N-Q 1 mmotformnq.txt United States Securities and Exchange Commission Washington, D.C. 20549 Form N-Q Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies 811-5950 (Investment Company Act File Number) Money Market Obligations Trust --------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Federated Investors Funds 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7000 (412) 288-1900 (Registrant's Telephone Number) John W. McGonigle, Esquire Federated Investors Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Date of Fiscal Year End: 7/31/04 Date of Reporting Period: Quarter ended 10/31/04 Item 1. Schedule of Investments Automated Cash Management Trust Portfolio of Investments October 31, 2004 (unaudited)
Principal Amount Value Asset-Backed Securities--2.4% Finance - Automotive--2.2% $ 10,244,183 DaimlerChrysler Auto Trust 2004-B, Class A1, 1.720%, 8/8/2005 $ 10,244,183 860,962 Ford Credit Auto Owner Trust 2004-A, Class A1, 1.240%, 2/15/2005 860,962 6,558,219 Household Automotive Trust 2004-1, Class A1, 1.693%, 7/18/2005 6,558,219 15,000,000 Nissan Auto Lease Trust 2004-A, Class A1, 2.105%, 10/17/2005 15,000,000 4,820,610 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 4,820,610 15,000,000 WFS Financial Owner Trust 2004-4, Class A1, 2.087%, 11/17/2005 15,000,000 Total 52,483,974 Insurance--0.2% 2,684,802 Long Beach Acceptance Auto Receivables Trust 2004-B, Class A1, (Insured by Financial Security Assurance, Inc.), 1.576%, 7/15/2005 2,684,286 2,878,768 Onyx Acceptance Auto Owner Trust 2004-C, Class A1, (Insured by XL Capital Assurance Inc.), 1.828%, 9/15/2005 2,878,768 Total 5,563,054 Total Asset-Backed Securities 58,047,028 Certificate Of Deposit--8.0% Banking--8.0% 40,000,000 Calyon, Paris, 1.225% - 1.620%, 11/15/2004 - 12/31/2004 40,002,922 20,000,000 Credit Suisse First Boston, 2.100%, 3/29/2005 20,000,000 28,000,000 Deutsche Bank AG, 1.250%, 12/29/2004 28,001,582 6,000,000 Fifth Third Bank, Cincinnati, 1.225%, 3/18/2005 5,999,774 30,000,000 Mercantile Safe Deposit & Trust Co., Baltimore, 1.830%, 12/9/2004 30,000,000 25,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.400%, 2/8/2005 24,999,321 15,000,000 Svenska Handelsbanken, Stockholm, 1.130%, 12/30/2004 15,000,481 25,000,000 U.S. Bank, N.A., 1.280%, 2/23/2005 24,998,832 5,000,000 UBS AG, 1.120%, 12/29/2004 5,000,000 Total CERTIFICATE OF DEPOSIT 194,002,912 Collateralized Loan Agreements--10.4% Banking--2.1% 50,000,000 CDC Financial Products, Inc., 1.975%, 11/1/2004 50,000,000 Brokerage--8.3% 95,000,000 Citigroup Global Markets Inc., 1.975%, 11/1/2004 95,000,000 35,000,000 Goldman Sachs Group, Inc., 2.025% - 2.425%, 11/1/2004 - 4/25/2005 35,000,000 70,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 70,000,000 Total 200,000,000 Total Collateralized Loan Agreements 250,000,000 Commercial Paper--25.7%1 Banking--6.9% 21,959,000 Fountain Square Commercial Funding Corp., 1.680% - 1.750%, 11/12/2004 - 11/15/2004 21,945,840 1,000,000 HBOS Treasury Services PLC, 1.630%, 11/22/2004 999,049 25,000,000 KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.850%, 2/8/2005 24,872,812 3,912,000 Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.720%, 11/22/2004 3,908,075 15,235,000 Los Angeles County, CA Metropolitan Transportation Authority, (Landesbank Hessen-Thueringen, Frankfurt LOC), 2.040%, 1/5/2005 15,235,000 80,000,000 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 1.890% - 2.130%, 12/1/2004 - 4/4/2005 79,654,790 20,000,000 UBS Finance (Delaware), Inc., (UBS AG LOC), 1.250%, 12/28/2004 19,960,417 Total 166,575,983 Finance - Automotive--6.9% 73,000,000 FCAR Auto Loan Trust, (Series A1+/P1), 1.620% - 2.010%, 11/15/2004 - 3/8/2005 72,686,457 10,000,000 New Center Asset Trust, (Series A1+/P1), 1.640%, 11/1/2004 10,000,000 85,500,000 New Center Asset Trust, (Series A1/P1), 1.690% - 2.112%, 12/10/2004 - 3/21/2005 84,974,646 Total 167,661,103 Finance - Commercial--2.3% 18,000,000 CIT Group, Inc., 2.100%, 3/14/2005 - 3/15/2005 17,859,883 33,000,000 Fairway Finance Company LLC, 2.000%, 3/10/2005 32,763,500 6,000,000 General Electric Capital Corp., 1.990%, 3/9/2005 5,957,547 Total 56,580,930 Finance - Retail--4.5% 15,000,000 Jupiter Securitization Corp., 1.960%, 11/29/2004 14,977,133 13,000,000 PREFCO-Preferred Receivables Funding Co., 1.710%, 12/10/2004 12,975,917 64,400,000 Paradigm Funding LLC, 1.670% - 2.140%, 11/17/2004 - 4/6/2005 64,034,928 17,000,000 Sheffield Receivables Corp., 1.640%, 11/4/2004 16,997,677 Total 108,985,655 Finance - Securities--2.0% 20,000,000 Galaxy Funding Inc., 1.610% - 1.620%, 11/8/2004 - 11/9/2004 19,993,269 14,000,000 Georgetown Funding Co. LLC, 1.920% - 1.950%, 12/28/2004 13,957,313 6,500,000 Grampian Funding LLC, 1.710%, 12/22/2004 6,484,254 3,000,000 Lake Constance Funding LLC, 1.660%, 11/16/2004 2,997,925 5,000,000 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.990%, 3/11/2005 4,964,069 Total 48,396,830 Insurance--0.6% 15,000,000 Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 1.850%, 2/14/2005 14,919,063 Telecommunications--2.5% 60,000,000 BellSouth Corp., 1.820% - 1.970%, 11/9/2004 - 12/27/2004 59,886,917 Total Commercial Paper 623,006,481 Corporate Notes--1.7% Brokerage--0.8% 20,000,000 Goldman Sachs & Co., 2.060%, 3/10/2005 20,000,000 Pharmaceuticals And Healthcare--0.9% 20,000,000 Merck & Co., Inc., 4.484%, 2/22/2005 20,196,632 Total Corporate Notes 40,196,632 Government Agencies--2.9% Government Agency--2.9% 40,000,000 Federal Home Loan Bank System, 1.300% - 1.600%, 2/28/2005 - 5/16/2005 40,000,000 15,000,000 Federal Home Loan Mortgage Corp., 3.875%, 2/15/2005 15,151,290 15,000,000 Federal National Mortgage Association, 1.360%, 2/15/2005 15,000,000 Total government agencies 70,151,290 Loan Participation--1.2% Aerospace / Auto--0.9% 23,000,000 Johnson Controls, Inc., 1.870% - 1.979%, 3/29/2005 - 4/1/2005 23,000,000 Chemicals--0.3% 7,000,000 DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.198%, 11/30/2004 7,000,000 Total Loan Participation 30,000,000 Notes - Variable--40.5%2 Banking--14.1% 5,130,000 AGE, Inc., (Series 2000), (Regions Bank, Alabama LOC), 2.040%, 11/4/2004 5,130,000 500,000 Alabama Paper Products LLC, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 500,000 5,200,000 American Concrete Pumping LLC, (Series 2004), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 5,200,000 10,000,000 Blue Heron Funding V-A Ltd., Class A-2, (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/26/2004 10,000,000 3,495,000 C. J. Krehbiel Co., (Series 2000), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 3,495,000 6,100,000 CNOS Building LLC, (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 6,100,000 4,388,000 Capital One Funding Corp., (Series 1999-B), (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 4,388,000 30,000,000 DePfa Bank PLC, 1.860%, 12/15/2004 30,000,000 20,000,000 Dexia Bank, Belgium, 1.765%, 11/2/2004 19,997,874 8,275,000 E & J Investments LLC, Bradner Village Health Care, (Series 1999), (Lasalle Bank, N.A. LOC), 2.060%, 11/4/2004 8,275,000 7,820,000 Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 7,820,000 6,260,000 Grand Chute, WI, (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 6,260,000 25,000,000 HBOS Treasury Services PLC, 1.750%, 11/22/2004 25,000,000 2,340,000 HYCO Alabama LLC, (Series 2000), (Regions Bank, Alabama LOC), 2.180%, 11/4/2004 2,340,000 15,500,000 Huntington National Bank, Columbus, OH, 1.950%, 11/4/2004 15,506,265 8,300,000 Infirmary Health Systems, Inc., (Regions Bank, Alabama LOC), 2.000%, 11/4/2004 8,300,000 2,260,000 Joe A. Waggoner, (Series 2000), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,260,000 4,260,000 K & K Management Co., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 4,260,000 3,200,000 K-O-I Warehouse, Inc.; Hamlet Auto Parts, Inc.; Kentucky Motor Services, Inc.; Mad River Auto Parts, Inc.; Ezzel Parts Exchange, Inc., (Series 1998), (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 3,200,000 5,540,000 Kent Capital LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 5,540,000 3,060,000 L. B. Industries, (Series 2000), (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 3,060,000 3,275,000 Lincoln Park, (Bank One N.A. (Chicago) LOC), 2.000%, 11/4/2004 3,275,000 5,000,000 Los Angeles, CA, MERLOTS (Series 2000 A) (H&H Theatre), (Wachovia Bank N.A. LOC), 2.060%, 11/3/2004 5,000,000 4,000,000 MBE Investment Co. LLC, EH Investment Company (Series 2000 A), (Standard Federal Bank, N.A. LOC), 1.950%, 11/4/2004 4,000,000 10,000,000 Mississippi Business Finance Corp., Howard Industries, Inc., (Series 1999), (Amsouth Bank N.A., Birmingham LOC), 2.000%, 11/4/2004 10,000,000 3,605,000 Oceana County Freezer Storage, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 2.170%, 11/4/2004 3,605,000 3,000,000 Overland Park Professional Center LLC, (Series 2004), (Federal Home Loan Bank of Topeka LOC), 2.040%, 11/4/2004 3,000,000 1,500,000 Racetrac Capital LLC, (Series 2000), (Regions Bank, Alabama LOC), 1.990%, 11/4/2004 1,500,000 7,210,000 Rollins College, (Series 1998), (SunTrust Bank LOC), 1.930%, 11/3/2004 7,210,000 11,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.788%, 11/9/2004 10,997,998 4,531,000 Sandridge Food Corp., (National City Bank, Ohio LOC), 1.960%, 11/4/2004 4,531,000 1,075,000 Seven Hills School, (Series 2000), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 1,075,000 30,000,000 Societe Generale, Paris, 1.793% - 1.816%, 11/10/2004 - 11/17/2004 29,998,167 4,300,000 South Pittsburg, TN IDB, Lodge Manufacturing Co. Project, (Series 1999), (SunTrust Bank LOC), 1.930%, 11/3/2004 4,300,000 10,000,000 SunTrust Bank, 2.020%, 1/4/2005 10,003,421 2,840,000 Swiger Coil Systems, Inc., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 2,840,000 2,500,000 Thorn Finance S.A., (JPMorgan Chase Bank Swap Agreement), 1.919%, 12/22/2004 2,500,000 55,000,000 Wells Fargo & Co., 1.860% - 1.938%, 11/2/2004 - 11/15/2004 55,000,000 6,300,000 White Hydraulics, Inc., (Series 1999), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 6,300,000 555,000 Winona Lake, IN, (Series 1999 B), Grace Villiage, (U.S. Bank, N.A. LOC), 2.190%, 11/4/2004 555,000 Total 342,322,725 Brokerage--5.3% 45,000,000 Merrill Lynch & Co., Inc., 1.840% - 2.006% 11/4/2004 - 11/12/2004 45,000,000 83,300,000 Morgan Stanley, 1.840% - 1.961%, 11/4/2004 - 11/29/2004 83,300,000 Total 128,300,000 Electrical Equipment--0.8% 18,820,273 Northwest Airlines, Inc., (Guaranteed by General Electric Co.), 1.950%, 11/1/2004 18,820,273 Finance - Commercial--5.2% 35,000,000 Compass Securitization LLC, 1.790%, 11/8/2004 34,997,218 20,000,000 GE Capital Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.815%, 11/9/2004 20,000,000 11,000,000 GE Life and Annuity Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.880%, 12/1/2004 11,000,000 59,000,000 General Electric Capital Corp., 1.760% - 1.989%, 11/9/2004 - 11/17/2004 59,003,490 Total 125,000,708 Finance - Retail--0.1% 2,600,000 Paradigm Funding LLC, 1.800%, 11/5/2004 2,600,000 Finance - Securities--8.1% 116,000,000 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.690% - 1.933%, 11/1/2004 - 12/15/2004 115,995,905 80,000,000 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.790% - 1.860%, 11/1/2004 - 11/15/2004 79,990,725 Total 195,986,630 Government Agency--1.3% 6,000,000 Acton Assisited Living LLC, (Series 2000), (Federal Home Loan Bank of Pittsburgh LOC), 2.120%, 11/4/2004 6,000,000 780,000 Alabama HFA Single Family, Turtle Lake Project (Series 2000-B), (Federal National Mortgage Association LOC), 2.130%, 11/4/2004 780,000 7,000,000 Direct One Funding Corp., (Federal National Mortgage Association LOC), 1.930%, 11/4/2004 7,000,000 6,835,000 Jefferson County, KY HFDA, (Series 2000), (Federal Home Loan Bank of Cincinnati LOC), 2.060%, 11/4/2004 6,835,000 2,390,000 Kentucky Economic Development Finance Authority, (Series 2002), (Federal Home Loan Bank of Cincinnati LOC), 2.060%, 11/4/2004 2,390,000 4,025,000 Kentucky Economic Development Finance Authority, Henderson County Health Care Corp., (Federal Home Loan Bank of Cincinnati LOC), 2.060%, 11/4/2004 4,025,000 3,380,000 Lexington Fayette, KY, (Series 2001), (Federal Home Loan Bank of Cincinnati LOC), 2.060%, 11/4/2004 3,380,000 Total 30,410,000 Insurance--5.7% 20,000,000 AEGON N.V., 1.910%, 11/15/2004 20,019,300 25,000,000 Allstate Life Insurance Co., 1.932%, 12/1/2004 25,000,000 25,000,000 MBIA Global Funding LLC, 1.930%, 11/29/2004 25,000,000 53,000,000 Monumental Life Insurance Co., 1.921% - 2.010%, 11/1/2004 - 11/30/2004 53,000,000 15,000,000 New York Life Insurance Co., 1.890%, 11/26/2004 15,000,000 Total 138,019,300 Total Notes - Variable 981,459,636 Mutual Funds--0.8% Asset Management--0.8% 20,000,000 AIM Short-Term Investments Co. Liquid Assets Portfolio 20,000,000 Time Deposit--2.3%1 Banking--2.3% 55,000,000 Toronto Dominion Bank, 1.875%, 11/1/2004 55,000,000 Repurchase Agreements--4.0% 52,558,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890%, dated 10/29/2004, to be repurchased at $52,566,278 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2044, collateral market value $1,441,499,470 52,558,000 10,000,000 Interest in $136,851,000 joint repurchase agreement with J.P. Morgan Securities Inc., 1.650%, dated 10/29/2004, to be repurchased at $10,001,375 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 1/4/2005, collateral market value $139,590,843 10,000,000 10,000,000 Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley and Co., Inc., 1.800%, dated 10/29/2004, to be repurchased at $10,001,500 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2027, collateral market value $1,288,451,405 10,000,000 25,000,000 Interest in $500,000,000 joint repurchase agreement with State Street Bank and Trust Co., Boston, 1.740%, dated 10/29/2004, to be repurchased at $25,003,625 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028, collateral market value $512,969,327 25,000,000 Total Repurchase Agreements 97,558,000 Total Investments -99.9% (at amortized cost)3 2,419,421,979 OTHER ASSETS AND LIABILITIES -NET--0.1% 2,515,200 TOTAL NET ASSETS -100% $ 2,421,937,179 (1) Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. (2) Variable-rate securities with current rate and next reset date shown. (3) Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. The following acronyms are used throughout this portfolio: HFA --Housing Finance Authority HFDA --Health Facility Development Authority IDB --Industrial Development Bond MERLOTS --Municipal Exempt Receipts-Liquidity Optional Tender Series LOC --Letter of Credit Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Automated Government Money Trust Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value U.S. Treasury--27.2% U.S. Treasury Bills-11.9%1 $ 10,000,000 1.545%, 12/23/2004 $ 9,977,683 10,500,000 1.565%, 2/23/2004 10,476,264 6,000,000 1.700%, 2/3/2005 5,973,367 10,000,000 1.725%, 2/17/2005 9,948,255 4,500,000 1.745%, 2/24/2005 4,474,916 8,000,000 1.750%, 2/24/2005 7,955,278 9,000,000 1.880%, 3/3/2005 8,942,660 6,000,000 1.885%, 3/24/2005 5,955,074 6,000,000 1.945%, 3/31/2005 5,951,375 6,000,000 1.950%, 3/31/2005 5,951,250 13,500,000 1.980%, 4/7/2005 13,383,428 6,000,000 2.055%, 4/28/2005 5,939,035 4,500,000 2.080%, 4/28/2005 4,453,720 Total 99,382,305 U.S. Treasury Notes-15.3% 25,500,000 1.625%, 1/31/2005-4/30/2005 25,523,586 45,250,000 2.000%, 11/30/2004 45,277,544 56,500,000 5.875%, 11/15/2004 56,600,684 Total 127,401,814 Total U.S. Treasury 226,784,119 Repurchase Agreements--72.6% 160,000,000 Interest in $1,000,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.800%, dated 10/29/2004 to be repurchased at $160,024,000 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2030, collateral market value $1,020,153,844 160,000,000 160,000,000 Interest in $750,000,000 joint repurchase agreement with Bear Stearns & Co., Inc., 1.820%, dated 10/29/2004 to be repurchased at $160,024,267 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $767,043,780 160,000,000 123,588,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004 to be repurchased at $123,606,641 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888 123,588,000 10,000,000 Interest in $100,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.710%, dated 10/29/2004 to be repurchased at $10,001,425 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2023, collateral market value $102,015,275 10,000,000 42,000,000 2 Interest in $725,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.740%, dated 10/5/2004 to be repurchased at $42,071,050 on 11/10/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031, collateral market value $739,500,106 42,000,000 48,000,000 2 Interest in $730,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.580%, dated 9/2/2004 to be repurchased at $48,128,507 on 11/3/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2014, collateral market value $746,528,702 48,000,000 20,000,000 Interest in $500,000,000 joint repurchase agreement with State Street Bank and Trust Co., 1.740%, dated 10/29/2004 to be repurchased at $20,002,900 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028, collateral market value $512,969,327 20,000,000 10,000,000 Interest in $100,000,000 joint repurchase agreement with UBS Securities LLC, 1.710%, dated 10/29/2004 to be repurchased at $10,001,425 on 11/1/2004, collateralized by a U.S. Treasury Obligation maturing 5/15/2016, collateral market value $102,006,468 10,000,000 31,000,000 2 Interest in $500,000,000 joint repurchase agreement with UBS Securities LLC, 1.880%, dated 10/20/2004 to be repurchased at $31,097,133 on 12/20/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $510,001,836 31,000,000 Total Repurchase Agreements 604,588,000 Total Investments--99.8% (at amortized cost)3 831,372,119 Other assets and liabilities--net--0.2% 1,383,394 Total Net assets--100% $ 832,755,513 1 Each issue shows the rate of discount at the time of purchase. 2 Although final maturity falls beyond seven days at date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Federated Master Trust Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Asset-Backed Securities--3.5% Finance - Automotive--0.3% $ 71,747 Ford Credit Auto Owner Trust 2004-A, Class A1, 1.240%, 2/15/2005 $ 71,747 321,374 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 321,374 TOTAL 393,121 Finance - Equipment--3.2% 1,049,502 CIT Equipment Collateral 2004-EF1, Class A1, 1.630%, 7/15/2005 1,049,502 3,258,652 CNH Equipment Trust 2004-A, Class A1, 2.001%, 10/14/2005 3,258,652 TOTAL 4,308,154 TOTAL ASSET-BACKED SECURITIES 4,701,275 Bank Notes--0.7% Banking--0.7% 1,000,000 U.S. Bank, N.A., Cincinnati, 1.200%, 12/30/2004 1,000,000 CertificateS Of Deposit--4.3% Banking--4.3% 3,000,000 Deutsche Bank AG, 1.250%, 12/29/2004 3,000,174 1,000,000 Fifth Third Bank, Cincinnati, 1.225%, 3/18/2005 999,962 1,700,000 Royal Bank of Scotland PLC, Edinburgh, 1.400%, 2/8/2005 1,699,954 TOTAL CERTIFICATES OF DEPOSIT 5,700,090 Collateralized Loan Agreements--6.0% Brokerage--6.0% 4,000,000 Goldman Sachs Group, Inc., 2.025%, 11/1/2004 4,000,000 4,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 4,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 8,000,000 Commercial Paper--26.5%1 Banking--7.5% 4,000,000 2,3 Fountain Square Commercial Funding Corp., 1.680%, 11/15/2004 3,997,387 2,000,000 KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.790%, 11/16/2004 1,998,508 4,000,000 2,3 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 1.955% - 2.030%, 12/1/2004 - 3/14/2005 3,987,613 TOTAL 9,983,508 Finance - Automotive--8.5% 3,500,000 FCAR Auto Loan Trust, (A1+/P1 Series), 1.870% - 2.000%, 2/15/2005 - 3/2/2005 3,478,296 2,000,000 New Center Asset Trust, (A1+/P1 Series), 1.640%, 11/1/2004 2,000,000 5,900,000 New Center Asset Trust, (A1/P1 Series), 2.000%, 2/28/2005 5,860,994 TOTAL 11,339,290 Finance - Retail--4.5% 3,000,000 2,3 Jupiter Securitization Corp., 1.960%, 11/29/2004 2,995,427 1,000,000 2,3 PREFCO-Preferred Receivables Funding Co., 1.710%, 12/10/2004 998,147 2,000,000 2,3 Paradigm Funding LLC, 2.140%, 4/6/2005 1,981,453 TOTAL 5,975,027 Finance - Securities--4.5% 4,000,000 2,3 Georgetown Funding Co. LLC, 1.920% - 1.960%, 12/2/2004 - 12/28/2004 3,989,074 2,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.990%, 3/11/2005 1,985,628 TOTAL 5,974,702 Insurance--1.5% 2,000,000 2,3 Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 1.850%, 2/14/2005 1,989,208 TOTAL COMMERCIAL PAPER 35,261,735 Corporate Notes--2.3% Brokerage--1.5% 2,000,000 Goldman Sachs & Co., 2.060%, 3/10/2005 2,000,000 Finance - Securities--0.8% 1,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.310%, 2/28/2005 999,968 TOTAL CORPORATE NOTES 2,999,968 Government Agencies--3.8% Government Agency--3.8% Federal Home Loan Bank System, 1.300% - 4.125%, 1/14/2005 - 4/27/2005 4,005,927 1,000,000 Federal National Mortgage Association, 1.360%, 2/15/2005 1,000,000 TOTAL GOVERNMENT AGENCIES 5,005,927 Loan Participation--1.5% Aerospace / Auto--1.5% 2,000,000 Johnson Controls, Inc., 1.870%, 4/1/2005 2,000,000 Notes - Variable--38.8%4 Banking--11.4% 1,675,000 Covered Bridge Development Co. LLC, (Series 2004), (Compass Bank, Birmingham LOC), 2.110%, 11/4/2004 1,675,000 530,000 Dave White Chevrolet, Inc., (Series 1996), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 530,000 1,000,000 Dexia Bank, Belgium, 1.765%, 11/2/2004 999,894 2,3 HBOS Treasury Services PLC, 1.750%, 11/22/2004 2,000,000 3,000,000 HBOS Treasury Services PLC, 1.961%, 12/24/2004 3,000,000 2,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.788%, 11/9/2004 1,999,636 2,200,000 Taxable Floating Rate Notes, (Series 2002-H2), Becker, MN PCR, (Bank of New York Swap Agreement), 2.080%, 11/3/2004 2,200,000 Wells Fargo & Co., 1.860% - 1.938%, 11/2/2004 - 11/15/2004 2,500,000 275,000 White Brothers Properties, (Series 1996), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 275,000 TOTAL 15,179,530 Brokerage--3.7% 2,000,000 2,3 Merrill Lynch & Co., Inc., 2.006%, 11/12/2004 2,000,000 3,000,000 Morgan Stanley, 1.915%, 11/15/2004 3,000,000 TOTAL 5,000,000 Finance - Commercial--4.5% 3,000,000 2,3 Compass Securitization LLC, 1.790%, 11/8/2004 2,999,762 3,000,000 GE Capital Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.815%, 11/9/2004 3,000,000 TOTAL 5,999,762 Finance - Securities--4.8% 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.785% - 1.890%, 11/1/2004 - 11/15/2004 5,399,708 1,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.820%, 11/15/2004 999,891 TOTAL 6,399,599 Government Agency--7.6% 10,145,000 Direct One Funding Corp., (Series 2000), (Sexton Properties), (Federal National Mortgage Association LOC), 1.930%, 11/4/2004 10,145,000 Insurance--6.8% 1,000,000 AEGON N.V., 1.910%, 11/15/2004 1,000,965 5,000,000 Monumental Life Insurance Co., 2.180%, 11/1/2004 5,000,000 1,000,000 2,3 Pacific Life Global Funding, 1.830%, 11/4/2004 1,000,063 2,000,000 Travelers Insurance Co., 1.910%, 12/3/2004 2,000,000 TOTAL 9,001,028 TOTAL NOTES - VARIABLE 51,724,919 Repurchase Agreement--12.3% 16,396,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890%, dated 10/29/2004 to be repurchased at $16,398,582 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2044, collateral market value $1,441,499,470 16,396,000 TOTAL INVESTMENTS--99.7% (AT AMORTIZED COST)5 132,789,914 OTHER ASSETS AND LIABILITIES-NET--0.3% 440,039 TOTAL NET ASSETS--100% $ 133,229,953 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be 3 sold to qualified institutional investors. At October 31, 2004, these securities amounted to $37,323,329 which represents 28.0% of total net assets. 4 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $37,323,329 which represents 28.0% of total net assets. Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: LOC --Letter of Credit PCR --Pollution Control Revenue Federated Short-Term U.S. Government Trust Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Government Agencies--52.3% $ 9,000,000 1 Federal Home Loan Bank System Floating Rate Notes, 1.745% - 1.840%, 12/12/2004 - 12/21/2004 $ 8,998,350 3,000,000 Federal Home Loan Bank System Notes, 1.300% - 1.500%, 4/1/2005 - 5/4/2005 3,000,000 2,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 1.110% - 1.731%, 1/11/2005 - 1/24/2005 1,993,996 6,000,000 1 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.665% - 1.825%, 11/7/2004 - 12/9/2004 6,000,000 3,250,000 Federal Home Loan Mortgage Corp. Notes, 3.250% - 3.875%, 11/15/2004 - 2/15/2005 3,255,506 19,500,000 2 Federal National Mortgage Association Discount Notes, 1.120% - 2.190%, 11/3/2004 - 4/27/2005 19,440,810 23,500,000 1 Federal National Mortgage Association Floating Rate Notes, 1.580% - 2.019%, 11/1/2004 - 1/28/2005 23,492,645 3,500,000 Federal National Mortgage Association Notes, 1.270% - 1.810%, 2/15/2005 - 5/27/2005 3,500,000 Total Government Agencies 69,681,307 Repurchase Agreements--47.6% 9,525,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004 to be repurchased at $9,526,437 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888 9,525,000 6,000,000 3 Interest in $730,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.700%, dated 8/31/2004 to be repurchased at $6,017,283 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 5/15/2034, collateral market value $751,900,001 6,000,000 5,000,000 3 Interest in $500,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.700%, dated 9/2/2004 to be repurchased at $5,014,403 on 11/2/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $511,468,996 5,000,000 2,000,000 3 Interest in $250,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.920%, dated 10/12/2004 to be repurchased at $2,006,613 on 12/13/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/1/2034, collateral market value $255,823,663 2,000,000 6,000,000 3 Interest in $1,000,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.800%, dated 10/6/2004 to be repurchased at $6,008,700 on 11/5/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $1,027,769,538 6,000,000 30,000,000 Interest in $1,100,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.890%, dated 10/29/2004 to be repurchased at $30,004,725 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2034, collateral market value $1,122,003,015 30,000,000 1,000,000 3 Interest in $500,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.880%, dated 10/5/2004 to be repurchased at $1,003,133 on 12/6/2004, collateralized by U.S. Government Agency Obligations with various maturities to 9/1/2034, collateral market value $510,003,272 1,000,000 4,000,000 3 Interest in $500,000,000 joint repurchase agreement with UBS Securities LLC, 1.830%, dated 10/14/2004 to be repurchased at $4,006,710 on 11/17/2004, collateralized by U.S. Government Agency Obligations with various maturities to 4/20/2034, collateral market value $515,002,065 4,000,000 Total Repurchase Agreements 63,525,000 Total Investments--99.9% (at amortized cost) 4 133,206,307 other assets and liabilities--net--0.1% 71,419 total net assets--100% $ 133,277,726 1 Floating rate note with current rate and next reset date shown. 