UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-02354

Name of Fund:	BlackRock Liquidity Funds
	California Money Fund
	Federal Trust Fund
	FedFund
	MuniCash
	MuniFund
	New York Money Fund
	TempCash
	TempFund
	T-Fund
	Treasury Trust Fund
Fund Address:	100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Liquidity

Funds, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,

NJ, 08543-9011

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

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 – 04/30/2008

Item 1 – Report to Stockholders

EQUITIES    FIXED INCOME    REAL ESTATE    LIQUIDITY    ALTERNATIVES    BLACKROCK SOLUTIONS

BlackRock Liquidity Funds
SEMI-ANNUAL REPORT    |    APRIL 30, 2008 (UNAUDITED)

TempFund

TempCash

FedFund

T-Fund

Federal Trust Fund

Treasury Trust Fund

MuniFund

MuniCash

California Money Fund

New York Money Fund

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

Table of Contents

	Page
A Letter to Shareholders	3
Semi-Annual Report:
Fund Summaries:
TempFund	4
TempCash	5
FedFund	6
T-Fund	7
Federal Trust Fund	8
Treasury Trust Fund	9
MuniFund	10
MuniCash	11
California Money Fund	12
New York Money Fund	13
Disclosure of Expenses	14
Financial Statements:
Schedules of Investments	15
Statements of Assets and Liabilities	62
Statements of Operations	66
Statements of Changes in Net Assets	68
Financial Highlights	72
Notes to Financial Statements	101
Officers and Trustees	108

Privacy Principles of BlackRock Liquidity Funds

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

2 SEMI-ANNUAL REPORT APRIL 30, 2008

A Letter to Shareholders

Dear Shareholder

We are pleased to present this semi-annual report to shareholders of BlackRock Liquidity Funds for the six months ending April 30, 2008. BlackRock Liquidity Funds offer a variety of high-quality taxable and tax-exempt money market funds that are designed to meet the varied needs of our investors. Following is an overview of market events that have occurred during this six month reporting period.

Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.

Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns. The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.

Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.

Our extensive experience through multiple interest rate cycles and market events, our rigorous credit standards and our consistent focus on risk management enabled us to deliver on our fundamental objectives of safety, liquidity and yield. Should you wish to discuss your investment options, please contact your account representative or call our Client Service Center at (800) 821-7432.

As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

Rob Kapito

President, BlackRock Institutional Management Corporation

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Summary	TempFund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Certificates of Deposit	47	%
Commercial Paper	33
Variable Rate Obligations	6
Agency Obligations	5
Time Deposits	3
Repurchase Agreements	3
Master Notes	2
Promissory Note	1
7-Day Yield (Annualized)
Institutional	2.88	%
Dollar	2.63
Cash Management	2.38
Cash Reserve	2.48
Administration	2.78
Select (formerly Bear Stearns)	2.06
Premier Choice (formerly Bear Stearns Premier Choice)	2.61
Private Client (formerly Bear Stearns Private Client)	2.38
Premier (formerly Bear Stearns Premier)	2.38

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	28,932,966,000	42	%
31-60 Days		13,088,197,000	19
61-90 Days		18,979,315,000	27
91-120 Days		1,762,814,000	3
121-150 Days		456,395,000	1
over 150 Days		5,777,970,000	8
Average Weighted Maturity – 49 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,020.72	$	0.91	$	1,000.00	$	1,024.09	$	0.91
Dollar	$	1,000.00	$	1,019.46	$	2.16	$	1,000.00	$	1,022.83	$	2.17
Cash Management	$	1,000.00	$	1,018.19	$	3.42	$	1,000.00	$	1,021.57	$	3.43
Cash Reserve	$	1,000.00	$	1,018.69	$	2.92	$	1,000.00	$	1,022.07	$	2.93
Administration	$	1,000.00	$	1,020.21	$	1.41	$	1,000.00	$	1,023.59	$	1.41
Select	$	1,000.00	$	1,016.58	$	5.03	$	1,000.00	$	1,019.95	$	5.05
Premier Choice	$	1,000.00	$	1,004.90	$	0.77	$	1,000.00	$	1,024.22	$	0.78
Private Client	$	1,000.00	$	1,018.20	$	3.42	$	1,000.00	$	1,021.57	$	3.43
Premier	$	1,000.00	$	1,018.20	$	3.42	$	1,000.00	$	1,021.57	$	3.43

* For each class of the Fund except Premier Choice, expenses are equal to the annualized expense ratio for the class (0.18% for Institutional, 0.43% for Dollar, 0.68% for Cash Management, 0.58% for Cash Reserve, 0.28% for Administration, 1.00% for Select, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). For Premier Choice, expenses are equal to the annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 62/366 (to reflect the period the class was open).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

4 SEMI-ANNUAL REPORT APRIL 30, 2008

Fund Summary	TempCash
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Certificates of Deposit	38	%
Commercial Paper	33
Variable Rate Obligations	14
Agency Obligations	7
Time Deposits	4
Promissory Note	2
Master Notes	2
7-Day Yield (Annualized)
Institutional	2.86	%
Dollar	2.61
Cash Management	2.36
Administration	2.76

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	4,859,598,000	36	%
31-60 Days		3,567,800,000	26
61-90 Days		3,349,450,000	24
91-120 Days		713,743,000	5
121-150 Days		106,225,000	1
over 150 Days		1,063,020,000	8
Average Weighted Maturity - 53 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,020.71	$	0.91	$	1,000.00	$	1,024.09	$	0.91
Dollar	$	1,000.00	$	1,019.45	$	2.16	$	1,000.00	$	1,022.83	$	2.17
Cash Management	$	1,000.00	$	1,018.17	$	3.40	$	1,000.00	$	1,021.58	$	3.42
Administration	$	1,000.00	$	1,005.10	$	0.30	$	1,000.00	$	1,024.70	$	0.30

* For each class of the Fund except Administration, expenses are equal to the annualized expense ratio for the class (0.18% for Institutional, 0.43% for Dollar and 0.68% for Cash Management), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). For Administration, expenses are equal to the annualized expense ratio of 0.28%, multiplied by the average account value over the period, multiplied by 39/366 (to reflect the period the class was open).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT APRIL 30, 2008 5

Fund Summary	FedFund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Agency Obligations	54	%
Repurchase Agreements	46
7-Day Yield (Annualized)
Institutional	2.42	%
Dollar	2.17
Cash Reserve	2.02
Administration	2.32
Select (formerly Bear Stearns)	1.62
Premier Choice (formerly Bear Stearns Premier Choice)	2.17
Private Client (formerly Bear Stearns Private Client)	1.94
Premier (formerly Bear Stearns Premier)	1.94

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	5,464,170,000	54	%
31-60 Days		1,297,599,000	13
61-90 Days		1,749,555,000	17
91-120 Days		519,685,000	5
121-150 Days		603,240,000	6
over 150 Days		440,811,000	5
Average Weighted Maturity - 43 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,018.49	$	1.01	$	1,000.00	$	1,023.99	$	1.01
Dollar	$	1,000.00	$	1,017.24	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Cash Reserve	$	1,000.00	$	1,016.48	$	3.02	$	1,000.00	$	1,021.97	$	3.03
Administration	$	1,000.00	$	1,018.00	$	1.51	$	1,000.00	$	1,023.49	$	1.51
Select	$	1,000.00	$	1,014.45	$	5.02	$	1,000.00	$	1,019.95	$	5.05
Premier Choice	$	1,000.00	$	1,017.24	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Private Client	$	1,000.00	$	1,016.07	$	3.42	$	1,000.00	$	1,021.57	$	3.43
Premier	$	1,000.00	$	1,016.07	$	3.42	$	1,000.00	$	1,021.57	$	3.43

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.60% for Cash Reserve, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

6 SEMI-ANNUAL REPORT APRIL 30, 2008

Fund Summary	T-Fund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Repurchase Agreements	100	%
7-Day Yield (Annualized)
Institutional	1.71	%
Dollar	1.46
Cash Management	1.21
Administration	1.61
Select	0.91
Premier Choice (formerly Bear Stearns Premier Choice)	1.46
Private Client (formerly Bear Stearns Private Client)	1.23
Premier (formerly Bear Stearns Premier)	1.23

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	8,440,707,000	86	%
31-60 Days		875,000,000	9
61-90 Days		475,000,000	5
Average Weighted Maturity - 10 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,014.39	$	1.00	$	1,000.00	$	1,023.99	$	1.01
Dollar	$	1,000.00	$	1,013.12	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Cash Management	$	1,000.00	$	1,011.88	$	3.51	$	1,000.00	$	1,021.47	$	3.53
Administration	$	1,000.00	$	1,013.90	$	1.49	$	1,000.00	$	1,023.50	$	1.50
Select	$	1,000.00	$	1,001.80	$	1.72	$	1,000.00	$	1,023.26	$	1.74
Premier Choice	$	1,000.00	$	1,014.05	$	2.23	$	1,000.00	$	1,022.76	$	2.24
Private Client	$	1,000.00	$	1,012.82	$	3.40	$	1,000.00	$	1,021.58	$	3.42
Premier	$	1,000.00	$	1,012.82	$	3.40	$	1,000.00	$	1,021.58	$	3.42

* For each class of the Fund except Select, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management, 0.30% for Administration, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). For Select, expenses are equal to the annualized expense ratio of 1.00%, multiplied by the average account value over the period, multiplied by 63/366 (to reflect the period the class was open).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT APRIL 30, 2008 7

Fund Summary	Federal Trust Fund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Agency Obligations	100	%
7-Day Yield (Annualized)
Institutional	2.22	%
Dollar	1.97
Administration	2.12

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	343,048,000	55	%
31-60 Days		158,698,000	25
61-90 Days		42,174,000	7
91-120 Days		30,285,000	5
over 150 Days		54,014,000	8
Average Weighted Maturity - 44 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,018.04	$	1.01	$	1,000.00	$	1,023.99	$	1.01
Dollar	$	1,000.00	$	1,016.79	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Administration	$	1,000.00	$	1,017.55	$	1.51	$	1,000.00	$	1,023.49	$	1.51

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar and 0.30% for Administration), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

8 SEMI-ANNUAL REPORT APRIL 30, 2008

Fund Summary	Treasury Trust Fund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
U.S. Treasury Obligations	100	%
7-Day Yield (Annualized)
Institutional	1.18	%
Dollar	0.93
Cash Management	0.68
Administration	1.08

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	2,436,681,000	42	%
31-60 Days		1,446,856,000	25
61-90 Days		1,254,137,000	22
91-120 Days		340,000,000	6
121-150 Days		222,000,000	4
over 150 Days		36,000,000	1
Average Weighted Maturity - 44 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,013.40	$	1.00	$	1,000.00	$	1,023.99	$	1.01
Dollar	$	1,000.00	$	1,012.13	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Cash Management	$	1,000.00	$	1,010.88	$	3.51	$	1,000.00	$	1,021.47	$	3.53
Administration	$	1,000.00	$	1,012.89	$	1.51	$	1,000.00	$	1,023.49	$	1.51

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management and 0.30% for Administration), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT APRIL 30, 2008 9

Fund Summary	MuniFund
Fund Profile as of April 30, 2008

Top 10 State Concentration	Percentage of Total Investments
Texas	15	%
Tennessee	8
New York	6
Florida	6
California	5
Ohio	5
Pennsylvania	5
Massachusetts	4
Illinois	4
Michigan	4
7-Day Yield (Annualized)
Institutional	2.45	%
Dollar	2.20
Cash Management	1.95
Administration	2.35
Select (formerly Bear Stearns)	1.65
Premier Choice (formerly Bear Stearns Premier Choice)	2.20
Private Client (formerly Bear Stearns Private Client)	1.97
Premier (formerly Bear Stearns Premier)	1.97

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	3,825,977,830	82	%
31-60 Days		207,660,000	4
61-90 Days		215,180,000	5
91-120 Days		131,670,000	3
121-150 Days		2,300,000	0
over 150 Days		263,975,000	6
Average Weighted Maturity - 27 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,014.10	$	1.00	$	1,000.00	$	1,024.00	$	1.00
Dollar	$	1,000.00	$	1,012.86	$	2.25	$	1,000.00	$	1,022.74	$	2.26
Cash Management	$	1,000.00	$	1,011.60	$	3.51	$	1,000.00	$	1,021.47	$	3.53
Administration	$	1,000.00	$	1,013.61	$	1.50	$	1,000.00	$	1,023.49	$	1.51
Select	$	1,000.00	$	1,010.09	$	5.01	$	1,000.00	$	1,019.96	$	5.04
Premier Choice	$	1,000.00	$	1,012.84	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Private Client	$	1,000.00	$	1,011.68	$	3.40	$	1,000.00	$	1,021.57	$	3.43
Premier	$	1,000.00	$	1,011.68	$	3.40	$	1,000.00	$	1,021.57	$	3.43

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

10 SEMI-ANNUAL REPORT APRIL 30, 2008

Fund Summary	MuniCash
Fund Profile as of April 30, 2008

Top 10 State Concentration	Percentage of Total Investments
Texas	11	%
Ohio	11
New York	9
Michigan	7
Missouri	7
Kentucky	6
Illinois	6
Louisiana	6
Florida	5
Virginia	3
7-Day Yield (Annualized)
Institutional	2.60	%
Dollar	2.35

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	636,882,611	88	%
31-60 Days		11,395,000	2
91-120 Days		37,200,000	5
121-150 Days		1,130,000	0
over 150 Days		33,025,000	5
Average Weighted Maturity - 25 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,014.54	$	0.73	$	1,000.00	$	1,024.27	$	0.73
Dollar	$	1,000.00	$	1,013.29	$	1.96	$	1,000.00	$	1,023.03	$	1.97

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.15% for Institutional and 0.39% for Dollar), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT APRIL 30, 2008 11

Fund Summary	California Money Fund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Variable Rate Demand Notes	81	%
Municipal Notes	10
Tax Exempt Commercial Paper	8
Municipal Put Bonds	1
7-Day Yield (Annualized)
Institutional	2.27	%
Dollar	2.02
Cash Management	1.77
Administration	2.17
Select (formerly Bear Stearns)	1.47
Premier Choice (formerly Bear Stearns Premier Choice)	2.01
Private Client (formerly Bear Stearns Private Client)	1.79
Premier (formerly Bear Stearns Premier)	1.79

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	926,169,739	83	%
31-60 Days		55,000,000	5
61-90 Days		97,825,000	9
91-120 Days		13,635,000	1
over 150 Days		19,045,000	2
Average Weighted Maturity - 17 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,012.76	$	0.99	$	1,000.00	$	1,024.00	$	1.00
Dollar	$	1,000.00	$	1,011.51	$	2.24	$	1,000.00	$	1,022.74	$	2.26
Cash Management	$	1,000.00	$	1,010.25	$	3.50	$	1,000.00	$	1,021.48	$	3.52
Administration	$	1,000.00	$	1,012.26	$	1.49	$	1,000.00	$	1,023.50	$	1.50
Select	$	1,000.00	$	1,008.73	$	5.00	$	1,000.00	$	1,019.96	$	5.04
Premier Choice	$	1,000.00	$	1,011.50	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Private Client	$	1,000.00	$	1,010.34	$	3.40	$	1,000.00	$	1,021.57	$	3.43
Premier	$	1,000.00	$	1,010.34	$	3.40	$	1,000.00	$	1,021.58	$	3.42

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% for Cash Management, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

12 SEMI-ANNUAL REPORT APRIL 30, 2008

Fund Summary	New York Money Fund
Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Variable Rate Demand Notes	85	%
Municipal Notes	12
Municipal Bonds	2
Municipal Put Bonds	1
7-Day Yield (Annualized)
Institutional	2.28	%
Dollar	2.03
Cash Management	1.78
Administration	2.18
Select (formerly Bear Stearns)	1.48
Premier Choice (formerly Bear Stearns Premier Choice)	2.03
Private Client (formerly Bear Stearns Private Client)	1.80
Premier (formerly Bear Stearns Premier)	1.80

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	687,462,750	87	%
31-60 Days		46,626,000	6
61-90 Days		17,055,000	2
91-120 Days		15,000,000	2
121-150 Days		5,860,000	1
over 150 Days		20,986,000	2
Average Weighted Maturity - 21 days

Expense Example

	Actual						Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*		Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,012.94	$	1.00	$	1,000.00	$	1,023.99	$	1.01
Dollar	$	1,000.00	$	1,011.67	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Cash Management	$	1,000.00	$	1,010.42	$	3.51	$	1,000.00	$	1,021.47	$	3.53
Administration	$	1,000.00	$	1,012.43	$	1.50	$	1,000.00	$	1,023.49	$	1.51
Select	$	1,000.00	$	1,008.91	$	5.01	$	1,000.00	$	1,019.95	$	5.05
Premier Choice	$	1,000.00	$	1,011.66	$	2.26	$	1,000.00	$	1,022.73	$	2.27
Private Client	$	1,000.00	$	1,010.52	$	3.41	$	1,000.00	$	1,021.57	$	3.43
Premier	$	1,000.00	$	1,010.52	$	3.41	$	1,000.00	$	1,021.57	$	3.43

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.70% Cash Management, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 14 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT APRIL 30, 2008 13

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) expenses related to transactions; and (b) operating expenses, including advisory fees, service and distribution fees including 12b-1 fees, and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on November 1, 2007 and held through April 30, 2008) are intended to assist shareholders both in calculating expenses ongoing costs based on an investment in the Funds and in comparing these expenses with similar costs of investing in other mutual funds.

The tables provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”

The tables also provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical tables are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

14 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
TempFund

	Par (000)		Value
Agency Obligations — 5.3%
Federal Home Loan Bank Variable Rate Notes — 1.8%
2.36%, 3/20/09(a)	$	343,860	$	344,143,868
2.64%, 8/13/09(a)		360,600		360,600,000
2.62%, 8/14/09(a)		527,935		527,866,957
				1,232,610,825
Federal Home Loan Mortgage Corp. Discount Notes — 0.2%
2.52%, 8/11/08(b)		74,145		73,615,605
2.50%, 8/18/08(b)		50,000		49,621,528
				123,237,133
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.0%
2.46%, 9/25/09(a)		849,070		848,719,766
2.82%, 9/28/09(a)		554,405		554,211,118
				1,402,930,884
Federal National Mortgage Assoc. Discount Notes — 1.3%
2.50%, 8/06/08(b)		262,879		261,108,218
2.50%, 8/20/08(b)		132,140		131,123,458
2.51%, 8/20/08(b)		90,000		89,303,475
2.49%, 9/08/08(b)		282,745		280,202,651
2.49%, 9/10/08(b)		173,650		172,064,576
				933,802,378
Total Agency Obligations (Cost $3,692,581,220)				3,692,581,220
Certificates of Deposit — 45.9%
Domestic — 2.4%
Chase Bank USA N.A., (A-1+, P-1)
4.70%, 5/07/08		825,000		825,000,000
HSBC Bank USA, (A-1+, P-1)
2.91%, 6/09/08		25,000		25,000,000
2.65%, 7/10/08		409,000		409,000,000
2.63%, 8/01/08		231,000		231,000,000
State Street Bank & Trust Co., (A-1+, P-1)
2.90%, 5/05/08		60,000		60,000,000
U.S. Bank, N.A., (A-1+, P-1)
2.77%, 10/27/08		70,000		70,000,000
				1,620,000,000
Yankee — 43.5%
Banco Bilbao Vizcaya Argentaria S.A., New York, (A-1+, P-1)(c)
2.86%, 5/06/08(d)		615,885		615,885,000
5.42%, 6/12/08(d)		41,435		41,453,353
2.61%, 6/25/08(d)		400,000		400,000,000
4.55%, 7/07/08(d)		200,000		200,000,000
2.72%, 7/08/08(d)		800,000		800,000,000
2.70%, 7/17/08(d)		100,000		100,000,000
3.00%, 10/24/08(d)		647,695		647,695,000
Bank of Montreal, Chicago, (A-1, P-1)
4.87%, 6/02/08(d)		220,270		220,270,000
Bank of Scotland Plc, New York, (A-1+, P-1)
4.70%, 5/01/08(d)		350,000		350,000,000
2.54%, 6/20/08(d)		400,000		400,000,000
4.39%, 7/07/08(d)		500,000		500,000,000
3.07%, 7/31/08(d)		407,000		407,000,000
2.68%, 10/02/08(d)		345,000		345,000,000
2.72%, 10/02/08(d)		275,000		275,000,000
Banque Nationale de Paris, New York, (A-1+, P-1)
2.94%, 6/04/08(d)		725,000		725,000,000
4.80%, 6/05/08(d)		661,085		661,085,000
4.50%, 7/03/08(d)		702,860		702,860,000
4.26%, 7/09/08(d)		50,000		50,040,349
2.91%, 8/19/08(d)		150,000		150,000,000
2.63%, 10/02/08(d)		400,000		400,000,000
2.74%, 10/16/08(d)		200,000		200,000,000
2.95%, 10/28/08(d)		500,000		500,000,000
Barclays Bank Plc, New York, (A-1+, P-1)
3.00%, 6/04/08(d)		636,400		636,400,000
2.81%, 7/02/08(d)		900,000		900,000,000
2.77%, 7/08/08(d)		1,000,000		1,000,000,000
2.95%, 7/24/08(d)		810,000		810,000,000
Canadian Imperial Bank of Commerce, New York, (A-1, P-1)
4.87%, 6/10/08(d)		508,360		508,360,000
Dexia Bank, New York, (A-1+, P-1)
2.54%, 6/20/08(d)		400,000		400,000,000
2.75%, 7/10/08(d)		413,000		413,007,974

Funds Abbreviations

To simplify the listings of Funds’ holdings in the Schedules of Investments, the names of many of the securities have been abbreviated according to the list on the right.	AMBAC	American Municipal Bond Assurance Corp.	MBIA	Municipal Bond Insurance Association
	AMT	Alternative Minimum Tax	MERLOTS	Municipal Exempt Receipts-Liquidity Option Tender
	BAN	Bond Anticipation Note	P-FLOAT	Putable Floating Option Tax-Exempt Receipt
	CDC	CDC Funding Group	PCRB	Pollution Control Revenue Bond
	COP	Certificates of Participation	PUTTERS	Putable Tax-Exempt Receipt
	DN	Demand Note (Variable Rate)	RAN	Revenue Anticipation Note
	FGIC	Financial Guaranty Insurance Company	RB	Revenue Bond
	FSA	Financial Security Assurance	ROC	Reset Option Certificate
	GO	General Obligation	SBPA	Stand-by Bond Purchase Agreement
	HFA	Housing Finance Authority	TAN	Tax Anticipation Note
	IDA	Industrial Development Authority	TECP	Tax Exempt Commercial Paper
	IDRB	Industrial Development Revenue Bond	TRAN	Tax and Revenue Anticipation Note
	ISD	Independent School District
	LOC	Letter of Credit
	MB	Municipal Bond

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 15

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
TempFund

	Par (000)		Value
Certificates of Deposit (Continued)
Yankee (Continued)
Lloyds TSB Bank Plc, New York, (A-1+, P-1)
2.63%, 7/08/08(d)	$	2,000,000	$	2,000,000,000
2.63%, 7/09/08(d)		1,300,000		1,300,000,000
Mizuho Corporate Bank, New York, (A-1, P-1)
2.86%, 5/05/08(d)		231,550		231,550,000
2.86%, 5/06/08(d)		400,000		400,000,000
2.86%, 5/07/08(d)		670,000		670,000,000
2.86%, 5/08/08(d)		463,090		463,090,000
2.85%, 5/12/08(d)		275,000		275,000,000
Natixis, New York, (A-1+, P-1)
5.42%, 7/10/08(d)		142,995		143,098,136
Nordea Bank Finland Plc, New York, (A-1+, P-1)
4.91%, 6/23/08(d)		153,965		153,967,184
2.65%, 10/14/08(d)		170,005		170,005,000
2.70%, 10/16/08(d)		328,400		328,400,000
4.82%, 10/22/08(d)		34,000		34,015,681
Rabobank Nederland N.V., New York, (A-1+, P-1)
3.00%, 5/06/08(d)		223,000		223,000,000
2.87%, 6/06/08(d)		100,000		100,000,000
2.72%, 6/11/08(d)		250,000		250,000,000
2.60%, 7/08/08(d)		500,000		500,000,000
2.64%, 7/10/08(d)		1,025,000		1,025,009,903
Royal Bank of Scotland Plc, New York, (A-1+, P-1)
2.91%, 6/05/08(d)		1,100,000		1,100,000,000
2.81%, 6/12/08(d)		955,000		955,000,000
3.75%, 7/22/08(d)		124,635		124,871,769
2.68%, 10/02/08(d)		500,000		500,000,000
Societe Generale, New York, (A-1+, P-1)(c)
2.93%, 5/29/08(d)		1,000,000		1,000,000,000
3.11%, 10/24/08(d)		523,250		523,275,186
Svenska Handelsbanken AB, New York, (A-1+, P-1)
4.86%, 6/10/08(d)		228,925		228,925,000
2.61%, 10/01/08(d)		391,100		391,100,000
2.70%, 10/17/08(d)		246,000		246,000,000
Toronto Dominion Bank, New York, (A-1+, P-1)
4.86%, 5/28/08(d)		250,000		250,000,915
4.86%, 5/30/08(d)		69,450		69,450,000
4.85%, 6/06/08(d)		508,490		508,490,000
4.52%, 7/07/08(d)		405,000		405,000,000
2.65%, 10/06/08(d)		181,970		181,970,000
2.67%, 10/09/08(d)		465,550		465,550,000
UBS AG, Stamford, (A-1+, P-1)
4.25%, 5/09/08(d)		700,000		700,000,000
2.98%, 6/04/08(d)		600,000		600,000,000
4.90%, 6/04/08(d)		165,170		165,170,000
				30,040,995,450
Total Certificates of Deposit (Cost $31,660,995,450)				31,660,995,450
Commercial Paper(b) — 33.2%
Asset Backed Securities — 19.2%
Amstel Funding Corp., (A-1+, P-1)
3.26%, 5/05/08		147,545		147,491,556
Amsterdam Funding Corp., (A-1, P-1)
2.90%, 5/15/08		150,000		149,830,833
2.97%, 5/20/08		375,000		374,412,188
2.73%, 7/03/08		43,100		42,894,090
Atlantis One Funding Corp., (A-1+, P-1)
3.09%, 5/08/08		391,000		390,765,454
2.75%, 7/01/08		180,000		179,161,250
2.88%, 7/23/08		82,000		81,455,520
Barton Capital Corp., (A-1+, P-1)
2.82%, 5/07/08		25,000		24,988,250
2.82%, 5/08/08		138,000		137,924,330
2.84%, 5/09/08		143,600		143,509,372
2.81%, 5/14/08		153,000		152,844,748
2.82%, 5/15/08		150,000		149,835,500
Cafco LLC, (A-1+, P-1)
2.60%, 6/19/08		55,000		54,805,361
2.92%, 7/08/08		230,000		228,731,422
2.76%, 7/09/08		106,650		106,085,822
2.75%, 7/10/08		250,845		249,503,676
Cancara Asset Securitisation LLC, (A-1+, P-1)
2.87%, 5/07/08		700,000		699,665,167
2.83%, 5/13/08		252,020		251,782,261
2.95%, 5/19/08		400,000		399,410,000
Chariot Funding LLC, (A-1, P-1)
2.85%, 5/02/08		79,000		78,993,746
2.87%, 5/23/08		70,000		69,877,228
2.87%, 5/27/08		56,156		56,039,601
2.65%, 7/07/08		141,595		140,896,661
Charta LLC, (A-1, P-1)
2.83%, 5/06/08		350,000		349,862,431
3.09%, 5/09/08		350,000		349,759,667
2.77%, 7/07/08		210,000		208,917,392
2.76%, 7/09/08		143,600		142,840,356
Ciesco LLC, (A-1+, P-1)
2.77%, 7/07/08		100,000		99,484,472
2.75%, 7/09/08		136,820		136,098,845
Clipper Receivables Co. LLC, (A-1, P-1)
3.00%, 5/13/08		300,000		299,700,000
CRC Funding LLC, (A-1+, P-1)
2.83%, 6/18/08		165,550		164,925,325
2.76%, 7/02/08		200,000		199,049,333
2.76%, 7/09/08		61,550		61,224,400
2.75%, 7/10/08		125,420		124,749,351
Falcon Asset Securitization Co. LLC, (A-1, P-1)
2.57%, 6/19/08		125,148		124,710,225
Grampian Funding LLC, (A-1+, P-1)
2.77%, 5/08/08		228,050		227,927,170
Jupiter Securitization Co. LLC, (A-1, P-1)
2.80%, 5/02/08		51,000		50,996,033
2.87%, 5/22/08		425,000		424,288,479
Kitty Hawk Funding Corp., (A-1+, P-1)
3.05%, 5/09/08		360,000		359,756,000
Liberty Street Funding LLC, (A-1, P-1)
3.07%, 5/15/08		107,000		106,872,254
Nieuw Amsterdam Receivables Corp., (A-1, P-1)
2.85%, 5/12/08		164,100		163,957,096
Old Line Funding LLC, (A-1+, P-1)
2.73%, 6/20/08		88,449		88,113,631
Palisades Commercial Peper Program, (A-1, P-1)
3.18%, 5/15/08		198,320		198,074,744
Park Avenue Receivables Corp., (A-1, P-1)
2.70%, 5/07/08		108,894		108,844,998
2.87%, 5/19/08		191,000		190,725,915
2.87%, 5/20/08		50,000		49,924,264

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
TempFund

	Par (000)		Value
Commercial Paper(b) (Continued)
Asset Backed Securities (Continued)
2.86%, 5/27/08	$	190,000	$	189,607,544
Ranger Funding Co. LLC, (A-1+, P-1)
2.80%, 5/12/08		159,354		159,217,664
2.86%, 6/06/08		166,000		165,525,240
Scaldis Capital LLC, (A-1+, P-1)
3.00%, 5/07/08		269,475		269,340,262
2.93%, 5/12/08		333,050		332,751,828
3.03%, 5/20/08		200,000		199,680,167
3.00%, 5/27/08		400,000		399,133,333
3.02%, 5/27/08		250,000		249,454,722
Sheffield Receivables Corp., (A-1+, P-1)
2.82%, 5/06/08		144,000		143,943,600
2.95%, 5/20/08		118,500		118,315,502
Solitaire Funding LLC, (A-1+, P-1)
2.85%, 5/07/08		410,250		410,055,131
2.95%, 5/19/08		408,050		407,448,126
3.05%, 6/25/08		221,000		219,970,201
Surrey Funding Corp., (A-1+, P-1)
2.95%, 5/29/08		277,000		276,364,439
Thames Asset Global Securitization No. 1, Inc., (A-1, P-1)
2.92%, 5/19/08		414,000		413,395,560
Variable Funding Capital Co. LLC, (A-1+, P-1)
3.00%, 5/06/08		59,935		59,910,027
Windmill Funding Corp., (A-1+, P-1)
2.82%, 5/30/08		180,000		179,591,100
2.73%, 7/03/08		15,000		14,928,338
Yorktown Capital LLC, (A-1+, P-1)
3.05%, 5/07/08		300,000		299,847,500
2.60%, 6/19/08		214,000		213,242,678
				13,263,429,379
Banks — 13.4%
ABN AMRO Bank N.V., Chicago, (A-1+, P-1)
2.73%, 5/13/08		80,000		79,927,200
Bank of America Corp., (A-1+, P-1)
2.98%, 5/07/08		200,000		199,900,667
4.69%, 5/27/08		347,500		346,322,940
3.67%, 6/17/08		375,000		373,201,760
2.84%, 7/07/08		500,000		497,357,222
3.80%, 7/11/08		397,815		394,833,598
2.83%, 8/19/08		365,650		362,489,260
2.58%, 10/06/08		500,000		494,325,167
Barclays US Funding Corp., (A-1+, P-1)
2.93%, 7/24/08		16,000		15,890,613
Citigroup Funding, Inc., (A-1+, P-1)
4.73%, 5/01/08		45,840		45,840,000
2.90%, 5/02/08		300,000		299,975,833
4.73%, 5/02/08		54,225		54,217,875
2.90%, 5/06/08		300,000		299,879,167
4.73%, 5/09/08		200,000		199,789,778
3.12%, 5/19/08		100,000		99,844,000
4.81%, 6/04/08		199,105		198,200,510
2.75%, 6/11/08		250,000		249,217,014
2.75%, 6/20/08		250,000		249,045,139
Dexia Delaware LLC, (A-1+, P-1)
2.90%, 6/05/08		220,000		219,380,792
2.49%, 6/16/08		225,000		224,284,125
2.70%, 7/07/08		348,850		347,097,029
HSBC Bank USA, (A-1+, P-1)
2.65%, 7/10/08		100,000		99,485,694
ING (US) Funding LLC, (A-1+, P-1)
2.75%, 5/12/08		95,500		95,419,754
2.77%, 5/15/08		50,000		49,946,139
2.66%, 6/02/08		500,000		498,817,778
2.90%, 6/05/08		79,915		79,689,684
JPMorgan Chase & Co., (A-1+, P-1)
3.00%, 5/05/08		644,000		643,785,333
2.64%, 7/17/08		615,750		612,273,065
Natexis Banques Popularies US Finance Co. LLC, (A-1+, P-1)
3.00%, 6/05/08		284,720		283,889,567
Nordea North America, Inc., (A-1+, P-1)
2.69%, 5/06/08		343,595		343,466,629
2.66%, 7/10/08		173,350		172,453,395
Rabobank USA Finance Co., (A-1+, P-1)
2.85%, 7/23/08		500,000		496,714,583
Societe Generale North America, Inc., (A-1+, P-1)
3.73%, 6/10/08		300,000		298,758,333
4.48%, 7/02/08		300,000		297,687,400
				9,223,407,043
Finance Services — 0.6%
General Electric Capital Corp., (A-1+, P-1)
3.83%, 7/09/08		335,000		332,540,821
3.83%, 7/10/08		64,550		64,069,282
				396,610,103
Insurance — 0.0%
ING America Insurance Holdings, (A-1+, P-1)
2.68%, 7/15/08		13,000		12,927,417
Security Brokers & Dealers — 0.0%
Greenwich Capital Holdings, Inc., (A-1+, P-1)
4.80%, 5/16/08		10,000		9,980,000
Total Commercial Paper (Cost $22,906,353,942)				22,906,353,942
Master Notes — 1.8%
Security Brokers & Dealers — 1.8%
Bank of America Securities LLC, (A-1+, P-1)
2.52%, 5/01/08(e)		688,650		688,650,000
Citigroup Global Markets, Inc., (A-1+, P-1)
2.62%, 5/02/08(e)		550,000		550,000,000
Total Master Notes (Cost $1,238,650,000)				1,238,650,000
Variable Rate Obligations — 7.0%
Asset Backed Securities — 0.3%
Mazarin Funding Corp., (A-1+, P-1)
2.88%, 6/25/08(a)		219,040		219,040,000
Banks — 3.3%
American Express Centurion Bank, (A+, Aa3)
2.97%, 10/10/08(a)		132,020		132,020,000
2.94%, 11/07/08(a)		50,000		50,000,000
Bank of Montreal, Chicago, (A-1, P-1)
3.20%, 11/10/08(a)		600,280		600,280,000
Bank of New York Co., Inc., (A+, Aa3)
2.95%, 5/27/08(a)(f)		125,000		125,000,000
Bank of Scotland Plc, New York, (A-1+, P-1)
2.80%, 10/27/08(a)(d)		522,000		522,000,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 17

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
TempFund

	Par (000)		Value
Variable Rate Obligations (Continued)
Banks (Continued)
Deutsche Bank AG, New York, (AA, Aa1)
2.81%, 1/21/09(a)	$	437,140	$	437,140,000
HSBC (USA), Inc., (AA-, Aa3)
3.22%, 5/15/09(a)		101,935		101,935,000
Wachovia Bank, N.A., (AA, Aa1)
2.91%, 5/01/09(a)		330,350		330,350,000
				2,298,725,000
Finance Services — 0.5%
General Electric Capital Corp., (Aaa, AAA)
2.77%, 1/05/09(a)		170,000		170,046,503
2.92%, 4/24/09(a)		202,000		202,000,000
				372,046,503
Life Insurance — 2.5%
Allstate Life Global Funding II, (AA, Aa2)
2.92%, 9/26/08(a)(f)		75,000		75,000,000
Hartford Life Insurance Co., (A-1+, P-1)
2.82%, 4/30/09 (acquired 10/15/04 through 6/21/05, cost $200,000,000)(a)(g)(h)		200,000		200,000,000
ING Security Life Insurance, (AA, Aa3)
2.86%, 6/06/08(a)(f)		150,000		150,000,000
MetLife Insurance Co. of Connecticut, (A-1+, P-1)
2.82%, 9/29/08 (acquired 10/05/04, cost $250,000,000)(a)(g)(h)		250,000		250,000,000
New York Life Insurance Co., (A-1+, P-1)
2.92%, 4/13/09 (acquired 4/14/08, cost $631,645,000)(a)(g)(h)		631,645		631,645,000
Transamerica Occidental Life Insurance Co., (A-1+, P-1)
2.94%, 5/01/09 (acquired 9/21/04, cost $400,000,000)(a)(g)(h)		400,000		400,000,000
3.32%, 5/01/09 (acquired 12/10/07, cost $4,000,000)(a)(g)(h)		4,000		4,000,000
				1,710,645,000
Security Brokers & Dealers — 0.4%
Morgan Stanley & Co., Inc., (A+, Aa3)
2.84%, 1/14/09(a)		250,000		250,000,000
Total Variable Rate Obligations (Cost $4,850,456,503)				4,850,456,503
Promissory Note — 0.7%
Security Brokers & Dealers — 0.7%
The Goldman Sachs Group, Inc., (A-1+, P-1)
2.95%, 8/22/08 (acquired 8/24/06, cost $469,300,000)(a)(f)(g)(h)
(Cost $469,300,000)		469,300		469,300,000
Time Deposits — 3.3%
Credit Suisse, (A-1+, P-1)
2.38%, 5/01/08		361,000		361,000,000
Deutsche Bank AG, (A-1+, P-1)
2.44%, 5/01/08		600,000		600,000,000
2.47%, 5/01/08		800,000		800,000,000
Societe Generale, (A-1+, P-1)
2.56%, 5/01/08		500,000		500,000,000
Total Time Deposits (Cost $2,261,000,000)				2,261,000,000
Repurchase Agreements — 2.7%
Deutsche Bank Securities Inc.,
1.97%, 5/01/08		300,842		300,842,000
(Agreement dated 4/30/08 to be repurchased at $300,858,463, collateralized by $337,148,000 Resolution Funding Corp. Strips, Federal Home Loan Mortgage Corp. Notes, Federal National Mortgage Assoc. Medium Term Notes, Federal Home Loan Bank Notes, Federal Home Loan Bank Bonds and Federal Farm Credit Bank 0.00% to 5.00% due from 5/05/08 to 1/15/26. The value of the collateral is $309,867,424.)
Deutsche Bank Securities Inc.,
2.00%, 5/01/08		196,000		196,000,000
(Agreement dated 4/30/08 to be repurchased at $196,010,889, collateralized by $221,152,676 Federal Home Loan Mortgage Corp. Bonds 5.00% to 6.50% due from 8/01/36 to 4/01/38. The value of the collateral is $201,880,000.)
Goldman Sachs & Co.,
1.97%, 5/01/08		800,000		800,000,000
(Agreement dated 4/30/08 to be repurchased at $800,043,778, collateralized by $1,439,256,927 Federal National Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Bonds 4.00% to 7.00% due from 6/01/16 to 4/01/38. The value of the collateral is $824,000,000.)
Morgan Stanley & Co., Inc.,
2.00%, 5/01/08		198,000		198,000,000
(Agreement dated 4/30/08 to be repurchased at $198,011,000 collateralized by $365,340,753 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 7.00% due from 10/01/13 to 2/01/38. The value of the collateral is $203,954,285.)
PNC Bank, N.A.,
2.14%, 5/01/08(i)		308,100		308,100,000
(Agreement dated 4/30/08 to be repurchased at $308,118,293, collateralized by $440,723,493 Federal Home Loan Mortgage Corp. Bonds and Federal National Mortgage Assoc. Bonds 5.00% to 6.00% due from 6/01/21 to 6/01/35. The value of the collateral is $347,078,502.)
UBS Securities LLC,
2.00%, 5/01/08		40,000		40,000,000
(Agreement dated 4/30/08 to be repurchased at $40,002,222, collateralized by $278,473,098 Federal National Mortgage Assoc. Strips due from 3/01/34 to 1/01/36. The value of the collateral is $41,200,267.)
Total Repurchase Agreements (Cost $1,842,942,000)				1,842,942,000
Total Investments in Securities — 99.9% (Cost $68,922,279,115*)				68,922,279,115
Other Assets in Excess of Liabilities — 0.1%				102,443,269
Net Assets — 100.0%			$	69,024,722,384

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (concluded) TempFund

* Aggregate cost for federal income tax purposes.

(a) Rate shown is as of report date and the date shown is the final maturity date.

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

(c) Ratings reflect those of main branch.

(d) Issuer is a U.S. branch of a foreign domiciled bank.

(e) Rate shown is as of report date and the date shown is the date on which principal and accrued interest may be recovered through demand.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

(g) Restricted security as to resale. As of report date the Fund held 2.8% of its net assets, with a current market value of $1,954,945,000 and an original cost of $1,954,945,000 in these securities.

(h) Illiquid security.

