N-MFPLIVEN2011-05-310000749748S0000066532NNNN002-92164Asset Management Group of Bank of Hawaii801-60203Tait, Weller & Baker LLPPhiladelphiaPAAquila Investment Management LLCBNY Mellon Asset Servicing000084954284-01761NNNOther Tax Exempt Fund3737137719976.121220278.73370710.96138569543.890.00271.00002011-05-311.00002011-05-31C0000181481000.00103447950.351.00-4359395.108352307.8412711702.940.00011.00002011-05-311.00002011-05-31C0000181491000.0035121593.541.00505551.782799890.632294338.850.00001.00012011-05-311.00012011-05-31BEXAR CNTY TEX HSG FIN CORP MULTI FAMILYBEXAR CNTY VRN 12/15/34088379XC1Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YBEXAR CNTY TEX HSG FIN CORP MULTI FAMILYN/AN/AYFEDERAL NATIONAL MORTGAGE ASSOCIATIONN/AN/AN1800000.001800000.000.0130N1800000.001800000.00BLOOMINGTON MINNESOTA MULTIFAMILY REVENUEBLOOMINGTON VRN 11/15/32094806BJ4Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YBLOOMINGTON MINNESOTA MULTIFAMILY REVENUEN/AN/AYFEDERAL NATIONAL MORTGAGE ASSOCIATIONN/AN/AN3000000.003000000.000.0217N3000000.003000000.00BECKINRIDGE COUNTY KENTUCKYBRECKINRIDGE VRN 02/01/31106615AB3Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YBECKINRIDGE COUNTY KENTUCKYN/AN/AYU.S. BANK N.AN/AN/AN2600000.002600000.000.0188N2600000.002600000.00CHICAGO ILLCHICAGO 6.125% 01/01/12167486KW8Other Municipal DebtFirst Tier SecurityN/AN/A2012-01-012012-01-01NNN600000.00619202.340.0045N620304.00620304.00CINCINNATI OHIO WATER SYSTEM REVENUECINCINNATI 5.00% 12/01/23172311CF7Other Municipal DebtFirst Tier SecurityN/AN/A2011-06-012011-06-01NNN1700000.001700000.000.0123N1700000.001700000.00COLORADO DEPT TRANS REVCOLORADO DEP 5.5 06/15/16196454BY7Other Municipal DebtFirst Tier SecurityN/AN/A2011-06-152011-06-15NNN2525000.002555305.990.0184N2554643.502554643.50COLORADO EDL & CULTURAL FACS AUTH REVCOLORADO EDL VRN 07/01/29196458A45Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-012011-06-01YCOLORADO EDL & CULTURAL FACS AUTH REVN/AN/AYBANK OF AMERICAN/AN/AN1400000.001400000.000.0101N1400000.001400000.00COLORADO EDUCATIONAL & CULTURAL FACILITIESCOLORADO EDL VRN 09/01/26196458U84Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YCOLORADO EDUCATIONAL & CULTURAL FACILITIESN/AN/AYWELLS FARGON/AN/AN1115000.001115000.000.0080N1115000.001115000.00COLUMBUS OHIO CITY SCHOOL DISTRICTCOLUMBUS OH 5.0% 12/01/28199507WT7Other Municipal DebtFirst Tier SecurityN/AN/A2011-12-012011-12-01NNN900000.00921103.470.0066N921069.00921069.00DISTRICT COLUMBIA REVENUEDISTRICT COL VRN 09/01/23254839K77Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YDISTRICT COLUMBIA REVENUEN/AN/AYBANK OF AMERICAN/AN/AN2010000.002010000.000.0145N2010000.002010000.00EMMAUS PA GENERAL AUTHORITY REVENUEEMMAUS PA VRN 03/01/24291380LH4Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YEMMAUS PA GENERAL AUTHORITY REVENUEN/AN/AYU.S. BANK N.A.N/AN/AN1100000.001100000.000.0079N1100000.001100000.00FLORIDA STATE BOARD CAP OUTLAYFLORIDA 5.50% 06/01/12341422Q97Other Municipal DebtFirst Tier SecurityN/AN/A2011-06-012011-06-01NNN1500000.001515000.000.0109N1515000.001515000.00HAMILTON CNTY OHIO HOSP FACS REVHAMILTON VRN 05 15 37407272M34Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YHAMILTON CNTY