2 Each issue shows the rate of discount at the time of purchase. 3 Although final maturity falls beyond seven days at date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Government Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Government Agencies--58.9% $ 112,500,000 1 Federal Home Loan Bank System Floating Rate Notes, 1.745% - 1.840%, 12/12/2004 - 12/21/2004 $ 112,454,058 256,000,000 Federal Home Loan Bank System Notes, 1.300% - 1.500%, 2/28/2005 - 5/4/2005 256,000,000 221,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 1.110% - 1.950%, 11/9/2004 - 1/24/2005 220,529,871 432,900,000 1 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.665% - 1.825%, 11/7/2004 - 12/9/2004 432,915,870 70,000,000 Federal Home Loan Mortgage Corp. Notes, 1.460% - 3.875%, 11/15/2004 - 2/15/2005 70,175,773 1,073,826,000 2 Federal National Mortgage Association Discount Notes, 1.120% - 2.190%, 11/3/2004 - 4/27/2005 1,070,103,301 2,021,000,000 1 Federal National Mortgage Association Floating Rate Notes, 1.570% - 2.019%, 11/1/2004 - 1/28/2005 2,020,267,530 221,500,000 Federal National Mortgage Association Notes, 1.270% - 1.850%, 12/8/2004 - 6/3/2005 221,500,123 216,120,500 1 Housing and Urban Development Floating Rate Note, 2.206%, 11/1/2004 216,120,500 Total Government Agencies 4,620,067,026 Repurchase Agreements--41.2% 423,973,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004 to be repurchased at $424,036,949 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888 423,973,000 100,000,000 Agreement with BNP Paribas Securities Corp., 1.830%, dated 10/29/2004 to be repurchased at $100,015,250 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 1/15/2012, collateral market value $102,016,016 100,000,000 527,000,000 Interest in $1,000,000,000 joint repurchase agreement with Bear Stearns & Co., Inc., 1.890%, dated 10/29/2004 to be repurchased at $527,083,003 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/1/2034, collateral market value $1,029,204,354 527,000,000 347,000,000 3 Interest in $730,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.700%, dated 8/31/2004 to be repurchased at $347,999,553 on11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 5/15/2034, collateral market value $751,900,001 347,000,000 128,000,000 3 Interest in $500,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.700%, dated 9/2/2004 to be repurchased at $128,368,711 on 11/2/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $511,468,996 128,000,000 145,000,000 3 Interest in $250,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.740%, dated 9/8/2004 to be repurchased at $145,427,508 on 11/9/2004, collateralized by U.S. Government Agency Obligations with various maturities to 9/15/2034, collateral market value $257,171,614 145,000,000 105,000,000 3 Interest in $250,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.920%, dated 10/12/2004 to be repurchased at $105,347,200 on 12/13/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/1/2034, collateral market value $255,823,663 105,000,000 433,000,000 3 Interest in $1,000,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.800%, dated 10/6/2004 to be repurchased at $433,627,850 on 11/5/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $1,027,769,538 433,000,000 125,000,000 Interest in $225,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.870%, dated 10/29/2004 to be repurchased at $125,019,479 on 11/1/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 10/1/2034, collateral market value $229,500,000 125,000,000 96,851,000 Interest in $136,851,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.650%, dated 10/29/2004 to be repurchased at $96,864,317 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 1/4/2005, collateral market value $139,590,844 96,851,000 208,000,000 3 Interest in $500,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.880%, dated 10/5/2004 to be repurchased at $208,662,596 on 12/6/2004, collateralized by U.S. Government Agency Obligations with various maturities to 9/1/2034, collateral market value $510,003,272 208,000,000 240,245,000 Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.800%, dated 10/29/2004 to be repurchased at $240,281,037 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to11/15/2027, collateral market value $1,288,451,405 240,245,000 50,000,000 Interest in $100,000,000 joint repurchase agreement with UBS Securities LLC, 1.760%, dated 10/29/2004 to be repurchased at $50,007,333 on 11/1/2004, collateralized U.S. Government Agency Obligations with various maturities to 9/15/2008, collateral market value $102,001,442 50,000,000 307,000,000 3 Interest in $500,000,000 joint repurchase agreement with UBS Securities LLC, 1.830%, dated 10/14/2004 to be repurchased at $307,514,993 on 11/17/2004, collateralized by U.S. Government Agency Obligations with various maturities to 4/20/2034, collateral market value $515,002,065 307,000,000 Total Repurchase Agreements 3,236,069,000 Total Investments--100.1% (at amortized cost)4 7,856,136,026 other assets and liabilities--net-- (0.1)% (4,263,342) total net assets--100% $ 7,851,872,684 1 Current rate and next reset date shown. 2 Each issue shows the rate of discount at the time of purchase. 3 Although final maturity falls beyond seven days at date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Government Obligations Tax Managed Fund Portfolio of Investments October 31, 2004 Principal Amount Value Government Agencies--100.2% 1 Federal Farm Credit System Discount Notes, $ 191,090,000 1.660% - 1.860%, 11/1/2004 - 2/28/2005 $ 190,690,322 2 Federal Farm Credit System Floating Rate Notes, 772,000,000 1.730% - 1.961%, 11/3/2004 - 1/6/2005 771,896,651 Federal Farm Credit System Notes, 1.250% - 67,350,000 6.100%, 11/4/2004 - 12/15/2004 67,428,868 1 Federal Home Loan Bank System Discount Notes, 1,147,324,000 1.070% - 2.053%, 11/1/2004 - 3/30/2005 1,144,699,973 2 Federal Home Loan Bank System Floating Rate 418,000,000 Notes, 1.795% - 1.990%, 11/25/2004 - 1/19/2005 417,932,694 Federal Home Loan Bank System Notes, 1.425% - 240,945,000 8.090%, 11/15/2004 - 5/4/2005 241,468,975 2 Student Loan Marketing Association Floating 26,700,000 Rate Notes, 1.890%, 11/2/2004 26,700,000 35,000,000 1 Tennessee Valley Authority Discount Notes, 1.710%, 11/18/2004 34,971,738 Total Investments - 100.2% (at amortized cost)3 2,895,789,221 other assets and liabilities - net - (0.2) % (4,601,680) total net assets - 100% $ 2,891,187,541 1 Each issue shows the rate of discount at the time of purchase. 2 Current rate and next reset date shown. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Liberty U.S. Government Money Market Trust Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Government Agencies--60.2% $ 24,000,000 1 Federal Home Loan Bank System Floating Rate Notes, 1.745% - 1.840%, 12/12/2004 - 12/21/2004 $ 23,995,097 20,175,000 Federal Home Loan Bank System Notes, 1.300% - 4.125%, 11/15/2004 - 5/4/2005 20,186,810 16,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 1.110% - 1.731%, 11/9/2004 - 1/24/2005 15,977,609 16,500,000 1 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.665% - 1.825%, 11/7/2004 - 12/9/2004 16,500,000 5,359,000 Federal Home Loan Mortgage Corp. Notes, 3.250% - 3.875%, 11/15/2004 - 2/15/2005 5,369,244 50,000,000 2 Federal National Mortgage Association Discount Notes, 1.120% - 2.190%, 11/3/2004 - 4/27/2005 49,846,358 91,000,000 1 Federal National Mortgage Association Floating Rate Notes, 1.570% - 2.019%, 11/1/2004 - 1/28/2005 90,965,559 11,000,000 Federal National Mortgage Association Notes, 1.270% - 1.850%, 12/8/2004 - 6/3/2005 11,000,005 Total Government Agencies 233,840,682 Repurchase Agreements--39.7% 18,456,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004 to be repurchased at $18,458,784 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888. 18,456,000 20,000,000 3 Interest in $730,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.700%, dated 8/31/2004 to be repurchased at $20,057,611 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/15/2033, collateral market value $751,900,001. 20,000,000 12,000,000 3 Interest in $500,000,000 joint repurchase agreement Deutsche Bank Securities, Inc., 1.700%, dated 9/2/2004 to be repurchased at $12,034,567 on 11/2/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $511,468,996. 12,000,000 5,000,000 3 Interest in $250,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.920%, dated 10/12/2004 to be repurchased at $5,016,533 on 12/13/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/1/2034, collateral market value $255,823,663. 5,000,000 22,000,000 3 Interest in $1,000,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.800%, dated 10/6/2004 to be repurchased at $22,031,900 on 11/5/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $1,027,769,538. 22,000,000 60,000,000 Interest in $1,100,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.890%, dated 10/29/2004 to be repurchased at $60,009,450 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2034, collateral market value $1,122,003,015. 60,000,000 7,000,000 3 Interest in $500,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.880%, dated 10/5/2004 to be repurchased at $7,022,299 on 12/6/2004, collateralized by U.S. Government Agency Obligaitons with various maturities to 9/1/2034, collateral market value $510,003,272. 7,000,000 10,000,000 3 Interest in $500,000,000 joint repurchase agreement with UBS Securities LLC, 1.830%, dated 10/14/2004 to be repurchased at $10,016,775 on 11/17/2004, collateralized by U.S. Government Agency Obligations with various maturities to 4/20/2034, collateral market value $515,002,065. 10,000,000 Total Repurchase Agreements 154,456,000 Total Investments--99.9% (at amortized cost)4 388,296,682 Other assets and liabilities--net--0.1% 230,833 Total Net assets--100% $ 388,527,515 (1) Floating rate note with current rate and next reset date shown. (2) Discount rate at time of purchase. (3) Although final maturity falls beyond seven days at date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. (4) Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Liquid Cash Trust Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Repurchase Agreements--100.0% $ 35,420,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004 to be repurchased at $35,425,343 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2009, collateral market value $1,346,603,888 $ 35,420,000 25,000,000 Interest in $300,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.890%, dated 10/29/2004 to be repurchased at $25,003,938 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2034, collateral market value $306,318,631 25,000,000 23,000,000 Interest in $1,000,000,000 joint repurchase agreement with Bear Stearns & Co., Inc., 1.890%, dated 10/29/2004 to be repurchased at $23,003,623 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 10/15/2034, collateral market value $1,029,204,354 23,000,000 25,000,000 Interest in $1,100,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.890%, dated 10/29/2004 to be repurchased at $25,003,938 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2034, collateral market value $1,122,003,015 25,000,000 25,000,000 Interest in $790,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.890%, dated 10/29/2004 to be repurchased at $25,003,938 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/1/2042, collateral market value $815,584,681 25,000,000 Total Investments--100.0% (at amortized cost)1 133,420,000 Other assets and liabilities--net--(0.0)% (26,681) Total Net assets--100% $ 133,393,319 (1) Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Money Market Management Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Asset-Backed Securities--4.6% Finance - Automotive--2.6% $ 71,747 Ford Credit Auto Owner Trust 2004-A, Class A1, 1.240%, 2/15/2005 $ 71,747 1,000,000 Nissan Auto Lease Trust 2004-A, Class A1, 2.105%, 10/17/2005 1,000,000 154,507 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 154,507 Total 1,226,254 Finance - Equipment--2.0% 931,043 CNH Equipment Trust 2004-A, Class A1, 2.009%, 10/14/2005 931,044 Total Asset-Backed Securities 2,157,298 Bankers Acceptance--0.6% Banking--0.6% 297,476 Huntington National Bank, Columbus, OH, 2.050%, 3/7/2005 295,342 CertificateS Of Deposit--2.6% Banking--2.6% 750,000 Deutsche Bank AG, 1.250%, 12/29/2004 750,036 500,000 Royal Bank of Canada, Montreal, 1.400%, 2/8/2005 500,000 Total certificateS of deposit 1,250,036 Collateralized Loan Agreements--9.1% Banking--4.9% 1,300,000 Greenwich Capital Markets, Inc., 2.000%, 11/1/2004 1,300,000 1,000,000 J.P. Morgan Securities, Inc., 1.975%, 11/1/2004 1,000,000 Total 2,300,000 Brokerage--4.2% 1,000,000 Lehman Brothers Holdings, Inc., 2.025%, 11/1/2004 1,000,000 1,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 1,000,000 Total 2,000,000 Total Collateralized Loan Agreements 4,300,000 Commercial Paper--24.1%1 Aerospace / Auto--1.0% 450,000 2,3 Volkswagen of America, Inc., (Guaranteed by Volkswagen AG), 1.820%, 11/1/2004 450,000 Banking--8.6% 1,500,000 2,3 Bavaria TRR Corp., (Bayerische Hypotheken-und Vereinsbank AG Swap Agreement), 1.810% - 2.070%, 11/4/2004 - 1/18/2005 1,495,440 500,000 2,3 Fountain Square Commercial Funding Corp., 1.680%, 11/15/2004 499,673 1,100,000 KBC Financial Products International Ltd., (KBC Bank N.V. GTD), 1.790% - 1.850%, 11/16/2004 - 2/8/2005 1,094,837 1,000,000 2,3 Picaros Funding LLC, (KBC Bank N.V. GTD), 1.955%, 12/1/2004 998,371 Total 4,088,321 Finance - Automotive--2.9% 400,000 DaimlerChrysler North America Holding Corp., 1.960%, 11/22/2004 399,543 1,000,000 New Center Asset Trust, (A1/P1 Series), 2.030%, 3/7/2005 - 3/8/2005 992,867 Total 1,392,410 Finance - Commercial--2.1% 1,000,000 CIT Group, Inc., 2.120%, 3/1/2005 992,933 Finance - Retail--4.4% 500,000 2,3 PREFCO-Preferred Receivables Funding Co., 1.710%, 12/10/2004 499,074 1,600,000 2,3 Paradigm Funding LLC, 1.790% - 2.140%, 1/10/2005 - 4/6/2005 1,588,638 Total 2,087,712 Finance - Securities--2.1% 1,000,000 2,3 Georgetown Funding Co. LLC, 2.100%, 1/26/2005 994,983 Machinery, Equipment, Auto--0.9% 430,000 John Deere Capital Corp., (Deere & Co. Support Agreement), 2.110%, 1/14/2005 428,144 Telecommunications--2.1% 1,000,000 BellSouth Corp., 1.970%, 12/7/2004 998,030 Total Commercial Paper 11,432,533 Corporate Notes--4.2% Brokerage--2.1% 1,000,000 Goldman Sachs & Co., 2.060%, 3/10/2005 1,000,000 Pharmaceuticals and Healthcare--2.1% 1,000,000 2,3 Merck & Co., Inc., 4.484%, 2/22/2005 1,009,832 Total Corporate Notes 2,009,832 Government Agencies--6.3% Government Agency--6.3% 1,500,000 Federal Home Loan Bank System, 1.300% - 1.500%, 4/1/2005 - 5/4/2005 1,500,000 1,500,000 Federal Home Loan Mortgage Corp., 1.825%, 9/9/2005 1,500,000 Total government agencies 3,000,000 Loan Participation--3.0% Aerospace / Auto--2.1% 1,000,000 Johnson Controls, Inc., 1.740%, 11/30/2004 1,000,000 Finance - Automotive--0.9% 400,000 General Motors Acceptance Corp., Mortgage of PA, (General Motors Acceptance Corp. GTD), 2.390%, 11/1/2004 400,000 Total Loan Participation 1,400,000 Notes - Variable--37.5%4 Banking--17.9% 500,000 2,3 HBOS Treasury Services PLC, 1.750%, 11/22/2004 500,000 1,000,000 Kansas City, MO Tax Increment Financing Commission, President Hotel, (MBIA Insurance Corp. INS), 2.010%, 11/4/2004 1,000,000 1,000,000 2 MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 2.030%, 12/28/2004 1,000,000 1,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.788%, 11/9/2004 999,818 1,000,000 Salvation Army, (Series 2004-A), (Bank of New York LOC), 1.960%, 11/4/2004 1,000,000 1,000,000 Societe Generale, Paris, 1.816%, 11/17/2004 999,915 2,350,000 Stratford Properties LP, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/2/2004 2,350,000 600,000 Taxable Floating Rate Notes, (Series 2002-H1), Becker, MN PCR, (Bank of New York Swap Agreement), 2.080%, 11/3/2004 600,000 Total 8,449,733 Brokerage--7.0% 500,000 2,3 Merrill Lynch & Co., Inc., 2.240%, 11/10/2004 500,128 300,000 Merrill Lynch & Co., Inc., 2.230%, 12/21/2004 300,000 2,500,000 Morgan Stanley, 1.890%, 11/1/2004 2,500,000 Total 3,300,128 Finance - Commercial--2.1% 1,000,000 2,3 Compass Securitization LLC, 1.790%, 11/8/2004 999,920 Finance - Retail--2.1% 1,000,000 AFS Insurance Premium Receivables Trust, (Series 1994-A), 2.426%, 11/15/2004 1,000,000 Finance - Securities--6.3% 1,000,000 2,3 K2 (USA) LLC, (K2 Corp. GTD), 1.820%, 11/15/2004 999,892 2,000,000 2,3 Sigma Finance, Inc., (Sigma Finance Corp. GTD), 1.820%, 11/15/2004 1,999,799 Total 2,999,691 Insurance--2.1% 1,000,000 AEGON N.V., 1.910%, 11/15/2004 1,000,965 Total Notes - Variable 17,750,437 Repurchase Agreement--7.7% 3,654,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890%, dated 10/29/2004 to be repurchased at $3,654,576 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2044, collateral market value $1,441,499,470 3,654,000 Total Investments ---99.7% (AMORTIZED COST)5 47,249,478 other assets and liabilities----net--0.3% 119,527 total net assets---100% $ 47,369,005 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $13,535,750 which represents 28.6% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $12,535,750 which represents 26.5% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, for each security held at October 31, 2004 is as follows: Security Acquisition Date Acquisition Cost MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 2.030%, 12/28/2004 9/27/2000 $1,000,000 4 Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under The Investment Company Act of 1940. The following acronyms are used throughout this portfolio: GTD --Guaranteed INS --Insured LOC --Letter of Credit PCR --Pollution Control Revenue Municipal Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Short-Term Municipals--99.6%1 Alabama--1.3% $ 2,860,000 Birmingham, AL IDA, (Series 1997), Weekly VRDNs (Millcraft, AL, Inc.)/(Regions Bank, Alabama LOC) $ 2,860,000 1,910,000 Calhoun County, AL Economic Development Council Weekly VRDNs, (Fabarc Steel Co.)/(Regions Bank, Alabama LOC) 1,910,000 17,000,000 Decatur, AL IDB, (Series 2003-A), Weekly VRDNs (Nucor Steel Decatur LLC)/(Nucor Corp. GTD) 17,000,000 3,725,000 East Central, AL Solid Waste Disposal Authority, (Series 2003: Three Corners), Weekly VRDNs (Waste Management, Inc.)/(Wachovia Bank N.A. LOC) 3,725,000 4,175,000 Mobile, AL Solid Waste Authority, (Series 2003: Chastang), Weekly VRDNs (Waste Management, Inc.)/(Wachovia Bank N.A. LOC) 4,175,000 4,350,000 North Sumter, AL Solid Waste Disposal Authority, (Series 2003: Emelle), Weekly VRDNs (Waste Management, Inc.)/(Wachovia Bank N.A. LOC) 4,350,000 2,970,000 Orange Beach, AL IDB, (Series 2002), Weekly VRDNs (Romar Motels, Inc.)/(Columbus Bank and Trust Co., GA LOC) 2,970,000 Total 36,990,000 Alaska--0.3% 4,500,000 North Slope Borough, AK, (Series 2001), Daily VRDNs (BP Exploration (Alaska), Inc.)/(BP PLC GTD) 4,500,000 5,500,000 Valdez, AK Marine Terminal, (Series 2002), 1.47% TOBs (Phillips Transportation Alaska, Inc.)/(ConocoPhillips GTD), Optional Tender 5/1/2005 5,500,000 Total 10,000,000 Arizona--0.3% 1,670,000 2,3 Maricopa County, AZ IDA SFM, MERLOTS, (Series 2001 A-126), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 1,670,000 1,960,000 Maricopa County, AZ IDA, (Series 1999), Weekly VRDNs (Redman Homes, Inc.)/(Wachovia Bank N.A. LOC) 1,960,000 1,675,000 Maricopa County, AZ IDA, (Series 2000A), Weekly VRDNs (Las Gardenias Apartments, LP)/(FNMA LOC) 1,675,000 2,029,000 2,3 Pima County, AZ IDA, SFM, Roaring Fork, (Series 1999-6), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) 2,029,000 Total 7,334,000 Arkansas--2.9% 1,000,000 Arkadelphia, AR, IDRBs, (Series 1996), Weekly VRDNs (Siplast, Inc.)/(Danske Bank A/S LOC) 1,000,000 5,630,000 Arkansas Development Finance Authority, (Series 1995), Weekly VRDNs (Paco Steel & Engineering Corp.)/(JPMorgan Chase Bank LOC) 5,630,000 14,000,000 Arkansas Development Finance Authority, (Series 2001), Weekly VRDNs (ENSCO, Inc.)/(Wachovia Bank N.A. LOC) 14,000,000 13,800,000 Blytheville, AR, (Series 1998), Weekly VRDNs (Nucor Corp.) 13,800,000 34,400,000 Blytheville, AR, (Series 2002), Weekly VRDNs (Nucor Corp.) 34,400,000 8,000,000 Crossett, AR, (Series 1997), Weekly VRDNs (Bemis Co., Inc.) 8,000,000 7,100,000 Siloam Springs, AR, IDRB, (Series 1994), Weekly VRDNs (La-Z Boy Chair Co.)/(Bank One N.A. (Chicago), LOC) 7,100,000 Total 83,930,000 California--5.8% 36,200,000 California Health Facilities Financing Authority, (Series 2004J), Weekly VRDNs (Catholic Healthcare West)/(Bank One N.A. (Chicago), LOC) 36,200,000 9,000,000 2,3 California PCFA, (Series 2004 F11J), Weekly VRDNs (Waste Management, Inc.)/(Lehman Brothers Holdings, Inc. SWP) 9,000,000 19,000,000 2,3 California PCFA, (Series 2004 FR/RI-F10J), Weekly VRDNs (Waste Management, Inc.)/(Lehman Brothers Holdings, Inc. SWP) 19,000,000 1,980,000 California PCFA, (Series 2004A), Weekly VRDNs (Burrtec Waste Group, Inc.)/(Union Bank of California LOC) 1,980,000 46,000,000 California State, 3.00% RANs, 6/30/2005 46,379,498 26,200,000 California State, Economic Recovery Bonds, (Series 2004C-20), Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 26,200,000 2,500,000 2,3 California Statewide Communities Development Authority, (PT-2001), Weekly VRDNs (Vista Montana Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 2,500,000 2,845,000 California Statewide Communities Development Authority, (Series 1996-H), Weekly VRDNs (Levecke LLC)/(Union Bank of California LOC) 2,845,000 591,991 2,3 Koch Floating Rate Trust, (California Non-AMT)/(Series 1998-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 591,991 1,265,000 Los Angeles County, CA IDA, (Series 1991), Weekly VRDNs (Caitec Garment Processing. Inc.)/(Union Bank of California LOC) 1,265,000 18,300,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-8), Weekly VRDNs (Los Angeles, CA Department of Water & Power, (Electric/Power System),)/(Bank of America N.A., Bayerische Landesbank Girozentrale, Dexia Credit Local, JPMorgan Chase Bank, Landesbank Baden-Wuerttemberg, State Street Bank and Trust Co. and WestLB AG (GTD), LIQs) 18,300,000 Total 164,261,489 Colorado--3.8% 3,015,000 2,3 Colorado HFA, MERLOTS, (Series 2001 A20), Weekly VRDNs (Wachovia Bank N.A. LIQ) 3,015,000 59,975,000 2,3 Denver Urban Renewal Authority, Stapleton Tax Increment Revenue, (Series 2004 FR/RI-F7J), Weekly VRDNs (Lehman Brothers Holdings, Inc. SWP) 59,975,000 10,600,000 2,3 Denver, CO City & County Airport Authority, (PT-724), Weekly VRDNs (MBIA Insurance Corp. INS)/(Svenska Handelsbanken, Stockholm LIQ) 10,600,000 5,500,000 2,3 Denver, CO City & County Airport Authority, (PT-782), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 5,500,000 10,000,000 Denver, CO City & County Airport Authority, (Series 2004A), Weekly VRDNs (CDC IXIS Financial Guaranty N.A. INS)/(Bayerische Landesbank Girozentrale LIQ) 10,000,000 5,000,000 Denver, CO City & County Airport Authority, (Series 2004B), Weekly VRDNs (CDC IXIS Financial Guaranty N.A. INS)/(Bayerische Landesbank Girozentrale LIQ) 5,000,000 14,660,000 2,3 Denver, CO City & County Airport Authority, MERLOTS, (Series 1997E), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 14,660,000 Total 108,750,000 Florida--4.7% 16,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust, (Florida Non-AMT)/(Series 1999-11), (Series 1999-11), Weekly VRDNs (Tampa Bay, FL Water Utility System)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 16,000,000 7,123,000 2,3 Clipper Tax-Exempt Certificates Trust, (Florida AMT)/(Series 1999-5), Weekly VRDNs (State Street Bank and Trust Co. LIQ) 7,123,000 4,748,000 2,3 Clipper Tax-Exempt Certificates Trust, (Florida AMT)/(Series 2004-1), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 4,748,000 1,500,000 Coconut Creek, FL, (Series 2002), Weekly VRDNs (Elite Aluminum Corp.)/(Bank of America N.A. LOC) 1,500,000 6,000,000 Greater Orlando, FL Aviation Authority Weekly VRDNs (Cessna Aircraft Co.)