan District GO Series 1998 VRDN (U.S. Bank N.A. LOC), 0.27%, 5/07/12 (c)		2,965		2,965,000
Base Village Metropolitan District No. 2 RB Series 2008A VRDN (U.S. Bank N.A. LOC), 0.27%, 5/07/12 (c)		4,935		4,935,000
Colorado Educational & Cultural Facilities Authority RB (Mesivta Greater L.A. Project) Series 2005 VRDN (Deutsche Bank A.G. LOC), 0.26%, 5/07/12 (c)		4,495		4,495,000
Colorado Educational & Cultural Facilities Authority RB Series 2005 (Linfield Christian School Project) VRDN (Wells Fargo Bank N.A LOC), 0.23%, 5/07/12 (c)		7,875		7,875,000
Colorado Health Facilities Authority RB (North Carolina Hospital Medical Center, Inc. Project) Series 2009A VRDN (Wells Fargo Bank N.A. LOC), 0.28%, 5/01/12 (c)		20,795		20,795,000
Colorado Housing & Finance Authority RB Series 2006-1A2 VRDN (Federal Home Loan Bank SBPA), 0.27%, 5/07/12 (c)		1,150		1,150,000
Commerce Northern Infrastructure General Improvement District GO Series 2008 VRDN (U.S. Bank N.A. LOC), 0.27%, 5/07/12 (c)		8,625		8,625,000
Meridian Health System GO Series 2009 VRDN (U.S. BANK N.A. LOC), 0.27%, 5/07/12 (c)		2,135		2,135,000
Parker Automotive Metropolitan District GO Series 2005 VRDN (U.S. Bank N.A. LOC), 0.27%, 5/07/12 (c)		900		900,000
Sheridan Redevelopment Agency (South Santa Fe Drive Project) Series 2011 VRDN (JPMorgan Chase Bank N.A. LOC), 0.37%, 5/07/12 (c)		2,500		2,500,000

				71,455,000
Connecticut – 1.6%
Connecticut Health & Educational Facility Authority RB (New Haven Hospital Project) Series 2008L-1 VRDN (Bank of America N.A. LOC), 0.30%, 5/07/12 (c)		11,550		11,550,000


Municipal Bonds	Par (000)		Value
Connecticut (concluded)
Connecticut Housing Finance Authority RB (Housing Mortgages Finance Program Project) Series 2010G AMT Mandatory Put Bonds, 0.33%, 11/15/12 (c)	$	3,175	$	3,175,000
Connecticut Housing Finance Authority RB Series 2009A-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/01/12 (c)		13,600		13,600,000
Connecticut Housing Finance Authority RB Series 2011A-1 Mandatory Put Bonds, 0.30%, 7/25/12 (c)		7,200		7,200,000

				35,525,000
Delaware – 0.1%
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		1,860		1,860,000
Sussex County RB (Cadbury Lewes Project) Series 2006C VRDN (Manufacturers and Traders Trust Co. LOC), 0.26%, 5/07/12 (c)		740		740,000

				2,600,000
District of Columbia – 2.0%
District of Columbia GO SPEARS Series 2007DB-463 VRDN (Deutsche Bank A.G. Credit Agreement, AGM Insurance, Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		16,698		16,698,000
District of Columbia RB (Community Connections Real Estate Foundation Issue Project) Series 2007A VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)		7,100		7,100,000
District of Columbia RB (Internships & Academic Center Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		1,700		1,700,000
District of Columbia RB (Washington Center Internship Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		4,000		4,000,000
District of Columbia RB Municipal Trust Receipts Floaters (National Public Radio Project) Series 2010-3163 VRDN (Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		16,125		16,125,000

				45,623,000
Florida – 5.4%
Broward County RB Municipal Trust Receipts Floaters (Civic Arena Project) Series 2010-3286 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		10,305		10,305,000
Broward County RB Municipal Trust Receipts Floaters (Civic Arena Project) Series 2010-3287 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		4,830		4,830,000
Lake County RB SPEARS Series 2008DB-492 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		9,135		9,135,000
Lee Memorial Health System RB SPEARS Series 2011-1016 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.30%, 5/07/12 (a)(b)(c)		16,835		16,835,000

Schedule of Investments (continued)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Florida (concluded)
Miami-Dade County RB Municipal Trust Receipts Floaters Series 2011-3271 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)	$	10,395	$	10,395,000
Orlando Utilities Commission Utilities System RB Series 2011A VRDN 7 Month Window, 0.36%, 11/26/12 (c)		4,760		4,760,000
Palm Beach County Educational Facilities Authority RB (Atlantic University Inc. Project) Series 2008 VRDN (Bank of America N.A. LOC), 0.31%, 5/07/12 (c)		27,970		27,970,000
South Florida Water Management District COP Austin Trust Series 2007-1036 VRDN (Bank of America N.A. SBPA), 0.38%, 5/07/12 (a)(b)(c)		7,500		7,500,000
South Miami Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2008-2749 VRDN (Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		21,000		21,000,000
St. Jonhs County RB SPEARS Series 2008-DB-486 VRDN (Deutsche Bank A.G. LOC, Deutsche Bank A.G. SBPA), 0.32%, 5/07/12 (a)(b)(c)		8,835		8,835,000

				121,565,000
Georgia – 1.2%
Columbus Downtown Development Authority RB Series 2009 VRDN (Federal Home Loan Bank LOC), 0.30%, 5/07/12 (c)		1,950		1,950,000
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		900		900,000
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		2,900		2,900,000
Georgia GO Series 2002D MB, 5.00%, 8/01/12		300		303,604
Metro Atlanta Rapid Transportation Authority Series 2012-7C TECP (JPMorgan Chase Bank N.A. SBPA), 0.15%, 5/10/12		4,615		4,615,000
Metro Atlanta Rapid Transportation Authority Series 2012-7C-1 TECP (JPMorgan Chase Bank N.A. SBPA), 0.24%, 5/24/12		13,200		13,200,000
Richmond County Development Authority RB (MCG Health Inc. Project) Series 2008B VRDN (Bank of America N.A. LOC), 0.33%, 5/07/12 (c)		3,900		3,900,000

				27,768,604
Illinois – 2.6%
Chicago Board of Education GO SPEARS (School Reform Project) Series 2007DB-410 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.31%, 5/07/12 (a)(b)(c)		9,775		9,775,000
Chicago Waterworks RB (Second Lien Project) Sub-Series 2000-1 VRDN (JPMorgan Chase & Co. SBPA), 0.27%, 5/01/12 (c)		700		700,000
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2011-4702 VRDN (Bank of America N.A. SBPA, Bank of America N.A. Guaranty), 0.51%, 5/07/12 (a)(b)(c)		8,875		8,875,000
Illinois Toll Highway Authority RB PUTTERS Series 2011-773 VRDN (AGM Insurance, Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		16,485		16,485,000


Municipal Bonds	Par (000)		Value
Illinois (concluded)
Regional Transportation Authority RB PUTTERS Series 2011-714 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)	$	22,365	$	22,365,000

				58,200,000
Indiana – 1.7%
Clarksville Township RB (Retirement Housing Funding Project) Series 2008 VRDN (US. Bank N.A. LOC), 0.21%, 5/07/12 (c)		4,115		4,115,000
Fort Wayne RB (University of St. Francis Project) Series 2008 VRDN (JPMorgan Chase Bank N.A. LOC), 0.26%, 5/07/12 (c)		1,700		1,700,000
Indiana Bond Bank RB (St. Revolving Fund Project) Series 2001A MB, 5.38%, 2/01/13		4,810		5,039,485
Indiana Finance Authority RB (Lease Appropriation Project) Series 2008A-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.24%, 5/01/12 (c)		22,800		22,800,000
Indiana State Financing Authority RB (Duke Energy Project) Series 2009A-4 VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.26%, 5/01/12 (c)		4,500		4,500,000

				38,154,485
Iowa – 2.6%
Iowa Finance Authority RB (Bio America Inc. Project) Series 2012 VRND (Korea Development Bank LOC), 0.65%, 5/07/12 (c)		50,000		50,000,000
Iowa Higher Education Loan Authority RB (Loras College Project) Series 2006 VRDN (Bank of America N.A. LOC), 0.27%, 5/01/12 (c)		7,300		7,300,000
Polk County GO Series 2002A MB, 5.00%, 6/01/12		1,500		1,506,130

				58,806,130
Kentucky – 0.1%
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A VRDN (U.S. Bank N.A. LOC), 0.24%, 5/07/12 (c)		2,570		2,570,000
Louisiana – 2.1%
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 VRDN (Fannie Mae Guaranty), 0.35%, 5/07/12 (c)		5,035		5,035,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B VRDN (BASF Corp. Obligor), 0.37%, 5/07/12 (c)		7,500		7,500,000
Louisiana Public Facilities Authority RB (Air Products & Chemicals Project) Series 2005 VRDN (Air Products & Chemicals Obligor), 0.24%, 5/01/12 (c)		9,900		9,900,000
Monroe Sales & Use Tax RB Series 2007A VRDN (AGM Insurance, JPMorgan Chase Bank N.A. SBPA), 0.45%, 5/07/12 (c)		24,640		24,640,000

				47,075,000
Maine – 0.4%
Cumberland GO Series 2012 TAN, 1.00%, 11/15/12		9,200		9,237,096
Maryland – 2.7%
Anne Arundel County RB Series 1996 VRDN (Manufacturers and Traders Trust Co. LOC), 0.31%, 5/07/12 (c)		3,925		3,925,000

Schedule of Investments (continued)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Maryland (concluded)
Baltimore County RB (Odyssey School Facility Project) Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)	$	1,775	$	1,775,000
Howard County RB (Bluffs Hawthorne Project) Series 1995 VRDN (Manufacturers and Traders Trust Co. LOC), 0.31%, 5/07/12 (c)		3,005		3,005,000
Howard County RB (Lorien At Elkridge Facility Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		8,400		8,400,000
Howard County RB (Meadowridge III Facility Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		9,000		9,000,000
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999A VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)		1,625		1,625,000
Maryland Economic Development Corp. RB (Local Government Insurance Trust Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)		3,880		3,880,000
Maryland Health & Higher Education Facilities Authority RB (The Norwood School Project) Series 1998 VRDN (Manufacturers and Traders Trust Co. LOC), 0.29%, 5/07/12 (c)		2,800		2,800,000
Montgomery County Economic Development RB (Brooke Grove Foundation, Inc. Project) Series 1998 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		6,725		6,725,000
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		1,660		1,660,000
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)		2,100		2,100,000
University System of Maryland CP (College Park Business School Project) Series 2000 VRDN (Bank of America N.A. LOC), 0.30%, 5/07/12 (c)		1,680		1,680,000
Washington County RB (Homewood Williamsport Facility Project) Series 2007 VRDN (Manufacturers and Traders Trust Co. LOC), 0.31%, 5/07/12 (c)		4,295		4,295,000
Washington County RB (Homewood Williamsport Facility Project) Series 2011 VRDN (Manufacturers and Traders Trust Co. LOC), 0.28%, 5/07/12 (c)		9,425		9,425,000

				60,295,000
Massachusetts – 1.9%
Dracut GO Series 2012 BAN, 2.00%, 2/22/13		10,550		10,700,209
Massachusetts Bay Transportation Authority RB Series 2010A-7 VRDN 7 Month Window, 0.34%, 11/26/12 (c)		2,000		2,000,000
Massachusetts GO PUTTERS Series 2011-723 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		9,975		9,975,000
Massachusetts School Building Authority RB Series 2009A MB, 4.00%, 5/15/12		2,460		2,463,576


Municipal Bonds	Par (000)		Value
Massachusetts (concluded)
Massachusetts Water Pollution Abatement RB Series 2012, 0.30%, 3/01/13	$	15,000	$	15,001,533
University of Massachusetts Building Authority RB Series 2011-2 VRDN (Massachusetts State Guaranteed), 0.34%, 11/26/12 (c)		2,615		2,615,000

				42,755,318
Michigan – 8.7%
Detroit Michigan City School District GO PUTTERS Series 2011-3874 VRDN (AGM SBPA, JPMorgan Chase Bank N.A. SBPA), 0.62%, 5/07/12 (a)(b)(c)		8,000		8,000,000
Holt Public Schools GO Series 2002 VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.35%, 5/07/12 (c)		33,385		33,385,000
Lakeview School District GO (School Building & Site Project) Series 2002B VRDN (Landesbank Hessen-Thuringen Girozentrale SBPA), 0.35%, 5/07/12 (c)		16,585		16,585,000
Michigan Finance Authority RB (Student Aid Project) Series 2011C-2 TECP (JPMorgan Chase Bank N.A. LOC), 2.00%, 8/20/12		39,700		39,901,570
Michigan Hospital Finance Authority RB (Ascension Health Senior Center Project) Series 2010F-6 VRDN, 0.34%, 11/26/12 (c)		5,200		5,200,000
Michigan Hospital Finance Authority RB (Ascension Health Senior Credit Group Project) Series 2010F-8 VRDN (Ascension Health Corporate Obligor), 0.34%, 11/26/12 (c)		4,520		4,520,000
Saline Area Schools GO Series 2002 VRDN (Landesbank Baden-Wurttemberg Girozentrale LOC), 0.35%, 5/07/12 (c)		88,015		88,015,000

				195,606,570
Minnesota – 0.2%
Minneapolis Health Care System Revenue Authority RB RBC Municipal Products, Inc. Trust Series 2010E-19 Mandatory Put Bonds (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.32%, 5/03/12 (a)(c)		2,900		2,900,000
Minnesota GO Series 2004 MB, 5.00%, 8/01/12		2,000		2,023,980

				4,923,980
Mississippi – 0.6%
Mississippi Business Finance Commission RB (Peco Foods, Inc. Project) Series 2009 VRDN (BMO Harris Bank N.A. LOC), 0.24%, 5/07/12 (c)		13,650		13,650,000
Missouri – 0.1%
Missouri State Highways and Transit Commission RB Series 2005A MB, 5.00%, 5/01/12		3,000		3,000,000
Multi-State – 0.4%
Branch Banking & Trust Co. RB Municipal Trust Receipts Floaters Series 2008-5001 VRDN (Rabobank N.A. Credit Agreement, Rabobank N.A. SBPA), 0.34%, 5/07/12 (a)(b)(c)		8,800		8,800,000

Schedule of Investments (continued)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Nebraska – 0.4%
Lincoln Electric System RB Municipal Trust Receipts Floaters Series 2008-2900 VRDN (Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)	$	8,500	$	8,500,000
Nevada – 0.4%
Clark County RB (Bishop Gorman Hig Project) Series 2011 VRDN (Bank of America N.A. LOC), 0.35%, 5/07/12 (c)		8,500		8,500,000
New Hampshire – 1.0%
New Hampshire Health & Education Facilities Authority RB (Riverwoods at Exeter Project) Series 1997B VRDN (Bank of America N.A. LOC), 0.35%, 5/07/12 (c)		7,400		7,400,000
New Hampshire Health & Education Facilities Authority RB (RiverWoods-Exeter Project) Series 2003 VRDN (Bank of America N.A. LOC), 0.35%, 5/07/12 (c)		14,665		14,665,000

				22,065,000
New Jersey – 5.0%
Brigantine GO Series 2011 BAN, 1.00%, 8/02/12		12,770		12,786,464
Delaware River Port Authority RB Series 2010B VRDN (Bank of America N.A. LOC), 0.26%, 5/07/12 (c)		2,500		2,500,000
Garden State Preservation Trust RB PUTTERS (New Jersey Open Space & Farmland Preservation Project) Series 2011-700 VRDN (AGM Insurance, Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		6,100		6,100,000
New Jersey Health Care Facilities Financing Authority RB (Meridian IV Project) Series 2007 VRDN (AGM Insurance, Wells Fargo Bank N.A. SBPA), 0.20%, 5/07/12 (c)		2,000		2,000,000
New Jersey RB Series 2011C, 2.00%, 6/21/12		45,000		45,109,650
New Jersey State Transportation Trust Funding Authority RB Series 2005C MB (Financial Guaranty Insurance Co. Insurance), 5.25%, 6/15/12		400		402,531
New Jersey Transportation Trust Fund Authority RB SPEARS (Transportation System Project) Series 2007DB-447 VRDN (Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		27,965		27,965,000
Township of Brick GO Series 2011A BAN, 1.25%, 9/28/12		14,700		14,755,185

				111,618,830
New York – 7.2%
Amherst Development Corp. RB (Asbury Pointe Project) Series 2011 VRDN (Manufacturers and Traders Trust Co. LOC), 0.27%, 5/07/12 (c)		3,895		3,895,000
Monroe Security & Safety System RB Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)		9,335		9,335,000
New York City Housing Development Corp. Multifamily Housing RB Series 2005-A VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.28%, 5/07/12 (c)		32,845		32,845,000
New York City Housing Development Corp. Multifamily Housing RB Series 2010 ROC-RR-II-R-13100 VRDN (Citibank N.A. SBPA), 0.27%, 5/07/12 (a)(b)(c)		5,385		5,385,000
New York City Municipal Water Finance Authority RB Austin Trust Series 2008-1199 VRDN (AGM Insurance), 0.31%, 5/07/12 (a)(b)(c)		11,250		11,250,000