(i) Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Purchase Cost		Sales Cost		Interest Income
PNC Bank, N.A.	$	16,227,100,000	$	16,275,000,000	$	2,076,732

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 19

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
TempCash

	Par (000)		Value
Agency Obligations — 7.4%
Federal Home Loan Bank Discount Note — 0.7%
2.50%, 8/06/08(a)	$	97,664	$	97,006,124
Federal Home Loan Bank Variable Rate Notes — 1.9%
2.36%, 3/20/09(b)		72,715		72,775,029
2.64%, 8/13/09(b)		76,100		76,100,000
2.62%, 8/14/09(b)		112,915		112,900,447
				261,775,476
Federal Home Loan Mortgage Corp. Discount Note — 0.1%
2.52%, 8/11/08(a)		17,255		17,131,799
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2%
2.46%, 9/25/09(b)		181,090		181,015,302
2.82%, 9/28/09(b)		121,035		120,992,672
				302,007,974
Federal National Mortgage Assoc. Discount Notes — 2.5%
2.48%, 8/13/08(a)		167,294		166,095,431
2.50%, 8/20/08(a)		30,120		29,888,289
2.51%, 8/20/08(a)		29,960		29,728,596
2.49%, 9/08/08(a)		65,810		65,218,258
2.49%, 9/10/08(a)		40,415		40,046,011
				330,976,585
Total Agency Obligations (Cost $1,008,897,958)				1,008,897,958
Certificates of Deposit — 36.9%
Domestic — 2.4%
Chase Bank USA N.A., (A-1+, P-1)
4.70%, 5/07/08		194,855		194,855,000
HSBC Bank USA, (A-1+, P-1)
2.65%, 7/10/08		86,000		86,000,000
2.63%, 8/01/08		48,000		48,000,000
				328,855,000
Yankee — 34.5%
Banco Bilbao Vizcaya Argentaria S.A., New York, (A-1+, P-1)(c)
5.42%, 6/12/08(d)		9,960		9,964,412
2.72%, 7/08/08(d)		100,000		100,000,000
2.70%, 7/17/08(d)		100,000		100,000,000
3.00%, 10/24/08(d)		100,000		100,000,000
Bank of Montreal, Chicago, (A-1, P-1)
4.87%, 6/02/08(d)		55,235		55,235,000
Bank of Nova Scotia, New York, (A-1+, P-1)
2.64%, 10/07/08(d)		196,335		196,335,000
Bank of Scotland Plc, New York, (A-1+, P-1)
2.54%, 6/20/08(d)		50,000		50,000,000
4.39%, 7/07/08(d)		100,000		100,000,000
3.07%, 7/31/08(d)		90,000		90,000,000
2.68%, 10/02/08(d)		70,660		70,660,000
Banque Nationale de Paris, New York, (A-1+, P-1)
2.94%, 6/04/08(d)		75,000		75,000,000
4.80%, 6/05/08(d)		145,000		145,239,302
4.50%, 7/03/08(d)		221,480		221,480,000
4.26%, 7/09/08(d)		67,500		67,554,471
2.91%, 8/19/08(d)		150,000		150,000,000
2.95%, 10/28/08(d)		55,000		55,000,000
Barclays Bank Plc, New York, (A-1+, P-1)
3.00%, 6/04/08(d)		160,000		160,000,000
2.81%, 7/02/08(d)		100,000		100,000,000
2.77%, 7/08/08(d)		200,000		200,000,000
2.95%, 7/24/08(d)		200,000		200,000,000
Canadian Imperial Bank of Commerce, New York, (A-1, P-1)
4.87%, 6/10/08(d)		127,480		127,480,000
Dexia Bank, New York, (A-1+, P-1)
2.54%, 6/20/08(d)		50,000		50,000,000
2.75%, 7/10/08(d)		87,000		87,001,680
Lloyds TSB Bank Plc, New York, (A-1+, P-1)
2.63%, 7/09/08(d)		200,000		200,000,000
Mizuho Corporate Bank, New York, (A-1, P-1)
2.86%, 5/05/08(d)		48,850		48,850,000
2.86%, 5/08/08(d)		97,700		97,700,000
2.85%, 5/12/08(d)		100,000		100,000,000
Natixis, New York, (A-1+, P-1)
5.42%, 7/10/08(d)		27,730		27,750,000
Nordea Bank Finland Plc, New York, (A-1+, P-1)
4.91%, 6/23/08(d)		29,860		29,860,424
2.65%, 10/14/08(d)		35,710		35,710,000
2.70%, 10/16/08(d)		71,600		71,600,000
Rabobank Nederland N.V., New York, (A-1+, P-1)
3.00%, 5/06/08(d)		50,000		50,000,000
2.64%, 7/10/08(d)		275,000		275,002,657
Royal Bank of Scotland Plc, New York, (A-1+, P-1)
4.92%, 6/04/08(d)		85,000		85,000,783
2.91%, 6/05/08(d)		200,000		200,000,000
2.81%, 6/12/08(d)		25,000		25,000,000
2.68%, 10/02/08(d)		45,000		45,000,000
Societe Generale, New York, (A-1+, P-1)(c)
3.11%, 10/24/08(d)		100,000		100,004,813
Svenska Handelsbanken AB, New York, (A-1+, P-1)
4.86%, 6/10/08(d)		55,035		55,035,000
2.61%, 10/01/08(d)		80,135		80,135,000
2.70%, 10/17/08(d)		54,000		54,000,000
Toronto Dominion Bank, New York, (A-1+, P-1)
4.86%, 5/30/08(d)		16,350		16,350,000
4.85%, 6/06/08(d)		84,270		84,270,000
4.52%, 7/07/08(d)		95,000		95,000,000
2.65%, 10/06/08(d)		49,580		49,580,000
2.67%, 10/09/08(d)		105,000		105,000,000
UBS AG, Stamford, (A-1+, P-1)
2.98%, 6/04/08(d)		200,000		200,000,000
4.90%, 6/04/08(d)		34,105		34,105,000
				4,675,903,542
Total Certificates of Deposit (Cost $5,004,758,542)				5,004,758,542
Commercial Paper(a) — 33.4%
Asset Backed Securities — 16.3%
Amsterdam Funding Corp., (A-1, P-1)
2.90%, 5/15/08		50,000		49,943,611
Atlantic Asset Securitization Corp., (A-1, P-1)
2.90%, 5/14/08		100,000		99,895,278
Atlantis One Funding Corp., (A-1+, P-1)
3.11%, 6/04/08		60,000		59,823,767
2.75%, 7/01/08		50,000		49,767,014
Barton Capital Corp., (A-1+, P-1)
2.84%, 5/09/08		31,400		31,380,183
2.82%, 5/15/08		50,000		49,945,167

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
TempCash

	Par (000)		Value
Commercial Paper(a) (Continued)
Asset Backed Securities (Continued)
Cafco LLC, (A-1+, P-1)
2.76%, 7/09/08	$	23,350	$	23,226,478
2.75%, 7/10/08		56,470		56,168,042
Charta LLC, (A-1, P-1)
2.76%, 7/09/08		31,400		31,233,894
Ciesco LLC, (A-1+, P-1)
2.75%, 7/09/08		30,805		30,642,632
CRC Funding LLC, (A-1+, P-1)
2.83%, 6/18/08		34,450		34,320,009
2.77%, 7/07/08		61,000		60,685,528
2.76%, 7/09/08		13,450		13,378,849
2.75%, 7/10/08		28,235		28,084,021
Galleon Capital LLC, (A-1, P-1)
3.05%, 5/23/08		150,000		149,720,417
Jupiter Securitization Co. LLC, (A-1, P-1)
2.87%, 5/22/08		175,000		174,707,021
LMA Americas LLC, (A-1, P-1)
2.80%, 5/14/08		40,000		39,959,556
Nieuw Amsterdam Receivables Corp., (A-1, P-1)
2.85%, 5/12/08		35,900		35,868,737
Old Line Funding LLC, (A-1+, P-1)
2.73%, 6/20/08		19,100		19,027,579
Palisades Commercial Peper Program, (A-1, P-1)
3.18%, 5/15/08		41,840		41,788,258
Park Avenue Receivables Corp., (A-1, P-1)
2.86%, 5/27/08		200,000		199,586,889
2.87%, 6/02/08		71,000		70,818,871
Ranger Funding Co. LLC, (A-1+, P-1)
2.80%, 5/12/08		50,000		49,957,222
Scaldis Capital LLC, (A-1+, P-1)
3.00%, 5/07/08		56,855		56,826,572
2.93%, 5/12/08		75,350		75,282,541
3.03%, 5/20/08		100,000		99,840,083
Sheffield Receivables Corp., (A-1+, P-1)
2.95%, 5/20/08		30,000		29,953,292
2.94%, 6/04/08		85,000		84,763,983
Solitaire Funding LLC, (A-1+, P-1)
2.95%, 5/19/08		91,950		91,814,374
Surrey Funding Corp., (A-1+, P-1)
2.95%, 5/29/08		58,000		57,866,922
Thames Asset Global Securitization No. 1, Inc., (A-1, P-1)
2.92%, 5/19/08		86,000		85,874,440
3.07%, 5/27/08		51,363		51,249,117
Variable Funding Capital Co. LLC, (A-1+, P-1)
3.00%, 5/06/08		15,065		15,058,723
Windmill Funding Corp., (A-1+, P-1)
2.95%, 5/28/08		160,000		159,646,000
				2,208,105,070
Banks — 16.5%
Banco Bilbao Vizcaya Argentaria Puerto Rico, (A-1+, P-1)(c)
2.80%, 6/27/08		100,000		99,556,667
Bank of America Corp., (A-1+, P-1)
3.67%, 6/17/08		150,000		149,280,704
2.84%, 7/07/08		125,000		124,339,306
3.80%, 7/11/08		94,175		93,469,211
2.83%, 8/19/08		83,450		82,728,644
2.58%, 10/06/08		100,000		98,865,033
Citigroup Funding, Inc., (A-1+, P-1)
4.81%, 6/04/08		50,895		50,663,795
Danske Corp., (A-1+, P-1)
2.88%, 5/13/08		100,000		99,904,000
2.71%, 7/11/08		200,000		198,933,028
Dexia Delaware LLC, (A-1+, P-1)
2.90%, 6/05/08		200,000		199,437,083
2.49%, 6/16/08		75,000		74,761,375
2.70%, 7/07/08		78,550		78,155,286
ING (US) Funding LLC, (A-1+, P-1)
2.90%, 6/05/08		20,085		20,028,371
JPMorgan Chase & Co., (A-1+, P-1)
3.00%, 5/05/08		50,000		49,983,333
2.64%, 7/17/08		134,250		133,491,935
Lloyds TSB Bank Plc, (A-1+, P-1)
2.88%, 6/06/08		50,000		49,856,000
2.87%, 6/09/08		150,000		149,533,625
Natexis Banques Popularies US Finance Co. LLC, (A-1+, P-1)
3.00%, 6/05/08		61,620		61,440,275
Nordea North America, Inc., (A-1+, P-1)
2.66%, 7/10/08		39,000		38,798,283
Royal Bank of Scotland Plc, (A-1+, P-1)
4.79%, 5/21/08		100,000		99,733,889
Societe Generale North America, Inc., (A-1+, P-1)
3.73%, 6/10/08		200,000		199,172,222
4.48%, 7/02/08		80,000		79,383,307
				2,231,515,372
Finance Services — 0.6%
General Electric Capital Corp., (A-1+, P-1)
3.83%, 7/09/08		80,000		79,412,733
Total Commercial Paper (Cost $4,519,033,175)				4,519,033,175
Master Notes — 1.7%
Security Brokers & Dealers — 1.7%
Citigroup Global Markets, Inc., (A-1+, P-1)
2.62%, 5/02/08(e)
(Cost $235,000,000)		235,000		235,000,000
Variable Rate Obligations — 15.0%
Asset Backed Securities — 0.4%
Mazarin Funding Corp., (A-1+, P-1)
2.88%, 6/25/08(b)		56,690		56,690,000
Banks — 7.8%
Bank of Montreal, Chicago, (A-1, P-1)
3.20%, 11/10/08(b)		140,310		140,310,000
3.22%, 5/29/09(b)(f)		114,950		114,950,000
Bank of Nova Scotia, New York, (AA-, Aa1)
2.65%, 7/03/08(b)		80,165		80,159,488
Bank of Scotland Plc, New York, (A-1+, P-1)
2.80%, 10/27/08(b)(d)		100,000		100,000,000
Citigroup Funding, Inc., (AA-, Aa3)
3.07%, 8/13/08(b)		30,000		30,000,000
Deutsche Bank AG, New York, (AA, Aa1)
2.81%, 1/21/09(b)		89,365		89,365,000
HBOS Treasury Services Plc, (Aa1, AA)
2.67%, 6/24/08(b)(f)		150,000		150,000,000
2.78%, 1/30/09(b)		45,000		45,000,000
HSBC (USA), Inc., (AA-, Aa3)
3.22%, 5/15/09(b)		23,380		23,380,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 21

Schedule of Investments (concluded)	(Percentages shown are based on Net Assets)
TempCash

	Par (000)		Value
Variable Rate Obligations (Continued)
Banks (Continued)
Royal Bank of Scotland Plc, (Aa1, AA-)
2.76%, 9/26/08(b)(f)	$	100,000	$	100,000,000
Wachovia Bank, N.A., (AA, Aa1)
2.91%, 5/01/09(b)		67,900		67,900,000
Westpac Banking Corp., New York, (Aa1, AA)
3.00%, 10/10/08(b)		108,250		108,250,000
				1,049,314,488
Finance Services — 0.9%
General Electric Capital Corp., (Aaa, AAA)
2.77%, 1/05/09(b)		40,000		40,010,942
2.92%, 4/24/09(b)		83,000		83,000,000
				123,010,942
Life Insurance — 4.4%
Allstate Life Global Funding II, (AA, Aa2)
2.92%, 9/26/08(b)(f)		40,000		40,000,000
2.92%, 1/15/09(b)(f)		100,000		100,000,000
Irish Life & Permanent Plc, (A+, Aa3)
2.90%, 9/19/08(b)(f)		100,000		100,000,000
Monumental Life Insurance Co., (A-1+, P-1)
3.29%, 5/08/09 (acquired 9/23/02, cost $200,000,000)(b)(g)(h)		200,000		200,000,000
New York Life Insurance Co., (A-1+, P-1)
2.92%, 4/13/09 (acquired 4/14/08, cost $132,775,000)(b)(g)(h)		132,775		132,775,000
Transamerica Occidental Life Insurance Co., (A-1+, P-1)
3.32%, 5/01/09 (acquired 6/28/04, cost $26,000,000)(b)(g)(h)		26,000		26,000,000
				598,775,000
Security Brokers & Dealers — 1.5%
Morgan Stanley & Co., Inc., (A+, Aa3)
2.84%, 1/14/09(b)		200,000		200,000,000
Total Variable Rate Obligations (Cost $2,027,790,430)				2,027,790,430
Promissory Note — 2.0%
Security Brokers & Dealers — 2.0%
The Goldman Sachs Group, Inc., (A-1+, P-1)
2.95%(b)(f)(g)(h), 8/22/08 (acquired 8/24/06, cost $266,450,000)
(Cost $266,450,000)		266,450		266,450,000
Time Deposits — 4.3%
Credit Suisse, (A-1+, P-1)
2.38%, 5/01/08
(Cost $578,000,000)		578,000		578,000,000
Repurchase Agreement — 0.0%
Deutsche Bank Securities Inc.,
2.00%, 5/01/08
(Agreement dated 4/30/08 to be repurchased at $790,044, collateralized by $2,363,000 Resolution Funding Corp. Strips due 4/15/30. The value of the collateral is $813,912.)
(Cost $790,000)		790		790,000
Total Investments in Securities — 100.7% (Cost $13,640,720,105*)				13,640,720,105
Liabilities in Excess of Other Assets — (0.7)%				(93,179,186	)
Net Assets — 100.0%			$	13,547,540,919

* Aggregate cost for federal income tax purposes.

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

(b) Rate shown is as of report date and the date shown is the final maturity date.

(c) Ratings reflect those of main branch.

(d) Issuer is a U.S. branch of a foreign domiciled bank.

(e) Rate shown is as of report date and the date shown is the date on which principal and accrued interest may be recovered through demand.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

(g) Restricted security as to resale. As of report date the Fund held 4.6% of its net assets, with a current market value of $625,225,000 and an original cost of $625,225,000 in these securities.

(h) Illiquid security.

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
FedFund

	Par (000)		Value
Agency Obligations — 53.7%
Federal Farm Credit Bank Bond — 0.5%
3.38%, 7/15/08	$	50,000	$	49,922,571
Federal Farm Credit Bank Variable Rate Notes — 5.5%
2.31%, 7/09/08(a)		275,000		274,994,787
2.34%, 3/12/09(a)		125,000		125,000,000
2.31%, 11/16/09(a)		150,000		150,000,000
				549,994,787
Federal Home Loan Bank Bonds — 6.2%
4.20%, 6/17/08		25,000		25,000,000
5.13%, 7/23/08		45,000		45,096,825
3.88%, 8/22/08		91,000		90,957,889
4.25%, 9/12/08		19,970		20,111,698
2.58%, 9/17/08		100,000		100,122,082
5.10%, 9/19/08		24,860		25,126,930
2.26%, 10/17/08		225,000		225,022,857
3.75%, 11/14/08		23,500		23,688,538
2.56%, 2/13/09		70,170		70,170,000
				625,296,819
Federal Home Loan Bank Discount Notes — 5.1%
2.00%, 5/01/08(b)		1,238		1,238,000
2.41%, 5/09/08(b)		49,800		49,773,329
4.18%, 5/14/08(b)		107,473		107,310,775
4.11%, 5/21/08(b)		75,000		74,828,750
4.17%, 5/23/08(b)		100,000		99,745,167
4.15%, 5/30/08(b)		50,000		49,832,847
4.17%, 6/27/08(b)		24,000		23,841,540
4.17%, 6/30/08(b)		106,810		106,067,671
				512,638,079
Federal Home Loan Bank Variable Rate Notes — 15.9%
2.65%, 9/17/08(a)		300,000		299,958,221
2.51%, 1/09/09(a)		155,000		155,185,277
2.98%, 2/11/09(a)		200,000		200,089,507
2.95%, 2/18/09(a)		100,000		100,000,000
2.38%, 2/20/09(a)		400,000		400,000,000
2.31%, 3/04/09(a)		150,000		150,000,000
2.54%, 7/14/09(a)		100,000		100,022,674
2.64%, 8/13/09(a)		100,000		100,000,000
2.56%, 1/11/10(a)		100,000		100,129,267
				1,605,384,946
Federal Home Loan Mortgage Corp. Bonds — 1.7%
3.50%, 5/21/08		13,000		12,994,384
4.50%, 8/04/08		29,480		29,599,531
3.63%, 9/15/08		17,069		17,066,022
4.48%, 9/19/08		35,341		35,332,813
5.13%, 10/15/08		31,100		31,502,318
4.63%, 12/19/08		48,377		49,096,399
				175,591,467
Federal Home Loan Mortgage Corp. Discount Notes — 9.3%
2.53%, 5/12/08(b)		92,471		92,399,515
4.16%, 5/19/08(b)		105,000		104,781,600
4.18%, 5/23/08(b)		41,860		41,753,071
3.90%, 5/30/08(b)		60,610		60,419,584
2.49%, 6/02/08(b)		81,150		80,970,388
3.78%, 6/05/08(b)		100,000		99,632,500
2.10%, 6/06/08(b)		50,000		49,895,000
3.81%, 6/06/08(b)		100,000		99,619,000
3.80%, 6/16/08(b)		28,234		28,096,908
4.05%, 6/30/08(b)		115,000		114,224,708
2.10%, 8/29/08(b)		100,000		99,300,000
2.10%, 9/08/08(b)		50,000		49,620,833
2.11%, 10/06/08(b)		19,219		19,041,021
				939,754,128
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2%
2.46%, 9/25/09(a)		139,215		139,157,575
2.82%, 9/28/09(a)		84,595		84,565,416
				223,722,991
Federal National Mortgage Assoc. Bonds — 3.7%
3.25%, 8/15/08		94,205		94,171,876
5.13%, 9/02/08		56,000		56,459,346
5.00%, 9/15/08		200,000		201,905,223
5.00%, 10/16/08		23,445		23,739,503
				376,275,948
Federal National Mortgage Assoc. Discount Notes — 3.6%
2.50%, 5/28/08(b)		79,565		79,415,816
3.98%, 7/02/08(b)		50,000		49,657,278
3.75%, 7/09/08(b)		63,637		63,179,609
2.62%, 7/16/08(b)		94,489		93,966,371
2.83%, 7/16/08(b)		74,619		74,173,193
				360,392,267
Total Agency Obligations (Cost $5,418,974,003)				5,418,974,003
Repurchase Agreements — 46.1%
Banc of America Securities LLC,
1.98%, 5/01/08		300,000		300,000,000
(Agreement dated 4/30/08 to be repurchased at $300,016,500, collateralized by $313,995,972 Federal National Mortgage Assoc. Bonds 4.50% to 5.50% due from 4/01/23 to 2/01/38. The value of the collateral is $306,000,001.)
Barclays Capital Markets, Inc.,
2.00%, 5/01/08		900,000		900,000,000
(Agreement dated 4/30/08 to be repurchased at $900,050,000, collateralized by $1,731,655,007 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Adjustable Mortgage Notes and Federal Home Loan Mortgage Corp. Bonds 4.00% to 7.50% due from 4/01/10 to 2/01/48. The value of the collateral is $918,000,000.)
Barclays Capital Markets, Inc.,
2.90%, 5/05/08		350,000		350,000,000
(Agreement dated 2/04/08 to be repurchased at $352,565,694, collateralized by $513,016,340 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 6.50% due from 7/01/14 to 4/01/38. The value of the collateral is $357,000,000.)

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 23

Schedule of Investments (concluded)	(Percentages shown are based on Net Assets)
FedFund

	Par (000)		Value
Repurchase Agreements (Continued)
Barclays Capital Markets, Inc.,
2.25%, 5/27/08	$	200,000	$	200,000,000
(Agreement dated 3/27/08 to be repurchased at $200,762,500, collateralized by $254,315,521 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes due from 11/01/12 to 4/01/38. The value of the collateral is $204,000,000.)
Credit Suisse Securities (USA) LLC,
2.12%, 7/30/08		150,000		150,000,000
(Agreement dated 4/25/08 to be repurchased at $150,848,000, collateralized by $317,198,765 Federal National Mortgage Assoc. Variable Rate Notes 3.96% to 5.65% due from 7/01/21 to 4/01/44. The value of the collateral is $153,000,178.)
Deutsche Bank Securities Inc.,
1.75%, 5/01/08		64,358		64,358,000
(Agreement dated 4/30/08 to be repurchased at $64,361,129, collateralized by $77,107,744 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $66,288,740.)
Deutsche Bank Securities Inc.,
2.00%, 5/01/08		325,000		325,000,000
(Agreement dated 4/30/08 to be repurchased at $325,018,056, collateralized by $389,384,644 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $334,750,000.)
Deutsche Bank Securities Inc.,
2.43%, 6/11/08		150,000		150,000,000
(Agreement dated 3/13/08 to be repurchased at $150,911,250, collateralized by $179,715,990 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $154,500,000.)
Deutsche Bank Securities Inc.,
2.12%, 7/23/08		300,000		300,000,000
(Agreement dated 4/24/08 to be repurchased at $301,590,000, collateralized by $359,431,979 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $309,000,000.)
Greenwich Capital Markets, Inc.,
1.98%, 5/01/08		575,000		575,000,000
(Agreement dated 4/30/08 to be repurchased at $575,031,625, collateralized by $1,015,736,535 Federal National Mortgage Assoc. Strips due from 11/01/35 to 10/01/36. The value of the collateral is $592,252,032.)
Greenwich Capital Markets, Inc.,
2.45%, 7/09/08		150,000		150,000,000
(Agreement dated 3/05/08 to be repurchased at $151,286,250, collateralized by $293,639,943 Federal National Mortgage Assoc. Strips due from 8/01/35 to 7/01/36. The value of the collateral is $154,501,917.)
Morgan Stanley & Co., Inc.,
2.00%, 5/01/08		377,000		377,000,000
(Agreement dated 4/30/08 to be repurchased at $377,020,944, collateralized by $765,494,582 Federal National Mortgage Assoc. Bonds, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 7.50% due from 8/01/09 to 5/01/38. The value of the collateral is $388,311,053.)
PNC Bank, N.A.,
2.14%, 5/01/08(c)		12,200		12,200,000
(Agreement dated 4/30/08 to be repurchased at $12,200,724, collateralized by $62,650,000 Federal National Mortgage Assoc. Bonds 5.26% due 6/01/35. The value of the collateral is $47,805,057.)
UBS Securities LLC,
2.75%, 6/24/08		300,000		300,000,000
(Agreement dated 2/25/08 to be repurchased at $302,750,000, collateralized by $565,387,638 Federal National Mortgage Assoc. Strips due from 7/01/33 to 7/01/37. The value of the collateral is $309,000,474.)
UBS Securities LLC,
2.45%, 7/07/08		300,000		300,000,000
(Agreement dated 3/05/08 to be repruchased at $302,531,667, collateralized by $804,324,428 Federal National Mortgage Assoc. Strips due from 7/01/33 to 12/01/34. The value of the collateral is $309,000,499.)
UBS Securities LLC,
3.77%, 7/09/08		200,000		200,000,000
(Agreement dated 1/11/08 to be repurchased at $203,770,000 collateralized by $304,063,410 Federal Home Mortgage Corp. Bonds 4.50% to 6.00% due from 4/01/09 to 1/01/38. The value of the collateral is $206,003,562.)
Total Repurchase Agreements (Cost $4,653,558,000)				4,653,558,000
Total Investments in Securities — 99.8% (Cost $10,072,532,003*)				10,072,532,003
Other Assets in Excess of Liabilities — 0.2%				15,802,441
Net Assets — 100.0%			$	10,088,334,444

* Aggregate cost for federal income tax purposes.

(a) Rate shown is as of report date and the date shown is the final maturity date.

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

(c) Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Purchase Cost		Sales Cost		Interest Income
PNC Bank, N.A.	$	3,585,000,000	$	3,581,300,000	$	423,332

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
T-Fund

	Par (000)		Value
Repurchase Agreements — 99.7%
Barclays Capital Markets, Inc.,
1.92%, 5/01/08	$	900,000	$	900,000,000
(Agreement dated 4/30/08 to be repurchased at $900,048,000, collateralized by $869,233,200 U.S. Treasury Notes, U.S. Treasury Bonds, U.S. Treasury Bills and U.S. Treasury Inflation Indexed Securities 3.50% to 12.00% due from 8/15/08 to 4/30/13. The value of the collateral is $918,000,102.)
Credit Suisse Securities (USA) LLC,
1.80%, 5/08/08		950,000		950,000,000
(Agreement dated 4/24/08 to be repurchased at $950,665,000, collateralized by $800,504,000 U.S. Treasury Inflation Indexed Securities 0.63% to 3.88% due from 1/15/09 to 1/15/16. The value of the collateral is $969,004,176.)
Deutsche Bank Securities Inc.,
1.95%, 5/01/08		1,475,000		1,475,000,000
(Agreement dated 4/30/08 to be repurchased at $1,475,079,896, collateralized by $1,306,051,303 U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Securities 3.38% to 13.25% due from 12/15/08 to 4/15/29. The value of the collateral is $1,504,500,010.)
Deutsche Bank Securities Inc.,
1.79%, 6/10/08		375,000		375,000,000
(Agreement dated 3/11/08 to be repurchased at $376,696,771, collateralized by $332,046,942 U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Securities 3.38% to 13.25% due from 12/15/08 to 4/15/29. The value of the collateral is $382,500,003.)
Deutsche Bank Securities Inc.,
1.90%, 6/11/08		500,000		500,000,000
(Agreement dated 3/12/08 to be repurchased at $502,401,389, collateralized by $442,729,255 U.S. Treasury Notes, U.S. Treasury Bonds and U.S. Treasury Inflation Indexed Securities 3.38% to 13.25% due from 12/15/08 to 4/15/29. The value of the collateral is $510,000,003.)
Greenwich Capital Markets, Inc.,
1.95%, 5/01/08		1,375,000		1,375,000,000
(Agreement dated 4/30/08 to be repurchased at $1,375,074,479, collateralized by $1,211,393,000 U.S. Treasury Notes and U.S. Treasury Bonds 4.13% to 8.88% due from 2/15/09 to 2/15/36. The value of the collateral is $1,402,501,797.)
Greenwich Capital Markets, Inc.,
1.40%, 7/25/08		475,000		475,000,000
(Agreement dated 3/18/08 to be repurchased at $477,382,917, collateralized by $403,509,000 U.S. Treasury Notes and U.S. Treasury Bonds 2.13% to 11.75% due from 4/30/10 to 2/15/37. The value of the collateral is $484,502,086.)
HSBC Securities (USA) Inc.,
1.95%, 5/01/08		700,000		700,000,000
(Agreement dated 4/30/08 to be repurchased at $700,037,917, collateralized by $1,715,919,918 U.S. Treasury Strips due from 11/15/08 to 2/15/38. The value of the collateral is $714,002,258.)
JPMorgan Securities Inc.,
1.25%, 5/01/08		186,740		186,740,000
(Agreement dated 4/30/08 to be repurchased at $186,746,484, collateralized by $139,820,000 U.S. Treasury Bonds 7.88% due 2/15/21. The value of the collateral is $190,478,992.)
JPMorgan Securities Inc.,
1.95%, 5/01/08		650,000		650,000,000
(Agreement dated 4/30/08 to be repurchased at $650,035,208, collateralized by $530,943,000 U.S. Treasury Notes and U.S. Treasury Bonds 4.88% to 8.75% due from 5/15/09 to 8/15/22. The value of the collateral is $663,006,431.)
Mizuho Securities USA Inc.,
1.65%, 5/01/08		200,000		200,000,000
(Agreement dated 4/30/08 to be repurchased at $200,009,167, collateralized by $296,453,417 U.S. Treasury Notes, U.S. Treasury Strips and U.S. Treasury Strip Principals 0.00% to 4.75% due from 12/31/08 to 2/15/37. The value of the collateral is $204,000,000.)
Mizuho Securities USA Inc.,
1.95%, 5/01/08		600,000		600,000,000
(Agreement dated 4/30/08 to be repurchased at $600,032,500, collateralized by $889,360,251 U.S. Treasury Notes, U.S. Treasury Strips and U.S. Treasury Strip Principals 0.00% to 4.75% due from 12/31/08 to 2/15/37. The value of the collateral is $612,000,000.)
Morgan Stanley & Co., Inc.,
1.87%, 5/01/08		653,967		653,967,000
(Agreement dated 4/30/08 to be repurchased at $654,000,970, collateralized by $622,309,200 U.S. Treasury Notes and U.S. Treasury Bonds 4.50% to 5.13% due from 2/15/09 to 2/15/31. The value of the collateral is $667,046,441.)
UBS Securities LLC,
1.83%, 5/07/08		750,000		750,000,000
(Agreement dated 4/23/08 to be repurchased at $750,533,750, collateralized by $1,437,477,000 U.S. Treasury Strips due from 2/15/16 to 2/15/36. The value of the collateral is $765,002,389.)
Total Investments in Securities — 99.7% (Cost $9,790,707,000*)				9,790,707,000
Other Assets in Excess of Liabilities — 0.3%				28,432,399
Net Assets — 100.0%			$	9,819,139,399

* Aggregate cost for federal income tax purposes.

• Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Purchase Cost		Sales Cost		Interest Income
Merrill Lynch
Government
Securities Inc.	$	1,071,739,000	$	1,871,739,000	$	110,021

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 25

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
Federal Trust Fund

	Par (000)		Value
Agency Obligations — 100.0%
Federal Farm Credit Bank Bond — 0.8%
3.38%, 7/15/08	$	5,174	$	5,186,989
Federal Farm Credit Bank Discount Notes — 22.9%
1.68%, 5/05/08(a)		50,000		49,990,667
2.66%, 5/08/08(a)		10,000		9,994,828
1.94%, 5/23/08(a)		30,000		29,964,433
2.00%, 5/28/08(a)		24,000		23,964,000
2.45%, 6/02/08(a)		10,000		9,978,222
2.27%, 6/05/08(a)		20,000		19,955,861
				143,848,011
Federal Farm Credit Bank Variable Rate Notes — 18.3%
2.24%, 8/21/08(b)		35,000		35,001,212
2.73%, 8/22/08(b)		40,000		39,998,198
2.76%, 8/27/08(b)		25,000		25,000,000
2.34%, 3/12/09(b)		15,000		15,000,000
				114,999,410
Federal Home Loan Bank Bonds — 6.4%
5.13%, 8/08/08		5,285		5,325,985
2.20%, 10/09/08		25,000		25,000,000
3.63%, 11/14/08		10,000		10,069,940
				40,395,925
Federal Home Loan Bank Discount Notes — 32.2%
2.00%, 5/01/08(a)		9,598		9,598,000
2.72%, 5/02/08(a)		20,000		19,998,489
2.71%, 5/16/08(a)		10,450		10,438,200
4.10%, 5/21/08(a)		8,000		7,981,778
1.97%, 5/23/08(a)		3,000		2,996,388
2.05%, 5/29/08(a)		10,000		9,984,056
4.08%, 5/30/08(a)		8,000		7,973,707
2.10%, 6/06/08(a)		5,446		5,434,563
2.20%, 6/06/08(a)		40,000		39,912,000
4.08%, 6/06/08(a)		8,000		7,967,360
2.10%, 6/11/08(a)		10,000		9,976,083
2.08%, 6/13/08(a)		6,141		6,125,743
4.13%, 6/13/08(a)		9,111		9,066,055
2.12%, 6/20/08(a)		25,000		24,926,389
2.05%, 6/25/08(a)		5,000		4,984,340
2.06%, 6/25/08(a)		10,000		9,968,513
2.08%, 7/11/08(a)		15,000		14,938,615
				202,270,279
Federal Home Loan Bank Variable Rate Notes — 16.3%
2.65%, 9/17/08(b)		10,000		9,998,897
2.51%, 1/09/09(b)		25,000		25,029,883
2.98%, 2/11/09(b)		20,000		20,000,000
2.63%, 8/10/09(b)		25,000		25,000,000
2.56%, 1/11/10(b)		22,000		22,028,439
				102,057,219
Tennessee Valley Authority Bond — 3.1%
5.38%, 11/13/08		19,014		19,336,513
Total Investments in Securities — 100.0% (Cost $628,094,346*)				628,094,346
Other Assets in Excess of Liabilities — 0.0%				64,999
Net Assets — 100.0%			$	628,159,345

* Aggregate cost for federal income tax purposes.

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

(b) Rate shown is as of report date and the date shown is the final maturity date.

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
Treasury Trust Fund

	Par (000)		Value
U.S. Treasury Obligations — 109.3%
U.S. Treasury Bills — 105.6%
1.40%, 5/01/08(a)	$	44,042	$	44,042,000
1.45%, 5/01/08(a)		5,268		5,268,000
1.49%, 5/01/08(a)		43,700		43,700,000
1.54%, 5/01/08(a)		1,358		1,358,000
1.55%, 5/01/08(a)		167,043		167,043,000
1.58%, 5/01/08(a)		170,000		170,000,000
2.35%, 5/01/08(a)		42,075		42,075,000
1.32%, 5/08/08(a)		37,017		37,007,535
1.35%, 5/08/08(a)		50,000		49,986,875
1.39%, 5/08/08(a)		8,322		8,319,751
1.47%, 5/08/08(a)		75,378		75,356,454
1.57%, 5/08/08(a)		15,385		15,380,294
2.15%, 5/08/08(a)		150,000		149,937,357
2.20%, 5/08/08(a)		75,000		74,967,917
0.80%, 5/15/08(a)		11,315		11,311,480
0.82%, 5/15/08(a)		65,000		64,979,272
0.84%, 5/15/08(a)		54,000		53,982,465
1.18%, 5/15/08(a)		4,917		4,914,744
1.20%, 5/15/08(a)		35,000		34,983,667
1.22%, 5/15/08(a)		84,453		84,412,932
1.29%, 5/15/08(a)		100,000		99,949,833
1.45%, 5/15/08(a)		50,000		49,971,903
0.96%, 5/22/08(a)		13,158		13,150,670
1.19%, 5/22/08(a)		40,000		39,972,233
1.20%, 5/22/08(a)		23,347		23,330,657
1.22%, 5/22/08(a)		35,000		34,975,092
1.46%, 5/22/08(a)		20,000		19,982,967
1.48%, 5/22/08(a)		26,215		26,192,368
1.57%, 5/22/08(a)		70,000		69,936,096
1.58%, 5/22/08(a)		100,000		99,907,833
2.21%, 5/22/08(a)		35,000		34,954,859
1.22%, 5/29/08(a)		170,000		169,838,689
1.24%, 5/29/08(a)		313,688		313,385,603
1.44%, 5/29/08(a)		50,000		49,944,000
2.19%, 5/29/08(a)		96,000		95,836,853
0.95%, 6/05/08(a)		35,000		34,967,674
0.98%, 6/05/08(a)		120,000		119,885,666
0.99%, 6/05/08(a)		110,000		109,894,125
1.00%, 6/05/08(a)		160,000		159,844,931
1.05%, 6/05/08(a)		10,000		9,989,826
1.08%, 6/05/08(a)		50,000		49,947,451
1.17%, 6/05/08(a)		50,000		49,943,125
1.22%, 6/05/08(a)		103,944		103,820,711
1.86%, 6/05/08(a)		50,000		49,909,826
0.90%, 6/12/08(a)		35,507		35,469,718
0.92%, 6/12/08(a)		42,255		42,209,893
0.93%, 6/12/08(a)		50,000		49,945,750
0.95%, 6/12/08(a)		5,004		4,998,454
0.98%, 6/12/08(a)		138,746		138,587,951
1.05%, 6/12/08(a)		53,400		53,334,585
1.07%, 6/12/08(a)		140,000		139,825,233
1.20%, 6/12/08(a)		100,000		99,860,000
3.14%, 6/12/08(a)		37,000		36,864,457
3.15%, 6/12/08(a)		18,000		17,933,955
3.18%, 6/12/08(a)		35,000		34,870,109
0.98%, 6/19/08(a)		55,000		54,926,636
1.03%, 6/26/08(a)		33,000		32,947,383
1.22%, 6/26/08(a)		15,000		14,971,533
0.78%, 7/03/08(a)		38,523		38,470,416
1.04%, 7/03/08(a)		110,000		109,800,763
1.11%, 7/03/08(a)		90,000		89,825,175
1.31%, 7/03/08(a)		70,000		69,840,138
1.32%, 7/03/08(a)		35,000		34,919,150
1.33%, 7/03/08(a)		35,000		34,918,844
1.40%, 7/03/08(a)		65,000		64,840,750
2.00%, 7/03/08(a)		15,629		15,574,299
2.09%, 7/03/08(a)		44,499		44,336,634
2.30%, 7/03/08(a)		139,000		138,441,741
1.29%, 7/10/08(a)		100,000		99,750,139
1.31%, 7/10/08(a)		100,000		99,746,056
1.43%, 7/10/08(a)		50,000		49,860,778
1.12%, 7/17/08(a)		130,000		129,688,578
1.21%, 7/24/08(a)		1,486		1,481,822
1.31%, 7/24/08(a)		65,000		64,802,075
1.32%, 7/24/08(a)		65,000		64,800,558
2.40%, 7/24/08(a)		20,000		19,888,000
2.41%, 7/24/08(a)		20,000		19,887,767
2.42%, 7/24/08(a)		20,000		19,887,300
1.39%, 7/31/08(a)		15,000		14,947,296
1.41%, 7/31/08(a)		35,000		34,875,697
1.42%, 7/31/08(a)		15,000		14,946,158
1.14%, 8/07/08(a)		100,000		99,689,667
1.14%, 8/14/08(a)		100,000		99,667,500
1.10%, 8/21/08(a)		75,000		74,743,333
1.12%, 9/04/08(a)		50,000		49,804,000
1.55%, 9/04/08(a)		30,000		29,837,198
1.78%, 9/04/08(a)		35,000		34,782,563
1.55%, 9/11/08(a)		90,000		89,484,625
1.36%, 9/25/08(a)		17,000		16,905,940
1.72%, 10/30/08(a)		36,000		35,686,960
				5,531,437,311
U.S. Treasury Notes — 3.7%
2.63%, 5/15/08		75,000		75,051,270
3.75%, 5/15/08		80,000		80,096,494
5.13%, 6/30/08		40,000		40,220,353
				195,368,117
Total Investments in Securities — 109.3% (Cost $5,726,805,428*)				5,726,805,428
Liabilities in Excess of Other Assets — (9.3)%				(487,862,209	)
Net Assets — 100.0%			$	5,238,943,219

* Aggregate cost for federal income tax purposes is $5,726,981,226.

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

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 27

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds — 99.7%
Alabama — 1.0%
Alabama Public School & College Authority RB Municipal Trust Receipts Floaters Series 2007-2200 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)	$	7,900	$	7,900,000
West Jefferson Industrial Development Board PCRB (Alabama Power Co. Project) Series 1998 DN, (A-1, VMIG-1)
2.45%, 5/01/08(b)		40,590		40,590,000
				48,490,000
Alaska — 0.5%
Valdez Marine Terminal RB (BP Pipelines, Inc. Project) Series 2003A DN, (A-1+, VMIG-1)
2.60%, 5/01/08(b)		10,700		10,700,000
Valdez Marine Terminal RB (BP Pipelines, Inc. Project) Series 2003B DN, (A-1+, VMIG-1)
2.60%, 5/01/08(b)		13,800		13,800,000
				24,500,000
Arizona — 0.3%
Apache County IDRB (Tucson Electric Power Co. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC), (A-1+, VMIG-1)
2.50%, 5/07/08(b)		1,000		1,000,000
Arizona Transportation Board Excise Tax RB Series 2007 DN (Bank of America N.A. Liquidity Facility), (A-1+)
2.45%, 5/07/08(a)(b)		1,880		1,880,000
Chandler GO Municipal Trust Receipts Floaters Series 2007-49TP DN (Wells Fargo Bank N.A. Liquidity Facility),
2.44%, 5/07/08(a)(b)		3,275		3,275,000
Salt River Pima-Maricopa Indian Community RB Series 2006 DN (Bank of America N.A. LOC), (A-1+)
2.45%, 5/07/08(b)		7,300		7,300,000
Salt River Project Agricultural Improvement & Power District RB Municipal Trust Receipts Floaters Series 2007-1841 DN (Morgan Stanley Group Liquidity Facility),
2.43%, 5/07/08(a)(b)		922		921,500
				14,376,500
Arkansas — 0.5%
Arkansas HFA RB (Baptist Health Project) Series 1995 DN (MBIA Insurance), (A-1+)
4.00%, 5/07/08(b)		23,000		23,000,000
California — 5.1%
California Department of Water Resource Power Supply RB Series 2008I-2 DN (Landesbank Hessen-Thueringen Girozentrale LOC), (A-1+, VMIG-1)
2.35%, 5/07/08(b)		2,200		2,200,000
California GO Municipal Trust Receipts Floaters Series 2007-2003 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1)
2.54%, 5/07/08(a)(b)		85		85,000
California GO Municipal Trust Receipts Floaters Series 2008-2590 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.53%, 5/07/08(a)(b)		12,115		12,115,000
California GO Municipal Trust Receipts Floaters Series 2008-2664 DN (Morgan Stanley Municipal Funding Liqudity Facility), (A-1+)
2.53%, 5/07/08(a)(b)		3,800		3,800,000
California GO Municipal Trust Receipts Floaters Series 2008-2670 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.53%, 5/07/08(a)(b)		9,800		9,800,000
California GO Series 2003A-2 DN (JPMorgan Chase & Co. LOC, WestLB AG LOC), (A-1+, VMIG-1)
2.40%, 5/01/08(b)		14,200		14,200,000
California GO Series 2007 RAN, (A-1, P-1)
4.00%, 6/30/08		139,000		139,140,953
California Health Facilities Financing Authority RB Municipal Trust Receipts Floaters Series 2008-2636 DN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), (VMIG-1)
2.53%, 5/07/08(a)(b)		15,055		15,055,000
Long Beach Bond Finance Authority GO Municipal Trust Receipts Floaters Series 2008-2563D DN (AMBAC Insurance, Transamerica International, Inc. Guaranty, Morgan Stanely Municipal Funding Liqudity Facility), (A-1+)
2.55%, 5/07/08(a)(b)		25,990		25,990,000
Los Angeles Unified School District GO Munitops Trust Certificates Series 2005-36 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA), (F-1+, AAA)
3.81%, 5/01/08(a)(b)		15,995		15,995,000
				238,380,953
Colorado — 2.2%
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2005 DN (U.S. Bank N.A. LOC), (A-1+)
2.48%, 5/07/08(b)		10,560		10,560,000
Alamosa County Hospital RB (San Luis Valley Regional Medical Center Project) Series 2007 DN (U.S. Bank N.A. LOC), (A-1+)
2.51%, 5/07/08(b)		6,505		6,505,000
Aurora Centretech Metropolitan District GO Series 1998 DN (U.S. Bank N.A. LOC), (A-1+)
2.43%, 5/07/08(b)		3,170		3,170,000
Colorado Educational & Cultural Facilities Authority RB (Northwest University Project) Series 2007 DN (Bank of America N.A. LOC), (A-1+)
2.45%, 5/07/08(b)		8,265		8,265,000
Colorado Educational & Cultural Facilities Authority RB (St. John Evangelical School Project) Series 2007 DN (Commerce Bank N.A. LOC), (VMIG-1)
2.70%, 5/07/08(b)		11,815		11,815,000

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Colorado (Continued)
Colorado HFA RB Series 2001AA-2 DN (Landesbank Hessen-Thueringen Girozentrale SBPA), (A-1+, VMIG-1)
2.70%, 5/07/08(b)	$	9,800	$	9,800,000
Colorado Housing & Finance Authority RB (Single Family Mortgage Project) Series 2006I-C2 DN (DEFPA Bank Plc SBPA), (A-1, VMIG-1)
2.70%, 5/07/08(b)		2,500		2,500,000
Colorado Springs Utilities RB Series 2005 ROC-RR-II-R-457 DN (Citibank N.A. Liquidity Facility), (VMIG-1)
2.43%, 5/07/08(a)(b)		7,465		7,465,000
Cornerstar Metropolitan District RB Series 2007 DN (Compass Bank LOC), (A-1)
2.51%, 5/07/08(b)		10,000		10,000,000
Regional Transportation District RB (FastTrack Project) Series 2007 ROC-RR-II-R-10118 DN (AMBAC Insurance, Citigroup Financial Products Liquidity Facility), (AAA, A-1)
2.61%, 5/07/08(a)(b)		7,435		7,435,000
Regional Transportation District RB Series 2007 ROC-R-II-R-10117 DN (AMBAC Insurance, Citigroup Financial Products Liquidity Facility),
2.61%, 5/07/08(a)(b)		7,995		7,995,000
Solaris Metropolitan District No. 1 RB Series 2008 DN (KeyBank N.A. LOC), (A-1)
2.48%, 5/07/08(b)		5,610		5,610,000
Southglenn Metropolitan District RB Series 2007 DN (Banque Nationale de Paribas LOC), (A-1+)
2.48%, 5/07/08(b)		3,100		3,100,000
Timnath Development Authority RB Series 2007 DN (Compass Bank LOC),
2.51%, 5/07/08(b)		6,675		6,675,000
				100,895,000
Connecticut — 1.3%
Connecticut Health & Educational Facilities Authority RB Municipal Trust Receipts Floaters (Quinnipiac University Project) Series 2007K-100WD DN (MBIA Insurance, Lehman Liquidity Co. Liquidity Facility), (VMIG-1)
3.55%, 5/07/08(a)(b)		12,370		12,370,000
Connecticut Special Tax Obligation RB (Transportation Infrastructure Project) Series 2003-1 DN (AMBAC Insurance, WestLB AG SBPA), (A-1+, VMIG-1)
4.50%, 5/07/08(b)		50,100		50,100,000
				62,470,000
Delaware — 0.1%
Delaware Economic Development Authority RB (Kentmere Nursing Care Project) Series 2006 DN (M&T Bank Corp. LOC), (A-1)
2.48%, 5/07/08(b)		2,350		2,350,000
Delaware Economic Development Authority RB (St. Anne’s Episcopal School Project) Series 2001 DN (Wilmington Trust Co. LOC), (A-1)
2.43%, 5/07/08(b)		1,935		1,935,000
Sussex County IDRB (Rehoboth Mall Project) Series 2001A DN (M&T Bank Corp. LOC), (A-1)
2.48%, 5/07/08(b)		2,625		2,625,000
				6,910,000
District of Columbia — 0.9%
District of Columbia RB (Arts & Technology Academy Project) Series 2002 DN (M&T Bank Corp. LOC), (VMIG-1)
2.43%, 5/07/08(b)		3,445		3,445,000
District of Columbia RB (Community Connections Real Estate Foundation Issue Project) Series 2007A DN (M&T Bank Corp. LOC),
2.43%, 5/07/08(b)		7,100		7,100,000
District of Columbia RB (Internships & Academic Center Project) Series 2006 DN (Branch Banking & Trust Co. LOC), (Aaa, VMIG-1)
2.48%, 5/07/08(a)(b)		1,700		1,700,000
District of Columbia RB (Washington Drama Society, Inc. Project) Series 2008 DN (JPMorgan Chase Bank LOC), (VMIG-1)
2.43%, 5/07/08(b)		10,000		10,000,000
Washington Metro Area Transportation TECP,
0.95%, 5/06/08		20,000		20,000,000
				42,245,000
Florida — 5.5%
Broward County Professional Sports Facilities RB (Civic Arena Project) Series 2008DB-487 DN (AMBAC Insurance, Deutsche Bank A.G. Liquidity Facility),
2.44%, 5/07/08(a)(b)		7,155		7,155,000
Cape Coral Water & Sewer RB Series 2007 ROC-RR-II-R-11097PB DN (AMBAC Insurance, PB Capital Corp. Liquidity Facility), (A-1, VMIG-1)
2.48%, 5/07/08(a)(b)		6,185		6,185,000
Florida Department of Environmental Protection RB MERLOTS Trust Receipts Series 2007D-81 DN (MBIA Insurance, Wachovia Bank N.A. SBPA), (A-1+)
3.52%, 5/07/08(a)(b)		7,500		7,500,000
Florida Gas Utilities RB (Gas Supply Project) Series 2006 DN (Multiple SBPA’s), (A-1+, VMIG-1)
1.70%, 5/07/08(b)		30,900		30,900,000
Florida Hurricane Catastrophe Fund RB Series 2006A MB,
5.00%, 7/01/08		2,080		2,084,203
Florida Juvenile Department RB MERLOTS Trust Receipts Series 2000 DN (MBIA Insurance, Wachovia Bank N.A. SBPA), (VMIG-1)
4.97%, 5/07/08(a)(b)		10,005		10,005,000
Florida Keys Aqueduct Authority Water RB Series 2008-25 DN (CIFG Insurance, DEPFA Bank Plc SBPA, DEPFA Bank Plc LOC), (VMIG-1)
2.19%, 5/07/08(a)(b)		39,150		39,150,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 29

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Florida (Continued)
Hernando County Water & Sewer RB Eclipse Funding Trust Series 2006-0035 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)	$	7,200	$	7,200,000
Highlands County Health Facilities Authority RB (Adventist Health System Project) Series 2007A-2 DN,
2.55%, 5/07/08(b)		1,070		1,070,000
Jacksonville Electric Authority TECP,
1.38%, 6/04/08		17,325		17,325,000
Jacksonville Health Facilities Authority Hospital RB (Charity Obligation Group Project) Series 1997C DN (MBIA Insurance, Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.65%, 5/01/08(b)		10,170		10,170,000
Jacksonville PCRB (Florida Power & Light Co. Project) Series 1995 DN, (A-1, VMIG-1)
2.45%, 5/01/08(b)		15,540		15,540,000
Jacksonville Transportation RB Series 2008A DN (JPMorgan Chase Bank SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(b)		45,500		45,500,000
Miami Dade County Expressway Authority Toll System RB Series 2006A-121 DN (AMBAC Insurance, Citibank N.A. LOC),
2.49%, 5/07/08(a)(b)		2,740		2,740,000
Miami-Dade County School Board COP Eclipse Funding Trust Series 2007A DN (U.S. Bank LOC), (A-1+)
2.49%, 5/07/08(a)(b)		2,670		2,670,000
Orlando & Orange County Expressway Authority RB Series 2007A DN (FSA Insurance, Bayerishe Landesbank Girozentrale Liquidity Facility),
2.49%, 5/07/08(a)(b)		10,000		10,000,000
Orlando & Orange County Expressway Authority RB Series 2008B-3 DN (Wachovia Bank N.A. LOC), (A-1+, VMIG-1)
2.65%, 5/07/08(b)		20,000		20,000,000
Palm Beach County RB PUTTERS Series 2008-2622 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		1,830		1,830,000
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty), (VMIG-1)
2.57%, 5/07/08(a)(b)(c)		2,130		2,130,000
Polk County IDRB (Winter Haven Hospital Project) Series 2006 DN (SunTrust Bank LOC), (A-1+)
2.45%, 5/07/08(b)		5,000		5,000,000
Port St. Lucie RB Munitops Trust Certificates Series 2006 DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA), (VMIG-1)
3.23%, 5/07/08(a)(b)		10,750		10,750,000
South Miami Health Facilities Authority RB PUTTERS (Baptist Health Project) Series 2008-2473 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		1,550		1,550,000
Volusia County School Board COP Eclipse Funding Trust Series 2007-0036 DN (FSA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+, VMIG-1)
3.78%, 5/07/08(a)(b)		1,960		1,960,000
				258,414,203
Georgia — 2.5%
Atlanta Airport RB Series 2003C-2 DN (MBIA Insurance, Wachovia Bank N.A. SBPA), (A-1+, VMIG-1)
3.00%, 5/07/08(b)		11,450		11,450,000
Atlanta Airport RB Series 2003C-3 DN (MBIA Insurance, WestLB AG SBPA), (A-1+, VMIG-1)
3.00%, 5/07/08(b)		10,960		10,960,000
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2005 DN (FSA Insurance, Citibank N.A. Liquidity Facility), (A-1+)
2.47%, 5/07/08(a)(b)		5,000		5,000,000
Atlanta Water & Wastewater RB Eagle Trust Receipts Series 2006A DN (FSA Insurance, Citibank N.A. Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)		4,600		4,600,000
Atlanta Water & Wastewater RB Series 2008 DN (Wachovia Bank N.A. LOC), (A-1+, VMIG-1)
2.60%, 5/07/08(b)		25,000		25,000,000
Bibb County Methodist Home Development Authority RB Series 2001 DN (SunTrust Bank LOC), (VMIG-1)
2.75%, 5/07/08(b)		2,000		2,000,000
Burke County Development Authority PCRB (Georgia Power Co. Vogtle Project) Series 1994-8 DN, (VMIG-1)
2.53%, 5/07/08(b)		10,000		10,000,000
Burke County Development Authority PCRB (Georgia Power Co. Vogtle Project) Series 1996 DN,
2.65%, 5/07/08(b)		5,700		5,700,000
Forsyth County Development Authority RB (Pinecrest Academy, Inc. Project) Series 2000D DN (SunTrust Bank LOC), (VMIG-1)
2.48%, 5/07/08(b)		1,100		1,100,000
Fulton County Development Authority RB (Georgia Technical Facilities Project) Series 2008B DN (SunTrust Bank LOC), (A-1+, VMIG-1)
2.60%, 5/07/08(b)		3,400		3,400,000
Fulton County Development Authority RB (Mount Vernon Presbyterian School Project) Series 2005 DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.48%, 5/07/08(b)		3,000		3,000,000
Heard County Development Authority PCRB (Georgia Power Co. Wansley Project) Series 1997 DN,
2.70%, 5/07/08(b)		7,500		7,500,000
Municipal Electric Authority RB (Project One Project) Series 2000C DN (MBIA Insurance, Bayerische Landebank Girozentrale LOC), (A-1+, VMIG-1)
2.55%, 5/07/08(b)		26,055		26,055,000
				115,765,000
Hawaii — 0.1%
Hawaii GO Series 2007 ROC-RR-II-R-12161 DN (FSA Insurance, Bank of New York Liquidity Facility), (A-1+, VMIG-1)
2.49%, 5/07/08(a)(b)		3,470		3,470,000
Idaho — 0.2%
Idaho GO Series 2007 TAN, (SP-1+, MIG-1)
4.50%, 6/30/08		10,100		10,112,287

See Notes to Financial Statements.