/(Textron, Inc. GTD) 6,000,000 7,500,000 Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds , 3.35% TOBs (Adventist Health System/ Sunbelt Obligated Group), Mandatory Tender 9/1/2005 7,592,126 17,975,000 2,3 Lee County, FL Solid Waste System, (Series 2003 FR/RI-L24J), Weekly VRDNs (MBIA Insurance Corp. INS)/(Lehman Brothers Holdings, Inc. LIQ) 17,975,000 35,500,000 2,3 Miami-Dade County, FL Aviation, (Series 2004 FR/RI-L72J), Weekly VRDNs (MBIA Insurance Corp. INS)/(Lehman Brothers Holdings, Inc. LIQ) 35,500,000 12,000,000 2,3 Miami-Dade County, FL Aviation, (Series FR/RI 2003 L22J), Weekly VRDNs (MBIA Insurance Corp. INS)/(Lehman Brothers Holdings, Inc. LIQ) 12,000,000 7,675,000 2,3 Miami-Dade County, FL HFA, (PT-1349), Weekly VRDNs (Hidden Grove Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 7,675,000 12,930,000 2,3 Palm Beach County, FL HFA, (PT-2302), Weekly VRDNs (Saddlebrook Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 12,930,000 5,000,000 St. Lucie County, FL PCRB, (Series 2000), Daily VRDNs (Florida Power & Light Co.) 5,000,000 Total 134,043,126 Georgia--2.9% 3,500,000 2,3 Atlanta, GA Airport Revenue Authority, (PA 926R), 1.26% TOBs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 4/7/2005 3,500,000 1,400,000 Atlanta, GA, Urban Residential Finance Authority, (Series 1995), Weekly VRDNs (West End Housing Development)/(Wachovia Bank N.A. LOC) 1,400,000 9,000,000 Cobb County, GA Housing Authority, (Series 2004), Weekly VRDNs (Parkland Manor LP)/(Wachovia Bank N.A. LOC) 9,000,000 15,745,000 2,3 Cobb County, GA Housing Authority, (Series PT-2221), Weekly VRDNs (Hickory Lake Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 15,745,000 12,800,000 Crisp County - Cordele, GA IDA, (Series 2000), Weekly VRDNs (Georgia Ductile Foundries LLC)/(Royal Bank of Canada, Montreal LOC) 12,800,000 6,605,000 Crisp County, GA Solid Waste Management Authority, (Series 1998), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 6,605,000 1,000,000 Fayette County, GA, (Series 1998), Weekly VRDNs (Gardner Denver Machinery, Inc.)/(National City Bank, Michigan/Illinois LOC) 1,000,000 7,000,000 Kennesaw, GA Development Authority, (Series 2004), Weekly VRDNs (Lakeside Vista Apartments)/(FNMA LOC) 7,000,000 7,500,000 Medical Center Hospital Authority, GA, (Series 2004), Weekly VRDNs (Spring Harbor at Green Island)/(Bank of Scotland, Edinburgh LOC) 7,500,000 13,750,000 Savannah, GA EDA, (Series 1995A), Weekly VRDNs (Home Depot, Inc.) 13,750,000 5,500,000 Savannah, GA EDA, (Series 2003C), Weekly VRDNs (Marshes of Skidaway Island)/(BNP Paribas SA LOC) 5,500,000 Total 83,800,000 Hawaii--0.1% 860,000 2,3 Hawaii Finance and Development Corp., MERLOTS, (Series 2001 A15), Weekly VRDNs (FNMA COL)/(Wachovia Bank N.A. LIQ) 860,000 2,215,000 2,3 Hawaii State Airport System, (PT-830), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 2,215,000 Total 3,075,000 Illinois--5.2% 14,600,000 Chicago, IL Metropolitan Water Reclamation District, (Series 2002-E), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 14,600,000 8,050,000 2,3 Chicago, IL O'Hare International Airport, (PA-1198), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Merrill Lynch & Co., Inc. LIQ) 8,050,000 7,305,000 2,3 Chicago, IL O'Hare International Airport, (PT-664), Weekly VRDNs (AMBAC INS)/(Danske Bank A/S LIQ) 7,305,000 9,995,000 2,3 Chicago, IL O'Hare International Airport, (PT-685), 1.50% TOBs (AMBAC INS)/(Svenska Handelsbanken, Stockholm LIQ), Optional Tender 5/5/2005 9,995,000 7,000,000 2,3 Chicago, IL O'Hare International Airport, (PT-756), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 7,000,000 4,800,000 2,3 Chicago, IL O'Hare International Airport, (PT-925), 1.50% TOBs (FSA INS)/(BNP Paribas SA LIQ), Optional Tender 5/5/2005 4,800,000 6,055,000 2,3 Chicago, IL O'Hare International Airport, (PT-933), 1.25% TOBs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 4/7/2005 6,055,000 1,070,000 2,3 Chicago, IL O'Hare International Airport, (PT-1993), Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 1,070,000 5,200,000 2,3 Chicago, IL O'Hare International Airport, ROCs, (Series 239), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 5,200,000 4,655,000 2,3 Chicago, IL SFM, (PT-290), Weekly VRDNs (GNMA COL)/(Landesbank Hessen-Thueringen, Frankfurt LIQ) 4,655,000 15,400,000 Chicago, IL Wastewater Transmission, (Series 2004A), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank One N.A. (Chicago), LIQ) 15,400,000 2,600,000 Chicago, IL, (Series 1997), Weekly VRDNs (Trendler Components, Inc.)/(Bank One N.A. (Chicago), LOC) 2,600,000 1,555,000 Chicago, IL, (Series 1999 IDRB), Weekly VRDNs (Ade, Inc.)/(U.S. Bank, N.A. LOC) 1,555,000 6,150,000 Chicago, IL, (Series 2003 B-1), Weekly VRDNs (FSA INS)/(Bank One N.A. (Chicago), LIQ) 6,150,000 10,500,000 Chicago, IL, Chicago Midway Airport Special Facility Revenue Bonds, (Series 1998), 1.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2004 10,500,000 6,000,000 2,3 Cook County, IL, Roaring Forks, (Series 2004-1), Weekly VRDNs (AMBAC INS)/(Bank of New York LIQ) 6,000,000 515,000 Galva, IL, (Series 1999), Weekly VRDNs (John H. Best & Sons, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 515,000 3,740,000 Illinois Development Finance Authority, (Series 2001), Weekly VRDNs (Mangel BG Investments LLC)/(Lasalle Bank, N.A. LOC) 3,740,000 1,050,000 Illinois Development Finance Authority, IDB, (Series 1989), Weekly VRDNs (Addison 450 LP)/(Bank One N.A. (Chicago), LOC) 1,050,000 1,600,000 Illinois Development Finance Authority, IDB, (Series 1995), Weekly VRDNs (Evapco, Inc.)/(Bank of America N.A. LOC) 1,600,000 3,645,000 Illinois Development Finance Authority, IDB, (Series 2000A), Weekly VRDNs (Demar, Inc.)/(U.S. Bank, N.A. LOC) 3,645,000 3,000,000 Illinois Development Finance Authority, IDB, (Series 2000A), Weekly VRDNs (Processing Technologies, Inc.)/(U.S. Bank, N.A. LOC) 3,000,000 18,900,000 Illinois State Weekly VRDNs (DePfa Bank PLC LIQ) 18,900,000 5,960,000 Robbins (Village of), IL, (Series 2001), Weekly VRDNs (Robbins Property LLC)/(Citibank N.A., New York LOC) 5,960,000 Total 149,345,000 Indiana--3.0% 8,640,000 Carmel Clay Schools, IN, 2.00% TANs, 12/31/2004 8,649,803 750,000 Clarksville, IN, (Series 1997), Weekly VRDNs (Metal Sales Manufacturing Corp.)/(U.S. Bank, N.A. LOC) 750,000 8,000,000 Hamilton, IN Southeastern Schools, 1.75% TANs, 12/31/2004 8,007,786 1,170,000 Huntington, IN, (Series 1999), Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank Minnesota NA LOC) 1,170,000 12,105,000 2,3 Indiana Bond Bank, MERLOTS, (Series 2001 - A119), 1.25% TOBs (Indiana State Revolving Fund Program)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 12,105,000 2,825,000 2,3 Indiana State HFA, MERLOTS, (Series 2000-PPP), Weekly VRDNs (Wachovia Bank N.A. LIQ) 2,825,000 2,585,000 2,3 Indianapolis, IN Local Public Improvement Bond Bank, (PT-731), Weekly VRDNs (Indianapolis, IN Airport Authority)/(FSA INS)/(Merrill Lynch & Co., Inc. LIQ) 2,585,000 3,400,000 Indianapolis, IN, (Series 1999), Weekly VRDNs (Chip Ganassi Racing Teams)/(National City Bank, Pennsylvania LOC) 3,400,000 5,000,000 Jasper County, IN EDA, (Series 2000), Weekly VRDNs (T & M LP)/(Key Bank, N.A. LOC) 5,000,000 7,325,000 2,3 Jeffersonville, IN, (PT-1309), Weekly VRDNs (Armstrong Farms Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 7,325,000 1,660,000 Kendallville, IN, (Series 1995), Weekly VRDNs (Rivnut Real Estate, Ltd.)/(National City Bank, Ohio LOC) 1,660,000 3,560,000 Mishawaka, IN, (Series 2000), Weekly VRDNs (Atchison Indiana LLC)/(National City Bank, Indiana LOC) 3,560,000 9,500,000 Muncie, IN Community Schools, 2.00% TANs, 12/31/2004 9,510,789 5,250,000 Northern Wells, IN Community Schools, 2.00% TRANs, 12/31/2004 5,255,534 340,000 Richmond, IN, (Series 1996), Weekly VRDNs (Holland Colors Americas, Inc.)/(Bank One N.A. (Chicago), LOC) 340,000 10,000,000 Whiting, IN Environmental Facilities Revenue, (Series 2002B), Daily VRDNs (BP Products North America, Inc.)/(BP PLC GTD) 10,000,000 2,400,000 Whitley County, IN, (Series 1999), Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,400,000 Total 84,543,912 Kansas--0.7% 6,110,000 2,3 Sedgwick & Shawnee Counties, KS, MERLOTS, (Series 2001 A-35), 1.50% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 4/27/2005 6,110,000 2,825,000 2,3 Sedgwick & Shawnee Counties, KS, Variable Rate Certificates, (Series 1999W), Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 2,825,000 11,152,083 Unified Government of Wyandotte County/Kansas City, KS, (Series 2003-VII), 1.15% BANs, 11/1/2004 11,152,083 Total 20,087,083 Kentucky--0.8% 6,000,000 Graves County, KY, (Series 1988), Weekly VRDNs (Seaboard Farms)/(Bank of New York LOC) 6,000,000 1,210,000 Jefferson County, KY, (Series 1995), Weekly VRDNs (Derby Industries, Inc.)/(Fifth Third Bank, Cincinnati LOC) 1,210,000 11,995,000 2,3 Kenton County, KY Airport Board, Trust Receipts, (Series 1998F-1), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 11,995,000 2,415,000 Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Fifth Third Bank, Cincinnati LOC) 2,415,000 Total 21,620,000 Louisiana--1.0% 4,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust, (Louisiana Non-AMT)/(Series 2002-17), Weekly VRDNs (Louisiana State Gas & Fuels)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 4,000,000 5,000,000 Lake Charles, LA Harbor & Terminal District, (Series 1995A), Weekly VRDNs (Polycom-Huntsman, Inc.)/(Bank of America N.A. LOC) 5,000,000 10,100,000 Lake Charles, LA Harbor & Terminal District, (Series 2000), Weekly VRDNs (ConocoPhillips)/(Bank One N.A. (Chicago), LOC) 10,100,000 2,165,000 2,3 Louisiana HFA, Trust Receipts, (Series 1999 FR/RI-52), Weekly VRDNs (GNMA COL)/(Bayerische Hypotheken-und Vereinsbank AG LIQ) 2,165,000 7,000,000 Louisiana Public Facilities Authority, (Series 2002), Weekly VRDNs (Air Products & Chemicals, Inc.) 7,000,000 Total 28,265,000 Maine--0.5% 3,000,000 Biddeford, ME Weekly VRDNs, (DK Associates & Volk Packaging)/(Comerica Bank LOC) 3,000,000 1,950,000 Biddeford, ME, (Series 2000), Weekly VRDNs (Volk Packaging)/(Comerica Bank LOC) 1,950,000 5,730,000 2,3 Maine State Housing Authority, MERLOTS, (Series 2001-A108), 1.30% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 5,730,000 1,405,000 Trenton, ME, (Series 1998), Weekly VRDNs (Hinckley Co.)/(Key Bank, N.A. LOC) 1,405,000 1,565,000 Westbrook, ME Weekly VRDNs, (D & G Group)/(Fleet National Bank LOC) 1,565,000 Total 13,650,000 Maryland--1.1% 5,850,000 Maryland Industrial Development Financing Authority, (Series 1999), 1.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2004 5,850,000 2,495,000 2,3 Maryland State Community Development Administration, (PA-629R), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 2,495,000 6,190,000 Maryland State Community Development Administration, (Series 1990B), Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 6,190,000 8,750,000 Maryland State Community Development Administration, (Series 2003E), 1.25% TOBs, Mandatory Tender 12/21/2004 8,750,000 1,200,000 2,3 Maryland State Community Development Administration, (Series 2004 FR/RI-L59J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 1,200,000 1,990,000 2,3 Maryland State Community Development Administration, MERLOTS, (Series 2001-B2), Weekly VRDNs (Wachovia Bank N.A. LIQ) 1,990,000 4,000,000 Maryland State Economic Development Corp., (Series 2000), Weekly VRDNs (Hunter Douglas Northeast, Inc.)/(Wachovia Bank N.A. LOC) 4,000,000 750,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2002), Weekly VRDNs (Holton-Arms School, Inc.)/(SunTrust Bank LOC) 750,000 1,000,000 2,3 Northeast, MD Waste Disposal Authority, (PT-766), Weekly VRDNs (AMBAC INS)/(Landesbank Hessen-Thueringen, Frankfurt LIQ) 1,000,000 Total 32,225,000 Massachusetts--2.3% 18,800,000 2,3 Commonwealth of Massachusetts, PUTTERs, (Series 443), Weekly VRDNs (FGIC, FSA INS), and JPMorgan Chase Bank LIQs) 18,800,000 8,380,000 Dover-Sherborn, MA Regional School District, 1.75% BANs, 11/12/2004 8,380,781 7,500,000 2,3 Massachusetts Bay Transportation Authority General Transportation System, MERLOTS, (Series 2000H), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 7,500,000 2,800,000 Massachusetts Development Finance Agency, (Series 1998A), Weekly VRDNs (Shady Hill School)/(Citizens Bank of Massachusetts LOC) 2,800,000 3,260,000 Massachusetts HEFA, (Series 2004G), Weekly VRDNs (Winchester Hospital)/(Fleet National Bank LOC) 3,260,000 1,000,000 Massachusetts HEFA, (Series A-1), Weekly VRDNs (Sherrill House)/(Comerica Bank LOC) 1,000,000 4,500,000 Massachusetts IFA, (Series 1997), Weekly VRDNs (Parker-Hannifin Corp.)/(Key Bank, N.A. LOC) 4,500,000 4,000,000 Massachusetts State HFA, (Series R), 1.15% BANs, 5/2/2005 4,000,000 14,610,000 2,3 Massachusetts Water Resources Authority, Class A Certificates, (Series 2002-208), Daily VRDNs (FSA INS)/(Bear Stearns Cos., Inc. LIQ) 14,610,000 Total 64,850,781 Michigan--0.7% 14,380,000 2,3 Detroit, MI City School District, MERLOTS, (Series 2000 A8), 1.25% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 14,380,000 6,000,000 2,3 Grand Rapids & Kent County, MI Joint Building Authority, (Series 2001-JPMC7), Weekly VRDNs (Kent County, MI)/(J.P. Morgan Chase & Co. LIQ) 6,000,000 Total 20,380,000 Minnesota--1.4% 2,750,000 Apple Valley, MN, IDRB, (Series 1995), Weekly VRDNs (AV Development Co.)/(U.S. Bank, N.A. LOC) 2,750,000 3,000,000 Coon Rapids, MN, (Series 1999), Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 3,000,000 6,440,000 2,3 Dakota County & Washington County MN Housing & Redevelopment Authority, MERLOTS, (Series J), Weekly VRDNs (United States Treasury COL)/(Wachovia Bank N.A. LIQ) 6,440,000 3,320,000 Hennepin County, MN Housing and Redevelopment Authority Weekly VRDNs (Stone Arch Apartments)/(Lasalle Bank, N.A. LOC) 3,320,000 1,800,000 Minneapolis, MN IDA, (Series 1999), Weekly VRDNs (Viking Materials, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 1,800,000 5,220,000 2,3 Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-735), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ) 5,220,000 1,605,000 2,3 Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-908), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 1,605,000 8,975,000 2,3 Minnesota Public Facilities Authority, (PT-1175), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 8,975,000 1,900,000 Northfield, MN, (Series 2003), Weekly VRDNs (Summerfield Investments LLC)/(Lasalle Bank, N.A. LOC) 1,900,000 1,780,000 Savage, MN, (Series 1998), Weekly VRDNs (Fabcon, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 1,780,000 715,000 Springfield, MN, (Series 1998), Weekly VRDNs (Ochs Brick Co.)/(Wells Fargo Bank Minnesota N.A. LOC) 715,000 2,250,000 White Bear Lake, MN, (Series 1999), Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,250,000 Total 39,755,000 Mississippi--1.9% 2,775,000 2,3 Mississippi Home Corp., (PT-1446), Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) 2,775,000 7,500,000 Mississippi Home Corp., (Series 2004-6), Weekly VRDNs (Windsor Park Partners, LP)/(FNMA LOC) 7,500,000 7,500,000 2,3 Mississippi Home Corp., MERLOTS, (Series 2001 A8), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 7,500,000 3,595,000 2,3 Mississippi Home Corp., MERLOTS, (Series YYY), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 3,595,000 18,685,000 2,3 Mississippi Home Corp., Roaring Forks, (Series 2002-16), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) 18,685,000 3,940,000 2,3 Mississippi Home Corp., Roaring Forks Certificates, (Series 2001-14), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) 3,940,000 9,790,000 Mississippi Regional Housing Authorithy No. II, (Series 1998), 2.15% TOBs (Bradford Park Apartments)/(Amsouth Bank N.A., Birmingham LOC), Mandatory Tender 10/1/2005 9,790,000 Total 53,785,000 Missouri--1.6% 2,435,000 2,3 Missouri State Housing Development Commission, MERLOTS, (Series 2001-A81), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 2,435,000 1,385,000 2,3 Missouri State Housing Development Commission, MERLOTS, (Series 2000-QQQ), 1.30% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 1,385,000 3,025,000 2,3 Missouri State Housing Development Commission, MERLOTS, (Series 2001 A28), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 3,025,000 1,000,000 St. Louis, MO IDA, (Series 1997), Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, N.A., Kansas City LOC) 1,000,000 36,975,000 2,3 University of Missouri, Capital Project Notes, (Series 2004 FR/RI-L44), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 36,975,000 Total 44,820,000 Montana--0.7% 7,790,000 2,3 Montana State Board of Housing, (Series 2004 FR/RI-L6), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 7,790,000 2,815,000 2,3 Montana State Board of Housing, MERLOTS, (Series 2002 A19), Weekly VRDNs (Wachovia Bank N.A. LIQ) 2,815,000 4,650,000 2,3 Montana State Board of Housing, PUTTERs, (Series 348), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 4,650,000 6,155,000 2,3 Montana State Board of Housing, Variable Certificates, (Series 2002L), Weekly VRDNs (Bank of America N.A. LIQ) 6,155,000 Total 21,410,000 Multi State--8.3% 10,823,934 2,3 ABN AMRO Chicago Corp. 1997-1 LeaseTOPS Trust Weekly VRDNs (Lasalle Bank, N.A. LIQ)/(Lasalle Bank, N.A. LOC) 10,823,934 4,485,500 2,3 BNY Municipal Certificates Trust, (Series 2002-BNY1), Weekly VRDNs (Bank of New York LIQ)/(Bank of New York LOC) 4,485,500 8,800,000 2,3 Charter Mac Floater Certificates Trust I, (Nat-1 Series), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Belgium, Fleet National Bank, KBC Bank N.V., Landesbank Baden-Wuerttemberg, Lloyds TSB Bank PLC, London and State Street Bank and Trust Co. LIQs) 8,800,000 6,500,000 2,3 Charter Mac Floater Certificates Trust I, (Nat-2 Series), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Belgium, Fleet National Bank, KBC Bank N.V., Landesbank Baden-Wuerttemberg, Lloyds TSB Bank PLC, London and State Street Bank and Trust Co. LIQs) 6,500,000 7,000,000 Charter Mac Floater Certificates Trust I, (Nat-4 Series), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Belgium, Fleet National Bank, KBC Bank N.V., Landesbank Baden-Wuerttemberg, Lloyds TSB Bank PLC, London and State Street Bank and Trust Co. LIQs) 7,000,000 35,625,000 2,3 Clipper Tax-Exempt Certificates Trust, (AMT MultiState)/(Series 1999-3), Weekly VRDNs (State Street Bank and Trust Co. LIQ) 35,625,000 38,202,000 2,3 Clipper Tax-Exempt Certificates Trust, (AMT Multistate)/(Series 2002-09), Weekly VRDNs (AMBAC, FGIC, FSA, MBIA Insurance Corp. INS), and State Street Bank and Trust Co. LIQs) 38,202,000 16,670,000 2,3 Clipper Tax-Exempt Certificates Trust, (Multistate-AMT)/(Series 2003-01), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 16,670,000 27,365,000 2,3 Clipper Tax-Exempt Certificates Trust, (Multistate-AMT)/(Series 2003-03), Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) 27,365,000 34,261,073 2,3 Clipper Tax-Exempt Certificates Trust, (Multistate-AMT)/(Series 2003-10), Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ) 34,261,073 33,775,000 2,3 Clipper Tax-Exempt Certificates Trust, (Multistate-AMT)/(Series 2004-02), Weekly VRDNs (State Street Bank and Trust Co. LIQ) 33,775,000 1,136,691 2,3 Koch Floating Rate Trust, (Multistate Non-AMT)/(Series 1998-2), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 1,136,691 1,536,374 2,3 Koch Floating Rate Trust, (Multistate Non-AMT)/(Series 1999-2), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 1,536,374 3,402,930 2,3 Koch Floating Rate Trust, (Multistate Non-AMT)/(Series 2001-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 3,402,930 6,304,077 2,3 Koch Floating Rate Trust,(Multistate Non-AMT)/(Series 2002-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 6,304,077 Total 235,887,579 Nebraska--1.0% 3,400,000 Douglas County, NE, (Series 1997), Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 3,400,000 1,800,000 Douglas County, NE, (Series 2000), Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 1,800,000 8,995,000 Nebraska Investment Finance Authority, (Series 2001 E), Weekly VRDNs (Federal Home Loan Bank of Topeka LIQ) 8,995,000 8,496,000 Nebraska Investment Finance Authority, (Series 2001 F), Weekly VRDNs (Federal Home Loan Bank of Topeka LIQ) 8,496,000 905,000 2,3 Nebraska Investment Finance Authority, MERLOTS, (Series 2000-O), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 905,000 5,700,000 Stanton County, NE, (Series 1998), Weekly VRDNs (Nucor Corp.) 5,700,000 Total 29,296,000 Nevada--1.4% 12,500,000 Clark County, NV IDRB, (Series 2003A), Weekly VRDNs (Southwest Gas Corp.)/(Fleet National Bank LOC) 12,500,000 7,140,000 Clark County, NV, (Series 1997A), 1.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2004 7,140,000 7,535,000 Clark County, NV, (Series 1998), 1.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2004 7,535,000 13,000,000 2,3 Washoe County, NV Water Facilities Revenue, (Series 2004 FR/RI-F9J), Weekly VRDNs (Sierra Pacific Power Co.)/(Lehman Brothers Holdings, Inc. SWP) 13,000,000 Total 40,175,000 New Hampshire--1.3% 3,945,000 New Hampshire Business Finance Authority, (Series 2002), Weekly VRDNs (GT Equipment Technologies, Inc.)/(Fleet National Bank LOC) 3,945,000 1,647,000 New Hampshire Business Finance Authority, (Series A), Weekly VRDNs (Upper Valley Press)/(Key Bank, N.A. LOC) 1,647,000 10,000,000 New Hampshire Business Finance Authority, PCRB (Series A), 1.20% CP (New England Power Co.), Mandatory Tender 11/10/2004 10,000,000 10,000,000 New Hampshire Business Finance Authority, PCRB (Series A), 1.82% CP (New England Power Co.), Mandatory Tender 1/11/2005 10,000,000 9,160,000 New Hampshire Higher Educational & Health Facilities Authority, (Series 1997B), Weekly VRDNs (RiverWoods at Exeter)/(Lasalle Bank, N.A. LOC) 9,160,000 2,010,000 2,3 New Hampshire State HFA, MERLOTS, (Series 2001 A-51), Weekly VRDNs (Wachovia Bank N.A. LIQ) 2,010,000 1,420,000 2,3 New Hampshire State HFA, MERLOTS, (Series 2001-A82), Weekly VRDNs (Wachovia Bank N.A. LIQ) 1,420,000 Total 38,182,000 New Jersey--3.3% 16,000,000 East Brunswick Township, NJ, 2.50% BANs, 1/8/2005 16,022,519 1,315,000 Lopatcong, NJ, 1.85% BANs, 4/1/2005 1,315,908 7,000,000 New Jersey EDA, (Series 2001), Weekly VRDNs (Ocean Spray Cranberries, Inc.)/(Wachovia Bank N.A. LOC) 7,000,000 20,000,000 2,3 New Jersey State, (Series 2004 FR/RI-L56J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 20,000,000 20,650,000 New Jersey Turnpike Authority, (Series 2003C-1), Weekly VRDNs (FSA INS)/(WestLB AG (Guaranteed), LIQ) 20,650,000 8,300,000 New Jersey Turnpike Authority, (Series 2003C-3), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 8,300,000 4,900,000 Old Bridge Township, NJ Board of Education, 3.00% BANs, 10/13/2005 4,952,446 5,422,138 Perth Amboy, NJ, 3.00% BANs, 8/5/2005 5,474,728 1,646,000 Union Beach, NJ, 2.00% BANs, 3/17/2005 1,648,082 4,886,000 Union City, NJ, 3.00% BANs, 5/18/2005 4,919,873 3,217,000 Willingboro Township, NJ, 3.00% BANs, 7/22/2005 3,246,160 Total 93,529,716 New Mexico--1.8% 2,165,000 Albuquerque, NM, (Series 1996), Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,165,000 4,910,000 Albuquerque, NM, (Series 1999), Weekly VRDNs (El Encanto, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 4,910,000 3,500,000 Los Lunas Village, NM, (Series 1998), Weekly VRDNs (Wall Colmonoy Corp.)/(Standard Federal Bank, N.A. LOC) 3,500,000 10,000,000 New Mexico Mortgage Finance Authority, (Series 2004), 1.84% TOBs (Trinity Plus Funding Co. LLC), Mandatory Tender 3/1/2005 10,000,000 20,000,000 New Mexico Mortgage Finance Authority, 1.84% TOBs (AIG Funding, Inc.), Mandatory Tender 9/23/2005 20,000,000 1,470,000 2,3 New Mexico Mortgage Finance Authority, MERLOTS, (Series 2001 A9), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 1,470,000 3,820,000 2,3 New Mexico Mortgage Finance Authority, MERLOTS, 2001 A66, 1.30% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 3,820,000 2,535,000 2,3 New Mexico Mortgage Finance Authority, MERLOTS, (Series 2000-A18), 1.30% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 2,535,000 2,770,000 2,3 New Mexico Mortgage Finance Authority, (PT-739) Weekly VRDNs (GNMA COL)/(BNP Paribas SA LIQ) 2,770,000 Total 51,170,000 New York--4.7% 5,907,750 Adirondack, NY Central School District, 3.00% BANs, 9/14/2005 5,965,677 10,246,000 Clymer, NY Central School District, 2.75% BANs, 6/23/2005 10,307,293 5,000,000 Commack, NY Union Free School District, 2.00% BANs, 11/19/2004 5,001,968 1,650,000 East Rochester, NY Housing Authority, (Series 2001: Daniel's Creek at Baytowne), Weekly VRDNs (Seabury Associates LP)/(HSBC Bank USA LOC) 1,650,000 14,175,000 Johnson City, NY Central School District, 3.00% BANs, 6/17/2005 14,283,766 2,750,000 Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Series 2002B), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 2,750,000 20,000,000 New York City Trust For Cultural Resources, (Series 2000), Weekly VRDNs (Manhattan School of Music)/(Radian Asset Assurance INS)/(Wachovia Bank N.A. LIQ), 20,000,000 3,000,000 New York City, NY Housing Development Corp., (Series 2003A: 2 Gold Street), Weekly VRDNs (2 Gold LLC)/(Fleet National Bank LOC) 3,000,000 335,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds, (2003 Subseries 2-A), Daily VRDNs (Dexia Credit Local LIQ) 335,000 44,300,000 New York State Local Government Assistance Corp., (Series 2003A-5V), Subordinate Lien Refunding Bonds Weekly VRDNs (FSA INS)/(Bank of Nova Scotia, Toronto LIQ) 44,300,000 10,000,000 Syracuse, NY, (Series 2004D), 2.75% RANs (Bank of New York LOC), 6/30/2005 10,066,656 17,500,000 Waterloo, NY Central School District, 3.00% BANs, 6/20/2005 17,646,280 Total 135,306,640 North Carolina--1.5% 3,000,000 Catawba County, NC Industrial Facilities & PCFA, (Series 2001), Weekly VRDNs (McLin Creek Partners LLC)/(Wachovia Bank N.A. LOC) 3,000,000 2,840,000 2,3 Charlotte, NC Airport, (PT-719), 1.50% TOBs (MBIA Insurance Corp. INS)/(BNP Paribas SA LIQ), Optional Tender 5/5/2005 2,840,000 4,530,000 Davie County, NC Industrial Facilties & PCFA Weekly VRDNs (Cycle Group, Inc.)