OHIO HOSP FACS REVN/AN/AYJP MORGAN CHASE & CO.N/AN/AN2050000.002050000.000.0148N2050000.002050000.00HARRIS CNTY TX CULT ED FACS - TEXAS MEDICAL CENTERHARRIS CNTY VRN 09/01/31414010AC2Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-012011-06-01YHARRIS CNTY TX CULT ED FACS - TEXAS MEDICAL CENTERN/AN/AYJP MORGAN CHASE & CO.N/AN/AN1900000.001900000.000.0137N1900000.001900000.00HAWAII STATEHAWAII ST 4.75% 11/01/11419779RU9Other Municipal DebtFirst Tier SecurityN/AN/A2011-11-012011-11-01NNN1350000.001373885.860.0099N1375110.001375110.00HAWAII STHAWAII ST 6.0% 12/01/11419780CP4Other Municipal DebtFirst Tier SecurityN/AN/A2011-12-012011-12-01NNN630000.00647296.860.0047N647854.20647854.20HAWAII STATEHAWAII ST 5.50% 08/01/11419780TC5Other Municipal DebtFirst Tier SecurityN/AN/A2011-08-012011-08-01NNN1140000.001149894.360.0083N1149690.001149690.00HAWAII STATEHAWAII STATE 5.5 02/01/12419780WA5Other Municipal DebtFirst Tier SecurityN/AN/A2012-02-012012-02-01NNN725000.00749428.600.0054N750121.25750121.25HAWAII STATEHAWAII ST 5.25% 07/01/11419780XJ5Other Municipal DebtFirst Tier SecurityN/AN/A2011-07-012011-07-01NNN705000.00707818.330.0051N707735.40707735.40HAWAII STATEHAWAII ST 5.50% 02/01/21419791XH6Other Municipal DebtFirst Tier SecurityN/AN/A2012-02-012012-02-01NNN1685000.001741493.050.0126N1743284.151743284.15HAWAII ST DEPT BUDGETHA ST DEPT VRN 07/01/29419800HV2Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YHAWAII ST DEPT BUDGETN/AN/AYBANK OF AMERICAN/AN/AN13255000.0013255000.000.0957N13255000.0013255000.00HAWAII STATE HIGHWAY REVENUEHAWAII ST 5.25% 07/01/1241981CES5Other Municipal DebtFirst Tier SecurityN/AN/A2011-07-012011-07-01NNN400000.00401615.020.0029N401552.00401552.00HAWAII STATE HIGHWAY REVENUEHAWAII ST 5.375% 07/01/1741981CEX4Other Municipal DebtFirst Tier SecurityN/AN/A2011-07-012011-07-01NNN1000000.001004096.310.0072N1003970.001003970.00HAWAII ST HSGHAWAII ST VRN 12/01/4141981PAJ0Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YHAWAII ST HSGN/AN/AYFEDERAL HOME LOAN MORTGAGE CORP.N/AN/AN2300000.002300000.000.0166N2300000.002300000.00HONOLULU HAWAII CITY & COUNTYHONOLULU 5.375% 09/01/18438670AP6Other Municipal DebtFirst Tier SecurityN/AN/A2011-09-012011-09-01NNN3500000.003543552.030.0256N3542840.003542840.00HONOLULU HAWAII CITY & CNTYHONOLULU 5.25% 09/01/22438670AT8Other Municipal DebtFirst Tier SecurityN/AN/A2011-09-012011-09-01NNN4245000.004296002.550.0310N4295642.854295642.85HONOLULU HAWAII CITY AND COUNTYHONOLULU HI 5.0% 07/01/11438670EZ0Other Municipal DebtFirst Tier SecurityN/AN/A2011-07-012011-07-01NNN700000.00702624.250.0051N702611.00702611.00ILLINOIS STATEILLINOIS ST 5.375 11/1/134521502T1Other Municipal DebtFirst Tier SecurityN/AN/A2011-11-012011-11-01NNN1500000.001531584.130.0111N1531500.001531500.00ILLINOIS STILLINOIS 5.375% 11/01/194521502Z7Other Municipal DebtFirst Tier SecurityN/AN/A2011-11-012011-11-01NNN1500000.001532141.770.0111N1531500.001531500.00INDIANA FIN AUTH HEALTH SYS SISTERS ST. FRANCISINDY ST FRAN VRN 09/01/4845470YBA8Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YINDIANA FIN AUTH HEALTH SYS SISTERS ST. FRANCISN/AN/AYBANK OF AMERICAN/AN/AN2000000.002000000.000.0144N2000000.002000000.00INVER GROVE HEIGHTS