30 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Illinois — 4.2%
Chicago GO Municipal Trust Receipts Floaters Series 2008-31 DN (DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA),
2.73%, 5/07/08(a)(b)	$	19,200	$	19,200,000
Chicago Park District GO Series 2007 ROC-RR-II-R-12129 DN (FGIC Insurance, FSA Insurance, Bayerische Landesbank Girozentrale Liquidity Facility), (A-1, VMIG-1)
2.50%, 5/07/08(a)(b)		5,665		5,665,000
Chicago Water RB Series 2008-2622 DN (FSA Insurance, Morgan Stanley Municipal Funding Liquidity Facility),
2.48%, 5/07/08(a)(b)		16,700		16,700,000
Cook County Township High School District Number 225 GO PUTTERS Series 2008-2445 DN (JPMorgan Chase & Co. Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		2,690		2,690,000
Illinois Dedicated Tax RB Macon Trust Certificates Series 2002N DN (AMBAC Insurance, Bank of America N.A. SBPA), (A-1+)
3.43%, 5/07/08(a)(b)		2,935		2,935,000
Illinois Educational Facilities Authority RB Macon Trust Certificates Series 2005D DN (Bank of America N.A. SBPA), (A-1+)
2.45%, 5/07/08(a)(b)		2,780		2,780,000
Illinois Educational Facilities Authority RB Series 2007 1B-3 TECP (Dexia Bank LOC), (A-1+)
3.66%, 5/06/08		10,000		10,000,000
Illinois Finance Authority RB (Advocate Health Care Network Project) Series 2008B-4 DN (JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1)
2.58%, 5/07/08(b)		36,525		36,525,000
Illinois Finance Authority RB (University of Chicago Project) Series 2008DB-601 DN (Deutsche Bank Liquidity Facility),
2.44%, 5/07/08(a)(b)		10,305		10,305,000
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2006-06-2001 DN (Landsbank Hessen-Thuringen Girozentrale SBPA), (A-1)
2.49%, 5/07/08(a)(b)		14,000		14,000,000
Illinois Finance Authority RB Municipal Trust Receipts Floaters Series 2007-73TP DN (The Goldman Sachs Group, Inc. Liquidity Facility),
2.44%, 5/07/08(a)(b)		10,005		10,005,000
Illinois GO Macon Trust Certificates Series 2006L DN (Bank of America N.A. SBPA), (VMIG-1)
2.45%, 5/07/08(a)(b)		3,500		3,500,000
Illinois Highway Authority Toll RB Series 1998B DN (FSA Insurance, Landesbank Hessen-Thueringen Girozentrale SBPA), (VMIG-1)
2.60%, 5/07/08(b)		16,675		16,675,000
Kane County Community Unit School District Number 304 GO Municipal Trust Receipts Floaters Series 2008-2310 DN (FSA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.48%, 5/07/08(a)(b)		4,940		4,940,000
Metropolitan Pier & Exposition Authority Dedicated State Tax Receipts RB (McCormick Place Expansion Project) Series 2008DB-476 DN (MBIA Insurance, Deutsche Bank A.G. Liquidity Facility),
2.46%, 5/07/08(a)(b)		15,000		15,000,000
Rockford County RB (Wesley Willows Obligation Project) Series 2007 DN (M & I Marshall & Ilsley LOC), (A-1)
2.58%, 5/01/08(a)(b)		10,625		10,625,000
Rockford IDRB (Trinity Learning Center Project) Series 2003 DN (M & I Marshall & Ilsley Bank LOC),
2.63%, 5/07/08(b)		3,500		3,500,000
Will & Kendall Counties Community Consolidated School District Number 202 GO PUTTERS Series 2008-2569 DN (Assured Guaranty Ltd. Insurance, JPMorgan Chase & Co. Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		6,240		6,240,000
Will County Community High School District No. 210 Lincoln-Way GO Municipal Trust Receipts Floaters Series 2008-2286 DN (FSA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1)
2.48%, 5/07/08(a)(b)		6,625		6,625,000
				197,910,000
Indiana — 2.4%
Elkhart County Industrial Hospital Authority RB (Oaklawn Center Project) Series 2006 DN (Royal Bank of Scotland LOC), (A-1+)
2.48%, 5/07/08(b)		10,745		10,745,000
Indiana Bond Bank RB (Advance Funding Program) Series 2008A RAN (Bank of New York LOC), (SP-1+)
3.00%, 1/30/09		15,000		15,099,203
Indiana Bond Bank RB (Mid-Year Funding Program) Series 2007A RAN (Bank of New York LOC), (SP-1+)
4.50%, 5/20/08		12,000		12,004,518
Indiana Finance Authority RB (Hamilton Grove Project) Series 2008A DN (LaSalle Bank N.A. LOC),
2.50%, 5/07/08(b)		12,935		12,935,000
Indiana Finance Authority RB PUTTERS Series 2006-1642 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		3,790		3,790,000
Indiana Health Facilities Financing Authority RB (Henry County Hospital Project) Series 2002 DN (Fifth Third Bank N.A. LOC), (A-1+)
2.45%, 5/07/08(b)		16,095		16,095,000
Jasper County Economic Development Authority RB (Oak Grove Project) Series 2006 DN (Fifth Third Bank N.A. LOC), (A-1+)
2.48%, 5/07/08(b)		4,380		4,380,000
Porter County Industrial Jail Building Corp. RB MERLOTS Trust Receipts Series 2001A-43 DN (Wachovia Bank N.A. LOC), (A-1)
2.82%, 5/07/08(a)(b)		7,110		7,110,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 31

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Indiana (Continued)
Tipton Economic Development RB (Tipton Memorial Hospital Project) Series 2006A DN (Fifth Third Bank N.A. LOC),
2.48%, 5/07/08(b)	$	24,200	$	24,200,000
Winona Lake Economic Development RB (Grace College Project) Series 2006 DN (KeyBank N.A. LOC), (A-1)
2.48%, 5/07/08(b)		6,730		6,730,000
				113,088,721
Iowa — 0.7%
Des Moines Commercial Development RB (Grand Office Park Project) Series 1985 DN (Principal Life Insurance Co. Guaranty), (A-1+)
2.55%, 5/07/08(b)		8,000		8,000,000
Iowa GO Series 2007 TRAN, (MIG-1, F-1+)
4.00%, 6/30/08		9,000		9,010,878
Urbandale IDRB (Aurora Business Park Assoc. Project) Series 1985 DN (Principal Life Insurance Co. Guaranty), (A-1+)
2.60%, 5/07/08(b)		9,200		9,200,000
Urbandale IDRB (Meredith Drive Assoc. Project) Series 1985 DN (Wells Fargo Bank N.A. LOC),
2.63%, 5/07/08(b)		4,500		4,500,000
				30,710,878
Kansas — 0.1%
Lenexa RB Series 2007-302 DN (Bank of America N.A. Liquidity Facility), (VMIG-1)
2.47%, 5/07/08(a)(b)		4,000		4,000,000
Kentucky — 1.0%
Fort Mitchell League of Cities RB (Funding Trust Lease Project) Series 2002A DN (U.S. Bank N.A. LOC), (VMIG-1)
2.47%, 5/07/08(b)		4,050		4,050,000
Kenton County Educational RB (Redwood Rehabilitation Center Project) Series 2004 DN (Fifth Third Bank N.A. LOC),
2.57%, 5/07/08(b)		510		510,000
Kentucky Asset Liability TECP (Dexia Group LOC),
1.55%, 6/05/08		8,000		8,000,000
Kentucky Economic Development Finance Authority RB (Adventist Long Term Care Project) Series 2007 DN (SunTrust Bank LOC),
2.45%, 5/07/08(b)		3,630		3,630,000
Kentucky Public Energy Gas Authority RB Series 2006 DN (Societe Generale Group LOC), (A-1+, VMIG-1)
2.56%, 5/01/08(b)		28,300		28,300,000
				44,490,000
Louisiana — 2.2%
Donaldsonville IDRB (Chef John Folse & Co. Project) Series 2007A DN (Regions Bank LOC),
2.55%, 5/07/08(b)		5,000		5,000,000
Lafourche Parish Consolidated School District No. 1 GO Series 2008 MB (Assured Guaranty Ltd. Insurance), (AAA)
3.00%, 5/07/08		295		296,410
Lake Charles Harbor & Terminal District RB (Lake Charles Cogeneration Project) Series 2008 MB (Rabobank N.A. GIC), (A-1+)
2.25%, 3/15/09		30,000		30,000,000
Louisiana Gas & Fuel Tax RB Series 2006-0150 DN (FSA Insurance, Citibank N.A. LOC), (A-1+)
2.49%, 5/07/08(a)(b)		23,735		23,735,000
Louisiana Gas & Fuel Tax RB Series 2006A-137 DN (FSA Insurance, Citibank N.A. SBPA), (A-1+)
2.49%, 5/07/08(a)(b)		1,040		1,040,000
Louisiana Housing & Finance Authority RB (Walmsley Multi-Family Housing Project) Series 2004 DN (Federal National Mortgage Assoc. Guaranty), (A-1+)
2.48%, 5/07/08(b)		2,935		2,935,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000B DN,
2.70%, 5/07/08(b)		7,500		7,500,000
Louisiana Local Government Environmental Facilities Community Development Authority RB (Northwestern State University Student Project) Series 2007A DN (Regions Bank LOC),
2.51%, 5/07/08(b)		8,785		8,785,000
Louisiana Public Facilities Authority RB (GCGK Investments LLC Project) Series 2006 DN (AmSouth Bank LOC), (P-1)
2.43%, 5/07/08(b)		4,000		4,000,000
Monroe Sales & Use Tax RB Series 2007A DN (FSA Insurance, JPMorgan Chase Bank SBPA), (A-1+)
2.50%, 5/07/08(b)		19,640		19,640,000
				102,931,410
Maine — 0.1%
Maine School Administrative District No. 051 GO Series 2007 BAN, (SP-1+)
3.75%, 12/30/08		4,000		4,016,714
Maryland — 0.9%
Baltimore County RB (St. Paul’s School for Girls Facility Project) Series 2000 DN (M&T Bank Corp. LOC), (A-1)
2.43%, 5/07/08(b)		4,415		4,415,000
Maryland Economic Development Corp. RB (Assoc. of Catholic Charities Project) Series 1999A DN (M&T Bank Corp. LOC), (A-1)
2.43%, 5/07/08 (acquired 12/14/07, cost $2,135,000)(b)(d)		2,135		2,135,000
Maryland Economic Development Corp. RB (Government Insurance Trust Facility Project) Series 2007 DN (M&T Bank Corp. LOC),
2.43%, 5/07/08(b)		4,260		4,260,000
Maryland Health & Higher Educational Facilities Authority RB (Adventist Healthcare Project) Series 2005A DN (LaSalle Bank N.A. LOC), (VMIG-1)
2.45%, 5/07/08(b)		11,700		11,700,000

See Notes to Financial Statements.

32 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Maryland (Continued)
Maryland Health & Higher Educational Facilities Authority RB (Lifebridge Health Project) PUTTERS Series 2008-2602 DN (Assured Guaranty Ltd. Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)	$	3,440	$	3,440,000
Montgomery County Economic Development RB (Brooke Grove Foundation, Inc. Project) Series 1998 DN (M&T Bank Corp. LOC), (A-1)
2.43%, 5/07/08(b)		8,130		8,130,000
Montgomery County RB (Imagination Stage, Inc. Facilities Project) Series 2002 DN (M&T Bank Corp. LOC), (A-1)
2.48%, 5/07/08(b)		3,060		3,060,000
Montgomery County RB (Ivymount School, Inc. Facilities Project) Series 2000 DN (M&T Bank Corp. LOC), (A-1)
2.43%, 5/07/08(b)		2,500		2,500,000
				39,640,000
Massachusetts — 4.4%
Cohasset GO Series 2007 BAN, (SP-1+)
4.00%, 8/08/08		10,000		10,008,866
Marblehead GO Series 2007 BAN, (SP-1+)
4.00%, 8/14/08		8,000		8,007,521
Massachusetts Development Finance Agency RB (Custodial Receipts Project) Series 2007-344 DN (Bank of America N.A. LOC, Bank of American N.A. Liquidity Facility),
2.54%, 5/07/08(a)(b)		41,815		41,815,000
Massachusetts Development Finance Agency RB (Hillside School Project) Series 2007 DN (Sovereign Bank LOC, JPMorgan Chase Bank LOC), (A-1+, VMIG-1)
2.44%, 5/07/08(b)		5,000		5,000,000
Massachusetts Development Finance Agency RB (Insitution for Developing Disabilitites Project) Series 2008 DN (Sovereign Bank LOC, JPMorgan Chase Bank LOC), (VMIG-1)
1.90%, 5/07/08(b)		10,895		10,895,000
Massachusetts GO Municipal Trust Receipts Floaters Series 2007-P62W-D DN (Lehman Liquidity Co. Liquidity Facility), (VMIG-1)
2.35%, 5/07/08(a)(b)		25,000		25,000,000
Massachusetts GO Municipal Trust Receipts Floaters Series 2008-8023 DN (FSA Insurance, Dexia Credit Local Liquidity Facility), (A-1)
2.47%, 5/07/08(a)(b)		17,135		17,135,000
Massachusetts GO Municipal Trust Receipts Floaters Series 2008-8024 DN (FSA Insurance, Dexia Credit Local Liquidity Facility), (A-1)
2.47%, 5/07/08(a)(b)		22,920		22,920,000
Massachusetts GO Series 2001C MB, (AA, Aa2)
5.25%, 12/01/08		5,285		5,387,122
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare Systems Project) Series 2003D-1 DN, (A-1+, VMIG-1)
2.32%, 5/01/08(b)		6,800		6,800,000
Massachusetts Health & Educational Facilities Authority TECP,
1.55%, 5/19/08		9,000		9,000,000
1.85%, 6/05/08		29,400		29,400,000
Massachusetts Water Resources Authority RB Municipal Trust Receipts Floaters Series 2007-07-KL3D DN (FSA Insurance, Bayerische Hypo-Und Vereinsbank Liquidity Facility), (VMIG-1)
2.75%, 5/07/08(a)(b)		11,640		11,640,000
				203,008,509
Michigan — 3.7%
Detroit Sewage Disposal RB Series 2001C-1 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.60%, 5/07/08(b)		6,000		6,000,000
Kent Hospital Finance Authority RB (Spectrum Health Project) Series 2008B-2 DN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), (A-1, VMIG-1)
2.57%, 5/07/08(b)		70,000		70,000,000
Macomb Hospital Finance Authority RB (Mt. Clemens General Project) Series 2003A-2 DN (Comercia Bank N.A. LOC),
2.75%, 5/07/08(b)		7,695		7,695,000
Michigan Higher Educational Facilities Authority RB (Cleary University Project) Series 2006 DN (Comerica Bank N.A. LOC), (A-1)
2.61%, 5/07/08(b)		5,240		5,240,000
Michigan Hospital Finance Authority RB (Trinity Health Credit) Series 2005F DN, (A-1+, VMIG-1, F-1+)
2.62%, 5/07/08(b)		24,900		24,900,000
Michigan Municipal Bond Authority GO Series 2007B-1 RAN, (SP-1+)
4.50%, 8/20/08		15,000		15,035,939
Michigan State University RB Series 1998A-2 DN (DEPFA Bank Plc SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(b)		36,000		36,000,000
Wayne State University RB Munitops Trust Certificates Series 2006-61 DN (AMBAC Insurance, Bank of America N.A. SBPA), (F-1+)
2.51%, 5/07/08(a)(b)		9,215		9,215,000
				174,085,939
Minnesota — 1.5%
Minneapolis & St. Paul Housing & Redevelopment Authority Health Care Systems RB (Allina Health System Project) Series 2007B-1 DN (MBIA Insurance, Bank of New York SBPA), (VMIG-1)
3.50%, 5/07/08(b)		37,710		37,710,000
Minneapolis & St. Paul Housing & Redevelopment Authority Health Care Systems RB (Children’s Hospital Clinic Project) Series 2004A DN (FSA Insurance, U.S. Bank N.A. SBPA),
2.53%, 5/02/08(b)		5,000		5,000,000
Minneapolis & St. Paul Metropolitan Airports Commission RB Series 2005A DN (AMBAC Insurance, Morgan Stanley Liquidity Facility),
2.44%, 5/07/08(a)(b)		3,450		3,450,000
Minnesota Public Facilities Authority Water PCRB MERLOTS Trust Receipts Series 2002A DN (Wachovia Bank N.A. SBPA), (VMIG-1)
2.72%, 5/07/08(a)(b)		14,695		14,695,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 33

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Minnesota (Continued)
West St. Paul ISD Number 197 RB Series 2004 ROC-RR-II-R-6506 DN (Citibank N.A. SBPA), (A-1+)
2.43%, 5/07/08(a)(b)	$	7,080	$	7,080,000
				67,935,000
Mississippi — 0.7%
Mississippi Development Bank RB Series 2007H-1 DN (Regions Bank LOC), (VMIG-1)
2.05%, 5/07/08(a)(b)		13,000		13,000,000
Mississippi Development Bank Special Obligation RB (Correctional Facilities Project) Series 2002 DN (AMBAC Insurance, AmSouth Bank of Alabama SBPA), (A-1)
5.25%, 5/07/08(b)		205		205,000
Mississippi Hospital Equipement Facililty TECP,
2.15%, 6/06/08		19,210		19,210,000
				32,415,000
Missouri — 1.6%
Bi-State Development Agency Metropolitan District RB (Metrolink Cross County Project) Series 2002A DN (FSA Insurance, WestLB AG SBPA), (A-1+, VMIG-1)
2.80%, 5/07/08(b)		28,260		28,260,000
Brentwoood RB (Eager Road Project) Series 2007-2B DN (Compass Bank LOC), (A-1)
2.50%, 5/07/08(b)		13,235		13,235,000
Jackson County Special Obligation RB Series 2006 ROC-RR-II-R-663 DN (AMBAC Insurance, AmSouth Bank of Alabama LOC), (VMIG-1)
2.91%, 5/07/08(a)(b)		10,055		10,055,000
Missouri Development Finance Board Lease RB Series 1999 DN (Transamerica Life Insurance Co. SBPA), (A-1+)
2.85%, 5/07/08(b)		9,605		9,605,000
Missouri Highways & Transit Commission RB PUTTERS Series 2008-2623 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		5,345		5,345,000
Missouri Highways & Transpotation Commission First Lien State Road RB Municipal Trust Receipts Floaters Series 2008-07 DN (Branch Banking & Trust Co. Liquidity Facility), (A-1)
2.43%, 5/07/08(a)(b)		9,995		9,995,000
				76,495,000
Nebraska — 0.5%
Central Plains Energy RB MERLOTS Trust Receipts Series 2007E-09 DN (Wachovia Bank N.A. SBPA), (A-1+)
2.82%, 5/07/08(a)(b)		5,215		5,215,000
Omaha Convention Center GO Series 2007 ROC-RR-II-R-12170 DN (Bank of New York Liquidity Facility), (A-1+, VMIG-1)
2.46%, 5/07/08(a)(b)		7,990		7,990,000
Scotts Bluff County Hospital Authority No. 1 RB (Regional West Medical Center Project) Series 2005 DN (KeyBank N.A. LOC), (VMIG-1)
2.50%, 5/07/08(b)		10,000		10,000,000
				23,205,000
Nevada — 0.9%
Clark County School District GO PUTTERS Series 2005-1159 DN (FSA Insurance, PB Capital Corp. Liquidity Facility),
2.51%, 5/07/08(a)(b)		3,975		3,975,000
Henderson Healthcare Facility RB Municipal Trust Receipts Floaters (Catholic Healthcare West Project) Series 2008-2633 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.53%, 5/07/08(a)(b)		14,500		14,500,000
Reno Health Facility RB Municipal Trust Receipts Floaters (Catholic Healthcare West Project) Series 2008-2634 DN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), (A-1+)
2.53%, 5/07/08(a)(b)		21,375		21,375,000
				39,850,000
New Hampshire — 1.3%
New Hampshire Business Finance Authority RB (Huggins Hospital Project) Series 2007 DN (TD Banknorth N.A. LOC), (A-1+)
2.63%, 5/07/08(b)		5,000		5,000,000
New Hampshire Business Finance Authority RB (Monadnock Community Hospital Project) Series 2007 DN (TD BankNorth N.A. LOC), (A-1+)
2.63%, 5/01/08(b)		8,230		8,230,000
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005A DN (TD Banknorth N.A. LOC),
2.48%, 5/07/08(b)		4,000		4,000,000
New Hampshire Business Finance Authority RB (Taylor Home Project) Series 2005B DN (TD Banknorth N.A. LOC), (VMIG-1)
2.46%, 5/07/08(b)		4,310		4,310,000
New Hampshire Business Finance Authority RB (Valley Regional Hospital Project) Series 2003 DN (Bank of New York LOC), (A-1+)
2.48%, 5/07/08(b)		9,665		9,665,000
New Hampshire Health & Educational Facilities Authority RB (Wentworth Douglass Hospital Project) Series 2001 DN (Radian Insurance, JPMorgan Chase Bank LOC), (A-1+)
2.40%, 5/07/08(b)		3,950		3,950,000
New Hampshire Higher Education & Health Facilities Authority RB Municipal Trust Receipts Floaters Series 2007-1633 DN (AMBAC Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1)
2.53%, 5/07/08(a)(b)		27,590		27,590,000
				62,745,000
New Jersey — 2.0%
Camden County Improvement Authority RB (Harvest Village Project) Series 1999A DN (JPMorgan Chase Bank LOC), (A-1+)
2.29%, 5/01/08(b)		1,400		1,400,000
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-1 DN (Allied Irish Bank Plc LOC), (VMIG-1)
2.60%, 5/07/08(b)		15,000		15,000,000

See Notes to Financial Statements.

34 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
New Jersey (Continued)
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-4 DN (Bank of America N.A. LOC), (VMIG-1)
2.60%, 5/07/08(b)	$	9,635	$	9,635,000
New Jersey Economic Development Authority RB (School Facilities Project) Series 2008V-5 DN (Wachovia Bank N.A. LOC), (VMIG-1)
2.60%, 5/07/08(b)		25,000		25,000,000
New Jersey GO Series 2007 TRAN, (SP-1+, MIG-1)
4.50%, 6/24/08		10,000		10,012,941
Port Authority of New York & New Jersey Special Obligation RB (Versatile Structure Obligation Project) Series 1994-2 DN (JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1)
1.69%, 5/01/08(b)		30,400		30,400,000
				91,447,941
New Mexico — 1.3%
New Mexico Finance Authority RB Series 2008A-2 DN (UBS AG LOC),
1.55%, 5/07/08(b)		8,000		8,000,000
New Mexico GO Series 2007 TRAN,
3.75%, 6/30/08		40,000		40,045,851
University of New Mexico RB Munitops Trust Certificates Series 2005-42 DN (AMBAC Insurance, ABN-AMRO Bank N.V. SBPA), (F-1+)
2.51%, 5/07/08(a)(b)		10,290		10,290,000
				58,335,851
New York — 6.5%
Long Island Power Authority Electric System RB Municipal Trust Receipts Floaters Series 2008-2565D DN (CIFG Insurance, Morgan Stanley Municipal Funding Liqiudity Facility, Transamerica International, Inc. Guaranty), (A-1+)
2.56%, 5/07/08(a)(b)		18,345		18,345,000
Metropolitan Transportation Authority RB (Dedicated Tax Fund Project) Series 2002B DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+)
2.30%, 5/07/08(b)		48,450		48,450,000
New York City GO Series 1993E-4 DN (State Street Bank & Trust Co. LOC), (A-1+, VMIG-1)
2.50%, 5/01/08(b)		13,000		13,000,000
New York City GO Series 2005E-3 DN (Bank of America N.A. LOC), (A-1+, VMIG-1)
2.37%, 5/07/08(b)		1,255		1,255,000
New York City GO Series 2008J-3 DN (Allied Irish Bank Plc LOC), (A-1, VMIG-1)
2.50%, 5/07/08(b)		1,000		1,000,000
New York City GO Series 2008L-5 DN (Dexia Credit Local Liquidity Facility), (A-1+)
2.50%, 5/07/08(b)		30,000		30,000,000
New York City Municipal Water Finance Authority TECP, (A-1+, P-1)
2.20%, 5/29/08		34,100		34,100,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2007-2008BB-1 DN (Fortis Bank SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(b)		50,000		50,000,000
New York City Transitional Finance Authority RB (Future Tax Secured Project) Series 2001A DN (JPMorgan Chase Bank SBPA), (A-1+, VMIG-1)
2.65%, 5/07/08(b)		30,600		30,600,000
New York City Transitional Finance Authority RB (New York City Recovery Project) Series 2002-3B DN (Citigroup Global Markets Holdings, Inc. SBPA), (A-1+, VMIG-1)
2.66%, 5/01/08(b)		39,625		39,625,000
New York Dormitory Authority RB (Cornell University Project) Series 2008C DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.50%, 5/07/08(b)		10,800		10,800,000
New York Local Government Assistance Corp. RB Series 1993A DN (GO of Corp. Insurance, Bayerische Landesbank Girozentrale LOC, Westdeutsche Landesbank Girozentrale LOC), (A-1+, VMIG-1)
2.65%, 5/07/08(b)		7,000		7,000,000
New York Power Authority TECP,
1.33%, 5/09/08		17,412		17,412,000
				301,587,000
North Carolina — 1.7%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-1015 DN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(b)		18,000		18,000,000
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005D DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.38%, 5/07/08(b)		15,025		15,025,000
Guilford County Industrial Facilities PCRB (Recreational Facilities-YMCA Project) Series 2002 DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.48%, 5/07/08(b)		280		280,000
Mecklenburg County COP Series 2007A DN (Landesbank Hessen-Thueringen Girozentrale SBPA), (A-1, VMIG-1)
2.65%, 5/01/08(b)		9,900		9,900,000
North Carolina Capital Facilities Finance Agency Educational Facilities RB (High Point University Project) Series 2006 DN (Branch Banking & Trust Co. LOC), (A-1+)
2.48%, 5/07/08(b)		4,250		4,250,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 35

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
North Carolina (Continued)
North Carolina Capital Facilities Finance Agency Educational Facilities RB (The Downtown Middle School Project) Series 2006 DN (Branch Banking & Trust Co. LOC), (A-1+) 2.48%, 5/07/08(b)
2.48%, 5/07/08(b)	$	1,175	$	1,175,000
North Carolina GO Series 2003A-23 MB (Wachovia Bank N.A. SBPA), (A-1+)
2.00%, 2/09/09(a)		5,500		5,500,000
North Carolina Medical Care Commission Hospital RB (Southeastern Regional Medical Center Project) Series 2005 DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.48%, 5/07/08(b)		2,950		2,950,000
North Carolina Medical Care Commission Retirement Facilities RB (United Church Homes & Services Project) Series 2007 DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.48%, 5/07/08(b)		6,150		6,150,000
University of North Carolina at Chapel Hill RB Munitops Trust Certificates Series 2005-52 DN (Bank of America N.A. SBPA), (VMIG-1)
2.45%, 5/07/08(a)(b)		5,995		5,995,000
University of North Carolina RB Eagle Trust Receipts Series 2005A DN (Citibank N.A. Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		10,000		10,000,000
				79,225,000
Ohio — 5.0%
American Municipal Power, Inc. GO Series 2008A TECP (JPMorgan Chase Bank LOC), (A-1+, P-1)
2.35%, 5/20/08		20,000		20,000,000
1.50%, 6/04/08		41,725		41,725,000
American Municipal Power, Inc. RB (Prepayment Project) Series 2007A MB (The Goldman Sachs Group, Inc. Guaranty), (AA-, Aa3)
5.00%, 2/01/09		3,615		3,676,403
Buckeye Tobacco Settlement Financing Authority RB Municipal Trust Receipts Floaters Series 2007-2125 DN (Morgan Stanley Municipal Funding Liquidity Facility, Morgan Stanley Municipal Funding Guaranty), (A-1, VMIG-1)
2.53%, 5/07/08(a)(b)		1,600		1,600,000
Buckeye Tobacco Settlement Financing Authority RB Series 2008-619 DN (Deutsche Bank Guaranty, Deutsche Bank Liquidity Facility), (F-1+)
2.44%, 5/07/08(a)(b)		28,970		28,970,000
Butler County Healthcare Facilities RB (LifeSphere Project) Series 2007 DN (U.S. Bank N.A. LOC),
2.46%, 5/07/08(b)		2,075		2,075,000
Cincinnati School District COP Series 2007 ROC-RR-II-R-12049 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility), (A-1+, P-1)
2.49%, 5/07/08(a)(b)		4,400		4,400,000
Cleveland Waterworks RB Series 1998I MB (FSA Insurance), (AAA, Aa2)
5.25%, 1/01/09		2,410		2,433,289
Columbus Regional Airport Authority RB PUTTERS Series 2007-2353 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		1,700		1,700,000
Columbus Regional Airport Authority RB Series 2007 DN (MBIA Insurance),
2.44%, 5/07/08(a)(b)		5,015		5,015,000
Columbus Sewerage System RB PUTTERS Series 2008-2456 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		1,400		1,400,000
Cuyahoga County Health Care Facilities RB (Franciscan Communities Project) Series 2004E DN (LaSalle Bank N.A. LOC), (A-1)
2.45%, 5/07/08(b)		2,915		2,915,000
Delaware County Port Authority Economic Development RB (The Columbus Zoological Park Assoc. Project) Series 2006 DN (JPMorgan Chase Bank LOC),
2.48%, 5/07/08(b)		1,850		1,850,000
East Liverpool City Hospital RB Series 2006 DN (Fifth Third Bank N.A. LOC), (A-1+)
2.53%, 5/07/08(b)		5,700		5,700,000
Hamilton County Economic Development RB (Taft Museum Project) Series 2002 DN (Fifth Third Bank N.A. LOC),
2.49%, 5/07/08(b)		280		280,000
Hamilton County Healthcare Facilities RB (Import-Episcopal Project) Series 2005A DN (KeyBank N.A. LOC), (A-1, VMIG-1)
2.44%, 5/07/08(b)		850		850,000
Hamilton County Hospital Facilities RB (Drake Center, Inc. Project) Series 1999A DN (U.S. Bank N.A. LOC), (VMIG-1)
2.43%, 5/07/08(b)		380		380,000
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (FSA Insurance, Svenska Handelsbanken AB SBPA), (A-1+)
2.42%, 5/07/08(a)(b)(c)		3,845		3,845,000
Hilliard School District GO Series 2007A BAN,
4.00%, 6/12/08		6,100		6,102,155
Kent State University RB Municipal Trust Receipts Floaters Series 2001 DN (MBIA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1)
3.35%, 5/07/08(b)		7,900		7,900,000
Lakewood School District GO PUTTERS Series 2007-1960 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
3.67%, 5/07/08(a)(b)		3,180		3,180,000
Madeira City School District School Improvement GO Munitops Trust Certificates Series 2006-37 DN (MBIA Insurance, ABN-AMRO Bank N.V. SBPA), (VMIG-1)
2.51%, 5/07/08(a)(b)		6,995		6,995,000
Ohio GO (Common Schools Project) Series 2006C DN,
2.55%, 5/07/08(b)		1,245		1,245,000
Ohio GO (Full Faith & Credit Highway Project) Series 2004H MB,
5.00%, 5/01/08		700		700,000

See Notes to Financial Statements.

36 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Ohio (Continued)
Ohio GO (Higher Education Project) Series 2002A MB, (AAA, Aaa)
5.00%, 8/01/08	$	3,630	$	3,641,711
Ohio GO (Highway Capital Improvement Project) Series 1998C MB, (AAA, Aaa)
5.00%, 5/01/08		1,000		1,000,000
Ohio GO Series 2004B MB,
5.00%, 2/01/09		1,390		1,419,922
Ohio Higher Educational Facility Community RB Eclipse Funding Trust (University of Dayton Project) Series 2006-0107 DN (FGIC Insurance, U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)		1,305		1,305,000
Ohio Water Development Authority RB (Water Development Pure Water Project) Series 2002B DN (MBIA Insurance, State Street Bank & Trust Co. SBPA), (A-1+, VMIG-1)
3.25%, 5/07/08(b)		6,380		6,380,000
Summit County Port Authority Port Facilities RB (Summa Wellness Institute Project) Series 2006 DN (Fifth Third Bank N.A. LOC), (VMIG-1)
2.69%, 5/07/08(b)		2,000		2,000,000
University of Akron General Receipts RB Series 2008C-1 DN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA), (VMIG-1)
2.60%, 5/07/08(b)		30,000		30,000,000
University of Akron General Receipts RB Series 2008C-2 DN (Assured Guaranty Ltd. Insurance, Dexia Credit Local SBPA), (VMIG-1)
2.60%, 5/07/08(b)		30,000		30,000,000
Wood County Facilities Import Piping Industry RB Series 2001 DN (KeyBank N.A. LOC),
2.49%, 5/07/08(b)		1,695		1,695,000
				232,378,480
Oklahoma — 0.1%
Oklahoma Turnpike Authority RB Series 2006 DN (Lloyds TSB Bank Plc, Fortis Bank, Banco Bilbao Vizcaya Argentaria S.A. SBPA), (VMIG-1)
2.50%, 5/07/08(b)		6,670		6,670,000
Oregon — 0.9%
Klamath Falls Electricity RB Series 1999 MB (Escrowed in U.S. Treasury), (AAA, Aaa)
6.00%, 1/01/09		40,000		41,540,078
Pennsylvania — 4.7%
Berks County Municipal Authority RB (Phoebe-Devitt Homes Project) Series 2008A DN (Sovereign Bank & Banco Santander LOC), (A-1+)
2.45%, 5/07/08(b)		4,200		4,200,000
Delaware Valley Regional Finance Authority Local Government RB Municipal Securities Trust Receipts Series 2007A DN (Societe Generale Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		22,500		22,500,000
Emmaus General Authority RB Series 1996 DN (FSA Insurance, Wachovia Bank N.A. SBPA), (A-1+)
2.65%, 5/07/08(b)		52,800		52,800,000
Lancaster County Hospital Authority RB (Masonic Homes Project) Series 2008B DN (Wachovia Bank N.A. LOC), (A-1+)
2.65%, 5/07/08(b)		4,165		4,165,000
Montgomery County IDRB (Fountain Life Christian Project) Series 2007A DN (First Tennessee Bank LOC),
2.49%, 5/07/08(b)		3,220		3,220,000
North Penn Water Authority RB Municipal Trust Receipts Floaters Series 2008-24 DN (FGIC Insured, DEPFA Bank Plc SBPA, DEPFA Bank Plc LOC), (VMIG-1)
2.19%, 5/07/08(a)(b)		6,030		6,030,000
Pennsylvania Turnpike Commission RB Series 2001U DN (Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.30%, 5/07/08(b)		49,750		49,750,000
Pennsylvania Turnpike Commission RB Series 2002A-1 DN (WestLB SBPA), (A-1+, VMIG-1)
2.70%, 5/07/08(b)		28,375		28,375,000
Philadelphia School District GO Municipal Trust Receipts Floaters Series 2004 DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.45%, 5/07/08(a)(b)		11,110		11,110,000
Philadelphia School District GO Series 2007A TRAN (Bank of America N.A. LOC), (SP-1+, MIG-1)
4.50%, 6/27/08		7,900		7,909,284
Philadelphia School District GO Series 2008B-1 DN (State Aid Withholding Insurance, Wachovia Bank N.A. LOC), (A-1+, VMIG-1)
2.40%, 5/07/08(b)		15,000		15,000,000
Philadelphia School District GO Series 2008C-1 DN (State Aid Withholding Insurance, Commerce Bank N.A. LOC), (A-1+, VMIG-1)
2.40%, 5/07/08(b)		11,000		11,000,000
York General Authority RB (Strand Capital Performing Arts Center Project) Series 2002 DN (M&T Bank Corp. LOC), (A-1)
2.48%, 5/07/08(b)		1,720		1,720,000
				217,779,284
Puerto Rico — 1.0%
Commonwealth of Puerto Rico GO Series 2007 TRAN (Bank of Nova Scotia, Banque Nationale de Paribas, Dexia Credit Local, Fortis Bank, Banco Bilbao Vizcaya Argentaria S.A., KBC Bank N.V. and Banco Santander Central Hisapano LOC), (SP-1+)
4.25%, 7/30/08		20,000		20,040,963
Commonwealth of Puerto Rico Highway & Transportation Authority RB MERLOTS Trust Receipts Series 2007C-111 DN (FSA Insurance, Wachovia Bank N.A. SBPA),
2.35%, 5/07/08(a)(b)		10,475		10,475,000
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1985 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)		3,750		3,750,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 37

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Puerto Rico (Continued)
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1986 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)	$	2,500	$	2,500,000
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1987 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)		3,250		3,250,000
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1988 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility),
2.49%, 5/07/08(a)(b)		1,500		1,500,000
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipts Floaters Series 2007-2006-1991 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)		5,100		5,100,000
				46,615,963
Rhode Island — 2.1%
East Providence GO Series 2008 TAN, (SP-1+)
3.00%, 7/09/08		15,000		15,004,184
Narragansett Bay Commission RB Series 2004A DN (MBIA Insurance, Dexia Credit Local SBPA), (A-1+)
4.20%, 5/07/08(b)		51,220		51,220,000
Rhode Island Health & Educational Building Corp. Higher Education Facility RB (Bryant University Project) Series 2008 DN (TD BankNorth N.A. LOC), (A-1+, VMIG-1)
2.35%, 5/07/08(b)		32,600		32,600,000
				98,824,184
South Carolina — 0.1%
Horry County School District GO Series 2007 ROC-RR-II-R-754PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility), (VMIG-1)
2.48%, 5/07/08(a)(b)		5,665		5,665,000
Tennessee — 7.8%
Blount County Public Building Authority RB Municipal Trust Receipts Floaters Series 2008-11 DN (AMBAC Municipal Government Insurance, DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA),
2.19%, 5/07/08(a)(b)		17,900		17,900,000
Blount County Public Building Authority RB Municipal Trust Receipts Floaters Series 2008-12 DN (AMBAC Municipal Government Insurance, DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA),
2.19%, 5/07/08(a)(b)		4,750		4,750,000
Blount County Public Building Authority RB Municipal Trust Receipts Floaters Series 2008-13 DN (AMBAC Municipal Government Insurance, DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA),
2.19%, 5/07/08(a)(b)		13,300		13,300,000
Gallatin Industrial Development Board Educational Facilities RB (John Vianney School Project) Series 2002 DN (SunTrust Bank LOC), (VMIG-1)
2.75%, 5/07/08(b)		1,670		1,670,000
Knox County GO Series 2000 MB, (AA, Aa2)
6.00%, 5/07/08		1,000		1,018,832
Montgomery County Public Building Authority Pooled Financing RB (Tennessee County Loan Pool Project) Series 1995 DN (Bank of America N.A. LOC), (A-1+, VMIG-1)
2.45%, 5/07/08(b)		12,690		12,690,000
Municipal Energy Acquistion Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 DN (JPMorgan Chase Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		156,875		156,875,000
Shelby County GO Series 2006C DN (Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.30%, 5/07/08(b)		56,800		56,800,000
Tennergy Corp. Gas RB BNP Paribas STARS Certificates Trust Series 2006-001 DN (BNP Paribas Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		12,000		12,000,000
Tennergy Corp. Gas RB PUTTERS Series 2006-1258Q DN (JPMorgan Chase & Co. Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		8,000		8,000,000
Tennessee Energy Acquisition Corp. Gas RB Municipal Trust Receipts Floaters Series 2004-90TP DN (Branch Banking & Trust Co. Liquidity Facility),
2.44%, 5/07/08(a)(b)		7,900		7,900,000
Tennessee Energy Acquisition Corp. Gas RB Municipal Trust Receipts Floaters Series 2006-52G DN (The Goldman Sachs & Co., Inc. Guaranty, The Goldman Group, Inc. Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		12,000		12,000,000
Tennessee Energy Acquisition Corp. Gas RB Municipal Trust Receipts Floaters Series 2007-2154 DN (Morgan Stanley Municipal Funding Liquidity Facility),
2.55%, 5/07/08(a)(b)		22,500		22,500,000
Tennessee Energy Acquisition Corp. Gas RB PUTTERS Series 2007-2172 DN (JPMorgan Chase Bank Liquidity Facility),
2.51%, 5/07/08(a)(b)		23,390		23,390,000
Tennessee Energy Acquisition Corp. Gas RB PUTTERS Series 2007-2375 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		13,145		13,145,000
				363,938,832
Texas — 14.9%
Austin TECP,
1.40%, 5/09/08		14,466		14,466,000
Clear Creek ISD GO Series 2005-04 DN (Wachovia Bank N.A. LOC), (VMIG-1)
2.82%, 5/07/08(a)(b)		5,100		5,100,000
Comal ISD GO Series 2005 DN (Bank of New York LOC), (A-1, VMIG-1)
2.55%, 5/07/08(a)(b)		2,815		2,815,000

See Notes to Financial Statements.