/(Wachovia Bank N.A. LOC) 4,530,000 1,000,000 Guilford County, NC Industrial Facilities & PCFA, (Series 2002), Weekly VRDNs (YMCA of Greensboro)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,000,000 7,245,000 Halifax County, NC Industrial Facilities & PCFA, (Series 1993), Daily VRDNs (Westmoreland LG&E)/(Dexia Credit Local LOC) 7,245,000 3,500,000 Montgomery County, NC Industrial Facilities & PCFA, (Series 2000), Daily VRDNs (Republic Services, Inc.)/(SunTrust Bank LOC) 3,500,000 950,000 North Carolina Capital Facilities Finance Agency, (Series 2001), Weekly VRDNs (Forsyth Country Day School, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 950,000 3,500,000 North Carolina Capital Facilities Finance Agency, (Series 2001), Weekly VRDNs (Pfeiffer University)/(Wachovia Bank N.A. LOC) 3,500,000 1,225,000 North Carolina Capital Facilities Finance Agency, (Series 2001), Weekly VRDNs (Queens College)/(Bank of America N.A. LOC) 1,225,000 390,000 North Carolina Capital Facilities Finance Agency, (Series 2002), Weekly VRDNs (Wolfpack Club)/(Bank of America N.A. LOC) 390,000 2,795,000 2,3 North Carolina HFA, MERLOTS, (Series 2000 A37), Weekly VRDNs (Wachovia Bank N.A. LIQ) 2,795,000 11,000,000 2,3 North Carolina State, (PT-413), 1.35% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 4/21/2005 11,000,000 240,000 Sampson County, NC Industrial Facilities & PCFA, (Series 1997), Weekly VRDNs (DuBose Strapping, Inc.)/(Wachovia Bank N.A. LOC) 240,000 Total 42,215,000 Ohio--2.5% 4,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust, (Ohio Non-AMT)/(Series 1998-18), (Series 1998-18), 1.25% TOBs (Cleveland, OH Waterworks)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 11/3/2004 4,000,000 6,000,000 Clark County, OH, (Series 2002), Weekly VRDNs (Ohio Masonic Home)/(AMBAC INS)/(JPMorgan Chase Bank LIQ) 6,000,000 9,000,000 Cleveland, OH Waterworks, (Series 2004-M), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 9,000,000 5,980,000 2,3 Cuyahoga County, OH, (PT-1966), Weekly VRDNs (Antioch Towers Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 5,980,000 3,950,000 Hamilton, OH Multi-Family Housing, (Series 2003A: Knollwood Crossing II Apartments), Weekly VRDNs (Pedcor Investments-2003-LIX LP)/(Federal Home Loan Bank of Indianapolis LOC) 3,950,000 8,000,000 Huber Heights, OH, IDRB (Series 1999), Weekly VRDNs (Paxar Corp.)/(SunTrust Bank LOC) 8,000,000 5,500,000 Medina County, OH, (Series 1998), Weekly VRDNs (Mack Industries, Inc.)/(Huntington National Bank, Columbus, OH LOC) 5,500,000 2,300,000 2,3 Ohio HFA, MERLOTS, (Series 2001-A78), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ) 2,300,000 4,465,000 2,3 Ohio HFA, Variable Rate Certificates, (Series 2001-I), Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 4,465,000 5,525,000 2,3 Ohio State Building Authority, (Series 2002), FR/RI-L39J Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 5,525,000 1,270,000 Ohio State Water Development Authority Pollution Control Facilities, (Series 2002), Weekly VRDNs (PPG Industries, Inc.) 1,270,000 4,000,000 Ohio State Water Development Authority, (Series 2002), Weekly VRDNs (PEL Technologies LLC)/(Key Bank, N.A. LOC) 4,000,000 1,800,000 Ohio Waste Development Authority Solid Waste, (Series 2001), Daily VRDNs (BP Products North America, Inc.)/(BP PLC GTD) 1,800,000 5,300,000 Ohio Waste Development Authority Solid Waste, Refunding, (Series 2002), Daily VRDNs (BP Products North America, Inc.)/(BP PLC GTD) 5,300,000 2,000,000 Shaker Heights, OH, 1.35% BANs, 12/9/2004 2,000,409 2,107,600 Wapakoneta, OH, 2.20% BANs, 6/16/2005 2,110,169 Total 71,200,578 Oklahoma--0.9% 6,000,000 Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank LOC) 6,000,000 12,700,000 2,3 Clipper Tax-Exempt Certificates Trust, (Oklahoma AMT)/(Series 2004-3), Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ) 12,700,000 6,000,000 Oklahoma Development Finance Authority, (Series 2003), 1.35% TOBs (ConocoPhillips Co.)/(ConocoPhillips GTD), Optional Tender 12/1/2004 6,000,000 Total 24,700,000 Oregon--1.6% 27,550,000 Oregon State Housing and Community Services Department, (Series P), 1.25% TOBs, Mandatory Tender 1/6/2005 27,550,000 8,500,000 Port of Morrow, OR, (Series 2001A), Weekly VRDNs (Threemile Canyon Farms LLC)/(Key Bank, N.A. LOC) 8,500,000 10,000,000 Port of Morrow, OR, (Series 2001C), Weekly VRDNs (Threemile Canyon Farms LLC)/(Key Bank, N.A. LOC) 10,000,000 Total 46,050,000 Pennsylvania--3.4% 1,000,000 Chester County, PA IDA, (Series 2000A), Weekly VRDNs (Innovative Solutions and Support, Inc.)/(PNC Bank, N.A. LOC) 1,000,000 8,000,000 Erie, PA City School District, 2.75% TRANs, 6/30/2005 8,050,323 1,667,000 Northampton County, PA IDA, (Series 1997), Weekly VRDNs (Ultra-Poly Corp.)/(PNC Bank, N.A. LOC) 1,667,000 1,000,000 Pennsylvania EDFA Weekly VRDNs (Cyrogenics, Inc.)/(PNC Bank, N.A. LOC) 1,000,000 25,000,000 Pennsylvania State Higher Education Assistance Agency, (Series 1997A), Weekly VRDNs (AMBAC INS)/(Dexia Bank, Belgium LIQ) 25,000,000 20,300,000 Pennsylvania State Higher Education Assistance Agency, (Series 2003 A-1), Weekly VRDNs (AMBAC INS)/(Dexia Bank, Belgium LIQ) 20,300,000 10,000,000 Pennsylvania State Higher Education Assistance Agency, (Series 2003 A-2), Weekly VRDNs (AMBAC INS)/(Dexia Bank, Belgium LIQ) 10,000,000 19,600,000 Pennsylvania State Higher Education Assistance Agency, (Series 2002 A), Weekly VRDNs (FSA INS)/(Bayerische Landesbank Girozentrale, Lloyds TSB Bank PLC, London, State Street Bank and Trust Co. and WestLB AG (Guaranteed), LIQs) 19,600,000 9,500,000 Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2003A), Daily VRDNs (Children's Hospital of Philadelphia)/(JPMorgan Chase Bank LIQ) 9,500,000 Total 96,117,323 Rhode Island--0.6% 7,500,000 Lincoln, RI, 3.00% BANs, 10/12/2005 7,580,682 3,855,000 Rhode Island Industrial Facilities Corp., (Series 2001), Weekly VRDNs (Interplex Industries, Inc.)/(Key Bank, N.A. LOC) 3,855,000 5,910,000 Warwick, RI Housing Authority, (Series 2001), Daily VRDNs (Trafalgar East Apartments)/(Fleet National Bank LOC) 5,910,000 Total 17,345,682 South Carolina--2.1% 20,000,000 Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.) 20,000,000 25,000 Berkeley County, SC IDB, (Series 1989), Weekly VRDNs (W.W. Williams Co.)/(Bank One N.A. (Columbus), LOC) 25,000 19,000,000 Berkeley County, SC IDB, (Series 1996A), Weekly VRDNs (Nucor Corp.) 19,000,000 500,000 Berkeley County, SC IDB, (Series 1997), Weekly VRDNs (Nucor Corp.) 500,000 13,000,000 Berkeley County, SC IDB, (Series 1998), Weekly VRDNs (Nucor Corp.) 13,000,000 2,140,000 South Carolina Jobs-EDA Weekly VRDNs (Boozer Lumber Co.)/(SouthTrust Bank of Alabama, Birmingham LOC) 2,140,000 250,000 South Carolina Jobs-EDA, (Series 1990), Weekly VRDNs (NMFO Associates)/(Wachovia Bank N.A. LOC) 250,000 450,000 South Carolina Jobs-EDA, (Series 1990), Weekly VRDNs (Old Claussen's Bakery)/(Wachovia Bank N.A. LOC) 450,000 250,000 South Carolina Jobs-EDA, (Series 1990), Weekly VRDNs (Rice Street Association)/(Wachovia Bank N.A. LOC) 250,000 3,700,000 South Carolina Jobs-EDA, (Series 1996), Weekly VRDNs (PVC Container Corp. Project)/(PNC Bank, N.A. LOC) 3,700,000 2,000,000 York County, SC IDA, (Series1989), Weekly VRDNs (Sediver Inc.)/(BNP Paribas SA LOC) 2,000,000 Total 61,315,000 South Dakota--0.2% 5,000,000 South Dakota Housing Development Authority, (2003 Series F), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 5,000,000 Tennessee--0.6% 1,000,000 Cheatham County, TN IDB, (Series 1997B), Weekly VRDNs (Triton Boat Co.)/(Amsouth Bank N.A., Birmingham LOC) 1,000,000 3,000,000 Jackson, TN IDB, Solid Waste Facility Bonds, (Series 1995), Weekly VRDNs (Florida Steel Corp.)/(Bank of America N.A. LOC) 3,000,000 950,000 Knox County, TN IDB, (Series 1996), Weekly VRDNs (Health Ventures, Inc.)/(SunTrust Bank LOC) 950,000 9,505,000 Shelby County, TN Health Education & Housing Facilities Board, (Series 1988), Weekly VRDNs (Arbor Lake Project)/(PNC Bank, N.A. LOC) 9,505,000 300,000 South Pittsburg, TN IDB, (Series 1996), Weekly VRDNs (Lodge Manufacturing Co.)/(SunTrust Bank LOC) 300,000 2,520,000 Tullahoma, TN IDB, (Series 1995), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC) 2,520,000 Total 17,275,000 Texas--13.5% 12,000,000 2,3 Austin, TX Airport System, MERLOTS, (Series 2000J), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 12,000,000 14,925,000 2,3 Austin, TX Housing Finance Corp., (PT-1348), Weekly VRDNs (Blunn Creek Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 14,925,000 5,000,000 2,3 Austin, TX, MERLOTS, (Series 2000-A26), 1.30% TOBs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 5,000,000 5,200,000 Brazos Harbor, TX IDC, (Series 2003), 1.80% TOBs (ConocoPhillips Co.)/(ConocoPhillips GTD), Optional Tender 8/1/2005 5,200,000 15,125,000 Brazos River Authority, TX, (Series 2001 D-1), Weekly VRDNs (TXU Energy)/(Credit Suisse First Boston LOC) 15,125,000 17,298,000 Brazos River Authority, TX, (Series 2001 D-2), Weekly VRDNs (TXU Energy)/(JPMorgan Chase Bank LOC) 17,298,000 1,200,000 Brazos River Authority, TX, (Series 2002A), Weekly VRDNs (TXU Energy)/(Citibank NA, New York LOC) 1,200,000 5,910,000 Colorado County, TX IDC, (Series 2000), Weekly VRDNs (Great Southern Wood, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC) 5,910,000 9,000,000 2,3 Dallas-Fort Worth, TX International Airport, (PA-1061), Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 9,000,000 3,915,000 2,3 Dallas-Fort Worth, TX International Airport, (PT-738), Weekly VRDNs (FGIC INS)/(Danske Bank A/S LIQ) 3,915,000 3,185,000 2,3 Dallas-Fort Worth, TX International Airport, MERLOTS, (Series 2002-A13), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 3,185,000 4,995,000 2,3 Dallas-Fort Worth, TX International Airport, PUTTERs, (Series 354), Weekly VRDNs (FSA INS)/(JPMorgan Chase Bank LIQ) 4,995,000 7,150,000 2,3 Dallas-Fort Worth, TX International Airport, PUTTERs, (Series 350), Weekly VRDNs (MBIA Insurance Corp. INS)/(JPMorgan Chase Bank LIQ) 7,150,000 3,000,000 2,3 Dallas-Fort Worth, TX International Airport, ROCs (Series 268), Weekly VRDNs (MBIA Insurance Corp. INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 3,000,000 21,650,000 2,3 Dallas-Fort Worth, TX International Airport, Roaring Forks, (Series 2003-4), Weekly VRDNs (FSA, MBIA Insurance Corp. INS), and Bank of New York LIQs) 21,650,000 3,225,000 2,3 El Paso, TX Housing Finance Corp., MERLOTS, (Series 2001 A-40), 1.30% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 3,225,000 14,800,000 Gulf Coast, TX IDA, Marine Terminal Revenue Bonds, (Series 1993), Daily VRDNs (BP Amoco Corp) 14,800,000 21,000,000 Gulf Coast, TX Waste Disposal Authority Daily VRDNs (BP Amoco Corp) 21,000,000 27,500,000 Gulf Coast, TX Waste Disposal Authority, (Series 1993), Daily VRDNs (BP Amoco Corp.) 27,500,000 25,000,000 Gulf Coast, TX Waste Disposal Authority, (Series 1994), Daily VRDNs (BP Amoco Corp.) 25,000,000 20,950,000 Gulf Coast, TX Waste Disposal Authority, (Series 1994), Daily VRDNs (BP Amoco Corp.) 20,950,000 11,900,000 Gulf Coast, TX Waste Disposal Authority, (Series 1997), Daily VRDNs (BP Amoco Corp.) 11,900,000 3,400,000 Gulf Coast, TX Waste Disposal Authority, (Series 2001), Daily VRDNs (BP Amoco Corp.)/(BP PLC GTD) 3,400,000 8,000,000 Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds, (Series 1999), Weekly VRDNs (Air Products LP)/(Air Products & Chemicals, Inc. GTD) 8,000,000 3,100,000 Harris County, TX HFDC, (Series 2002), Daily VRDNs (Methodist Hospital, Harris County, TX) 3,100,000 4,449,000 2,3 Harris County, TX HFDC, Roaring Forks Certificates, (Series 2001-13), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ) 4,449,000 9,585,000 2,3 Houston, TX Airport System, MERLOTS, (Series 2001-B4), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 9,585,000 13,460,000 2,3 Houston, TX, (Series 2004 FR/RI-L41), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 13,460,000 3,500,000 Lower Neches Valley Authority, TX, (Series 2003), Weekly VRDNs (Onyx Environmental Services LLC)/(Fleet National Bank LOC) 3,500,000 15,000,000 Port Arthur Navigation District, TX IDC, (Series 2001), Weekly VRDNs (Air Products & Chemicals, Inc.) 15,000,000 3,475,000 Saginaw, TX IDA, (Series 1998), Weekly VRDNs (Glad Investing Partners Ltd.)/(Bank One N.A. (Chicago), LOC) 3,475,000 6,310,000 2,3 San Antonio, TX Electric & Gas System, MERLOTS, (Series 2002-A53), 1.75% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 7/20/2005 6,310,000 7,000,000 2,3 San Antonio, TX Independent School District, (PT-1184), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch & Co., Inc. LIQ) 7,000,000 2,425,000 2,3 Tarrant County, TX Housing Finance Corp., (PT-2044), Weekly VRDNs (Hulen Bend Seniors Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 2,425,000 6,500,000 Texas State Department of Housing & Community Affairs, (Series 2004F), 1.95% TOBs, Mandatory Tender 8/31/2005 6,500,000 9,169,000 2,3 Texas State Department of Housing & Community Affairs, Clippers, (Series 2001-1), 1.65% TOBs (GNMA COL)/(State Street Bank and Trust Co. LIQ), Optional Tender 3/10/2005 9,169,000 2,295,000 2,3 Texas State Department of Housing & Community Affairs, Variable Certificates, (Series 2001A), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 2,295,000 30,000,000 Texas State, (Series 2004), 3.00% TRANs, 8/31/2005 30,342,930 3,850,000 Waxahachie, TX IDA, (Series 1998), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC) 3,850,000 Total 385,788,930 Utah--0.1% 1,500,000 West Jordan, UT, (Series 1999), Weekly VRDNs (Penco Products, Inc.)/(Key Bank, N.A. LOC) 1,500,000 Vermont--0.4% 6,785,000 2,3 Vermont HFA, MERLOTS, (Series 2001-A49), 1.30% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 6,785,000 5,995,000 2,3 Vermont HFA, MERLOTS, (Series 2001-A91), 1.30% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 5,995,000 Total 12,780,000 Virginia--3.0% 2,000,000 Campbell County, VA IDA Weekly VRDNs (Georgia-Pacific Corp.)/(Bank of America N.A. LOC) 2,000,000 42,515,000 Fairfax County, VA IDA, (Series 2000), Weekly VRDNs (Inova Health System) 42,515,000 8,000,000 Halifax, VA IDA, MMMs, PCRB, (Series 1992), 1.80% CP (Virginia Electric & Power Co.), Mandatory Tender 1/14/2005 8,000,000 10,000,000 Halifax, VA IDA, MMMs, PCRB, (Series 1992), 1.85% CP (Virginia Electric & Power Co.), Mandatory Tender 11/12/2004 10,000,000 5,000,000 2,3 Harrisonburg, VA Redevelopment & Housing Authority, (PT-485), 1.70% TOBs (Rolling Brook Village Apartments)/(FHLMC GTD)/(FHLMC LIQ), Optional Tender 9/8/2005 5,000,000 4,500,000 Newport News, VA Redevelopment & Housing Authority, (Series 2001A), Weekly VRDNs (Admiral Pointe Apartments)/(SunTrust Bank LOC) 4,500,000 4,630,000 Portsmouth, VA Redevelopment and Housing Authority, (Series 2000), Weekly VRDNs (Yorkshire Square Townhouse Apartments)/(SunTrust Bank LOC) 4,630,000 6,500,000 2,3 Virginia Port Authority, MERLOTS, (Series 1997M), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 6,500,000 3,000,000 Winchester, VA IDA, (Series 2001), Weekly VRDNs (Northwood Manufacturing)/(Wachovia Bank N.A. LOC) 3,000,000 Total 86,145,000 Washington--3.3% 6,990,000 2,3 Chelan County, WA Public Utility District No. 1, MERLOTS, (Series 2001-B1), Weekly VRDNs (Chelan Hydro Consolidated System)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 6,990,000 8,450,000 Energy Northwest, WA, Electric Revenue Bonds, (Series 2003-E: Project No. 3), Weekly VRDNs (JPMorgan Chase Bank LOC) 8,450,000 5,233,000 2,3 Energy Northwest, WA, Piper Certificates, (Series 2002C), Weekly VRDNs (FSA INS)/(Bank of New York LIQ) 5,233,000 9,000,000 Pierce County, WA Economic Development Corp., (Series 1995), Weekly VRDNs (Simpson-Tacoma Kraft Co.)/(Bank of America N.A. LOC) 9,000,000 5,205,000 Port of Pasco, WA Economic Development Corp,, (Series 1996), Weekly VRDNs (Douglas Fruit Company, Inc.)/(U.S. Bank, N.A. LOC) 5,205,000 2,495,000 2,3 Port of Seattle, WA, (PT-720), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ) 2,495,000 4,450,000 2,3 Port of Seattle, WA, (PT-728) Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ) 4,450,000 4,320,000 2,3 Port of Seattle, WA, (PT-850), 1.66% TOBs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 8/18/2005 4,320,000 3,540,000 2,3 Port of Seattle, WA, (PT-1718), Weekly VRDNs (FGIC INS)/(WestLB AG (GTD), LIQ) 3,540,000 8,600,000 2,3 Port of Seattle, WA, (PT-1780), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 8,600,000 7,760,000 2,3 Port of Seattle, WA, MERLOTS, (Series 2001-A53), 1.30% TOBs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/18/2004 7,760,000 2,420,000 Seattle, WA Housing Authority, (Series 2002: New Holly Project Phase III), Weekly VRDNs (Desdemona LP)/(Key Bank, N.A. LOC) 2,420,000 8,550,000 Seattle, WA Housing Authority, (Series 2003), Weekly VRDNs (High Point North LP)/(Bank of America N.A. LOC) 8,550,000 11,810,000 2,3 Spokane, WA Public Facilities District, MERLOTS, (Series 2001-A111), 1.30% TOBs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 11,810,000 5,350,000 Washington State Housing Finance Commission, (Series 2002A), Weekly VRDNs (Alderwood Court Associates LP)/(FNMA LOC) 5,350,000 Total 94,173,000 West Virginia--0.6% 1,510,000 Berkeley County, WV County Commission, (Series 1994), Weekly VRDNs (Brentwood Industries, Inc.)/(Wachovia Bank N.A. LOC) 1,510,000 9,000,000 Grant County, WV County Commission, PCRB, (Series 1994), 1.40% CP (Virginia Electric & Power Co.), Mandatory Tender 11/18/2004 9,000,000 1,500,000 Grant County, WV County Commission, PCRB, (Series 1994), 1.87% CP (Virginia Electric & Power Co.), Mandatory Tender 1/18/2005 1,500,000 4,850,000 2,3 South Charleston, WV, PT-1637 Weekly VRDNs (Southmoor Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 4,850,000 Total 16,860,000 Wisconsin--0.5% 1,000,000 Grand Chute, WI, (Series 2000A), Weekly VRDNs (Pacon Corp.)/(U.S. Bank, N.A. LOC) 1,000,000 2,430,000 Hartford, WI, (Series 2000), Weekly VRDNs (Advance Bag, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) 2,430,000 6,000,000 Mequon-Thiensville, WI School District, 2.50% TRANs, 9/9/2005 6,040,316 2,300,000 Milwaukee, WI, (Series 1997), 1.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 12/1/2004 2,300,000 1,000,000 New Berlin, WI, (Series 1997A), Weekly VRDNs (Sunraider LLC/New Berlin Plastics, Inc.)/(Bank One N.A. (Chicago), LOC) 1,000,000 3,080,000 Sussex, WI IDB, (Series 2000), Weekly VRDNs (Sharp Packaging Systems, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) 3,080,000 Total 15,850,316 Total Investments---99.6% (at amortized cost)4 2,844,783,155 other assets and liabilities---net--0.4% 10,803,313 total net assets---100% $ 2,855,586,468 Securities that are subject to the federal alternative minimum tax (AMT), represent 66.1% of the portfolio as calculated based on total portfolio market value. The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 1 rating organizations (NRSROs), or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1, or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch Ratings, are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality), are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality), are identified as Second Tier securities. The Fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security. At October 31, 2004, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value (unaudited) First Tier Second Tier 97.31% 2.69% 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $1,130,035,570 which represents 39.6% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $1,130,035,570 which represents 39.6% of total net assets. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized CP --Commercial Paper EDA --Economic Development Authority EDFA --Economic Development Financing Authority FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance, Inc. GNMA --Government National Mortgage Association GTD --Guaranteed HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDRB --Industrial Development Revenue Bond IFA --Industrial Finance Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series MMMs --Money Market Municipals PCFA --Pollution Control Finance Authority PCRB --Pollution Control Revenue Bond PUTTERs --Puttable Tax-Exempt Receipts RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates SFM --Single Family Mortgage SWP --Swap Agreement TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes Prime Cash Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Asset-Backed Securities--2.3% Finance - Automotive--1.7% $ 25,911,757 DaimlerChrysler Auto Trust 2004-B, Class A1, 1.720%, 8/8/2005 $ 25,911,757 19,674,657 Household Automotive Trust 2004-1, Class A1, 1.693%, 7/18/2005 19,674,657 40,000,000 Nissan Auto Lease Trust 2004-A, Class A1, 2.105%, 10/17/2005 40,000,000 24,721,075 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 24,721,075 1,836,091 WFS Financial Owner Trust 2004-2, Class A1, 1.166%, 5/20/2005 1,836,091 39,000,000 WFS Financial Owner Trust 2004-4, Class A1, 2.087%, 11/17/2005 39,000,000 Total 151,143,580 Finance - Equipment--0.2% 17,274,302 CIT Equipment Collateral 2004-DFS, Class A1, 2.095%, 10/20/2005 17,274,302 Insurance--0.4% 4,218,975 Long Beach Acceptance Auto Receivables Trust 2004-B, Class A1, (Insured by Financial Security Assurance, Inc.), 1.576%, 7/15/2005 4,218,164 14,559,593 Onyx Acceptance Auto Owner Trust 2004-B, Class A1, (Insured by XL Capital Assurance Inc.), 1.404%, 6/15/2005 14,559,593 17,992,297 Onyx Acceptance Auto Owner Trust 2004-C, Class A1, (Insured by XL Capital Assurance Inc.), 1.828%, 9/15/2005 17,992,297 Total 36,770,054 Total Asset-Backed Securities 205,187,936 Certificates Of Deposit--7.0% Banking--7.0% 88,000,000 Calyon, Paris, 1.225% - 1.620%, 11/15/2004 - 12/31/2004 88,004,277 26,000,000 Credit Suisse First Boston, 2.100%, 3/29/2005 26,000,000 147,000,000 Deutsche Bank AG, 1.250%, 12/29/2004 147,008,929 32,000,000 Fifth Third Bank, Cincinnati, 1.225%, 3/18/2005 31,998,797 20,000,000 Regions Bank, Alabama, 1.270%, 1/14/2005 20,000,000 65,000,000 Royal Bank of Canada, Montreal, 1.400% - 1.455%, 11/12/2004 - 2/8/2005 64,999,819 100,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.390%, 2/2/2005 99,997,453 21,000,000 State Street Bank and Trust Co., 1.330%, 1/11/2005 21,000,000 25,000,000 SunTrust Bank, 1.250%, 12/7/2004 25,000,000 20,000,000 Svenska Handelsbanken, Stockholm, 1.130%, 12/30/2004 20,000,641 75,000,000 U.S. Bank, NA, 1.170% - 1.280%, 11/15/2004 - 2/23/2005 74,997,664 Total certificates of deposit 619,007,580 Collateralized Loan Agreements--8.6% Banking--1.1% 100,000,000 CDC Financial Products, Inc., 1.975%, 11/1/2004 100,000,000 Brokerage--7.5% 220,000,000 Citigroup Global Markets Inc., 1.945% - 1.975%, 11/1/2004 220,000,000 250,000,000 Goldman Sachs Group, Inc., 2.025% - 2.425%, 11/1/2004 - 4/25/2005 250,000,000 200,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 200,000,000 Total 670,000,000 Total Collateralized Loan Agreements 770,000,000 Commercial Paper--19.0%1 Banking--5.7% 125,000,000 Bank of America Corp., 2.040% - 2.140%, 2/4/2005 - 4/6/2005 124,035,333 50,000,000 2,3 Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.960%, 1/21/2005 49,779,500 50,000,000 2,3 Fountain Square Commercial Funding Corp., 1.670%, 11/18/2004 49,960,569 109,000,000 KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.790%, 11/16/2004 108,918,704 20,824,000 2,3 Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.850%, 11/16/2004 20,807,948 15,000,000 Louis Dreyfus Corp., (Barclays Bank PLC LOC), 1.850%, 11/15/2004 14,989,208 140,000,000 2,3 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 1.890% - 2.130%, 12/1/2004 - 4/4/2005 139,235,100 Total 507,726,362 Finance - Automotive--3.9% 160,000,000 FCAR Auto Loan Trust, A1+/P1 Series, 1.620% - 2.000%, 11/15/2004 - 3/2/2005 159,833,778 95,000,000 New Center Asset Trust, A1+/P1 Series, 1.870%, 2/7/2005 94,516,397 94,100,000 New Center Asset Trust, A1/P1 Series, 1.690% - 2.112%, 12/6/2004 - 3/21/2005 93,714,239 Total 348,064,414 Finance - Commercial--2.0% 125,000,000 CIT Group, Inc., 2.030% - 2.150%, 1/31/2005 - 4/11/2005 124,087,019 54,000,000 General Electric Capital Corp., 1.990%, 3/9/2005 53,617,920 Total 177,704,939 Finance - Retail--2.7% 65,000,000 2,3 PREFCO-Preferred Receivables Funding Co., 1.710%, 12/10/2004 64,879,588 172,000,000 2,3 Paradigm Funding LLC, 1.790% - 2.110%, 1/10/2005 - 3/30/2005 171,136,229 Total 236,015,817 Finance - Securities--3.9% 25,000,000 2,3 Galaxy Funding Inc., 1.610% - 1.620%, 11/8/2004 - 11/9/2004 24,991,516 162,500,000 2,3 Georgetown Funding Co. LLC, 1.820% - 1.960%, 11/4/2004 - 12/28/2004 162,226,675 68,500,000 2,3 Grampian Funding LLC, 1.710%, 12/22/2004 68,334,059 80,000,000 2,3 Perry Global Funding LLC Series A, 2.020%, 1/13/2005 79,672,311 12,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.990%, 3/11/2005 11,913,767 Total 347,138,328 Telecommunications--0.8% 75,000,000 BellSouth Corp., 1.820% - 1.970%, 11/9/2004 - 12/7/2004 74,891,389 Total Commercial Paper 1,691,541,249 Corporate Bonds--0.4% Banking--0.2% 20,000,000 Citigroup, Inc., 1.830%, 9/1/2005 20,013,334 Finance - Retail--0.2% 13,600,000 Wells Fargo Financial, Inc., 1.970%, 9/12/2005 13,614,974 Total Corporate Bonds 33,628,308 Corporate Notes--2.1% Brokerage--1.1% 100,000,000 Goldman Sachs & Co., 2.060%, 3/10/2005 100,000,000 Finance - Securities--0.6% 12,000,000 2,3 Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.570%, 4/20/2005 12,000,000 37,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.310%, 2/28/2005 36,998,804 