Municipal Bonds	Par (000)		Value
New York (concluded)
New York City Municipal Water Finance Authority RB Series 2010DD-2 VRDN (Bank of New York Mellon SBPA), 0.23%, 5/01/12 (c)	$	4,435	$	4,435,000
New York City Municipal Water Finance Authority RB Series 2012-7, 0.28%, 6/06/12		10,000		10,000,000
New York City Transitional Finance Authority RB (Future Tax Secured Bonds Project) Series 1998C VRDN (Morgan Stanley Bank LOC), 0.27%, 5/01/12 (c)		6,100		6,100,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Sub-Series 2002-3E VRDN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), 0.26%, 5/01/12 (c)		7,620		7,620,000
New York Dormitory Authority RB (Beverwyck, Inc. Project) Series 1995 VRDN (Bank of America N.A. LOC), 0.37%, 5/07/12 (c)		4,600		4,600,000
New York GO Austin Trust Series 2008-1131 VRDN (AGM Insurance, Bank of America N.A. SBPA), 0.35%, 5/07/12 (a)(b)(c)		7,500		7,500,000
New York Housing Development Corp. RB Series 2006J-1 Mandatory Put Bonds, 0.35%, 9/17/12 (c)		15,290		15,290,000
New York State Housing Finance Agency RB (160 W. 62nd Street Project) Series 2011 VRDN (Wells Fargo Bank N.A. LOC), 0.25%, 5/07/12 (c)		10,000		10,000,000
New York Tollway Authority RB Series 2011A BAN, 2.00%, 7/12/12		24,450		24,530,262
Upstate Telecommunications Corp. RB (Information Technology Project) Series 2005 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		7,800		7,800,000

				160,585,262
North Carolina – 3.5%
Catawba County RB Series 2011 MB, 2.00%, 10/01/12		2,210		2,225,399
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare Project) Austin Trust Series 2008-1149 VRDN (Bank of America N.A. Liquidity Facility), 0.31%, 5/07/12 (a)(b)(c)		8,105		8,105,000
Charlotte-Mecklenburg Hospital Authority RB (Carolinas Healthcare Project) Austin Trust Series 2008-1165 VRDN (Bank of America N.A. SBPA), 0.35%, 5/07/12 (a)(b)(c)		3,320		3,320,000
Mecklenburg County GO Series 2009D VRDN, 0.35%, 11/26/12 (c)		3,410		3,410,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		3,300		3,300,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (Summit School, Inc. Project) Series 2008 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		2,800		2,800,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		2,665		2,665,000
North Carolina Capital Facilities Finance Agency RB (Campbell University Project) Series 2009 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		1,900		1,900,000

Schedule of Investments (continued)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
North Carolina (concluded)
North Carolina Capital Facilities Finance Agency RB (YMCA Greater Charlotte Project) Series 2007B VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)	$	6,885	$	6,885,000
North Carolina Medical Care Commission Hospital RB (Duke University Hospital Project) Series 1985B VRDN (Wells Fargo Bank N.A. SBPA), 0.21%, 5/07/12 (c)		500		500,000
North Carolina Medical Care Commission Hospital RB (Southeastern Regional Medical Center Project) Series 2005 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		2,950		2,950,000
North Carolina Ports Authority RB Series 2008 VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		3,900		3,900,000
Raleigh RB (Comb Enterprise System Project) Series 2008B VRDN (Wells Fargo Bank N.A. SBPA), 0.22%, 5/07/12 (c)		24,500		24,500,000
Raleigh RB Series 2009 VRDN, 0.35%, 11/26/12 (c)		2,025		2,025,000
University of North Carolina at Chapel Hill RB Eagle Trust Receipts Floaters Series 2005A VRDN (Citibank N.A. SBPA), 0.25%, 5/07/12 (a)(b)(c)		7,900		7,900,000
University of North Carolina System RB (East Carolina Project) Series 2011A MB, 2.00%, 5/01/12		860		860,000

				77,245,399
Ohio – 3.3%
Butler County Healthcare Facilities RB (Lifesphere Project) Series 2002 VRDN (U.S. Bank N.A. LOC), 0.25%, 5/07/12 (c)		800		800,000
Columbus GO Series 2003A MB, 5.00%, 7/02/12		900		907,256
Columbus School District GO Series 2011 BAN, 1.00%, 11/30/12		1,325		1,329,449
Franklin County RB (Ohio Health Corp. Project) Series 2011B Mandatory Put Bonds (Ohio Health Corp. Obligor), 2.00%, 7/02/12 (c)		13,205		13,242,268
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A VRDN (U.S. Bank N.A. LOC), 0.26%, 5/07/12 (c)		275		275,000
Hudson GO (Capital Facilities Project) Series 2011 BAN, 1.00%, 9/28/12		4,650		4,662,140
Lorain County Port Authority RB (St. Ignatius High School Project) Series 2008 VRDN (U.S. Bank N.A. LOC), 0.26%, 5/07/12 (c)		515		515,000
Lucas County GO Series 2011-1 MB, 1.00%, 7/19/12		2,780		2,782,684
Ohio Air Quality Development Authority RB (First Energy Nuclear Project) Series 2006 VRDN (Wells Fargo Bank N.A. LOC), 0.28%, 5/01/12 (c)		3,500		3,500,000
Ohio GO (Common Schools Project) Series 2005A VRDN (Ohio Housing Authority Guaranty), 0.23%, 5/07/12 (c)		1,300		1,300,000
Ohio GO (Highway Capital Improvement & Buckeye Savers Bond Project) Series 2007 MB, 5.00%, 5/01/12		3,600		3,600,000
Ohio RB (Development Assistance Project) Series 2011A BAN, 0.35%, 6/01/12		4,000		4,000,000
Ohio RB (Revitalization Project) Series 2011A BAN, 0.35%, 6/01/12		8,400		8,400,000
Ohio RB Series 2010-3 MB, 3.00%, 12/17/12		1,225		1,245,982


Municipal Bonds	Par (000)		Value
Ohio (concluded)
Trumbull County Health Care Facilities RB Series 2001 VRDN (Manufacturers and Traders Trust Co. LOC), 0.25%, 5/07/12 (c)	$	7,500	$	7,500,000
University Cincinnati RB Series 2011F BAN, 2.00%, 12/13/12		8,110		8,193,817
Willoughby GO Series 2011 BAN, 1.00%, 10/04/12		12,130		12,161,641

				74,415,237
Oklahoma – 0.4%
Tulsa IDA RB (St. Francis Health System Project) Austin Trust Series 2008-3500 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		8,092		8,092,000
Pennsylvania – 2.9%
Emmaus General Authority RB Series 1996 VRDN (AGM Insurance, Wells Fargo Bank N.A. SBPA), 0.29%, 5/07/12 (c)		34,740		34,740,000
Lancaster County Hospital Authority RB (Luthercare Project) Series 2010 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		10,680		10,680,000
Pennsylvania Turnpike Commission RB (Multi-Modal Project) Series 2010A-1 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/07/12 (c)		5,200		5,200,000
Philadelphia Authority IDRB (Girard Estate Aramark Tower Acquisition Project) Series 2002 VRDN (JPMorgan Chase Bank N.A. LOC), 0.30%, 5/07/12 (c)		9,800		9,800,000
Southcentral General Authority RB (Homewood Hanover Project) Series 2003 VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (c)		5,040		5,040,000

				65,460,000
Puerto Rico – 0.8%
Commonwealth of Puerto Rico RB SPEARS Series 2007DB-284 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.31%, 5/07/12 (a)(b)(c)		7,625		7,625,000
Commonwealth of Puerto Rico RB SPEARS Series 2007DB-285 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.31%, 5/07/12 (a)(b)(c)		10,840		10,840,000

				18,465,000
Rhode Island – 0.3%
Rhode Island GO Series 2011 TAN, 2.00%, 6/29/12		6,250		6,267,088
South Carolina – 0.1%
Horry County School District GO Series 2002A MB, 5.13%, 3/01/13		1,300		1,353,899
Tennessee – 1.5%
Blount County Public Building Authority RB (Local Government Public Improvement Project) Series 2009E-8-A VRDN (Branch Banking & Trust Co. LOC), 0.25%, 5/07/12 (c)		1,500		1,500,000
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB (Ascension Health Credit Group Project) Series 2001B-1 VRDN (Ascension Health System Obligor), 0.34%, 11/26/12 (c)		14,755		14,755,000

Schedule of Investments (continued)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Tennessee (concluded)
Metropolitan Government of Nashville & Davidson County RB Series 2012 MB (AGM Insurance, Morgan Stanley Bank SBPA), 1.00%, 7/02/12	$	2,215	$	2,218,090
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 VRDN (Bank of America N.A. LOC), 0.37%, 5/07/12 (c)		5,920		5,920,000
Shelby County Health Educational & Housing Facilities Board RB (Arbors of Germantown Project) Series 1994 VRDN (Wells Fargo Bank N.A. LOC), 0.29%, 5/07/12 (c)		6,000		6,000,000
Shelby GO Series 2012B MB, 2.00%, 3/01/13		2,085		2,115,375

				32,508,465
Texas – 8.7%
Brownsville Utility System RB SPEARS Series 2008DBE-533 VRDN (Deutsche Bank A.G. Credit Agreement, Deutsche Bank A.G. SBPA), 0.35%, 5/07/12 (a)(b)(c)		3,500		3,500,000
Dickinson Independent School District GO (School House Project) Series 2008A Mandatory Put Bonds (PSF-GTD Insurance, JPMorgan Chase Bank N.A. SBPA), 0.50%, 2/01/13 (c)		1,400		1,400,000
El Paso GO Series 2009A MB, 5.00%, 8/15/12		1,000		1,013,582
Harris County Cultural Education Facilities Finance Corp. RB (Methodist Hospital Project) Series 2008C-2 VRDN, 0.23%, 5/01/12 (c)		19,405		19,405,000
Harris County Cultural Education Facilities Finance Corp. RB (Methodist Hospital System Project) Series 2012-9C-1 TECP, 0.20%, 10/03/12		2,500		2,500,000
Harris County Health Facilities Development Corp. RB (Baylor College Medicine Project) Series 2007B VRDN (JPMorgan Chase Bank N.A. LOC), 0.24%, 5/01/12 (c)		16,530		16,530,000
Lamar Consolidation ISD GO SPEARS Series 2008DB-512 VRDN (PSF-GTD Insurance, Deutsche Bank A.G. Liquidity Facility), 0.33%, 5/07/12 (a)(b)(c)		19,120		19,120,000
Lovejoy ISD GO SPEARS (School Building Project) Series 2008DB-514 VRDN (PSF-GTD Insurance, Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		9,125		9,125,000
Lower Neches Valley Authority PCRB (Chevron USA, Inc. Project) Series 1987 Madatory Put Bonds (Chevron Corp. Guaranty), 0.18%, 8/16/12 (c)		15,700		15,700,000
Port of Arthur Navigation District Industrial Development Corp. RB (Total Petrochemicals Project) Series 2012 VRDN (Total S.A. Credit Agreement), 0.44%, 5/07/12 (c)		6,100		6,100,000
Port of Port Arthur Navigation District RB (Atofina Project) Series 2002C VRDN (Total Fina Elf S.A. Guaranty), 0.44%, 5/07/12 (c)		1,500		1,500,000
Tarrant County Caltural Education Facility Finance Corp. RB (Texas Health Resources Project) Austin Trust Series 2008-1201 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		5,795		5,795,000
Texas GO (Community Mobility Funding Project) Austin Trust Series 2007-1026 VRDN (Bank of America N.A. SBPA), 0.31%, 5/07/12 (a)(b)(c)		23,979		23,979,000
Texas GO Eagle Trust Receipts Series 2006A-0126 VRDN (Citibank N.A. SBPA), 0.25%, 5/07/12 (a)(b)(c)		5,700		5,700,000


Municipal Bonds	Par (000)		Value
Texas (concluded)
Texas GO PUTTERS Series 2008-2568 VRDN (JPMorgan Chase Bank N.A. SBPA), 0.25%, 5/07/12 (b)(c)	$	3,975	$	3,975,000
Texas GO Series 2006-0122 VRDN (Citibank N.A. SBPA), 0.25%, 5/07/12 (c)		7,650		7,650,000
Texas RB PUTTERS Series 2011-3945 VRDN (JPMorgan Chase & Co. SBPA), 0.25%, 5/01/12 (a)(b)(c)		16,800		16,800,000
Texas Tollway Authority RB SPEARS Series 2008DB-626 VRDN (AGM Insurance, Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		15,706		15,706,000
Tollway Authority RB Municipal Trust Receipts Floaters Series 2011-43C VRND (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. SBPA), 0.25%, 5/07/12 (a)(b)(c)		19,560		19,560,000

				195,058,582
Vermont – 0.1%
Vermont Educational & Health Buildings Financing Agency RB (Landmark College Project) Series 2009A VRDN (TD Bank N.A. LOC), 0.28%, 5/01/12 (c)		2,900		2,900,000
Virginia – 0.7%
Fairfax County IDA RB (Inova Health Systems Project) Series 2005A-2 VRDN (JPMorgan Chase & Co. SPBA), 0.24%, 5/01/12 (c)		4,500		4,500,000
Fairfax County IDA RB (Inova Health Systems Project) Series 2010A-1 VRDN (Inova Health System Obligated Group), 0.37%, 11/26/12 (c)		2,000		2,000,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Program Project) Series 2006C VRDN (Wells Fargo Bank N.A. SBPA), 0.28%, 5/01/12 (c)		7,900		7,900,000

				14,400,000
Washington – 1.3%
King County GO Municipal Trust Receipts Floaters Series 2011-MT-789 VRDN (National Reinsurance Corp. Insurance, Bank of America N.A. SBPA), 0.33%, 5/07/12 (a)(b)(c)		6,415		6,415,000
King County Series 2012A TECP (Bayerische Landesbank Girozentrale SBPA), 0.25%, 5/09/12		4,125		4,125,000
King County Water Sewer Authority RB Austin Trust Series 2008-1200 VRDN (AGM Insurance), 0.31%, 5/07/12 (a)(b)(c)		10,000		10,000,000
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 VRDN (Bank of America N.A. LOC), 0.32%, 5/01/12 (c)		5,000		5,000,000
Washington State Housing Finance Commission RB Series 2011 VRDN (Federal Home Loan Bank LOC), 0.27%, 5/07/12 (c)		3,500		3,500,000

				29,040,000
West Virginia – 2.5%
Cabell County RB (Provident Group Project) Series 2010 VRDN (Bank of America N.A. LOC), 0.34%, 5/07/12 (c)		19,995		19,995,000
Jackson County RB (Recovery Zone Facility Project) Series 2010 VRDN (Bank of Nova Scotia LOC), 0.27%, 5/07/12 (c)		35,000		35,000,000

				54,995,000

Schedule of Investments (concluded)

MuniFund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
Wisconsin – 5.3%
Wisconsin Economic Authority GO Series 2012
TECP:
0.22%, 5/17/12	$	7,900	$	7,900,000
0.21%, 6/05/12		12,600		12,600,000
Wisconsin Economic Authority GO
Series 2012-08 TECP, 0.27%, 7/09/12		38,000		38,000,000
Wisconsin GO Series 2012-08, 0.20%, 5/04/12		60,000		60,000,000

				118,500,000

*Total Investments (Cost $2,255,140,876) – 100.7%**				2,255,140,876
Liabilities in Excess of Other Assets – (0.7)%				(15,165,659	)

Net Assets – 100.0%			$	2,239,975,217

*	Cost for federal income tax purposes.

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)	These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

(c)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$2,255,140,876	–	$	2,255,140,876

¹	See above Schedule of Investments for values in each state or political subdivision.

Schedule of Investments April 30, 2012 (Unaudited)

California Money Fund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
California – 100.2%
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek at Union City Project) Series 2008A VRDN (Bank of America N.A. SBPA), 0.35%, 5/01/12 (a)	$	7,500	$	7,500,000
Anaheim Redevelopment Agency Tax Allocation SPEARS Series 2007DB-470 VRDN (Deutsche Bank A.G. Guaranty, Deutsche Bank A.G. SBPA), 0.33%, 5/07/12 (a)(b)(c)		11,970		11,970,000
California GO (Daily Kindergarten University Project) Series 2004A-1 VRDN (Citibank N.A. LOC, CalSTRS LOC), 0.23%, 5/01/12 (a)		5,170		5,170,000
California GO Municipal Trust Receipts Floaters Series 2007-2178 VRDN (Wells Fargo Bank N.A. SBPA, Wells Fargo Bank N.A. Credit Agreement), 0.32%, 5/07/12 (a)(b)(c)		14,000		14,000,000
California GO Municipal Trust Receipts Floaters Series 2008-2661 VRDN (Wells Fargo Bank N.A. SBPA, Wells Fargo Bank N.A. Credit Agreement), 0.32%, 5/07/12 (a)(b)(c)		4,000		4,000,000
California Health Facilities Financing Authority RB (Adventist Health System Project) Series 2002B VRDN (Wells Fargo Bank N.A. LOC), 0.22%, 5/01/12 (a)		2,300		2,300,000
California Health Facility Financing Authority RB RBC Municipal Products, Inc. Trust Series 2011-21 Mandatory Put Bonds (Royal Bank of Canada LOC, Royal Bank of Canada SBPA), 0.30%, 9/04/12 (a)(b)		7,600		7,600,000
California Infrastructure & Economic Development Bank RB (Pacific Gas & Electric Co. Project) Series 2009A VRDN (Mizuho Corp. Bank Ltd. LOC), 0.24%, 5/01/12 (a)		10,460		10,460,000
California Infrastructure & Economic Development Bank RB (Pacific Gas & Electric Co. Project) Series 2009D VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.20%, 5/01/12 (a)		1,800		1,800,000
California Pollution Control Financing Authority RB (Air Product & Chemical Project) Series 1997B VRDN, 0.27%, 5/01/12 (a)		9,900		9,900,000
California RB Series 2011A-2 RAN, 2.00%, 6/26/12		5,000		5,012,227
California School Cash Reserve Program Authority RB Series 2011B TRAN, 2.00%, 6/01/12		4,100		4,105,247
California School Cash Reserve Program Authority RB Series 2012S TRAN, 2.00%, 12/31/12		2,200		2,224,958
California School Cash Reserve Program Authority RB Series 2012T TRAN, 2.00%, 12/31/12		1,300		1,314,922
California School Cash Reserve Program Authority RB Series 2012U TRAN, 2.00%, 12/31/12		3,300		3,332,959
California School Cash Reserve Program Authority RB Series 2012Z TRAN, 2.00%, 10/01/12		3,100		3,122,702
California Statewide Communities Development Authority RB (Kaiser Foundation Health Plan, Inc. Project) Series 2004J VRDN (Kaiser Permanente Obligor), 0.23%, 5/07/12 (a)		3,700		3,700,000
California Statewide Communities Development Authority RB (L A County Museum Art Project) Series 2008 VRDN (Union Bank N.A. LOC), 0.20%, 5/07/12 (a)		10,200		10,200,000
California Statewide Communities Development Authority RB (Los Angeles County Museum of Arts Project) Series 2008 VRDN (Union Bank N.A. LOC), 0.20%, 5/07/12 (a)		14,995		14,995,000