38 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Texas (Continued)
Conroe ISD GO PUTTERS (School Building Project) Series 2008-2487 DN (PSF Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)	$	1,000	$	1,000,000
Dallas County Community College District GO Series 2007 TECP (Dexia Group LOC), (P-1)
1.50%, 5/15/08		22,500		22,500,000
Dallas ISD Building GO Munitops Trust Certificates Series 2006-8 DN (PSF Guaranty, Bank of America N.A. SBPA), (VMIG-1)
2.44%, 5/07/08(a)(b)		11,565		11,565,000
De Soto ISD RB Series 2004 ROC-RR-II-R-2107 DN (PSF Guaranty, Citigroup Global Markets Holdings, Inc. Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		4,865		4,865,000
Del Valle ISD GO PUTTERS Series 2007-1946 DN (PSF Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		17,325		17,325,000
Eagle Mountain & Saginaw ISD GO Municipal Securities Trust Receipts Series 2003 SGA-141 DN (PSF Guaranty, Societe Generale Group Liquidity Facility), (A-1+)
2.75%, 5/07/08(a)(b)		4,000		4,000,000
Galena Park ISD GO Series 2001 SG-154 DN (PSF Guaranty, Societe Generale Group Liquidity Facility), (A-1)
2.41%, 5/07/08(a)(b)		9,900		9,900,000
Gulf Coast Waste Disposal Authority PCRB (Amoco Oil Remarketing Project) Series 1992 DN, (A-1+, VMIG-1)
2.60%, 5/01/08(b)		34,300		34,300,000
Harris County GO Series 2006A MB, (AA+, Aa1)
5.00%, 10/01/08		2,775		2,799,002
Harris County Health Facilities Development Corp. RB (Texas Children’s Hospital Project) Series 1999B-1 DN (MBIA Insurance, JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1)
2.60%, 5/07/08(b)		29,225		29,225,000
Harris County RB (Toll Road Unlimited Tax & Subordinate Lien Revenue Refunding Bonds Project) Series 2003 MB, (AA+, Aa1)
5.00%, 8/01/08		3,740		3,751,879
Houston GO Munitops Trust Certificates Series 2006-88 DN (FSA Insurance, ABN-AMRO Bank N.V. LOC), (AAA, F1+)
2.45%, 5/07/08(a)(b)		7,400		7,400,000
Houston GO PUTTERS Series 2006-1610 DN (FSA Insurance, JPMorgan Chase Bank LOC), (A-1+)
2.51%, 5/07/08(a)(b)		5,625		5,625,000
Houston ISD GO (Schoolhouse Project) Series 2004 MB (PSF Guaranty, Bank of America N.A. SBPA), (A-1+, MIG-1)
3.75%, 6/16/08		10,000		10,000,000
Houston ISD GO PUTTERS Series 2005 DN (PSF Guaranty, JPMorgan Chase & Co. LOC), (VMIG-1)
2.51%, 5/07/08(a)(b)		5,300		5,300,000
Houston Water & Sewer System RB Municipal Trust Receipts Floaters Series 2007-2043 DN (Branch Banking & Trust Co. Liquidity Facility), (VMIG-1)
2.46%, 5/07/08(a)(b)		14,830		14,830,000
Houston Water & Sewer System RB Series 2007 ROC-RR-II-R-787 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility), (VMIG-1)
2.49%, 5/07/08(a)(b)		1,600		1,600,000
Irving GO Series 2000 MB, (AAA, Aaa)
5.50%, 3/15/09		500		517,247
Judson ISD GO Municipal Trust Receipts Floaters Series 2007-1859 DN (PSF Guaranty, Wells Fargo Bank N.A. Liquidity Facility),
3.45%, 5/07/08(a)(b)		3,940		3,940,000
Katy ISD GO Series 1999A MB (PSF Insurance), (AAA, Aaa)
5.50%, 2/15/09		500		513,389
Lamar Consolidation ISD GO Series 2007 ROC-II-R-10276 DN (PSF Insurance, Citigroup Financial Products Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		5,120		5,120,000
Lamar Consolidation ISD GO Series 2008DB-512 DN (PSF Insurance, Deutsche Bank Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		3,250		3,250,000
Lovejoy ISD GO (School Building Project) Series 2008DB-514 DN (PSF Insurance, Deutsche Bank A.G. Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		3,275		3,275,000
Lower Colorado River Authority RB MERLOTS Trust Receipts Series 2000 DN (FSA Insurance, Wachovia Bank N.A. SBPA), (Aaa, VMIG-1)
2.82%, 5/07/08(a)(b)		2,000		2,000,000
Lower Colorado River Authority TECP (JPMorgan Chase & Co. LOC),
1.40%, 6/10/08		37,000		37,000,000
1.35%, 6/11/08		10,000		10,000,000
Mansfield ISD GO Munitops Trust Certificates Series 2007-54 DN (PSF Insurance, ABN-AMRO Bank N.V. SBPA),
2.44%, 5/07/08(a)(b)		17,710		17,710,000
North East ISD GO Series 2000 SG-143 DN (PSF Guaranty, Societe Generale Group Liquidity Facility),
1.79%, 5/07/08(a)(b)		26,515		26,515,000
North Texas Tollway Authority GO Series 2007 BAN, (SP-1, MIG-1)
4.13%, 11/19/08		153,000		153,020,126
Pasadena ISD GO Munitops Trust Certificates Series 2006-57 DN (PSF Guaranty, ABN-AMRO Bank N.V. SBPA), (VMIG-1)
2.44%, 5/07/08(a)(b)		10,690		10,690,000
Port Arthur ISD GO PUTTERS Series 2008-2579 DN (Assured Guaranty Insurance, JPMorgan Chase & Co. Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		3,510		3,510,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 39

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Texas (Continued)
San Antonio GO Series 2007 MB, (AA+, Aa1)
4.00%, 8/01/08	$	1,000	$	1,002,743
San Antonio RB MERLOTS Trust Receipts Series 2007D-71 DN (Wachovia Bank N.A. SBPA), (A-1+)
2.82%, 5/07/08(a)(b)		2,255		2,255,000
Seminole ISD GO (School Building Project) Series 2008DB-559 DN (PSF Insurance, Deutsche Bank A.G. Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		4,250		4,250,000
Socorro ISD GO Series 2005 ROC-RR-II-R-2222 DN (Citibank SBPA, PSF Guaranty), (F-1+)
2.43%, 5/07/08(a)(b)		2,470		2,470,000
Texas A&M University RB Series 2003 ROC-RR-II-R-4005 DN (Citigroup Financial Products Liquidity Facility), (VMIG-1)
2.43%, 5/07/08(a)(b)		4,925		4,925,000
Texas Affordable Housing Corp. Multi-Family Housing RB Municipal Trust Receipts Floaters Series 2006-12TP DN (MBIA Insurance, Branch Banking & Trust Co. Liquidity Facility), (F-1+)
2.44%, 5/07/08(a)(b)		162		161,830
Texas GO Eagle Trust Receipts Series 2006A-0126 DN (Citibank N.A. Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		5,700		5,700,000
Texas GO Municipal Trust Receipts Floaters Series 2005-1147 DN (Morgan Stanley Group SBPA), (F-1+)
2.43%, 5/07/08(a)(b)		3,710		3,710,000
Texas GO Municipal Trust Receipts Floaters Series 2007-1873 DN (Morgan Stanley Group Liquidity Facility),
2.43%, 5/07/08(a)(b)		6,665		6,665,000
Texas GO PUTTERS Series 2008-2568 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		2,800		2,800,000
Texas GO PUTTERS Series 2008-2618 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		5,400		5,400,000
Texas GO Series 2006-0122 DN (Citibank N.A. Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		7,650		7,650,000
Texas GO Series 2007 TRAN, (SP-1+, MIG-1)
4.50%, 8/28/08		70,000		70,179,407
Texas Municipal Gas Acquisition & Supply Corp. II RB Municipal Trust Receipts Floaters Series 2007-85 DN (The Goldman Sachs Group, Inc. Liquidity Facility),
2.44%, 5/07/08(a)(b)		30,000		30,000,000
Texas Municipal Gas Acquisition & Supply Corp. II RB PUTTERS Series 2007-1989 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		2,330		2,330,000
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II- R-10014 DN (Dexia Credit Local Liquidity Facility), (A-1+, AA-)
2.50%, 5/07/08(a)(b)		14,400		14,400,000
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II- R-10015 DN (Landesbank Hessen-Thueringen Girozentrale Liquidity Facility), (A-1, AA-)
2.50%, 5/07/08(a)(b)		5,900		5,900,000
Texas Public Finance Authority TECP,
1.30%, 5/09/08		13,500		13,500,000
Texas Transportation Commission RB PUTTERS Series 2007-2393 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		2,155		2,155,000
Texas Water Development Board RB Municipal Trust Receipts Floaters (Revolving Fund Project) Series 2008-2300 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		3,935		3,935,000
University of Texas Financing System RB Series 1999B MB, (AAA, Aaa)
5.50%, 8/15/08		300		302,562
University of Texas Financing System RB Series 2008B DN (University of Texas Investment Management Co. Liquidity Facility), (A-1+, VMIG-1)
2.20%, 5/07/08(b)		11,300		11,300,000
University of Texas RB MERLOTS Trust Receipts Series 2003B-14 DN (Wachovia Bank N.A. SBPA), (VMIG-1)
2.72%, 5/07/08(a)(b)		6,225		6,225,000
				692,644,185
Vermont — 0.8%
Vermont Economic Development Authority RB (Green Mountain College Project) Series 2003A DN (KeyBank N.A. LOC),
2.49%, 5/07/08(b)		7,775		7,775,000
Vermont Educational & Health Buildings Financing Agency RB (Mt. Ascutney Hospital Project) Series 2005A DN (TD Banknorth N.A. LOC), (VMIG-1)
2.46%, 5/07/08(b)		4,830		4,830,000
Vermont Educational & Health Buildings Financing Agency RB (Porter Hospital Project) Series 2005A DN (TD Banknorth N.A. LOC),
2.48%, 5/07/08(b)		3,900		3,900,000
Winooski Special Obligation Bonds Series 2006A DN (TD Banknorth N.A. LOC), (VMIG-1)
2.63%, 5/01/08(b)		22,200		22,200,000
				38,705,000
Virginia — 1.0%
Albemarle County IDRB (Jefferson Scholars Foundation Project) Series 2007 DN (SunTrust Bank LOC), (VMIG-1)
2.70%, 5/07/08(b)		5,600		5,600,000
Fairfax County Economic Development Authority RB (Retirement Greenspring Project) Series 2006B DN (Wachovia Bank N.A. LOC), (A-1+)
2.45%, 5/07/08(b)		22,060		22,060,000

See Notes to Financial Statements.

40 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniFund

	Par (000)		Value
Municipal Bonds (Continued)
Virginia (Continued)
Hampton Roads Regional Jail Authority Facilities RB Series 2004 ROC-RR-II-R-2156 DN (MBIA Insurance, Citibank N.A. Liquidity Facility), (MIG-1)
2.72%, 5/07/08(a)(b)	$	4,175	$	4,175,000
Loudoun County IDRB (Howard Hughes Medical Institute Project) Series 2003D DN, (A-1+, VMIG-1)
2.60%, 5/07/08(b)		14,355		14,355,000
Virginia Public School Authority RB Series 2003 ROC-RR-II-R-4050 DN (Citigroup, Inc. Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		100		100,000
Virginia Resources Authority Clean Water RB Municipal Trust Receipts Floaters Series 2007-1860 DN (Wells Fargo Bank N.A. LOC), (VMIG-1)
2.43%, 5/07/08(a)(b)		1,115		1,115,000
				47,405,000
Washington — 2.2%
Branch Banking & Trust RB Municipal Trust Receipts Floaters Series 2008-2 DN (Branch Banking & Trust Co. Liquidity Facility), (VMIG-1)
2.48%, 5/07/08(a)(b)		2,665		2,665,000
Central Puget Sound Regional Transit Authority RB MERLOTS Trust Receipts Series 2007D-76 DN (FSA Insurance, Wachovia Bank N.A. SBPA), (A-1+)
2.82%, 5/07/08(a)(b)		5,000		5,000,000
King County Public Hospital District No. 1 GO Series 2008DB-614 DN (Assured Guaranty Insurance, Deutsche Bank A.G. Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		3,925		3,925,000
Port of Seattle RB Municipal Trust Receipts Floaters Series 2008-2560D DN (FGIC Insurance, Transamerica International, Inc. Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.58%, 5/07/08(a)(b)		11,085		11,085,000
Seattle GO Municipal Securities Trust Certificates Series 2003 SGA-142 DN (Societe Generale Group SBPA, Bear Stearns Capital Markets Liquidity Facility), (A-1+)
2.75%, 5/07/08(a)(b)		4,000		4,000,000
Seattle Municipal Light & Power RB MERLOTS Trust Receipts Series 2001A-56 DN (FSA Insurance, Wachovia Bank N.A. Liquidity Facility), (VMIG-1)
2.82%, 5/07/08(a)(b)		7,335		7,335,000
Snohomish County Public Utility District No. 1 RB (Generation Systems Project) Series 1995 DN (MBIA Insurance, DEPFA Bank Plc SBPA), (A-1, VMIG-1)
4.10%, 5/07/08(b)		20,000		20,000,000
Spokane County School District No. 081 GO Series 2003 ROC-RR-II-R-4000 DN (FSA Insurance, Citibank N.A. Liquidity Facility), (VMIG-1)
2.48%, 5/07/08(a)(b)		3,520		3,520,000
Washington Economic Development Finance Authority RB Series 2006-1531 DN (Morgan Stanley Group LOC), (A-1)
2.48%, 5/07/08(a)(b)		2,136		2,136,500
Washington GO MERLOTS Trust Receipts Series 2006 DN (Wachovia Bank N.A. SBPA), (A-1+)
2.82%, 5/07/08(a)(b)		12,415		12,415,000
Washington GO Series 2007 ROC-RR-II- R-759PB DN (FSA Insurance, PB Capital Corp. Liquidity Facility),
2.48%, 5/07/08(a)(b)		8,020		8,020,000
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 DN (Bank of America N.A. LOC), (A-1+, VMIG-1)
2.65%, 5/01/08(b)		23,520		23,520,000
				103,621,500
Wisconsin — 1.2%
Wisconsin GO Series 2007 MB, (MIG-1, F-1+)
4.50%, 6/16/08		11,000		11,010,134
Wisconsin Health & Educational Facilities Authority RB (Marshfield Project) Series 2006B DN (Marshall & Ilsley Bank LOC),
2.49%, 5/07/08(b)		28,500		28,500,000
Wisconsin Health & Educational Facilities Authority RB (Mercy Alliance, Inc. Project) Series 2007 DN (Marshall & Ilsley Bank LOC),
2.49%, 5/07/08(b)		4,545		4,545,000
Wisconsin Health & Educational Facilities Authority RB (Oakwood Village Project) Series 2000B DN (Marshall & Ilsley Bank LOC), (A-1)
2.49%, 5/07/08(b)		2,295		2,295,000
Wisconsin Health & Educational Facilities Authority RB (St. Joseph’s Community Hospital Project) Series 2001 DN (Marshall & Ilsley Bank LOC), (A-1)
2.49%, 5/07/08(b)		8,700		8,700,000
Wisconsin School Districts Cash Flow Management Program COP Series 2007A-1 BAN (U.S. Bank N.A. LOC), (MIG-1)
4.50%, 9/18/08		2,300		2,307,387
				57,357,521
Total Investments in Securities — 99.7% (Cost $4,649,296,933*)				4,649,296,933
Other Assets in Excess of Liabilities — 0.3%				13,522,774
Net Assets — 100.0%			$	4,662,819,707

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 41

Schedule of Investments (concluded)

MuniFund

* Aggregate cost for federal income tax purposes.

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand.

(c) Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Sales Cost		Interest Income
Alaska Housing Finance Corp. RB (Housing Development Project) Series 2002D DN (MBIA Insurance)	$	10,000,000	$	26,389
Chesterfield County IDRB P-Float Trust Receipts Series 2003 PT-886 DN (Merrill Lynch & Co. Guaranty)		24,995,000		17,134
Delaware Valley Regional Finance Authority Local Government RB Series 2003 PT-749 DN (Landesbank Hessen-Thuringen Girozentrale SBPA)		8,815,000		78,103
Hamilton County Hospital Facilities RB P-Float Trust Receipts Series 2001 PT-507 DN (FSA Insurance, Svenska Handelsbanken AB SBPA)		—		69,511
Kentucky Economic Development Finance Authority RB P-Float Trust Receipts (Hospital Facilities Project) Series 2001-509 DN (Merrill Lynch & Co. SBPA, National Australia Bank Ltd. LOC)		27,520,000		19,317
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurers, Societe Generale Group SBPA)		5,370,000		3,491
Municipal Securities Pool Trust Receipts RB Series 2004-18 DN (Multiple Insurers, Societe Generale Group SBPA)		2,590,000		25,620
New Jersey Economic Development Authority RB P-Float Trust Receipts Series 2004 MT-035 DN (Assured Guaranty Ltd. Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA)		2,200,000		28,415
New Jersey Health Care Facilities Financing Authority RB P-Float Trust Receipts Series 2001 PT-1319 DN (AMBAC Insurance, Merrill Lynch Capital Services SBPA)		2,320,000		1,553
Pennsylvania Higher Educational Facilities Authority RB P-Float Trust Receipts Series 2004 MT-042 DN (Lloyds TSB Bank Plc LOC, Merrill Lynch Capital Services SBPA)		7,100,000		4,589
Pinellas County HFA RB Series 2004A DN (CDC Municipal Products, Inc. SBPA, Rabobank Guaranty)		—		30,048
Triborough Bridge & Tunnel Authority RB P-Float Trust Receipts Series 2002 PA-956 DN (Merrill Lynch Capital Services Liquidity Facility)		5,000,000		3,222

(d) Restricted security as to resale. As of report date the Fund held less than 0.1% of its net assets, with a current market value of $2,135,000 and an original cost of $2,135,000 in these securities.

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds — 99.6%
Alabama — 0.5%
Alabama HFA Single Family Mortgage RB Series 2006H AMT DN (Bayerische Landesbank Girozentrale Guaranty), (Aa2, VMIG-1)
2.75%, 5/07/08(a)	$	1,155	$	1,155,000
Brundidge IDRB (Carter Brothers Project) Series 2001 AMT DN (SouthTrust Bank N.A. LOC),
2.55%, 5/07/08(a)		855		855,000
Tuscaloosa IDRB Series 2000A AMT DN (SouthTrust Bank N.A. LOC),
2.55%, 5/07/08(a)		1,235		1,235,000
				3,245,000
Alaska — 1.0%
Valdez Marine Terminal RB (BP Pipelines, Inc. Project) Series 2003B DN, (A-1+, VMIG-1)
2.60%, 5/01/08(a)		7,200		7,200,000
Arkansas — 0.7%
Arkansas Development Finance Authority Single Family Mortgage RB (Mortgage Backed Securities Program) Series 2006E AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, State Street Bank & Trust Co. LOC), (A-1+)
2.51%, 5/07/08(a)		5,000		5,000,000
California — 2.3%
California Housing Finance Agency Home Mortgage RB Series 2006C DN (Calyon Bank SBPA), (A-1+, VMIG-1)
2.60%, 5/01/08(a)		100		100,000
California Housing Finance Agency Home Mortgage RB Series 2006F AMT DN (Fortis Bank SBPA), (A-1+, VMIG-1)
2.55%, 5/01/08(a)		16,600		16,600,000
				16,700,000
Colorado — 2.0%
Colorado HFA RB Series 2001AA-3 DN (Landesbank Hessen-Thueringen Girozentrale SBPA), (A-1+, VMIG-1)
2.70%, 5/07/08(a)		4,700		4,700,000
Colorado HFA Single Family Mortgage RB Series 2006-1B3 AMT DN (DEPFA Bank Plc SBPA), (A-1, VMIG-1)
2.95%, 5/07/08(a)		9,945		9,945,000
				14,645,000
Florida — 4.8%
Gainesville Utilities System RB Series 2006A DN (SunTrust Bank SBPA), (A-1+)
2.62%, 5/01/08(a)		900		900,000
Jacksonville Economic Development Commission IDRB (Glasfloss Industries, Inc. Project) Series 2002 AMT DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		1,770		1,770,000
Jacksonville Economic Development Commission IDRB (Tremron Jacksonville Project) Series 2000 AMT DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.58%, 5/07/08(a)		1,650		1,650,000
Jacksonville Transportation RB Series 2008A DN (JPMorgan Chase Bank SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		28,400		28,400,000
Lee County IDRB (Raymond Building Supply Corp. Project) Series 1997 AMT DN (SunTrust Bank LOC),
2.81%, 5/07/08(a)		2,015		2,015,000
				34,735,000
Georgia — 1.3%
Burke County Development Authority PCRB (Georgia Power Co. Plant Vogtle Project) Series 1992 DN, (A-1, VMIG-1)
2.58%, 5/01/08(a)		5,955		5,955,000
Clayton County Housing Authority Multi-Family Housing RB (Providence Place Apartments Project) Series 2006 AMT DN (AmSouth Bank of Alabama LOC), (VMIG-1)
2.49%, 5/07/08(a)		300		300,000
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997A AMT DN (Wachovia Bank N.A. LOC),
2.56%, 5/07/08(a)		1,000		1,000,000
Gordon County IDRB (Aladdin Manufacturing Corp. Project) Series 1997B DN (Wachovia Bank N.A. LOC),
2.56%, 5/07/08(a)		1,000		1,000,000
Laurens County IDRB (Aladdin Manufacturing Corp. Project) Series 1997 AMT DN (Wachovia Bank N.A. LOC),
2.56%, 5/07/08(a)		1,000		1,000,000
				9,255,000
Illinois — 5.9%
Chicago GO Municipal Trust Receipts Floaters Series 2008-31 DN (DEPFA Bank Plc LOC, DEPFA Bank Plc SBPA),
2.73%, 5/07/08(a)(b)		5,920		5,920,000
Chicago IDRB (Promise Candy Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC),
2.67%, 5/07/08(a)		2,825		2,825,000
Elmhurst IDRB (Randall Manufacturing Project) Series 2002 DN (LaSalle Bank N.A. LOC), (A-1+)
2.63%, 5/07/08(a)		1,515		1,515,000
Illinois Development Finance Authority IDRB (Cano Packaging Corp. Project) Series 2001 AMT DN (LaSalle Bank N.A. LOC),
2.72%, 5/07/08(a)		1,910		1,910,000
Illinois Development Finance Authority IDRB (Freedman Seating Co. Project) Series 2005 AMT DN (LaSalle Bank N.A. LOC), (A-1+)
2.60%, 5/07/08(a)		2,020		2,020,000
Illinois Development Finance Authority IDRB (Harbortown Industries Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC),
2.70%, 5/07/08(a)		2,000		2,000,000
Illinois Development Finance Authority IDRB (Mason Corp. Project) Series 2000A AMT DN (LaSalle Bank N.A. LOC),
2.70%, 5/07/08(a)		3,895		3,895,000
Illinois Educational Facilities Authority RB Series 2007 1B-3 TECP (Dexia Bank LOC), (A-1+)
3.66%, 5/06/08		7,000		7,000,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 43

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds (Continued)
Illinois (Continued)
Illinois Finance Authority RB (Alternative Behavior Treatment Project) Series 2005 DN (JPMorgan Chase Bank LOC),
2.75%, 5/07/08(a)	$	2,995	$	2,995,000
Illinois Housing Development Authority RB Series 2007H-2 AMT MB, (A-1+, VMIG-1)
3.48%, 10/01/08		1,045		1,045,000
Rockford County RB (Wesley Willows Obligation Project) Series 2007 DN (M & I Marshall & Ilsley LOC), (A-1)
2.58%, 5/01/08(a)(b)		1,825		1,825,000
Upper River Valley IDRB (Advanced Drainage System Project) Series 2002 AMT DN (National City Bank N.A. LOC),
2.80%, 5/07/08(a)		1,300		1,300,000
Will County Environmental Facilities RB (Exxonmobil Project) Series 2001 AMT DN, (A-1+, VMIG-1)
2.70%, 5/01/08(a)		8,085		8,085,000
				42,335,000
Indiana — 3.1%
Anderson Economic Development RB (Printer Zink, Inc. Project) Series 2004A AMT DN (Star Financial Bank LOC, U.S. Bank N.A. LOC), (A-1+)
2.60%, 5/07/08(a)		1,600		1,600,000
Fort Wayne Economic Development Authority RB (Advanced Machine & Tool Project) Series 2001 AMT DN (National City Bank N.A. LOC),
2.95%, 5/07/08(a)		1,270		1,270,000
Huntingburg Multi-Family Housing RB (Lincoln Village Apartments Project) Series 2000 AMT DN (Federal Home Loan Bank Guaranty),
2.70%, 5/07/08(a)		2,250		2,250,000
Indiana Bond Bank RB (Mid-Year Funding Program) Series 2007A RAN (Bank of New York LOC), (SP-1+)
4.50%, 5/20/08		4,500		4,501,695
Indiana Economic Development Finance Authority IDRB (Republic Services, Inc. Project) Series 2005 AMT DN, (VMIG-2)
3.90%, 5/07/08(a)		5,300		5,300,000
Indiana Economic Development Finance Authority RB (Saroyan Hardwoods, Inc. Project) Series 1994 AMT DN (Fifth Third Bank N.A. LOC),
3.20%, 5/07/08(a)		350		350,000
Indiana Finance Authority Health Care Facilities RB (BehaviorCorp, Inc. Project) Series 2007 DN (Hunington National Bank LOC),
2.85%, 5/07/08(a)		2,800		2,800,000
Kendallville Economic Developmental Authority RB (Parts Finishing Group Project) Series 2006 AMT DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		2,725		2,725,000
Orleans Economic Development RB (Almana LLC Project) Series 1995 AMT DN (Bank One N.A. LOC),
2.85%, 5/07/08(a)		900		900,000
Scottsburg Economic Development Authority RB (American Plastic Corp. Project) Series 2000 AMT DN (National City Bank N.A. LOC),
2.95%, 5/07/08(a)		725		725,000
				22,421,695
Iowa — 0.1%
Dallas County IDRB (Sioux City Brick Project) Series 2000A AMT DN (Firstar Bank N.A. LOC),
3.10%, 5/07/08(a)		1,000		1,000,000
Kentucky — 5.9%
City of Wilder Industrial Building RB (Saratoga Investments LP Project) Series 1998 AMT DN (Fifth Third Bank N.A. LOC),
2.63%, 5/07/08(a)		785		785,000
Dayton IDRB (Ramkat Enterprise Project) Series 2001 AMT DN (Peoples Bank LOC, Firstar Bank N.A. LOC),
2.68%, 5/07/08(a)		885		885,000
Elsmere IDRB (International Mold Steel, Inc. Project) Series 1996 AMT DN (U.S. Bank N.A. LOC),
2.63%, 5/07/08(a)		1,010		1,010,000
Jefferson County Industrial Building RB (Atlas Machine & Supply Co. Project) Series 1999 AMT DN (Bank One N.A. LOC),
3.10%, 5/07/08(a)		3,320		3,320,000
Kentucky Economic Development Finance Authority Solid Waste Disposal RB (Republic Services, Inc. Project) Series 2005 AMT DN, (A-2)
3.30%, 5/07/08(a)		7,400		7,400,000
Kentucky Public Energy Gas Authority RB Series 2006 DN (Societe Generale Group LOC), (A-1+, VMIG-1)
2.56%, 5/01/08(a)		29,300		29,300,000
				42,700,000
Louisiana — 5.7%
Donaldsonville IDRB (John Folse & Co., Inc. Project) Series 2003 DN (AmSouth Bank LOC),
2.55%, 5/07/08(a)		2,150		2,150,000
East Baton Rouge RB (Morgan Keegan Municipal Products, Inc. Project) Trust Receipts Series 2007A AMT DN (Transamerica Life Insurance Co. Guaranty, Lloyds TSB Bank Plc SBPA), (A-1+)
2.63%, 5/07/08(a)(b)		2,780		2,780,000
Lake Charles Harbor & Terminal District RB (Lake Charles Cogeneration Project) Series 2008 MB (Rabobank N.A. GIC), (A-1+)
2.25%, 3/15/09		12,000		12,000,000
Louisiana Housing Finance Agency RB (Housing Restoration Project) Series 2002A AMT DN (Regions Bank LOC), (A-1)
2.56%, 5/07/08(a)		2,050		2,050,000
Louisiana Local Government Enviromental Facilities Community Development Authority RB (BASF Corp. Project) Series 2000A DN, (A-1+)
2.80%, 5/07/08(a)		6,000		6,000,000
Louisiana Local Government Enviromental Facilities Community Development Authority RB (Ouachita Christian School, Inc. Project) Series 2002 DN (Bank One N.A. LOC),
2.68%, 5/07/08(a)		1,140		1,140,000
New Orleans Finance Authority RB Morgan Keegan Municipal Products, Inc. Municipal Trust Receipts Floaters Series 2006G AMT DN (Lloyds TSB Bank Plc LOC), (A-1+)
2.63%, 5/07/08(a)(b)		2,500		2,500,000
North Webster Parish IDRB (CSP Project) Series 2001 AMT DN (Regions Bank LOC),
2.53%, 5/07/08(a)		2,425		2,425,000

See Notes to Financial Statements.

44 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds (Continued)
Louisiana (Continued)
St. Charles Parish PCRB (Shell Oil Co. Norco Project) Series 1991 AMT DN, (A-1+, VMIG-1)
2.68%, 5/01/08(a)	$	10,000	$	10,000,000
				41,045,000
Maine — 0.7%
Maine Finance Authority RB (Brunswick Publishing LLC Project) Series 2008 AMT DN (State Street Bank & Trust Co. LOC, SunTrust Bank LOC), (A-1+)
2.53%, 5/07/08(a)		5,000		5,000,000
Maryland — 2.2%
Maryland Economic Development Corp. RB (Acadia Todds Lane LLC Facilities Project) Series 2006 AMT DN (M&T Bank Corp. LOC), (A-1)
2.53%, 5/07/08(a)		5,650		5,650,000
Maryland Economic Development Corp. RB (Bindagraphics, Inc. Facilities Project) Series 2007 AMT DN (Manufacturers & Traders Trust Co. LOC), (A-1)
2.53%, 5/07/08(a)		5,490		5,490,000
Maryland Economic Development Corp. RB (Joe Corbis Pizza Project) Series 2000 AMT DN (M&T Bank Corp. LOC), (A-1)
2.58%, 5/01/08(a)		665		665,000
Maryland Economic Development Corp. RB (Lithographing Co. Project) Series 2001 AMT DN (M&T Bank Corp. LOC), (A-1)
2.53%, 5/07/08(a)		1,920		1,920,000
Maryland Economic Development Corp. RB (Redrock LLC Facilities Project) Series 2002 DN (M&T Bank Corp. LOC), (VMIG-1)
2.58%, 5/07/08(a)		2,100		2,100,000
				15,825,000
Massachusetts — 0.3%
Massachusetts Health & Educational Facilities Authority RB (Partners Healthcare Systems Project) Series 2003D-1 DN, (A-1+, VMIG-1)
2.32%, 5/01/08(a)		1,800		1,800,000
Michigan — 7.2%
Michigan Housing Development Authority RB Series 2007D AMT DN, (A-1+)
3.05%, 9/13/08(a)		10,000		10,000,000
Michigan Municipal Bond Authority GO Series 2007B-2 RAN (Scotiabank LOC), (SP-1+)
4.50%, 8/20/08		4,400		4,410,542
Michigan Strategic Fund Ltd. Obligation RB (America Group LLC Project) Series 2000 AMT DN (Bank One N.A. LOC),
3.30%, 5/07/08(a)		3,000		3,000,000
Michigan Strategic Fund Ltd. Obligation RB (Bayloff Properties Project) Series 1998 AMT DN (National City Bank N.A. LOC),
2.95%, 5/07/08(a)		1,000		1,000,000
Michigan Strategic Fund Ltd. Obligation RB (Conway Products Project) Series 2001 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		1,730		1,730,000
Michigan Strategic Fund Ltd. Obligation RB (Dow Chemical Project) Series 2003B-1 DN, (A-2, P-2)
3.50%, 5/07/08(a)		450		450,000
Michigan Strategic Fund Ltd. Obligation RB (G&B Tech LLC Project) Series 2005 AMT DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		1,505		1,505,000
Michigan Strategic Fund Ltd. Obligation RB (Hannah Technical Project) Series 2002 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		2,500		2,500,000
Michigan Strategic Fund Ltd. Obligation RB (John A. Van Bosch Co. Project) Series 2006 AMT DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		2,000		2,000,000
Michigan Strategic Fund Ltd. Obligation RB (K&K Management Co. Project) Series 2000 AMT DN (Huntington National Bank LOC),
2.78%, 5/07/08(a)		1,000		1,000,000
Michigan Strategic Fund Ltd. Obligation RB (Kay Screen Printing, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC),
3.10%, 5/07/08(a)		2,720		2,720,000
Michigan Strategic Fund Ltd. Obligation RB (Midwest Glass Fabricators, Inc. Project) Series 2001 DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		1,870		1,870,000
Michigan Strategic Fund Ltd. Obligation RB (Pyper Products Corp. Project) Series 2002 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		2,010		2,010,000
Michigan Strategic Fund Ltd. Obligation RB (Saginaw Production Corp. Project) Series 2001 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		1,915		1,915,000
Michigan Strategic Fund Ltd. Obligation RB (Total Business Systems Project) Series 1998 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		2,100		2,100,000
Oakland County Economic Development Corp. RB (Glass & Mirror Craft Industries, Inc. Project) Series 2000 AMT DN (Bank One N.A. LOC),
2.80%, 5/07/08(a)		3,600		3,600,000
Zeeland Hospital Finance Authority RB (Zeeland Community Hospital Project) Series 2004 DN (Huntington National Bank LOC), (A-2)
2.85%, 5/07/08(a)		10,300		10,300,000
				52,110,542
Minnesota — 0.2%
Becker IDRB (Plymouth Foam Project) Series 2004 DN (Associated Bank N.A. LOC),
2.64%, 5/07/08(a)		1,770		1,770,000
Mississippi — 0.1%
Mississippi Development Bank Special Obligation GO (Jackson Project) Series 2008 MB (Assured Guaranty Ltd.), (Aaa)
3.00%, 5/01/09		980		987,894

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 45

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds (Continued)
Missouri — 6.7%
Bridgeton IDRB (Gold Dust LLC Project) Series 2000A AMT DN (Commerce Bank N.A. LOC),
2.71%, 5/07/08(a)	$	2,725	$	2,725,000
Missouri Higher Education Loan Authority RB Series 2006A AMT DN (MBIA Insurance, DEPFA Bank Plc SBPA), (A-1, VMIG-1)
3.10%, 5/07/08(a)		40,000		40,000,000
Palmyra IDA Solidwaste Disposal RB (BASF Corp. Project) Series 2002 AMT DN (BASF Aktiengesellsch Liquidity Facility), (A-1+)
2.80%, 5/07/08(a)		4,000		4,000,000
St. Charles County IDRB (Austin Machine Co. Project) Series 2003A DN (Bank of America N.A. LOC),
2.66%, 5/07/08(a)		1,450		1,450,000
				48,175,000
Montana — 0.1%
Montana Housing Board RB MERLOTS Trust Receipts Series 2002A-19 AMT DN (Wachovia Bank N.A. LOC), (VMIG-1)
2.87%, 5/07/08(a)(b)		995		995,000
Multi-State — 3.1%
Federal Home Loan Mortgage Corp. Variable Rate Demand Certificates (Multi-Family Housing Project) Series 2005A-M005 AMT DN (Federal Home Loan Mortgage Corp. Guaranty), (AAA)
3.33%, 5/07/08(a)		22,471		22,471,111
New Hampshire — 0.3%
New Hampshire Business Finance Authority Industrial Facilities RB (Felton Brush, Inc. Project) Series 1997 AMT DN (KeyBank N.A. LOC), (VMIG-1)
2.81%, 5/07/08(a)		755		755,000
New Hampshire Business Finance Authority Industrial Facilities RB (JMT Properties LLC Project) Series 2002 AMT DN (M&T Bank Corp. LOC), (A-1)
2.70%, 5/07/08(a)		1,645		1,645,000
				2,400,000
New Mexico — 1.1%
Farmington PCRB (Arizona Public Service Co. Four Corners Project) Series 1994C AMT DN (Barclays Bank Plc LOC), (A-1+, P-1)
2.52%, 5/01/08(a)		8,100		8,100,000
New York — 8.9%
Lewis County IDRB (Climax Manufacturing Co. Project) Series 2000 AMT DN (M&T Bank Corp. LOC), (A-1, VMIG-1)
2.55%, 5/07/08(a)		730		730,000
New York City GO Series 1993E-3 DN (WestLB AG LOC), (A-1+, VMIG-1)
2.35%, 5/01/08(a)		11,500		11,500,000
New York City GO Series 2006I-5 DN (California Public Employees Retirement LOC), (VMIG-1)
2.50%, 5/01/08(a)		7,020		7,020,000
New York City GO Series 2008L-4 DN (DEPFA Bank Plc Liquidity Facility), (A-1, VMIG-1)
2.53%, 5/01/08(a)		9,900		9,900,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-2 DN (Lloyds TSB Bank Plc SBPA), (A-1+, VMIG-1)
2.50%, 5/01/08(a)		6,500		6,500,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-3 DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		3,900		3,900,000
New York Housing Finance Agency RB (Worth Street Housing Project) Series 2002 AMT DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility), (VMIG-1)
2.70%, 5/07/08(a)		11,800		11,800,000
New York Mortgage Agency Homeowner Mortgage RB Series 2006-139 AMT DN (Dexia Credit Local SBPA), (VMIG-1)
2.77%, 5/01/08(a)		7,000		7,000,000
New York Mortgage Agency RB Series 2005 AMT DN (Dexia Credit Local SBPA), (VMIG-1)
3.00%, 5/07/08(a)		3,800		3,800,000
Ulster IDRB (Viking Industries, Inc. Project) Series 1998A AMT DN (KeyBank N.A. LOC),
2.81%, 5/07/08(a)		990		990,000
Yates County IDRB (Coach & Equipment Manufacturing Corp. Project) Series 2000A AMT DN (M&T Bank Corp. LOC), (A-1+)
2.55%, 5/07/08(a)		1,380		1,380,000
				64,520,000
North Carolina — 2.0%
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005B DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.65%, 5/01/08(a)		2,903		2,903,000
Charlotte-Mecklenburg Hospital Authority RB (Carolina’s Healthcare System Project) Series 2005D DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.38%, 5/07/08(a)		1,300		1,300,000
Mecklenburg County Industrial Facilities PCRB (Piedmont Plastics Project) Series 1997 AMT DN (Branch Banking & Trust Co. LOC), (Aa3, VMIG-1)
2.58%, 5/07/08(a)		1,000		1,000,000
North Carolina Educational Facilities Finance Agency RB (Duke University Project) Series 1991B DN, (A-1+, VMIG-1)
2.30%, 5/07/08(a)		700		700,000
North Carolina Housing Finance Agency RB Series 2002 ROC-RR-II-R-175 AMT DN (Citibank N.A. Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		1,850		1,850,000
North Carolina Port Authority RB (Wilmington Bulk LLC Project) Series 2001A AMT DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.58%, 5/07/08(a)		1,165		1,165,000
North Carolina Port Authority RB Series 2006A-2 AMT DN (Bank of America N.A. LOC), (VMIG-1)
2.80%, 5/07/08(a)		900		900,000
Rutherford County Industrial Facilities PCRB (Thieman Metal Technology Project) Series 1998 AMT DN (Branch Banking & Trust Co. LOC), (VMIG-1)
2.58%, 5/07/08(a)		1,650		1,650,000

See Notes to Financial Statements.

46 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds (Continued)
North Carolina (Continued)
Sampson County Industrial Facilities PCRB (Dubose Strapping, Inc. Project) Series 2003 AMT DN (Wachovia Bank N.A. LOC),
2.55%, 5/07/08(a)	$	2,000	$	2,000,000
Wake County HFA RB (Casa Melvid Multi-Family Housing Project) Series 2001A AMT DN (SunTrust Bank LOC), (VMIG-1)
2.95%, 5/07/08(a)		700		700,000
				14,168,000
North Dakota — 0.1%
North Dakota Housing Finance Agency RB Series 2001A-19 AMT DN (Wachovia Bank N.A. LOC), (VMIG-1)
2.87%, 5/07/08(a)(b)		895		895,000
Ohio — 11.1%
American Municipal Power, Inc. GO (Cleveland Public Power Project) Series 2007 BAN,
3.78%, 8/14/08		1,000		1,000,000
Buckeye Tobacco Settlement Financing Authority RB Series 2008-619 DN (Deutsche Bank Guaranty, Deutsche Bank Liquidity Facility), (F-1+)
2.44%, 5/07/08(a)(b)		900		900,000
Cuyahoga County RB (Great Lakes Brewing Co. Project) Series 2007 AMT DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		1,000		1,000,000
Delaware County Economic Development RB (The Columbus Zoological Park Assoc., Inc. Project) Series 2003 DN (Huntington National Bank LOC),
2.85%, 5/07/08(a)		10		10,000
Delaware County IDRB (Air Waves, Inc. Project) Series 1995 DN (KeyBank N.A. LOC),
2.81%, 5/07/08(a)		300		300,000
Dover GO (Municipal Electric Systems Improvements Project) Series 2007 BAN,
4.25%, 6/05/08		485		485,237
Franklin County Health Care Facilities RB (Heritage Day Health Centers Project) Series 2002 DN (Huntington National Bank LOC),
2.85%, 5/07/08(a)		699		699,000
Lancaster Port Authority Gas RB Series 2008 DN (Royal Bank of Canada SBPA), (VMIG-1)
2.45%, 5/07/08(a)		8,000		8,000,000
Mahoning County Housing RB (Youngstown State University Project) Series 2002 DN (National City Bank N.A. LOC),
2.85%, 5/07/08(a)		15,330		15,330,000
Mahoning County IDRB (Serra Land Project) Series 1997 AMT DN (KeyBank N.A. LOC),
2.81%, 5/07/08(a)		810		810,000
Mason GO (Downtown Improvements Project) Series 2007 BAN,
4.50%, 6/04/08		1,685		1,686,207
Ohio GO (Common Schools Project) Series 2005A DN, (A-1+, VMIG-1)
2.60%, 5/07/08(a)		1,020		1,020,000
Ohio Higher Educational Facility RB (Cedarville University Project) Series 2004 DN (KeyBank N.A. LOC),
2.49%, 5/07/08(a)		1,700		1,700,000
Ohio Housing Finance Agency Residential Mortgage RB (Mortgage-Backed Securities Program) Series 2008 AMT DN (Government National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Insurance, Federal Home Loan Mortgage Corp. SBPA), (VMIG-1)
2.95%, 5/07/08(a)		5,000		5,000,000
Ohio Solid Waste RB (Republic Services, Inc. Project) Series 2005 AMT DN, (A-2)
4.00%, 5/07/08(a)		8,000		8,000,000
Ohio Water Development Authority Facilities PCRB (First Energy Nuclear Project) Series 2006C AMT DN (Wachovia Bank N.A. LOC), (A-1+, VMIG-1)
2.65%, 5/07/08(a)		31,600		31,600,000
Summit County Port Authority RB (Meadow Lane Building LLC Project) Series 2003A AMT DN (KeyBank N.A. LOC),
2.56%, 5/07/08(a)		2,160		2,160,000
Trumbull County IDRB (Ellwood Engineered Project) Series 2004 AMT DN (KeyBank N.A. LOC),
2.56%, 5/07/08(a)		400		400,000
				80,100,444
Oklahoma — 0.7%
Muskogee Transport Authority IDRB (Metals USA, Inc. Project) Series 1998 AMT DN (Bank of America LOC),
2.90%, 5/07/08(a)		2,850		2,850,000
Oklahoma City IDRB Series 1998 AMT DN (Bank One N.A. LOC),
3.10%, 5/07/08(a)		1,480		1,480,000
Oklahoma Industrial Authority RB (Integris Baptist Medical Center, Inc. Project) Series 1999B DN (MBIA Insurance, JPMorgan Chase Bank SBPA), (A-1+, VMIG-1)
2.70%, 5/01/08(a)		800		800,000
				5,130,000
Pennsylvania — 1.1%
Erie County IDRB (Fountainhead Project) Series 2006 AMT DN (Huntington National Bank LOC),
2.95%, 5/07/08(a)		2,150		2,150,000
Philadelphia School District GO Series 2007A TRAN (Bank of America N.A. LOC), (SP-1+, MIG-1)
4.50%, 6/27/08		5,925		5,931,963
				8,081,963
Rhode Island — 0.6%
Rhode Island Health & Educational Building Corp. Higher Education Facility RB (Bryant University Project) Series 2008 DN (TD BankNorth N.A. LOC), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		4,400		4,400,000
South Carolina — 0.2%
South Carolina Housing Finance & Development RB (Arrington Place Apartment Project) Series 2001 AMT DN (SunTrust Bank LOC), (VMIG-1)
2.95%, 5/07/08(a)		1,100		1,100,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 47

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds (Continued)
South Dakota — 0.5%
Spink County Solid Waste Disposal RB (United Feeders LLP Project) Series 2007 AMT DN (Wells Fargo Bank N.A. LOC),
2.55%, 5/07/08(a)	$	3,800	$	3,800,000
Tennessee — 2.1%
Chattanooga IDRB (TB Woods, Inc. Project) Series 1997 AMT DN (M&T Bank Corp. LOC),
2.58%, 5/07/08(a)		2,290		2,290,000
Coffee County IDRB (Comtec Polymers, Inc. Project) Series 1997 AMT DN (Bank of America N.A. LOC),
2.63%, 5/07/08(a)		1,200		1,200,000
Grundy County IDRB (Toyota Seat Project) Series 2001 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		2,385		2,385,000
Morgan Keegan Municipal Products, Inc. RB Trust Receipts Series 2007F DN (Banque Nationale de Paribas SBPA), (A-1+, VMIG-1)
2.30%, 5/07/08(a)(b)		1,720		1,720,000
Morristown IDRB (Petoskey Plastic Project) Series 1999 AMT DN (Comerica Bank N.A. LOC),
2.58%, 5/07/08(a)		1,080		1,080,000
Municipal Energy Acquistion Corp. of Tennessee Gas RB PUTTERS Series 2006-1578 DN (JPMorgan Chase Liquidity Facility), (VMIG-1)
2.51%, 5/07/08(a)(b)		1,000		1,000,000
Sevier County Public Building Authority RB (Local Government Public Improvement Project) Series 2007VI-K-1 DN (DEPFA Bank Plc SBPA), (VMIG-1)
2.73%, 5/01/08(a)		5,400		5,400,000
				15,075,000
Texas — 11.1%
Dallas County Community College District GO Series 2007 TECP (Dexia Credit Local SBPA), (P-1)
1.50%, 5/15/08		30,000		30,000,000
Dallas Fort Worth International Airport RB PUTTERS Series 2007-2236 AMT DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (AAA, VMIG-1)
2.51%, 5/07/08(a)(b)		5,210		5,210,000
Gulf Coast Waste Disposal Authority Environmental Facilities RB (Exxon Mobil Project) Series 2001B AMT DN, (A-1+)
2.70%, 5/01/08(a)		50		50,000
Gulf Coast Waste Disposal Authority PCRB (Amoco Oil Remarketing Project) Series 1992 DN, (A-1+, VMIG-1)
2.60%, 5/01/08(a)		2,400		2,400,000
Harris County RB (Toll Road Unlimited Tax & Subordinate Lien Revenue Refunding Bonds Project) Series 2003 MB, (AA+, Aa1)
5.00%, 8/01/08		1,800		1,805,717
Montgomery County IDRB (Sawyer Research Products, Inc. Project) Series 1995 AMT DN (KeyBank N.A. LOC),
3.22%, 5/07/08(a)		712		711,500
Port Corpus Christi Nueces Solid Waste Disposal Authority RB (Flint Hills Resources Project) Series 2006 AMT DN (Flint Hills Resources Guaranty), (A-1, P-1)
3.10%, 5/07/08(a)		2,000		2,000,000
San Marcos IDRB (TB Woods, Inc. Project) Series 1999 AMT DN (M&T Bank Corp. LOC),
2.58%, 5/07/08(a)		3,000		3,000,000
South Plains Housing Corp. Single Family RB MERLOTS Trust Receipts Series 2002A-11 AMT DN (Government National Mortgage Assoc. Guaranty, Wachovia Bank N.A. SBPA), (VMIG-1)
2.87%, 5/07/08(a)(b)		990		990,000
Texas College GO (Student Loans Project) Series 2006 AMT MB (State Street Bank & Trust SBPA), (A-1+, VMIG-1)
3.75%, 8/01/08		5,000		5,000,000
Texas GO (Water Financial Assistance Project) Series 2008DB-499 AMT DN (Deutsche Bank SBPA), (F-1+)
2.47%, 5/07/08(a)(b)		2,405		2,405,000
Texas GO Series 2007 TRAN, (SP-1+, MIG-1)
4.50%, 8/28/08		25,000		25,064,411
Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 ROC-RR-II- R-10015 DN (Landesbank Hessen-Thueringen Girozentrale Liquidity Facility), (A-1, AA-)
2.50%, 5/07/08(a)(b)		1,800		1,800,000
				80,436,628
Virginia — 3.3%
Botetourt County IDRB (Altec Industries Project) Series 2001 AMT DN (AmSouth Bank of Alabama LOC), (A-1)
2.68%, 5/07/08(a)		2,600		2,600,000
Lexington IDA Educational Facilities RB (VMI Development Board, Inc. Project) Series 2006 DN (Wachovia Bank N.A. LOC), (VMIG-1)
2.65%, 5/01/08(a)		2,000		2,000,000
Madison County IDRB (Woodberry Forest School Project) Series 2007 DN (SunTrust Bank LOC), (VMIG-1)
2.58%, 5/01/08(a)		8,450		8,450,000
Richmond IDRB (PM Beef Co. Project) Series 1997 AMT DN (Bank of America N.A. LOC),
2.65%, 5/07/08(a)		1,400		1,400,000
Virginia Beach Development Authority Multi-Family Housing RB (Residential Rental Housing Project) Series 2002 AMT DN (SunTrust Bank LOC),
3.00%, 5/07/08(a)		1,648		1,648,000
Virginia College Building Authority Educational Facilities RB (21st Century College & Equipment Project) Series 2006C DN (Wachovia Bank N.A. SBPA), (A-1+, VMIG-1)
2.65%, 5/01/08(a)		3,245		3,245,000
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-16 AMT DN (Wachovia Bank N.A. LOC), (A-1+)
2.87%, 5/07/08(a)(b)		65		65,000
Virginia Housing Development Authority RB MERLOTS Trust Receipts Series 2006B-22 AMT DN (Wachovia Bank N.A. LOC), (A-1+)
2.87%, 5/07/08(a)(b)		4,405		4,405,000

See Notes to Financial Statements.