Total 48,998,804 Food & Beverage--0.2% 20,000,000 2,3 McDonald's Corp., 4.545%, 3/7/2005 20,212,538 Pharmaceuticals and Healthcare--0.2% 20,000,000 2,3 Merck & Co., Inc., 4.484%, 2/22/2005 20,196,632 Total Corporate Notes 189,407,974 Government Agencies--4.7% Government Agency--4.7% 155,000,000 Federal Home Loan Bank System, 1.300% - 1.600%, 2/28/2005 - 5/16/2005 155,000,000 111,000,000 Federal Home Loan Mortgage Corp., 1.665% - 3.875%, 2/15/2005 - 11/7/2005 111,108,385 150,000,000 Federal National Mortgage Association, 1.360%, 2/15/2005 150,000,000 Total government agencies 416,108,385 Loan Participations--1.4% Aerospace / Auto--0.2% 20,000,000 Johnson Controls, Inc., 1.870%, 4/1/2005 20,000,000 Chemicals--0.8% 69,500,000 DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.200% - 2.110%, 11/30/2004 - 12/29/2004 69,500,000 Electrical Equipment--0.4% 32,000,000 Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 1.910%, 5/19/2005 32,000,000 Total Loan Participations 121,500,000 Notes - Variable--39.7%4 Banking--21.0% 4,655,000 1700 Financial Group, Inc., Series 2002, (Regions Bank, Alabama LOC), 2.060%, 11/4/2004 4,655,000 5,160,000 35 N. Fourth Street Ltd., Series 2000, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 5,160,000 4,557,000 Aaron Oil Co., Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,557,000 6,505,000 Acton Realty Investors LLP, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 6,505,000 2,660,000 Alabama State IDA, (Regions Bank, Alabama LOC), 2.020%, 11/4/2004 2,660,000 2,000,000 Albuquerque, NM, Series 1997 El Canto, Inc., (Wells Fargo Bank Minnesota N.A. LOC), 2.00%, 11/4/2004 2,000,000 1,165,000 Alder Creek Properties LLC, (Key Bank, N.A. LOC), 1.960%, 11/4/2004 1,165,000 3,780,000 American Custom Yachts, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,780,000 8,800,000 American Health Centers, Inc., Series 2004, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 8,800,000 8,125,000 Anchor Holdings LLC, Series 2000, (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 8,125,000 5,415,000 B & H Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 5,415,000 10,040,000 Badger Mining Corp., (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 10,040,000 3,775,000 Baldwin County Sewer Service LLC, Series 2003, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,775,000 25,000,000 2,3 Bank of New York Co., Inc., 1.971%, 11/29/2004 25,000,000 2,700,000 Barker Property Management LLC, (Series 1998), (Wachovia Bank N.A. LOC), 2.000%, 11/3/2004 2,700,000 10,305,000 Barton Healthcare LLC, (Bank One N.A. (Chicago) LOC), 1.870%, 11/3/2004 10,305,000 25,630,000 Battle Creek, MI Downtown Development Authority, Series 2004, (AMBAC INS), 2.01%, 11/3/2004 25,630,000 8,045,000 Bessemer, AL IDB, Series 2003, (Regions Bank, Alabama LOC), 1.960%, 11/11/2004 8,045,000 1,000,000 Biddle Road Corp., Series 2004, (Wachovia Bank N.A. LOC), 2.010%, 11/4/2004 1,000,000 2,095,000 Birmingham Fastener and Supply, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,095,000 186,500,000 2,3 Blue Heron Funding III, Inc., Series 3A, (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/29/2004 186,500,000 35,000,000 2,3 Blue Heron Funding V-A Ltd., Class A-2, (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/26/2004 35,000,000 3,335,000 Boyd-Plott LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,335,000 5,685,000 Briarwood LP, (Series 1999), (Bank One N.A. (Columbus) LOC), 2.060%, 11/4/2004 5,685,000 6,095,000 Brownsburg Christian Church, Inc., (U.S. Bank, N.A. LOC), 2.110%, 11/4/2004 6,095,000 3,185,000 Brumfield Properties, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.000%, 11/4/2004 3,185,000 865,000 C.W. Caldwell, Inc., Sweetbriar Assisted Living Facility, Project, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 865,000 4,945,000 CAM International LP, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,945,000 6,810,000 California Statewide Communities Development Authority, (U.S. Bank, N.A. LOC), 2.050%, 11/1/2004 6,810,000 50,000,000 Calyon, Paris, 1.793%, 11/15/2004 49,987,714 2,380,000 Capital Container Properties LLC, (Regions Bank, Alabama LOC), 2.060%, 11/4/2004 2,380,000 5,202,000 Capital One Funding Corp., (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 5,202,000 39,451,000 Capital One Funding Corp., (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 39,451,000 733,000 Capital One Funding Corp., (Series 1993-A), (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 733,000 1,300,000 Casna LP, Series 1997, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,300,000 3,825,000 Charapp Family Ltd., Series 2000, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 3,825,000 4,920,000 Charles River LLC, (Harris Trust & Savings Bank, Chicago LOC), 2.130%, 11/4/2004 4,920,000 9,500,000 Charlotte Christian School, Series 1999, (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 9,500,000 13,430,000 Citywide Development Corp., (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 13,430,000 3,350,000 Cleveland Country Club, Inc., Series 2001, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,350,000 5,300,000 Cleveland, TN IDB, (Wachovia Bank N.A. LOC), 2.000%, 11/3/2004 5,300,000 7,380,000 Coilplus-Alabama, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.060%, 11/4/2004 7,380,000 15,000,000 Cook County, IL, Series 2002 A, 2.000%, 11/3/2004 15,000,000 3,500,000 DBH Properties LLC, Series 2004, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,500,000 3,100,000 Davis Industries, Inc., (Comerica Bank LOC), 1.870%, 11/4/2004 3,100,000 170,000,000 2,3 DePfa Bank PLC, 1.860%, 12/15/2004 170,000,000 5,000,000 Destin Water Users, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 5,000,000 34,000,000 Dexia Bank, Belgium, 1.765%, 11/2/2004 33,996,386 4,645,000 Duncan Machinery Movers Inc., (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 4,645,000 2,350,000 Elliott Aviation, Inc., (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 2,350,000 5,095,000 Elmira Downtown Arena LLC, (Key Bank, N.A. LOC), 1.950%, 11/4/2004 5,095,000 930,000 Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 930,000 3,000,000 Equity Development Corp., Series 2002, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,000,000 7,900,000 Erwin Marine Sales, Inc., Series 2000, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 7,900,000 4,000,000 Excel Mining Systems, Inc., Series 2001, (Australia & New Zealand Banking Group, Melbourne LOC), 2.110%, 11/4/2004 4,000,000 779,000 First Baptist Church of West Monroe, LA, Series 2003, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 779,000 2,125,000 Frank Nelson Building of Birmingham LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,125,000 5,455,000 Franklin County, OH, Edison Welding, Series 1995, (Huntington National Bank, Columbus, OH LOC), 2.17%, 11/4/2004 5,455,000 1,070,000 Fredricksburg, VA IDA, (SunTrust Bank LOC), 1.980%, 11/3/2004 1,070,000 5,895,000 Freeport, IL, (U.S. Bank, N.A. LOC), 2.130%, 11/4/2004 5,895,000 2,170,000 Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 1.950%, 11/4/2004 2,170,000 2,520,000 Galliano Marine Service, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.000%, 11/4/2004 2,520,000 1,500,000 Gary, In Redevelopment District, (Bank One N.A. (Chicago) LOC), 2.040%, 11/4/2004 1,500,000 4,500,000 Georgia Ports Authority, Colonel's Island Terminal Project (Series 1996-A), Revenue Bonds, (SunTrust Bank LOC), 1.930%, 11/3/2004 4,500,000 1,185,000 Gerald T. Thom , Trustee U.A.D., March 27, 1997, (Huntington National Bank, Columbus, OH LOC), 2.17%, 11/4/2004 1,185,000 4,105,000 Grigsby Properties LLC, Series 2002, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,105,000 1,685,000 Guilford Capital LLC, Series 2002 - C, (Regions Bank, Alabama LOC), 2.160%, 11/4/2004 1,685,000 2,655,000 Guilford Capital LLC, Series 2002 - F, (Regions Bank, Alabama LOC), 2.160%, 11/4/2004 2,655,000 97,000,000 2,3 HBOS Treasury Services PLC, 1.750%, 11/22/2004 97,000,000 50,000,000 HBOS Treasury Services PLC, 1.961%, 12/24/2004 50,000,000 145,000,000 HBOS Treasury Services PLC, 1.830%, 11/1/2004 145,000,000 3,350,000 Holden Properties Colorado LLC, (Comerica Bank - California LOC), 2.110%, 11/4/2004 3,350,000 9,140,000 Home City Ice Co. & H.C. Transport, Series 2000, (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 9,140,000 4,710,000 Hugh W. Underwood /Underwood Properties, (Regions Bank, Alabama LOC), 2.030%, 11/4/2004 4,710,000 5,955,000 Hugh W. Underwood, (Regions Bank, Alabama LOC), 2.030%, 11/4/2004 5,955,000 15,500,000 Huntington National Bank, Columbus, OH, 1.700%, 11/5/2004 15,500,054 3,085,000 IPC Industries, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.000%, 11/4/2004 3,085,000 3,150,000 IT Spring Wire LLC, Series 1997, (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 3,150,000 8,175,000 Ilsco Corp., (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 8,175,000 11,500,000 Interlock Realty Co., (U.S. Bank, N.A. LOC), 1.870%, 11/4/2004 11,500,000 1,235,000 J.W. Harris, (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 1,235,000 3,900,000 Jemmack Funding Group LLC, Series 2002, (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 3,900,000 11,600,000 Jet-Pep, Inc., Series 2003, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 11,600,000 3,935,000 Kansas Development Finance Authority, DLR Deer Creek Project, (Federal Home Loan Bank of Topeka LOC), 2.010%, 11/4/2004 3,935,000 1,580,000 Kent Capital LLC, Series 1999, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,580,000 2,300,000 Kentucky Derby Hosiery Co., Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,300,000 1,365,000 Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank Minnesota N.A. LOC), 1.870%, 11/4/2004 1,365,000 3,600,000 LCO Ventures LLC, (Fleet National Bank LOC), 1.930%, 11/4/2004 3,600,000 2,800,000 Life Church Birmingham, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,800,000 3,790,000 Lincoln Park, (Bank One N.A. (Chicago) LOC), 2.000%, 11/4/2004 3,790,000 5,000,000 2,3 Los Angeles, CA, MERLOT Series 2000 A (H&H Theatre), (Wachovia Bank N.A. LOC), 2.060%, 11/3/2004 5,000,000 4,000,000 MBE Investment Co. LLC, EH Investment Company Series 2000 A, (Standard Federal Bank, N.A. LOC), 1.95%, 11/4/2004 4,000,000 8,300,000 Medical Arts Capital LLC, Series 2001, (Regions Bank, Alabama LOC), 2.060%, 11/4/2004 8,300,000 58,750,000 Mercantile Safe Deposit & Trust Co., Baltimore, 1.863% - 1.943%, 11/15/2004 - 11/23/2004 58,750,000 1,100,000 Michigan State Housing Development Authority, Series 1999B, Lexington Place Apartments, (Bank of America N.A. LOC), 2.090%, 11/4/2004 1,100,000 2,900,000 Mike Patton Real Estate II LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,900,000 3,900,000 Mile Bluff Clinic Building Partnership, (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 3,900,000 2,160,000 Mississippi Business Finance Corp., (Bank One N.A. (Chicago) LOC), 2.000%, 11/4/2004 2,160,000 1,275,000 Mississippi Business Finance Corp., Mississippi College Project, Series 2001B, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,275,000 2,900,000 Multicraft International LP, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,900,000 3,855,000 Nassau County, NY IDA, Tweezerman Corp. Project, Series 2003, (Fleet National Bank LOC), 1.930%, 11/3/2004 3,855,000 2,290,000 New Berlin, WI, Sunraider LLC Series 1997B, (Bank One N.A. (Chicago) LOC), 1.900%, 11/4/2004 2,290,000 2,750,000 New Jersey EDA, Morey Organization, Inc. Project Series 1997, (Wachovia Bank N.A. LOC), 2.010%, 11/3/2004 2,750,000 2,565,000 New Jersey EDA, Pheonix Realty Partners, (Wachovia Bank N.A. LOC), 2.080%, 11/3/2004 2,565,000 3,845,000 Norcross Investment Group LLC, (Regions Bank, Alabama LOC), 2.060%, 11/4/2004 3,845,000 5,660,000 O.K.I. Supply Co., (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 5,660,000 3,050,000 Oakwoods Master Ltd. Partnership, (Amsouth Bank N.A., Birmingham LOC), 2.130%, 11/4/2004 3,050,000 3,230,000 P.C.I. Paper Conversions, Inc., Series 2000, (Key Bank, N.A. LOC), 1.950%, 11/4/2004 3,230,000 4,135,000 PW Holdings LLC, (Regions Bank, Alabama LOC), 2.060%, 11/4/2004 4,135,000 2,400,000 Parker Towing Co., Inc., Series 2001, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,400,000 670,000 Poseyville, In, North American Green, Series 1999, (Fifth Third Bank, Cincinnati LOC), 2.130%, 11/4/2004 670,000 6,645,000 R & J Investment Co., (Bank One N.A. (Columbus) LOC), 2.060%, 11/4/2004 6,645,000 11,580,000 Racetrac Capital LLC, Series 2000, (Regions Bank, Alabama LOC), 1.990%, 11/4/2004 11,580,000 55,000,000 Royal Bank of Canada, Montreal, 1.838%, 11/10/2004 55,000,000 50,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.788%, 11/9/2004 49,990,899 5,460,000 Royal Wine Corp. and KFP International Ltd., (Series 1998), (Key Bank, N.A. LOC), 1.950%, 11/4/2004 5,460,000 1,119,000 Sandridge Food Corp., (National City Bank, Ohio LOC), 1.960%, 11/4/2004 1,119,000 7,550,000 Second Baptist Church, Millington, TN, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 7,550,000 4,000,000 Seeber USA LLP, Series 2000, (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 4,000,000 4,515,000 Sherman-Dixie Concrete Industries, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,515,000 5,335,000 Sioux-Preme Packing Co., (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 5,335,000 74,000,000 Societe Generale, Paris, 1.793% - 1.816%, 11/10/2004 - 11/17/2004 73,995,150 6,060,000 Southeast Christian Church of Jefferson County, KY Inc., Series 2003, (Bank One N.A. (Chicago) LOC), 2.000%, 11/4/2004 6,060,000 4,570,000 Springhill Medical Comples, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.000%, 11/4/2004 4,570,000 9,405,000 Stow-Glen Properties LLC, (U.S. Bank, N.A. LOC), 2.110%, 11/4/2004 9,405,000 845,000 TDB Realty Ltd., (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 845,000 2,590,000 TIL Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,590,000 2,295,000 TTL Realty LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,295,000 2,535,000 Tarrant Hydraulics Services LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,535,000 16,025,000 Taxable Floating Rate Notes, Series 2002-H1, Becker, MN PCR, (Bank of New York Swap Agreement), 2.080%, 11/3/2004 16,025,000 22,500,000 2,3 Thorn Finance S.A., (JPMorgan Chase Bank Swap Agreement), 1.919%, 12/22/2004 22,500,000 2,280,000 Trap Rock Industries, Inc., Series 1997, (Wachovia Bank N.A. LOC), 1.980%, 11/3/2004 2,280,000 775,000 Triple O LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 2.230%, 11/4/2004 775,000 2,595,000 University Ltd. Properties LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,595,000 2,055,000 VLF LLC, The Village of Lovejoy,Fountain Project, (Key Bank, N.A. LOC), 1.950%, 11/4/2004 2,055,000 525,000 Van Wyk Enterprises, Inc., (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 525,000 5,575,000 Vista Grande Villa, (Lasalle Bank, N.A. LOC), 2.000%, 11/4/2004 5,575,000 6,140,000 WL Properties of Georgia, Inc., (Regions Bank, Alabama LOC), 2.020%, 11/4/2004 6,140,000 4,100,000 Watson's St. Louis Property LLC, Series 2001, (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 4,100,000 4,540,000 Weaver Rentals LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,540,000 8,960,000 Wellbrook Finance LLC, (Regions Bank, Alabama LOC), 2.030%, 11/4/2004 8,960,000 119,330,000 Wells Fargo & Co., 1.860% - 1.981%, 11/2/32004-12/27/2004 119,332,209 15,500,000 West Memphis IDRB, S-B Power Tool Project, Series 2000 A, (JPMorgan Chase Bank LOC), 1.95%, 11/4/2004 15,500,000 50,000,000 Westpac Banking Corp. Ltd., Sydney, 1.850%, 12/13/2005 50,000,000 1,675,000 White's Ferry Road Church of Christ, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,675,000 1,340,000 Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 2.010%, 11/4/2004 1,340,000 Total 1,869,563,412 Brokerage--5.4% 40,000,000 Merrill Lynch & Co., Inc., 1.840%,- 11/4/2004 40,000,000 165,000,000 2,3 Merrill Lynch & Co., Inc., 2.006%, 11/12/2004 165,000,000 280,000,000 Morgan Stanley, 1.840% - 1.961%, 11/1/2004 - 11/29/2004 280,007,908 Total 485,007,908 Finance - Commercial--3.0% 3,500,000 Decoster, Series 2003-A, (General Electric Capital Corp. LOC), 2.040%, 11/4/2004 3,500,000 18,000,000 GE Life and Annuity Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.880%, 12/1/2004 18,000,000 200,000,000 2,3 General Electric Capital Corp., 1.988%, 11/17/2004 200,000,000 53,300,000 General Electric Capital Corp., 1.760% - 1.82%, 11/3/2004 - 11/12/2004 53,323,110 Total 274,823,110 Finance - Retail--1.0% 84,600,000 2,3 Paradigm Funding LLC, 1.800%, 11/5/2004 84,600,000 Finance - Securities--4.4% 60,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.888% - 1.933%, 11/25/2004 60,001,811 75,000,000 Sigma Finance, Inc., 1.820%, 11/15/2004 74,984,176 253,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.735% - 1.940%, 11/10/2004 - 12/2/2004 252,991,355 Total 387,977,342 Government Agency--0.2% 5,120,000 Acton Assisited Living LLC, Series 2000, (Federal Home Loan Bank of Pittsburgh LOC), 2.120%, 11/4/2004 5,120,000 4,100,000 Community Hearth and Home Ltd., Series 2002, (Federal Home Loan Bank of Cincinnati LOC), 2.060%, 11/4/2004 4,100,000 5,600,000 Direct One Funding Corp., (Federal National Mortgage Association LOC), 1.93%, 11/4/2004 5,600,000 955,000 Direct One Funding Corp., Series 2000 (Sexton Properties), (Federal National Mortgage Association LOC), 1.93%, 11/4/2004 955,000 Total 15,775,000 Insurance--4.7% 21,500,000 AEGON N.V., 1.910%, 11/15/2004 21,520,748 24,000,000 Allstate Life Insurance Co., 1.980% - 1.990%, 11/1/2004 24,000,000 25,000,000 Hartford Life Insurance Co., 1.864% - 1.960%, 11/1/2004 - 12/1/2004 25,000,000 22,000,000 Jackson National Life Insurance Co., 2.000%, 11/22/2004 22,000,000 50,000,000 2,3 MBIA Global Funding LLC, 1.930%, 11/29/2004 50,000,000 45,000,000 Metropolitan Life Insurance Co., 1.854% - 2.146%, 11/1/2004 - 1/3/2005 45,000,000 54,000,000 Monumental Life Insurance Co., 1.921% - 2.180%, 11/1/2004 - 11/30/2004 54,000,000 50,000,000 New York Life Insurance Co., 1.890%, 11/26/2004 50,000,000 9,200,000 Oberthur Gaming Technologies Corp., Series 2002-A, (GE Capital Assurance Co. LOC), 2.040%, 11/4/2004 9,200,000 12,000,000 2,3 Pacific Life Global Funding, 1.830%, 11/4/2004 12,000,752 36,995,000 Santa Monica Community College District, Series 2001 D, (AMBAC INS), 2.040%, 11/4/2004 36,995,000 25,000,000 Transamerica Occidental Life Insurance Co., 2.146%, 11/1/2004 25,000,000 45,000,000 Travelers Insurance Co., 1.830% - 2.060%, 11/22/2004 - 12/24/2004 45,000,000 Total 419,716,500 Total Notes - Variable 3,537,463,272 Mutual Funds--1.0% Asset Management--1.0% 25,000,000 Nations Money Market Reserves 25,000,000 60,088,937 Scudder Money Market Institutional Shares 60,088,937 Total mutual funds 85,088,937 Repurchase Agreements--13.7% 315,000,000 Interest in $1,000,000,000 joint repurchase agreement with Bear Stearns & Co., Inc., 1.890%, dated 10/29/2004 to be repurchased at $315,049,613 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/01/2034, collateral market value $1,029,204,354 315,000,000 172,000,000 Interest in $217,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.890%, dated 10/29/2004 to be repurchased at $172,027,090 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 5/01/2034, collateral market value $223,545,203 172,000,000 432,872,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890%, dated 10/29/2004 to be repurchased at $432,940,177 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2044, collateral market value $1,441,499,470 432,872,000 300,000,000 Interest in $1,000,000,000 joint repurchase agreement with UBS Securities LLC, 1.810%, dated 10/29/2004 to be repurchased at $300,045,250 on 11/1/2004, collateralized by U.S. Treasury Agency Obligations with various maturities to 5/15/2016, collateral market value $1,020,001,655 300,000,000 Total Repurchase Agreements 1,219,872,000 Total Investments--99.9% (at amortized cost) 5 8,888,805,641 other assets and liabilities--net--0.1% 10,075,017 total net assets--100% $ 8,898,880,658 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $2,297,939,154 which represents 25.8% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $2,297,939,154 which represents 25.8% of total net assets. 4 Current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation EDA --Economic Development Authority IDA --Industrial Development Authority IDB --Industrial Development Bond IDRB --Industrial Development Revenue Bond INS --Insured LLC --Limited Liability Corporation LOC --Letter of Credit LP --Limited Partnership PCR --Pollution Control Revenue PLC --Public Limited Company Prime Management Obligations Fund Portfolio of Investments October 31, 2004 (unaudited), Principal Amount Value Asset-Backed Securities--1.3% Finance - Automotive--0.6% $ 2,000,000 Nissan Auto Lease Trust 2004-A, Class A1, 2.105%, 10/17/2005 $ 2,000,000 Finance - Equipment--0.5% 1,645,172 CIT Equipment Collateral 2004-DFS, Class A1, 2.095%, 10/20/2005 1,645,172 Insurance--0.2% 719,692 Onyx Acceptance Auto Owner Trust 2004-C, Class A1, (Insured by XL Capital Assurance Inc.), 1.828%, 9/15/2005 719,692 Total Asset-Backed Securities 4,364,864 Certificates Of Deposit--6.2% Banking--6.2% 4,000,000 Credit Suisse First Boston, 2.100%, 3/29/2005 4,000,000 10,000,000 Washington Mutual Bank, F.A., 1.980% - 2.000%, 12/27/2004 - 1/10/2005 10,000,000 6,500,000 Wilmington Trust Co., 1.740% - 2.040%, 11/19/2004 - 1/10/2005 6,500,000 Total certificates of deposit 20,500,000 Collateralized Loan Agreements--12.5% Banking--6.1% 10,000,000 Greenwich Capital Markets, Inc., 2.000%, 11/1/2004 10,000,000 10,000,000 J.P. Morgan Securities, Inc., 1.975%, 11/1/2004 10,000,000 Total 20,000,000 Brokerage--6.4% 8,000,000 Goldman Sachs Group, Inc., 2.025% - 2.425%, 11/1/2004 - 4/25/2005 8,000,000 3,000,000 Lehman Brothers Holdings, Inc., 2.025%, 11/1/2004 3,000,000 4,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 4,000,000 6,000,000 Merrill Lynch, Pierce, Fenner and Smith, 1.955%, 11/1/2004 6,000,000 Total 21,000,000 Total Collateralized Loan Agreements 41,000,000 Commercial Paper --22.8%1 Banking--9.3% 2,000,000 Bank of America Corp., 2.140%, 4/6/2005 1,981,453 10,250,000 2,3 Bavaria TRR Corp., (Bayerische Hypotheken-und Vereinsbank AG Swap Agreement), 1.670% - 2.070%, 11/4/2004 - 1/18/2005 10,226,566 5,000,000 2,3 Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.810%, 11/10/2004 4,997,738 2,000,000 2,3 Fountain Square Commercial Funding Corp., 1.910%, 12/29/2004 1,993,846 5,000,000 2,3 Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.980%, 11/30/2004 4,992,025 6,400,000 2,3 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 1.955% - 2.030%, 12/1/2004 - 3/14/2005 6,381,355 Total 30,572,983 Finance - Automotive--3.5% 6,500,000 FCAR Auto Loan Trust, A1+/P1 Series, 1.870% - 2.000%, 12/8/2004 - 3/2/2005 6,480,298 5,000,000 New Center Asset Trust, A1/P1 Series, 2.030% - 2.070%, 3/8/2005 - 3/11/2005 4,962,939 Total 11,443,237 Finance - Commercial--1.4% 4,500,000 CIT Group, Inc., 1.920% - 2.100%, 11/29/2004 - 3/14/2005 4,487,015 Finance - Retail--0.6% 2,000,000 2,3 Paradigm Funding LLC, 2.140%, 4/6/2005 1,981,453 Finance - Securities--5.3% 9,000,000 2,3 Georgetown Funding Co. LLC, 1.920% - 2.100%, 12/2/2004 - 1/26/2005 8,972,153 1,310,000 2,3 Ivory Funding Corp., 1.900%, 12/17/2004 1,306,820 1,250,000 2,3 Lake Constance Funding LLC, 1.660%, 11/16/2004 1,249,135 5,000,000 2,3 Perry Global Funding LLC (Series A), 2.020%, 1/13/2005 4,979,519 1,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.990%, 3/11/2005 992,814 Total 17,500,441 Food & Beverage--0.6% 2,000,000 Sara Lee Corp., 1.820%, 11/12/2004 1,998,888 Telecommunications--2.1% 7,000,000 BellSouth Corp., 1.970%, 12/7/2004 6,986,210 Total Commercial Paper 74,970,227 Corporate Bonds--1.2% Finance - Retail--1.2% 4,000,000 Countrywide Home Loans, Inc., 2.140%, 1/18/2005 4,000,539 Corporate Notes--0.3% Brokerage--0.3% 1,000,000 Goldman Sachs & Co., 2.060%, 3/10/2005 1,000,000 Loan Participations--3.5% Aerospace / Auto--1.7% 5,500,000 Johnson Controls, Inc., 1.740% - 1.870%, 11/30/2004 - 4/1/2005 5,500,000 Chemicals--1.8% 6,000,000 DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.900% - 2.110%, 11/30/2004 - 12/29/2004 6,000,000 Total Loan Participations 11,500,000 Notes - Variable --10.9%4 Banking--9.2% 142,500 Alabama State IDA, (Nichols Research Corp.), (SouthTrust Bank of Alabama, Birmingham LOC), 2.210%, 11/5/2004 142,500 1,036,000 American Health Care Centers, Inc., (Series 1998), (FirstMerit Bank, N.A. LOC), 1.960%, 11/4/2004 1,036,000 2,000,000 Battle Creek, MI Downtown Development Authority, (Series 2004), (AMBAC INS), 2.01%, 11/3/2004 2,000,000 1,250,000 Biddle Road Corp., (Series 2004), (Wachovia Bank N.A. LOC), 2.010%, 11/4/2004 1,250,000 980,000 Bond Holdings LP, (SouthTrust Bank of Alabama, Birmingham LOC), 2.090%, 11/5/2004 980,000 1,500,000 DeKalb County, GA Housing Authority, (Series 2004-T Highlands), (Bank of America N.A. LOC), 2.200%, 11/4/2004 1,500,000 500,000 Drury Inns, Inc., (First Commercial Bank, Birmingham, AL LOC), 2.000%, 11/4/2004 500,000 1,140,000 Franklin County, PA IDA, (Series 2001B) Precast Systems, LLC, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/5/2004 1,140,000 3,197,000 HP Huntsville LLC, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,197,000 1,250,000 Kress Building LLC, (Series 2004), (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 1,250,000 475,000 McCullough Oil Bond Issue LLC, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 475,000 1,250,000 Mercantile Safe Deposit & Trust Co., Baltimore, 1.862%, 11/15/2004 1,250,000 8,000,000 Prospects Aggregates, Inc., (Series 2004), (Fulton Bank LOC), 2.140%, 11/4/2004 8,000,000 610,000 Sandridge Food Corp., (National City Bank, Ohio LOC), 1.960%, 11/4/2004 610,000 1,000,000 SunTrust Bank, 2.020%, 1/4/2005 1,000,342 6,000,000 Westchester County, NY IDA, Aviation Services Group, LLC, (Series 2004B), (SunTrust Bank LOC), 2.000%, 11/4/2004 6,000,000 Total 30,330,842 Brokerage--0.2% 500,000 Merrill Lynch & Co., Inc., 2.993%, 1/28/2005 500,471 Finance - Commercial--0.6% 2,000,000 General Electric Capital Corp., 1.760%, 11/12/2004 2,000,872 Finance - Securities--0.6% 2,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.790% - 1.860%, 11/12/2004 - 11/15/2004 1,999,877 Insurance--0.3% 1,000,000 New York Life Insurance Co., 1.890%, 11/26/2004 1,000,000 Total Notes - Variable 35,832,062 Repurchase Agreements--41.2% 45,000,000 Interest in $217,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.890% dated 10/29/2004 to be repurchased at $45,007,088 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 5/01/2034, collateral market value $223,545,203 45,000,000 35,000,000 Interest in $1,000,000,000 joint repurchase agreement with Bear Stearns & Co., Inc., 1.890%, dated 10/29/2004 to be repurchased at $35,005,513 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 11/1/2034, collateral market value $1,029,204,354 35,000,000 55,610,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890% dated 10/29/2004 to be repurchased at $55,618,759 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2044, collateral market value $1,441,499,470 55,610,000 Total Repurchase Agreements 135,610,000 Total Investments - 99.9% (at amortized cost)5 328,777,692 other assets and liabilities - net - 0.1% 342,871 total net assets - 100% $ 329,120,563 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest-bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $50,073,301 which represents 15.2% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $50,073,301 which represent 15.2% of total net assets. 