Municipal Bonds	Par (000)		Value
California (continued)
California Statewide Community Development Authority RB Series 2011A-3 TRAN, 2.00%, 6/29/12	$	1,000	$	1,002,699
East Bay California Municipal Utility District Water System Series 2012 TECP:
0.20%, 6/05/12		6,500		6,500,000
0.25%, 6/12/12		4,500		4,500,000
East Bay Municipal Utility District Water System RB Series 2009A-1 Mandatory Put Bonds, 0.25%, 12/03/12 (a)		1,000		1,000,000
East Bay Municipal Utility District Water System Series 2012 TECP:
0.16%, 5/03/12		10,000		10,000,000
0.16%, 5/22/12		10,000		10,000,000
0.25%, 6/14/12		1,500		1,500,000
Fremont CP Series 2008 VRDN (U.S. Bank N.A. LOC), 0.23%, 5/07/12 (a)		10,600		10,600,000
Hollister Elementary School District RB Series 2011 TRAN, 2.00%, 9/28/12		1,100		1,106,042
Irvine Unified School District RB Series 2012 VRDN (Bank of America N.A. LOC), 0.26%, 5/01/12 (a)		11,700		11,700,000
Los Angeles County GO Series 2011C TRAN, 2.50%, 6/29/12		2,000		2,006,743
Los Angeles County School RB Series 2012B-1 TRAN, 2.00%, 11/30/12		2,700		2,727,391
Los Angeles Department of Water & Power RB Series 2011 ROC-RR-II-R-12322 VRDN (AGM Insurance, Citibank N.A. SBPA), 0.25%, 5/01/12 (a)(b)(c)		2,800		2,800,000
Metropolitan Water District of Southern California RB Series 2000B-3 VRDN (Wells Fargo Bank N.A. SBPA), 0.21%, 5/01/12 (a)		700		700,000
Orange County Sanitation District COP Series 2008-2928 VRDN (Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)		10,000		10,000,000
Richmond GO Series 2011 TRAN, 2.00%, 10/31/12		1,300		1,309,398
Riverside County GO Series 2011B TRAN, 2.00%, 6/29/12		4,000		4,010,795
Riverside Water Revenue RB Series 2011A Mandatory Put Bonds, 0.30%, 5/01/13 (a)		3,000		3,000,000
Sacramento Unified School District GO Series 2012 TRAN, 2.00%, 10/01/12		2,500		2,515,834
San Francisco County Transportation Authority CP Series 2012A TECP (Landesbank Baden-Wurttemberg Girozentrale SBPA), 0.22%, 5/07/12		2,100		2,100,000
San Francisco County Transportation Authority CP Series 2012B TECP (Landesbank Baden-Wurttemberg Girozentrale SBPA), 0.22%, 5/07/12		4,300		4,300,000
San Juan Unified School District GO Series 2012 TRAN, 2.00%, 10/01/12		3,000		3,021,023
South Coast Local Education Agencies RB Series 2011B TRAN, 2.00%, 5/15/12		3,000		3,001,833
South San Francisco Unified School District GO Series 2011A BAN, 2.00%, 6/01/12		1,000		1,001,306
Tulare County GO Series 2011 TRAN, 1.25%, 9/07/12		7,800		7,823,533

Schedule of Investments (concluded)

California Money Fund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
California (concluded)
Upland Unified School District GO Series 2012 TRAN, 1.00%, 9/18/12	$	1,000	$	1,002,050
Total Investments (Cost $231,936,662*) – 100.2%				231,936,662
Liabilities in Excess of Other Assets – (0.2)%				(419,309	)

Net Assets – 100.0%			$	231,517,353

*	Cost for federal income tax purposes.

(a)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)	These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:


Valuation Inputs	Level 1	Level 2	Level 3	Total
Assets:
Investments:
Short-Term Securities¹	–	$231,936,662	–	$231,936,662

¹See above Schedule of Investments for values in the state.

Schedule of Investments April 30, 2012 (Unaudited)

New York Money Fund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
New York – 99.8%
Beekmantown Central School District GO Series 2011 BAN, 1.25%, 7/06/12	$	1,050	$	1,050,845
Brookhaven IDA RB Series 2001 VRDN (U.S. Bank N.A. LOC), 0.25%, 5/07/12 (a)		605		605,000
Clarence Central School District GO Series 2011 BAN (State Aid Withholding Insurance), 1.25%, 6/14/12		750		750,627
Clinton GO Series 2011 BAN, 1.25%, 7/13/12		1,161		1,161,999
Cohoes IDA RB (Eddy Cohoes Project) Series 2008 VRDN (Bank of America N.A. LOC), 0.36%, 5/07/12 (a)		4,100		4,100,000
East Rockaway Union Free School District GO Series 2011 TAN (State Aid Withholding Insurance), 1.25%, 6/27/12		380		380,442
Evans-Brant Central School District GO Series 2011 BAN, 1.25%, 6/29/12		910		910,800
Greece Central School District GO Series 2011 BAN, 1.25%, 12/27/12		715		718,168
Islip Union Free School District GO Series 2011 TAN (State Aid Withholding Insurance), 1.25%, 6/22/12		3,270		3,273,795
Lynbrook Union Free School District GO Series 2011 TAN (State Aid Withholding Insurance), 1.25%, 6/22/12		960		961,018
Metropolitan Transportation Authority RB Series 2008A-1 VRDN (Morgan Stanley Bank LOC), 0.30%, 5/07/12 (a)		3,700		3,700,000
Metropolitan Transportation Authority RB Series 2008A-2 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.22%, 5/07/12 (a)		8,100		8,100,000
Metropolitan Transportation Authority RB Series 2012B TECP (Barclays Bank Plc LOC, Barclays Bank Plc SBPA), 0.16%, 5/16/12		5,000		5,000,000
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A VRDN (JPMorgan Chase Bank N.A. LOC), 0.24%, 5/07/12 (a)		2,210		2,210,000
Mount Vernon GO Series 2011A BAN, 1.25%, 7/13/12		1,600		1,602,061
Mount Vernon GO Series 2011B BAN, 1.50%, 7/13/12		1,095		1,096,951
New York City GO Series 1995F-4 VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.30%, 5/07/12 (a)		900		900,000
New York City GO Series 1995F-5 VRDN (Bayerische Landesbank Girozentrale LOC), 0.30%, 5/07/12 (a)		3,175		3,175,000
New York City GO Series 2002C-2 VRDN (Bayerische Landesbank Girozentrale LOC), 0.30%, 5/07/12 (a)		4,070		4,070,000
New York City GO Series 2005F-3 VRDN (Sumitomo Mitsui Banking Corp. LOC), 0.26%, 5/07/12 (a)		11,100		11,100,000
New York City GO Series 2006I-4 VRDN (Bank of New York Mellon LOC), 0.26%, 5/07/12 (a)		6,150		6,150,000
New York City GO Series 2008 ROC-RR-11- R-11685 VRDN (Citibank N.A. SBPA), 0.27%, 5/07/12 (a)(b)(c)		5,170		5,170,000
New York City GO Series 2008L-4 VRDN (U.S. Bank NA LOC), 0.24%, 5/01/12 (a)		900		900,000
New York City GO Sub-Series 2008L-6 VRDN (Wells Fargo Bank N.A. SBPA), 0.23%, 5/01/12 (a)		1,400		1,400,000
New York City Housing Development Corp. Multifamily Housing RB Series 2009H-2 Mandatory Put Bonds, 0.30%, 6/29/12 (a)		2,000		2,000,000


Municipal Bonds	Par (000)		Value
New York (continued)
New York City Municipal Water Finance Authority RB Series 2010DD-2 VRDN (Bank of New York Mellon SBPA), 0.23%, 5/01/12 (a)	$	3,425	$	3,425,000
New York City Municipal Water Finance Authority RB Series 2011A-2 VRDN (Mizuho Corporate Bank Ltd. SBPA), 0.21%, 5/01/12 (a)		9,400		9,400,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 VRDN (State Street Bank & Trust Co. SBPA, CalSTRS SBPA), 0.25%, 5/01/12 (a)		1,310		1,310,000
New York City Municipal Water Finance Authority Water & Sewer System RB Eagle Trust Receipts Series 2009-0047A VRDN (Citibank N.A. SBPA), 0.25%, 5/07/12 (a)(b)(c)		1,500		1,500,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2010DD-1 VRDN (TD Bank N.A. SBPA), 0.23%, 5/01/12 (a)		4,900		4,900,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Sub-Series 2002-3B VRDN (Wells Fargo Bank N.A. SBPA), 0.23%, 5/01/12 (a)		2,800		2,800,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Sub-Series 2002-3E VRDN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), 0.26%, 5/01/12 (a)		4,800		4,800,000
New York City Trust for Cultural Resources RB (The American Museum Project) Series 2008A-1 VRDN (Bank of America N.A. SBPA), 0.28%, 5/01/12 (a)		4,805		4,805,000
New York Dormitory Authority RB (Cornell University Project) Series 2000B VRDN (JPMorgan Chase & Co. SBPA), 0.24%, 5/07/12 (a)		5,200		5,200,000
New York Dormitory Authority RB Eagle Trust Receipts Series 2006-0164A VRDN (Citibank N.A. SBPA), 0.28%, 5/07/12 (a)(b)(c)		9,200		9,200,000
New York GO Series 2012G-7 VRDN (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.22%, 5/01/12 (a)		5,000		5,000,000
New York Local Government Assistance Corp. RB Series 1995E VRDN (Landesbank Hessen-Thuringen Girozentrale LOC), 0.30%, 5/07/12 (a)		3,700		3,700,000
New York State Housing Finance Agency RB (160 W. 62nd Street Project) Series 2011 VRDN (Wells Fargo Bank N.A. LOC), 0.25%, 5/07/12 (a)		5,900		5,900,000
New York Tollway Authority RB Series 2011A BAN, 2.00%, 7/12/12		2,200		2,207,113
North Syracuse Central School District GO Series 2011 RAN, 1.25%, 6/22/12		1,365		1,366,020
Port Authority of New York & New Jersey RB Municipal Trust Receipts Floaters Series 2002-766 VRDN (AGM Insurance, Morgan Stanley Bank SBPA), 0.40%, 5/07/12 (a)(b)(c)		1,000		1,000,000
Putnam County GO Series 2011 TAN, 1.50%, 10/29/12		2,750		2,765,735
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A VRDN (Manufacturers and Traders Trust Co. LOC), 0.30%, 5/07/12 (a)		1,200		1,200,000

Schedule of Investments (concluded)

New York Money Fund

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
New York (concluded)
Syracuse IDA RB (Syracuse University Project) Series 2008A-2 VRDN (JPMorgan Chase Bank N.A. LOC), 0.24%, 5/01/12 (a)	$	600	$	600,000
Triborough Bridge & Tunnel Authority RB Series 2005B-2A VRDN (CalPERS LOC), 0.23%, 5/01/12 (a)		10,800		10,800,000
Ulster County GO Series 2011 BAN, 1.25%, 11/16/12		1,405		1,411,465
Valley Central School District GO Series 2012B BAN, 1.25%, 2/22/13		640		644,135
Wappingers Central School District GO Series 2011 BAN, 1.25%, 7/13/12		1,133		1,134,815
William Floyd Union Free School District GO Series 2011 TAN, 1.25%, 6/28/12		6,400		6,408,264
Total Investments (Cost $161,964,253*) – 99.8%				161,964,253
Other Assets Less Liabilities – 0.2%				362,855
Net Assets – 100.0%			$	162,327,108

*	Cost for federal income tax purposes.

(a)	Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)	These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities.

—

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

—

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Fund’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

161,964,253

–

161,964,253

¹See above Schedule of Investments for values in the state.

Statements of Assets and Liabilities


April 30, 2012 (Unaudited)	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
Assets

Investments at value – unaffiliated¹	$	204,987,133	$	5,364,156,766	$	3,988,553,543	$	41,131,597,867	$	6,859,586,605
Repurchase agreements at value – affiliated²		–		21,800,000		–		–		–
Repurchase agreements at value – unaffiliated³		–		7,833,237,000		496,000,000		5,769,500,000		12,110,445,000
Cash		5,262		–		466		–		–
Interest receivable		718,502		4,124,195		1,618,180		19,244,834		10,564,683
Investments sold receivable		–		–		–		209,093,935		–
Receivable from advisor		254		–		–		–		–
Prepaid expenses		35,865		154,663		136,553		559,168		153,320

Total assets		205,747,016		13,223,472,624		4,486,308,742		47,129,995,804		18,980,749,608


Liabilities
Bank overdraft		–		15,692,054		–		30,284,608		22,337,971
Investments purchased payable		–		162,880,512		51,500,000		1,312,500,000		199,853,389
Professional fees payable		17,155		120,591		54,459		354,326		114,595
Custodian fees payable		4,042		152,245		61,910		441,027		183,968
Printing fees payable		3,591		33,117		18,077		163,688		11,943
Transfer agent fees payable		1,604		59,962		57,773		433,803		10
Income dividends payable		1,392		51,574		463,049		3,085,104		58,836
Management fees payable		1,033		1,449,677		631,989		6,382,874		1,057,318
Officer’s and Trustees’ fees payable		–		11,850		14,565		80,090		–
Service and distribution fees payable		–		2,558		79,025		532,318		–
Other accrued expenses payable		3,603		14,402		105,749		112,486		16,590

Total liabilities		32,420		180,468,542		52,986,596		1,354,370,324		223,634,620

Net Assets	$	205,714,596	$	13,043,004,082	$	4,433,322,146	$	45,775,625,480	$	18,757,114,988


Net Assets Consist of
Paid-in capital	$	205,710,811	$	13,042,959,094	$	4,432,984,122	$	45,774,354,402	$	18,757,034,272
Undistributed net investment income		–		19		–		–		1,093
Accumulated net realized gain		3,785		44,969		338,024		1,271,078		79,623

Net Assets	$	205,714,596	$	13,043,004,082	$	4,433,322,146	$	45,775,625,480	$	18,757,114,988


¹Investments at cost – unaffiliated	$	204,987,133	$	5,364,156,766	$	3,988,553,543	$	41,131,597,867	$	6,859,586,605
²Repurchase agreements at cost – affiliated		–	$	21,800,000		–		–		–
³Repurchase agreements at cost – unaffiliated		–	$	7,833,237,000	$	496,000,000	$	5,769,500,000	$	12,110,445,000

Statements of Assets and Liabilities (continued)


April 30, 2012 (Unaudited)	Federal Trust Fund		FedFund		TempCash		TempFund		T-Fund
Net Asset Value
Institutional
Net assets	$	188,693,639	$	12,523,805,396	$	3,832,874,770	$	41,395,768,857	$	16,415,782,624


Shares outstanding⁴		188,687,264		12,523,762,217		3,832,551,200		41,394,766,266		16,415,710,409


Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00


Dollar
Net assets	$	15,446,276	$	366,833,605	$	600,447,376	$	1,524,692,543	$	556,440,416


Shares outstanding⁴		15,449,392		366,832,321		600,432,922		1,524,657,599		556,438,131


Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00


Cash Management
Net assets		–	$	2,000,256		–	$	261,587,701	$	1,572,958,236


Shares outstanding⁴		–		2,000,250		–		261,414,625		1,572,953,061


Net asset value		–	$	1.00		–	$	1.00	$	1.00


Cash Reserve
Net assets		–	$	1,766,963		–	$	15,642,982		–


Shares outstanding⁴		–		1,766,956		–		15,642,657		–


Net asset value		–	$	1.00		–	$	1.00		–


Administration
Net assets	$	1,574,681	$	17,899,005		–	$	2,010,385,260	$	23,010,844


Shares outstanding⁴		1,574,777		17,898,945		–		2,010,336,970		23,010,734


Net asset value	$	1.00	$	1.00		–	$	1.00	$	1.00


Select
Net assets		–	$	111,310,874		–	$	528,901,358	$	188,920,768


Shares outstanding⁴		–		111,310,489		–		528,890,102		188,919,837


Net asset value		–	$	1.00		–	$	1.00	$	1.00


Private Client
Net assets		–	$	18,376,566		–	$	18,074,538		–


Shares outstanding⁴		–		18,376,502		–		18,074,184		–


Net asset value		–	$	1.00		–	$	1.00		–


Premier
Net assets		–	$	1,011,417		–	$	20,572,241	$	2,100


Shares outstanding⁴		–		1,011,413		–		20,571,999		2,100


Net asset value		–	$	1.00		–	$	1.00	$	1.00

⁴Unlimited number of shares authorized, $0.001 par value.