48 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (concluded)	(Percentages shown are based on Net Assets)
MuniCash

	Par (000)		Value
Municipal Bonds (Continued)
Virginia (Continued)
Virginia Small Business Financing Authority RB (Coastal Development Group Project) Series 1989 AMT DN (Branch Banking & Trust Co. LOC),
3.10%, 5/07/08(a)	$	55	$	55,000
				23,868,000
Washington — 0.1%
Washington Housing Finance Commission Non-Profit RB (Emerald Heights Project) Series 2003 DN (Bank of America N.A. LOC), (A-1+, VMIG-1)
2.65%, 5/01/08(a)		400		400,000
Yakima County Public Corp. RB (Michelsen Packaging Co. Project) Series 2000 AMT DN (Bank of America N.A. LOC), (A-1+)
2.65%, 5/07/08(a)		385		385,000
				785,000
Wisconsin — 1.2%
Mequon IDRB (Johnson Level GRW Investment Project) Series 1995 AMT DN (Bank One N.A. LOC),
3.20%, 5/07/08(a)		420		420,000
Oshkosh IDRB (Oshkosh Coil Spring Project) Series 2000A AMT DN (Bank One N.A. LOC),
3.10%, 5/07/08(a)		1,820		1,820,000
Wisconsin GO Series 2007 MB, (MIG-1, F-1+)
4.50%, 6/16/08		3,300		3,303,040
Wisconsin Health & Educational Facilities RB (Pooled Loan Financing Program) Series 2002E DN (Associated Bank N.A. LOC), (VMIG-1)
2.63%, 5/07/08(a)		1,785		1,785,000
Wisconsin School Districts Cash Flow Management Program COP Series 2007A-1 BAN (U.S. Bank N.A. LOC), (MIG-1)
4.50%, 9/18/08		1,130		1,133,629
				8,461,669
Wyoming — 1.3%
Campbell County IDRB (Two Elk Partners Project) Series 2007 MB (Royal Bank of Canada GIC), (A-1+)
3.65%, 11/28/08		9,000		9,000,000
Total Investments in Securities — 99.6% (Cost $719,737,946*)				719,737,946
Other Assets in Excess of Liabilities — 0.4%				2,819,357
Net Assets — 100.0%			$	722,557,303

* Aggregate cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

• Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Sales Cost		Interest Income
Austin Housing Financial Corp. RB P-Float Trust Receipts Series 2005 PT-2578 AMT DN (Merrill Lynch & Co. Guaranty)	$	14,585,000	$	10,098
District of Columbia Housing Finance Agency RB Series 2004 PT-2391 AMT DN (MBIA Insurance, Merrill Lynch & Co. SBPA)		2,395,000		1,658
MuniMae Tax Exempt Board Subsidiary LLC RB P-Float Trust Receipts Series 2005 PT-2691 AMT DN (Merrill Lynch & Co. Guaranty)		22,540,000		15,605
Municipal Securities Pool Trust Receipts RB Series 2004-17 DN (Multiple Insurers, Societe Generale Group SBPA)		2,930,000		1,905
Oregon Homeowners RB (Trinity Draw Down Project) Series 2005 MT-134 AMT DN (Landesbank Hessen-Thuringen Girozentrale SBPA)		1,880,000		21,655
Virginia Beach Development Authority Multi-Family Housing RB P-Float Trust Receipts Series 2005-2505 AMT DN (Merrill Lynch & Co. Guaranty)		3,745,000		2,593

— For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 49

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
California Money Fund

	Par (000)		Value
Municipal Bonds — 99.6%
California — 95.6%
ABAG Finance Authority Nonprofit Corp. RB (Acacia Creek At Union City Project) Series 2008A DN (Bank of America N.A. SBPA), (A-1+)
2.35%, 5/07/08(a)	$	25,000	$	25,000,000
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 1997F DN (Kredietbank N.V. LOC), (A-1+)
2.18%, 5/07/08(a)		500		500,000
Alameda-Contra Costa Schools Financing Authority COP (Capital Improvement Financing Project) Series 2005M DN (Bank of Nova Scotia LOC), (A-1+)
2.18%, 5/07/08(a)		1,700		1,700,000
Alhambra Unified School District GO (Land Acquisitions Notes Project) Series 2007 BAN,
4.50%, 6/30/08		2,925		2,928,419
Anaheim City School District GO Series 2007 ROC-RR-II-10018Z DN (MBIA Insurance, Citigroup Financial Products Liquidity Facility), (A-1+)
2.70%, 5/07/08(a)(b)		5,000		5,000,000
Anaheim Public Financing Authority RB Municipal Trust Receipts Floaters Series 2007-2011 DN (Branch Banking & Trust Co. LOC, Branch Banking & Trust Co. Liquidity Facility), (VMIG-1)
2.44%, 5/07/08(a)(b)		9,195		9,195,000
Anaheim Redevelopment Agency Tax Allocation RB (Merged Redevelopment Project) Series 2007DB-490 DN (FSA Insurance, Deutsche Bank Liquidity Facility), (AAA, F-1+)
2.40%, 5/07/08(a)(b)		5,300		5,300,000
Bakersfield Hospital RB Municipal Trust Receipts Floaters Series 2008-2408 DN (MBIA Insurance, Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility, (VMIG-1)
2.53%, 5/07/08(a)(b)		7,400		7,400,000
California Department of Water Resource Power Supply RB Municipal Trust Receipts Floaters (Central Valley Project) Series 2007-106G DN (The Goldman Sachs Group, Inc. Liquidity Facility, The Goldman Sachs Group, Inc. Guaranty), (A-1+, VMIG-1)
3.50%, 5/07/08(a)(b)		25,430		25,430,000
California Department of Water Resource Power Supply RB Series 2002B-4 DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1)
2.45%, 5/01/08(a)		19,200		19,200,000
California Department of Water Resource Power Supply RB Series 2002B-5 DN (Bayersche Landesbank Girozentrale LOC, WestLB AG LOC), (A-1+, VMIG-1)
2.19%, 5/01/08(a)		18,800		18,800,000
California Department of Water Resource Power Supply RB Series 2002B-6 DN (State Street Bank & Trust Co. LOC), (A-1+, VMIG-1)
2.19%, 5/07/08(a)		19,770		19,770,000
California Department of Water Resource Power Supply RB Series 2002C-4 DN (JPMorgan Chase Bank LOC, CALSTERS LOC), (A-1+, VMIG-1)
2.23%, 5/07/08(a)		38,400		38,400,000
California Department of Water Resource Power Supply RB Series 2002C-7 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.15%, 5/07/08(a)		3,075		3,075,000
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA), (A-1, AAA)
2.39%, 5/07/08(a)(b)(c)		9,700		9,700,000
California Department of Water Resource Power Supply RB Series 2005F-2 DN (Societe Generale Group LOC), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		9,750		9,750,000
California Department of Water Resource Power Supply RB Series 2005F-5 DN (Citibank N.A. LOC), (A-1+, VMIG-1)
2.55%, 5/07/08(a)		10,205		10,205,000
California Department of Water Resource Power Supply RB Series 2005G-2 DN (Lloyds TSB Bank Plc LOC), (A-1+, VMIG-1)
2.23%, 5/07/08(a)		1,900		1,900,000
California Department of Water Resource Power Supply RB Series 2008I-1 DN (Allied Irish Bank Plc LOC), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		3,850		3,850,000
California Department of Water Resource Power Supply RB Series 2008J-1 DN (JPMorgan Chase Bank LOC, California Public Employees’ Retirement System LOC), (A-1+, VMIG-1)
2.35%, 5/01/08(a)		5,600		5,600,000
California Economic Recovery RB Series 2004C-16 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		17,900		17,900,000
California Educational Facilities Authority RB (Pomona College Project) Series 2005B DN, (A-1+, VMIG-1)
2.20%, 5/07/08(a)		2,000		2,000,000
California GO (Weekly Kindergarten Public University Project) Series 2004A-8 DN (Citibank N.A. LOC, CALSTERS LOC), (A-1+, VMIG-1)
2.20%, 5/07/08(a)		4,105		4,105,000
California GO Eclipse Funding Trust Series 2005-0004 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (F-1+)
3.78%, 5/01/08(a)(b)		8,970		8,970,000
California GO Eclipse Funding Trust Series 2007-0054 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+)
2.42%, 5/07/08(a)(b)		19,995		19,995,000
California GO Municipal Trust Receipts Floaters Series 2007-2003 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1)
2.54%, 5/07/08(a)(b)		17,850		17,850,000

See Notes to Financial Statements.

50 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
California Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
California (Continued)
California GO Municipal Trust Receipts Floaters Series 2007-2178 DN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility), (A-1+)
2.45%, 5/07/08(a)(b)	$	8,590	$	8,590,000
California GO Municipal Trust Receipts Floaters Series 2008-2661 DN (Wells Fargo Bank N.A. Guaranty, Wells Fargo Bank N.A. Liquidity Facility), (A-1+, AAA)
2.49%, 5/07/08(a)(b)		13,300		13,300,000
California GO Municipal Trust Receipts Series 2008A DN (Societe Generale LOC, Societe General Liquidity Facility), (A-1+, AAA)
2.41%, 5/07/08(a)(b)		4,075		4,075,000
California GO PUTTERS Series 2007-2213 DN (JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.68%, 5/07/08(a)(b)		5,995		5,995,000
California GO Series 2003A-2 DN (JPMorgan Chase & Co. LOC, WestLB AG LOC), (A-1+, VMIG-1)
2.40%, 5/01/08(a)		7,700		7,700,000
California GO Series 2003A-3 DN (WestLB AG LOC, JPMorgan Chase Bank LOC), (A-1+, VMIG-1)
2.19%, 5/01/08(a)		2,700		2,700,000
California GO Series 2005B-5 DN (Depfa Bank Plc LOC), (A-1+, VMIG-1)
2.30%, 5/07/08(a)		5,500		5,500,000
California GO Series 2007-1599 DN (MBIA Insurance, DEPFA Bank Plc Liquidity Facility), (A-1+, AAA)
2.53%, 5/07/08(a)(b)		6,200		6,200,000
California GO Series 2007DB-457 DN (FSA Insurance, Deutsche Bank Liquidity Facility), (F-1+)
2.41%, 5/07/08(a)(b)		3,133		3,133,000
California GO Series 2007 RAN, (A-1, P-1)
4.00%, 6/30/08		32,000		32,032,450
California GO Series 2007 ROC-RR-II-R-846 DN (AMBAC Insurance, Berkshire Hathaway Corp. Credit Support, Citibank N.A. Liquidity Facility), (A-1+)
2.46%, 5/07/08(a)(b)		15,080		15,080,000
California GO Series 2008 TECP (Multiple LOCs), (A-1, P-1)
2.00%, 5/20/08		10,400		10,400,000
1.30%, 6/03/08-6/05/08		35,300		35,300,000
1.56%, 6/05/08		7,000		7,000,000
2.01%, 7/14/08		15,000		15,000,000
California Health Facilities Financing Authority RB Municipal Trust Receipts Floaters Series 2008-2413 DN (MBIA Insurance, Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1)
2.53%, 5/07/08(a)(b)		4,600		4,600,000
California Infrastructure & Economic Development Bank RB (Academy of Motion Pictures Arts & Science Project) Series 2002 DN (AMBAC Insurance, JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1)
5.25%, 5/07/08(a)		2,500		2,500,000
California Infrastructure & Economic Development Bank RB (Goodwill Industries For Orange County Project) Series 2006 DN (Wells Fargo Bank N.A. LOC), (F-1+)
2.22%, 5/07/08(a)		1,800		1,800,000
California Infrastructure & Economic Development Bank RB (J. Paul Getty Trust) Series 2008A-1 MB, (A-1+, VMIG-1)
1.70%, 5/01/08		2,120		2,120,000
California Infrastructure & Economic Development Bank RB (J. Paul Getty Trust) Series 2008A-4 DN, (A-1+, VMIG-1)
1.70%, 5/07/08(a)		1,440		1,440,000
California Pollution Control Financing Authority PCRB (BP West Coast Products LLC Project) Series 2008 DN, (A-1+, VMIG-1)
2.30%, 5/07/08(a)		6,400		6,400,000
California Statewide Communities Development Authority RB (Archer School For Girls, Inc. Project) Series 2005 DN (Allied Irish Bank Plc LOC), (VMIG-1)
2.35%, 5/07/08(a)		5,820		5,820,000
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2003D DN, (A-1, F-1)
2.75%, 5/07/08(a)		6,200		6,200,000
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2004L DN, (A-1, F-1)
2.41%, 5/07/08(a)		7,000		7,000,000
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2007 ROC-RR-II-R-10248CE DN (Citigroup Financial Products Guaranty, Citigroup Financial Products Liquidity Facility), (VMIG-1)
2.47%, 5/07/08(a)(b)		43,700		43,700,000
California Statewide Communities Development Authority RB (Kaiser Permanente Project) Series 2007 ROC-RR-II-R-763CE DN (Citibank N.A. Guaranty, Citibank N.A. Liquidity Facility), (VMIG-1)
2.47%, 5/01/08(a)(b)		3,200		3,200,000
California Statewide Communities Development Authority RB (Multi-Family Housing Project) Municipal Trust Receipts Floaters Series 2008-14G DN (Goldman Sachs & Company Liquidity Facility), (F-1+)
2.41%, 5/07/08(a)(b)		8,000		8,000,000
California Statewide Communities Development Authority RB (Multi-Family Housing Project) PUTTERS Series 2008-2680 DN (JPMorgan Chase Bank Liquidity Facility),
2.53%, 5/07/08(a)(b)		5,300		5,300,000
California Statewide Communities Development Authority RB (Presbyterian Homes Project) Series 2006B DN (Bank of America N.A. LOC), (A-1+)
2.25%, 5/07/08(a)		1,500		1,500,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 51

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
California Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
California (Continued)
California Statewide Communities Development Authority RB (University Retirement Community at Davis Project) Series 2008 DN (Bank of America N.A. LOC), (Aaa, VMIG-1)
2.35%, 5/07/08(a)	$	2,865	$	2,865,000
California Statewide Communities Development Authority RB Series 2008K TECP, (A-1, F-1)
1.17%, 6/11/08		6,200		6,200,000
Chino Basin Regional Financing Authority RB Series 2008DBE-500 DN (Deutsche Bank Guaranty, Deutsche Bank Liquidity Facility), (A-1+)
2.44%, 5/07/08(a)(b)		5,445		5,445,000
Coast Community College District GO Series 2006-45 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility), (F-1+)
2.44%, 5/07/08(a)(b)		3,247		3,246,739
Coast Community College District GO Series 2006DB-621 DN (FSA Insurance, Deustche Bank Liquidy Facility), (A-1+, AAA)
2.41%, 5/07/08(a)(b)		3,450		3,450,000
Coast Community College District GO Series 2006Z-58 DN (FSA Insurance, The Goldman Sachs Group, Inc. Liquidity Facility), (AAA, F-1)
2.44%, 5/07/08(a)(b)		5,005		5,005,000
Daly Housing Financing Agency Multi-Family RB (Serramonte Del Ray Apartments Project) Series 1999A DN (Federal National Mortgage Assoc. LOC), (A-1+, P-1)		7,200		7,200,000
2.24%, 5/07/08(a)
East Bay Municipal Utilitiy District RB Series 2008A-2 DN (Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		2,400		2,400,000
East Bay Municipal Utilitiy District RB Series 2008A-3 DN (Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		2,400		2,400,000
East Bay Municipal Utilitiy District RB Series 2008B-3 DN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		10,500		10,500,000
East Bay Municipal Utilitiy District RB Series 2008C-2 DN (Multiple SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		1,800		1,800,000
East Bay Municipal Utilitiy District RB Series 2008C-3 DN (Multiple SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		1,200		1,200,000
East Bay Municipal Utility District RB Series 2007-0072 DN (AMBAC Insurance, Banco Bilbao Vizcaya Argentaria S.A. Liquidity Facility), (A-1+)
2.45%, 5/07/08(a)(b)		1,880		1,880,000
Elsinore Valley Municipal Water District COP Eclipse Funding Trust Series 2007-0069 DN (MBIA Insurance, U.S. Bank N.A. Liquidity Facility), (A-1+)
3.62%, 8/07/08(a)(b)		3,635		3,635,000
Foothill-De Anza Community College GO Series 2000Y DN (Wachovia Bank N.A. LOC), (VMIG-1)
2.80%, 5/07/08(a)(b)		2,770		2,770,000
Glendale Hospital RB Municipal Trust Receipts Floaters Series 2008-2415 DN (MBIA Insurance, Morgan Stanley Municipal Funding Liquidity Facility), (VMIG-1)
2.53%, 5/07/08(a)(b)		4,400		4,400,000
Golden State Tobacco Securitization Corp. RB Series 2008DBE-625 DN (Duetsche Bank Guaranty, Deutsche Bank Liquidy Facility),
2.41%, 5/07/08(a)(b)		6,265		6,265,000
Golden State Tobacco Settlement Securitization Corp. RB Municipal Trust Receipts Floaters Series 2008-2448 DN (Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.53%, 5/07/08(a)(b)		25,000		25,000,000
Irvine Public Facilities & Infrastructure Authority Lease RB (Capital Improvement Project) Series 1985 DN (State Street Bank & Trust Co. LOC), (VMIG-1)
2.70%, 5/07/08(a)		1,185		1,185,000
Los Angeles Community College District GO Munitops Trust Certificates Series 2005A DN (FSA Insurance, ABN-AMRO Bank N.V. SBPA), (AAA, F-1+)
2.42%, 5/07/08(a)(b)		9,830		9,830,000
Los Angeles County Sanitation District Financing Authority RB Eclipse Funding Trust Series 2006-0055 DN (U.S. Bank N.A. LOC, U.S. Bank N.A. Liquidity Facilities), (A-1+)
2.49%, 5/07/08(a)(b)		2,655		2,655,000
Los Angeles Department of Water & Power RB Series 2007 ROC-RR-II-R-12087 DN (FSA Insurance, AMBAC Insurance, Citigroup Financial Products Liquidity Facility), (A-1+)
2.46%, 5/07/08(a)(b)		4,350		4,350,000
Los Angeles GO Series 2007 TRAN, (SP-1+, MIG-1)
4.25%, 6/30/08		24,200		24,222,704
Los Angeles Unified School District GO Series 2007-9TP DN (AMBAC Insurance, DEPFA Bank Plc Liquidity Facility), (A-1+, AAA)
2.40%, 5/01/08(a)(b)		1,000		1,000,000
Metropolitan Water District of Southern California Waterworks RB Series 2000B-1 DN (WestLB AG SBPA), (A-1+, VMIG-1)
2.19%, 5/01/08(a)		7,555		7,555,000
Metropolitan Water District of Southern California Waterworks RB Series 2008A-1 DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.30%, 5/07/08(a)		6,100		6,100,000
Modesto Irrigation District Financing Authority RB Municipal Securities Trust Receipts Series 2008A DN (MBIA Insurance, Societe Generale LOC, Societe General Liquidy Facility), (A-1+, AAA)
2.41%, 5/07/08(a)(b)		5,905		5,905,000

See Notes to Financial Statements.

52 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
California Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
California (Continued)
Morgan Hill Redevelopment Agency Tax Allocation RB (Ojo De Agua Redevelopment Project) Series 2008A DN (Scotiabank LOC), (A-1+)
2.30%, 5/07/08(a)	$	17,000	$	17,000,000
Napa Valley Unified School District GO Series 2007 TRAN (GO of District), (SP-1+)
4.25%, 10/01/08		3,245		3,256,276
Northern California Gas Authority No. 1 RB Municipal Trust Receipts Floaters Series 2007-98 DN (The Goldman Sachs Group, Inc. Liquidity Facility), (F-1+, AA-)
2.41%, 5/07/08(a)(b)		14,100		14,100,000
Northern California Gas Authority No. 1 RB Series 2007-1811 DN (Morgan Stanley Group LOC), (F-1+, AA-)
2.49%, 5/07/08(a)(b)		10,100		10,100,000
Norwalk-La Mirada Unified School District GO Series 2003SG-169 DN (Societe Generale Group SBPA), (A-1+)
2.41%, 5/07/08(a)(b)		20,000		20,000,000
Orange County Fire Authority GO Series 2007 TRAN,
4.00%, 6/30/08		5,800		5,803,757
Orange County Sanitation District COP Series 2000A DN (Dexia Public Finance Bank SBPA), (A-1+, VMIG-1)
2.20%, 5/01/08(a)		3,200		3,200,000
Orange County Water District COP Series 2008A DN (Landesbank Baden-Wuerttemberg Girozentrale SBPA), (VMIG-1)
2.36%, 5/07/08(a)		20,200		20,200,000
Paramount Unified School District GO PUTTERS Series 2007-2060 DN (FSA Insurance, JPMorgan Chase & Co. Liquidity Facility), (A-1+, AAA)
2.51%, 5/07/08(a)(b)		1,300		1,300,000
Peralta Community College District GO Series 2006X-1264 DN (FSA Insurance, Morgan Stanley Group Liquidity Facility), (VMIG-1)
2.45%, 5/07/08(a)(b)		7,745		7,745,000
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA), (A-1+, AAA)
2.50%, 5/07/08(a)(b)(c)		5,845		5,845,000
Rancho Santiago Community College District GO Munitops Trust Certificates Series 2007 DN (FSA Insurance, Bank of America N.A. SBPA), (F-1+, AAA)
2.42%, 5/07/08(a)(b)		7,615		7,615,000
Sacramento County GO Series 2007 TRAN, (SP-1+, MIG-1)
4.00%, 7/09/08		11,600		11,606,993
Sacramento County Water Financing Authority RB Municipal Trust Receipts Floaters Series 2007-1769 DN (DEPFA Bank Plc Guaranty, DEPFA Bank Plc Liquidity Facility), (A-1)
2.53%, 5/07/08(a)(b)		44,400		44,400,000
Sacramento Municipal Utility District GO Series 2008J TECP (Bank of New York LOC, CALSTRS LOC),
1.55%, 6/05/08		6,500		6,500,000
San Diego Public Facilities Financing Authority RB Municipal Securities Trust Receipts Series 2008A DN (Societe Generale LOC, Societe General Liquidity Facility), (A-1+, AA-)
2.41%, 5/07/08(a)(b)		4,170		4,170,000
2.42%, 5/07/08(a)(b)		7,315		7,315,000
San Diego Public Facilities Financing Authority RB PUTTERS Series 2008-2595 DN (JPMorgan Chase & Co. LOC, JPMorgan Chase & Co. Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		8,640		8,640,000
San Diego Unified School District RB Series 2004 DN (MBIA Insurance, Morgan Stanley Group Liquidity Facility),
2.45%, 5/07/08(a)(b)		5,150		5,150,000
San Francisco County Transportation GO Series 2008B TECP (Landesbank Baden-Wuerttemberg Girozentrale LOC), (A-1+, P-1)
1.75%, 5/16/08		6,250		6,250,000
San Francisco County Unified School District GO Series 2007 TRAN, (SP-1+)
4.00%, 11/14/08		15,800		15,852,817
San Jose Redevelopment Agency RB (Merged Area Redevelopment Project) Series 1996A DN (Morgan Guaranty Trust LOC), (A-1+)
2.33%, 5/07/08(a)		4,275		4,275,000
San Jose Redevelopment Agency Tax Allocation RB PUTTERS Series 2006-1601 DN (MBIA Insurance, JPMorgan Chase Bank Liquidity Facility), (AAA, F-1+)
3.18%, 5/07/08(a)(b)		2,100		2,100,000
San Mateo County GO Series 2006 ROC-RR-II-R-647WFZ DN (MBIA Insurance, Wells Fargo Bank N.A. Liquidity Facility), (VMIG-1)
2.47%, 5/07/08(a)(b)		1,000		1,000,000
Santa Cruz County Board of Education GO Series 2007 TRAN, (SP-1+)
4.25%, 6/30/08		2,800		2,802,434
Sequoia Union High School District GO Municipal Trust Receipts Floaters Series 2007-2160 DN (FSA Insurance, Wells Fargo Bank N.A. Liquidity Facility), (VMIG-1)
2.45%, 5/07/08(a)(b)		4,105		4,105,000
Sonoma County Junior College District GO Eclipse Funding Trust Series 2006-0014 DN (FSA Insurance, U.S. Bank N.A. Liquidity Facility), (VMIG-1)
2.44%, 5/07/08(a)(b)		3,000		3,000,000
South Placer Wastewater Authority RB Series 2008A DN (State Street Bank & Trust Co. LOC, California Teacher’s Retirement System LOC), (A-1+, VMIG-1)
2.25%, 5/07/08(a)		24,000		24,000,000
Southern California Public Power Authority RB Municipal Trust Receipts Floaters (Gas Project) Series 2007-2103 DN (Morgan Stanley Municipal Funding Liquidity Facility), (AA-, F-1+)
2.51%, 5/07/08(a)(b)		5,000		5,000,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 53

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
California Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
California (Continued)
University of California RB Municipal Trust Receipts Floaters Series 2007W-131 DN (MBIA Insurance, Lehman Liquidity Co. Liquidity Facility), (A-1)
2.86%, 5/07/08(a)(b)	$	15,000	$	15,000,000
University of California RB PUTTERS Series 2006-1231 DN (MBIA Insurance, JPMorgan Chase Bank Liquidity Facility), (Aaa, VMIG-1)
2.58%, 5/01/08(a)(b)		3,185		3,185,000
University of California RB Series 2006-1425 DN (AMBAC Insurance, Morgan Stanley Group Liquidity Facility), (A-1)
2.90%, 5/07/08 (acquired 7/14/06, cost $18,840,000)(a)(b)(d)		18,840		18,840,000
Upland RB (Mountain Springs Project) Series 1998A DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility), (A-1+)
2.24%, 5/07/08(a)		6,600		6,600,000
Victorville Joint Powers Financing Authority RB (Cogeneration Facility Project) Series 2007A DN (Fortis Bank LOC), (A-1+)
2.38%, 5/07/08(a)		22,000		22,000,000
Yosemite Community College District GO Series 2007 ROC-RR-II-R-12065 DN (FSA Insurance, Citigroup Financial Products Liquidity Facility), (A-1+)
2.47%, 5/07/08(a)(b)		5,840		5,840,000
				1,067,370,589
Puerto Rico — 4.0%
Commonwealth of Puerto Rico GO Series 2007 TRAN (Bank of Nova Scotia, Banque Nationale de Paribas, Dexia Credit Local, Fortis Bank, Banco Bilbao Vizcaya Argentaria S.A., KBC Bank N.V. and Banco Santander Central Hisapano LOC), (SP-1+)
4.25%, 7/30/08		10,000		10,020,482
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2007-2035 DN (Assured Guaranty Ltd. Insurance, Branch Banking & Trust Co. Liquidity Facility), (A-1+)
2.47%, 5/07/08(a)(b)		2,830		2,830,000
Commonwealth of Puerto Rico Highway & Transportation Authority RB Municipal Trust Receipts Floaters Series 2008-2391 DN (AMBAC Insurance, Morgan Stanley Municipal Funding Guaranty, Morgan Stanley Municipal Funding Liquidity Facility), (A-1+)
2.49%, 5/07/08(a)(b)		6,245		6,245,000
Commonwealth of Puerto Rico Highway & Transportation Authority RB PUTTERS Series 2002-246 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.63%, 5/07/08(a)(b)		3,600		3,600,000
Puerto Rico Electric Power Authority RB Municipal Securities Trust Receipts Series 2008A DN (Societe Generale LOC, Societe General Liquidity facility),
2.41%, 5/07/08(a)(b)		8,165		8,165,000
Puerto Rico Electric Power Authority RB PUTTERS Series 2000-147 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.63%, 5/07/08(a)(b)		3,100		3,100,000
Puerto Rico Electric Power Authority RB PUTTERS Series 2007-1830 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (VMIG-1)
2.63%, 5/07/08(a)(b)		2,000		2,000,000
Puerto Rico Electric Power Authority RB Series 2007 SGB-69 DN (FSA Insurance, Societe General Group LOC), (A-1+)
1.65%, 7/01/08(a)(b)		3,500		3,500,000
Puerto Rico Sales Tax Financing Corp. RB Municipal Trust Receipt Floaters Series 2007-2006-1990 DN (Morgan Stanley Dean Witter Guaranty, Morgan Stanley Group Liquidity Facilities), (A-1+, AAA)
2.49%, 5/07/08(a)(b)		5,000		5,000,000
				44,460,482
Total Investments in Securities — 99.6% (Cost $1,111,831,071*)				1,111,831,071
Other Assets in Excess of Liabilities — 0.4%				4,887,058
Net Assets — 100.0%			$	1,116,718,129

See Notes to Financial Statements.

54 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (concluded)

California Money Fund

* Aggregate cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Sales Cost		Realized Gain		Interest Income
Bay Area Toll Authority Toll Bridge RB (San Francisco Bay Area Project) Series 2006F DN (DEPFA Bank Plc Liquidity Facility)	$	15,000,000	$	41,850	$	112,058
California Department of Water Resource Power Supply RB Series 2003 PT-759 DN (MBIA Insurance, Landesbank Hessen-Thuringen Girozentrale SBPA)		—		—		132,867
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1236 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA)		2,200,000		—		1,456
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2004 PA-1237 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA)		2,740,000		—		1,813
Golden State Tobacco Settlement Securitization Corp. RB P-Float Trust Receipts Series 2006D-195 DN (FGIC Insurance, Deutsche Bank Liquidity Facility)		2,065,000		—		15,996
Pleasant Valley School District of Ventura County GO P-Float Trust Receipts Series 2005 PT-2783 DN (MBIA Insurance, Dexia Credit Local SBPA)		5,000		—		81,579
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2005 PA-1288 DN (Merrill Lynch & Co. Guaranty, Merrill Lynch Capital Services SBPA)		2,000,000		—		1,369
West Covina Unified School District GO Series 2003-23 DN (MBIA Insurance, Banque Nationale de Paribas Liquidity Facility)		6,795,000				61,642

(d) Restricted security as to resale. As of report date the Fund held 1.7% of its net assets, with a current market value of $18,840,000 and an original cost of $18,840,000 in these securities.

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 55

Schedule of Investments April 30, 2008 (Unaudited)	(Percentages shown are based on Net Assets)
New York Money Fund

	Par (000)		Value
Municipal Bonds — 99.7%
New York — 99.5%
Albany School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.25%, 6/27/08	$	2,301	$	2,302,829
4.00%, 7/18/08		2,700		2,701,548
Amityville Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/27/08		900		900,340
Arlington Central School District GO Series 2007B BAN (State Aid Withholding Insurance),
4.25%, 8/22/08		800		801,419
Babylon Industrial Development Agency Resource Recovery RB (Ogden Martin Systems of Babylon, Inc. Project) Series 1998 DN (FSA Insurance, JPMorgan Chase & Co. SBPA), (A-1+, VMIG-1)
2.50%, 5/07/08(a)		6,650		6,650,000
Bellmore Union Free School District GO Series 2007 BAN,
3.50%, 6/18/08		2,000		2,000,928
Binghamton School District GO Series 2007 BAN (State Aid Withholding Insurance),
3.90%, 9/19/08		800		800,773
Broome County GO Series 2008 BAN,
2.75%, 4/17/09		6,360		6,429,173
Chautauqua County GO Series 2008 TAN,
3.20%, 12/17/08		1,500		1,504,082
Copiague Union Free School District GO Series 2007 BAN,
3.50%, 6/18/08		1,000		1,000,359
Corning School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.00%, 6/27/08		1,300		1,300,468
East Aurora GO Series 2008 BAN,
2.75%, 4/02/09		800		806,942
Eastchester Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/20/08		1,800		1,800,710
Elwood Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/27/08		2,000		2,001,056
Erie County Civic Facilities IDRB (Hauptman- Woodward Project) Series 2004 DN (KeyBank N.A. LOC),
2.49%, 5/07/08(a)		2,250		2,250,000
Erie County IDRB (Orchard Park CCRC, Inc. Project) Series 2006B DN (Sovereign Bank LOC, Citizens Financial Group, Inc. LOC), (A-1+)
2.42%, 5/07/08(a)		600		600,000
Fayetteville-Manlius Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
2.75%, 4/24/09		1,365		1,380,945
Franklin County IDA Civic Facility RB (Paul Smith’s College Project) Series 1998 DN (KeyBank N.A. LOC),
2.74%, 5/07/08(a)		2,290		2,290,000
Freeport GO Series 2007A BAN,
4.00%, 5/09/08		300		300,018
Glens Falls School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.00%, 7/11/08		2,100		2,101,096
Greenport Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/30/08		900		900,355
Half Hollow Hills Central School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/30/08		300		300,143
Hamburg Village GO Series 2008 BAN,
2.00%, 2/05/09		580		583,549
Harborfields Central School District GO Series 2007 TAN,
3.90%, 6/27/08		3,000		3,001,128
Hauppauge Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/27/08		4,000		4,001,506
Hempstead Town IDA Civic Facility RB (Hebrew Academy Project) Series 2006 DN (Sovereign Bank LOC, KBC Bank N.V. LOC), (A-1+)
2.41%, 5/07/08(a)		5,995		5,995,000
Hempstead Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.25%, 6/24/08		5,100		5,103,617
Hicksville Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/27/08		200		200,106
Hilton Central School District GO Series 2007 RAN (State Aid Withholding Insurance),
4.00%, 6/19/08		800		800,309
Hoosick Falls Central School District GO Series 2008 BAN,
3.00%, 4/03/09		1,340		1,355,564
Hudson Yards Infrastructure Corp. RB Eagle Series 2007A DN (FSA Insurance, Landesbank Hessen-Thuringen Girozentrale Liquidity Facility), (A-1)
2.47%, 5/07/08(a)(b)		2,600		2,600,000
Huntington Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/27/08		4,000		4,001,572
Islip Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/27/08		1,700		1,700,641
Johnstown School District GO Series 2008 BAN,
2.00%, 7/11/08		655		655,572
Kings Park Central School District GO Series 2007 BAN (State Aid Withholding Insurance),
3.90%, 8/15/08		900		900,628
Laurens Central School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.00%, 6/26/08		500		500,221
Lewisboro GO Series 2008 BAN,
2.00%, 2/20/09		500		503,225
Liberty Development Corp. RB Municipal Trust Receipts Floaters Series 2006-1251 DN (Morgan Stanley Group SBPA), (VMIG-1)
2.41%, 5/07/08(a)(b)		7,600		7,600,000

See Notes to Financial Statements.

56 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
New York Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
New York (Continued)
Liberty Development Corp. RB Municipal Trust Receipts Floaters Series 2007-2025 DN (Branch Banking & Trust Co. Liquidity Facility),
2.44%, 5/07/08(a)(b)	$	1,395	$	1,395,000
Livonia Central School District GO Series 2008 BAN (State Aid Withholding Insurance),
3.25%, 6/26/08		2,005		2,005,789
Long Island Power Authority Electric System RB Series 1998-2A DN (WestLB AG LOC), (A-1+, VMIG-1)
2.70%, 5/07/08(a)		7,910		7,910,000
Long Island Power Authority Electric System RB Series 1998-3B DN (WestLB AG LOC), (A-1+, VMIG-1)
2.29%, 5/01/08(a)		10,600		10,600,000
Long Island Power Authority Electric System RB Series 1998A MB (FSA Insurance), (AAA)
5.13%, 6/01/08		1,800		1,820,157
Long Island Power Authority Electric System RB Series 2001-2B DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1)
2.35%, 5/01/08(a)		9,000		9,000,000
Long Island Power Authority Electrical System RB Series 2001-3A DN (JPMorgan Chase & Co. LOC, Landesbank Baden-Wuerttemberg Girozentrale LOC), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		7,800		7,800,000
Long Island Power Authority Electrical System RB Series 2003E DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		6,500		6,500,000
Mattituck-Cutchogue Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/30/08		1,700		1,700,676
Metropolitan Transportation Authority RB (Dedicated Tax Fund Project) Series 2002B DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+)
2.30%, 5/07/08(a)		9,100		9,100,000
Metropolitan Transportation Authority RB Municipal Trust Receipts Floaters Series 2008-2566D DN (Transamerica Life Insurance Co. Guaranty, Morgan Stanley Municipal Funding Liquidity Facility),
2.56%, 5/07/08(a)(b)		38,545		38,545,000
Metropolitan Transportation Authority RB Series 2002D-1 DN (FSA Insurance, WestLB AG SBPA), (A-1+, VMIG-1)
2.30%, 5/07/08(a)		6,800		6,800,000
Metropolitan Transportation Authority RB Series 2002D-2 DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+, VMIG-1)
2.30%, 5/07/08(a)		100		100,000
Metropolitan Transportation Authority RB Series 2005 DN (Fortis Bank LOC), (VMIG-1)
2.20%, 5/07/08(a)		4,450		4,450,000
Miller Place Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/30/08		600		600,266
Monroe County IDA Civic Facility RB (Monroe Community College Project) Series 2006A DN (JPMorgan Chase Bank LOC), (VMIG-1)
2.43%, 5/07/08(a)		2,295		2,295,000
Monroe County IDA Civic Facility RB (Sigal Center Project) Series 2004 DN (M&T Bank Corp. LOC), (VMIG-1)
2.51%, 5/07/08(a)		1,600		1,600,000
Monroe County IDA Civic Facility RB (YMCA of Greater Rochester Project) Series 2004 DN (M&T Bank Corp. LOC), (A-1)
2.48%, 5/07/08(a)		2,480		2,480,000
Monroe-Woodbury Central School District GO (School Bus Project) Series 2007 BAN (State Aid Withholding Insurance),
3.70%, 11/14/08		1,000		1,001,927
Mount Vernon New York City School District GO Series 2008 RAN (State Aid Withholding Insurance),
3.25%, 8/12/08		5,000		5,005,533
Nassau County IDA Civic Facility RB (Cold Spring Harbor Laboratory Project) Series 1999 DN (Morgan Guaranty Trust LOC), (A-1+)
2.32%, 5/01/08(a)		5,450		5,450,000
Nassau County IDA Civic Facility RB (North Shore Hebrew Academy Project) Series 2005 DN (Sovereign Bank LOC, Comerica Bank N.A. LOC), (VMIG-1)
2.46%, 5/07/08(a)		2,400		2,400,000
New York City Convention Center RB Eclipse Funding Trust Series 2006-0004 DN (U.S. Bank N.A. Guaranty, Liquidity Facility), (VMIG-1)
3.78%, 5/01/08(a)(b)		10,625		10,625,000
New York City GO Municipal Trust Receipts Floaters Series 2008-2473 DN (Morgan Stanley Municipal Funding Liquidity Facility), (A-1)
2.41%, 5/07/08(a)(b)		7,500		7,500,000
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Credit Local LOC), (F-1+)
2.44%, 5/07/08(a)(b)(c)		5,290		5,290,000
New York City GO PUTTERS Series 2006-1299 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		5,335		5,335,000
New York City GO PUTTERS Series 2007-2392 DN JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		6,295		6,295,000
New York City GO Series 1995F-5 DN (Bayyerische Landesbank Girozentrale LOC), (A-1+, VMIG-1)
2.60%, 5/07/08(a)		3,975		3,975,000
New York City GO Series 2002C-2 DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1)
2.60%, 5/07/08(a)		4,070		4,070,000
New York City GO Series 2003A-5 DN (HSBC Bank LOC), (A-1)
2.55%, 5/07/08(a)		3,750		3,750,000
New York City GO Series 2006I-4 DN (Bank of New York LOC), (A-1+, VMIG-1)
2.30%, 5/07/08(a)		5,000		5,000,000
New York City GO Series 2007 ROC-RR-II- R-11299 DN (Citibank N.A. Liquidity Facility), (A-1+)
2.42%, 5/07/08(a)(b)		4,400		4,400,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 57

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
New York Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
New York (Continued)
New York City GO Trust Receipts Series 2002-725X DN (FSA Insurance, Morgan Stanley Group Liquidity Facility), (VMIG-1)
2.46%, 5/07/08(a)(b)	$	9,644	$	9,643,750
New York City Housing Development Corp. Multi-Family Rental Housing RB (20th Exchange Place Project) Series 2006A DN (Landesbank Hessen-Thueringen Girozentrale LOC), (A-1)
2.40%, 5/07/08(a)		2,000		2,000,000
New York City Housing Development Corp. Multi-Family Rental Housing RB (2nd Gold Street Project) Series 2006A DN (Fannie Mae Insurance, Fannie Mae Liquidity Facility), (A-1+)
2.60%, 5/07/08(a)		10,000		10,000,000
New York City Housing Development Corp. Multi-Family Rental Housing RB (90th West Street Project) Series 2006A DN (Federal National Mortgage Assoc. Insurance, Federal National Mortgage Assoc. Liquidity Facility), (A-1+)
2.60%, 5/07/08(a)		3,700		3,700,000
New York City Housing Development Corp. Multi-Family Rental Housing RB (Related Monterey Project) Series 1997A DN (Federal National Mortgage Assoc. Guaranty), (A-1+)
2.50%, 5/07/08(a)		15,700		15,700,000
New York City Housing Development Corp. RB (Beekman Tower Project) Series 2008A DN (Royal Bank of Scotland LOC), (A-1+)
2.45%, 5/07/08(a)		14,400		14,400,000
New York City IDA Civic Facilities RB (Abraham Joshua Heschel Project) Series 2002 DN (Allied Irish Bank Plc LOC), (VMIG-1)
2.42%, 5/07/08(a)		1,800		1,800,000
New York City IDA Civic Facilities RB (American Civil Liberties Project) Series 2005 DN (JPMorgan Chase Bank LOC), (A-1+, VMIG-1)
2.50%, 5/01/08(a)		4,400		4,400,000
New York City IDA Civic Facilities RB (French Institute Alliance Project) Series 2005 DN (M&T Bank Corp. LOC), (VMIG-1)
2.51%, 5/07/08(a)		2,040		2,040,000
New York City IDA Civic Facilities RB (Hewitt School Project) Series 2002 DN (Allied Irish Bank Plc LOC), (VMIG-1)
2.46%, 5/07/08(a)		1,500		1,500,000
New York City IDA Civic Facilities RB (The Birch Wathen Lenox School Project) Series 2004 DN (Allied Irish Bank Plc LOC), (VMIG-1)
2.46%, 5/07/08(a)		2,605		2,605,000
New York City IDA Civic Facilities RB (Touro College Project) Series 2007 DN (JPMorgan Chase Bank LOC), (A-1+, VMIG-1)
2.57%, 5/07/08(a)		7,500		7,500,000
New York City Industrial Development Agency RB (Liberty-1 Bryant Park LLC Project) Series 2004B DN (Bank of New York LOC), (A-1+)
2.50%, 5/01/08(a)		7,200		7,200,000
New York City Municipal Water Finance Authority TECP, (A-1+, P-1)
2.20%, 5/29/08		8,000		8,000,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2005AA-1 DN (State Street Bank & Trust Co. & CALSTERS SBPA), (A-1+, VMIG-1)
2.50%, 5/01/08(a)		16,400		16,400,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2006CC-1 DN (Bank of Nova Scotia SBPA), (A-1+, VMIG-1)
2.40%, 5/01/08(a)		4,100		4,100,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2007-2008BB-1 DN (Fortis Bank SBPA), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		12,200		12,200,000
New York City Municipal Water Finance Authority Water & Sewer System RB (Second General Resolution Project) Series 2007-2008BB-5 DN (Bank of America N.A. SBPA),
2.50%, 5/01/08(a)		1,250		1,250,000
New York City Municipal Water Finance Authority Water & Sewer System RB Municipal Trust Receipts Floaters Series 2005-1051 DN (Morgan Stanley Muncipal Funding Liquidity Facility), (VMIG-1)
2.41%, 5/07/08(a)(b)		4,095		4,095,000
New York City Municipal Water Finance Authority Water & Sewer System RB Municipal Trust Receipts Floaters Series 2006-1226 DN (Morgan Stanley Group Liquidity Facility), (VMIG-1)
2.41%, 5/07/08(a)(b)		3,940		3,940,000
New York City Municipal Water Finance Authority Water & Sewer System RB PUTTERS Series 2005-988 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		6,800		6,800,000
New York City Municipal Water Finance Authority Water & Sewer System RB PUTTERS Series 2006-1263 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1)
2.51%, 5/07/08(a)(b)		4,235		4,235,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2001F-1 DN (Credit Locale de France LOC), (A-1+, VMIG-1)
2.53%, 5/01/08(a)		2,420		2,420,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2001F-2 DN (Morgan Guaranty Trust SBPA), (VMIG-1)
2.30%, 5/07/08(a)		2,600		2,600,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2002C-3 DN (DEPFA Bank Plc SBPA), (A-1+, VMIG-1)
2.35%, 5/01/08(a)		5,500		5,500,000

See Notes to Financial Statements.