4 Current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation IDA --Industrial Development Authority INS --Insured LLC --Limited Liability Corporation LOC --Letter of Credit LP --Limited Partnership Prime Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount or Shares Value Asset-Backed Securities--1.8% Finance - Automotive--1.2% $ 35,000,000 CarMax Auto Owner Trust 2004-2, Class A1, 2.022%, 10/17/2005 $ 35,000,000 47,002,723 DaimlerChrysler Auto Trust 2004-B, Class A1, 1.720%, 8/8/2005 47,002,723 6,026,731 Ford Credit Auto Owner Trust 2004-A, Class A1, 1.240%, 2/15/2005 6,026,731 32,791,095 Household Automotive Trust 2004-1, Class A1, 1.693%, 7/18/2005 32,791,095 40,000,000 Nissan Auto Lease Trust 2004-A, Class A1, 2.105%, 10/17/2005 40,000,000 45,610,383 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 45,610,383 1,836,091 WFS Financial Owner Trust 2004-2, Class A1, 1.166%, 5/20/2005 1,836,091 25,000,000 WFS Financial Owner Trust 2004-4, Class A1, 2.087%, 11/17/2005 25,000,000 Total 233,267,023 Finance - Equipment--0.4% 37,838,947 CIT Equipment Collateral 2004-DFS, Class A1, 2.095%, 10/20/2005 37,838,947 39,356,315 CIT Equipment Collateral 2004-EF1, Class A1, 1.630%, 7/15/2005 39,356,315 Total 77,195,262 Insurance--0.2% 9,205,036 Long Beach Acceptance Auto Receivables Trust 2004-B, Class A1, (Insured by Financial Security Assurance, Inc.), 1.576%, 7/15/2005 9,203,266 13,926,567 Onyx Acceptance Auto Owner Trust 2004-B, Class A1, (Insured by XL Capital Assurance Inc.), 1.404%, 6/15/2005 13,926,567 7,196,919 Onyx Acceptance Auto Owner Trust 2004-C, Class A1, (Insured by XL Capital Assurance Inc.), 1.828%, 9/15/2005 7,196,919 Total 30,326,752 Total Asset-Backed Securities 340,789,037 Bank Notes--0.5% Banking--0.5% 93,000,000 U.S. Bank, N.A., 1.200%, 12/30/2004 93,000,000 Certificates Of Deposit--7.6% Banking--7.6% 200,000,000 Abbey National Treasury Services PLC, 1.365%, 2/3/2005 200,000,000 178,000,000 Calyon, Paris, 1.225% - 1.620%, 11/15/2004 - 12/31/2004 178,013,400 200,000,000 Credit Suisse First Boston, 1.660% - 2.100%, 11/17/2004 - 3/29/2005 200,000,000 145,000,000 Deutsche Bank AG, 1.250%, 12/29/2004 145,009,861 30,000,000 Fifth Third Bank, Cincinnati, 1.225%, 3/18/2005 29,998,872 150,000,000 HBOS Treasury Services PLC, 1.860%, 2/16/2005 150,000,000 25,000,000 Huntington National Bank, Columbus, OH, 2.000%, 3/11/2005 25,000,000 40,000,000 Marshall & Ilsley Bank, Milwaukee, 1.915%, 12/29/2004 40,000,000 20,000,000 Mercantile Safe Deposit & Trust Co., Baltimore, 2.040%, 3/21/2005 20,000,000 30,000,000 Regions Bank, Alabama, 1.270%, 1/14/2005 30,000,000 175,500,000 Royal Bank of Canada, Montreal, 1.400%, 2/8/2005 175,500,000 75,000,000 SunTrust Bank, 1.250%, 12/7/2004 75,000,000 42,400,000 U.S. Bank, NA, 1.170% - 1.280%, 11/15/2004 - 2/23/2005 42,399,066 135,000,000 UBS AG, 1.115% - 1.390%, 12/29/2004 - 2/2/2005 134,997,577 Total Certificates Of Deposit 1,445,918,776 Collateralized Loan Agreements--15.1% Banking--5.1% 965,000,000 CDC Financial Products, Inc., 1.800% - 1.975%, 11/1/2004 965,000,000 Brokerage--10.0% 725,000,000 Citigroup Global Markets Inc., 1.945% - 1.975%, 11/1/2004 725,000,000 584,000,000 Goldman Sachs Group, Inc., 2.025% - 2.425%, 11/1/2004 - 4/25/2005 584,000,000 598,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 598,000,000 Total 1,907,000,000 Total Collateralized Loan Agreements 2,872,000,000 Commercial Paper--16.5%1 Banking--2.9% 50,000,000 Bank of America Corp., 2.040%, 2/4/2005 49,730,833 153,200,000 2,3 Fountain Square Commercial Funding Corp., 1.650% - 1.750%, 11/12/2004 - 11/16/2004 153,105,369 16,045,000 2,3 Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.980%, 11/30/2004 16,019,408 47,945,000 Los Angeles County, CA Metropolitan Transportation Authority, (Landesbank Hessen-Thueringen, Frankfurt LOC), 1.750% - 2.040%, 11/22/2004 - 1/11/2005 47,945,000 294,600,000 2,3 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 1.940% - 2.130%, 12/1/2004 - 4/4/2005 293,822,344 Total 560,622,954 Finance - Automotive--3.9% 430,500,000 FCAR Auto Loan Trust, A1+/P1 Series, 1.600% - 2.010%, 11/5/2004 - 3/8/2005 429,058,720 63,000,000 New Center Asset Trust, A1+/P1 Series, 1.640%, 11/1/2004 63,000,000 252,000,000 New Center Asset Trust, A1/P1 Series, 1.690% - 2.070%, 12/10/2004 - 3/14/2005 250,727,102 Total 742,785,822 Finance - Commercial--0.5% 97,265,000 CIT Group, Inc., 1.930% - 2.150%, 12/2/2004 - 4/11/2005 96,710,809 Finance - Retail--2.5% 58,556,000 2,3 Barton Capital Corp., 1.870%, 2/18/2005 58,224,459 67,000,000 2,3 Falcon Asset Securitization Corp., 1.960%, 11/30/2004 66,894,214 46,861,000 2,3 Jupiter Securitization Corp., 1.960%, 11/29/2004 46,789,563 237,000,000 2,3 Paradigm Funding LLC, 1.670% - 2.140%, 11/17/2004 - 4/6/2005 235,694,458 58,678,000 2,3 Sheffield Receivables Corp., 1.540% - 1.640%, 11/4/2004 - 11/19/2004 58,664,485 Total 466,267,179 Finance - Securities--3.3% 160,000,000 2,3 Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.610% - 1.910%, 11/15/2004 - 1/18/2005 159,573,186 71,000,000 2,3 Galaxy Funding Inc., 1.610% - 1.620%, 11/8/2004 - 11/16/2004 70,963,931 103,500,000 2,3 Georgetown Funding Co. LLC, 1.820% - 1.960%, 11/4/2004 - 12/28/2004 103,326,388 34,500,000 2,3 Grampian Funding LLC, 1.710% - 2.120%, 12/22/2004 - 3/24/2005 34,359,437 78,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 2.090% - 2.110%, 3/21/2005 - 3/31/2005 77,332,839 43,750,000 2,3 Lake Constance Funding LLC, 1.660%, 11/16/2004 43,719,740 17,000,000 2,3 Perry Global Funding LLC Series A, 1.630%, 11/2/2004 16,999,230 114,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.990% - 2.110%, 3/11/2005 - 3/22/2005 113,117,178 Total 619,391,929 Insurance--0.4% 75,000,000 2,3 Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 1.850%, 2/14/2005 74,595,313 Telecommunications--3.0% 569,000,000 BellSouth Corp., 1.820% - 2.020%, 11/10/2004 - 1/18/2005 567,799,935 Total Commercial Paper 3,128,173,941 Corporate Notes--3.0% Banking--0.5% 100,000,000 Bank of America N.A., 1.955%, 11/1/2004 100,000,000 Brokerage--1.3% 250,000,000 Goldman Sachs & Co., 2.060%, 3/10/2005 250,000,000 Finance - Securities--0.8% 107,000,000 2,3 Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.400% - 1.570%, 2/9/2005 - 4/20/2005 106,999,707 50,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.550%, 11/15/2004 50,000,192 Total 156,999,899 Food & Beverage--0.2% 40,000,000 2,3 McDonald's Corp., 4.545%, 3/7/2005 40,425,077 Pharmaceuticals and Healthcare--0.2% 25,000,000 2,3 Merck & Co., Inc., 4.484%, 2/22/2005 25,245,790 Total Corporate Notes 572,670,766 Government Agencies--5.2% Government Agency--5.2% 587,000,000 Federal Home Loan Bank System, 1.300% - 1.600%, 2/28/2005 - 5/16/2005 587,000,000 242,000,000 Federal Home Loan Mortgage Corp., 1.665% - 6.875%, 11/7/2004 - 2/15/2005 242,308,984 158,000,000 Federal National Mortgage Association, 1.360% - 1.955%, 12/29/2004 - 10/21/2005 157,748,583 Total Government Agencies 987,057,567 Loan Participations--0.5% Aerospace / Auto--0.2% 30,000,000 Johnson Controls, Inc., 1.978%, 3/29/2005 30,000,000 Finance-Commercial--0.3% 55,500,000 Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 1.910%, 5/19/2005 55,500,000 Total Loan Participations 85,500,000 Notes - Variable--39.8%4 Banking--18.6% 9,700,000 215 Jane Investors LLC, (Fleet National Bank LOC), 1.930%, 11/3/2004 9,700,000 5,285,000 4 C's LLC, (Series 1998), (Key Bank, N.A. LOC), 1.950%, 11/4/2004 5,285,000 2,365,000 550 West 14th Place, (Series 1999-A), (Harris Trust & Savings Bank, Chicago LOC), 2.010%, 11/4/2004 2,365,000 2,590,000 Advanced Labelworx, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,590,000 2,260,000 Alabama State IDA, (SERIES 1994) Miltope Project, (Regions Bank, Alabama LOC), 2.130%, 11/4/2004 2,260,000 4,345,000 Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Fleet National Bank LOC), 2.040%, 11/4/2004 4,345,000 1,440,000 Alabama State IDA, Standard Furniture Project (Series 1995), (Amsouth Bank N.A., Birmingham LOC), 2.060%, 11/4/2004 1,440,000 4,270,000 Aliceville, AL IDB, Buchanan Hardwood Flooring Co. (Series 1999), (Regions Bank, Alabama LOC), 2.130%, 11/4/2004 4,270,000 35,840,000 American Health Care Centers, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 35,840,000 12,820,000 American Self Storage Corp., Series 2002, (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 12,820,000 8,050,000 American Xtal Technology, Inc., Xtal Project (Series 1998), (Wells Fargo Bank, N.A. LOC), 2.090%, 11/4/2004 8,050,000 12,000,000 Association of American Medical Colleges, (Guaranteed by JPMorgan Chase Bank, AMBAC INS), 1.980%, 11/3/2004 12,000,000 4,640,000 Atlantic Tool and Die Co., (Key Bank, N.A. LOC), 1.950%, 11/4/2004 4,640,000 5,890,000 Baldwin County Sewer Service LLC, Series 2002, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 5,890,000 12,300,000 Bank One N.A. (Chicago), 2.130%, 1/27/2005 12,301,032 73,000,000 2,3 Bank of New York Co., Inc., 1.971%, 11/29/2004 73,000,000 4,000,000 Bardstown City, KY, (RJ Tower Project), (Series 1995), (Comerica Bank LOC), 2.010%, 11/4/2004 4,000,000 8,930,000 Bear Creek School, (Key Bank, N.A. LOC), 1.950%, 11/4/2004 8,930,000 8,935,000 Bing Steel Management, Inc., Series 2000, (Comerica Bank LOC), 1.04%, 11/3/2004 8,935,000 5,180,000 Bing Steel Management, Inc., Series 2002, (Comerica Bank LOC), 2.059%, 11/3/2004 5,180,000 316,000,000 2,3 Blue Heron Funding III, Inc., Series 3A, (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/29/2004 316,000,000 295,000,000 2,3 Blue Heron Funding V-A Ltd., Class A-2, (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/26/2004 295,000,000 1,402,790 Bowling Green Manor LP, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,402,790 9,205,000 Boyd-Pake-Underwood LLC, (Regions Bank, Alabama LOC), 2.030%, 11/4/2004 9,205,000 11,500,000 Briarcliff Development Co., Series 2002, (Federal Home Loan Bank of Topeka LOC), 2.010%, 11/4/2004 11,500,000 1,940,000 Broadway Investments, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,940,000 17,385,000 Brooksby Village, Inc., Series 2002, (Lasalle Bank, N.A. LOC), 2.000%, 11/4/2004 17,385,000 7,737,000 Brookshire Grocery Co., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 7,737,000 150,000,000 Calyon, Paris, 1.793% - 1.858%, 11/15/2004 - 11/23/2004 149,957,145 47,820,000 Capital One Funding Corp., (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 47,820,000 5,268,000 Capital One Funding Corp., (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 5,268,000 4,292,000 Capital One Funding Corp., (Series 1998-C), (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 4,292,000 18,940,000 Capital One Funding Corp., (Series 1999-A), (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 18,940,000 9,735,000 Capital One Funding Corp., (Series 1999-B), (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 9,735,000 588,000 Capital One Funding Corp., Series 1994-A, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 588,000 1,135,000 Capital One Funding Corp., Series 1994-D, (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 1,135,000 4,217,000 Capital One Funding Corp., Series 1995-B, (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 4,217,000 13,414,000 Capital One Funding Corp., Series 1995-F, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 13,414,000 3,672,000 Capital One Funding Corp., Series 1996-H, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 3,672,000 11,023,000 Capital One Funding Corp., Series 2001-B, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 11,023,000 550,000 Carpenter, Thomas E., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 2.17%, 11/4/2004 550,000 1,555,000 Chandler, AZ IDA, South Bay Circuits IMR, Series 1999B, (Comerica Bank LOC), 2.110%, 11/4/2004 1,555,000 6,825,000 Cincinnati Bible College and Seminary, (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 6,825,000 4,820,000 Clinton County, NY IDA, Bombardier Project (Series 1998-B), (HSBC Bank USA LOC), 2.250%, 11/4/2004 4,820,000 922,337 Clyde Manor LP, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 922,337 4,515,000 Colonie, NY IDA, Mechanical Technology, Inc. Project (Series 1998 A), (Key Bank, N.A. LOC), 2.010%, 11/4/2004 4,515,000 885,000 Colorado Health Facilities Authority, Development Disabilities Resource Center (Series 1998-C1), (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 885,000 2,025,000 Columbia County, GA Development Authority, Series 1993, (SunTrust Banks, Inc. LOC), 1.930%, 11/3/2004 2,025,000 11,535,000 Community Centre Group of Cos., (Comerica Bank LOC), 2.060%, 11/4/2004 11,535,000 35,000,000 Cook County, IL, Series 2002 A, 1.99%, 11/3/2004 35,000,000 6,430,000 Crane Plastics Siding LLC, Series 2000, (Bank One N.A. (Chicago) LOC), 2.180%, 11/4/2004 6,430,000 5,060,000 Cruiser Properties LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 2.230%, 11/4/2004 5,060,000 11,960,000 Cunat Capital Corp., (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 11,960,000 4,585,000 Damascus Co. Ltd., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 2.17%, 11/4/2004 4,585,000 14,400,000 Decatur, AL IDB, Bailey-PVS Oxides Project (Series 1998), (SunTrust Bank LOC), 2.130%, 11/4/2004 14,400,000 60,000,000 Dexia Bank, Belgium, 1.765%, 11/2/2004 59,993,623 2,910,000 Die-Matic Corp., (Huntington National Bank, Columbus, OH LOC), 2.230%, 11/4/2004 2,910,000 3,135,000 Double H Plastics, Inc., (Series 1998), (Wachovia Bank N.A. LOC), 2.030%, 11/3/2004 3,135,000 2,100,000 EPCO Carbondioxide Products, Inc., Series 2000, (Amsouth Bank N.A., Birmingham LOC), 2.130%, 11/4/2004 2,100,000 7,500,000 Eagle Tool and Machine, (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 7,500,000 6,485,000 Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 6,485,000 6,300,000 Fairpoint Regional Utility System, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.060%, 11/4/2004 6,300,000 11,065,000 Faison-City Plaza LP, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 11,065,000 2,000,000 G.M.H. Enterprises, Inc., (Series 1995), (National City Bank, Ohio LOC), 1.960%, 11/4/2004 2,000,000 14,460,000 Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 1.950%, 11/4/2004 14,460,000 15,000,000 Garlands of Barrington Lenders, Inc., Series 2002-A, (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 15,000,000 20,000,000 Garlands of Barrington Lenders, Inc., Series 2002-B, (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 20,000,000 15,000,000 Garlands of Barrington Lenders, Inc., Series 2002-C, (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 15,000,000 485,000 Gerken Materials, Inc., Series 1995, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 485,000 640,000 Gerken Materials, Inc., Series 1997, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 640,000 24,100,000 Greene County Development Authority, Reynolds Lodge, LLC Series 2000 A, (U.S. Bank, N.A. LOC), 1.980%, 11/3/2004 24,100,000 12,565,000 Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.930%, 11/3/2004 12,565,000 1,525,000 Grote Family LP, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,525,000 6,030,000 H & P Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 6,030,000 215,000,000 2,3 HBOS Treasury Services PLC, 1.750%,11/22/2004 215,000,000 351,000,000 HBOS Treasury Services PLC, 1.961%, 12/24/2004 351,000,000 8,695,000 Hamilton Farm Bureau Cooperative, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 2.22%, 11/4/2004 8,695,000 18,330,000 Healthcare Funding LLC, Series 1998 A, (National City Bank, Michigan/Illinois LOC), 1.930%, 11/4/2004 18,330,000 10,750,000 Hillcrest Investments LLC, (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 10,750,000 3,615,000 Historical Preservation Authority of Birmingham, (Series 1993), (Amsouth Bank N.A., Birmingham LOC), 2.080%, 11/4/2004 3,615,000 4,025,000 J.P. Plymouth Properties LLC, (Series 1999), (Standard Federal Bank, N.A. LOC), 2.16%, 11/3/2004 4,025,000 5,800,000 J.W. Harris, (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 5,800,000 15,000,000 Kansas City, MO Tax Increment Financing Commission, President Hotel, (Insured by MBIA Insurance Corp.), 2.010%, 11/4/2004 15,000,000 3,305,000 Kings Creek Country Club, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 2.080%, 11/3/2004 3,305,000 1,995,000 L.H. Kroh, Inc., (Series 1998), (Wachovia Bank N.A. LOC), 2.080%, 11/3/2004 1,995,000 2,315,000 Lincoln Park, (Bank One N.A. (Chicago) LOC), 2.000%, 11/4/2004 2,315,000 5,165,000 2,3 Los Angeles, CA, MERLOT Series 2000 A (H&H Theatre), (Wachovia Bank N.A. LOC), 2.060%, 11/3/2004 5,165,000 48,150,000 MPAR, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 48,150,000 4,520,000 Mack Industries, Inc., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 4,520,000 490,000 Madison, WI Community Development Authority, Series 1997-B Hamilton Point Apts., (Bank One N.A. (Chicago) LOC), 2.22%, 11/4/2004 490,000 12,525,000 Maryland State Economic Development Corp., Human Genome Sciences Series 1999B, (Wachovia Bank N.A. LOC), 2.060%, 11/2/2004 12,525,000 19,355,000 Massachusetts Development Finance Agency, (JPMorgan Chase Bank LOC), 1.930%, 11/3/2004 19,355,000 5,250,000 Massachusetts HEFA, (Comerica Bank LOC), 2.100%, 11/4/2004 5,250,000 1,295,000 McClellan Management, Inc., Genoa Healthcare Center Project, (Series 1999), (Fifth Third Bank, Cincinnati LOC), 2.190%, 11/4/2004 1,295,000 Mercantile Safe Deposit & Trust Co., Baltimore, 35,000,000 1.910% - 1.943%, 11/22/2004 - 11/24/2004 35,000,000 233,000 Midwest Funding Corp., Series 1991-C, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 233,000 2,071,000 Midwest Funding Corp., Series 1992-B, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 2,071,000 12,675,000 Milo C. Ritton and Superior Petroleum Co., Series 2002, (National City Bank, Pennsylvania LOC), 1.960%, 11/4/2004 12,675,000 9,220,000 Mississippi Business Finance Corp., (Regions Bank, Alabama LOC), 2.130%, 11/4/2004 9,220,000 4,800,000 Mississippi Business Finance Corp., Howard Industries, Inc. Series 1997, (Amsouth Bank N.A., Birmingham LOC), 2.00%, 11/4/2004 4,800,000 10,000,000 Mississippi Business Finance Corp., Kohler Project, (Wachovia Bank N.A. LOC), 1.960%, 11/4/2004 10,000,000 17,000,000 Mississippi Business Finance Corp., Series 1994 Georgia Gulf, (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 17,000,000 10,790,000 Mississippi Business Finance Corp., VC Regional Assembly & Manufacturing LLC., (JPMorgan Chase Bank LOC), 1.960%, 11/3/2004 10,790,000 12,365,000 North Oaks Partnership, (Series 1998), (Lasalle Bank, N.A. LOC), 2.000%, 11/4/2004 12,365,000 83,800,000 Novant Health, Inc., Series 1997, (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 83,800,000 3,859,000 Oceana County Freezer Storage, Inc., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 2.280%, 11/4/2004 3,859,000 975,000 Oceana County Freezer Storage, Inc., SERIES 1999, (Huntington National Bank, Columbus, OH LOC), 2.17%, 11/4/2004 975,000 11,290,000 Ohio Waste Development Authority Solid Waste, Bailey-PVS Oxides, LLC (Series 1998), (Key Bank, N.A. LOC), 1.950%, 11/4/2004 11,290,000 1,045,000 PV Communications, Inc., Series 1998, (Huntington National Bank, Columbus, OH LOC), 2.230%, 11/4/2004 1,045,000 11,000,000 Park Street Properties I LLC, University of Wisconsin - Madison Projects, (U.S. Bank, N.A. LOC), 1.96%, 11/4/2004 11,000,000 6,650,000 Physicians Real Estate LLP, (Wells Fargo Bank Minnesota N.A. LOC), 2.100%, 11/3/2004 6,650,000 15,000,000 Pitney Roads Partners LLC, Series 2003 - A, (Fleet National Bank LOC), 2.040%, 11/4/2004 15,000,000 6,180,000 Portsmouth, VA IDA, (Bank of America N.A. LOC), 2.000%, 11/3/2004 6,180,000 1,455,000 R.M.D.H. Properties LLC, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,455,000 7,615,000 Roby Co. Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 7,615,000 9,655,000 Rollins College, Series 1998, (SunTrust Bank LOC), 1.930%, 11/3/2004 9,655,000 8,850,000 Rooker, J.W., (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 8,850,000 90,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.788%, 11/9/2004 89,983,618 46,700,000 SGM Funding Corp., (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 46,700,000 19,000,000 Salvation Army, Series 2004-A, (Bank of New York LOC), 1.960%, 11/4/2004 19,000,000 4,110,000 Savannah, GA Housing Authority, (SunTrust Bank 4,110,000 LOC), 1.980%, 11/3/2004 2,891,000 Sawmill Creek Lodge Co., (Series 1996), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 2,891,000 18,500,000 Seeber USA LLP, Series 2000, (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 18,500,000 150,000,000 Societe Generale, Paris, 1.793% - 1.816%, 11/10/2004 - 11/17/2004 149,992,007 11,940,000 Spira Millenium LLC, Series 2001, (Fleet National Bank LOC), 1.950%, 11/4/2004 11,940,000 56,640,000 Spitzer Group, (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 56,640,000 4,080,000 Springfield Ltd. Partnership, (UBS AG LOC), 1.870%, 11/4/2004 4,080,000 1,350,000 St. Paul, MN Port Authority, Bix Fruit Co. (Series 1998-B), (Marshall & Ilsley Bank, Milwaukee LOC), 2.210%, 11/4/2004 1,350,000 2,150,000 St. Paul, MN Port Authority, National Checking Co. Project (Series 1998-B), (U.S. Bank, N.A. LOC), 2.110%, 11/4/2004 2,150,000 14,430,000 Suffolk County, NY IDA, (Fleet National Bank LOC), 2.010%, 11/3/2004 14,430,000 70,000,000 SunTrust Bank, 2.020%, 1/4/2005 70,023,949 3,360,000 TNT Co., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 2.17%, 11/4/2004 3,360,000 102,000,000 Taxable Floating Rate Notes, Series 2002-H1, Becker, MN PCRB, (Bank of New York Swap Agreement), 2.089%, 11/3/2004 102,000,000 45,000,000 2,3 Thorn Finance S.A., (JPMorgan Chase Bank Swap Agreement), 1.919%, 12/22/2004 45,000,000 515,000 Trap Rock Industries, Inc., Series 1997, (Wachovia Bank N.A. LOC), 1.980%, 11/3/2004 515,000 2,325,000 Van Wyk Enterprises, Inc., (Series 1998-A), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 2,325,000 365,000 Van Wyk Enterprises, Inc., (Series 1998-C), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 365,000 3,075,000 Van Wyk Enterprises, Inc., (Series 1998-D), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 3,075,000 860,000 Van Wyk, Bruce M., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 860,000 9,300,000 Victor H. Hanson/ Elizabeth F. Hanson, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 9,300,000 10,743,000 Virginia Health Services, Inc., (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 10,743,000 574,000 Vista Funding Corp., (Bank One N.A. (Columbus) LOC), 1.900%, 11/4/2004 574,000 1,516,000 Vista Funding Corp., Series 1994-A, (Fifth Third Bank, Cincinnati LOC), 1.900%, 11/4/2004 1,516,000 5,000,000 Vista Funding Corp., Series 1995-D, (Fifth Third Bank, Cincinnati LOC), 1.900%, 11/4/2004 5,000,000 1,410,000 Vista Funding Corp., Series 1998-B, (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 1,410,000 1,465,000 Vulcan, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,465,000 876,431 Wauseon Manor II LP, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 876,431 263,000,000 Wells Fargo & Co., 1.860% - 1.938%, 11/2/2004 - 263,000,000 11/15/2004 11,075,000 Western Reserve Masonic Community, Inc., (Guaranteed by JPMorgan Chase Bank), 2.060%, 11/4/2004 11,075,000 25,000,000 Westpac Banking Corp. Ltd., Sydney, 1.850%, 12/13/2004 25,000,000 1,665,000 Wexner Heritage House, Series 2000, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,665,000 11,260,000 Whetstone Care Center LLC, Series 1998, (Fifth Third Bank, Cincinnati LOC), 2.060%, 11/4/2004 11,260,000 955,000 White Brothers Properties, Series 1996, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 955,000 4,300,000 Willacoochee, City of, Development Authority, Longboard, Inc. Project (Series 1997), (Wachovia Bank N.A. LOC), 1.930%, 11/3/2004 4,300,000 5,475,000 William Morris Realty Montgomery LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 5,475,000 35,420,000 World Wildlife Fund, Inc., Series 2000 B, (AMBAC INS), 1.980%, 11/4/2004 35,420,000 1,710,000 YMCA of Central OH, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,710,000 Total 3,534,575,932 Brokerage--6.3% 240,000,000 2,3 Merrill Lynch & Co., Inc., 2.006%, 11/12/2004 240,001,807 103,500,000 Merrill Lynch & Co., Inc., 1.840% - 2.299%, 11/4/2004 - 1/28/2005 103,574,809 737,900,000 Morgan Stanley, 1.840% - 1.961%, 11/1/2004 - 12/6/2004 737,912,653 110,000,000 Morgan Stanley, Dean Witter (Series C), 1.990%, 11/15/2004 110,023,122 Total 1,191,512,391 Electrical Equipment--0.3% 3,110,000 Alabama State IDA, General Electric Project, (General Electric Co. LOC), 1.930%, 11/4/2004 3,110,000 63,810,364 Northwest Airlines, Inc., (Guaranteed by General Electric Co.), 1.950%, 11/1/2004 63,810,364 Total 66,920,364 Finance - Commercial--2.9% 41,000,000 GE Life and Annuity Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.880%, 12/1/2004 41,000,000 70,000,000 General Electric Capital Corp., 1.760%, 11/12/2004 70,030,534 436,100,000 2,3 General Electric Capital Corp., 1.958% -1.989%, 11/9/2004 - 11/17/2004 436,100,000 Total 547,130,534 Finance - Securities--6.2% 572,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.690% - 1.933%, 11/2/2004 - 12/15/2004 571,992,247 25,000,000 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.820%, 11/15/2004 24,994,725 588,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.730% - 1.930%, 11/1/2004 - 11/25/2004 587,989,851 Total 1,184,976,823 Government Agency--0.3% 7,945,000 Direct One Funding Corp., (Federal National Mortgage Association LOC), 1.93%, 11/4/2004 7,945,000 47,265,000 Direct One Funding Corp., Sexton Properties LP (Series 2000), (Federal National Mortgage Association LOC), 1.93%, 11/4/2004 47,265,000 5,350,000 Grand Pointe II Ltd. Partnership, Series 1999 Globe Apartments, (Federal Home Loan Bank of Indianapolis LOC), 2.12%, 11/4/2004 5,350,000 Total 60,560,000 Insurance--5.2% 23,200,000 Albuquerque, NM, Series 2000 A, (Insured by MBIA Insurance Corp.), 1.960%, 11/3/2004 23,200,000 85,000,000 Allstate Life Insurance Co., 1.980% - 1.990%, 85,000,000 11/1/2004 50,000,000 Hartford Life Insurance Co., 1.863% - 1.960%, 11/1/2004 - 12/1/2004 50,000,000 86,000,000 Jackson National Life Insurance Co., 2.000%, 11/22/2004 86,000,000 170,000,000 2,3 MBIA Global Funding LLC, (Insured by MBIA Insurance Corp.), 1.810% - 1.930%, 11/5/2004 - 11/29/2004 170,000,000 105,000,000 Metropolitan Life Insurance Co., 1.854% - 2.146%, 11/1/2004 - 1/3/2005 105,000,000 117,000,000 Monumental Life Insurance Co., 1.921% - 2.010%, 11/1/2004 - 11/30/2004 117,000,000 123,000,000 New York Life Insurance Co., 1.890%, 11/26/2004 123,000,000 100,000,000 Transamerica Occidental Life Insurance Co., 2.146%, 1/3/2005 100,000,000 121,000,000 Travelers Insurance Co., 1.830% - 2.060%, 11/22/2004 - 12/24/2004 121,000,000 Total 980,200,000 Total Notes - Variable 7,565,876,044 Time Deposits--4.9% Banking--4.9% 250,000,000 Canadian Imperial Bank of Commerce, 1.750%, 11/1/2004 250,000,000 190,000,000 Chase Manhattan Bank (USA) N.A., Wilmington, 1.812%, 11/1/2004 190,000,000 140,000,000 Deutsche Bank AG, 1.875%, 11/1/2004 140,000,000 150,000,000 Marshall & Ilsley Bank, Milwaukee, 1.775%, 11/1/2004 150,000,000 200,000,000 Societe Generale, Paris, 1.875%, 11/1/2004 200,000,000 Total Time Deposits 930,000,000 Mutual Funds--1.0% Asset Management--1.0% 80,000,000 AIM Short-Term Investments Co. Liquid Assets Portfolio 80,000,000 75,000,000 Nations Money Market Reserves, 1.645% 75,000,000 40,059,291 Scudder Money Market Institutional Shares 40,059,291 Total Mutual Funds 195,059,291 Repurchase Agreements--4.0% 30,000,000 Interest in $136,851,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.650% dated 10/29/2004 to be repurchased at $30,044,125 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 1/4/2005, collateral market value $139,590,843 30,000,000 215,000,000 Interest in $500,000,000 joint repurchase agreement with State Street Bank and Trust Co., 1.740% dated 10/29/2004 to be repurchased at $215,031,175 on 11/1/2004, collateralized by U.S. Treasury Agency Obligations with various maturities to 4/15/2028, collateral market value $512,969,327 215,000,000 50,000,000 Interest in $100,000,000 joint repurchase agreement with UBS Securities LLC, 1.760% dated 10/29/2004 to be repurchased at $50,007,333 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 9/15/2008, collateral market value $102,001,442 50,000,000 424,755,000 Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.800% dated 10/29/2004 to be repurchased at $424,818,713 on 11/1/2004, collateralized by U.S. Treasury Agency Obligations with various maturities to 11/15/2027, collateral market value $1,288,451,405 424,755,000 32,379,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890% dated 10/29/2004 to be repurchased at $32,384,100 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2044, collateral market value $1,441,499,470 32,379,000 Total Repurchase Agreements 752,134,000 Total Investments--99.9% (at amortized cost)5 18,968,179,422 Other assets and liabilities--net--0.1% 18,563,258 Total Net assets--100% $ 18,986,742,680 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $4,801,121,213 which represents 25.3% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $4,801,121,213 which represents 25.3% of total net assets. 4 Current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation HEFA --Health and Education Facilities Authority IDA --Industrial Development Authority IDB --Industrial Development Bond INS --Insured LOC --Letter of Credit PCRB --Pollution Control Revenue Bond Prime Value Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Asset-Backed Securities--1.3% Finance - Automotive--1.1% $ 38,762,478 Capital One Prime Auto Receivables Trust 2004-2, Class A1, 1.687%, 7/15/2005 $ 38,762,478 20,187,067 DaimlerChrysler Auto Trust 2004-B, Class A1, 1.720%, 8/8/2005 20,187,067 12,788,527 Household Automotive Trust 2004-1, Class A1, 1.693%, 7/18/2005 12,788,527 24,103,048 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 24,103,048 918,046 WFS Financial Owner Trust 2004-2, Class A1, 1.167%, 5/20/2005 918,046 15,000,000 WFS Financial Owner Trust 2004-4, Class A1, 2.088%, 11/17/2005 15,000,000 TOTAL 111,759,166 Finance - Equipment--0.2% 9,871,029 CIT Equipment Collateral 2004-DFS, Class A1, 2.095%, 10/20/2005 9,871,029 13,118,772 CIT Equipment Collateral 2004-EF1, Class A1, 1.630%, 7/15/2005 13,118,772 TOTAL 22,989,801 TOTAL ASSET-BACKED SECURITIES 134,748,967 Certificates Of Deposit--6.7% Banking--6.7% 100,000,000 Abbey National Treasury Services PLC, 1.360%, 2/3/2005 99,998,716 38,000,000 Calyon, Paris, 1.225% - 1.620%, 11/15/2004 - 12/31/2004 38,002,224 50,000,000 DePfa Bank PLC, 1.180%, 11/17/2004 50,000,000 85,000,000 Deutsche Bank AG, 1.250%, 12/29/2004 85,004,358 45,000,000 Fifth Third Bank, Cincinnati, 1.225%, 3/18/2005 44,998,309 17,500,000 Huntington National Bank, Columbus, OH, 2.020%, 3/18/2005 17,500,000 50,000,000 Regions Bank, Alabama, 1.270%, 1/14/2005 50,000,000 75,000,000 Royal Bank of Canada, Montreal, 1.400% - 1.455%, 11/12/2004 - 2/8/2005 74,999,783 50,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.400%, 2/8/2005 49,998,643 31,000,000 Svenska Handelsbanken, Stockholm, 1.130%, 12/30/2004 31,000,993 30,000,000 UBS AG, 1.115%, 12/31/2004 30,000,248 70,000,000 Washington Mutual Bank, F.A., 1.980% - 2.000%, 12/27/2004 - 1/10/2005 70,000,000 71,000,000 Wilmington Trust Co., 2.040%, 1/10/2005 71,000,000 TOTAL CERTIFICATEs OF DEPOSIT 712,503,274 Collateralized Loan Agreements--25.0% Banking--8.3% 60,000,000 CDC Financial Products, Inc., 1.925%, 11/1/2004 60,000,000 250,000,000 Deutsche Bank Securities, Inc., 2.005%, 11/1/2004 250,000,000 231,700,000 Greenwich Capital Markets, Inc., 2.000%, 11/1/2004 231,700,000 59,000,000 J.P. Morgan Securities, Inc., 1.975%, 11/1/2004 59,000,000 275,000,000 Wachovia Securities, Inc., 1.955%, 11/1/2004 275,000,000 TOTAL 875,700,000 Brokerage--16.7% 338,000,000 Bear Stearns Cos., Inc., 2.025%, 11/1/2004 338,000,000 370,000,000 Citigroup Global Markets Inc., 1.975%, 11/1/2004 370,000,000 133,000,000 Goldman Sachs Group, Inc., 2.025% - 2.425%, 11/1/2004 - 4/25/2005 133,000,000 199,000,000 Lehman Brothers Holdings, Inc., 2.025%, 11/1/2004 199,000,000 100,000,000 Lehman Brothers, Inc., 2.055%, 11/1/2004 100,000,000 275,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 275,000,000 159,000,000 Merrill Lynch, Pierce, Fenner and Smith, 1.955% - 2.025%, 11/1/2004 159,000,000 200,000,000 Morgan Stanley & Co., Inc., 1.955%, 11/1/2004 200,000,000 TOTAL 1,774,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 2,649,700,000 Commercial Paper--11.1%1 Aerospace / Auto--1.1% 121,300,000 2,3 Volkswagen of America, Inc., (Guaranteed by Volkswagen AG), 1.810% - 1.820%, 11/1/2004 - 11/23/2004 121,293,214 Banking--2.2% 52,000,000 Bank of America Corp., 2.140%, 4/6/2005 51,517,787 107,027,000 2,3 Bavaria TRR Corp., (Bayerische Hypotheken-und Vereinsbank AG Swap Agreement), 1.670% - 2.070%, 11/4/2004 - 1/18/2005 106,813,628 25,000,000 KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.850%, 2/8/2005 24,872,812 50,000,000 2,3 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 1.890%, 12/7/2004 49,905,500 TOTAL 233,109,727 Finance - Automotive--1.9% 107,900,000 DaimlerChrysler North America Holding Corp., 1.860% - 2.080%, 11/15/2004 - 1/11/2005 107,643,814 96,695,000 FCAR Auto Loan Trust, (A1+/P1 Series), 1.600% - 2.010%, 11/5/2004 - 3/8/2005 96,461,221 TOTAL 204,105,035 Finance - Commercial--0.1% 10,000,000 CIT Group, Inc., 2.100%, 3/15/2005 9,921,833 Finance - Equipment--0.2% 19,500,000 John Deere Bank S.A., (Guaranteed by John Deere Capital Corp.), 1.850% - 1.870%, 11/4/2004 - 11/9/2004 19,494,118 Finance - Retail--1.6% 110,000,000 2,3 Paradigm Funding LLC, 1.670% - 1.790%, 11/17/2004 - 1/10/2005 109,890,972 60,000,000 2,3 PREFCO-Preferred Receivables Funding Co., 1.710%, 12/10/2004 59,888,850 TOTAL 169,779,822 Finance - Securities--1.6% 136,000,000 2,3 Georgetown Funding Co. LLC, 1.820% - 1.950%, 11/4/2004 - 12/2/2004 135,848,008 31,100,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 2.110%, 3/31/2005 30,826,579 TOTAL 166,674,587 Food & Beverage--0.4% 37,500,000 Sara Lee Corp., 1.824%, 11/12/2004 37,479,146 Machinery, Equipment, Auto--0.3% 28,000,000 John Deere Capital Corp., (Deere & Co. Support Agreement), 2.100% - 2.150%, 1/14/2005 - 1/19/2005 27,873,514 Retail--0.8% 90,000,000 2,3 May Department Stores Co., 1.060% - 2.070%, 11/16/2004 - 1/11/2005 89,733,133 Telecommunications--0.9% 100,000,000 BellSouth Corp., 1.940% - 1.970%, 12/7/2004 - 12/27/2004 99,750,611 TOTAL COMMERCIAL PAPER 1,179,214,740 Corporate Bonds--0.6% Finance - Retail--0.6% 65,000,000 Countrywide Home Loans, Inc., 2.140%, 1/18/2005 65,008,825 Corporate Notes--2.0% Finance - Securities--1.4% 50,000,000 2,3 Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.400%, 2/9/2005 50,000,000 95,000,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.310% - 1.350%, 2/10/2005 - 2/28/2005 94,997,165 TOTAL 144,997,165 Food & Beverage--0.2% 22,500,000 2,3 McDonald's Corp., 4.545%, 3/7/2005 22,739,106 Pharmaceuticals and Healthcare--0.4% 40,000,000 2,3 Merck & Co., Inc., 4.484%, 2/22/2005 40,393,265 TOTAL CORPORATE NOTES 208,129,536 Government Agencies--3.9% Government Agency--3.9% 260,000,000 Federal Home Loan Bank System, 1.300% - 1.600%, 2/28/2005 - 5/16/2005 260,000,000 103,284,000 Federal Home Loan Mortgage Corp., 1.825% - 3.875%, 2/15/2005 - 9/9/2005 103,527,493 55,000,000 Federal National Mortgage Association, 1.360%, 2/15/2005 55,000,000 TOTAL GOVERNMENT AGENCIES 418,527,493 Loan Participations--1.8% Aerospace / Auto--0.3% 30,000,000 Johnson Controls, Inc., 1.740%, 11/30/2004 30,000,000 Chemicals--0.6% 64,500,000 DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.190% - 1.860%, 11/30/2004 - 12/29/2004 64,500,000 Electrical Equipment--0.3% 28,000,000 Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.), 1.910%, 5/19/2005 28,000,000 Finance - Automotive--0.6% 67,000,000 General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 2.390%, 11/1/2004 67,000,000 TOTAL LOAN PARTICIPATIONS 189,500,000 Notes - Variable--39.9%4 Banking--24.0% 1,650,000 1901 4th Ave. Parking LLC, (Series 2004), (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 1,650,000 4,235,000 4 C's LLC, (Series 1998), (Key Bank, N.A. LOC), 1.950%, 11/4/2004 4,235,000 2,530,000 AC, Inc., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,530,000 90,000 Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Fleet National Bank LOC), 2.040%, 11/4/2004 90,000 5,775,000 AlaTrade Foods LLC, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 5,775,000 2,000,000 Alexander Development I, LLC, (Series 2003), (Union Planters Bank, N.A., Memphis, TN LOC), 2.260%, 11/4/2004 2,000,000 1,800,000 Avondale Commerce Park, Phase III LLP, Phase III, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,800,000 4,760,000 AW Mobile LLC, (SouthTrust Bank of Alabama, Birmingham LOC), 2.41%, 11/5/2004 4,760,000 8,500,000 B.R. Williams Trucking, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 8,500,000 4,840,000 Baramax LLC, (Series 2002), (Commerce Bank N.A., Cherry Hill, NJ LOC), 2.159%, 11/10/2004 4,840,000 3,645,000 BBF LLC, (Series 2002), (First Commercial Bank, Birmingham, AL LOC), 2.190%, 11/4/2004 3,645,000 7,290,000 Bethesda Country Club, Inc., (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 7,290,000 18,750,000 Biddle Road Corp., (Series 2004), (Wachovia Bank N.A. LOC), 2.010%, 11/4/2004 18,750,000 1,025,000 Bissett,William K. and Sheryl B., Multi-Option Adjustable Rate Notes, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,025,000 5,775,000 Blue Family Holdings LLC, (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 5,775,000 254,000,000 2,3 Blue Heron Funding III, Inc., (Series 3A), (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/26/2004 254,000,000 92,000,000 2,3 Blue Heron Funding V-A Ltd., Class A-2, (Guaranteed by WestLB AG (Guaranteed)), 1.970%, 11/26/2004 92,000,000 1,960,000 Bluff City Buick, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,960,000 4,485,000 BMW Investments, Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 2.31%, 11/5/2004 4,485,000 1,990,000 Bon Secour Ltd., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,990,000 6,185,000 Bond Holdings LP, (SouthTrust Bank of Alabama, Birmingham LOC), 2.090%, 11/5/2004 6,185,000 9,500,000 Brittany Bay Partners II Ltd., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.140%, 11/4/2004 9,500,000 6,325,000 Brumfield Properties, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.000%, 11/4/2004 6,325,000 8,570,000 Callaway Gardens Resort, Inc., (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 8,570,000 50,000,000 Calyon, Paris, 1.793%, 11/15/2004 49,987,714 1,420,000 Campbell Enterprises, (Huntington National Bank, Columbus, OH LOC), 2.230%, 11/4/2004 1,420,000 12,168,000 Capital One Funding Corp., (Bank One N.A. (Chicago) LOC), 1.870%, 11/4/2004 12,168,000 16,594,000 Capital One Funding Corp., (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 16,594,000 2,614,000 Capital One Funding Corp., (Series 1996-C), (Bank One N.A. (Columbus) LOC), 1.870%, 11/4/2004 2,614,000 3,470,000 Cattail Creek Country Club, (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 3,470,000 2,849,000 CC Properties LLC, (Series 2002 A), Ronald & Phyllis Coleman, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,849,000 3,644,000 CC Properties LLC, (Series 2002 B), Thomas & Carolyn Coleman, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,644,000 6,200,000 Centra State Medical Arts Building LLC, (Commerce Bank N.A., Cherry Hill, NJ LOC), 2.109%, 11/11/2004 6,200,000 5,010,000 Century Drive Associates, (Series 2001), (Commerce Bank N.A., Cherry Hill, NJ LOC), 2.109%, 11/10/2004 5,010,000 20,500,000 Charlie N. McGlamry, (Series 2003), (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 20,500,000 4,200,000 Christian Life Assembly of the Assemblies of God, (Series 2003), (Fulton Bank LOC), 2.140%, 11/4/2004 4,200,000 11,605,000 Church at Brook Hills, (SouthTrust Bank of Alabama, Birmingham LOC), 2.260%, 11/5/2004 11,605,000 4,900,000 Clark-Holder Clinic, PA, (Columbus Bank and Trust Co., GA LOC), 2.180%, 11/4/2004 4,900,000 4,850,000 Columbus, GA Development Authority, Woodmont Properties, LLC, (Series 2000), (Columbus Bank and Trust Co., GA LOC), 2.030%, 11/4/2004 4,850,000 3,400,000 Commerce Towers LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,400,000 6,750,000 Commercial Contractors, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 6,750,000 8,850,000 Consolidated Publishing Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 2.310%, 11/5/2004 8,850,000 1,380,000 Continental Downtown Properties, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 1,380,000 6,840,000 Continental Downtown Properties, (Series 2000), (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 6,840,000 8,550,000 Cullman Shopping Center, Inc., (Series 2002), (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 8,550,000 5,165,000 Dellridge Care Center LP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 5,165,000 165,000,000 2,3 DePfa Bank PLC, 1.860%, 12/15/2004 165,000,000 6,860,000 Dewberry IV LP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 6,860,000 25,000,000 Dexia Bank, Belgium, 1.765%,11/2/2004 24,997,343 4,370,000 DLR Investments, Inc., (Series 2000), Ripley Crossing Project, (Bank One N.A. (Chicago) LOC), 2.15%, 11/4/2004 4,370,000 7,500,000 Drury Inns, Inc., (First Commercial Bank, Birmingham, AL LOC), 2.000%, 11/4/2004 7,500,000 55,000 Edgefield County, SC, (Series 1997), (Bondex Inc Project), (HSBC Bank USA LOC), 2.250%, 11/4/2004 55,000 3,425,000 Engle Printing & Publishing, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 3,425,000 4,365,000 Engle Printing & Publishing, (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 4,365,000 7,180,000 ERC Real Estate LLC, (Key Bank, N.A. LOC), 1.860%, 11/4/2004 7,180,000 3,230,000 First Baptist Church of Mt. Olive, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,230,000 4,689,000 First Baptist Church of West Monroe, LA, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,689,000 8,490,000 Fountainhead Enterprises LLC, (Huntington National Bank, Columbus, OH LOC), 2.180%, 11/4/2004 8,490,000 2,999,000 Frank Parsons Paper Co., Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 2,999,000 6,350,000 G&R Investments of Bay County LLC, (Series 2004), (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 6,350,000 3,505,000 Gannett Fleming, Inc., (Series 2001), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 3,505,000 1,870,000 Gateway Foods, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,870,000 2,955,000 Georgetown Real Estate Holdings Ltd., (SouthTrust Bank of Alabama, Birmingham LOC), 2.260%, 11/1/2004 2,955,000 5,825,000 Georgia Crown Distributing Co., (Columbus Bank and Trust Co., GA LOC), 2.000%, 11/4/2004 5,825,000 3,140,000 Gesmundo & Associates, Inc., (Series A), (National City Bank, Michigan/Illinois LOC), 1.930%, 11/4/2004 3,140,000 6,990,000 Green Clinic Management Co. LLC, (Regions Bank, Alabama LOC), 2.110%, 11/4/2004 6,990,000 14,400,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000 A), (U.S. Bank, N.A. LOC), 1.980%, 11/10/2004 14,400,000 1,935,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000B), (U.S. Bank, NA LOC), 1.930%, 11/10/2004 1,935,000 1,020,000 Guilford Capital LLC, (Series 2002 - D), (Regions Bank, Alabama LOC), 2.160%, 11/4/2004 1,020,000 3,335,000 Guilford Capital LLC, (Series 2002 - E), (Regions Bank, Alabama LOC), 2.160%, 11/4/2004 3,335,000 8,940,000 H.C. Equities LP, (Wachovia Bank N.A. LOC), 1.960%, 11/4/2004 8,940,000 8,500,000 Hanna Steel Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 2.260%, 11/5/2004 8,500,000 12,600,000 Harris County, GA Development Authority, (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 12,600,000 4,540,000 Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 4,540,000 89,000,000 2,3 HBOS Treasury Services PLC, 1.750%,11/22/2004 89,000,000 150,000,000 HBOS Treasury Services PLC, 1.830%-1.961%, 11/01/2004 - 12/24/2004 150,000,000 8,870,000 Healthcare Funding LLC, (Series 1999), (National City Bank, Michigan/Illinois LOC), 1.930%, 11/4/2004 8,870,000 8,865,000 Healthcare Network Properties LLC, (Series A), (National City Bank, Michigan/Illinois LOC), 1.930%, 11/4/2004 8,865,000 8,580,000 HFS Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 8,580,000 7,945,000 HP Huntsville LLC, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 7,945,000 17,680,000 ICS-Remington LLC, (First Commercial Bank, Birmingham, AL LOC), 2.130%, 11/4/2004 17,680,000 810,000 Ilsco Corp., (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 810,000 3,595,000 Indian Hills Country Club, (Series 2000), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,595,000 915,000 J.W. Harris, (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/4/2004 915,000 6,000,000 Jack W. Kidd, (Series 2003), (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 6,000,000 13,900,000 JFK Family Borrowing LLP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 13,900,000 7,281,290 Katie Realty LLC, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 7,281,290 3,735,000 Kenwood Country Club, Inc., 5.10 (Series 1999), (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 3,735,000 5,480,000 Kress Building LLC, (Series 2004), (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 5,480,000 4,000,000 Lake Sherwood Senior Living Center LLC, (Union Planters Bank, N.A., Memphis, TN LOC), 2.380%, 11/4/2004 4,000,000 6,720,000 Lee County, FL IDA, Bonita Community Health Center, (Series 1999B), (Fifth Third Bank, Cincinnati LOC), 1.960%, 11/5/2004 6,720,000 3,010,000 Lincoln Park, (Bank One N.A. (Chicago) LOC), 2.000%, 11/4/2004 3,010,000 4,970,000 M & C Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,970,000 4,855,000 Mac Churchill Properties North Ltd., (Series 2002), (SouthTrust Bank of Alabama, Birmingham LOC), 2.360%, 11/12/2004 4,855,000 4,250,000 Marion County, FL IDA, (Amsouth Bank N.A., Birmingham LOC), 2.140%, 11/4/2004 4,250,000 10,800,000 Maryland Industrial Development Financing Authority, Avalon Pharmaceutical, Inc., (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 10,800,000 3,130,000 Maryland Industrial Development Financing Authority, Gen-Vec, Inc. Facility (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 3,130,000 16,000,000 Maryland State Economic Development Corp., (Series 2001A), Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 16,000,000 21,205,000 Maryland State Economic Development Corp., Human Genome (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/2/2004 21,205,000 2,805,000 Mayer Properties LLP, (SouthTrust Bank of Alabama, Birmingham LOC), 2.260%, 11/5/2004 2,805,000 3,430,000 McClatchy-Avondale Corp., (Series1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 3,430,000 12,435,000 McCullough Oil Bond Issue LLC, (Series 2003), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 12,435,000 6,940,000 McCullough Snappy Service Oil Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 2.210%, 11/5/2004 6,940,000 10,700,000 Mike Bowden, (Columbus Bank and Trust Co., GA LOC), 2.000%, 11/4/2004 10,700,000 4,265,000 Miller, James & Deborah, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 4,265,000 319,000,000 2 MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 2.030%, 12/28/2004 319,000,000 2,835,000 Montgomery, AL IDB, (SouthTrust Bank of Alabama, Birmingham LOC), 2.000%, 11/4/2004 2,835,000 10,025,000 Mountain Christian Church, (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 10,025,000 3,935,000 Neron Real Estate LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 3,935,000 6,675,000 North American Gulf Terminals, Inc., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.180%, 11/4/2004 6,675,000 3,120,000 Oaklawn Hospital, MI, (Series 2000 A), (Standard Federal Bank, N.A. LOC), 2.059%, 11/10/2004 3,120,000 4,750,000 Old South Country Club, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 4,750,000 6,200,000 Olive Baptist Church, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 6,200,000 18,420,000 Omni, HC, Inc., (Columbus Bank and Trust Co., GA LOC), 2.180%, 11/4/2004 18,420,000 2,664,500 Orange Beach Marina, Inc., (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,664,500 8,250,000 ORIS Automotive Parts AL Ltd., (Amsouth Bank N.A., Birmingham LOC), 2.130%, 11/4/2004 8,250,000 15,000,000 Palmetto Net, Inc., (National Bank of South Carolina LOC), 2.210%, 11/4/2004 15,000,000 5,500,000 Pelham Retail Group LLC, (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 5,500,000 8,365,000 Perfect Properties LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 8,365,000 2,362,000 Quality Synthetic Rubber Co., (Series 2000), (U.S. Bank, N.A. LOC), 1.960%, 11/4/2004 2,362,000 7,425,000 Reiser Group Sonic Management Co., Inc., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 7,425,000 3,460,000 Riverchase Office Road LLC, (First Commercial Bank, Birmingham, AL LOC), 2.230%, 