Statements of Assets and Liabilities (continued)


April 30, 2012 (Unaudited)	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
Assets
Investments at value¹	$	4,905,757,596	$	274,021,157	$	2,255,140,876	$	231,936,662	$	161,964,253
Cash		1,100		62,347		64,022		87,040		112,799
Interest receivable		159,305		603,403		4,220,612		551,599		295,535
Investments sold receivable		–		13,357,684		–		–		–
Receivable from advisor		–		9		–		9		–
Prepaid expenses		80,164		40,058		98,881		22,222		15,689

Total assets		4,905,998,165		288,084,658		2,259,524,391		232,597,532		162,388,276


Liabilities
Investments purchased payable		199,951,972		–		18,997,283		1,002,050		–
Management fees payable		30,963		36,094		329,679		25,607		19,109
Professional fees payable		50,432		18,774		32,154		18,066		17,180
Custodian fees payable		40,626		6,196		25,225		5,386		4,496
Printing fees payable		8,583		3,757		8,120		4,703		2,851
Transfer agent fees payable		–		6,153		19,996		7,538		3,660
Officer’s and Trustees’ fees payable		–		1,391		3,517		636		231
Income dividends payable		108		29,241		81,774		6,701		6,730
Service and distribution fees payable		–		10,435		42,826		777		2,568
Other accrued expenses payable		15,425		7,940		8,600		8,715		4,343

Total liabilities		200,098,109		119,981		19,549,174		1,080,179		61,168

Net Assets	$	4,705,900,056	$	287,964,677	$	2,239,975,217	$	231,517,353	$	162,327,108


Net Assets Consist of
Paid-in capital	$	4,705,860,255	$	287,953,414	$	2,239,906,901	$	231,517,353	$	162,327,120
Undistributed net investment income		–		10,042		2,306		–		–
Accumulated net realized gain (loss)		39,801		1,221		66,010		–		(12	)

Net Assets	$	4,705,900,056	$	287,964,677	$	2,239,975,217	$	231,517,353	$	162,327,108


¹Investments at cost.	$	4,905,757,596	$	274,021,157	$	2,255,140,876	$	231,936,662	$	161,964,253

Statements of Assets and Liabilities (concluded)


April 30, 2012 (Unaudited)	Treasury Trust Fund		MuniCash		MuniFund		California Money Fund		New York Money Fund
Net Asset Value
Institutional
Net assets	$	4,432,928,904	$	229,903,630	$	1,685,052,596	$	203,657,972	$	131,342,696


Shares outstanding²		4,432,891,927		229,875,047		1,684,859,170		203,656,951		131,294,575


Net asset value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00


Dollar
Net assets	$	133,315,715	$	58,058,697	$	110,353,915	$	8,294,446		–


Shares outstanding²		133,314,072		58,027,681		110,358,185		8,294,424		–


Net asset value	$	1.00	$	1.00	$	1.00	$	1.00		–


Cash Management
Net assets	$	13,075,521		–	$	1,369,534	$	1,047	$	11,217,174


Shares outstanding²		13,075,636		–		1,369,150		1,048		11,216,256


Net asset value	$	1.00		–	$	1.00	$	1.00	$	1.00


Cash Reserve
Net assets		–	$	2,350		–		–		–


Shares outstanding²		–		2,350		–		–		–


Net asset value		–	$	1.00		–		–		–


Administration
Net assets	$	126,579,916		–	$	401,512,612	$	1,223,874	$	5,419,019


Shares outstanding²		126,578,620		–		401,456,472		1,223,870		5,416,224


Net asset value	$	1.00		–	$	1.00	$	1.00	$	1.00


Select
Net assets		–		–	$	23,405,261	$	12,215,083	$	13,338,136


Shares outstanding²		–		–		23,402,537		12,215,034		13,335,843


Net asset value		–		–	$	1.00	$	1.00	$	1.00


Private Client
Net assets		–		–	$	2,058,300	$	4,337,693	$	738,589


Shares outstanding²		–		–		2,058,086		4,337,680		738,053


Net asset value		–		–	$	1.00	$	1.00	$	1.00


Premier
Net assets		–		–	$	16,222,999	$	1,787,238	$	271,494


Shares outstanding²		–		–		16,222,718		1,787,233		271,444


Net asset value		–		–	$	1.00	$	1.00	$	1.00

²Unlimited number of shares authorized, $0.001 par value.

Statements of Operations


Six Month Ended April 30, 2012 (Unaudited)	Federal Trust Fund			FedFund			TempCash			TempFund			T-Fund
Investment Income
Interest – unaffiliated	$	111,632		$	11,305,542		$	7,584,239		$	70,325,777		$	9,121,565
Interest – affiliated		–			16,140			–			75,848			–

Total investment income		111,632			11,321,682			7,584,239			70,401,625			9,121,565


Expenses
Management		291,737			13,735,295			6,247,215			41,761,429			17,575,268
Service and distribution – class specific		19,717			1,181,028			806,180			6,103,778			4,544,045
Registration		19,167			39,765			28,277			45,368			35,657
Professional		16,487			69,504			34,565			189,152			72,818
Transfer agent		8,662			260,009			114,603			960,256			223,285
Custodian		4,470			180,770			67,034			528,223			211,269
Printing		3,120			27,043			12,542			107,875			19,409
Officer and Trustees		2,704			84,364			26,740			262,920			96,703
Miscellaneous		16,346			100,212			60,399			343,176			95,563

Total expenses		382,410			15,677,990			7,397,555			50,302,177			22,874,017
Less management fees waived		(258,556	)		(3,685,180	)		(2,292,904	)		(2,506,358	)		(10,082,325	)
Less service and distribution fees waived – class specific		(19,717	)		(1,177,206	)		(396,399	)		(3,698,276	)		(4,544,045	)
Less fees paid indirectly		(156	)		(311	)		(206	)		(1,379	)		(2,186	)

Total expenses after fees waived and paid indirectly		103,981			10,815,293			4,708,046			44,096,164			8,245,461

Net investment income		7,651			506,389			2,876,193			26,305,461			876,104


Realized Gain
Net realized gain from Investments		3,393			21,228			188,715			196,815			69,928

Net Increase in Net Assets Resulting from Operations	$	11,044		$	527,617		$	3,064,908		$	26,502,276		$	946,032

Statements of Operations (concluded)


Six Month Ended April 30, 2012 (Unaudited)	Treasury Trust Fund			MuniCash			MuniFund			California Money Fund			New York Money Fund
Investment Income
Interest	$	1,171,236		$	466,748		$	2,521,675		$	272,692		$	165,353


Expenses
Management		5,914,212			588,811			3,617,657			552,135			316,734
Service and distribution – class specific		287,637			85,577			548,374			95,710			78,411
Transfer agent		112,011			14,920			66,462			16,981			7,739
Custodian		59,035			7,474			30,587			5,606			3,572
Professional		35,268			17,707			25,981			17,423			16,832
Officer and Trustees		33,425			3,787			15,585			3,370			2,353
Registration		19,970			29,410			44,733			11,695			8,895
Printing		9,960			3,691			7,934			3,432			3,258
Miscellaneous		50,534			11,489			27,165			8,832			7,092

Total expenses		6,522,052			762,866			4,384,478			715,184			444,886
Less management fees waived		(5,062,428	)		(340,824	)		(1,671,454	)		(369,575	)		(218,356	)
Less service and distribution fees waived – class specific		(287,637	)		(58,995	)		(462,365	)		(94,423	)		(76,327	)
Less fees paid indirectly		(1,467	)		(147	)		(427	)		(97	)		(74	)

Total expenses after fees waived and paid indirectly		1,170,520			362,900			2,250,232			251,089			150,129

Net investment income		716			103,848			271,443			21,603			15,224


Realized Gain
Net realized gain from investments		36,593			1,351			66,035			–			–

Net Increase in Net Assets Resulting from Operations	$	37,309		$	105,199		$	337,478		$	21,603		$	15,224

Statements of Changes in Net Assets


	Federal Trust Fund						FedFund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
Operations
Net investment income	$	7,651		$	5,586		$	506,389		$	2,295,915
Net realized gain		3,393			18,760			21,228			627,831
Net increase in net assets resulting from operations		11,044			24,346			527,617			2,923,746

Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(7,080	)		(5,154	)		(488,339	)		(2,277,816	)
Dollar		(516	)		(377	)		(12,779	)		(13,082	)
Cash Management		–			(28	)		(229	)		(345	)
Cash Reserve		–			–			(54	)		(63	)
Administration		(55	)		(27	)		(629	)		(628	)
Select		–			–			(3,640	)		(3,625	)
Private Client		–			–			(668	)		(688	)
Premier		–			–			(32	)		(91	)
Net realized gain:
Institutional		(13,583	)		(21,501	)		(345,015	)		(964,746	)
Dollar		(1,026	)		(1,819	)		(12,583	)		(38,501	)
Cash Management		(2	)		(87	)		(303	)		(908	)
Cash Reserve		–			–			(43	)		(152	)
Administration		(88	)		(56	)		(498	)		(2,098	)
Select		–			–			(3,000	)		(8,667	)
Private Client		–			–			(612	)		(1,786	)
Premier		–			–			(28	)		(197	)

Decrease in net assets resulting from dividends and distributions to shareholders		(22,350	)		(29,049	)		(868,452	)		(3,313,393	)

Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(19,234,560	)		(16,121,961	)		(232,714,780	)		(672,073,012	)

Net Assets
Total decrease in net assets		(19,245,866	)		(16,126,664	)		(233,055,615	)		(672,462,659	)
Beginning of period		224,960,462			241,087,126			13,276,059,697			13,948,522,356
End of period	$	205,714,596		$	224,960,462		$	13,043,004,082		$	13,276,059,697

Undistributed net investment income		–			–		$	19			–

Statements of Changes in Net Assets (continued)


	TempCash						TempFund						T-Fund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
Operations
Net investment income	$	2,876,193		$	9,484,321		$	26,305,461		$	69,747,276		$	876,104		$	594,552
Net realized gain		188,715			317,413			196,815			3,137,352			69,928			102,043
Net increase in net assets resulting from operations		3,064,908			9,801,734			26,502,276			72,884,628			946,032			696,595

Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(2,843,725	)		(9,454,086	)		(25,910,788	)		(69,064,890	)		(780,663	)		(539,301	)
Dollar		(32,359	)		(21,946	)		(79,777	)		(49,153	)		(24,920	)		(22,376	)
Cash Management		–			–			(13,654	)		(40,234	)		(58,901	)		(24,173	)
Cash Reserve		–			–			(822	)		(509	)		–			–
Administration		(109	)		(5,175	)		(299,890	)		(590,221	)		(1,261	)		(1,772	)
Select		–			–			(495	)		(188	)		(9,240	)		(7,678	)
Private Client		–			–			(13	)		(5	)		–			–
Premier		–			–			(22	)		(8	)		(26	)		(174	)
Net realized gain:
Institutional		(262,169	)		(421,753	)		(2,654,721	)		(1,591,325	)		(26,933	)		(220,148	)
Dollar		(41,886	)		(43,242	)		(102,158	)		(55,401	)		(932	)		(12,513	)
Cash Management		–			–			(17,124	)		(13,857	)		(2,743	)		(27,213	)
Cash Reserve		–			–			(1,057	)		(734	)		–			–
Administration		(199	)		(688	)		(133,212	)		(59,596	)		(59	)		(1,150	)
Select		–			–			(33,080	)		(17,191	)		(333	)		(6,558	)
Private Client		–			–			(806	)		(469	)		–			–
Premier		–			–			(1,506	)		(866	)		–			(40	)
Decrease in net assets resulting from dividends and distributions to shareholders		(3,180,447	)		(9,946,890	)		(29,249,125	)		(71,484,647	)		(906,011	)		(863,096	)

Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(383,611,096	)		(3,712,277,135	)		(694,804,488	)		(22,669,752,513	)		4,478,318,241			7,749,317,958

Net Assets
Total increase (decrease) in net assets		(383,726,635	)		(3,712,422,291	)		(697,551,337	)		(22,668,352,532	)		4,478,358,262			7,749,151,457
Beginning of period		4,817,048,781			8,529,471,072			46,473,176,817			69,141,529,349			14,278,756,726			6,529,605,269
End of period	$	4,433,322,146		$	4,817,048,781		$	45,775,625,480		$	46,473,176,817		$	18,757,114,988		$	14,278,756,726

Undistributed net investment income		–			–			–			–		$	1,093			–

Statements of Changes in Net Assets (continued)


	Treasury Trust Fund						MuniCash						MuniFund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
Operations
Net investment income	$	716		$	1,246		$	103,848		$	657,364		$	271,443		$	2,324,932
Net realized gain		36,593			182,628			1,351			1,201			66,035			46,723

Net increase in net assets resulting from operations		37,309			183,874			105,199			658,565			337,478			2,371,655

Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(676	)		(1,141	)		(103,826	)		(656,848	)		(257,586	)		(2,239,140	)
Dollar		(19	)		(50	)		(13	)		(516	)		(2,079	)		(1,853	)
Cash Management		(3	)		(4	)		–			–			(29	)		(33	)
Administration		(18	)		(51	)		–			–			(11,121	)		(83,434	)
Select		–			–			–			–			(340	)		(313	)
Private Client		–			–			–			–			(34	)		(41	)
Premier		–			–			–			–			(254	)		(118	)
Net realized gain:
Institutional		(170,578	)		(106,506	)		(1,043	)		(3,018	)		(3,384	)		–
Dollar		(4,585	)		(7,330	)		(288	)		(530	)		(271	)		–
Cash Management		(362	)		(952	)		–			–			(3	)		–
Administration		(4,480	)		(3,518	)		–			–			(823	)		–
Select		–			–			–			–			(34	)		–
Private Client		–			–			–			–			(4	)		–
Premier		–			–			–			–			(30	)		–

Decrease in net assets resulting from dividends and distributions to shareholders		(180,721	)		(119,552	)		(105,170	)		(660,912	)		(275,992	)		(2,324,932	)

Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(450,974,747	)		1,910,250,089			(112,400,620	)		(422,883,049	)		145,746,133			(1,128,324,866	)

Net Assets
Total increase (decrease) in net assets		(451,118,159	)		1,910,314,411			(112,400,591	)		(422,885,396	)		145,807,619			(1,128,278,143	)
Beginning of period		5,157,018,215			3,246,703,804			400,365,268			823,250,664			2,094,167,598			3,222,445,741
End of period	$	4,705,900,056		$	5,157,018,215		$	287,964,677		$	400,365,268		$	2,239,975,217		$	2,094,167,598

Undistributed net investment income		–			–		$	10,042		$	10,033		$	2,306		$	2,306

Statements of Changes in Net Assets (concluded)


	California Money Fund						New York Money Fund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
Operations
Net investment income	$	21,603		$	320,740		$	15,224		$	105,406
Net realized gain		–			–			–			4,080
Net increase in net assets resulting from operations		21,603			320,740			15,224			109,486

Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(20,424	)		(319,335	)		(14,139	)		(104,411	)
Dollar		(317	)		(182	)		–			–
Cash Management		–			–			(235	)		(116	)
Administration		(52	)		(691	)		(395	)		(658	)
Select		(549	)		(355	)		(401	)		(166	)
Private Client		(192	)		(129	)		(42	)		(50	)
Premier		(69	)		(48	)		(12	)		(5	)
Net realized gain:
Institutional		–			(405,803	)		(3,346	)		(432,372	)
Dollar		–			(10,135	)		–			(30	)
Cash Management		–			(3	)		(137	)		(15,435	)
Administration		–			(1,965	)		(320	)		(35,024	)
Select		–			(21,905	)		(263	)		(21,300	)
Private Client		–			(6,315	)		(17	)		(8,063	)
Premier		–			(2,334	)		(9	)		(861	)

Decrease in net assets resulting from dividends and distributions to shareholders		(21,603	)		(769,200	)		(19,316	)		(618,491	)

Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(85,288,855	)		(4,873,948	)		7,094,130			(80,504,025	)

Net Assets
Total increase (decrease) in net assets		(85,288,855	)		(5,322,408	)		7,090,038			(81,013,030	)
Beginning of period		316,806,208			322,128,616			155,237,070			236,250,100
End of period	$	231,517,353		$	316,806,208		$	162,327,108		$	155,237,070

Financial Highlights

Federal Trust Fund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0001			0.0043			0.0283			0.0503
Net realized gain		–			0.0001			0.0003			0.0002			–			–
Net increase from investment operations		0.0001			0.0001			0.0004			0.0045			0.0283			0.0503

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0001	)		(0.0043	)		(0.0283	)		(0.0503	)
Net realized gain		–			(0.0001	)		(0.0003	)		(0.0002	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0004	)		(0.0045	)		(0.0283	)		(0.0503	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.05%			0.45%			2.86%			5.15%

Ratios to Average Net Assets
Total expenses		0.33%	³		0.33%			0.32%			0.33%			0.30%			0.32%
Total expenses after fees waived and paid indirectly		0.09%	³		0.15%			0.18%			0.23%			0.20%			0.20%
Net investment income		0.01%	³		0.00%			0.01%			0.47%			2.88%			5.02%

Supplemental Data
Net assets, end of period (000)	$	188,694		$	207,357		$	217,013		$	374,728		$	314,886		$	331,909

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0026			0.0258			0.0478
Net realized gain		–			0.0001			0.0003			0.0002			–			–
Net increase from investment operations		0.0001			0.0001			0.0003			0.0028			0.0258			0.0478

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0026	)		(0.0258	)		(0.0478	)
Net realized gain		–			(0.0001	)		(0.0003	)		(0.0002	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0003	)		(0.0028	)		(0.0258	)		(0.0478	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.03%			0.28%			2.61%			4.89%

Ratios to Average Net Assets
Total expenses		0.58%	³		0.58%			0.57%			0.58%			0.56%			0.57%
Total expenses after fees waived and paid indirectly		0.09%	³		0.14%			0.19%			0.43%			0.45%			0.45%
Net investment income		0.01%	³		0.00%			0.00%			0.30%			2.34%			4.77%

Supplemental Data
Net assets, end of period (000)	$	15,446			$16,579			$23,316			$19,993			$168,573			$43,013

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

Federal Trust Fund


	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,						Period April 24, 2009¹ to October 31, 2009			Period November 1, 2007 to August 12, 2008¹			Period June 1, 2007² to October 31, 2007
	(Unaudited)			2011			2010
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		0.0001			0.0000			0.0000			0.0002			0.0232			0.0201
Net realized gain		–			0.0001			0.0003			0.0002			–			–
Net increase in investment operations		0.0001			0.0001			0.0003			0.0004			0.0232			0.0201
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0002	)		(0.0232	)		(0.0201	)
Net realized gain		–			(0.0001	)		(0.0003	)		(0.0002	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0003	)		(0.0004	)		(0.0232	)		(0.0201	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return³
Based on net asset value		0.01%	⁴		0.01%			0.03%			0.03%	⁴		2.34%	⁴		2.01%	⁴

Ratios to Average Net Assets
Total expenses		0.43%	⁵		0.43%			0.42%			0.43%	⁵		0.39%	⁵		0.40%	⁵
Total expenses after fees waived and paid indirectly		0.09%	⁵		0.13%			0.21%			0.25%	⁵		0.30%	⁵		0.30%	⁵
Net investment income		0.01%	⁵		0.00%			0.00%			0.00%	⁵		3.15%	⁵		4.88%	⁵

Supplemental Data
Net assets, end of period (000)	$	1,575		$	858		$	508		$	99			–		$	33,680

¹ There were no Administration Shares outstanding during the period August 13, 2008 to April 23, 2009.