58 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
New York Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
New York (Continued)
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-3 DN (Bank of America N.A. SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(a)	$	21,400	$	21,400,000
New York City Municipal Water Finance Authority Water & Sewer System RB Series 2008B-4 DN (BNP Paribas SBPA), (A-1+, VMIG-1)
2.31%, 5/07/08(a)		22,800		22,800,000
New York City Transitional Finance Authority RB Eagle Trust Receipts Series 2001 DN (Citibank N.A. Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		3,300		3,300,000
New York City Transitional Finance Authority RB Municipal Trust Receipts Floaters Series 2006-1401 DN (Morgan Stanley Group Liquidity Facility), (A-1)
2.41%, 5/07/08(a)(b)		4,935		4,935,000
New York City Transitional Finance Authority RB Series 2003-2D DN (Lloyds TSB Bank Plc Liquidity Facility), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		8,700		8,700,000
New York City Transitional Finance Authority RB Series 2005A-1 MB,
5.00%, 11/01/08		590		597,407
New York City Transitional Finance Authority RB Series 2007 ROC-RR-II-R-10131 DN (Citibank N.A. Liquidity Facility), (A-1+)
2.42%, 5/07/08(a)(b)		8,630		8,630,000
New York City Trust for Cultural Resources RB (The Museum of Broadcasting Project) Series 1989 DN (KBC Bank N.V. LOC), (A-1+, VMIG-1)
2.35%, 5/07/08(a)		895		895,000
New York Dormitory Authority RB (Cornell University Project) Series 2004 DN (HSBC Bank USA N.A. SBPA), (A-1+, VMIG-1)
1.40%, 5/07/08(a)		6,500		6,500,000
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2E DN (Banque Nationale de Paribas SBPA), (A-1+)
2.30%, 5/07/08(a)		200		200,000
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2F DN (JPMorgan Chase Bank SBPA), (A-1+)
2.05%, 5/07/08(a)		1,340		1,340,000
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2G DN (Bank of Nova Scotia SBPA), (A-1)
2.30%, 5/07/08(a)		12,815		12,815,000
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2003D-2H DN (HSBC Bank USA N.A. SBPA), (A-1+)
2.30%, 5/07/08(a)		4,495		4,495,000
New York Dormitory Authority RB (Mental Health Services Facilities Project) Series 2004F-2B DN (FSA Insurance, Dexia Credit Local SBPA), (A-1+)
2.10%, 5/07/08(a)		24,300		24,300,000
New York Dormitory Authority RB (Municipal Health Facility Improvement Project) Series 2001-1 MB (FSA Insurance),
5.00%, 1/15/09		500		507,798
New York Dormitory Authority RB Municipal Trust Receipts (Columbia University Project) Series 2001-132 DN (Societe Generale Liquidity Facility), (A-1+)
2.75%, 5/07/08(a)(b)		2,000		2,000,000
New York Dormitory Authority RB PUTTERS Series 2007-1956 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		1,375		1,375,000
New York Dormitory Authority RB PUTTERS Series 2008-2659 DN (JPMorgan Chase & Co. Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		2,500		2,500,000
New York Dormitory Authority RB Series 2005B DN (Bayerische Landesbank Girozentrale LOC), (A-1+, VMIG-1)
2.45%, 5/07/08(a)		7,500		7,500,000
New York Dormitory Authority RB Series 2006 DN (Fannie Mae Insurance, Fannie Mae Liquidity Facility), (A-1)
2.40%, 5/07/08(a)		7,000		7,000,000
New York Environmental Facilities Corp. Clean Water & Drinking RB MERLOTS Trust Receipts Series 2004B DN (Wachovia Bank N.A. SBPA), (A-1)
2.82%, 5/07/08(a)(b)		5,365		5,365,000
New York Environmental Facilities Corp. Clean Water & Drinking RB PUTTERS Series 2006-1372 DN (JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.51%, 5/07/08(a)(b)		1,845		1,845,000
New York Environmental Facilities Corp. Clean Water & Drinking RB Series 2003 ROC-RR-II-R-4001 DN (Citigroup Financial Products Liquidity Facility), (VMIG-1)
2.42%, 5/07/08(a)(b)		1,580		1,580,000
New York Environmental Facilities Corp. Clean Water & Drinking RB Series 2007 ROC-RR-II-R-12032 DN (Citigroup Financial Products Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		5,710		5,710,000
New York GO (Environmental Quality Project) Series 1998G DN (WestLB AG LOC), (A-1+, VMIG-1)
3.20%, 5/07/08(a)		7,260		7,260,000
New York GO Series 2000B MB (Dexia Credit Local LOC), (A-1+, VMIG-1)
2.80%, 7/02/08		1,200		1,200,000
New York Housing Finance Agency RB (10 Liberty-A Project) Series 2003 DN (Federal Home Loan Mortgage Corp. Insurance, Federal Home Loan Mortgage Corp. Liquidity Facility),
2.50%, 5/07/08(a)		16,230		16,230,000
New York Housing Finance Agency RB (Normandie Court I Project) Series 1991A DN (Societe Generale LOC), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		4,400		4,400,000
New York Housing Finance Agency RB (North End Project) Series 2004 DN (Federal National Mortgage Assoc. Liquidity Facility), (VMIG-1)
2.50%, 5/07/08(a)		4,900		4,900,000
New York Housing Finance Agency RB (Tribeca Green Housing Project) Series 2003A DN (Landesbank Hessen-Thuringen Girozentrale LOC), (VMIG-1)
2.60%, 5/07/08(a)		13,485		13,485,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 59

Schedule of Investments (continued)	(Percentages shown are based on Net Assets)
New York Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
New York (Continued)
New York Housing Finance Agency RB Series 2003E DN (Banque Nationale de Paribas LOC), (A-1+, F1+)
2.60%, 5/07/08(a)	$	10,700	$	10,700,000
New York Local Government Assistance Corp. RB Series 1994B DN (Bayerische Landesbank Girozentrale LOC, Westdeutsche Landesbank LOC), (A-1+, VMIG-1)
2.70%, 5/07/08(a)		4,605		4,605,000
New York Local Government Assistance Corp. RB Series 1995C DN (Landesbank Hessen-Thuringen Girozentrale LOC), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		300		300,000
New York Local Government Assistance Corp. RB Series 1995F DN (Toronto Dominion LOC), (A-1, VMIG-1)
2.45%, 5/07/08(a)		2,400		2,400,000
New York Power Authority GO Series 1985 MB (Dexia Credit Local Liquidity Facility), (A-1+, MIG-1)
2.10%, 9/02/08		2,760		2,760,000
New York Power Authority TECP,
2.55%, 7/18/08		3,000		3,000,000
New York Tollway Authority Second General Highway & Bridge Trust Fund RB Municipal Trust Receipts Floaters Series 2008-2527 DN (Morgan Stanley Municpal Funding Liqudity Facility), (A-1+)
2.41%, 5/07/08(a)(b)		2,009		2,009,000
New York Urban Development Corp. RB UBS Municipal Certificates Floaters Series 2007-07-1037 DN (Bank of New York Liquidity Facility), (A-1+)
2.46%, 5/07/08(a)(b)		400		400,000
North Babylon Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/26/08		300		300,156
North Syracuse Central School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.00%, 6/19/08		220		220,074
Ogdensburg Enlarged City School District GO Series 2007 RAN (State Aid Withholding Insurance),
4.00%, 6/27/08		700		700,230
Oneida County IDRB (Preswick Glen Civic Facility Project) Series 2006 DN (Sovereign Bank LOC, Lloyds TSB Bank Plc LOC), (A-1+)
2.42%, 5/07/08(a)		3,500		3,500,000
Onondaga County IDA Civic Facility RB (YMCA Greater Syracuse Project) Series 2003A DN (Citizens Financial Group, Inc. LOC),
2.49%, 5/07/08(a)		3,800		3,800,000
Ontario County Civic Facilities RB (Finger Lakes Project) Series 2006A DN (Citizens Financial Group, Inc. LOC), (VMIG-1)
2.40%, 5/07/08(a)		4,000		4,000,000
Orange County GO Series 2007 BAN,
3.90%, 7/24/08		1,600		1,600,044
Orange County IDA Civic Facilities RB (Cornwall Hospital Project) Series 2006 DN (KeyBank N.A. LOC), (VMIG-1)
2.45%, 5/07/08(a)		4,000		4,000,000
Otsego County IDRB (Templeton Foundation Project) Series 2007A DN (KeyBank N.A. LOC),
2.49%, 5/07/08(a)		575		575,000
Owego Town GO Series 2008 BAN,
2.70%, 1/29/09		721		721,345
Poughkeepsie City GO Series 2007B BAN,
3.90%, 9/12/08		500		500,476
Poughkeepsie City GO Series 2007C BAN,
3.90%, 7/18/08		1,500		1,500,838
Poughkeepsie City GO Series 2008A BAN,
2.75%, 4/24/09		1,090		1,102,198
Poughkeepsie City GO Series 2008 BAN,
2.75%, 3/20/09		865		870,550
Ramapo Housing Authority RB (Fountainview College Road Project) Series 1998 DN (M&T Bank Corp. LOC), (VMIG-1)
2.48%, 5/07/08(a)		6,970		6,970,000
Rensselaer County Civic Facilities IDRB (The Sage Colleges Project) Series 2002A DN (M&T Bank Corp. LOC), (VMIG-1)
2.52%, 5/07/08(a)		2,500		2,500,000
Ridge Road Fire District GO Series 2008 BAN,
2.00%, 12/18/08		630		631,614
Rockland County GO Series 2007E BAN,
3.90%, 9/04/08		1,300		1,301,120
Rockland County IDRB (Northern Manor Multicare Project) Series 2002 DN (M&T Bank Corp. LOC), (VMIG-1)
2.48%, 5/07/08(a)		10,635		10,635,000
Rockland County IDRB (Northern River Assisted Living Project) Series 1999 DN (M&T Bank Corp. LOC), (VMIG-1)
2.48%, 5/07/08(a)		8,900		8,900,000
Rome School District GO Series 2007A BAN (State Aid Withholding Insurance),
4.00%, 6/27/08		900		900,283
Rome School District GO Series 2007B BAN (State Aid Withholding Insurance),
4.00%, 7/25/08		800		800,374
Rome School District GO Series 2007 RAN (State Aid Withholding Insurance),
4.00%, 6/20/08		1,800		1,800,472
Schenectady County IDA Civic Facility RB (Sunnyview Project) Series 2003B DN (KeyBank N.A. LOC), (VMIG-1)
2.45%, 5/07/08(a)		2,295		2,295,000
Schenectady School District GO Series 2007 RAN (State Aid Withholding Insurance),
4.00%, 7/31/08		1,300		1,300,653
Shenendehowa Cetnral School District GO Series 2007 BAN (State Aid Withholding Insurance),
3.85%, 6/27/08		2,300		2,300,079
Southampton Union Free School District GO Series 2007 BAN (State Aid Withholding Insurance),
3.90%, 9/17/08		500		500,494
Southampton Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/27/08		1,500		1,500,614
Suffolk County GO Series 2008 TAN, (SP-1+, MIG-1)
3.50%, 8/14/08		7,000		7,013,847
Syracuse Industrial Development Agency RB (Syracuse University Project) Series 2008A-2 DN (JPMorgan Chase Bank LOC), (A-1+, VMIG-1)
2.45%, 5/01/08(a)		2,200		2,200,000

See Notes to Financial Statements.

60 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (concluded)	(Percentages shown are based on Net Assets)
New York Money Fund

	Par (000)		Value
Municipal Bonds (Continued)
New York (Continued)
Tarrytown Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
3.90%, 6/13/08	$	900	$	900,278
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (DEPFA Bank Plc Liquidity Facility), (A-1+)
2.47%, 5/07/08(a)(b)(c)		17,495		17,495,000
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbanken AB Liquidity Facility), (A-1)
2.47%, 5/07/08(a)(b)(c)		7,495		7,495,000
Tobacco Settlement Financing Corp. RB Series 2003B-1 MB, (AA-, A1)
5.00%, 6/01/08		400		400,398
Triborough Bridge & Tunnel Authority RB Series 2002F DN (ABN-AMRO Bank N.V. SBPA), (A-1+, VMIG-1)
2.60%, 5/07/08(a)		6,000		6,000,000
Triborough Bridge & Tunnel Authority RB Series 2005A DN (Dexia SBPA), (A-1+, VMIG-1)
2.40%, 5/07/08(a)		8,500		8,500,000
Triborough Bridge & Tunnel Authority RB Series 2005B-3 DN (Bank of America N.A. SBPA), (A-1+, VIMG-1)
2.20%, 5/07/08(a)		3,755		3,755,000
Triborough Bridge & Tunnel Authority RB Series 2006B-4 DN (Landesbank Baden-Wurttemberg Girozentrale SBPA), (A-1+, VMIG1)
2.40%, 5/07/08(a)		8,055		8,055,000
Troy IDA Civic Facility RB (Rensselaer Polytechnic Institute Project) Series 2008 DN (Bank of America N.A. LOC), (A-1+, VMIG-1)
2.20%, 5/07/08(a)		8,000		8,000,000
Vestal GO Series 2007 BAN,
4.00%, 5/23/08		700		700,154
Wantagh Union Free School District GO Series 2007 TAN (State Aid Withholding Insurance),
4.00%, 6/27/08		200		200,109
Wappinger GO Series 2008 BAN,
2.75%, 4/03/09		655		661,000
Watertown Enlarged City School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.00%, 6/26/08		3,000		3,001,146
Watertown GO Series 2008 BAN,
2.00%, 2/25/09		690		694,072
White Plains GO Series 2008 BAN,
3.00%, 1/22/09		500		501,772
Yorktown Central School District GO Series 2007 BAN (State Aid Withholding Insurance),
4.00%, 10/02/08		1,300		1,302,643
				791,995,158
Puerto Rico — 0.2%
Puerto Rico Electric Power Authority RB PUTTERS Series 2000-164 DN (FSA Insurance, JPMorgan Chase Bank Liquidity Facility), (A-1+)
2.43%, 5/07/08(a)(b)		1,235		1,235,000
Total Investments in Securities — 99.7% (Cost $793,230,158*)				793,230,158
Other Assets in Excess of Liabilities — 0.3%				2,485,784
Net Assets — 100.0%			$	795,715,942

* Aggregate cost for federal income tax purposes.

(a) Rate shown is as of report date and maturities shown are the next interest readjustment date or the date the principal owed can be recovered through demand.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Sales Cost		Interest Income
New York City GO P-Float Trust Receipts Series 2005-3333 DN (Dexia Credit Local LOC)	$	10,000	$	72,899
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-232 DN (DEPFA Bank Plc Liquidity Facility)		—		252,229
Tobacco Settlement Financing Corp. RB P-Float Trust Receipts Series 2006 MT-256 DN (Svenska Handelsbank AB Liquidity Facility)		—		104,285

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 61

Statements of Assets and Liabilities

April 30, 2008 (Unaudited)	TempFund		TempCash		FedFund			T-Fund			Federal Trust Fund
Assets
Investments at value - unaffiliated1	$	67,079,337,115	$	13,639,930,105	$	5,418,974,003		$	—		$	628,094,346
Repurchase agreements - affiliated2		308,100,000		—		12,200,000			—			—
Repurchase agreements - unaffiliated3		1,534,842,000		790,000		4,641,358,000			9,790,707,000			—
Cash		494,855		—		950,971			37,000,382			691
Interest receivable		210,584,113		43,144,795		25,314,996			4,076,630			1,323,837
Interest receivable - affiliated		18,293		—		724			—			—
Prepaid expenses		1,108,915		254,272		175,766			176,763			35,183
Total assets		69,134,485,291		13,684,119,172		10,098,974,460			9,831,960,775			629,454,057
Liabilities
Bank overdraft		—		37,975		—			—			—
Investments purchased payable		—		114,950,000		—			—			—
Income dividends payable		86,113,009		16,769,266		6,506,331			9,082,046			1,047,008
Management fees payable		18,713,557		4,174,057		3,261,092			3,149,274			188,031
Service and distribution fees payable		3,685,257		236,558		702,722			384,968			25,704
Transfer agent fees payable		388,761		104,460		21,062			45,072			5,211
Custodian fees payable		321,516		111,237		70,307			78,437			5,622
Officer and Trustees fees payable		112,491		16,291		5,468			12,106			598
Other accrued expenses		428,316		178,409		73,034			69,473			22,538
Total liabilities		109,762,907		136,578,253		10,640,016			12,821,376			1,294,712
Net Assets
Net Assets	$	69,024,722,384	$	13,547,540,919	$	10,088,334,444		$	9,819,139,399		$	628,159,345
Net Assets Consist of
Paid-in capital	$	69,021,270,067	$	13,546,536,422	$	10,088,346,498		$	9,819,236,667		$	628,023,219
Undistributed net investment income		—		—		—			—			294
Accumulated net realized gain (loss)		3,452,317		1,004,497		(12,054	)		(97,268	)		135,832
Net Assets	$	69,024,722,384	$	13,547,540,919	$	10,088,334,444		$	9,819,139,399		$	628,159,345
1 Investments at cost - unaffiliated	$	67,079,337,115	$	13,639,930,105	$	5,418,974,003		$	—		$	628,094,346
2 Repurchase agreements at cost - affiliated		308,100,000		—		12,200,000			—			—
3 Repurchase agreements at cost - unaffiliated		1,534,842,000		790,000		4,641,358,000			9,790,707,000			—

See Notes to Financial Statements.

62 SEMI-ANNUAL REPORT APRIL 30, 2008

Statements of Assets and Liabilities (continued)

April 30, 2008 (Unaudited)	TempFund		TempCash		FedFund		T-Fund		Federal Trust Fund
Institutional
Net Assets	$	55,905,726,963	$	12,352,948,319	$	7,906,941,973	$	8,379,045,866	$	479,425,537
Shares outstanding, unlimited number of shares authorized		55,903,012,494		12,352,019,650		7,906,950,609		8,379,127,545		479,322,715
Net Asset Value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Dollar
Net Assets	$	7,046,313,766	$	1,116,838,187	$	833,986,007	$	646,485,841	$	114,884,865
Shares outstanding, unlimited number of shares authorized		7,046,113,277		1,116,762,870		833,971,196		646,499,699		114,861,612
Net Asset Value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Cash Management
Net Assets	$	932,750,481	$	112,419	$	—	$	553,098,548	$	—
Shares outstanding, unlimited number of shares authorized		932,672,315		112,370		—		553,100,913		—
Net Asset Value	$	1.00	$	1.00	$	—	$	1.00	$	—
Cash Reserve
Net Assets	$	8,861,013	$	—	$	1,545,524	$	—	$	—
Shares outstanding, unlimited number of shares authorized		8,857,573		—		1,545,721		—		—
Net Asset Value	$	1.00	$	—	$	1.00	$	—	$	—
Administration
Net Assets	$	2,115,663,337	$	77,641,994	$	101,305,204	$	82,966,019	$	33,848,943
Shares outstanding, unlimited number of shares authorized		2,115,581,083		77,641,532		101,306,280		82,965,682		33,839,514
Net Asset Value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Select
Net Assets	$	971,100,778	$	—	$	134,727,935	$	49,174,128	$	—
Shares outstanding, unlimited number of shares authorized		970,989,703		—		134,729,622		49,174,093		—
Net Asset Value	$	1.00	$	—	$	1.00	$	1.00	$	—
Premier Choice
Net Assets	$	2,010	$	—	$	2,273	$	509	$	—
Shares outstanding, unlimited number of shares authorized		2,010		—		2,281		509		—
Net Asset Value	$	1.00	$	—	$	1.00	$	1.00	$	—
Private Client
Net Assets	$	1,502,493,816	$	—	$	969,801,966	$	4,336,809	$	—
Shares outstanding, unlimited number of shares authorized		1,502,314,570		—		969,815,471		4,336,702		—
Net Asset Value	$	1.00	$	—	$	1.00	$	1.00	$	—
Premier
Net Assets	$	541,810,220	$	—	$	140,023,562	$	104,031,679	$	—
Shares outstanding, unlimited number of shares authorized		541,727,042		—		140,025,317		104,031,524		—
Net Asset Value	$	1.00	$	—	$	1.00	$	1.00	$	—

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 63

Statements of Assets and Liabilities (continued)

April 30, 2008 (Unaudited)	Treasury Trust Fund		MuniFund		MuniCash		California Money Fund		New York Money Fund
Assets
Investments at value - unaffiliated1	$	5,726,805,428	$	4,643,321,933	$	719,737,946	$	1,096,286,071	$	762,950,158
Investments at value - affiliated2		—		5,975,000		—		15,545,000		30,280,000
Cash		—		44,746		23,438		69,586		22,621
Interest receivable		2,980,351		26,811,844		3,789,489		6,248,354		3,955,451
Interest receivable - affiliated		—		43,063		—		165,720		310,549
Investments sold receivable		—		68,221,772		—		—		—
Prepaid expenses		70,802		122,893		55,522		34,819		22,337
Total Assets		5,729,856,581		4,744,541,251		723,606,395		1,118,349,550		797,541,116
Liabilities
Bank overdraft		1,699,698		—		—		—		—
Investments purchased payable		483,775,292		75,696,410		—		—		661,000
Income dividends payable		3,471,914		4,235,254		862,890		1,079,470		777,026
Management fees payable		1,703,531		1,325,959		107,628		371,883		252,006
Service and distribution fees payable		166,182		354,092		19,924		141,331		101,025
Transfer agent fees payable		22,047		43,091		29,301		28,581		14,275
Custodian fees payable		35,754		12,674		—		—		—
Officer and Trustees fees payable		2,595		4,424		2,810		2,015		1,026
Other accrued expenses		36,349		49,640		26,539		8,141		18,816
Total Liabilities		490,913,362		81,721,544		1,049,092		1,631,421		1,825,174
Net Assets
Net Assets	$	5,238,943,219	$	4,662,819,707	$	722,557,303	$	1,116,718,129	$	795,715,942
Net Assets Consist of
Paid-in capital	$	5,238,291,826	$	4,662,324,629	$	722,503,487	$	1,116,524,837	$	795,691,837
Undistributed net investment income		—		2,304		10,030		—		6
Accumulated net realized gain		651,393		492,774		43,786		193,292		24,099
Net Assets	$	5,238,943,219	$	4,662,819,707	$	722,557,303	$	1,116,718,129	$	795,715,942
1 Investments at cost - unaffiliated	$	5,726,805,428	$	4,643,321,933	$	719,737,946	$	1,096,286,071	$	762,950,158
2 Investments at cost - affiliated		—		5,975,000		—		15,545,000		30,280,000

See Notes to Financial Statements.

64 SEMI-ANNUAL REPORT APRIL 30, 2008

Statements of Assets and Liabilities (concluded)

April 30, 2008 (Unaudited)	Treasury Trust Fund		MuniFund		MuniCash		California Money Fund		New York Money Fund
Institutional
Net Assets	$	4,538,439,526	$	3,322,627,788	$	635,531,536	$	802,402,301	$	558,028,063
Shares outstanding, unlimited number of shares authorized		4,537,854,540		3,322,247,189		635,511,697		802,233,256		557,647,679
Net Asset Value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Dollar
Net Assets	$	488,227,429	$	239,525,112	$	87,025,767	$	13,437,900	$	6,306,547
Shares outstanding, unlimited number of shares authorized		488,211,432		239,504,390		86,995,251		13,425,005		6,299,885
Net Asset Value	$	1.00	$	1.00	$	1.00	$	1.00	$	1.00
Cash Management
Net Assets	$	77,310,333	$	97,141,868	$	—	$	9,354,933	$	22,929,210
Shares outstanding, unlimited number of shares authorized		77,293,217		97,129,271		—		9,351,268		22,924,546
Net Asset Value	$	1.00	$	1.00	$	—	$	1.00	$	1.00
Administration
Net Assets	$	134,965,931	$	455,824,458	$	—	$	4,749,322	$	11,662,004
Shares outstanding, unlimited number of shares authorized		134,932,637		455,707,519		—		4,747,430		11,647,254
Net Asset Value	$	1.00	$	1.00	$	—	$	1.00	$	1.00
Select
Net Assets	$	—	$	31,589,432	$	—	$	30,410,490	$	8,974,779
Shares outstanding, unlimited number of shares authorized		—		31,583,435		—		30,394,994		8,970,707
Net Asset Value	$	—	$	1.00	$	—	$	1.00	$	1.00
Premier Choice
Net Assets	$	—	$	2,289	$	—	$	2,237	$	2,237
Shares outstanding, unlimited number of shares authorized		—		2,297		—		2,237		2,237
Net Asset Value	$	—	$	1.00	$	—	$	1.00	$	1.00
Private Client
Net Assets	$	—	$	317,851,747	$	—	$	237,884,790	$	185,322,212
Shares outstanding, unlimited number of shares authorized		—		317,784,127		—		237,798,649		185,206,149
Net Asset Value	$	—	$	1.00	$	—	$	1.00	$	1.00
Premier
Net Assets	$	—	$	198,257,013	$	—	$	18,476,156	$	2,490,890
Shares outstanding, unlimited number of shares authorized		—		198,196,067		—		18,465,214		2,484,309
Net Asset Value	$	—	$	1.00	$	—	$	1.00	$	1.00

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 65

Statements of Operations

Six Months Ended April 30, 2008 (Unaudited)	TempFund			TempCash			FedFund
Investment Income
Interest	$	1,346,527,440		$	308,535,707		$	159,933,468
Interest from affiliates		2,076,732			—			423,332
Total investment income		1,348,604,172			308,535,707			160,356,800
Expenses
Management		55,985,343			14,962,854			8,915,203
Service - class specific		19,780,477			1,319,853			4,097,103
Distribution - class specific		4,929,032			—			2,014,009
Transfer agent		1,259,210			279,481			174,829
Custodian		1,172,011			196,593			157,018
Registration		34,441			19,052			40,003
Professional		346,648			88,782			57,197
Officer and Trustees		244,267			53,616			34,675
Printing		65,820			15,680			9,257
Miscellaneous		380,975			90,631			55,387
Total expenses		84,198,224			17,026,542			15,554,681
Less management fees waived		(2,723,015	)		(2,774,988	)		(881,485	)
Less distribution fees waived - class specific		(3,190,943	)		—			(1,766,286	)
Less service fees waived - class specific		(148,979	)		—			(147,539	)
Less fees paid indirectly		(94,721	)		(2,576	)		(91,630	)
Total expenses after waivers		78,040,566			14,248,978			12,667,741
Net investment income		1,270,563,606			294,286,729			147,689,059
Realized Gain (Loss)
Net realized gain from:
Investments		6,893,150			3,157,547			—
Investments - affiliated		—			—			—
		6,893,150			3,157,547			—
Net Increase in Net Assets Resulting from Operations	$	1,277,456,756		$	297,444,276		$	147,689,059

See Notes to Financial Statements.

66 SEMI-ANNUAL REPORT APRIL 30, 2008

Statements of Operations (concluded)

T-Fund			Federal Trust Fund			Treasury Trust Fund			MuniFund			MuniCash			California Money Fund			New York Money Fund
$	140,175,074		$	10,390,979		$	49,981,523		$	59,896,691		$	13,727,716		$	15,986,830		$	9,499,296
	110,021			—			—			307,392			53,514			408,780			429,413
	140,285,095			10,390,979			49,981,523			60,204,083			13,781,230			16,395,610			9,928,709
	9,619,626			748,919			4,355,317			5,506,265			1,551,934			2,232,783			1,369,800
	3,150,725			125,996			638,524			2,211,107			102,978			908,045			593,892
	104,101			—			—			780,622			—			521,885			356,066
	175,312			14,476			95,651			112,144			47,399			63,914			31,424
	129,243			9,570			49,077			62,736			30,520			26,630			17,284
	28,857			13,964			15,490			33,664			22,393			10,231			6,523
	66,407			17,806			33,618			37,071			21,098			23,604			21,252
	42,399			11,921			21,710			21,026			11,578			13,314			12,188
	11,239			1,281			3,941			4,716			1,426			2,079			1,155
	65,592			10,115			31,563			34,322			9,713			9,416			6,695
	13,393,501			954,048			5,244,891			8,803,673			1,799,039			3,811,901			2,416,279
	(884,531	)		(263,450	)		(796,308	)		(1,820,048	)		(1,049,696	)		(1,186,445	)		(735,409	)
	(86,650	)		—			—			(720,725	)		—			(446,403	)		(341,727	)
	(15,155	)		—			—			(69,043	)		—			(38,647	)		(22,380	)
	(32,175	)		(289	)		(6,218	)		(60,135	)		(31,303	)		(41,513	)		(14,752	)
	12,374,990			690,309			4,442,365			6,133,722			718,040			2,098,893			1,302,011
	127,910,105			9,700,670			45,539,158			54,070,361			13,063,190			14,296,717			8,626,698
	9,771			99,105			446,795			482,525			308,193			135,709			15,177
	—			—			—			—			—			41,850			—
	9,771			99,105			446,795			482,525			308,193			177,559			15,177
$	127,919,876		$	9,799,775		$	45,985,953		$	54,552,886		$	13,371,383		$	14,474,276		$	8,641,875

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 67

Statements of Changes in Net Assets

	TempFund						TempCash
Increase in Net Assets:	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
Operations
Net investment income	$	1,270,563,606		$	1,975,697,015		$	294,286,729		$	509,202,644
Net realized gain		6,893,150			69,686			3,157,547			68,723
Net increase in net assets resulting from operations		1,277,456,756			1,975,766,701			297,444,276			509,271,367
Dividends to Shareholders from
Net investment income:
Institutional		(1,025,834,382	)		(1,448,652,272	)		(274,064,701	)		(462,360,840	)
Dollar		(131,481,877	)		(268,354,099	)		(20,165,846	)		(46,432,912	)
Cash Management		(15,235,340	)		(24,975,107	)		(3,090	)		(5,298	)
Cash Reserve		(203,675	)		(791,748	)		—			—
Administration		(41,040,145	)		(95,779,809	)		(53,056	)		(403,630	)
Select		(16,229,071	)		(37,405,578	)		—			—
Premier Choice		(10	)		(652,749	)		—			—
Private Client		(30,047,830	)		(77,288,590	)		—			—
Premier		(10,491,276	)		(21,797,063	)		—			—
Decrease in net assets resulting from dividends to shareholders		(1,270,563,606	)		(1,975,697,015	)		(294,286,693	)		(509,202,680	)
Capital Share Transactions
Net increase in net assets resulting from capital share transactions		6,442,735,409			26,979,181,649			1,119,246,101			1,804,075,035
Net Assets
Total increase in net assets		6,449,628,559			26,979,251,335			1,122,403,684			1,804,143,722
Beginning of period		62,575,093,825			35,595,842,490			12,425,137,235			10,620,993,513
End of period	$	69,024,722,384		$	62,575,093,825		$	13,547,540,919		$	12,425,137,235
End of period undistributed (distributions in excess of) net investment income		—			—			—		$	(36	)

See Notes to Financial Statements.

68 SEMI-ANNUAL REPORT APRIL 30, 2008

Statements of Changes in Net Assets (continued)

FedFund						T-Fund						Federal Trust Fund
Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
$	147,689,059		$	174,364,560		$	127,910,105		$	247,839,893		$	9,700,670		$	14,967,070
	—			—			9,771			(81	)		99,105			36,727
	147,689,059			174,364,560			127,919,876			247,839,812			9,799,775			15,003,797
	(114,526,132	)		(125,002,205	)		(104,046,419	)		(187,611,225	)		(7,631,236	)		(11,831,501	)
	(12,343,035	)		(22,516,414	)		(14,274,958	)		(31,724,030	)		(1,337,387	)		(2,633,395	)
	—			—			(7,098,250	)		(25,833,998	)		—			—
	(36,277	)		(144,588	)		—			—			—			—
	(1,190,838	)		(2,544,467	)		(1,166,695	)		(2,670,631	)		(732,047	)		(502,174	)
	(1,979,400	)		(2,415,677	)		(52,159	)		—			—			—
	(39	)		(106	)		(7	)		(3	)		—			—
	(15,175,978	)		(18,860,453	)		(243,333	)		(3	)		—			—
	(2,437,215	)		(2,880,795	)		(1,028,284	)		(3	)		—			—
	(147,688,914	)		(174,364,705	)		(127,910,105	)		(247,839,893	)		(9,700,670	)		(14,967,070	)
	3,817,022,701			2,958,400,893			2,126,961,807			3,713,966,890			219,457,498			265,699,434
	3,817,022,846			2,958,400,748			2,126,971,578			3,713,966,809			219,556,603			265,736,161
	6,271,311,598			3,312,910,850			7,692,167,821			3,978,201,012			408,602,742			142,866,581
$	10,088,334,444		$	6,271,311,598		$	9,819,139,399		$	7,692,167,821		$	628,159,345		$	408,602,742
	—		$	(145	)		—			—		$	294		$	294

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 69

Statements of Changes in Net Assets (continued)

	Treasury Trust Fund						MuniFund
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
Operations
Net investment income	$	45,539,158		$	70,979,039		$	54,070,361		$	96,288,897
Net realized gain		446,795			524,325			482,525			19,489
Net increase in net assets resulting from operations		45,985,953			71,503,364			54,552,886			96,308,386
Dividends to Shareholders from
Net investment income:
Institutional		(40,032,522	)		(56,201,711	)		(37,630,029	)		(60,529,909	)
Dollar		(2,973,353	)		(7,888,982	)		(2,133,383	)		(3,150,414	)
Cash Management		(767,341	)		(2,031,945	)		(782,154	)		(1,688,895	)
Cash Reserve		—			—			—			—
Administration		(1,765,942	)		(4,856,401	)		(6,106,565	)		(14,267,987	)
Select		—			—			(342,665	)		(697,696	)
Premier Choice		—			—			(29	)		(73	)
Private Client		—			—			(3,886,084	)		(9,127,900	)
Premier		—			—			(3,189,452	)		(6,826,023	)
Decrease in net assets resulting from dividends to shareholders		(45,539,158	)		(70,979,039	)		(54,070,361	)		(96,288,897	)
Capital Share Transactions
Net increase (decrease) in net assets resulting from capital share transactions		2,543,547,570			1,442,633,346			1,172,074,469			1,116,054,836
Net Assets
Total increase (decrease) in net assets		2,543,994,365			1,443,157,671			1,172,556,994			1,116,074,325
Beginning of period		2,694,948,854			1,251,791,183			3,490,262,713			2,374,188,388
End of period	$	5,238,943,219		$	2,694,948,854		$	4,662,819,707		$	3,490,262,713
End of period undistributed net investment income		—			—		$	2,304		$	2,304

See Notes to Financial Statements.

70 SEMI-ANNUAL REPORT APRIL 30, 2008

Statements of Changes in Net Assets (concluded)

MuniCash						California Money Fund						New York Money Fund
Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
$	13,063,190		$	48,823,502		$	14,296,717		$	39,642,572		$	8,626,698		$	19,509,134
	308,193			227,059			177,559			67,898			15,177			51,875
	13,371,383			49,050,561			14,474,276			39,710,470			8,641,875			19,561,009
	(11,973,110	)		(45,724,041	)		(10,321,642	)		(28,478,818	)		(6,005,620	)		(12,465,216	)
	(1,088,053	)		(3,084,371	)		(517,982	)		(1,921,183	)		(76,801	)		(235,929	)
	—			—			(202,091	)		(483,627	)		(203,973	)		(400,826	)
	(55	)		(679	)		—			—			—			—
	(1,972	)		(14,411	)		(80,924	)		(202,460	)		(171,632	)		(480,638	)
	—			—			(364,536	)		(1,094,130	)		(69,753	)		(144,854	)
	—			—			(25	)		(69	)		(1,831	)		(8,065	)
	—			—			(2,465,302	)		(6,736,251	)		(1,979,216	)		(5,348,142	)
	—			—			(344,215	)		(726,034	)		(117,872	)		(425,464	)
	(13,063,190	)		(48,823,502	)		(14,296,717	)		(39,642,572	)		(8,626,698	)		(19,509,134	)
	(283,525,074	)		(318,827,058	)		(15,065,356	)		(36,406,671	)		206,600,899			93,730,018
	(283,216,881	)		(318,599,999	)		(14,887,797	)		(36,338,773	)		206,616,076			93,781,893
	1,005,774,184			1,324,374,183			1,131,605,926			1,167,944,699			589,099,866			495,317,973
$	722,557,303		$	1,005,774,184		$	1,116,718,129		$	1,131,605,926		$	795,715,942		$	589,099,866
$	10,030		$	10,030			—			—		$	6		$	6

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 71

Financial Highlights TempFund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0206			0.0521			0.0470			0.0276			0.0109			0.0113
Dividends from net investment income		(0.0206	)		(0.0521	)		(0.0470	)		(0.0276	)		(0.0109	)		(0.0113	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		2.07	%2		5.33	%		4.81	%		2.80	%		1.09	%		1.14	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.18	%3		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Total expenses, net of waivers		0.18	%3		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Total expenses		0.19	%3		0.20	%		0.20	%		0.21	%		0.21	%		0.20	%
Net investment income		4.07	%3		5.22	%		4.78	%		2.78	%		1.09	%		1.15	%
Supplemental Data
Net assets, end of period (000)	$	55,905,727		$	50,720,755		$	25,788,255		$	20,229,031		$	17,452,337		$	20,081,053
	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0193			0.0496			0.0445			0.0252			0.0084			0.0088
Dividends from net investment income		(0.0193	)		(0.0496	)		(0.0445	)		(0.0252	)		(0.0084	)		(0.0088	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.95	%2		5.07	%		4.55	%		2.54	%		0.84	%		0.89	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.43	%3		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Total expenses, net of waivers		0.43	%3		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Total expenses		0.44	%3		0.45	%		0.45	%		0.46	%		0.46	%		0.45	%
Net investment income		3.96	%3		4.95	%		4.44	%		2.57	%		0.83	%		0.90	%
Supplemental Data
Net assets, end of period (000)	$	7,046,314		$	6,310,899		$	4,971,729		$	4,212,168		$	3,665,117		$	3,818,036

See Notes to Financial Statements.

72 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) TempFund

	Cash Management
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0181			0.0471			0.0420			0.0227			0.0059			0.0063
Dividends from net investment income		(0.0181	)		(0.0471	)		(0.0420	)		(0.0227	)		(0.0059	)		(0.0063	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.82	%2		4.81	%		4.28	%		2.29	%		0.59	%		0.63	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Total expenses, net of waivers		0.68	%3		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Total expenses		0.69	%3		0.70	%		0.70	%		0.71	%		0.71	%		0.70	%
Net investment income		3.60	%3		4.71	%		4.24	%		2.38	%		0.58	%		0.57	%
Supplemental Data
Net assets, end of period (000)	$	932,750		$	724,122		$	358,944		$	282,475		$	192,325		$	147,693
	Cash Reserve4
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,						10/04/05 - 10/31/05			11/01/03 - 12/15/03			Year Ended October 31,
				2007			2006									20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0186			0.0481			0.0430			0.0025			0.0007			0.0067
Dividends from net investment income		(0.0186	)		(0.0481	)		(0.0430	)		(0.0025	)		(0.0007	)		(0.0067	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.87	%2		4.92	%		4.39	%		0.24	%2		0.07	%2		0.76	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.58	%3		0.58	%		0.58	%		0.58	%3		0.58	%3		0.58	%
Total expenses, net of waivers		0.58	%3		0.58	%		0.58	%		0.58	%3		0.58	%3		0.58	%
Total expenses		0.59	%3		0.60	%		0.61	%		0.62	%3		0.60	%3		0.60	%
Net investment income		4.48	%3		4.80	%		4.38	%		3.34	%3		0.54	%3		0.94	%
Supplemental Data
Net assets, end of period (000)	$	8,861		$	12,090		$	17,173		$	3,723			—		$	6,622

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 There were no Cash Reserve Shares outstanding during the period August 7, 2003 to September 15, 2003 and December 16, 2003 to October 3, 2005.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 73

Financial Highlights (continued) TempFund

	Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0201			0.0511			0.0460			0.0267			0.0099			0.0103
Dividends from net investment income		(0.0201	)		(0.0511	)		(0.0460	)		(0.0267	)		(0.0099	)		(0.0103	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		2.02	%2		5.23	%		4.70	%		2.70	%		0.99	%		1.04	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.28	%3		0.28	%		0.28	%		0.28	%		0.28	%		0.28	%
Total expenses, net of waivers		0.28	%3		0.28	%		0.28	%		0.28	%		0.28	%		0.28	%
Total expenses		0.29	%3		0.30	%		0.30	%		0.31	%		0.31	%		0.30	%
Net investment income		4.08	%3		5.11	%		4.65	%		2.71	%		1.25	%		1.00	%
Supplemental Data
Net assets, end of period (000)	$	2,115,663		$	1,842,566		$	1,763,132		$	1,261,354		$	1,200,346		$	330
	Select
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0165			0.0439			0.0388			0.0195			0.0032			0.0034
Dividends from net investment income		(0.0165	)		(0.0439	)		(0.0388	)		(0.0195	)		(0.0032	)		(0.0034	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.66	%2		4.48	%		3.95	%		1.96	%		0.32	%		0.34	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		1.00	%3		1.00	%		1.00	%		1.00	%		0.95	%		0.96	%
Total expenses, net of waivers		1.00	%3		1.00	%		1.00	%		1.00	%		0.95	%		0.96	%
Total expenses		1.04	%3		1.05	%		1.05	%		1.03	%		1.03	%		1.02	%
Net investment income		3.38	%3		4.39	%		3.89	%		2.25	%		0.34	%		0.30	%
Supplemental Data
Net assets, end of period (000)	$	971,101		$	888,584		$	810,613		$	706,592		$	189,266		$	75,071

See Notes to Financial Statements.

74 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) TempFund

	Premier Choice												Private Client
	Period Ended April 30, 20084 (Unaudited)			Period Ended 08/16/07			Year Ended October 31,			Period Ended 10/31/055			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/046
							2006									2007			2006			2005
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0050			0.0390			0.0443			0.0154			0.0181			0.0473			0.0428			0.0235			0.0048
Dividends from net investment income		(0.0050	)		(0.0390	)		(0.0443	)		(0.0154	)		(0.0181	)		(0.0473	)		(0.0428	)		(0.0235	)		(0.0048	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		0.50	%2		3.98	%2		4.52	%		1.55	%2		1.82	%2		4.84	%		4.37	%		2.37	%		0.48	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%3		0.45	%		0.45	%3		0.68	%3		0.65	%		0.60	%		0.60	%		0.58	%3
Total expenses, net of waivers		0.45	%3		0.45	%3		0.45	%		0.45	%3		0.68	%3		0.65	%		0.60	%		0.60	%		0.58	%3
Total expenses		0.73	%3		0.70	%3		0.71	%		0.72	%3		1.04	%3		1.05	%		1.05	%		1.06	%		1.05	%3
Net investment income		2.83	%3		4.92	%3		4.78	%		3.09	%3		3.72	%3		4.73	%		4.32	%		2.57	%		0.96	%3
Supplemental Data
Net assets, end of period (000)	$	2			—		$	10,347		$	3,619		$	1,502,494		$	1,566,346		$	1,479,708		$	1,018,935		$	280,458

	Premier
	Six Months Ended April 30, 2008 (Unaudited)									Period Ended 10/31/057
				Year Ended October 31,
				2007			2006
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0181			0.0473			0.0428			0.0179
Dividends from net investment income		(0.0181	)		(0.0473	)		(0.0428	)		(0.0179	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.82	%2		4.84	%		4.37	%		1.80	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.66	%		0.60	%		0.60	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.60	%3
Total expenses		0.79	%3		0.80	%		0.80	%		0.81	%3
Net investment income		3.68	%3		4.73	%		4.29	%		2.93	%3
Supplemental Data
Net assets, end of period (000)	$	541,810		$	509,731		$	395,943		$	321,636

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 There were no Premier Choice Shares outstanding during the period August 17, 2007 to February 28, 2008.

5 Commenced operations on April 25, 2005.

6 Commenced operations on March 26, 2004.

7 Commenced operations on March 2, 2005.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 75

Financial Highlights (continued) TempCash

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0205			0.0521			0.0471			0.0278			0.0112			0.0118
Dividends from net investment income		(0.0205	)		(0.0521	)		(0.0471	)		(0.0278	)		(0.0112	)		(0.0118	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		2.07	%2		5.34	%		4.82	%		2.82	%		1.13	%		1.18	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.18	%3		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Total expenses, net of waivers		0.18	%3		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Total expenses		0.22	%3		0.24	%		0.23	%		0.24	%		0.23	%		0.23	%
Net investment income		4.11	%3		5.22	%		4.79	%		2.88	%		1.11	%		1.18	%
Supplemental Data
Net assets, end of period (000)	$	12,352,948		$	11,420,516		$	9,769,075		$	11,576,987		$	7,850,023		$	11,193,249
	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Outstanding Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0193			0.0496			0.0446			0.0253			0.0087			0.0093
Dividends from net investment income		(0.0193	)		(0.0496	)		(0.0446	)		(0.0253	)		(0.0087	)		(0.0093	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.95	%2		5.08	%		4.56	%		2.56	%		0.88	%		0.93	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.43	%3		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Total expenses, net of waivers		0.43	%3		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Total expenses		0.47	%3		0.49	%		0.48	%		0.49	%		0.49	%		0.48	%
Net investment income		3.92	%3		4.96	%		4.50	%		2.63	%		0.87	%		0.94	%
Supplemental Data
Net assets, end of period (000)	$	1,116,838		$	1,004,425		$	826,331		$	595,873		$	531,509		$	433,227

See Notes to Financial Statements.

76 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) TempCash

	Cash Management									Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,			Period Ended 10/31/064			Period Ended 4/30/085 (Unaudited)			Period Ended 09/24/076			Period Ended 10/31/067,8
				2007
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0181			0.0471			0.0179			0.0043			0.0386			0.0301
Dividends from net investment income		(0.0181	)		(0.0471	)		(0.0179	)		(0.0043	)		(0.0386	)		(0.0301	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.82	%2		4.82	%		1.80	%2		0.43	%2		3.92	%2		3.04	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.68	%		0.68	%3		0.28	%3		0.28	%3		0.28	%3
Total expenses, net of waivers		0.68	%3		0.68	%		0.68	%3		0.28	%3		0.28	%3		0.28	%3
Total expenses		0.72	%3		0.74	%		0.73	%3		0.32	%3		0.34	%3		0.34	%3
Net investment income		3.79	%3		4.72	%		4.29	%3		3.06	%3		5.12	%3		5.01	%3
Supplemental Data
Net assets, end of period (000)	$	112		$	196		$	126		$	77,642			—		$	25,461

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 Commenced operations on June 14, 2006.

5 There were no Administration Shares outstanding during the period September 25, 2007 to November 29, 2007 or the period December 24, 2007 to April 15, 2008.

6 There were no Administration Shares outstanding during the period June 28, 2007 to August 20, 2007.

7 Commenced operations on November 15, 2005.

8 There were no Administration Shares outstanding during the period November 25, 2005 to March 30, 2006.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 77

Financial Highlights (continued) FedFund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0184			0.0507			0.0463			0.0269			0.0105			0.0110
Dividends from net investment income		(0.0184	)		(0.0507	)		(0.0463	)		(0.0269	)		(0.0105	)		(0.0110	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.85	%2		5.19	%		4.73	%		2.73	%		1.05	%		1.10	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.22	%3		0.27	%		0.28	%		0.29	%		0.29	%		0.28	%
Net investment income		3.53	%3		5.04	%		4.64	%		2.73	%		1.04	%		1.10	%
Supplemental Data
Net assets, end of period (000)	$	7,906,942		$	4,583,892		$	2,417,594		$	2,320,001		$	1,883,220		$	2,163,336
	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0171			0.0482			0.0438			0.0244			0.0080			0.0085
Dividends from net investment income		(0.0171	)		(0.0482	)		(0.0438	)		(0.0244	)		(0.0080	)		(0.0085	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.72	%2		4.93	%		4.47	%		2.47	%		0.80	%		0.85	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.47	%3		0.52	%		0.53	%		0.54	%		0.54	%		0.53	%
Net investment income		3.38	%3		4.83	%		4.46	%		2.49	%		0.79	%		0.87	%
Supplemental Data
Net assets, end of period (000)	$	833,986		$	683,594		$	415,040		$	372,460		$	345,479		$	397,344

See Notes to Financial Statements.

78 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) FedFund

	Cash Reserve
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,												Period Ended 10/31/031,4
				2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0164			0.0467			0.0423			0.0229			0.0065			0.0034
Dividends from net investment income		(0.0164	)		(0.0467	)		(0.0423	)		(0.0229	)		(0.0065	)		(0.0034	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.65	%2		4.78	%		4.31	%		2.32	%		0.65	%		0.59	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.60	%3		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%3
Total expenses, net of waivers		0.60	%3		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%3
Total expenses		0.62	%3		0.66	%		0.68	%		0.70	%		0.69	%		0.69	%3
Net investment income		3.53	%3		4.61	%		4.26	%		1.94	%		0.62	%		0.58	%3
Supplemental Data
Net assets, end of period (000)	$	1,546		$	1,183		$	1,082		$	1,547		$	9,276		$	13,492

	Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,						Period Ended 10/31/055,6
				2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0179			0.0497			0.0453			0.0110
Dividends from net investment income		(0.0179	)		(0.0497	)		(0.0453	)		(0.0110	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.80	%2		5.09	%		4.63	%		1.10	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.30	%3		0.30	%		0.30	%		0.30	%3
Total expenses, net of waivers		0.30	%3		0.30	%		0.30	%		0.30	%3
Total expenses		0.32	%3		0.38	%		0.38	%		0.39	%3
Net investment income		3.33	%3		4.97	%		4.67	%		2.63	%3
Supplemental Data
Net assets, end of period (000)	$	101,305		$	41,411		$	83,069		$	43,480

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 Commenced operations on April 1, 2003.