MINNESOTA SRINVER GROVE VRN 05/15/35461229BW5Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YINVER GROVE HEIGHTS MINNESOTA SRN/AN/AYFEDERAL NATIONAL MORTGAGE ASSOCIATIONN/AN/AN1495000.001495000.000.0108N1495000.001495000.00JACKSONVILLE FLORIDA INDUSTRIAL DEVELOPMENT REVJACKSONVILLE VRN 07/01/19469407AW0Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YJACKSONVILLE FLORIDA INDUSTRIAL DEVELOPMENT REVN/AN/AYBANK OF AMERICAN/AN/AN2200000.002200000.000.0159N2200000.002200000.00KANSAS CITY, MO INDUSTRIAL DEVELOPMENT AUTHORITYKANSAS CITY VAR 04 01 2748503SAE9Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-012011-06-01YKANSAS CITY, MO INDUSTRIAL DEVELOPMENT AUTHORITYN/AN/AYOWN MERITN/AN/AN6000000.006000000.000.0433N6000000.006000000.00LOUISIANA PUBLIC FACILITIES AUTHORITY REVENUELOUISIANA PUB 3% 07/01/11546398E38Other Municipal DebtFirst Tier SecurityN/AN/A2011-07-012011-07-01NNN5395000.005405899.150.0390N5405843.955405843.95LUZERNE CNTY PALUZERNE CNTY VRN 11 15 26550697TC0Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YLUZERNE CNTY PAN/AN/AYPRE-REFUNDED/ESCROWED TO MATURITYN/AN/AN3880000.003880000.000.0280N3880000.003880000.00MAUI COUNTY HAWAIIMAUI CNTY HI 3.0% 6/01/11577285Z93Other Municipal DebtFirst Tier SecurityN/AN/A2011-06-012011-06-01NNN2000000.002000000.000.0144N2000000.002000000.00MIAMI-DADE CNTY FLA HEALTH FACS AUTH HOSP REVMIAMI-DADE 5.625 08/15/1459334NAP7Other Municipal DebtFirst Tier SecurityN/AN/A2011-08-152011-08-15NNN1100000.001123065.310.0081N1122781.001122781.00MISSOURI ST HEALTH & EDL FACS AUTH REVMISSOURI ST VRN 02/15/3460635HXV6Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-012011-06-01YMISSOURI ST HEALTH & EDL FACS AUTH REVN/AN/AYWELLS FARGON/AN/AN2040000.002040000.000.0147N2040000.002040000.00NEW JERSEY HEALTH CARE FACS FINANCING AUTHORITYNEW JERSEY VRN 07/01/3664579FHG1Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YNEW JERSEY HEALTH CARE FACS FINANCING AUTHORITYN/AN/AYWELLS FARGON/AN/AN2500000.002500000.000.0180N2500000.002500000.00NEW JERSEY HEALTH CARE FACS FIN AUTH REVNEW JERSEY VRN 07/01/3864579FWN9Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YNEW JERSEY HEALTH CARE FACS FIN AUTH REVN/AN/AYMULTIPLE LOC'S/ GUARANTORSN/AN/AN1600000.001600000.000.0115N1600000.001600000.00NEW JERSEY ST TRANSN TR FDNEW JERSEY 6.00% 12/15/14646135L35Other Municipal DebtFirst Tier SecurityN/AN/A2011-12-152011-12-15NNN1500000.001546266.860.0112N1545855.001545855.00NEW JERSEY ST TRANSN TR FDNEW JERSEY 5.00% 12/15/21646135WR0Other Municipal DebtFirst Tier SecurityN/AN/A2011-12-152011-12-15NNN1575000.001615120.460.0117N1615194.001615194.00NORTH CAROLINA MEDICAL CARE COMMON HEALTHN CAROLINA VRN 11/15/2865820PCY9Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YNORTH CAROLINA MEDICAL CARE COMMON HEALTHN/AN/AYJP MORGAN CHASE & CO.N/AN/AN1800000.001800000.000.0130N1800000.001800000.00OAK PARK HEIGHTS MINNESOTA MULTI-FAMILY REVENUEOAK PARK VRN 11/01/35671575AV0Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YOAK PARK HEIGHTS MINNESOTA MULTI-FAMILY REVENUEN/AN/AYFEDERAL HOME LOAN MORTGAGE CORP.N/AN/AN6245000.006245000.000.0451N6245000.006245000.00OKLAHOMA DEV FIN AUTH REVOKLAHOMA DEV VRN 