² Commencement of operations.

³ Where applicable, total investment returns include the reinvestment of dividends and distributions.

⁴ Aggregate total investment return.

⁵Annualized.

Financial Highlights

FedFund


	Institutional
	Six Months Ended April 30, 2012 (Unaudited)

				Year Ended October 31,
				2011			2010			2009			2008			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		0.0001			0.0002			0.0006			0.0042			0.0289			0.0507
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0003			0.0007			0.0042			0.0289			0.0507
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0002	)		(0.0006	)		(0.0042	)		(0.0289	)		(0.0507	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0003	)		(0.0007	)		(0.0042	)		(0.0289	)		(0.0507	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.03%			0.07%			0.42%			2.93%			5.19%

Ratios to Average Net Assets
Total expenses		0.21%	³		0.21%			0.21%			0.23%			0.22%			0.27%
Total expenses after fees waived and paid indirectly		0.16%	³		0.17%			0.20%			0.22%			0.20%			0.20%
Net investment income		0.01%	³		0.02%			0.07%			0.39%			2.74%			5.04%

Supplemental Data
Net assets, end of period (000)	$	12,523,805		$	12,617,763		$	13,129,908		$	13,937,909		$	10,300,496		$	4,583,892

	Dollar
	Six Months Ended April 30, 2012 (Unaudited)

				Year Ended October 31,
				2011			2010			2009			2008			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		0.0001			0.0000			0.0006			0.0022			0.0264			0.0482
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0022			0.0264			0.0482
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0022	)		(0.0264	)		(0.0482	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0022	)		(0.0264	)		(0.0482	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.22%			2.68%			4.93%

Ratios to Average Net Assets
Total expenses		0.46%	³		0.47%			0.46%			0.48%			0.48%			0.52%
Total expenses after fees waived and paid indirectly		0.16%	³		0.19%			0.26%			0.43%			0.45%			0.45%
Net investment income		0.01%	³		0.00%			0.00%			0.23%			2.50%			4.83%

Supplemental Data
Net assets, end of period (000)	$	366,834		$	494,151		$	590,682		$	778,298		$	1,148,784		$	683,594

¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.

² Aggregate total investment return.

³Annualized.

Financial Highlights (continued)

FedFund


	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,									Period August 12, 2008¹ to October 31, 2008
	(Unaudited)			2011			2010			2009			Period August 12, 2008¹ to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0000			0.0000			0.0012			0.0032
Net realized gain		–			0.0001			0.0001			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0012			0.0032
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0012	)		(0.0032	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0012	)		(0.0032	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return²
Based on net asset value		0.01%	³		0.01%			0.01%			0.12%			0.32%	³

Ratios to Average Net Assets
Total expenses		0.71%	⁴		0.72%			0.71%			0.73%			0.72%	⁴
Total expenses after fees waived and paid indirectly		0.15%	⁴		0.19%			0.26%			0.51%			0.69%	⁴
Net investment income		0.01%	⁴		0.00%			0.00%			0.12%			1.45%	⁴

��Supplemental Data
Net assets, end of period (000)	$	2,000		$	11,720		$	13,630		$	26,633		$	25,057


	Cash Reserve
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0016			0.0250			0.0467
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0016			0.0250			0.0467
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0016	)		(0.0250	)		(0.0467	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0016	)		(0.0250	)		(0.0467	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return²
Based on net asset value		0.01%	³		0.01%			0.01%			0.16%			2.52%			4.78%

Ratios to Average Net Assets
Total expenses		0.61%	⁴		0.62%			0.61%			0.63%			0.63%			0.66%
Total expenses after fees waived and paid indirectly		0.16%	⁴		0.20%			0.26%			0.48%			0.60%			0.60%
Net investment income		0.01%	⁴		0.00%			0.00%			0.16%			2.18%			4.61%

�� Supplemental Data
Net assets, end of period (000)	$	1,767		$	1,693		$	2,244		$	4,046		$	4,336		$	1,183

Commencement of operations.

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

⁴

Annualized.

Financial Highlights (continued)

FedFund


	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0032			0.0280			0.0497
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0032			0.0280			0.0497
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0032	)		(0.0280	)		(0.0497	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0032	)		(0.0280	)		(0.0497	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.32%			2.83%			5.09%

Ratios to Average Net Assets
Total expenses		0.31%	³		0.32%			0.31%			0.33%			0.32%			0.38%
Total expenses after fees waived and paid indirectly		0.16%	³		0.20%			0.26%			0.32%			0.30%			0.30%
Net investment income		0.01%	³		0.00%			0.00%			0.34%			2.51%			4.97%

Supplemental Data
Net assets, end of period (000)	$	17,899		$	17,543		$	47,616		$	111,129		$	134,241		$	41,411

	Select
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0007			0.0209			0.0427
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0007			0.0209			0.0427
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0007	)		(0.0209	)		(0.0427	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0007	)		(0.0209	)		(0.0427	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.07%			2.11%			4.36%

Ratios to Average Net Assets
Total expenses		1.06%	³		1.07%			1.06%			1.08%			1.07%			1.12%
Total expenses after fees waived and paid indirectly		0.16%	³		0.19%			0.26%			0.56%			1.00%			1.00%
Net investment income		0.01%	³		0.00%			0.00%			0.06%			2.03%			4.24%

Supplemental Data
Net assets, end of period (000)	$	111,311		$	107,781		$	130,268		$	181,556		$	166,590		$	98,752

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

FedFund


	Private Client
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0013			0.0241			0.0462
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0013			0.0241			0.0462
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0013	)		(0.0241	)		(0.0462	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0013	)		(0.0241	)		(0.0462	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00 $			1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.13%			2.44%			4.72%

Ratios to Average Net Assets
Total expenses		1.06%	³		1.07%			1.06%			1.08%			1.07%			1.12%
Total expenses after fees waived and paid indirectly		0.16%	³		0.19%			0.26%			0.55%			0.68%			0.66%
Net investment income		0.01%	³		0.00%			0.00%			0.18%			2.59%			4.58%

Supplemental Data
Net assets, end of year (000)	$	18,377		$	24,454		$	25,918		$	41,179		$	102,147		$	768,612

	Premier
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0013			0.0241			0.0462
Net realized gain		–			0.0001			0.0001			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0013			0.0241			0.0462
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0013	)		(0.0241	)		(0.0462	)
Net realized gain		–			(0.0001	)		(0.0001	)		–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0013	)		(0.0241	)		(0.0462	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.13%			2.44%			4.72%

Ratios to Average Net Assets
Total expenses		0.81%	³		0.82%			0.81%			0.83%			0.82%			0.87%
Total expenses after fees waived and paid indirectly		0.16%	³		0.20%			0.26%			0.53%			0.68%			0.66%
Net investment income		0.01%	³		0.00%			0.00%			0.11%			2.47%			4.60%

Supplemental Data
Net assets, end of period (000)	$	1,011		$	953		$	8,256		$	86,563		$	91,990		$	93,867

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights

TempCash


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0007			0.0013			0.0019			0.0090			0.0336			0.0521
Net realized gain		–			0.0001			–			–			–			–
Net increase from investment operations		0.0007			0.0014			0.0019			0.0090			0.0336			0.0521
Dividends and distributions from:
Net investment income		(0.0007	)		(0.0013	)		(0.0019	)		(0.0090	)		(0.0336	)		(0.0521	)
Net realized gain		–			(0.0001	)		–			–			–			–
Total dividends and distributions		(0.0007	)		(0.0014	)		(0.0019	)		(0.0090	)		(0.0336	)		(0.0521	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.07%	²		0.14%			0.19%			0.90%			3.42%			5.34%

Ratios to Average Net Assets
Total expenses		0.28%	³		0.24%			0.25%			0.27%			0.22%			0.24%
Total expenses after fees waived and paid indirectly		0.18%	³		0.18%			0.18%			0.21%			0.18%			0.18%
Net investment income		0.14%	³		0.14%			0.19%			0.85%			3.46%			5.22%

Supplemental Data
Net assets, end of period (000)	$	3,832,875		$	4,139,893		$	7,833,532		$	6,992,221		$	6,073,793		$	11,420,516

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0000			0.0000			0.0065			0.0313			0.0496
Net realized gain		–			0.0001			–			–			–			–
Net increase from investment operations		0.0001			0.0001			0.0000			0.0065			0.0313			0.0496
Dividends and distributions from:
Net investment income		(0.0001	)		(0.0000	)		(0.0000	)		(0.0065	)		(0.0313	)		(0.0496	)
Net realized gain		–			(0.0001	)		–			–			–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0000	)		(0.0065	)		(0.0313	)		(0.0496	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.00%			0.65%			3.16%			5.08%

Ratios to Average Net Assets
Total expenses		0.53%	³		0.50%			0.50%			0.52%			0.48%			0.49%
Total expenses after fees waived and paid indirectly		0.31%	³		0.31%			0.36%			0.46%			0.44%			0.43%
Net investment income		0.01%	³		0.00%			0.00%			0.67%			3.07%			4.96%

Supplemental Data
Net assets, end of period (000)	$	600,447		$	677,156		$	680,296		$	879,332		$	1,011,158		$	1,004,425

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights

TempFund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0007			0.0012			0.0016			0.0086			0.0338			0.0521
Dividends from net investment income		(0.0007	)		(0.0012	)		(0.0016	)		(0.0086	)		(0.0338	)		(0.0521	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.07%	²		0.12%			0.16%			0.87%			3.43%			5.33%

Ratios to Average Net Assets
Total expenses		0.19%	³		0.19%			0.19%			0.21%			0.19%			0.20%
Total expenses after fees waived and paid indirectly		0.18%	³		0.18%			0.18%			0.21%			0.18%			0.18%
Net investment income		0.12%	³		0.12%			0.16%			0.83%			3.33%			5.22%

Supplemental Data
Net assets, end of period (000)	$	41,395,769		$	41,826,560		$	64,366,170		$	58,792,099		$	43,874,587		$	50,720,755

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0000			0.0062			0.0313			0.0496
Dividends from net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0062	)		(0.0313	)		(0.0496	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.00%			0.62%			3.18%			5.07%

Ratios to Average Net Assets
Total expenses		0.44%	³		0.44%			0.44%			0.46%			0.44%			0.45%
Total expenses after fees waived and paid indirectly		0.29%	³		0.30%			0.34%			0.45%			0.43%			0.43%
Net investment income		0.01%	³		0.00%			0.00%			0.68%			3.14%			4.95%

Supplemental Data
Net assets, end of period (000)	$	1,524,693		$	1,787,059		$	1,820,807		$	3,788,512		$	6,546,254		$	6,310,899

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

TempFund


	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0000			0.0045			0.0288			0.0471
Dividends from net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0045	)		(0.0288	)		(0.0471	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.00%			0.45%			2.92%			4.81%

Ratios to Average Net Assets
Total expenses		0.69%	³		0.69%			0.69%			0.71%			0.69%			0.70%
Total expenses after fees waived and paid indirectly		0.29%	³		0.28%			0.35%			0.62%			0.68%			0.68%
Net investment income		0.01%	³		0.00%			0.00%			0.48%			2.77%			4.71%

Supplemental Data
Net assets, end of period (000)	$	261,588		$	270,280		$	613,283		$	835,930		$	1,155,402		$	724,122

	Cash Reserve
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0000			0.0051			0.0298			0.0481
Dividends from net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0051	)		(0.0298	)		(0.0481	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.00%			0.51%			3.02%			4.92%

Ratios to Average Net Assets
Total expenses		0.59%	³		0.59%			0.59%			0.61%			0.59%			0.60%
Total expenses after fees waived and paid indirectly		0.29%	³		0.31%			0.34%			0.54%			0.58%			0.58%
Net investment income		0.01%	³		0.00%			0.00%			0.45%			3.09%			4.80%

Supplemental Data
Net assets, end of period (000)	$	15,643		$	16,695		$	33,627		$	16,312		$	10,398		$	12,090

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

TempFund


	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0002			0.0003			0.0006			0.0076			0.0328			0.0511
Dividends from net investment income		(0.0002	)		(0.0003	)		(0.0006	)		(0.0076	)		(0.0328	)		(0.0511	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.02%	²		0.04%			0.06%			0.76%			3.33%			5.23%

Ratios to Average Net Assets
Total expenses		0.29%	³		0.29%			0.29%			0.31%			0.29%			0.30%
Total expenses after fees waived and paid indirectly		0.28%	³		0.27%			0.28%			0.31%			0.28%			0.28%
Net investment income		0.03%	³		0.03%			0.06%			0.75%			3.25%			5.11%

Supplemental Data
Net assets, end of period (000)	$	2,010,385		$	1,953,551		$	1,681,583		$	2,007,285		$	2,079,257		$	1,842,566

	Select
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0031			0.0256			0.0439
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0031	)		(0.0256	)		(0.0439	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.00%			0.00%			0.31%			2.59%			4.48%

Ratios to Average Net Assets
Total expenses		1.04%	³		1.04%			1.04%			1.06%			1.04%			1.05%
Total expenses after fees waived and paid indirectly		0.30%	³		0.30%			0.34%			0.77%			1.00%			1.00%
Net investment income		0.00%	³		0.00%			0.00%			0.32%			2.56%			4.39%

Supplemental Data
Net assets, end of period (000)	$	528,901		$	586,363		$	563,559		$	829,031		$	922,457		$	888,584

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

TempFund


	Private Client
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0045			0.0288			0.0473
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0045	)		(0.0288	)		(0.0473	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.00%			0.00%			0.45%			2.92%			4.84%

Ratios to Average Net Assets
Total expenses		1.04%	³		1.04%			1.04%			1.07%			1.04%			1.05%
Total expenses after fees waived and paid indirectly		0.31%	³		0.30%			0.34%			0.66%			0.68%			0.65%
Net investment income		0.00%	³		0.00%			0.00%			0.65%			3.03%			4.73%

Supplemental Data
Net assets, end of period (000)	$	18,075		$	12,658		$	19,942		$	30,502		$	148,322		$	1,566,346

	Premier
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0045			0.0288			0.0473
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0045	)		(0.0288	)		(0.0473	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.00%			0.00%			0.45%			2.92%			4.84%

Ratios to Average Net Assets
Total expenses		0.79%	³		0.79%			0.79%			0.81%			0.79%			0.80%
Total expenses after fees waived and paid indirectly		0.30%	³		0.31%			0.32%			0.64%			0.68%			0.66%
Net investment income		0.00%	³		0.00%			0.00%			0.50%			2.99%			4.73%

Supplemental Data
Net assets, end of period (000)	$	20,572		$	20,011		$	42,558		$	220,876		$	338,821		$	509,731

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights

T-Fund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0001			0.0012			0.0224			0.0493
Net realized gain		–			–			0.0001			0.0001			–			–
Net increase from investment operations		0.0001			0.0001			0.0002			0.0013			0.0224			0.0493

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0001	)		(0.0001	)		(0.0012	)		(0.0224	)		(0.0493	)
Net realized gain		–			–			(0.0001	)		(0.0001	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0002	)		(0.0013	)��		(0.0224	)		(0.0493	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.02%			0.13%			2.26%			5.05%

Ratios to Average Net Assets
Total expenses		0.20%	³		0.22%			0.22%			0.25%			0.22%			0.25%
Total expenses after fees waived and paid indirectly		0.09%	³		0.11%			0.18%			0.23%			0.21%			0.20%
Net investment income		0.01%	³		0.01%			0.02%			0.17%			2.01%			4.88%

Supplemental Data
Net assets, end of period (000)	$	16,415,783		$	12,586,527		$	5,571,099		$	5,753,138		$	18,422,915		$	6,280,213

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0000			0.0002			0.0199			0.0468
Net realized gain		–			–			0.0001			0.0001			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0003			0.0199			0.0468

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0002	)		(0.0199	)		(0.0468	)
Net realized gain		–			–			(0.0001	)		(0.0001	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0003	)		(0.0199	)		(0.0468	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.03%			2.00%			4.79%

Ratios to Average Net Assets
Total expenses		0.45%	³		0.47%			0.47%			0.50%			0.47%			0.51%
Total expenses after fees waived and paid indirectly		0.09%	³		0.12%			0.20%			0.36%			0.45%			0.45%
Net investment income		0.01%	³		0.01%			0.00%			0.04%			2.13%			4.69%