5 Commenced operations on November 10, 2004.

6 There were no Administration Shares outstanding during the period November 19, 2004 to July 5, 2005.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 79

Financial Highlights (continued) FedFund

	Select
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0144			0.0427			0.0383			0.0189			0.0031			0.0033
Dividends from net investment income		(0.0144	)		(0.0427	)		(0.0383	)		(0.0189	)		(0.0031	)		(0.0033	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.45	%2		4.36	%		3.90	%		1.91	%		0.31	%		0.33	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		1.00	%3		1.00	%		1.00	%		1.00	%		0.95	%		0.95	%
Total expenses, net of waivers		1.00	%3		1.00	%		1.00	%		1.00	%		0.95	%		0.95	%
Total expenses		1.07	%3		1.12	%		1.13	%		1.09	%		1.09	%		1.08	%
Net investment income		2.81	%3		4.24	%		3.86	%		2.14	%		0.36	%		0.30	%
Supplemental Data
Net assets, end of period (000)	$	134,728		$	98,752		$	52,420		$	47,205		$	18,837		$	7,889

	Premier Choice
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/044
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0171			0.0482			0.0438			0.0244			0.0054
Dividends from net investment income		(0.0171	)		(0.0482	)		(0.0438	)		(0.0244	)		(0.0054	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.72	%2		4.93	%		4.47	%		2.47	%		0.54	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%3
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%3
Total expenses		0.72	%3		0.77	%		0.53	%		0.87	%		0.54	%3
Net investment income		3.28	%3		4.83	%		4.39	%		2.48	%		0.92	%3
Supplemental Data
Net assets, end of period (000)	$	2		$	2		$	2		$	2		$	2

See Notes to Financial Statements.

80 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) FedFund

	Private Client
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/044
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0160			0.0462			0.0423			0.0229			0.0045
Dividends from net investment income		(0.0160	)		(0.0462	)		(0.0423	)		(0.0229	)		(0.0045	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.61	%2		4.72	%		4.31	%		2.32	%		0.45	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.66	%		0.60	%		0.60	%		0.58	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.60	%		0.58	%3
Total expenses		1.07	%3		1.12	%		1.13	%		1.14	%		0.80	%3
Net investment income		3.15	%3		4.58	%		4.25	%		2.59	%		0.92	%3
Supplemental Data
Net assets, end of period (000)	$	969,802		$	768,612		$	295,307		$	241,913		$	50,579

	Premier
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/044
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0160			0.0462			0.0423			0.0227			0.0038
Dividends from net investment income		(0.0160	)		(0.0462	)		(0.0423	)		(0.0227	)		(0.0038	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.61	%2		4.72	%		4.31	%		2.30	%		0.38	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.66	%		0.60	%		0.60	%		0.70	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.60	%		0.70	%3
Total expenses		0.82	%3		0.87	%		0.88	%		0.89	%		0.79	%3
Net investment income		3.13	%3		4.60	%		4.15	%		2.84	%		0.60	%3
Supplemental Data
Net assets, end of period (000)	$	140,024		$	93,867		$	48,396		$	86,126		$	2

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 Commenced operations on March 26, 2004.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 81

Financial Highlights (continued) T-Fund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0143			0.0493			0.0456			0.0260			0.0098			0.0106
Dividends from net investment income		(0.0143	)		(0.0493	)		(0.0456	)		(0.0260	)		(0.0098	)		(0.0106	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.44	%2		5.05	%		4.65	%		2.63	%		0.99	%		1.06	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.22	%3		0.25	%		0.26	%		0.28	%		0.28	%		0.27	%
Net investment income		2.81	%3		4.88	%		4.57	%		2.66	%		0.98	%		1.06	%
Supplemental Data
Net assets, end of period (000)	$	8,379,046		$	6,280,213		$	2,906,319		$	2,958,524		$	2,438,998		$	2,601,725

	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0131			0.0468			0.0431			0.0235			0.0073			0.0081
Dividends from net investment income		(0.0131	)		(0.0468	)		(0.0431	)		(0.0235	)		(0.0073	)		(0.0081	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.31	%2		4.79	%		4.39	%		2.37	%		0.74	%		0.81	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.47	%3		0.51	%		0.51	%		0.53	%		0.53	%		0.52	%
Net investment income		2.73	%3		4.69	%		4.32	%		2.43	%		0.73	%		0.79	%
Supplemental Data
Net assets, end of period (000)	$	646,486		$	775,904		$	691,792		$	728,168		$	1,481,069		$	449,468

See Notes to Financial Statements.

82 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) T-Fund

	Cash Management
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0118			0.0443			0.0406			0.0210			0.0048			0.0056
Dividends from net investment income		(0.0118	)		(0.0443	)		(0.0406	)		(0.0210	)		(0.0048	)		(0.0056	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.19	%2		4.53	%		4.13	%		2.12	%		0.48	%		0.56	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.70	%3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Total expenses, net of waivers		0.70	%3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Total expenses		0.72	%3		0.75	%		0.77	%		0.78	%		0.78	%		0.77	%
Net investment income		2.41	%3		4.42	%		4.25	%		2.21	%		0.49	%		0.56	%
Supplemental Data
Net assets, end of period (000)	$	553,099		$	552,059		$	364,515		$	126,531		$	71,616		$	73,714

	Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0139			0.0484			0.0446			0.0250			0.0088			0.0096
Dividends from net investment income		(0.0139	)		(0.0484	)		(0.0446	)		(0.0250	)		(0.0088	)		(0.0096	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.39	%2		4.94	%		4.55	%		2.53	%		0.89	%		0.96	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.30	%3		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses, net of waivers		0.30	%3		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses		0.32	%3		0.35	%		0.37	%		0.37	%		0.39	%		0.37	%
Net investment income		2.79	%3		4.77	%		4.47	%		2.98	%		0.90	%		0.98	%
Supplemental Data
Net assets, end of period (000)	$	82,966		$	83,990		$	15,574		$	19,832		$	201		$	142

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 83

Financial Highlights (continued) T-Fund

	Select			Premier Choice
	Period Ended April 30, 20081 (Unaudited)			Six Months Ended April 30, 2008 (Unaudited)			Period Ended October 31, 20072
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Net investment income		0.0019			0.0131			0.0027
Dividends from net investment income		(0.0019	)		(0.0131	)		(0.0027	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value3		0.19	%		1.32	%		0.26	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly4		1.00	%		0.45	%		0.45	%
Total expenses, net of waivers4		1.00	%		0.45	%		0.45	%
Total expenses4		1.06	%		0.45	%		0.74	%
Net investment income4		1.05	%		2.60	%		4.37	%
Supplemental Data
Net assets, end of period (000)	$	49,174		$	1		$	1

	Private Client						Premier
	Six Months Ended April 30, 2008 (Unaudited)			Period Ended October 31, 20072			Six Months Ended April 30, 2008 (Unaudited)			Period Ended October 31, 20072
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0119			0.0025			0.0119			0.0025
Dividends from net investment income		(0.0119	)		(0.0025	)		(0.0119	)		(0.0025	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value3		1.20	%		0.24	%		1.20	%		0.24	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly4		0.68	%		0.68	%		0.68	%		0.68	%
Total expenses, net of waivers4		0.68	%		0.68	%		0.68	%		0.68	%
Total expenses4		1.07	%		1.09	%		0.82	%		0.84	%
Net investment income4		2.61	%		4.14	%		1.90	%		4.14	%
Supplemental Data
Net assets, end of period (000)	$	4,337		$	1		$	104,032		$	1

1 Commenced operations on February 28, 2008.

2 Commenced operations on October 9, 2007.

3 Aggregate total investment return.

4 Annualized.

See Notes to Financial Statements.

84 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) Federal Trust

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0179			0.0503			0.0459			0.0263			0.0101			0.0106
Dividends from net investment income		(0.0179	)		(0.0503	)		(0.0459	)		(0.0263	)		(0.0101	)		(0.0106	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.80	%2		5.15	%		4.68	%		2.67	%		1.02	%		1.07	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.29	%3		0.32	%		0.36	%		0.38	%		0.35	%		0.35	%
Net investment income		3.48	%3		5.02	%		4.56	%		2.68	%		0.97	%		1.07	%
Supplemental Data
Net assets, end of period (000)	$	479,426		$	331,909		$	105,242		$	110,741		$	88,886		$	193,437

	Dollar																		Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31															Six Months Ended April 30, 2008 (Unaudited)			Period Ended 10/31/074
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0167			0.0478			0.0434			0.0238			0.0076			0.0081			0.0174			0.0201
Dividends from net investment income		(0.0167	)		(0.0478	)		(0.0434	)		(0.0238	)		(0.0076	)		(0.0081	)		(0.0174	)		(0.0201	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.68	%2		4.89	%		4.42	%		2.41	%		0.77	%		0.81	%		1.76	%2		2.01	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.30	%3		0.30	%3
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.30	%3		0.30	%3
Total expenses		0.54	%3		0.57	%		0.60	%		0.63	%		0.60	%		0.60	%		0.39	%3		0.40	%3
Net investment income		3.17	%3		4.77	%		4.34	%		2.55	%		0.80	%		0.80	%		3.55	%3		4.88	%3
Supplemental Data
Net assets, end of period (000)	$	114,885		$	43,013		$	37,625		$	18,857		$	7,835		$	4,555		$	33,849		$	33,680

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 Commenced operations on June 1, 2007.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 85

Financial Highlights (continued) Treasury Trust

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0133			0.0458			0.0431			0.0244			0.0091			0.0098
Dividends from net investment income		(0.0133	)		(0.0458	)		(0.0431	)		(0.0244	)		(0.0091	)		(0.0098	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.34	%2		4.68	%		4.39	%		2.47	%		0.92	%		0.99	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.24	%3		0.29	%		0.31	%		0.31	%		0.31	%		0.30	%
Net investment income		2.43	%3		4.38	%		4.32	%		2.43	%		0.89	%		0.97	%
Supplemental Data
Net assets, end of period (000)	$	4,538,440		$	2,370,308		$	882,971		$	806,381		$	783,247		$	1,401,853
	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0121			0.0433			0.0406			0.0219			0.0066			0.0073
Dividends from net investment income		(0.0121	)		(0.0433	)		(0.0406	)		(0.0219	)		(0.0066	)		(0.0073	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.21	%2		4.42	%		4.14	%		2.21	%		0.67	%		0.74	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.49	%3		0.55	%		0.56	%		0.56	%		0.56	%		0.56	%
Net investment income		1.96	%3		4.36	%		4.06	%		2.09	%		0.68	%		0.75	%
Supplemental Data
Net assets, end of period (000)	$	488,227		$	173,312		$	205,317		$	206,999		$	343,163		$	270,930

See Notes to Financial Statements.

86 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) Treasury Trust

	Cash Management4
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
										11/17/04 - 10/31/05			11/01/03 - 06/20/04			12/03/02 - 10/31/031
				2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0108			0.0408			0.0381			0.0190			0.0018			0.0021
Dividends from net investment income		(0.0108	)		(0.0408	)		(0.0381	)		(0.0190	)		(0.0018	)		(0.0021	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.09	%2		4.16	%		3.88	%		1.92	%2		0.18	%2		0.39	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.70	%3		0.70	%		0.70	%		0.70	%3		0.70	%3		0.70	%3
Total expenses, net of waivers		0.70	%3		0.70	%		0.70	%		0.70	%3		0.70	%3		0.70	%3
Total expenses		0.74	%3		0.80	%		0.80	%		0.81	%3		0.80	%3		0.80	%3
Net investment income		2.02	%3		4.10	%		3.72	%		1.58	%3		0.27	%3		0.48	%3
Supplemental Data
Net assets, end of period (000)	$	77,310		$	54,373		$	50,437		$	21,929			—		$	6,924
	Administration5
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
													05/25/04 - 10/31/04			11/01/02 - 10/02/031
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0128			0.0448			0.0421			0.0234			0.0043			0.0083
Dividends from net investment income		(0.0128	)		(0.0448	)		(0.0421	)		(0.0234	)		(0.0043	)		(0.0083	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.29	%2		4.57	%		4.29	%		2.37	%		0.44	%2		0.91	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.30	%3		0.30	%		0.30	%		0.30	%		0.30	%3		0.30	%3
Total expenses, net of waivers		0.30	%3		0.30	%		0.30	%		0.30	%		0.30	%3		0.30	%3
Total expenses		0.35	%3		0.40	%		0.41	%		0.41	%		0.40	%3		0.42	%3
Net investment income		2.54	%3		4.49	%		4.16	%		2.36	%		1.04	%3		0.91	%3
Supplemental Data
Net assets, end of period (000)	$	134,966		$	96,955		$	113,067		$	154,211		$	141,449			—

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 There were no Cash Management Shares outstanding during the periods October 16, 2002 to December 2, 2002, January 17, 2003 to May 29, 2003 and June 21, 2004 to November 16, 2004.

5 There were no Administration Shares outstanding during the period October 3, 2003 to May 24, 2004.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 87

Financial Highlights (continued) MuniFund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0140			0.0349			0.0312			0.0199			0.0095			0.0096
Dividends from net investment income		(0.0140	)		(0.0349	)		(0.0312	)		(0.0199	)		(0.0095	)		(0.0096	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.41	%2		3.55	%		3.17	%		2.01	%		0.95	%		0.96	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.19	%		0.19	%		0.19	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.29	%3		0.33	%		0.33	%		0.33	%		0.34	%		0.35	%
Net investment income		2.80	%3		3.49	%		3.10	%		2.02	%		0.95	%		0.93	%
Supplemental Data
Net assets, end of period (000)	$	3,322,628		$	2,316,504		$	1,420,560		$	2,135,257		$	1,812,753		$	1,549,951
	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0128			0.0324			0.0287			0.0174			0.0070			0.0071
Dividends from net investment income		(0.0128	)		(0.0324	)		(0.0287	)		(0.0174	)		(0.0070	)		(0.0071	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.29	%2		3.29	%		2.91	%		1.76	%		0.70	%		0.71	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.44	%		0.45	%		0.44	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.54	%3		0.58	%		0.58	%		0.58	%		0.59	%		0.60	%
Net investment income		2.52	%3		3.23	%		2.87	%		1.75	%		0.73	%		0.74	%
Supplemental Data
Net assets, end of period (000)	$	239,525		$	147,606		$	96,853		$	84,763		$	82,323		$	37,749

See Notes to Financial Statements.

88 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) MuniFund

	Cash Management4
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0115			0.0299			0.0262			0.0149			0.0045			0.0040
Dividends from net investment income		(0.0115	)		(0.0299	)		(0.0262	)		(0.0149	)		(0.0045	)		(0.0040	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.16	%2		3.03	%		2.65	%		1.51	%		0.45	%		0.45	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.70	%3		0.70	%		0.70	%		0.69	%		0.69	%		0.69	%3
Total expenses, net of waivers		0.70	%3		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%3
Total expenses		0.79	%3		0.83	%		0.83	%		0.83	%		0.84	%		0.85	%3
Net investment income		2.22	%3		2.98	%		2.65	%		1.58	%		0.43	%		0.40	%
Supplemental Data
Net assets, end of period (000)	$	97,142		$	40,620		$	41,699		$	35,774		$	20,114		$	22,423

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 There were no Cash Management Shares outstanding during the period December 6, 2002 to January 9, 2003.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 89

Financial Highlights (continued) MuniFund

	Administration1
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
													05/17/04 - 10/31/04			11/01/02 - 10/06/032
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0135			0.0339			0.0302			0.0189			0.0044			0.0081
Dividends from net investment income		(0.0135	)		(0.0339	)		(0.0302	)		(0.0189	)		(0.0044	)		(0.0081	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.36	%3		3.44	%		3.07	%		1.91	%		0.44	%3		0.87	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.30	%4		0.30	%		0.30	%		0.29	%		0.30	%4		0.29	%4
Total expenses, net of waivers		0.30	%4		0.30	%		0.30	%		0.30	%		0.30	%4		0.30	%4
Total expenses		0.39	%4		0.43	%		0.43	%		0.43	%		0.43	%4		0.45	%4
Net investment income		2.69	%4		3.39	%		3.01	%		1.90	%		1.01	%4		0.90	%4
Supplemental Data
Net assets, end of period (000)	$	455,824		$	389,468		$	371,211		$	516,607		$	437,590			—
	Select
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20032
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0100			0.0269			0.0232			0.0119			0.0026			0.0026
Dividends from net investment income		(0.0100	)		(0.0269	)		(0.0232	)		(0.0119	)		(0.0026	)		(0.0026	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.01	%3		2.72	%		2.35	%		1.20	%		0.26	%		0.26	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		1.00	%4		1.00	%		1.00	%		0.99	%		0.89	%		0.87	%
Total expenses, net of waivers		1.00	%4		1.00	%		1.00	%		1.00	%		0.90	%		0.88	%
Total expenses		1.14	%4		1.18	%		1.18	%		1.13	%		1.14	%		1.15	%
Net investment income		2.00	%4		2.68	%		2.32	%		1.15	%		0.29	%		0.25	%
Supplemental Data
Net assets, end of period (000)	$	31,589		$	38,401		$	31,467		$	24,225		$	28,191		$	5,371

See Notes to Financial Statements.

90 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) MuniFund

	Premier Choice												Private Client
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,						Period Ended 10/31/055			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/046
				2007			2006									2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0128			0.0324			0.0287			0.0108			0.0116			0.0303			0.0272			0.0155			0.0033
Dividends from net investment income		(0.0128	)		(0.0324	)		(0.0287	)		(0.0108	)		(0.0116	)		(0.0303	)		(0.0272	)		(0.0155	)		(0.0033	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.28	%3		3.29	%		2.91	%		1.08	%3		1.17	%3		3.08	%		2.76	%		1.56	%		0.33	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%4		0.45	%		0.45	%		0.44	%4		0.68	%4		0.65	%		0.60	%		0.62	%		0.68	%4
Total expenses, net of waivers		0.45	%4		0.45	%		0.45	%		0.45	%4		0.68	%4		0.65	%		0.60	%		0.63	%		0.68	%4
Total expenses		0.79	%4		0.84	%		0.58	%		0.58	%4		1.14	%4		1.18	%		1.18	%		1.18	%		0.83	%4
Net investment income		2.52	%4		3.23	%		2.85	%		1.75	%4		2.32	%4		3.03	%		2.75	%		1.64	%		0.67	%4
Supplemental Data
Net assets, end of period (000)	$	2		$	2		$	2		$	2		$	317,852		$	293,358		$	252,344		$	161,860		$	51,799

	Premier
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
										Period Ended 10/31/057
				2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0116			0.0300			0.0272			0.0120
Dividends from net investment income		(0.0116	)		(0.0300	)		(0.0272	)		(0.0120	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.17	%3		3.08	%		2.76	%		1.21	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%4		0.66	%		0.60	%		0.59	%4
Total expenses, net of waivers		0.68	%4		0.66	%		0.60	%		0.60	%4
Total expenses		0.89	%4		0.93	%		0.93	%		0.93	%4
Net investment income		2.36	%4		3.03	%		2.72	%		1.88	%4
Supplemental Data
Net assets, end of period (000)	$	198,257		$	264,304		$	160,053		$	126,455

1 There were no Administration Shares outstanding during the period October 7, 2003 to May 16, 2004.

2 Audited by other auditors.

3 Aggregate total investment return.

4 Annualized.

5 Commenced operations on April 25, 2005.

6 Commenced operations on March 26, 2004.

7 Commenced operations on March 2, 2005.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 91

Financial Highlights (continued) MuniCash

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0145			0.0353			0.0318			0.0206			0.0100			0.0108
Dividends from net investment income		(0.0145	)		(0.0353	)		(0.0318	)		(0.0206	)		(0.0100	)		(0.0108	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.45	%2		3.59	%		3.23	%		2.09	%		1.01	%		1.09	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.14	%3		0.20	%		0.20	%		0.19	%		0.19	%		0.19	%
Total expenses, net of waivers		0.15	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.38	%3		0.36	%		0.36	%		0.34	%		0.33	%		0.34	%
Net investment income		2.95	%3		3.54	%		3.12	%		2.04	%		1.01	%		1.04	%
Supplemental Data
Net assets, end of period (000)	$	635,532		$	919,878		$	1,232,427		$	2,181,441		$	2,315,927		$	2,054,465

	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0132			0.0328			0.0293			0.0181			0.0075			0.0083
Dividends from net investment income		(0.0132	)		(0.0328	)		(0.0293	)		(0.0181	)		(0.0075	)		(0.0083	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.33	%2		3.33	%		2.97	%		1.83	%		0.76	%		0.84	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.38	%3		0.45	%		0.45	%		0.44	%		0.44	%		0.44	%
Total expenses, net of waivers		0.39	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.63	%3		0.61	%		0.61	%		0.59	%		0.58	%		0.59	%
Net investment income		2.63	%3		3.28	%		2.93	%		1.79	%		0.75	%		0.81	%
Supplemental Data
Net assets, end of period (000)	$	87,026		$	85,628		$	91,505		$	59,321		$	79,579		$	90,241

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

92 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) California Money Fund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0127			0.0341			0.0308			0.0197			0.0092			0.0094
Dividends from net investment income		(0.0127	)		(0.0341	)		(0.0308	)		(0.0197	)		(0.0092	)		(0.0094	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.28	%2		3.46	%		3.13	%		1.99	%		0.92	%		0.94	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.19	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.40	%3		0.40	%		0.40	%		0.41	%		0.41	%		0.40	%
Net investment income		2.52	%3		3.40	%		3.13	%		2.00	%		0.92	%		0.93	%
Supplemental Data
Net assets, end of period (000)	$	802,402		$	778,621		$	860,859		$	593,417		$	454,698		$	496,630

	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0114			0.0316			0.0283			0.0172			0.0067			0.0069
Dividends from net investment income		(0.0114	)		(0.0316	)		(0.0283	)		(0.0172	)		(0.0067	)		(0.0069	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.15	%2		3.20	%		2.87	%		1.74	%		0.68	%		0.69	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.44	%3		0.45	%		0.45	%		0.45	%		0.44	%		0.44	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.65	%3		0.65	%		0.65	%		0.65	%		0.66	%		0.65	%
Net investment income		2.46	%3		3.16	%		2.86	%		1.84	%		0.66	%		0.71	%
Supplemental Data
Net assets, end of period (000)	$	13,438		$	47,235		$	40,850		$	26,293		$	1,347		$	15,463

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 93

Financial Highlights (continued) California Money Fund

	Cash Management
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,												Period Ended 10/31/031,2
				2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0102			0.0291			0.0258			0.0147			0.0042			0.0008
Dividends from net investment income		(0.0102	)		(0.0291	)		(0.0258	)		(0.0147	)		(0.0042	)		(0.0008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.03	%3		2.95	%		2.61	%		1.48	%		0.42	%		0.25	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.69	%4		0.70	%		0.70	%		0.70	%		0.70	%		0.68	%4
Total expenses, net of waivers		0.70	%4		0.70	%		0.70	%		0.70	%		0.70	%		0.69	%4
Total expenses		0.90	%4		0.90	%		0.90	%		0.91	%		0.90	%		0.91	%4
Net investment income		2.10	%4		2.92	%		2.70	%		1.50	%		0.40	%		0.25	%4
Supplemental Data
Net assets, end of period (000)	$	9,355		$	21,289		$	10,122		$	205		$	120		$	227

	Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/045
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0122			0.0331			0.0298			0.0187			0.0037
Dividends from net investment income		(0.0122	)		(0.0331	)		(0.0298	)		(0.0187	)		(0.0037	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.23	%3		3.36	%		3.02	%		1.89	%		0.37	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.29	%4		0.30	%		0.30	%		0.30	%		0.30	%4
Total expenses, net of waivers		0.30	%4		0.30	%		0.30	%		0.30	%		0.30	%4
Total expenses		0.50	%4		0.50	%		0.50	%		0.51	%		0.51	%4
Net investment income		2.50	%4		3.31	%		2.99	%		1.98	%		1.00	%4
Supplemental Data
Net assets, end of period (000)	$	4,749		$	6,971		$	5,013		$	3,898		$	1,738

See Notes to Financial Statements.

94 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) California Money Fund

	Select
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20032
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0087			0.0261			0.0228			0.0117			0.0025			0.0025
Dividends from net investment income		(0.0087	)		(0.0261	)		(0.0228	)		(0.0117	)		(0.0025	)		(0.0025	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		0.87	%3		2.64	%		2.31	%		1.18	%		0.25	%		0.25	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.99	%4		1.00	%		1.00	%		1.00	%		0.86	%		0.87	%
Total expenses, net of waivers		1.00	%4		1.00	%		1.00	%		1.00	%		0.86	%		0.88	%
Total expenses		1.24	%4		1.25	%		1.25	%		1.21	%		1.20	%		1.20	%
Net investment income		1.68	%4		2.61	%		2.31	%		1.27	%		0.25	%		0.24	%
Supplemental Data
Net assets, end of period (000)	$	30,410		$	35,563		$	33,556		$	15,777		$	6,307		$	3,103

	Premier Choice
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/046
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0114			0.0316			0.0283			0.0172			0.0045
Dividends from net investment income		(0.0114	)		(0.0316	)		(0.0283	)		(0.0172	)		(0.0045	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.15	%3		3.20	%		2.87	%		1.74	%		0.45	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.44	%4		0.45	%		0.45	%		0.45	%		0.45	%4
Total expenses, net of waivers		0.45	%4		0.45	%		0.45	%		0.45	%		0.45	%4
Total expenses		0.90	%4		0.90	%		0.94	%		0.87	%		0.66	%4
Net investment income		2.24	%4		3.14	%		2.83	%		1.90	%		0.76	%4
Supplemental Data
Net assets, end of period (000)	$	2		$	2		$	2		$	2		$	2

1 Commenced operations on July 14, 2003.

2 Audited by other auditors.

3 Aggregate total investment return.

4 Annualized.

5 Commenced operations on June 18, 2004.

6 Commenced operations on March 26, 2004.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 95

Financial Highlights (continued) California Money Fund

	Private Client
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0103			0.0296			0.0268			0.0152			0.0030
Dividends from net investment income		(0.0103	)		(0.0296	)		(0.0268	)		(0.0152	)		(0.0030	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.03	%2		2.99	%		2.72	%		1.54	%		0.32	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.67	%3		0.65	%		0.60	%		0.64	%		0.68	%3
Total expenses, net of waivers		0.68	%3		0.65	%		0.60	%		0.64	%		0.68	%3
Total expenses		1.24	%3		1.25	%		1.25	%		1.26	%		0.91	%3
Net investment income		2.00	%3		2.95	%		2.71	%		1.62	%		0.63	%3
Supplemental Data
Net assets, end of period (000)	$	237,885		$	196,002		$	203,719		$	127,509		$	37,216

	Premier
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0103			0.0295			0.0268			0.0154			0.0036
Dividends from net investment income		(0.0103	)		(0.0295	)		(0.0268	)		(0.0154	)		(0.0036	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.03	%2		2.99	%		2.72	%		1.55	%		0.36	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.67	%3		0.66	%		0.60	%		0.60	%		0.60	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.60	%		0.60	%3
Total expenses		1.00	%3		1.00	%		1.00	%		1.01	%		0.81	%3
Net investment income		2.08	%3		2.94	%		2.70	%		1.90	%		0.55	%3
Supplemental Data
Net assets, end of period (000)	$	18,476		$	45,924		$	13,822		$	15,778		$	2

1 Commenced operations on March 26, 2004.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements

96 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) New York Money Fund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0129			0.0346			0.0314			0.0197			0.0091			0.0096
Dividends from net investment income		(0.0129	)		(0.0346	)		(0.0314	)		(0.0197	)		(0.0091	)		(0.0096	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.29	%2		3.51	%		3.18	%		1.99	%		0.92	%		0.96	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.20	%		0.19	%		0.19	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.40	%3		0.41	%		0.41	%		0.41	%		0.40	%		0.40	%
Net investment income		2.51	%3		3.45	%		3.14	%		1.98	%		0.90	%		0.95	%
Supplemental Data
Net assets, end of period (000)	$	558,028		$	357,803		$	313,842		$	271,454		$	234,346		$	347,960

	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0116			0.0323			0.0289			0.0172			0.0066			0.0071
Dividends from net investment income		(0.0116	)		(0.0323	)		(0.0289	)		(0.0172	)		(0.0066	)		(0.0071	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.17	%2		3.26	%		2.93	%		1.74	%		0.67	%		0.71	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.44	%		0.44	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.65	%3		0.66	%		0.66	%		0.66	%		0.65	%		0.65	%
Net investment income		2.35	%3		3.21	%		2.88	%		1.67	%		0.67	%		0.68	%
Supplemental Data
Net assets, end of period (000)	$	6,307		$	6,514		$	6,362		$	5,515		$	5,059		$	5,216

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 97

Financial Highlights (continued) New York Money Fund

	Cash Management
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,						Period Ended 10/31/051
				2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0104			0.0296			0.0264			0.0114
Dividends from net investment income		(0.0104	)		(0.0296	)		(0.0264	)		(0.0114	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.04	%2		3.00	%		2.67	%		1.14	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.70	%3		0.70	%		0.70	%		0.70	%3
Total expenses, net of waivers		0.70	%3		0.70	%		0.70	%		0.70	%3
Total expenses		0.90	%3		0.91	%		0.91	%		0.91	%3
Net investment income		1.95	%3		2.96	%		2.70	%		1.80	%3
Supplemental Data
Net assets, end of period (000)	$	22,929		$	15,062		$	9,398		$	3,585

	Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/044
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0124			0.0336			0.0304			0.0187			0.0035
Dividends from net investment income		(0.0124	)		(0.0336	)		(0.0304	)		(0.0187	)		(0.0035	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.24	%2		3.41	%		3.08	%		1.89	%		0.35	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.30	%3		0.30	%		0.30	%		0.30	%		0.30	%3
Total expenses, net of waivers		0.30	%3		0.30	%		0.30	%		0.30	%		0.30	%3
Total expenses		0.50	%3		0.51	%		0.51	%		0.51	%		0.51	%3
Net investment income		2.49	%3		3.35	%		3.04	%		1.84	%		0.94	%3
Supplemental Data
Net assets, end of period (000)	$	11,662		$	13,158		$	16,125		$	16,394		$	21,890

See Notes to Financial Statements.

98 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) New York Money Fund

	Select
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20035
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0089			0.0266			0.0234			0.0117			0.0024			0.0025
Dividends from net investment income		(0.0089	)		(0.0266	)		(0.0234	)		(0.0117	)		(0.0024	)		(0.0025	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		0.89	%2		2.69	%		2.36	%		1.18	%		0.24	%		0.25	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		1.00	%3		1.00	%		1.00	%		1.00	%		0.82	%		0.90	%
Total expenses, net of waivers		1.00	%3		1.00	%		1.00	%		1.00	%		0.83	%		0.91	%
Total expenses		1.25	%3		1.26	%		1.26	%		1.21	%		1.20	%		1.20	%
Net investment income		1.70	%3		2.66	%		2.33	%		1.35	%		0.21	%		0.25	%
Supplemental Data
Net assets, end of period (000)	$	8,975		$	6,255		$	2,686		$	3,831		$	1,420		$	18,652

	Premier Choice
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/046
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0116			0.0321			0.0289			0.0172			0.0043
Dividends from net investment income		(0.0116	)		(0.0321	)		(0.0289	)		(0.0172	)		(0.0043	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.17	%2		3.26	%		2.93	%		1.74	%		0.43	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.44	%3
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%3
Total expenses		0.91	%3		0.91	%		0.91	%		0.87	%		0.65	%3
Net investment income		2.88	%3		3.19	%		3.14	%		1.94	%		0.69	%3
Supplemental Data
Net assets, end of period (000)	$	2		$	641		$	242		$	2		$	2

1 Commenced operations on March 3, 2005.

2 Aggregate total investment return.

3 Annualized.

4 Commenced operations on June 18, 2004.

5 Audited by other auditors.

6 Commenced operations on March 26, 2004.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 99

Financial Highlights (concluded) New York Money Fund

	Private Client
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0105			0.0300			0.0274			0.0152			0.0030
Dividends from net investment income		(0.0105	)		(0.0300	)		(0.0274	)		(0.0152	)		(0.0030	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.05	%2		3.05	%		2.77	%		1.54	%		0.30	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.66	%		0.60	%		0.64	%		0.68	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.64	%		0.69	%3
Total expenses		1.25	%3		1.26	%		1.26	%		1.26	%		0.92	%3
Net investment income		2.05	%3		3.00	%		2.75	%		1.58	%		0.56	%3
Supplemental Data
Net assets, end of period (000)	$	185,322		$	175,446		$	138,323		$	111,739		$	53,933

	Premier
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0105			0.0300			0.0274			0.0154			0.0034
Dividends from net investment income		(0.0105	)		(0.0300	)		(0.0274	)		(0.0154	)		(0.0034	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.05	%2		3.05	%		2.77	%		1.56	%		0.34	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.68	%		0.60	%		0.61	%		0.59	%3
Total expenses, net of waivers		0.68	%3		0.68	%		0.60	%		0.61	%		0.60	%3
Total expenses		1.00	%3		1.01	%		1.01	%		1.02	%		0.80	%3
Net investment income		2.36	%3		3.01	%		2.72	%		1.82	%		0.55	%3
Supplemental Data
Net assets, end of period (000)	$	2,491		$	14,221		$	8,339		$	5,774		$	2

1 Commenced operations on March 26, 2004.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

100 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (Unaudited)

1. Significant Accounting Policies:

BlackRock Liquidity Funds (the “Trust”), a Delaware statutory business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The financial statements and these accompanying notes relate to the Trust’s ten Funds: TempFund, TempCash, FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money Fund and New York Money Fund (each a “Fund” and together, the “Funds”). The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.

California Money Fund and New York Money Fund each offer eleven classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares, Institutional Shares and Plus Shares. TempFund and MuniFund each offer ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares, Institutional Shares and Plus Shares. FedFund offers ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. T-Fund offers ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares, Institutional Shares and Plus Shares. TempCash and MuniCash each offer nine classes of shares: Administration Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. Federal Trust Fund and Treasury Trust Fund each offer eight classes of shares: Administration Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. As of April 30, 2008, no Plus Shares or Cash Plus Shares were outstanding.

Effective February 21, 2008 Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice Shares and Bear Stearns Private Client Shares were renamed Select Shares, Premier Shares, Premier Choice Shares and Private Client Shares, respectively.

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

Valuation of Investments: Fund securities are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 of the 1940 Act. Under this method, securities are valued at cost when purchased and thereafter, a constant proportionate amortization of any discount or premium is recorded until the maturity of the security. Regular review and monitoring of the valuation is performed in an attempt to avoid dilution or adverse results to shareholders.

The Funds seek to maintain the net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.

Repurchase Agreements: The Funds may invest in U.S. government and agency securities pursuant to repurchase agreements. Under such agreements, the counterparty agrees to repurchase the security at a mutually agreed upon time and price. The counterparty will be required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Fund’s custodian. If the counterparty defaults and the fair value of the collateral declines, liquidation of the collateral by the Fund may be delayed or limited.

Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income is recognized on the accrual basis. The Funds amortize all premiums and discounts on debt securities. Income and realized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions to Shareholders: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates.

Income Taxes: It is the Funds’ policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Effective April 30, 2008, the Funds implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to the Funds, and has determined that the adoption of FIN 48 does not have a material impact on the Funds’ financial statements. The Funds file U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ tax returns remains open for the years ended September 30, 2004 through September 30, 2006. The statute of limitations on the Funds’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements”

SEMI-ANNUAL REPORT APRIL 30, 2008 101

Notes to Financial Statements (continued)

(“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities - an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Funds’ financial statement disclosures, if any, is currently being assessed.

Other: Expenses directly related to one of the Funds or classes are charged to that Fund or class. Other operating expenses shared by several Funds are pro-rated among those Funds on the basis of relative net assets or other appropriate methods. Other expenses of a Fund are allocated daily to each class based on its relative net assets.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Pursuant to agreements between the Trust and BlackRock Institutional Management Corporation (“BIMC”), an indirect wholly-owned subsidiary of BlackRock, Inc., BIMC provides both investment advisory and administration services to the Trust. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), an indirect wholly-owned subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.

The Trust has entered into a management agreement with BIMC under which it provides certain advisory, administration and accounting services. BIMC has entered into a sub-administration agreement with PFPC under which PFPC provides certain administration services with respect to the Trust.

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

TempFund
Management Fee	.350% of the first $1 billion.
	.300% of the next $1 billion
	.250% of the next $1 billion
	.200% of the next $1 billion
	.195% of the next $1 billion
	.190% of the next $1 billion
	.180% of the next $1 billion
	.175% of the next $1 billion
	.170% of amounts in excess of $8 billion.
TempCash, MuniFund and MuniCash
Management Fee	.350% of the first $1 billion
	.300% of the next $1 billion
	.250% of the next $1 billion
	.200% of the next $1 billion
	.195% of the next $1 billion
	.190% of the next $1 billion
	.185% of the next $1 billion
	.180% of amounts in excess of $7 billion.
California Money Fund and New York Money Fund
Management Fee	.375% of the first $1 billion
	.350% of the next $1 billion
	.325% of the next $1 billion
	.300% of amounts in excess of $3 billion.
FedFund, T-Fund, Federal Trust Fund and Treasury Trust Fund
Calculation A	Calculation B
.175% of the first $1 billion*	.175% of the first $1 billion**
.150% of the next $1 billion*	.150% of the next $1 billion**
.125% of the next $1 billion*	.125% of the next $1 billion**
.100% of the next $1 billion*	.100% of amounts in excess of $3 billion.**
.095% of the next $1 billion*
.090% of the next $1 billion*
.085% of the next $1 billion*
.080% of amounts in excess of $7 billion.*

The management fee is equal to calculation A plus calculation B.

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

** Based on the average net assets of each Fund.

Until February 28, 2009, BIMC, as investment advisor and administrator, has contractually agreed to reduce its fees and reimburse expenses to ensure that the combined “Management Fees” and “Miscellaneous Expenses” do not exceed 0.18% of the average daily net assets of TempFund and TempCash and 0.20% of the average daily net assets of

102 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (continued)

FedFund, T-Fund, Federal Trust Fund, Treasury Trust Fund, MuniFund, MuniCash, California Money Fund and New York Money Fund. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.

Pursuant to the Select Shares Distribution Plan, the Premier Shares Distribution Plan, the Premier Choice Shares Distribution Plan and the Private Client Shares Distribution Plan, the Trust may pay BDI a fee for distribution and sales support services. In addition, the Trust may pay Service Organizations, including affiliates of BIMC, fees for providing certain services (“shareholder services”) to their customers who own shares of the Funds. Pursuant to its respective Shareholder Services Plan, each of the Administration, Dollar, Cash Management, Cash Reserve, Select, Premier, Premier Choice and Private Client Share classes are currently paying fees to Service Organizations, which may include affiliates of BIMC.

Pursuant to the Distribution Plan the Funds pay BDI ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:

	Service		Distribution
	Fee1		Fee 1
Dollar	0.25	%	—
Cash Management	0.50	%	—
Cash Reserve	0.40	%	—
Administration	0.10	%	—
Select	0.50	%	0.35	%
Premier Choice	0.40	%	0.10	%
Private Client	0.50	%	0.35	%
Premier	0.50	%	0.10	%
(1)    Due to certain contractual and voluntary waivers the above stated rates may be reduced.

For the six months ended April 30, 2008, the following charts show the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers of those expenses.

	Share Classes
Service Fees	Dollar		Cash Management		Cash Reserve		Administration		Select		Premier Choice		Private Client		Premier		Total
TempFund	$	8,513,646	$	2,136,225	$	21,255	$	1,025,047	$	2,482,985	$	1	$	4,141,356	$	1,459,962	$	19,780,477
TempCash		1,317,528		412		—		1,913		—		—		—		—		1,319,853
FedFund		899,434		—		4,122		35,934		353,891		5		2,411,082		392,635		4,097,103
T-Fund		1,293,258		1,475,526		—		40,451		24,930		—		46,677		269,883		3,150,725
Federal Trust Fund		105,389		—		—		20,607		—		—		—		—		125,996
Treasury Trust Fund		378,774		190,240		—		69,510		—		—		—		—		638,524
MuniFund		211,369		175,648		—		226,388		85,567		5		836,594		675,536		2,211,107
MuniCash		102,908		—		7		63		—		—		—		—		102,978
California Money Fund		52,507		47,914		—		3,226		107,832		5		614,178		82,383		908,045
New York Money Fund		8,169		52,185		—		6,882		20,483		254		480,960		24,959		593,892

	Share Classes
Service Fees Waived	Select		Premier Choice		Private Client		Premier		Total
TempFund	$	148,979	$	—	$	—	$	—	$	148,979
FedFund		35,389		2		96,443		15,705		147,539
T-Fund		2,493		—		1,867		10,795		15,155
MuniFund		8,556		2		33,464		27,021		69,043
California Money Fund		10,783		2		24,567		3,295		38,647
New York Money Fund		2,048		95		19,239		998		22,380

	Share Classes
Distribution Fees	Select		Premier Choice		Private Client		Premier		Total
TempFund	$	1,738,089	$	1	$	2,898,950	$	291,992	$	4,929,032
FedFund		247,724		2		1,687,756		78,527		2,014,009
T-Fund		17,451		—		32,674		53,976		104,101
MuniFund		59,897		2		585,616		135,107		780,622
California Money Fund		75,483		2		429,923		16,477		521,885
New York Money Fund		14,338		64		336,672		4,992		356,066

SEMI-ANNUAL REPORT APRIL 30, 2008 103

Notes to Financial Statements (continued)

	Share Classes
Distribution Fees Waived	Premier Choice		Private Client		Premier		Total
TempFund	$	1	$	2,898,950	$	291,992	$	3,190,943
FedFund		2		1,687,757		78,527		1,766,286
T-Fund		—		32,674		53,976		86,650
MuniFund		2		585,616		135,107		720,725
California Money Fund		2		429,924		16,477		446,403
New York Money Fund		64		336,671		4,992		341,727

In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly. The fee is based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.

The Funds may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.

Pursuant to the Trust’s operating procedures, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are included on the Statements of Operations as fees paid indirectly.

Pursuant to the Transfer Agent Agreement, PFPC serves as the transfer and dividend disbursing agent for the Funds. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 share classes plus $50,000 for each additional share class beyond the first 40, plus transaction fees, per account fees and disbursements.

For the six months ended April 30, 2008, the Funds paid to affiliates the following fees in return for distribution and sales support services:

TempFund	$	6,567,269
TempCash		909,891
FedFund		860,291
T-Fund		127,562
Treasury Trust Fund		235,325
MuniFund		348,353
MuniCash		63,422
New York Money Fund		3,465

The Funds may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are included on the Statement of Operations as fees paid indirectly.

Certain officers and/or trustees of the Funds are officers and/or directors of BlackRock, Inc. or its affiliates.

3. Capital Shares:

The Trust’s Declaration of Trust permits the trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.

Because the Funds have each sold and redeemed shares only at a constant net asset value of $1.00 per share, the number of shares represented by such sales, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.