08/15/33678908H80Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-012011-06-01YOKLAHOMA DEV FIN AUTH REVN/AN/AYMULTIPLE LOC'S/ GUARANTORSN/AN/AN1530000.001530000.000.0110N1530000.001530000.00ORANGE COUNTY FL HOUSING FINANCE AUTHORITYORANGE CNTY VRN 06/01/25684906BF6Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YORANGE COUNTY FL HOUSING FINANCE AUTHORITYN/AN/AYFEDERAL NATIONAL MORTGAGE ASSOCIATIONN/AN/AN1000000.001000000.000.0072N1000000.001000000.00OREGON STATE FACILITIES AUTHORITYOREGON ST VRN 05/01/4768608JJJ1Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YOREGON STATE FACILITIES AUTHORITYN/AN/AYWELLS FARGON/AN/AN5000000.005000000.000.0361N5000000.005000000.00ORLANDO FLA UTILITIES COMMN WATER & ELECTRIC REVORLANDO FLA 5.25% 10/1/20686509T34Other Municipal DebtFirst Tier SecurityN/AN/A2011-10-012011-10-01NNN1000000.001026459.830.0074N1026330.001026330.00PHILADELPHIA PA AUTH FOR INDL DEV LEASE REVPHILADELPHIA 5.5 10/01/1671781QBK3Other Municipal DebtFirst Tier SecurityN/AN/A2011-10-012011-10-01NNN2455000.002521481.400.0182N2521628.702521628.70PLYMOUTH MINNESOTA MULTIFAMILY HOUSINGPLYMOUTH MINN VRN 4/15/33729783AC4Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YPLYMOUTH MINNESOTA MULTIFAMILY HOUSINGN/AN/AYFEDERAL NATIONAL MORTGAGE ASSOCIATIONN/AN/AN1395000.001395000.000.0101N1395000.001395000.00PUERTO RICO SALES TAX FINANCINGPUERTO RICO VRN 08/01/3974529JHQ1Other Municipal DebtFirst Tier SecurityN/AN/A2011-08-012011-08-01NNN4410000.004443725.790.0321N4443648.304443648.30ST LOUIS MISSOURI AIRPORT REVENUEST LOUIS 5.625% 07/01/15791638QL6Other Municipal DebtFirst Tier SecurityN/AN/A2011-07-012011-07-01NNN2655000.002666710.110.0192N2666177.552666177.55ST PAUL MINNESOTA HOUSING & REDEVELOPMENTST PAUL MINN VRN 10/01/33792892GE5Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YST PAUL MINNESOTA HOUSING & REDEVELOPMENTN/AN/AYFEDERAL HOME LOAN MORTGAGE CORP.N/AN/AN2000000.002000000.000.0144N2000000.002000000.00SARATOGA SPRINGS NY CITY SCH DISTSARATOGA SPR 5% 06/15/19803548LL8Other Municipal DebtFirst Tier SecurityN/AN/A2011-06-152011-06-15NNN1000000.001011725.240.0073N1011600.001011600.00UNION COUNTY NC ENTERPRISE SYSTEM REVENUEUNION NC VRN 06/01/21906400BQ8Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YUNION COUNTY NC ENTERPRISE SYSTEM REVENUEN/AN/AYMULTIPLE LOC'S/ GUARANTORSN/AN/AN4965000.004965000.000.0358N4965000.004965000.00UNIVERSITY OF HAWAII REVENUEUNIV HAWAII 2.5% 10/01/1191428LET9Other Municipal DebtFirst Tier SecurityN/AN/A2011-10-012011-10-01NNN1975000.001987477.050.0144N1988568.251988568.25UTAH COUNTY UTAH HOSPITAL REVUTAH CNTY VRN 05/15/35917393AC4Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YUTAH COUNTY UTAH HOSPITAL REVN/AN/AYU.S. BANK N.A.N/AN/AN4000000.004000000.000.0289N4000000.004000000.00WASHINGTON STATE HOUSING FINANCE COMMUNITYWASHING ST VRN 06/01/3293978LCL8Variable Rate Demand NoteFirst Tier SecurityN/AN/A2011-06-072011-06-07YWASHINGTON STATE HOUSING FINANCE COMMUNITYN/AN/AYBANK OF AMERICAN/AN/AN2000000.002000000.000.0144N2000000.002000000.00WESTERVILLE OHIO CITY SCHOOL DISTRICTWESTERVILLE 5% 12/01/27960028LG1Other Municipal DebtFirst Tier SecurityN/AN/A2011-06-012011-06-01NNN1500000.001500000.000.0108N1500000.001500000.00