Supplemental Data
Net assets, end of period (000)	$	556,440		$	497,029		$	406,682		$	339,493		$	973,576		$	775,904

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

T-Fund


	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0000			0.0001			0.0174			0.0443
Net realized gain		–			–			0.0001			0.0001			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0002			0.0174			0.0443

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0001	)		(0.0174	)		(0.0443	)
Net realized gain		–			–			(0.0001	)		(0.0001	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0002	)		(0.0174	)		(0.0443	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.02%			1.75%			4.53%

Ratios to Average Net Assets
Total expenses		0.70%	³		0.72%			0.72%			0.74%			0.72%			0.75%
Total expenses after fees waived and paid indirectly		0.08%	³		0.13%			0.20%			0.34%			0.70%			0.70%
Net investment income		0.01%	³		0.00%			0.00%			0.01%			1.78%			4.42%

Supplemental Data
Net assets, end of period (000)	$	1,572,958		$	1,030,126		$	254,091		$	470,609		$	543,153		$	552,059

	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0001			0.0000			0.0005			0.0214			0.0484
Net realized gain		–			–			0.0001			0.0001			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0006			0.0214			0.0484

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0005	)		(0.0214	)		(0.0484	)
Net realized gain		–			–			(0.0001	)		(0.0001	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0006	)		(0.0214	)		(0.0484	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.01%			0.01%			0.06%			2.16%			4.94%

Ratios to Average Net Assets
Total expenses		0.30%	³		0.32%			0.32%			0.34%			0.31%			0.35%
Total expenses after fees waived and paid indirectly		0.09%	³		0.13%			0.20%			0.29%			0.29%			0.30%
Net investment income		0.01%	³		0.01%			0.01%			0.06%			2.30%			4.77%

Supplemental Data
Net assets, end of period (000)	$	23,011		$	32,718		$	35,370		$	38,571		$	44,215		$	83,990

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

T-Fund


	Select
	Six Months Ended April 30, 2012			Year Ended October 31,									Period February 28, 2008¹ to
	(Unaudited)			2011			2010			2009			October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0001			0.0001			0.0000			0.0003			0.0061
Net realized gain		–			–			0.0001			0.0001			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0004			0.0061

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0003	)		(0.0061	)
Net realized gain		–			–			(0.0001	)		(0.0001	)		–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0004	)		(0.0061	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return²
Based on net asset value		0.01%	³		0.01%			0.01%			0.04%			0.61%	³

Ratios to Average Net Assets
Total expenses		1.05%	⁴		1.07%			1.07%			1.10%			1.07%	⁴
Total expenses after fees waived and paid indirectly		0.09%	⁴		0.13%			0.19%			0.32%			0.91%	⁴
Net investment income		0.01%	⁴		0.00%			0.00%			0.03%			0.66%	⁴

Supplemental Data
Net assets, end of period (000)	$	188,921		$	132,339		$	261,679		$	233,098		$	218,773


	Premier
	Six Months Ended April 30, 2012			Year Ended October 31,												Period October 9, 2007¹ to
	(Unaudited)			2011			2010			2009			2008			October 31, 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		0.0001			0.0001			0.0000			0.0003			0.0176			0.0025
Net realized gain		–			–			0.0001			0.0001			–			–
Net increase from investment operations		0.0001			0.0001			0.0001			0.0004			0.0176			0.0025

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0001	)		(0.0000	)		(0.0003	)		(0.0176	)		(0.0025	)
Net realized gain		–			–			(0.0001	)		(0.0001	)		–			–
Total dividends and distributions		(0.0001	)		(0.0001	)		(0.0001	)		(0.0004	)		(0.0176	)		(0.0025	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return²
Based on net asset value		0.01%	³		0.01%			0.01%			0.04%			1.77%			0.24%	³

Ratios to Average Net Assets
Total expenses		0.80%	⁴		0.82%			0.82%			0.85%			0.82%			0.84%	⁴
Total expenses after fees waived and paid indirectly		0.10%	⁴		0.07%			0.18%			0.33%			0.68%			0.68%	⁴
Net investment income		0.01%	⁴		0.01%			0.00%			0.05%			1.43%			4.14%	⁴

Supplemental Data
Net assets, end of period (000)	$	2		$	17		$	684		$	104,295		$	189,222		$	1

Commencement of operations.

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

⁴

Annualized.

Financial Highlights

Treasury Trust Fund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0009			0.0199			0.0458
Net realized gain		–			–			0.0001			0.0002			–			–
Net increase from investment operations		0.0000			0.0000			0.0001			0.0011			0.0199			0.0458

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0009	)		(0.0199	)		(0.0458	)
Net realized gain		–			–			(0.0001	)		(0.0002	)		–			–
Total dividends and distributions		(0.0000	)		(0.0000	)		(0.0001	)		(0.0011	)		(0.0199	)		(0.0458	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.01%			0.11%			2.01%			4.68%

Ratios to Average Net Assets
Total expenses		0.23%	³		0.24%			0.25%			0.26%			0.24%			0.29%
Total expenses after fees waived and paid indirectly		0.04%	³		0.09%			0.13%			0.23%			0.20%			0.20%
Net investment income		0.00%	³		0.00%			0.00%			0.13%			1.73%			4.38%

Supplemental Data
Net assets, end of period (000)	$	4,432,929		$	4,836,239		$	2,879,900		$	4,229,992		$	6,669,302		$	2,370,308

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0003			0.0174			0.0433
Net realized gain		–			–			0.0001			0.0002			–			–
Net increase from investment operations		0.0000			0.0000			0.0001			0.0005			0.0174			0.0433

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0003	)		(0.0174	)		(0.0433	)
Net realized gain		–			–			(0.0001	)		(0.0002	)		–			–
Total dividends and distributions		(0.0000	)		(0.0000	)		(0.0001	)		(0.0005	)		(0.0174	)		(0.0433	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.01%			0.05%			1.75%			4.42%

Ratios to Average Net Assets
Total expenses		0.48%	³		0.49%			0.50%			0.51%			0.49%			0.55%
Total expenses after fees waived and paid indirectly		0.04%	³		0.10%			0.14%			0.36%			0.45%			0.45%
Net investment income		0.00%	³		0.00%			0.00%			0.08%			1.39%			4.36%

Supplemental Data
Net assets, end of period (000)	$	133,316		$	160,529		$	220,837		$	107,483		$	632,855		$	173,312

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

Treasury Trust Fund


	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0001			0.0149			0.0408
Net realized gain		–			–			0.0001			0.0002			–			–
Net increase from investment operations		0.0000			0.0000			0.0001			0.0003			0.0149			0.0408
Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0001	)		(0.0149	)		(0.0408	)
Net realized gain		–			–			(0.0001	)		(0.0002	)		–			–
Total dividends and distributions		(0.0000	)		(0.0000	)		(0.0001	)		(0.0003	)		(0.0149	)		(0.0408	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.01%			0.03%			1.50%			4.16%

Ratios to Average Net Assets
Total expenses		0.73%	³		0.74%			0.75%			0.76%			0.73%			0.80%
Total expenses after fees waived and paid indirectly		0.04%	³		0.10%			0.14%			0.35%			0.70%			0.70%
Net investment income		0.00%	³		0.00%			0.01%			0.01%			1.34%			4.10%

Supplemental Data
Net assets, end of period (000)	$	13,076		$	7,792		$	33,187		$	42,613		$	109,531		$	54,373

	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0005			0.0189			0.0448
Net realized gain		–			–			0.0001			0.0002			–			–
Net increase from investment operations		0.0000			0.0000			0.0001			0.0007			0.0189			0.0448
Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0005	)		(0.0189	)		(0.0448	)
Net realized gain		–			–			(0.0001	)		(0.0002	)		–			–
Total dividends and distributions		(0.0000	)		(0.0000	)		(0.0001	)		(0.0007	)		(0.0189	)		(0.0448	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.01%			0.08%			1.90%			4.57%

Ratios to Average Net Assets
Total expenses		0.33%	³		0.34%			0.35%			0.36%			0.34%			0.40%
Total expenses after fees waived and paid indirectly		0.04%	³		0.08%			0.14%			0.27%			0.30%			0.30%
Net investment income		0.00%	³		0.00%			0.00%			0.08%			1.79%			4.49%

Supplemental Data
Net assets, end of period (000)	$	126,580		$	152,459		$	112,779		$	137,760		$	234,311		$	96,955

¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.

² Aggregate total investment return.

³Annualized.

Financial Highlights

MuniCash


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0004			0.0012			0.0018			0.0076			0.0266			0.0353
Dividends from net investment income		(0.0004	)		(0.0012	)		(0.0018	)		(0.0076	)		(0.0266	)		(0.0353	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.04%	²		0.12%			0.18%			0.76%			2.68%			3.59%

Ratios to Average Net Assets
Total expenses		0.40%	³		0.38%			0.37%			0.42%			0.38%			0.36%
Total expenses after fees waived and paid indirectly		0.20%	³		0.20%			0.20%			0.24%			0.17%			0.20%
Net investment income		0.08%	³		0.13%			0.18%			0.70%			2.72%			3.54%

Supplemental Data
Net assets, end of period (000)	$	229,904		$	324,027		$	736,547		$	881,869		$	459,835		$	919,878


	Dollar																		Cash Reserve
	Six Months Ended April 30, 2012			Year Ended October 31,															Period November 15, 2011⁴ to April 30, 2012
	(Unaudited)			2011			2010			2009			2008			2007			(Unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0000			0.0000			0.0051			0.0241			0.0328			0.0000
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0051	)		(0.0241	)		(0.0328	)		(0.0000	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.00%			0.51%			2.42%			3.33%			0.00%	²

Ratios to Average Net Assets
Total expenses		0.65%	³		0.63%			0.62%			0.67%			0.63%			0.61%			0.88%	³
Total expenses after fees waived and paid indirectly		0.28%	³		0.32%			0.38%			0.49%			0.42%			0.45%			0.29%	³
Net investment income		0.00%	³		0.00%			0.00%			0.46%			2.37%			3.28%			0.00%	³

Supplemental Data
Net assets, end of period (000)	$	58,059		$	76,338		$	86,389		$	134,668		$	89,851		$	85,628		$	2

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

⁴

Commencement of operations.

Financial Highlights

MuniFund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0002			0.0009			0.0013			0.0063			0.0254			0.0349
Dividends from net investment income		(0.0002	)		(0.0009	)		(0.0013	)		(0.0063	)		(0.0254	)		(0.0349	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.02%	²		0.09%			0.14%			0.63%			2.56%			3.55%

Ratios to Average Net Assets
Total expenses		0.33%	³		0.31%			0.28%			0.30%			0.29%			0.33%
Total expenses after fees waived and paid indirectly		0.19%	³		0.19%			0.20%			0.23%			0.20%			0.20%
Net investment income		0.03%	³		0.09%			0.13%			0.57%			2.46%			3.49%

Supplemental Data
Net assets, end of period (000)	$	1,685,053		$	1,479,126		$	2,584,701		$	4,233,114		$	2,834,406		$	2,316,504

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0039			0.0229			0.0324
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0039	)		(0.0229	)		(0.0324	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.00%			0.39%			2.30%			3.29%

Ratios to Average Net Assets
Total expenses		0.58%	³		0.56%			0.53%			0.55%			0.54%			0.58%
Total expenses after fees waived and paid indirectly		0.22%	³		0.28%			0.33%			0.47%			0.45%			0.45%
Net investment income		0.00%	³		0.00%			0.00%			0.38%			2.21%			3.23%

Supplemental Data
Net assets, end of period (000)	$	110,354		$	134,835		$	103,206		$	188,188		$	135,168		$	147,606

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

MuniFund


	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0022			0.0204			0.0299
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0022	)		(0.0204	)		(0.0299	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.00%			0.22%			2.05%			3.03%

Ratios to Average Net Assets
Total expenses		0.83%	³		0.81%			0.78%			0.81%			0.79%			0.83%
Total expenses after fees waived and paid indirectly		0.21%	³		0.30%			0.33%			0.66%			0.70%			0.70%
Net investment income		0.00%	³		0.00%			0.00%			0.26%			1.92%			2.98%

Supplemental Data
Net assets, end of period (000)	$	1,370		$	1,384		$	22,811		$	75,347		$	132,115		$	40,620

	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			2007
Per Share Operating Performance
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0000			0.0002			0.0004			0.0053			0.0244			0.0339
Dividends from net investment income		(0.0000	)		(0.0002	)		(0.0004	)		(0.0053	)		(0.0244	)		(0.0339	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.02%			0.03%			0.53%			2.46%			3.44%

Ratios to Average Net Assets
Total expenses		0.43%	³		0.41%			0.38%			0.40%			0.39%			0.43%
Total expenses after fees waived and paid indirectly		0.21%	³		0.27%			0.30%			0.33%			0.30%			0.30%
Net investment income		0.00%	³		0.02%			0.04%			0.49%			2.35%			3.39%

Supplemental Data
Net assets, end of year (000)	$	401,513		$	442,810		$	481,305		$	777,416		$	557,300		$	389,468

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

MuniFund


	Select
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0009			0.0173			0.0269
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0009	)		(0.0173	)		(0.0269	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.00%			0.09%			1.74%			2.72%

Ratios to Average Net Assets
Total expenses		1.18%	³		1.16%			1.13%			1.15%			1.14%			1.18%
Total expenses after fees waived and paid indirectly		0.22%	³		0.28%			0.33%			0.77%			1.00%			1.00%
Net investment income		0.00%	³		0.00%			0.00%			0.07%			1.70%			2.68%

Supplemental Data
Net assets, end of period (000)	$	23,405		$	18,857		$	19,190		$	30,169		$	25,432		$	38,401

	Private Client
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0023			0.0206			0.0303
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0023	)		(0.0206	)		(0.0303	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.00%			0.23%			2.07%			3.08%

Ratios to Average Net Assets
Total expenses		1.18%	³		1.16%			1.13%			1.16%			1.14%			1.18%
Total expenses after fees waived and paid indirectly		0.22%	³		0.29%			0.33%			0.66%			0.68%			0.65%
Net investment income		0.00%	³		0.00%			0.00%			0.30%			1.95%			3.03%

Supplemental Data
Net assets, end of period (000)	$	2,058		$	2,130		$	4,072		$	5,575		$	29,315		$	293,358

¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.

² Aggregate total investment return.

³Annualized.

Financial Highlights (concluded)

MuniFund


	Premier
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0023			0.0206			0.0300
Dividends from net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0023	)		(0.0206	)		(0.0300	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.00%	²		0.00%			0.00%			0.23%			2.07%			3.08%

Ratios to Average Net Assets
Total expenses		0.93%	³		0.91%			0.88%			0.90%			0.89%			0.93%
Total expenses after fees waived and paid indirectly		0.22%	³		0.28%			0.33%			0.64%			0.68%			0.66%
Net investment income		0.00%	³		0.00%			0.00%			0.25%			2.04%			3.03%

Supplemental Data
Net assets, end of period (000)	$	16,223		$	15,026		$	7,160		$	153,956		$	134,994		$	264,304

¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.

² Aggregate total investment return.

³Annualized.

Financial Highlights

California Money Fund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0009			0.0016			0.0042			0.0216			0.0341
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0022			0.0016			0.0042			0.0216			0.0341

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0009	)		(0.0016	)		(0.0042	)		(0.0216	)		(0.0341	)
Net realized gain		–			(0.0013	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0022	)		(0.0016	)		(0.0042	)		(0.0216	)		(0.0341	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.22%			0.16%			0.43%			2.18%			3.46%

Ratios to Average Net Assets
Total expenses		0.42%	³		0.42%			0.41%			0.44%			0.40%			0.40%
Total expenses after fees waived and paid indirectly		0.17%	³		0.19%			0.20%			0.24%			0.20%			0.20%
Net investment income		0.02%	³		0.09%			0.16%			0.44%			2.14%			3.40%

Supplemental Data
Net assets, end of period (000)	$	203,658		$	284,521		$	280,309		$	459,650		$	669,672		$	778,621

	Dollar
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0020			0.0191			0.0316
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0013			0.0000			0.0020			0.0191			0.0316

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0020	)		(0.0191	)		(0.0316	)
Net realized gain		–			(0.0013	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0013	)		(0.0000	)		(0.0020	)		(0.0191	)		(0.0316	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.13%			0.00%			0.20%			1.92%			3.20%

Ratios to Average Net Assets
Total expenses		0.67%	³		0.67%			0.66%			0.69%			0.65%			0.65%
Total expenses after fees waived and paid indirectly		0.18%	³		0.29%			0.36%			0.47%			0.45%			0.45%
Net investment income		0.01%	³		0.00%			0.00%			0.19%			2.25%			3.16%

Supplemental Data
Net assets, end of period (000)	$	8,294		$	7,631		$	15,957		$	18,147		$	9,421		$	47,235

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

California Money Fund


	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0008			0.0166			0.0291
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0013			0.0000			0.0008			0.0166			0.0291

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0008	)		(0.0166	)		(0.0291	)
Net realized gain		–			(0.0013	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0013	)		(0.0000	)		(0.0008	)		(0.0166	)		(0.0291	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.13%			0.00%			0.08%			1.67%			2.95%

Ratios to Average Net Assets
Total expenses		0.88%	³		0.88%			0.92%			0.93%			0.89%			0.90%
Total expenses after fees waived and paid indirectly		0.18%	³		0.32%			0.38%			0.64%			0.70%			0.70%
Net investment income		0.01%	³		0.00%			0.00%			0.18%			1.93%			2.92%

Supplemental Data
Net assets, end of period (000)	$	1		$	3		$	5		$	10		$	63		$	21,289

	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0003			0.0006			0.0033			0.0206			0.0331
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0016			0.0006			0.0033			0.0206			0.0331