Transactions in capital shares for each period were as follows:

	TempFund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	371,621,606,198		$	433,068,105,139
Dollar		28,316,367,893			52,553,070,776
Cash Management		1,868,648,986			3,362,775,636
Cash Reserve		2,386,595			38,879,893
Administration		1,236,687,331			1,914,540,367
Select		537,688,182			1,122,046,235
Premier Choice		2,000			57,310,072
Private Client		816,913,369			1,452,110,892
Premier		556,010,376			1,056,361,440
Shares issued in reinvestment of dividends:
Institutional		470,596,775			570,242,855
Dollar		7,984,278			18,457,032
Cash Management		6,807,919			14,638,090
Cash Reserve		106,253			401,511
Administration		8,275,979			21,705,467
Select		16,289,687			37,397,981
Premier Choice		10			627,994
Private Client		30,165,936			77,283,769
Premier		10,526,082			21,785,031
Shares redeemed:
Institutional		(366,912,633,278	)		(408,705,925,835	)
Dollar		(27,589,720,531	)		(51,232,350,447	)
Cash Management		(1,666,928,544	)		(3,012,236,348	)
Cash Reserve		(5,722,673	)		(44,364,706	)
Administration		(972,099,971	)		(1,856,811,166	)
Select		(471,577,069	)		(1,081,472,176	)
Premier Choice		—			(68,283,762	)
Private Client		(911,119,425	)		(1,442,755,073	)
Premier		(534,526,949	)		(964,359,018	)
Net increase	$	6,442,735,409		$	26,979,181,649

104 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (continued)

	TempCash
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	111,159,791,506		$	176,528,817,405
Dollar		1,229,732,692			1,855,380,140
Cash Management		496,008			1,385,360
Administration		77,738,356			32,958,510
Shares issued in reinvestment of dividends:
Institutional		127,224,311			203,513,449
Dollar		18,353,369			42,651,400
Cash Management		3,090			5,298
Administration		52,556			350,543
Shares redeemed:
Institutional		(110,357,495,868	)		(175,080,960,004	)
Dollar		(1,135,917,661	)		(1,719,937,983	)
Cash Management		(582,878	)		(1,320,812	)
Administration		(149,380	)		(58,768,271	)
Net increase	$	1,119,246,101		$	1,804,075,035
	FedFund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	32,843,189,732		$	19,166,783,329
Dollar		6,453,497,558			12,449,089,470
Cash Reserve		53,661,274			31,133,706
Administration		73,428,973			47,698,207
Select		231,017,204			187,645,415
Premier Choice		1			1
Private Client		784,257,995			956,296,510
Premier		281,691,285			232,915,996
Shares issued in reinvestment of dividends:
Institutional		72,530,236			61,381,648
Dollar		313,655			1,352,112
Cash Reserve		34,743			142,790
Administration		408,644			3,225
Select		1,985,612			2,410,724
Premier Choice		39			106
Private Client		15,225,263			18,807,572
Premier		2,442,341			2,875,927
Shares redeemed:
Institutional		(29,592,697,960	)		(17,061,867,541	)
Dollar		(6,303,407,748	)		(12,181,887,181	)
Cash Reserve		(53,333,049	)		(31,176,238	)
Administration		(13,941,986	)		(89,359,863	)
Select		(197,025,207	)		(143,724,646	)
Premier Choice		(1	)		(129	)
Private Client		(598,280,900	)		(501,798,833	)
Premier		(237,975,003	)		(190,321,414	)
Net increase	$	3,817,022,701		$	2,958,400,893
	T-Fund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	31,707,877,191		$	37,887,490,070
Dollar		4,323,224,455			7,143,541,774
Cash Management		1,077,709,983			1,045,691,763
Administration		328,063,501			1,276,117,439
Select		65,801,653			—
Premier Choice		1			2,550
Private Client		86,503,558			2,333
Premier		783,620,884			2,131
Shares issued in reinvestment of dividends:
Institutional		45,281,001			47,947,162
Dollar		1,526,362			6,506,438
Cash Management		298,630			1,177,632
Administration		1,060,752			2,330,872
Select		50,954			—
Premier Choice		7			3
Private Client		243,198			3
Premier		1,024,842			3
Shares redeemed:
Institutional		(29,654,331,175	)		(34,561,543,676	)
Dollar		(4,454,171,342	)		(7,065,936,362	)
Cash Management		(1,076,970,452	)		(859,325,068	)
Administration		(330,148,128	)		(1,210,032,953	)
Select		(16,678,514	)		—
Premier Choice		(1	)		(2,051	)
Private Client		(82,410,849	)		(1,541	)
Premier		(680,614,704	)		(1,632	)
Net increase	$	2,126,961,807		$	3,713,966,890
	Federal Trust Fund
	Six Months Ended April 30, 2008			Year Ended October 31, 2006
Shares sold:
Institutional	$	931,865,892		$	757,288,870
Dollar		84,620,488			261,279,554
Administration		66,203,948			62,198,340
Shares issued in reinvestment of dividends:
Institutional		2,459,395			6,797,664
Shares redeemed:
Institutional		(786,884,219	)		(537,448,078	)
Dollar		(12,765,248	)		(255,896,900	)
Administration		(66,042,758	)		(28,520,016	)
Net increase	$	219,457,498		$	265,699,434

SEMI-ANNUAL REPORT APRIL 30, 2008 105

Notes to Financial Statements (continued)

	Treasury Trust Fund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	13,330,450,905		$	11,923,500,782
Dollar		1,688,298,009			540,471,165
Cash Management		208,924,803			180,412,677
Administration		289,359,338			149,374,411
Shares issued in reinvestment of dividends:
Institutional		13,208,257			21,005,257
Dollar		1,645,677			4,653,101
Cash Management		42,659			178,912
Administration		455			—
Shares redeemed:
Institutional		(11,175,908,298	)		(10,457,617,236	)
Dollar		(1,375,071,047	)		(577,169,742	)
Cash Management		(186,039,522	)		(176,664,356	)
Administration		(251,363,666	)		(165,511,625	)
Net increase	$	2,543,547,570		$	1,442,633,346
	MuniFund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	9,186,107,695		$	13,537,810,780
Dollar		728,536,937			1,167,831,704
Cash Management		211,309,524			168,167,445
Administration		424,018,197			782,802,422
Select		190,284,536			160,243,467
Premier Choice		1			1
Private Client		1,377,935,208			2,648,685,261
Premier		1,562,722,254			2,822,534,566
Shares issued in reinvestment of dividends:
Institutional		18,749,109			27,543,465
Dollar		57,171			216,134
Cash Management		70,187			266,117
Administration		1,599			—
Select		343,854			695,236
Premier Choice		29			73
Private Client		3,891,472			9,125,803
Premier		3,199,487			6,818,554
Shares redeemed:
Institutional		(8,199,035,386	)		(12,669,426,544	)
Dollar		(636,694,546	)		(1,117,295,209	)
Cash Management		(154,868,069	)		(169,511,393	)
Administration		(357,722,925	)		(764,546,163	)
Select		(197,444,988	)		(154,005,087	)
Premier Choice		(1	)		(89	)
Private Client		(1,357,380,041	)		(2,616,797,335	)
Premier		(1,632,006,835	)		(2,725,104,372	)
Net increase	$	1,172,074,469		$	1,116,054,836
	MuniCash
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	4,270,751,103		$	24,920,431,349
Dollar		236,332,810			455,029,760
Cash Reserve*		—			181,750
Administration**		94,071			1,100,000
Shares issued in reinvestment of dividends:
Institutional		2,499,329			12,614,020
Dollar		921,084			2,499,846
Cash Reserve*		49			679
Administration**		1,373			13,784
Shares redeemed:
Institutional		(4,557,874,427	)		(25,245,804,088	)
Dollar		(235,887,302	)		(463,422,667	)
Cash Reserve*		(10,138	)		(172,340	)
Administration**		(353,026	)		(1,299,151	)
Net decrease	$	(283,525,074	)	$	(318,827,058	)
*       Liquidated on 01/08/08.
**     Liquidated on 01/25/08.
	California Money Fund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	2,102,710,677		$	3,486,013,598
Dollar		219,600,875			883,083,074
Cash Management		46,121			10,913,164
Administration		5,637,634			8,601,723
Select		133,495,804			255,273,401
Premier Choice		2			1
Private Client		1,344,289,683			2,274,833,552
Premier		174,172,989			430,230,833
Shares issued in reinvestment of dividends:
Institutional		1,963,094			5,759,178
Dollar		269,138			1,194,660
Cash Management		202,096			481,483
Select		365,650			1,094,069
Premier Choice		25			69
Private Client		2,467,401			6,737,753
Premier		346,739			723,696
Shares redeemed:
Institutional		(2,081,010,232	)		(3,574,058,204	)
Dollar		(253,671,562	)		(877,896,799	)
Cash Management		(12,184,867	)		(228,812	)
Administration		(7,860,327	)		(6,643,934	)
Select		(139,020,378	)		(254,363,179	)
Premier Choice		(1	)		(83	)
Private Client		(1,304,913,466	)		(2,289,301,593	)
Premier		(201,972,451	)		(398,854,321	)
Net decrease	$	(15,065,356	)	$	(36,406,671	)

106 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (concluded)

	New York Money Fund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	1,505,164,421		$	2,419,659,914
Dollar		6,030,796			18,688,510
Cash Management		48,062,121			86,992,458
Administration		6,216,268			8,840,317
Select		18,554,819			35,362,362
Premier Choice		398			661,341
Private Client		886,685,008			1,277,024,710
Premier		67,400,954			257,205,109
Shares issued in reinvestment of dividends:
Institutional		1,078,431			2,148,316
Dollar		76,798			235,849
Select		69,788			144,626
Premier Choice		1,883			8,033
Private Client		1,983,774			5,346,165
Premier		118,816			425,069
Shares redeemed:
Institutional		(1,306,027,447	)		(2,377,881,267	)
Dollar		(6,314,817	)		(18,773,309	)
Cash Management		(40,195,761	)		(81,329,441	)
Administration		(7,712,890	)		(11,807,980	)
Select		(15,904,659	)		(31,938,371	)
Premier Choice		(641,143	)		(270,728	)
Private Client		(878,796,794	)		(1,245,261,326	)
Premier		(79,249,865	)		(251,750,339	)
Net increase	$	206,600,899		$	93,730,018

4. Capital Loss Carryforward:

As of October 31, 2007, the Funds had the following capital loss carryforwards available to offset future realized capital gains:

	Expiring October 31,
	2008		2013		2014		2015		Total
TempFund	$	—	$	3,440,833	$	—	$	—	$	3,440,833
TempCash		—		2,153,050		—		—		2,153,050
FedFund		—		12,054		—		—		12,054
T-Fund		15,846		91,112		—		81		107,039
MuniCash		—		839		263,568		—		264,407

5. Asset Concentration:

The California Money Fund and New York Money Fund invest primarily in municipal obligations from issuers domiciled in those states, respectively, and, as a result, are more susceptible to adverse consequences of economic, political and other developments than a more geographically diverse fund. Such consequences may include declines in the market value and marketability of fund securities, as well as impairment of the ability of certain issuers of California and New York municipal securities to pay principal and interest on their obligations.

SEMI-ANNUAL REPORT APRIL 30, 2008 107

Officers and Trustees

David O. Beim, Trustee

Richard S. Davis, Trustee

Ronald W. Forbes, Trustee

Henry Gabbay, Trustee

Dr. Matina Horner, Trustee

Rodney D. Johnson, Trustee

Herbert I. London, Trustee

Cynthia A. Montgomery, Trustee

Joseph P. Platt, Jr., Trustee

Robert C. Robb, Jr., Trustee

Toby Rosenblatt, Trustee

Kenneth L. Urish, Trustee

Frederick W. Winter, Trustee

Donald C. Burke, Trust President and Chief Executive Officer

Anne F. Ackerley, Vice President

Neal J. Andrews, Chief Financial Officer of the Funds

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer

Howard Surloff, Secretary

Investment Advisor and Administrator

BlackRock Institutional Management Corporation

Wilmington, DE 19809

Sub-Administrator and Transfer Agent

PFPC Inc.

Wilmington, DE 19809

Distributor

BlackRock Distributors, Inc.

King of Prussia, PA 19406

Custodian

PFPC Trust Company

Philadelphia, PA 19153

Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Electronic copies of most financial reports and prospectuses are available on the Funds’ website.

The Trust has delegated proxy voting responsibilities to BlackRock, subject to the general oversight of the Trust’s Board of Trustees. A description of the policies and procedures that BlackRock uses to determine how to vote proxies relating to Fund securities is available without charge, upon request, by calling 1-800-821-7432, or on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trust’s voting securities (if any) were voted by BlackRock during the most recent 12-month period ended June 30th is available, upon request and without charge, by calling 1-800-821-7432 or on the website of the Commission at http://www.sec.gov.

The Trust files its complete schedule of Fund holdings for the first and third quarters of its fiscal year with the Commission on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s Forms N-Q may also be obtained, upon request, by calling 1-800-821-7432.

This report is submitted for the general information of the shareholders of the Trust. It is not authorized for distribution to prospective investors unless accompanied or preceded by effective prospectuses for each Fund of the Trust, which contain information concerning the investment policies of the Funds as well as other pertinent information. Statements and other information contained in this report are as dated and subject to change.

108 SEMI-ANNUAL REPORT APRIL 30, 2008

Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, PNC Bank, National Association or any other bank, and shares are not federally insured by, guaranteed by, obligations of or otherwise supported by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. Investments in shares of the Funds involve investment risks, including the possible loss of the principal amount invested.

BRLF-SA-001 04/08

FedFund – Cash Reserve Shares

Semi-Annual Report

April 30, 2008

Table of Contents

	Page
A Letter to Shareholders	3
Semi-Annual Report:
Fund Summary:
FedFund	4
Disclosure of Expenses	6
Financial Statements:
Schedules of Investments	7
Statements of Assets and Liabilities	13
Statements of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	25
Officers and Trustees	32

Privacy Principles of BlackRock Liquidity Funds

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory inquiries or service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

2 SEMI-ANNUAL REPORT APRIL 30, 2008

A Letter to Shareholders

Dear Shareholder

We are pleased to present this semi-annual report to shareholders of BlackRock Liquidity Funds for the six months ending April 30, 2008. BlackRock Liquidity Funds offer a variety of high-quality taxable and tax-exempt money market funds that are designed to meet the varied needs of our investors. Following is an overview of market events that have occurred during this six month reporting period.

Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.

Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns. The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.

Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.

Our extensive experience through multiple interest rate cycles and market events, our rigorous credit standards and our consistent focus on risk management enabled us to deliver on our fundamental objectives of safety, liquidity and yield. Should you wish to discuss your investment options, please contact your account representative or call our Client Service Center at (800) 821-7432.

As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

Rob Kapito

President, BlackRock Institutional Management Corporation

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Summary FedFund

Fund Profile as of April 30, 2008

Fund Diversification	Percentage of Total Investments
Agency Obligations	54	%
Repurchase Agreements	46
7-Day Yield (Annualized)
Institutional	2.42	%
Dollar	2.17
Cash Reserve	2.02
Administration	2.32
Select (formerly Bear Stearns)	1.62
Premier Choice (formerly Bear Stearns Premier Choice)	2.17
Private Client (formerly Bear Stearns Private Client)	1.94
Premier (formerly Bear Stearns Premier)	1.94

Maturity Information

Maturity	Par		Percentage of Total Investments
1-30 Days	$	5,464,170,000	54	%
31-60 Days		1,297,599,000	13
61-90 Days		1,749,555,000	17
91-120 Days		519,685,000	5
121-150 Days		603,240,000	6
over 150 Days		440,811,000	5

Average Weighted Maturity - 43 days

4 SEMI-ANNUAL REPORT APRIL 30, 2008

Fund Summary FedFund

Expense Example

	Actual
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,018.49	$	1.01
Dollar	$	1,000.00	$	1,017.24	$	2.26
Cash Reserve	$	1,000.00	$	1,016.48	$	3.02
Administration	$	1,000.00	$	1,018.00	$	1.51
Select	$	1,000.00	$	1,014.45	$	5.02
Premier Choice	$	1,000.00	$	1,017.24	$	2.26
Private Client	$	1,000.00	$	1,016.07	$	3.42
Premier	$	1,000.00	$	1,016.07	$	3.42
	Hypothetical**
	Beginning Account Value November 1, 2007		Ending Account Value April 30, 2008		Expenses Paid During the Period*
Institutional	$	1,000.00	$	1,023.99	$	1.01
Dollar	$	1,000.00	$	1,022.73	$	2.27
Cash Reserve	$	1,000.00	$	1,021.97	$	3.03
Administration	$	1,000.00	$	1,023.49	$	1.51
Select	$	1,000.00	$	1,019.95	$	5.05
Premier Choice	$	1,000.00	$	1,022.73	$	2.27
Private Client	$	1,000.00	$	1,021.57	$	3.43
Premier	$	1,000.00	$	1,021.57	$	3.43

* For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.20% for Institutional, 0.45% for Dollar, 0.60% for Cash Reserve, 0.30% for Administration, 1.00% for Select, 0.45% for Premier Choice, 0.68% for Private Client and 0.68% for Premier), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT APRIL 30, 2008 5

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) expenses related to transactions; and (b) operating expenses, including advisory fees, service and distribution fees including 12b-1 fees, and other Fund expenses. The expense examples on the previous page (which are based on a hypothetical investment of $1,000 invested on November 1, 2007 and held through April 30, 2008) are intended to assist shareholders both in calculating expenses ongoing costs based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The tables provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”

The tables also provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other fund’s shareholder reports.

The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments April 30, 2008 (Unaudited)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Agency Obligations — 53.7%
Federal Farm Credit Bank Bond — 0.5%
3.38%, 7/15/08	$	50,000	$	49,922,571
Federal Farm Credit Bank Variable Rate Notes — 5.5%
2.31%, 7/09/08(a)		275,000		274,994,787
2.34%, 3/12/09(a)		125,000		125,000,000
2.31%, 11/16/09(a)		150,000		150,000,000
				549,994,787
Federal Home Loan Bank Bonds — 6.2%
4.20%, 6/17/08		25,000		25,000,000
5.13%, 7/23/08		45,000		45,096,825
3.88%, 8/22/08		91,000		90,957,889
4.25%, 9/12/08		19,970		20,111,698
2.58%, 9/17/08		100,000		100,122,082
5.10%, 9/19/08		24,860		25,126,930
2.26%, 10/17/08		225,000		225,022,857
3.75%, 11/14/08		23,500		23,688,538
2.56%, 2/13/09		70,170		70,170,000
				625,296,819
Federal Home Loan Bank Discount Notes — 5.1%
2.00%, 5/01/08(b)		1,238		1,238,000
2.41%, 5/09/08(b)		49,800		49,773,329
4.18%, 5/14/08(b)		107,473		107,310,775
4.11%, 5/21/08(b)		75,000		74,828,750
4.17%, 5/23/08(b)		100,000		99,745,167
4.15%, 5/30/08(b)		50,000		49,832,847
4.17%, 6/27/08(b)		24,000		23,841,540
4.17%, 6/30/08(b)		106,810		106,067,671
				512,638,079
Federal Home Loan Bank Variable Rate Notes — 15.9%
2.65%, 9/17/08(a)		300,000		299,958,221
2.51%, 1/09/09(a)		155,000		155,185,277
2.98%, 2/11/09(a)		200,000		200,089,507
2.95%, 2/18/09(a)		100,000		100,000,000
2.38%, 2/20/09(a)		400,000		400,000,000
2.31%, 3/04/09(a)		150,000		150,000,000
2.54%, 7/14/09(a)		100,000		100,022,674
2.64%, 8/13/09(a)		100,000		100,000,000
2.56%, 1/11/10(a)		100,000		100,129,267
				1,605,384,946
Federal Home Loan Mortgage Corp. Bonds — 1.7%
3.50%, 5/21/08		13,000		12,994,384
4.50%, 8/04/08		29,480		29,599,531

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 7

Schedule of Investments (continued)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Agency Obligations (Continued)
Federal Home Loan Mortgage Corp. Bonds (Continued)
3.63%, 9/15/08	$	17,069	$	17,066,022
4.48%, 9/19/08		35,341		35,332,813
5.13%, 10/15/08		31,100		31,502,318
4.63%, 12/19/08		48,377		49,096,399
				175,591,467
Federal Home Loan Mortgage Corp. Discount Notes — 9.3%
2.53%, 5/12/08(b)		92,471		92,399,515
4.16%, 5/19/08(b)		105,000		104,781,600
4.18%, 5/23/08(b)		41,860		41,753,071
3.90%, 5/30/08(b)		60,610		60,419,584
2.49%, 6/02/08(b)		81,150		80,970,388
3.78%, 6/05/08(b)		100,000		99,632,500
2.10%, 6/06/08(b)		50,000		49,895,000
3.81%, 6/06/08(b)		100,000		99,619,000
3.80%, 6/16/08(b)		28,234		28,096,908
4.05%, 6/30/08(b)		115,000		114,224,708
2.10%, 8/29/08(b)		100,000		99,300,000
2.10%, 9/08/08(b)		50,000		49,620,833
2.11%, 10/06/08(b)		19,219		19,041,021
				939,754,128
Federal Home Loan Mortgage Corp. Variable Rate Notes — 2.2%
2.46%, 9/25/09(a)		139,215		139,157,575
2.82%, 9/28/09(a)		84,595		84,565,416
				223,722,991
Federal National Mortgage Assoc. Bonds — 3.7%
3.25%, 8/15/08		94,205		94,171,876
5.13%, 9/02/08		56,000		56,459,346
5.00%, 9/15/08		200,000		201,905,223
5.00%, 10/16/08		23,445		23,739,503
				376,275,948
Federal National Mortgage Assoc. Discount Notes — 3.6%
2.50%, 5/28/08(b)		79,565		79,415,816
3.98%, 7/02/08(b)		50,000		49,657,278
3.75%, 7/09/08(b)		63,637		63,179,609
2.62%, 7/16/08(b)		94,489		93,966,371
2.83%, 7/16/08(b)		74,619		74,173,193
				360,392,267
Total Agency Obligations (Cost $5,418,974,003)				5,418,974,003

See Notes to Financial Statements.

8 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements — 46.1%
Banc of America Securities LLC,
1.98%, 5/01/08	$	300,000	$	300,000,000
(Agreement dated 4/30/08 to be repurchased at $300,016,500, collateralized by $313,995,972 Federal National Mortgage Assoc. Bonds 4.50% to 5.50% due from 4/01/23 to 2/01/38. The value of the collateral is $306,000,001.)
Barclays Capital Markets, Inc.,
2.00%, 5/01/08		900,000		900,000,000
(Agreement dated 4/30/08 to be repurchased at $900,050,000, collateralized by $1,731,655,007 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Adjustable Mortgage Notes and Federal Home Loan Mortgage Corp. Bonds 4.00% to 7.50% due from 4/01/10 to 2/01/48. The value of the collateral is $918,000,000.)
Barclays Capital Markets, Inc.,
2.90%, 5/05/08		350,000		350,000,000
(Agreement dated 2/04/08 to be repurchased at $352,565,694, collateralized by $513,016,340 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Assoc. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 6.50% due from 7/01/14 to 4/01/38. The value of the collateral is $357,000,000.)
Barclays Capital Markets, Inc.,
2.25%, 5/27/08		200,000		200,000,000
(Agreement dated 3/27/08 to be repurchased at $200,762,500, collateralized by $254,315,521 Federal National Mortgage Assoc. Bonds, Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes due from 11/01/12 to 4/01/38. The value of the collateral is $204,000,000.)
Credit Suisse Securities (USA) LLC,
2.12%, 7/30/08		150,000		150,000,000
(Agreement dated 4/25/08 to be repurchased at $150,848,000, collateralized by $317,198,765 Federal National Mortgage Assoc. Variable Rate Notes 3.96% to 5.65% due from 7/01/21 to 4/01/44. The value of the collateral is $153,000,178.)

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 9

Schedule of Investments (continued)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements (Continued)
Deutsche Bank Securities Inc.,
1.75%, 5/01/08	$	64,358	$	64,358,000
(Agreement dated 4/30/08 to be repurchased at $64,361,129, collateralized by $77,107,744 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $66,288,740.)
Deutsche Bank Securities Inc.,
2.00%, 5/01/08		325,000		325,000,000
(Agreement dated 4/30/08 to be repurchased at $325,018,056, collateralized by $389,384,644 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $334,750,000.)
Deutsche Bank Securities Inc.,
2.43%, 6/11/08		150,000		150,000,000
(Agreement dated 3/13/08 to be repurchased at $150,911,250, collateralized by $179,715,990 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $154,500,000.)
Deutsche Bank Securities Inc.,
2.12%, 7/23/08		300,000		300,000,000
(Agreement dated 4/24/08 to be repurchased at $301,590,000, collateralized by $359,431,979 Federal National Mortgage Assoc. Variable Rate Notes, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.50% to 7.00% due from 5/01/18 to 5/01/38. The value of the collateral is $309,000,000.)

See Notes to Financial Statements.

10 SEMI-ANNUAL REPORT APRIL 30, 2008

Schedule of Investments (continued)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements (Continued)
Greenwich Capital Markets, Inc.,
1.98%, 5/01/08	$	575,000	$	575,000,000
(Agreement dated 4/30/08 to be repurchased at $575,031,625, collateralized by $1,015,736,535 Federal National Mortgage Assoc. Strips due from 11/01/35 to 10/01/36. The value of the collateral is $592,252,032.)
Greenwich Capital Markets, Inc.,
2.45%, 7/09/08		150,000		150,000,000
(Agreement dated 3/05/08 to be repurchased at $151,286,250, collateralized by $293,639,943 Federal National Mortgage Assoc. Strips due from 8/01/35 to 7/01/36. The value of the collateral is $154,501,917.)
Morgan Stanley & Co., Inc.,
2.00%, 5/01/08		377,000		377,000,000
(Agreement dated 4/30/08 to be repurchased at $377,020,944, collateralized by $765,494,582 Federal National Mortgage Assoc. Bonds, Federal Home Loan Mortgage Corp. Bonds and Federal Home Loan Mortgage Corp. Adjustable Rate Mortgage Notes 4.00% to 7.50% due from 8/01/09 to 5/01/38. The value of the collateral is $388,311,053.)
PNC Bank, N.A.,
2.14%, 5/01/08(c)		12,200		12,200,000
(Agreement dated 4/30/08 to be repurchased at $12,200,724, collateralized by $62,650,000 Federal National Mortgage Assoc. Bonds 5.26% due 6/01/35. The value of the collateral is $47,805,057.)
UBS Securities LLC,
2.75%, 6/24/08		300,000		300,000,000
(Agreement dated 2/25/08 to be repurchased at $302,750,000, collateralized by $565,387,638 Federal National Mortgage Assoc. Strips due from 7/01/33 to 7/01/37. The value of the collateral is $309,000,474.)
UBS Securities LLC,
2.45%, 7/07/08		300,000		300,000,000
(Agreement dated 3/05/08 to be repurchased at $302,531,667, collateralized by $804,324,428 Federal National Mortgage Assoc. Strips due from 7/01/33 to 12/01/34. The value of the collateral is $309,000,499.)

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 11

Schedule of Investments (concluded)	FedFund
	(Percentages shown are based on Net Assets)

	Par (000)		Value
Repurchase Agreements (Continued)
UBS Securities LLC, 3.77%, 7/09/08 (Agreement dated 1/11/08 to be repurchased at $203,770,000 collateralized by $304,063,410 Federal Home Mortgage Corp. Bonds 4.50% to 6.00% due from 4/01/09 to 1/01/38. The value of the collateral is $206,003,562.)	$	200,000	$	200,000,000
Total Repurchase Agreements (Cost $4,653,558,000)				4,653,558,000
Total Investments in Securities — 99.8% (Cost $10,072,532,003*)				10,072,532,003
Other Assets in Excess of Liabilities — 0.2%				15,802,441
Net Assets — 100.0%			$	10,088,334,444

* Aggregate cost for federal income tax purposes.

(a) Rate shown is as of report date and the date shown is the final maturity date.

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

(c) Investments in companies considered to be an affiliate of the Fund were as follows:

Affiliate	Purchase Cost		Sales Cost		Interest Income
PNC Bank, N.A.	$	3,585,000,000	$	3,581,300,000	$	423,332

• For Fund compliance purposes, the Fund’s sector and industry classifications refer to any one or more of the Standard Industry Codes as defined by the SEC. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT APRIL 30, 2008

Statement of Assets and Liabilities

April 30, 2008 (Unaudited)	FedFund
Assets
Investments at value - unaffiliated1	$	5,418,974,003
Repurchase agreements - affiliated2		12,200,000
Repurchase agreements - unaffiliated3		4,641,358,000
Cash		950,971
Interest receivable		25,314,996
Interest receivable - affiliated		724
Prepaid expenses		175,766
Total assets		10,098,974,460
Liabilities
Income dividends payable		6,506,331
Management fees payable		3,261,092
Service and distribution fees payable		702,722
Transfer agent fees payable		21,062
Custodian fees payable		70,307
Officer and Trustees fees payable		5,468
Other accrued expenses		73,034
Total liabilities		10,640,016
Net Assets
Net Assets	$	10,088,334,444
Net Assets Consist of
Paid-in capital	$	10,088,346,498
Accumulated net realized gain (loss)		(12,054	)
Net Assets	$	10,088,334,444
1 Investments at cost - unaffiliated	$	5,418,974,003
2 Repurchase agreements at cost - affiliated		12,200,000
3 Repurchase agreements at cost - unaffiliated		4,641,358,000

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 13

Statement of Assets and Liabilities (concluded)

April 30, 2008 (Unaudited)	FedFund
Institutional
Net Assets	$	7,906,941,973
Shares outstanding, unlimited number of shares authorized		7,906,950,609
Net Asset Value	$	1.00
Dollar
Net Assets	$	833,986,007
Shares outstanding, unlimited number of shares authorized		833,971,196
Net Asset Value	$	1.00
Cash Reserve
Net Assets	$	1,545,524
Shares outstanding, unlimited number of shares authorized		1,545,721
Net Asset Value	$	1.00
Administration
Net Assets	$	101,305,204
Shares outstanding, unlimited number of shares authorized		101,306,280
Net Asset Value	$	1.00
Select
Net Assets	$	134,727,935
Shares outstanding, unlimited number of shares authorized		134,729,622
Net Asset Value	$	1.00
Premier Choice
Net Assets	$	2,273
Shares outstanding, unlimited number of shares authorized		2,281
Net Asset Value	$	1.00
Private Client
Net Assets	$	969,801,966
Shares outstanding, unlimited number of shares authorized		969,815,471
Net Asset Value	$	1.00
Premier
Net Assets	$	140,023,562
Shares outstanding, unlimited number of shares authorized		140,025,317
Net Asset Value	$	1.00

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT APRIL 30, 2008

Statement of Operations

Six Months Ended April 30, 2008 (Unaudited)	FedFund
Investment Income
Interest	$	159,933,468
Interest from affiliates		423,332
Total investment income		160,356,800
Expenses
Management		8,915,203
Service - class specific		4,097,103
Distribution - class specific		2,014,009
Transfer agent		174,829
Custodian		157,018
Registration		40,003
Professional		57,197
Officer and Trustees		34,675
Printing		9,257
Miscellaneous		55,387
Total expenses		15,554,681
Less management fees waived		(881,485	)
Less distribution fees waived - class specific		(1,766,286	)
Less service fees waived - class specific		(147,539	)
Less fees paid indirectly		(91,630	)
Total expenses after waivers		12,667,741
Net investment income		147,689,059
Net Increase in Net Assets Resulting from Operations	$	147,689,059

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 15

Statements of Changes in Net Assets

	FedFund
Increase in Net Assets:	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
Operations
Net investment income	$	147,689,059		$	174,364,560
Net increase in net assets resulting from operations		147,689,059			174,364,560
Dividends to Shareholders from
Net investment income:
Institutional		(114,526,132	)		(125,002,205	)
Dollar		(12,343,035	)		(22,516,414	)
Cash Reserve		(36,277	)		(144,588	)
Administration		(1,190,838	)		(2,544,467	)
Select		(1,979,400	)		(2,415,677	)
Premier Choice		(39	)		(106	)
Private Client		(15,175,978	)		(18,860,453	)
Premier		(2,437,215	)		(2,880,795	)
Decrease in net assets resulting from dividends to shareholders		(147,688,914	)		(174,364,705	)
Capital Share Transactions
Net increase in net assets resulting from capital share transactions		3,817,022,701			2,958,400,893
Net Assets
Total increase in net assets		3,817,022,846			2,958,400,748
Beginning of period		6,271,311,598			3,312,910,850
End of period	$	10,088,334,444		$	6,271,311,598
End of period distributions in excess of net investment income		—		$	(145	)

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights FedFund

	Institutional
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0184			0.0507			0.0463			0.0269			0.0105			0.0110
Dividends from net investment income		(0.0184	)		(0.0507	)		(0.0463	)		(0.0269	)		(0.0105	)		(0.0110	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.85	%2		5.19	%		4.73	%		2.73	%		1.05	%		1.10	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses, net of waivers		0.20	%3		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses		0.22	%3		0.27	%		0.28	%		0.29	%		0.29	%		0.28	%
Net investment income		3.53	%3		5.04	%		4.64	%		2.73	%		1.04	%		1.10	%
Supplemental Data
Net assets, end of period (000)	$	7,906,942		$	4,583,892		$	2,417,594		$	2,320,001		$	1,883,220		$	2,163,336

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 17

Financial Highlights (continued) FedFund

	Dollar
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20031
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0171			0.0482			0.0438			0.0244			0.0080			0.0085
Dividends from net investment income		(0.0171	)		(0.0482	)		(0.0438	)		(0.0244	)		(0.0080	)		(0.0085	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.72	%2		4.93	%		4.47	%		2.47	%		0.80	%		0.85	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses		0.47	%3		0.52	%		0.53	%		0.54	%		0.54	%		0.53	%
Net investment income		3.38	%3		4.83	%		4.46	%		2.49	%		0.79	%		0.87	%
Supplemental Data
Net assets, end of period (000)	$	833,986		$	683,594		$	415,040		$	372,460		$	345,479		$	397,344

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) FedFund

	Cash Reserve
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,												Period Ended 10/31/031,4
				2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0164			0.0467			0.0423			0.0229			0.0065			0.0034
Dividends from net investment income		(0.0164	)		(0.0467	)		(0.0423	)		(0.0229	)		(0.0065	)		(0.0034	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.65	%2		4.78	%		4.31	%		2.32	%		0.65	%		0.59	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.60	%3		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%3
Total expenses, net of waivers		0.60	%3		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%3
Total expenses		0.62	%3		0.66	%		0.68	%		0.70	%		0.69	%		0.69	%3
Net investment income		3.53	%3		4.61	%		4.26	%		1.94	%		0.62	%		0.58	%3
Supplemental Data
Net assets, end of period (000)	$	1,546		$	1,183		$	1,082		$	1,547		$	9,276		$	13,492

1 Audited by other auditors.

2 Aggregate total investment return.

3 Annualized.

4 Commenced operations on April 1, 2003.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 19

Financial Highlights (continued) FedFund

	Administration
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,						Period Ended 10/31/051,2
				2007			2006
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0179			0.0497			0.0453			0.0110
Dividends from net investment income		(0.0179	)		(0.0497	)		(0.0453	)		(0.0110	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.80	%3		5.09	%		4.63	%		1.10	%3
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.30	%4		0.30	%		0.30	%		0.30	%4
Total expenses, net of waivers		0.30	%4		0.30	%		0.30	%		0.30	%4
Total expenses		0.32	%4		0.38	%		0.38	%		0.39	%4
Net investment income		3.33	%4		4.97	%		4.67	%		2.63	%4
Supplemental Data
Net assets, end of period (000)	$	101,305		$	41,411		$	83,069		$	43,480

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) FedFund

	Select
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,
				2007			2006			2005			2004			20035
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0144			0.0427			0.0383			0.0189			0.0031			0.0033
Dividends from net investment income		(0.0144	)		(0.0427	)		(0.0383	)		(0.0189	)		(0.0031	)		(0.0033	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.45	%3		4.36	%		3.90	%		1.91	%		0.31	%		0.33	%
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		1.00	%4		1.00	%		1.00	%		1.00	%		0.95	%		0.95	%
Total expenses, net of waivers		1.00	%4		1.00	%		1.00	%		1.00	%		0.95	%		0.95	%
Total expenses		1.07	%4		1.12	%		1.13	%		1.09	%		1.09	%		1.08	%
Net investment income		2.81	%4		4.24	%		3.86	%		2.14	%		0.36	%		0.30	%
Supplemental Data
Net assets, end of period (000)	$	134,728		$	98,752		$	52,420		$	47,205		$	18,837		$	7,889

1 Commenced operations on November 10, 2004.

2 There were no Administration Shares outstanding during the period November 19, 2004 to July 5, 2005.

3 Aggregate total investment return.

4 Annualized.

5 Audited by other auditors.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 21

Financial Highlights (continued) FedFund

	Premier Choice
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0171			0.0482			0.0438			0.0244			0.0054
Dividends from net investment income		(0.0171	)		(0.0482	)		(0.0438	)		(0.0244	)		(0.0054	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.72	%2		4.93	%		4.47	%		2.47	%		0.54	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%3
Total expenses, net of waivers		0.45	%3		0.45	%		0.45	%		0.45	%		0.45	%3
Total expenses		0.72	%3		0.77	%		0.53	%		0.87	%		0.54	%3
Net investment income		3.28	%3		4.83	%		4.39	%		2.48	%		0.92	%3
Supplemental Data
Net assets, end of period (000)	$	2		$	2		$	2		$	2		$	2

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT APRIL 30, 2008

Financial Highlights (continued) FedFund

	Private Client
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0160			0.0462			0.0423			0.0229			0.0045
Dividends from net investment income		(0.0160	)		(0.0462	)		(0.0423	)		(0.0229	)		(0.0045	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.61	%2		4.72	%		4.31	%		2.32	%		0.45	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.66	%		0.60	%		0.60	%		0.58	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.60	%		0.58	%3
Total expenses		1.07	%3		1.12	%		1.13	%		1.14	%		0.80	%3
Net investment income		3.15	%3		4.58	%		4.25	%		2.59	%		0.92	%3
Supplemental Data
Net assets, end of period (000)	$	969,802		$	768,612		$	295,307		$	241,913		$	50,579

1 Commenced operations on March 26, 2004.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT APRIL 30, 2008 23

Financial Highlights (concluded) FedFund

	Premier
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31,									Period Ended 10/31/041
				2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.0160			0.0462			0.0423			0.0227			0.0038
Dividends from net investment income		(0.0160	)		(0.0462	)		(0.0423	)		(0.0227	)		(0.0038	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Investment Return
Based on net asset value		1.61	%2		4.72	%		4.31	%		2.30	%		0.38	%2
Ratios to Average Net Assets
Total expenses, net of waivers including fees paid indirectly		0.68	%3		0.66	%		0.60	%		0.60	%		0.70	%3
Total expenses, net of waivers		0.68	%3		0.66	%		0.60	%		0.60	%		0.70	%3
Total expenses		0.82	%3		0.87	%		0.88	%		0.89	%		0.79	%3
Net investment income		3.13	%3		4.60	%		4.15	%		2.84	%		0.60	%3
Supplemental Data
Net assets, end of period (000)	$	140,024		$	93,867		$	48,396		$	86,126		$	2

1 Commenced operations on March 26, 2004.

2 Aggregate total investment return.

3 Annualized.

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (Unaudited)

1. Significant Accounting Policies:

BlackRock Liquidity Funds (the “Trust”), a Delaware statutory business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The financial statements and these accompanying notes relate to the FedFund (the “Fund”). The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.

FedFund offers ten classes of shares: Administration Shares, Select Shares, Premier Shares, Premier Choice Shares, Private Client Shares, Cash Management Shares, Cash Plus Shares, Cash Reserve Shares, Dollar Shares and Institutional Shares. As of April 30, 2008, no Cash Plus Shares were outstanding.

Effective February 21, 2008 Bear Stearns Shares, Bear Stearns Premier Shares, Bear Stearns Premier Choice Shares and Bear Stearns Private Client Shares were renamed Select Shares, Premier Shares, Premier Choice Shares and Private Client Shares, respectively.

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

Valuation of Investments: Fund securities are valued under the amortized cost method which approximates current market value in accordance with Rule 2a-7 of the 1940 Act. Under this method, securities are valued at cost when purchased and thereafter, a constant proportionate amortization of any discount or premium is recorded until the maturity of the security. Regular review and monitoring of the valuation is performed in an attempt to avoid dilution or adverse results to shareholders. The Fund seeks to maintain the net asset value per share at $1.00, although there is no assurance that it will be able to do so on a continuing basis.

Repurchase Agreements: The Fund may invest in U.S. government and agency securities pursuant to repurchase agreements. Under such agreements, the counterparty agrees to repurchase the security at a mutually agreed upon time and price. The counterparty will be required on a daily basis to maintain the value of the securities subject to the agreement at no less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Fund’s custodian. If the counterparty defaults and the fair value of the collateral declines, liquidation of the collateral by the Fund may be delayed or limited.

Investment Transactions and Investment Income: Investment transactions

SEMI-ANNUAL REPORT APRIL 30, 2008 25

Notes to Financial Statements (continued)

are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income is recognized on the accrual basis. The Fund amortizes all premiums and discounts on debt securities. Income and realized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions to Shareholders: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates.

Income Taxes: It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Effective April 30, 2008, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund’s financial statements. The Fund files U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s tax returns remains open for the years ended September 30, 2004 through September 30, 2006. The statute of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.

In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal

26 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (continued)

year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.

In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities - an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Fund’s financial statement disclosures, if any, is currently being assessed.

Other: Expenses directly related to FedFund are charged directly. Other operating expenses shared by several Funds are pro-rated among those Funds on the basis of relative net assets or other appropriate methods. Other expenses of a Fund are allocated daily to each class based on its relative net assets.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Pursuant to agreements between the Trust and BlackRock Institutional Management Corporation (“BIMC”), an indirect wholly-owned subsidiary of BlackRock, Inc., BIMC provides both investment advisory and administration services to the Trust. PFPC Trust Company (“PTC”), an indirect, wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”), is the Trust’s custodian and PFPC Inc. (“PFPC”), an indirect, wholly owned subsidiary of PNC, is the Trust’s transfer agent and sub-administrator. BlackRock Distributors, Inc., (“BDI”), an indirect wholly-owned subsidiary of PNC, serves as the Trust’s distributor. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and PNC are principal owners of BlackRock, Inc.

The Trust has entered into a management agreement with BIMC under which it provides certain advisory, administration and accounting services. BIMC has entered into a sub-administration agreement with PFPC under which PFPC provides certain administration services with respect to the Trust.

SEMI-ANNUAL REPORT APRIL 30, 2008 27

Notes to Financial Statements (continued)

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

FedFund
Calculation A	Calculation B
.175% of the first $1 billion*	.175% of the first $1 billion**
.150% of the next $1 billion*	.150% of the next $1 billion**
.125% of the next $1 billion*	.125% of the next $1 billion**
.100% of the next $1 billion*	.100% of amounts in excess
.095% of the next $1 billion*	of $3 billion.**
.090% of the next $1 billion*
.085% of the next $1 billion*
.080% of amounts in excess of $7 billion.*

The management fee is equal to calculation A plus calculation B.

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

** Based on the average net assets of FedFund.

Until February 28, 2009, BIMC, as investment advisor and administrator, has contractually agreed to reduce its fees and reimburse expenses to ensure that the combined “Management Fees” and “Miscellaneous Expenses” do not exceed 0.20% of the average daily net assets of FedFund. Any fees waived by BIMC with respect to a particular fiscal year are not recoverable.

Pursuant to the Select Shares Distribution Plan, the Premier Shares Distribution Plan, the Premier Choice Shares Distribution Plan and the Private Client Shares Distribution Plan, the Trust may pay BDI a fee for distribution and sales support services. In addition, the Trust may pay Service Organizations, including affiliates of BIMC, fees for providing certain services (“shareholder services”) to their customers who own shares of the Fund. Pursuant to its respective Shareholder Services Plan, each of the Administration, Dollar, Cash Management, Cash Reserve, Select, Premier, Premier Choice and Private Client Share classes are currently paying fees to Service Organizations, which may include affiliates of BIMC.

Pursuant to the Distribution Plan the Fund pays BDI ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows:

28 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (continued)

	Service Fee1		Distribution Fee 1
Dollar	0.25	%	—
Cash Management	0.50	%	—
Cash Reserve	0.40	%	—
Administration	0.10	%	—
Select	0.50	%	0.35	%
Premier Choice	0.40	%	0.10	%
Private Client	0.50	%	0.35	%
Premier	0.50	%	0.10	%

(1) Due to certain contractual and voluntary waivers the above stated rates may be reduced.

For the six months ended April 30, 2008, the following charts show the various types of class-specific expenses borne directly by each class of each Fund and any associated waivers of those expenses.

Share Classes	Service Fees		Service Fees Waived		Distribution Fees		Distribution Fees Waived
Dollar	$	899,434	$	—	$	—	$	—
Cash Reserve		4,122		—		—		—
Administration		35,934		—		—		—
Select		353,891		35,389		247,724		—
Premier Choice		5		2		2		2
Private Client		2,411,082		96,443		1,687,756		1,687,757
Premier		392,635		15,705		78,527		78,527
Total	$	4,097,103	$	147,539	$	2,014,009	$	1,766,286

In return for custody services provided by PTC, the Trust pays PTC a fee, computed daily and payable monthly. The fee is based upon an annualized percentage of the average net assets of each Fund as follows: 0.0075% of the first $400 million, 0.005% of the next $1.6 billion and 0.002% of the average net assets in excess of $2 billion.

The Fund may also pay certain out-of-pocket expenses and unfunded subscription charges that are charged by PTC.

Pursuant to the Trust’s operating procedures, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are included on the Statements of Operations as fees paid indirectly.

Pursuant to the Transfer Agent Agreement, PFPC serves as the transfer and dividend disbursing agent for the Fund. For its services, PFPC receives an annual fee of $1,750,000 for the first 40 share classes plus $50,000 for each additional share class beyond the first 40, plus transaction fees, per account fees and disbursements.

For the six months ended April 30, 2008, the Fund paid to affiliates the

SEMI-ANNUAL REPORT APRIL 30, 2008 29

Notes to Financial Statements (continued)

following fees in return for distribution and sales support services:

FedFund $ 860,291

The Fund may receive earnings credits related to cash balances in transfer agent demand deposit accounts with PFPC which are included on the Statement of Operations as fees paid indirectly.

Certain officers and/or trustees of the Fund are officers and/or directors of BlackRock, Inc. or its affiliates.

3. Capital Shares:

The Trust’s Declaration of Trust permits the trustees to issue an unlimited number of full and fractional shares of beneficial interest (shares) and to classify or reclassify any unissued shares into one or more additional classes of shares.

Because the Fund has sold and redeemed shares only at a constant net asset value of $1.00 per share, the number of shares represented by such sales, reinvestments and redemptions is the same as the dollar amounts shown on the following pages for such transactions.

Transactions in capital shares for each period were as follows:

	FedFund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Shares sold:
Institutional	$	32,843,189,732		$	19,166,783,329
Dollar		6,453,497,558			12,449,089,470
Cash Reserve		53,661,274			31,133,706
Administration		73,428,973			47,698,207
Select		231,017,204			187,645,415
Premier Choice		1			1
Private Client		784,257,995			956,296,510
Premier		281,691,285			232,915,996
Shares issued in reinvestment of dividends:
Institutional		72,530,236			61,381,648
Dollar		313,655			1,352,112
Cash Reserve		34,743			142,790
Administration		408,644			3,225
Select		1,985,612			2,410,724
Premier Choice		39			106
Private Client		15,225,263			18,807,572
Premier		2,442,341			2,875,927
Shares redeemed:
Institutional		(29,592,697,960	)		(17,061,867,541	)
Dollar		(6,303,407,748	)		(12,181,887,181	)
Cash Reserve		(53,333,049	)		(31,176,238	)

30 SEMI-ANNUAL REPORT APRIL 30, 2008

Notes to Financial Statements (concluded)

	FedFund
	Six Months Ended April 30, 2008			Year Ended October 31, 2007
Administration	$	(13,941,986	)	$	(89,359,863	)
Select		(197,025,207	)		(143,724,646	)
Premier Choice		(1	)		(129	)
Private Client		(598,280,900	)		(501,798,833	)
Premier		(237,975,003	)		(190,321,414	)
Net increase	$	3,817,022,701		$	2,958,400,893

4. Capital Loss Carryforward:

As of April 30, 2008, the Fund had capital loss carryforwards available to offset future realized capital gains:

	Expiring October 31,
	2013		Total
FedFund	$	12,054	$	12,054

SEMI-ANNUAL REPORT APRIL 30, 2008 31

Officers and Trustees

David O. Beim, Trustee

Richard S. Davis, Trustee

Ronald W. Forbes, Trustee

Henry Gabbay, Trustee

Dr. Matina Horner, Trustee

Rodney D. Johnson, Trustee

Herbert I. London, Trustee

Cynthia A. Montgomery, Trustee

Joseph P. Platt, Jr., Trustee

Robert C. Robb, Jr., Trustee

Toby Rosenblatt, Trustee

Kenneth L. Urish, Trustee

Frederick W. Winter, Trustee

Donald C. Burke, Trust President and Chief Executive Officer

Anne F. Ackerley, Vice President

Neal J. Andrews, Chief Financial Officer of the Funds

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer

Howard Surloff, Secretary

Investment Advisor and Administrator

BlackRock Institutional Management Corporation

Wilmington, DE 19809

Sub-Administrator and Transfer Agent

PFPC Inc.

Wilmington, DE 19809

Distributor

BlackRock Distributors, Inc.

King of Prussia, PA 19406

Custodian

PFPC Trust Company

Philadelphia, PA 19153

Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Electronic copies of most financial reports and prospectuses are available on the Funds’ website.

The Trust has delegated proxy voting responsibilities to BlackRock, subject to the general oversight of the Trust’s Board of Trustees. A description of the policies and procedures that BlackRock uses to determine how to vote proxies relating to Fund securities is available without charge, upon request, by calling 1-800-821-7432, or on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trust’s voting securities (if any) were voted by BlackRock during the most recent 12-month period ended June 30th is available, upon request and without charge, by calling 1-800-821-7432 or on the website of the Commission at http://www.sec.gov.

The Trust files its complete schedule of Fund holdings for the first and third quarters of its fiscal year with the Commission on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s Forms N-Q may also be obtained, upon request, by calling 1-800-821-7432.

This report is submitted for the general information of the shareholders of the Trust. It is not authorized for distribution to prospective investors unless accompanied or preceded by effective prospectuses for each Fund of the Trust, which contain information concerning the investment policies of the Funds as well as other pertinent information. Statements and other information contained in this report are as dated and subject to change.

SEMI-ANNUAL REPORT APRIL 30, 2008 32

We all have reasons to invest. Some of us have greater objectives. Sierra Club Mutual Funds are for people interested in uniting their financial goals with environmental progress.

Invest with a purpose.

Invest for our planet.

Shares of the Fund are not deposits or obligations of, or guaranteed or endorsed by, PNC Bank, National Association or any other bank, and shares are not federally insured by, guaranteed by, obligations of or otherwise supported by the U.S. Government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. Investments in shares of the Funds involve investment risks, including the possible loss of the principal amount invested.

Sierra Club Mutual Funds

www.sierraclubfunds.com

E-Mail: info@sierraclubfunds.com

Toll-Free Tel: (866) 897-5982

SCMMSANN 4/08

  Printed on recycled paper

Item 2	–	Code of Ethics – Not Applicable to this semi-annual report
Item 3	–	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4	–	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5	–	Audit Committee of Listed Registrants – Not Applicable
Item 6	–	Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7	–	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8	–	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9	–	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10	–	Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11	–	Controls and Procedures
11(a)	–	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
11(b)	–	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12	–	Exhibits attached hereto
12(a)(1)	–	Code of Ethics – Not Applicable to this semi-annual report
12(a)(2)	–	Certifications – Attached hereto
12(a)(3)	–	Not Applicable
12(b)	–	Certifications – Attached hereto

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

BlackRock Liquidity Funds
By:	/s/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer of
	BlackRock Liquidity Funds

Date: June 23, 2008

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

By:	/s/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer (principal executive officer) of
	BlackRock Liquidity Funds

Date: June 23, 2008

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

Date: June 23, 2008