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0003	)		(0.0006	)		(0.0033	)		(0.0206	)		(0.0331	)
Net realized gain		–			(0.0013	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0016	)		(0.0006	)		(0.0033	)		(0.0206	)		(0.0331	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.16%			0.06%			0.33%			2.08%			3.36%

Ratios to Average Net Assets
Total expenses		0.52%	³		0.52%			0.51%			0.54%			0.50%			0.50%
Total expenses after fees waived and paid indirectly		0.18%	³		0.26%			0.30%			0.34%			0.30%			0.30%
Net investment income		0.01%	³		0.04%			0.06%			0.34%			2.20%			3.31%

Supplemental Data
Net assets, end of period (000)	$	1,224		$	1,322		$	2,545		$	2,676		$	2,418		$	6,971

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

California Money Fund


	Select
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0004			0.0136			0.0261
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0013			0.0000			0.0004			0.0136			0.0261

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0004	)		(0.0136	)		(0.0261	)
Net realized gain		–			(0.0013	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0013	)		(0.0000	)		(0.0004	)		(0.0136	)		(0.0261	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.13%			0.00%			0.04%			1.37%			2.64%

Ratios to Average Net Assets
Total expenses		1.27%	³		1.27%			1.26%			1.29%			1.25%			1.25%
Total expenses after fees waived and paid indirectly		0.18%	³		0.28%			0.36%			0.62%			1.00%			1.00%
Net investment income		0.01%	³		0.00%			0.00%			0.04%			1.36%			2.61%

Supplemental Data
Net assets, end of period (000)	$	12,215		$	16,535		$	16,658		$	40,601		$	43,261		$	35,563

	Private Client
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0008			0.0168			0.0296
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0013			0.0000			0.0008			0.0168			0.0296

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0008	)		(0.0168	)		(0.0296	)
Net realized gain		–			(0.0013	)		–			–	��		–			–
Total dividends and distributions		(0.0000	)		(0.0013	)		(0.0000	)		(0.0008	)		(0.0168	)		(0.0296	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.13%			0.00%			0.08%			1.69%			2.99%

Ratios to Average Net Assets
Total expenses		1.27%	³		1.27%			1.26%			1.29%			1.24%			1.25%
Total expenses after fees waived and paid indirectly		0.18%	³		0.28%			0.36%			0.61%			0.68%			0.65%
Net investment income		0.01%	³		0.00%			0.00%			0.11%			1.59%			2.95%

Supplemental Data
Net assets, end of period (000)	$	4,338		$	5,009		$	4,381		$	5,403		$	24,422		$	196,002

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

California Money Fund


	Premier
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0008			0.0168			0.0295
Net realized gain		–			0.0013			–			–			–			–
Net increase from investment operations		0.0000			0.0013			0.0000			0.0008			0.0168			0.0295

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0008	)		(0.0168	)		(0.0295	)
Net realized gain		–			(0.0013	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0013	)		(0.0000	)		(0.0008	)		(0.0168	)		(0.0295	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.13%			0.00%			0.08%			1.69%			2.99%

Ratios to Average Net Assets
Total expenses		1.02%	³		1.02%			1.01%			1.04%			1.00%			1.00%
Total expenses after fees waived and paid indirectly		0.18%	³		0.28%			0.36%			0.63%			0.68%			0.66%
Net investment income		0.01%	³		0.00%			0.00%			0.08%			1.86%			2.94%

Supplemental Data
Net assets, end of period (000)	$	1,787		$	1,786		$	2,274		$	6,093		$	13,530		$	45,924

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights

New York Money Fund


	Institutional
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0001			0.0006			0.0012			0.0044			0.0227			0.0346
Net realized gain		–			0.0032			–			–			–			–
Net increase from investment operations		0.0001			0.0038			0.0012			0.0044			0.0227			0.0346

Dividends and distributions from:
Net investment income		(0.0001	)		(0.0006	)		(0.0012	)		(0.0044	)		(0.0227	)		(0.0346	)
Net realized gain		–			(0.0032	)		–			–			–			–
Total dividends and distributions		(0.0001	)		(0.0038	)		(0.0012	)		(0.0044	)		(0.0227	)		(0.0346	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.37%			0.12%			0.44%			2.28%			3.51%

Ratios to Average Net Assets
Total expenses		0.43%	³		0.43%			0.41%			0.45%			0.40%			0.41%
Total expenses after fees waived and paid indirectly		0.18%	³		0.19%			0.20%			0.24%			0.20%			0.20%
Net investment income		0.02%	³		0.06%			0.11%			0.44%			2.16%			3.45%

Supplemental Data
Net assets, end of period (000)	$	131,343		$	125,869		$	192,928		$	361,353		$	391,793		$	357,803

	Cash Management
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0010			0.0176			0.0296
Net realized gain		–			0.0032			–			–			–			–
Net increase from investment operations		0.0000			0.0032			0.0000			0.0010			0.0176			0.0296

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0010	)		(0.0176	)		(0.0296	)
Net realized gain		–			(0.0032	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0032	)		(0.0000	)		(0.0010	)		(0.0176	)		(0.0296	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.32%			0.00%			0.10%			1.77%			3.00%

Ratios to Average Net Assets
Total expenses		0.93%	³		0.93%			0.91%			0.95%			0.91%			0.91%
Total expenses after fees waived and paid indirectly		0.20%	³		0.25%			0.31%			0.65%			0.70%			0.70%
Net investment income		0.01%	³		0.00%			0.00%			0.15%			1.70%			2.96%

Supplemental Data
Net assets, end of period (000)	$	11,217		$	5,171		$	6,750		$	6,968		$	20,066		$	15,062

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (continued)

New York Money Fund


	Administration
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0002			0.0034			0.0216			0.0336
Net realized gain		–			0.0032			–			–			–			–
Net increase from investment operations		0.0000			0.0032			0.0002			0.0034			0.0216			0.0336

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0002	)		(0.0034	)		(0.0216	)		(0.0336	)
Net realized gain		–			(0.0032	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0032	)		(0.0002	)		(0.0034	)		(0.0216	)		(0.0336	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.32%			0.03%			0.34%			2.18%			3.41%

Ratios to Average Net Assets
Total expenses		0.53%	³		0.53%			0.51%			0.55%			0.51%			0.51%
Total expenses after fees waived and paid indirectly		0.18%	³		0.24%			0.29%			0.34%			0.30%			0.30%
Net investment income		0.01%	³		0.01%			0.03%			0.36%			2.18%			3.35%

Supplemental Data
Net assets, end of period (000)	$	5,419		$	11,153		$	12,067		$	11,997		$	15,587		$	13,158

	Select
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0005			0.0146			0.0266
Net realized gain		–			0.0032			–			–			–			–
Net increase from investment operations		0.0000			0.0032			0.0000			0.0005			0.0146			0.0266

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0005	)		(0.0146	)		(0.0266	)
Net realized gain		–			(0.0032	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0032	)		(0.0000	)		(0.0005	)		(0.0146	)		(0.0266	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.32%			0.00%			0.05%			1.47%			2.69%

Ratios to Average Net Assets
Total expenses		1.28%	³		1.28%			1.26%			1.30%			1.25%			1.26%
Total expenses after fees waived and paid indirectly		0.19%	³		0.25%			0.31%			0.65%			1.00%			1.00%
Net investment income		0.01%	³		0.00%			0.00%			0.06%			1.40%			2.66%

Supplemental Data
Net assets, end of period (000)	$	13,338		$	10,281		$	15,198		$	4,512		$	6,173		$	6,255

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Financial Highlights (concluded)

New York Money Fund


	Private Client
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0011			0.0178			0.0300
Net realized gain		–			0.0032			–			–			–			–
Net increase from investment operations		0.0000			0.0032			0.0000			0.0011			0.0178			0.0300

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0011	)		(0.0178	)		(0.0300	)
Net realized gain		–			(0.0032	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0032	)		(0.0000	)		(0.0011	)		(0.0178	)		(0.0300	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.32%			0.00%			0.11%			1.79%			3.05%

Ratios to Average Net Assets
Total expenses		1.29%	³		1.28%			1.26%			1.30%			1.25%			1.26%
Total expenses after fees waived and paid indirectly		0.19%	³		0.26%			0.32%			0.60%			0.68%			0.66%
Net investment income		0.01%	³		0.00%			0.00%			0.14%			1.68%			3.00%

Supplemental Data
Net assets, end of period (000)	$	739		$	2,499		$	8,648		$	6,556		$	13,877		$	175,446

	Premier
	Six Months Ended April 30, 2012			Year Ended October 31,
	(Unaudited)			2011			2010			2009			2008			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		0.0000			0.0000			0.0000			0.0011			0.0178			0.0300
Net realized gain		–			0.0032			–			–			–			–
Net increase from investment operations		0.0000			0.0032			0.0000			0.0011			0.0178			0.0300

Dividends and distributions from:
Net investment income		(0.0000	)		(0.0000	)		(0.0000	)		(0.0011	)		(0.0178	)		(0.0300	)
Net realized gain		–			(0.0032	)		–			–			–			–
Total dividends and distributions		(0.0000	)		(0.0032	)		(0.0000	)		(0.0011	)		(0.0178	)		(0.0300	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Investment Return¹
Based on net asset value		0.01%	²		0.32%			0.00%			0.11%			1.79%			3.05%

Ratios to Average Net Assets
Total expenses		1.03%	³		1.04%			1.01%			1.05%			1.01%			1.01%
Total expenses after fees waived and paid indirectly		0.19%	³		0.24%			0.32%			0.58%			0.68%			0.68%
Net investment income		0.01%	³		0.00%			0.00%			0.11%			2.18%			3.01%

Supplemental Data
Net assets, end of period (000)	$	271		$	264		$	124		$	2,418		$	2,387		$	14,221

Where applicable, total investment returns include the reinvestment of dividends and distributions.

Aggregate total investment return.

Annualized.

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock Liquidity Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The financial statements and these accompanying notes relate to the Trust’s ten series: Federal Trust Fund, FedFund, TempCash, TempFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund (collectively, the “Funds” or individually, a “Fund”). Each of the Funds, except California Money Fund and New York Money Fund, is diversified. The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from these estimates. Each Fund offers multiple classes of shares although certain share classes may not be outstanding at the report date. Each Fund offers the following classes of shares: Institutional Shares, Dollar Shares, Cash Management Shares, Cash Reserve Shares, Administration Shares, Select Shares, Private Client Shares, Premier Shares and Premier Choice Shares. TempFund, T-Fund, MuniFund, California Money Fund and New York Money Fund also offer Plus Shares. FedFund, TempCash, MuniCash, California Money Fund and New York Money Fund also offer Cash Plus Shares. As of April 30, 2012, no Plus Shares, Cash Plus Shares or Premier Choice Shares were outstanding.

The following is a summary of significant accounting policies followed by the Funds:

Valuation: US GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ investments are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 under the 1940 Act. Under this method, investments are valued at cost when purchased and thereafter, a constant proportionate accretion and amortization of any discounts or premiums are recorded until the maturity of the security. Each Fund seeks to maintain its net asset value per share at $1.00, although there is no assurance that they will be able to do so on a continuing basis.

Repurchase Agreements: The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Income and realized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gain are recorded on the ex-dividend dates. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Income Taxes: It is the Funds’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to its shareholders. Therefore, no federal income tax provision is required.

The Funds file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s US federal tax returns remains open for each of the four years ended October 31, 2011. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Recent Accounting Standard: In May 2011, the Financial Accounting Standards Board (the “FASB”) issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed as well as disclosure of the level in the fair value hierarchy of assets and liabilities not recorded at fair value but where fair value is disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.

In December 2011, the FASB issued guidance that will expand current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the Statements of Assets and Liabilities and will require an entity to disclose both gross and net

Notes to Financial Statements (continued)

information about such investments and transactions in the financial statements. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statement disclosures.

Other: Expenses directly related to a Fund or its 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. Expenses directly related to the Funds and other shared expenses pro rated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.

The Funds have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

As of April 30, 2012, the PNC Financial Services Group, Inc. (“PNC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but Barclays is not.

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with BlackRock Advisor, LLC (the “Manager”), the Trust’s investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory, administration and accounting services to the Funds.

For the management and administration services provided and certain expenses assumed by it under the management agreement, the Manager is entitled to receive the following annual fees computed daily and paid monthly based upon each Fund’s average daily net assets:


Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund
Calculation A		Calculation B
Management Fee is equal to calculation A plus calculation B
.175% of the first $1 billion¹		.175% of the first $1 billion²
.150% of the next $1 billion¹		.150% of the next $1 billion²
.125% of the next $1 billion¹		.125% of the next $1 billion²
.100% of the next $1 billion¹		.100% of amounts in excess of $3 billion²
.095% of the next $1 billion¹		.100% of amounts in excess of $3 billion²
.090% of the next $1 billion¹
.085% of the next $1 billion¹
.080% of amounts in excess of $7 billion¹

¹	Based on the combined average net assets of Federal Trust Fund, FedFund, T-Fund and Treasury Trust Fund.

²	Based on the average net assets of the Fund whose fee is being calculated.


TempCash, MuniCash and MuniFund
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.


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.


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.

The Manager, 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”, excluding service fees, distribution fees and any extraordinary expenses, do not exceed 0.18% of the average daily net assets of TempCash and TempFund and 0.20% of the average daily net assets of Federal Trust Fund, FedFund, T-Fund, Treasury Trust Fund, MuniCash, MuniFund, California Money Fund and New York Money Fund. Any fees waived by the Manager with respect to a particular fiscal year are not recoverable. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to March 1, 2013, unless approved by the Board, including a majority of the Independent Trustees.

The Trust, on behalf of the Funds, entered into a separate Distribution Agreement, Distribution Plans and Shareholder Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Select Shares Distribution Plan, the Private Client Shares Distribution Plan and the Premier Shares Distribution Plan, the Trust may pay BRIL a fee for distribution and sales support services. In addition, the Trust may pay service organizations, including affiliates of the Manager, 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 Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client and Premier Share classes are currently paying fees to service organizations, which may include affiliates of the Manager. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:

Notes to Financial Statements (continued)


	Service Fee¹			Distribution Fee¹
Dollar		0.25	%		–
Cash Management		0.50	%		–
Cash Reserve		0.40	%		–
Administration		0.10	%		–
Select		0.50	%		0.35	%
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.

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fees compensate BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Dollar, Cash Management, Cash Reserve, Administration, Select, Private Client and Premier shareholders.

In addition, BRIL has contractually agreed to waive service and distribution fees until March 1, 2013 so that the net annual fund operating

expenses, excluding extraordinary expenses, of the Select Shares, Private Client Shares and Premier Shares do not exceed 1.00%, 0.68% and 0.68%, respectively. The agreement renews automatically for successive one-year periods and may be terminated (i) by a majority of the non-interested Trustees of the Trust of by a vote of a majority of the outstanding voting securities of the Fund or (ii) by the Fund’s distributor, upon written notice 75 days prior to the commencement of a successive one year period.

The Manager and BRIL have also voluntarily agreed to waive a portion of their respective, management, service and distribution fees and/or reimburse operating expenses to enable the Funds’ share classes to maintain minimum levels of net investment income dividend. These amounts are reported in the Statements of Operations as management fees waived and service and distribution fees waived – class specific. The Manager and BRIL may discontinue the voluntary waiver at any time.

For the year ended April 30, 2012, the following tables show the various types of class specific expenses borne directly by each class of each Fund and any associated waivers or reimbursements of those expenses:


Service and Distribution Fees								Share Classes
	Dollar		Cash Management		Cash Reserve			Administration		Select		Private Client		Premier		Total
Federal Trust Fund	$	18,938	$	30		–	��	$	749		–		–		–	$	19,717
FedFund	$	548,278	$	20,821	$	3,517		$	9,873	$	500,667	$	94,653	$	3,219	$	1,181,028
TempCash	$	805,396		–		–		$	784		–		–		–	$	806,180
TempFund	$	1,958,555	$	671,234	$	32,290		$	1,047,488	$	2,260,080	$	62,264	$	71,867	$	6,103,778
T-Fund	$	644,465	$	3,073,490		–		$	13,160	$	811,381		–	$	1,549	$	4,544,045
Treasury Trust Fund	$	180,474	$	37,263		–		$	69,900		–		–		–	$	287,637
MuniCash	$	85,565		–	$	12			–		–		–		–	$	85,577
MuniFund	$	157,995	$	4,176		–		$	244,151	$	86,503	$	8,881	$	46,668	$	548,374
California Money Fund	$	10,288	$	3		–		$	673	$	58,587	$	20,832	$	5,327	$	95,710
New York Money Fund		–	$	18,580		–		$	4,959	$	49,207	$	4,663	$	1,002	$	78,411

Service and Distribution Fees Waived								Share Classes
	Dollar		Cash Management		Cash Reserve			Administration		Select		Private Client		Premier		Total
Federal Trust Fund	$	18,938	$	30		–		$	749		–		–		–	$	19,717
FedFund	$	545,556	$	20,807	$	3,504		$	9,748	$	499,862	$	94,519	$	3,210	$	1,177,206
TempCash	$	396,239		–		–		$	160		–		–		–	$	396,399
TempFund	$	1,071,755	$	518,546	$	23,115		$	43,954	$	1,930,844	$	52,990	$	57,072	$	3,698,276
T-Fund	$	644,465	$	3,073,490		–		$	13,160	$	811,381		–	$	1,549	$	4,544,045
Treasury Trust Fund	$	180,474	$	37,263		–		$	69,900		–		–	��	–	$	287,637
MuniCash	$	58,986		–	$	9			–		–		–		–	$	58,995
MuniFund	$	140,622	$	3,957		–		$	181,221	$	83,542	$	8,587	$	44,436	$	462,365
California Money Fund	$	9,906	$	3		–		$	613	$	58,030	$	20,626	$	5,245	$	94,423
New York Money Fund		–	$	17,793		–		$	4,572	$	48,369	$	4,612	$	981	$	76,327

Notes to Financial Statements (continued)

Certain officers and/or trustees of the Trust are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for compensation paid to the Trust’s Chief Compliance Officer.

3. Concentration, Market and Credit Risk:

California Money Fund and New York Money Fund invest a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risks, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Funds’ Statements of Assets and Liabilities, less any collateral held by the Funds.

4. Capital Shares Transactions:

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.

The number of shares sold, reinvested and redeemed corresponds to the net proceeds from the sale of shares, reinvestment of dividends and distributions and cost of shares redeemed, respectively, since shares are sold and redeemed at $1.00 per share.

Transactions in capital shares for each class were as follows:


	Six Months Ended April 30,			Year Ended October 31,
Federal Trust Fund	2012			2011
Institutional
Shares sold		431,370,441			864,967,018
Shares issued in reinvestment of dividends and distributions		3,984			4,905
Shares redeemed		(450,027,765	)		(874,622,904	)
Net decrease		(18,653,340	)		(9,650,981	)

Dollar
Shares sold		35,374,281			60,992,116
Shares issued in reinvestment of dividends and distributions		271			283
Shares redeemed		(36,506,586	)		(67,729,276	)
Net decrease		(1,132,034	)		(6,736,877	)

Cash Management
Shares sold		–			893,760
Shares issued in reinvestment of dividends and distributions		–			115
Shares redeemed		(165,830	)		(978,051	)
Net decrease		(165,830	)		(84,176	)

Administration
Shares sold		1,037,298			1,552,097
Shares issued in reinvestment of dividends and distributions		143			83
Shares redeemed		(320,797	)		(1,202,107	)
Net increase		716,644			350,073
Total net decrease		(19,234,560	)		(16,121,961	)

FedFund
Institutional
Shares sold		65,411,438,899			119,452,660,479
Shares issued in reinvestment of dividends and distributions		486,540			2,082,319
Shares redeemed		(65,505,623,934	)		(119,966,520,239	)
Net decrease		(93,698,495	)		(511,777,441	)

Dollar
Shares sold		3,964,466,784			9,157,638,382
Shares issued in reinvestment of dividends and distributions		93			287
Shares redeemed		(4,091,718,368	)		(9,254,154,420	)
Net decrease		(127,251,491	)		(96,515,751	)

Cash Management
Shares sold		300,722			601,378
Shares redeemed		(10,019,587	)		(2,511,520	)
Net decrease		(9,718,865	)		(1,910,142	)

Notes to Financial Statements (continued)


	Six Months Ended April 30,			Year Ended October 31,
FedFund (concluded)	2012			2011
Cash Reserve
Shares sold		2,997,386			8,911,700
Shares issued in reinvestment of dividends and distributions		92			208
Shares redeemed		(2,923,998	)		(9,462,357	)
Net increase (decrease)		73,480			(550,449	)

Administration
Shares sold		130,474,061			355,732,178
Shares issued in reinvestment of dividends and distributions		–			18
Shares redeemed		(130,108,226	)		(385,804,746	)
Net increase (decrease)		365,835			(30,072,550	)

Select
Shares sold		50,678,065			191,897,959
Shares issued in reinvestment of dividends and distributions		6,145			12,292
Shares redeemed		(47,149,387	)		(214,394,868	)
Net increase (decrease)		3,534,823			(22,484,617	)

Private Client
Shares sold		3,612,732			13,854,610
Shares issued in reinvestment of dividends and distributions		1,186			2,474
Shares redeemed		(9,693,908	)		(15,320,010	)
Net decrease		(6,079,990	)		(1,462,926	)

Premier
Shares sold		2,487,578			3,390,312
Shares issued in reinvestment of dividends and distributions		56			288
Shares redeemed		(2,427,711	)		(10,689,736	)
Net increase (decrease)		59,923			(7,299,136	)
Total net decrease		(232,714,780	)		(672,073,012	)

TempCash
Institutional
Shares sold		18,559,088,127			56,926,168,134
Shares issued in reinvestment of dividends and distributions		653,505			2,842,663
Shares redeemed		(18,866,661,355	)		(60,622,429,674	)
Net decrease		(306,919,723	)		(3,693,418,877	)

Dollar
Shares sold		980,362,410			2,076,155,340
Shares issued in reinvestment of dividends and distributions		42,517			42,570
Shares redeemed		(1,057,096,300	)		(2,079,404,887	)
Net decrease		(76,691,373	)		(3,206,977	)


	Six Months Ended April 30,			Year Ended October 31,
TempCash (concluded)	2012			2011
Administration
Shares sold		6,900,000			4,338,718
Shares issued in reinvestment of dividends and distributions		248			5,863
Shares redeemed		(6,900,248	)		(19,995,862	)
Net increase (decrease)		–			(15,651,281	)
Total net decrease		(383,611,096	)		(3,712,277,135	)


TempFund
Institutional
Shares sold		263,398,345,741			579,672,276,444
Shares issued in reinvestment of dividends and distributions		11,198,888			31,355,234
Shares redeemed		(263,837,859,145	)		(602,243,725,115	)
Net decrease		(428,314,516	)		(22,540,093,437	)

Dollar
Shares sold		15,142,555,912			25,306,916,265
Shares issued in reinvestment of dividends and distributions		5,923			2,930
Shares redeemed		(15,404,831,871	)		(25,341,196,591	)
Net decrease		(262,270,036	)		(34,277,396	)

Cash Management
Shares sold		260,376,070			8,339,046,677
Shares issued in reinvestment of dividends and distributions		24,493			51,070
Shares redeemed		(269,077,144	)		(8,682,260,098	)
Net decrease		(8,676,581	)		(343,162,351	)

Cash Reserve
Shares sold		15,407,773			37,843,125
Shares issued in reinvestment of dividends and distributions		842			763
Shares redeemed		(16,459,499	)		(54,772,998	)
Net decrease		(1,050,884	)		(16,929,110	)

Administration
Shares sold		2,814,045,884			4,507,758,824
Shares issued in reinvestment of dividends and distributions		63,229			105,482
Shares redeemed		(2,757,150,833	)		(4,236,156,076	)
Net increase		56,958,280			271,708,230

Select
Shares sold		188,748,994			483,343,829
Shares issued in reinvestment of dividends and distributions		25,535			11,937
Shares redeemed		(246,205,391	)		(460,567,476	)
Net increase (decrease)		(57,430,862	)		22,788,290

Notes to Financial Statements (continued)


	Six Months Ended April 30,			Year Ended October 31,
TempFund (concluded)		2012			2011
Private Client
Shares sold		11,924,695			21,562,832
Shares issued in reinvestment of dividends and distributions		623			310
Shares redeemed		(6,508,019	)		(28,849,718	)
Net increase (decrease)		5,417,299			(7,286,576	)

Premier
Shares sold		17,407,687			52,060,892
Shares issued in reinvestment of dividends and distributions		1,137			534
Shares redeemed		(16,846,012	)		(74,561,589	)
Net increase (decrease)		562,812			(22,500,163	)
Total net decrease		(694,804,488	)		(22,669,752,513	)

T-Fund
Institutional
Shares sold		31,593,139,037			63,707,990,097
Shares issued in reinvestment of dividends and distributions		475,492			338,281
Shares redeemed		(27,764,393,852	)		(56,692,741,558	)
Net increase		3,829,220,677			7,015,586,820

Dollar
Shares sold		698,929,765			3,509,939,079
Shares issued in reinvestment of dividends and distributions		1,281			1,799
Shares redeemed		(639,520,677	)		(3,419,590,816	)
Net increase		59,410,369			90,350,062

Cash Management
Shares sold		3,997,216,872			3,704,239,130
Shares issued in reinvestment of dividends and distributions		42,226			9,287
Shares redeemed		(3,454,430,797	)		(2,928,212,177	)
Net increase		542,828,301			776,036,240

Administration
Shares sold		102,728,563			644,237,418
Shares issued in reinvestment of dividends and distributions		1,247			2,574
Shares redeemed		(112,437,073	)		(646,885,289	)
Net decrease		(9,707,263	)		(2,645,297	)

Select
Shares sold		454,808,696			189,084,578
Shares issued in reinvestment of dividends and distributions		9,557			14,236
Shares redeemed		(398,237,504	)		(318,440,934	)
Net increase (decrease)		56,580,749			(129,342,120	)


	Six Months Ended April 30,			Year Ended October 31,
T-Fund (concluded)	2012			2011
Premier
Shares sold		10,757,179			60,956,194
Shares issued in reinvestment of dividends and distributions		26			214
Shares redeemed		(10,771,797	)		(61,624,155	)
Net decrease		(14,592	)		(667,747	)
Total net increase		4,478,318,241			7,749,317,958

Treasury Trust Fund
Institutional
Shares sold		9,701,240,377			13,420,915,564
Shares issued in reinvestment of dividends and distributions		69,414			43,522
Shares redeemed		(10,104,535,243	)		(11,464,692,280	)
Net increase (decrease)		(403,225,452	)		1,956,266,806

Dollar
Shares sold		586,017,208			1,246,194,323
Shares issued in reinvestment of dividends and distributions		1,345			2,489
Shares redeemed		(613,201,128	)		(1,306,507,660	)
Net decrease		(27,182,575	)		(60,310,848	)

Cash Management
Shares sold		48,309,978			123,461,767
Shares issued in reinvestment of dividends and distributions		–			106
Shares redeemed		(43,013,352	)		(148,844,317	)
Net increase (decrease)		5,296,626			(25,382,444	)

Administration
Shares sold		67,312,243			264,317,439
Shares issued in reinvestment of dividends and distributions		55			539
Shares redeemed		(93,175,644	)		(224,641,403	)
Net increase (decrease)		(25,863,346	)		39,676,575
Total net increase (decrease)		(450,974,747	)		1,910,250,089

MuniCash
Institutional
Shares sold		1,051,281,738			3,348,239,023
Shares issued in reinvestment of dividends and distributions		11,815			244,604
Shares redeemed		(1,145,416,716	)		(3,761,002,281	)
Net decrease		(94,123,163	)		(412,518,654	)

Dollar
Shares sold		22,115,618			706,166,322
Shares issued in reinvestment of dividends and distributions		271			804
Shares redeemed		(40,395,696	)		(716,217,228	)
Net decrease		(18,279,807	)		(10,050,102	)

Notes to Financial Statements (continued)


	Six Months Ended April 30,			Year Ended October 31,
MuniCash (concluded)	2012			2011
Cash Reserve
Shares sold		15,750			–
Shares redeemed		(13,400	)		(314,293	)

Net increase (decrease)		2,350			(314,293	)
Total net decrease		(112,400,620	)		(422,883,049	)


MuniFund
Institutional
Shares sold		4,586,523,713			13,494,405,585
Shares issued in reinvestment of dividends and distributions		89,265			876,030
Shares redeemed		(4,380,729,690	)		(14,600,887,172	)

Net increase (decrease)		205,883,288			(1,105,605,557	)


Dollar
Shares sold		97,844,214			308,159,308
Shares issued in reinvestment of dividends and distributions		8			49
Shares redeemed		(122,328,567	)		(276,532,032	)

Net increase (decrease)		(24,484,345	)		31,627,325


Cash Management
Shares sold		2,922,230			17,328,062
Shares issued in reinvestment of dividends and distributions		28			30
Shares redeemed		(2,936,840	)		(38,765,388	)

Net decrease		(14,582	)		(21,437,296	)


Administration
Shares sold		918,394,402			1,602,278,773
Shares issued in reinvestment of dividends and distributions		578			276
Shares redeemed		(959,706,302	)		(1,640,778,222	)

Net decrease		(41,311,322	)		(38,499,173	)


Select
Shares sold		15,448,848			41,848,563
Shares issued in reinvestment of dividends and distributions		340			313
Shares redeemed		(10,901,367	)		(42,182,181	)

Net increase (decrease)		4,547,821			(333,305	)


Private Client
Shares sold		107,285			1,470,912
Shares issued in reinvestment of dividends and distributions		24			40
Shares redeemed		(178,735	)		(3,413,277	)

Net decrease		(71,426	)		(1,942,325	)


	Six Months Ended April 30,			Year Ended October 31,
MuniFund (concluded)	2012			2011
Premier
Shares sold		1,212,852			60,551,618
Shares issued in reinvestment of dividends and distributions		255			118
Shares redeemed		(16,408	)		(52,686,271	)

Net increase		1,196,699			7,865,465
Total net increase (decrease)		145,746,133			(1,128,324,866	)


California Money Fund
Institutional
Shares sold		556,403,877			1,526,869,999
Shares issued in reinvestment of dividends and distributions		3,784			116,915
Shares redeemed		(637,270,534	)		(1,522,369,562	)

Net increase (decrease)		(80,862,873	)		4,617,352


Dollar
Shares sold		21,217,296			73,652,622
Shares issued in reinvestment of dividends and distributions		288			7,382
Shares redeemed		(20,554,341	)		(81,977,624	)

Net increase (decrease)		663,243			(8,317,620	)


Cash Management
Shares sold		2,456			7,431
Shares issued in reinvestment of dividends and distributions		–			3
Shares redeemed		(4,197	)		(9,414	)

Net decrease		(1,741	)		(1,980	)


Administration
Shares sold		1,359,180			2,800,806
Shares redeemed		(1,457,320	)		(4,021,956	)

Net decrease		(98,140	)		(1,221,150	)


Select
Shares sold		9,600,216			31,243,057
Shares issued in reinvestment of dividends and distributions		553			350
Shares redeemed		(13,920,266	)		(31,342,346	)

Net decrease		(4,319,497	)		(98,939	)


Private Client
Shares sold		2,920,272			2,691,092
Shares issued in reinvestment of dividends and distributions		194			128
Shares redeemed		(3,591,665	)		(2,058,311	)

Net increase (decrease)		(671,199	)		632,909

Notes to Financial Statements (concluded)


	Six Months Ended April 30,			Year Ended October 31,
California Money Fund (concluded)	2012			2011
Premier
Shares sold		4,591			117,394
Shares issued in reinvestment of dividends and distributions		69			47
Shares redeemed		(3,308	)		(601,961	)

Net increase (decrease)		1,352			(484,520	)
Total net decrease		(85,288,855	)		(4,873,948	)


New York Money Fund
Institutional
Shares sold		189,650,063			685,200,357
Shares issued in reinvestment of dividends and distributions		2,076			61,361
Shares redeemed		(184,175,087	)		(751,848,809	)

Net increase (decrease)		5,477,052			(66,587,091	)


Dollar
Shares sold		–			924,661
Shares issued in reinvestment of dividends and distributions		–			30
Shares redeemed		–			(1,458,656	)

Net decrease		–			(533,965	)


Cash Management
Shares sold		33,253,302			40,410,195
Shares redeemed		(27,207,236	)		(41,981,615	)

Net increase (decrease)		6,046,066			(1,571,420	)


Administration
Shares sold		5,759,536			9,765,126
Shares redeemed		(11,493,385	)		(10,663,628	)

Net decrease		(5,733,849	)		(898,502	)


	Six Months Ended April 30,			Year Ended October 31,
New York Money Fund (concluded)	2012			2011
Select
Shares sold		13,091,588			16,895,866
Shares issued in reinvestment of dividends and distributions		401			171
Shares redeemed		(10,034,702	)		(21,808,846	)

Net increase (decrease)		3,057,287			(4,912,809	)


Private Client
Shares sold		215,932			247,393
Shares issued in reinvestment of dividends and distributions		42			51
Shares redeemed		(1,976,184	)		(6,387,256	)

Net decrease		(1,760,210	)		(6,139,812	)


Premier
Shares sold		170,315			434,821
Shares issued in reinvestment of dividends and distributions		12			5
Shares redeemed		(162,543	)		(295,252	)

Net increase		7,784			139,574
Total net increase (decrease)		7,094,130			(80,504,025	)

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Officers and Trustees

Ronald W. Forbes, Co-Chair of the Board and Trustee

Rodney D. Johnson, Co-Chair of the Board and Trustee

Paul L. Audet, Trustee

David O. Beim, Trustee

Richard S. Davis, Trustee

Henry Gabbay, Trustee

Dr. Matina S. Horner, Trustee

Herbert I. London, Trustee

Cynthia A. Montgomery, Trustee

Joseph P. Platt, Trustee

Robert C. Robb, Jr., Trustee

Toby Rosenblatt, Trustee

Kenneth L. Urish, Trustee

Frederick W. Winter, Trustee

John M. Perlowski, President and Chief Executive Officer

Richard Hoerner, CFA, Vice President

Brendan Kyne, Vice President

Simon Mendelson, Vice President

Christopher Stavrakos, CFA, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer

Ira P. Shapiro, Secretary

Investment Advisor and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent, Sub-Administrator and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Custodian

The Bank of New York Mellon

New York, NY 10286

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Trust’s websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trust’s electronic delivery program.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

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.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http:// www.blackrock.com; and (3) on the SEC’s at website at http:// www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in each Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http:// www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public 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 non-public 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 non-affiliated 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 non-affiliated 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 non-public 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 non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the Funds’ current prospectus. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a Fund. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 441-7762. Each Fund’s current 7-day yield more closely reflects the current earnings of the Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.

LOGO

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 –There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(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.

(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

(a)(1) –

Code of Ethics – Not Applicable to this semi-annual report

(a)(2) –

Certifications – Attached hereto

(a)(3) –

Not Applicable

(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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of BlackRock Liquidity Funds

Date: July 2, 2012

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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of BlackRock Liquidity Funds

Date: July 2, 2012


By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of BlackRock Liquidity Funds

Date: July 2, 2012

See Notes to Financial Statements.

BLACKROCK LIQUIDITY FUNDS

APRIL 30, 2012