11/4/2004 3,460,000 1,300,000 Room One Corp., (Series 2001), (Fulton Bank LOC), 2.390%, 11/5/2004 1,300,000 55,000,000 Royal Bank of Canada, Montreal, 1.838%, 11/10/2004 55,000,000 46,000,000 Royal Bank of Scotland PLC, Edinburgh, 1.788%, 11/9/2004 45,991,627 20,315,000 Schuster Enterprises, Inc., (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 20,315,000 17,000,000 Sea Island Co., (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 17,000,000 8,225,000 Smith Land Improvement Corp., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 8,225,000 125,000,000 Societe Generale, Paris, 1.793% - 1.816%, 11/10/2004 - 11/17/2004 124,991,776 4,900,000 Southeastern Partners Realty I, II, III, (Series 2003), (Bank of North Georgia LOC), 2.230%, 11/4/2004 4,900,000 4,265,000 Southwest Atlanta E.O.C., Inc., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.180%, 11/4/2004 4,265,000 13,240,000 Spectra Gases, Inc., (Commerce Bank NA, Cherry Hill, NJ LOC), 2.109%, 11/10/2004 13,240,000 7,555,000 Spencer Cos., Inc., (Series 2001), (First Commercial Bank, Birmingham, AL LOC), 2.110%, 11/4/2004 7,555,000 3,200,000 Stone Creek LLC, (Columbus Bank and Trust Co., GA LOC), 2.000%, 11/4/2004 3,200,000 5,780,000 Tanya K. Nitterhouse, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 5,780,000 500,000 Taxable Floating Rate Notes, (Series 2002-H1), Becker, MN PCR, (Bank of New York Swap Agreement), 2.089%, 11/10/2004 500,000 1,575,000 Taxable Floating Rate Notes, (Series 2002-H2), Becker, MN PCR, (Bank of New York Swap Agreement), 2.089%, 11/10/2004 1,575,000 10,960,000 Team Rahal, Inc., (Series 2002), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 10,960,000 9,850,000 Test Associates, (Series 2002), (Fulton Bank LOC), 2.140%, 11/10/2004 9,850,000 4,490,000 Thomas Pipe and Steel LLC, (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 4,490,000 4,000,000 Thomaston-Upson County, GA IDA, Atlantic Paper & Foil Project, (RBC Centura Bank LOC), 2.230%, 11/4/2004 4,000,000 20,000,000 2,3 Thorn Finance S.A., (JPMorgan Chase Bank Swap Agreement), 1.919%, 12/22/2004 20,000,000 1,350,000 TLC Realty LLC, (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 1,350,000 5,260,000 Town Development, Inc., (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/5/2004 5,260,000 3,180,000 University Church of Christ, (SouthTrust Bank of Alabama, Birmingham LOC), 2.261%, 11/10/2004 3,180,000 1,300,000 Village Green Finance Co. LLC, (Series 1997), (Wachovia Bank N.A. LOC), 1.950%, 11/3/2004 1,300,000 12,360,000 Village of Bartlett, IL, Bartlett Quarry Redevelopemt Project (Series 2000), (Lasalle Bank, N.A. LOC), 2.160%, 11/10/2004 12,360,000 67,000 Vista Funding Corp., (Series 1994-A), (Fifth Third Bank, Cincinnati LOC), 1.900%, 11/4/2004 67,000 2,540,000 Vulcan, Inc., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 2.090%, 11/4/2004 2,540,000 11,740,000 WCN Properties, Inc., (Series 2), (Fulton Bank LOC), 2.140%, 11/4/2004 11,740,000 9,267,500 WCN Properties, Inc., (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 9,267,500 112,000,000 Wells Fargo & Co., 1.860% - 1.938%, 11/15/2004 - 12/2/2004 112,000,000 6,870,000 West Shore Country Club, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 11/12/2004 6,870,000 100,000,000 Westpac Banking Corp. Ltd., Sydney, 1.850%, 12/13/2004 100,000,000 14,620,000 William Hill Manor, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/9/2004 14,620,000 7,500,000 Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.060%, 11/10/2004 7,500,000 4,920,000 WMMT Properties LP, (Series 2003), (FirstMerit Bank, N.A. LOC), 2.010%, 11/4/2004 4,920,000 8,375,000 York County, PA IDA, (Series 2003-B), 2.070%, 11/4/2004 8,375,000 16,300,000 Yorktown Building Holding Co. LLC, (Columbus Bank and Trust Co., GA LOC), 2.230%, 11/4/2004 16,300,000 TOTAL 2,538,637,750 Brokerage--3.4% 16,000,000 Merrill Lynch & Co., Inc., 1.84%, 11/4/2004 16,000,000 85,500,000 2,3 Merrill Lynch & Co., Inc., 2.006%, 11/12/2004 85,500,000 261,000,000 Morgan Stanley, 1.840% - 1.961%, 11/4/2004 - 11/29/2004 261,000,000 TOTAL 362,500,000 Finance - Automotive--0.4% 44,000,000 GMAC Residential Funding Corp., (Guaranteed by General Motors Acceptance Corp.), 2.556%, 12/1/2004 44,000,000 Finance - Commercial--2.9% 95,000,000 GE Capital Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.815% - 1.948%, 11/9/2004 - 11/10/2004 95,000,000 20,000,000 GE Life and Annuity Assurance Co., (Guaranteed by General Electric Capital Corp.), 1.880%, 12/1/2004 20,000,000 25,000,000 General Electric Capital Corp., 1.76%, 11/12/2004 25,010,905 169,000,000 2,3 General Electric Capital Corp., 1.958% - 1.989%, 11/9/2004 - 11/17/2004 169,000,000 TOTAL 309,010,905 Finance - Retail--1.3% 43,000,000 AFS Insurance Premium Receivables Trust, (Series 1994-A), 2.426%, 11/15/2004 43,000,000 100,000,000 2,3 Paradigm Funding LLC, 1.800%, 11/5/2004 100,000,000 TOTAL 143,000,000 Finance - Securities--4.6% 68,600,000 2,3 K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.690% - 1.933%, 11/1/2004 - 11/25/2004 68,603,805 415,000,000 2,3 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.691% - 1.930%, 11/1/2004 - 11/26/2004 414,963,896 TOTAL 483,567,701 Insurance--3.3% 40,000,000 AEGON N.V., 1.910%, 11/15/2004 40,038,600 12,000,000 Allstate Life Insurance Co., 1.980%, 11/1/2004 12,000,000 25,000,000 Hartford Life Insurance Co., 1.864% - 1.960%, 11/1/2004 - 12/1/2004 25,000,000 15,000,000 Jackson National Life Insurance Co., 2.000%, 11/22/2004 15,000,000 45,000,000 Metropolitan Life Insurance Co., 1.854% - 2.146%, 11/1/2004 - 1/3/2005 45,000,000 35,000,000 Monumental Life Insurance Co., 1.921% - 2.116%, 11/30/2004 - 1/3/2005 35,000,000 50,000,000 New York Life Insurance Co., 1.890%, 11/26/2004 - 12/1/2004 50,000,000 35,000,000 2,3 Pacific Life Global Funding, 1.830%, 11/4/2004 35,002,192 25,000,000 Transamerica Occidental Life Insurance Co., 2.146%, 1/3/2005 25,000,000 65,000,000 Travelers Insurance Co., 1.91% - 2.060%, 12/3/2004 - 12/24/2004 65,000,000 TOTAL 347,040,792 TOTAL NOTES - VARIABLE 4,227,757,148 Mutual Fund--0.9% Asset Management--0.9% 100,000,000 Nations Cash Reserves 100,000,000 Time Deposits--2.8% Banking--2.8% 100,000,000 Bayerische Hypotheken-und Vereinsbank AG, 1.875%, 11/1/2004 100,000,000 100,000,000 Marshall & Ilsley Bank, Milwaukee, 1.775%, 11/1/2004 100,000,000 95,000,000 WestLB AG (Guaranteed), 1.875%, 11/1/2004 95,000,000 TOTAL TIME DEPOSITS 295,000,000 Repurchase Agreements--3.9% 327,337,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890% dated 10/29/2004 to be repurchased at $327,388,556 on 11/1/2004, collateralized by U. S. Government Agency Obligations with various maturities to 9/25/2043, collateral market value $1,441,499,470 327,337,000 75,000,000 Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.800% dated 10/29/2004 to be repurchased at $75,011,250 on 11/1/2004, collateralized by U. S. Treasury Agency Obligations with various maturities to 11/15/2027, collateral market value $1,288,451,405 75,000,000 10,000,000 Interest in $500,000,000 joint repurchase agreement with State Street Bank and Trust Co., 1.740% dated 10/29/2004 to be repurchased at $10,001,450 on 11/1/2004, collateralized by U. S. Treasury Agency Obligations with various maturities to 4/15/2028, collateral market value $512,969,327 10,000,000 TOTAL REPURCHASE AGREEMENTS 412,337,000 TOTAL INVESTMENTS--99.9% (AT AMORTIZED COST)5 10,592,426,983 OTHER ASSETS AND LIABILITIES-NET--0.1% 11,846,993 TOTAL NET ASSETS--100% $ 10,604,273,976 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $2,724,399,313 which represents 25.7% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees ( the "Trustees"). At October 31, 2004, these securities amounted to $2,405,399,313 which represents 22.7% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2004 is as follows. Security Fund Acquisition Date Acquisition Cost Monet Trust 9/27/2000 $319,000,000 4 Current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: IDA --Industrial Development Authority IDB --Industrial Development Bond LOC --Letter of Credit LP --Limited Partnership PCR --Pollution Control Revenue Tax-Free Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Short-Term Municipals--99.9%1 Alabama--3.2% $ 1,000,000 Alabama HFA Single Family, (Series 2000A),Turtle Lake), Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC) $ 1,000,000 7,000,000 2,3 Alabama State Public School & College Authority, (PA-918R), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 7,000,000 500,000 2,3 Alabama State Public School & College Authority, PUTTERs (Series 124), Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase & Co. LIQ) 500,000 715,000 Anniston, AL, IDB, (Series 1989-A), Weekly VRDNs (Union Foundry Co.)/(Amsouth Bank N.A., Birmingham LOC) 715,000 17,320,000 Birmingham, AL Airport Authority, (Series 2003A), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 17,320,000 11,500,000 Birmingham, AL Downtown Redevelopment Authority, (Series 2002), Weekly VRDNs (The UAB Educational Foundation)/(Regions Bank, Alabama LOC) 11,500,000 74,600,000 Birmingham, AL Medical Clinic Board, (Series 1991) Weekly VRDNs (University of Alabama Health System)/(SunTrust Bank LOC) 74,600,000 3,500,000 Birmingham, AL, Tax Increment Financing District I, Weekly VRDNs (MBIA Insurance Corp. INS)/(SouthTrust Bank of Alabama, Birmingham LIQ) 3,500,000 7,500,000 Huntsville, AL Special Care Facilities Financing Authority, (Series 2001D), Weekly VRDNs (Carlton Cove, Inc.)/(BNP Paribas SA LOC) 7,500,000 25,500,000 Jefferson County, AL Sewer System, Warrants (Series 2003-B-2), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Societe Generale, Paris LIQ) 25,500,000 600,000 Jefferson County, AL Sewer System, Warrants (Series 2003-B-4), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Bank of New York LIQ) 600,000 7,000,000 Jefferson County, AL Sewer System, Warrants (Series 2003-B-5), Weekly VRDNs (XL Capital Assurance Inc. INS)/(State Street Bank and Trust Co. LIQ) 7,000,000 10,500,000 Jefferson County, AL Sewer System, Warrants (Series 2003-B-7), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Lloyds TSB Bank PLC, London LIQ) 10,500,000 6,950,000 2,3 Jefferson County, AL Sewer System, Floater Certificates (Series 2000-352), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 6,950,000 51,700,000 Jefferson County, AL Sewer System, Warrants (Series C-3), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Bank of America N.A. LIQ) 51,700,000 32,500,000 Jefferson County, AL Sewer System, Warrants (Series C-6), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Societe Generale, Paris LIQ) 32,500,000 11,400,000 Jefferson County, AL Sewer System, Warrants (Series C-7), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Regions Bank, Alabama LIQ) 11,400,000 360,000 Magnolia Ridge Improvement District, AL, (Series 2002), Weekly VRDNs (SouthTrust Bank of Alabama, Birmingham LOC) 360,000 445,000 Marshall County, AL, Special Obligation School Refunding Warrant (Series 1994), Weekly VRDNs (Marshall County, AL Board of Education)/(Regions Bank, Alabama LOC) 445,000 5,000,000 Mobile, AL IDB, PCR (Series 1993B), Weekly VRDNs (Alabama Power Co.) 5,000,000 2,600,000 Mobile, AL Spring Hill College Educational Building Authority, (Series 2004B), Weekly VRDNs (Spring Hill College, AL)/(Regions Bank, Alabama LOC) 2,600,000 2,500,000 2,3 Mobile, AL, Class A Certificates (Series 2002-197), Weekly VRDNs (AMBAC INS)/(Bear Stearns Cos., Inc. LIQ) 2,500,000 16,500,000 Montgomery, AL ALAHA Special Care Facilities Financing Authority, (Series 2003-A), Weekly VRDNs (Gulf Health Hospitals, Inc.)/(Regions Bank, Alabama LOC) 16,500,000 6,130,000 Port City Medical Clinic Board of Mobile, AL, (Series 1998B), Weekly VRDNs (Infirmary Health System, Inc.)/(AMBAC INS)/(Bank of Nova Scotia, Toronto and KBC Bank NV LIQs) 6,130,000 22,140,000 Southeast Alabama Gas District, (Series 2003B), Weekly VRDNs (XL Capital Assurance Inc. INS)/(SouthTrust Bank of Alabama, Birmingham LIQ) 22,140,000 3,198,000 Tuscaloosa County, AL Automotive Corridor IDA, (Series 2002), Weekly VRDNs (MBIA Insurance Corp. INS)/(SouthTrust Bank of Alabama, Birmingham LIQ) 3,198,000 940,000 Tuscaloosa County, AL Port Authority, (Series 1989A), Weekly VRDNs (Capstone Hotel Ltd.)/(SouthTrust Bank of Alabama, Birmingham LOC) 940,000 Total 329,598,000 Alaska--0.8% 4,655,000 2,3 Alaska International Airports System, (PT-1397), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 4,655,000 59,300,000 Alaska State Housing Finance Corp., General Housing Purpose Bonds (2003 Series A-2), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 59,300,000 21,000,000 2,3 Alaska State Housing Finance Corp., MERLOTS (Series 1999D), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 21,000,000 Total 84,955,000 Arizona--1.2% 1,250,000 Apache County, AZ IDA, (Series 1983A), Weekly VRDNs (Tucson Electric Power Co.)/(Credit Suisse First Boston LOC) 1,250,000 7,000,000 Apache County, AZ IDA, (Series 1983B), Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York LOC) 7,000,000 1,600,000 Arizona Health Facilities Authority, Weekly VRDNs (University Physicians, Inc.)/(Bank One N.A. (Chicago) LOC) 1,600,000 4,000,000 Arizona Health Facilities Authority (Series 2002), Weekly VRDNs (Royal Oaks Life Care Community)/(Lasalle Bank, N.A. LOC) 4,000,000 3,000,000 Arizona Health Facilities Authority, Pooled Loan Program Revenue Bonds (Series 1985B), Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase Bank LIQ) 3,000,000 5,925,000 Chandler, AZ IDA, (Series 2000), Weekly VRDNs (River Ranch Apartments)/(FHLMC LOC) 5,925,000 21,000,000 2,3 Maricopa County, AZ Community College District, (PT-388), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 21,000,000 14,270,000 Maricopa County, AZ, IDA, (Series 2000A), Weekly VRDNs (Gran Victoria Housing LLC)/(FNMA LOC) 14,270,000 30,000,000 2,3 Maricopa County, AZ, IDA, PUTTERs (Series 420), Weekly VRDNs (Catholic Healthcare West)/(J.P. Morgan Chase & Co. LIQ)/(J.P. Morgan Chase Bank LOC) 30,000,000 2,450,000 Phoenix, AZ IDA, (Series 2000), Weekly VRDNs (Copper Palms Apartments)/(FHLMC LOC) 2,450,000 4,940,000 Pima County, AZ IDA, (Series 2000A), Weekly VRDNs (Broadway Proper Congregate)/(State Street Bank and Trust Co. LOC) 4,940,000 4,000,000 Pima County, AZ IDA, (Series 2002A), Weekly VRDNs (La Posada at Park Centre, Inc.)/(Lasalle Bank, N.A. LOC) 4,000,000 1,500,000 Sierra Vista, AZ IDA, (Series 2001A), Weekly VRDNs (Mountain Steppes Properties LLC)/(FNMA LOC) 1,500,000 18,400,000 Tempe, AZ IDA, (Series 2002C), Weekly VRDNs (Friendship Village of Tempe)/(Lasalle Bank, N.A. LOC) 18,400,000 4,000,000 Tucson, AZ IDA, (Series 1989), Weekly VRDNs (Lincoln Garden Tucson LP)/(FHLMC LOC) 4,000,000 Total 123,335,000 Arkansas--0.1% 11,240,000 Fayetteville, AR Public Facilities Board, (Series 2002), Weekly VRDNs (Butterfield Trail Village)/(U.S. Bank, N.A. LOC) 11,240,000 California--15.4% 15,000,000 ABAG Finance Authority for Non-Profit Corporations, (Series 2003), Weekly VRDNs (Valley Christian Schools)/(Bank of America N.A. LOC) 15,000,000 19,800,000 Antelope Valley, CA Healthcare District, (Series 2002A), Weekly VRDNs (J.P. Morgan Chase Bank LOC) 19,800,000 24,100,000 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2003C), Weekly VRDNs (AMBAC INS)/(Landesbank Baden-Wuerttemberg LIQ) 24,100,000 25,000,000 Bay Area Toll Authority, CA, San Francisco Bay Area Toll Bridge Revenue Bonds (Series 2004C), Weekly VRDNs (AMBAC INS)/(Bayerische Landesbank Girozentrale, Landesbank Baden-Wuerttemberg and Landesbank Hessen-Thueringen, Frankfurt LIQs) 25,000,000 5,795,000 California Health Facilities Financing Authority, (Series 1998), Weekly VRDNs (Southern California Presbyterian Homes)/(MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 5,795,000 California State Department of Water 121,000,000 Resources Power Supply Program, (Series 2002 C-1), Weekly VRDNs (Dexia Credit Local LOC) 121,000,000 58,425,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-2), Weekly VRDNs (AMBAC INS)/(WestLB AG (GTD) LIQ) 58,425,000 63,015,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-3), Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 63,015,000 2,3 California State Department of Water 128,340,000 Resources Power Supply Program, (Series 2002 C-4), Weekly VRDNs (CALSTRS (California State Teachers' Retirement System) and J.P. Morgan Chase Bank LOCs) 128,340,000 46,425,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-5) Weekly VRDNs (Dexia Credit Local LOC) 46,425,000 36,300,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-6), Weekly VRDNs (AMBAC INS)/(Landesbank Baden-Wuerttemberg LIQ) 36,300,000 34,550,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-7) Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 34,550,000 13,000,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-8), Weekly VRDNs (Bayerische Landesbank Girozentrale LOC) 13,000,000 14,940,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-9) Weekly VRDNs (Citibank N.A., New York LOC) 14,940,000 2,3 California State, (Series 2004), FR/RI-L27, 100,000,000 Weekly VRDNs (California State Fiscal Recovery Fund)/(Lehman Brothers Holdings, Inc. LIQ) 100,000,000 California State, 3.00% RANs, 6/30/2005 182,000,000 183,501,493 46,100,000 California State, Economic Recovery Bonds (Series 2004C-10), Weekly VRDNs (California State Fiscal Recovery Fund)/(BNP Paribas SA LOC) 46,100,000 6,000,000 California State, Economic Recovery Bonds (Series 2004C-12), Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ) 6,000,000 12,530,000 California State, Economic Recovery Bonds (Series 2004C-18), Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ) 12,530,000 86,200,000 California State, Economic Recovery Bonds (Series 2004C-20), Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 86,200,000 41,200,000 California Statewide Communities Development Authority, (Series 2003D), Weekly VRDNs (Kaiser Permanente) 41,200,000 45,000,000 California Statewide Communities Development Authority, (Series 2004J), Weekly VRDNs (Kaiser Permanente) 45,000,000 2,3 California Statewide Communities 114,975,000 Development Authority, TRANs (Series 2004 L39), Weekly VRDNs (Riverside County, CA)/(Lehman Brothers Holdings, Inc. LIQ) 114,975,000 19,585,000 East Bay Municipal Utility District, CA, (Series 2003B), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 19,585,000 30,705,000 Fresno, CA, (Series 2000C), Weekly VRDNs (Trinity Healthcare Credit Group) 30,705,000 26,765,000 Livermore, CA Capital Projects Financing Authority, (Series 2002), Variable Rate Demand Certificates of Participation, Weekly VRDNs (Livermore, CA)/(AMBAC INS)/(Dexia Credit Local LIQ) 26,765,000 8,695,000 2,3 Los Angeles County, CA Metropolitan Transportation Authority, (Series 2001-J.P.MC2), Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 8,695,000 15,575,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-2), Weekly VRDNs (Los Angeles, CA Department of Water & Power (Electric/Power System))/(Bank of America N.A., Bayerische Landesbank Girozentrale, Dexia Credit Local, J.P. Morgan Chase Bank, Landesbank Baden-Wuerttemberg, State Street Bank and Trust Co. and WestLB AG (Guaranteed) LIQs) 15,575,000 11,600,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-7), Weekly VRDNs (Los Angeles, CA Department of Water & Power (Electric/Power System))/(Bank of America N.A., Bayerische Landesbank Girozentrale, Dexia Credit Local, J.P. Morgan Chase Bank, Landesbank Baden-Wuerttemberg, State Street Bank and Trust Co. and WestLB AG (GTD) LIQs) 11,600,000 19,995,000 2,3 Los Angeles, CA Unified School District, (Series 2002-J.P.MC2), Weekly VRDNs (MBIA Insurance Corp. INS)/(J.P. Morgan Chase & Co. LIQ) 19,995,000 26,975,000 2,3 Los Angeles, CA Unified School District, TRANS (Series 2004 FR/RI-L63), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 26,975,000 47,000,000 Orange County, CA Transportation Authority, (Series 2003-B-1), (91 Express Lanes) Weekly VRDNs (AMBAC INS)/(Dexia Credit Local and J.P. Morgan Chase Bank LIQs) 47,000,000 Southern California Public Power Authority, 136,585,000 (Series 1991), Weekly VRDNs (AMBAC INS)/(Lloyds TSB Bank PLC, London LOC) 136,585,000 Total 1,584,676,493 Colorado--1.4% 3,125,000 Colorado Health Facilities Authority, (Series 1998C-1), Weekly VRDNs (Developmental Disabilities Center)/(Bank One N.A. (Chicago) LOC) 3,125,000 16,000,000 2,3 Colorado State, TRANs (Series 2004 FR/RI-L48J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 16,000,000 1,325,000 Denver (City & County), CO, 1.60% TOBs (Blake Street Compendium)/(Key Bank, N.A. LOC), Optional Tender 12/15/2004 1,325,000 2,3 Denver Urban Renewal Authority, Stapleton 100,000,000 Tax Increment Revenue (Series 2004 FR/RI-F7J), Weekly VRDNs (Lehman Brothers Holdings, Inc. SWP) 100,000,000 2,800,000 Holland Creek Metropolitan District, CO, (Series 2001), Weekly VRDNs (Bank of America N.A. LOC) 2,800,000 7,495,000 2,3 Park Creek Metropolitan District, CO, (PT-1871), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 7,495,000 13,170,000 2,3 Westminster, CO, (PT-467), Weekly VRDNs (Cascade Village Apartments)/(FHLMC GTD)/(FHLMC LIQ) 13,170,000 Total 143,915,000 Connecticut--0.5% 28,275,000 Connecticut Development Authority Health Care Revenue, Weekly VRDNs (Corporation for Independent Living)/(J.P. Morgan Chase Bank LOC) 28,275,000 1,600,000 Connecticut Development Authority Health Care Revenue, (Series 1993A), Weekly VRDNs (Corporation for Independent Living)/(Dexia Credit Local LOC) 1,600,000 7,000,000 2,3 Connecticut State HFA, Variable Rate Certificates (Series 1998S), 1.675% TOBs (Bank of America N.A. LIQ), Optional Tender 9/1/2005 7,000,000 19,045,000 Connecticut State, (Series 2001A), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 19,045,000 Total 55,920,000 District of Columbia--1.5% 17,080,000 District of Columbia, (Series 1985), Weekly VRDNs (American University)/(AMBAC INS)/(WestLB AG LIQ) 17,080,000 5,660,000 District of Columbia, (Series 1999), Weekly VRDNs (Association of American Medical Colleges)/(AMBAC INS)/(Bank of America N.A. LIQ) 5,660,000 5,610,000 District of Columbia, (Series 1999), Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 5,610,000 22,000,000 District of Columbia, (Series 1999C), Weekly VRDNs (George Washington University)/(MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 22,000,000 12,135,000 District of Columbia, (Series 2001C), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ) 12,135,000 16,850,000 District of Columbia, (Series 2001D), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ) 16,850,000 68,150,000 District of Columbia, (Series 2002D), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 68,150,000 3,575,000 District of Columbia, Revenue Bonds (Series 1997B), Weekly VRDNs (Association of American Medical Colleges)/(AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 3,575,000 Total 151,060,000 Florida--5.4% 14,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT) (Series 1998-9), 1.08% TOBs (Florida State Board of Education Capital Outlay)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 1/12/2005 14,000,000 3,920,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT) (Series 1999-11), Weekly VRDNs (Tampa Bay, FL Water Utility System)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 3,920,000 18,505,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT) (Series 2002-24), Weekly VRDNs (Escambia County, FL)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 18,505,000 10,000,000 Brevard County, FL Educational Facilities Authority, (Series B), Weekly VRDNs (Florida Institute of Technology)/(Bank of America N.A. LOC) 10,000,000 10,365,000 2,3 Brevard County, FL HFA, (PT-472), Weekly VRDNs (Palm Place Apartments)/(FHLMC GTD)/(FHLMC LIQ) 10,365,000 6,000,000 Broward County, FL HFA, (Series 1997), Weekly VRDNs (Jacaranda Village Apartments)/(HSBC Bank USA LOC) 6,000,000 1,850,000 Dade County, FL IDA, (Series 1985D), Weekly VRDNs (Dolphins Stadium)/(Societe Generale, Paris LOC) 1,850,000 33,445,000 Dade County, FL IDA, (Series 1993), Daily VRDNs (Florida Power & Light Co.) 33,445,000 24,600,000 Dade County, FL Water & Sewer System, Weekly VRDNs (FGIC INS)/(Lloyds TSB Bank PLC, London LIQ) 24,600,000 6,000,000 Davie, FL, (Series 2003), Weekly VRDNs (United Jewish Community of Broward County, Inc.)/(Bank of America N.A. LOC) 6,000,000 5,305,000 2,3 Escambia County, FL Utilities Authority, (PT-2003), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 5,305,000 10,460,000 Eustis Health Facilities Authority, FL, (Series 1985), Weekly VRDNs (Waterman Medical Center)/(SunTrust Bank LOC) 10,460,000 7,630,000 Eustis Health Facilities Authority, FL, (Series 1992), Weekly VRDNs (Florida Hospital/Waterman, Inc.)/(SunTrust Bank LOC) 7,630,000 1,300,000 Florida HFA, (Series 1985SS), Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., Chicago, IL LOC) 1,300,000 8,200,000 Florida HFA, (Series 1985YY), Weekly VRDNs (Monterey Meadows Apartments, FL)/(FNMA LOC) 8,200,000 5,500,000 Florida Higher Educational Facilities Financing Authority, Revenue Bonds (Series 2003), Daily VRDNs (St. Thomas University)/(SunTrust Bank LOC) 5,500,000 3,500,000 2,3 Florida Housing Finance Corp., (PT-481), Weekly VRDNs (Oaks at Mill Creek Apartments)/(FHLMC GTD)/(FHLMC LIQ) 3,500,000 9,545,000 2,3 Florida State Board of Education Lottery, (PT-1527), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 9,545,000 7,000,000 2,3 Florida State Department of Environmental Protection, Floater Certificates (Series 2001-722), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 7,000,000 575,000 Gulf Breeze, FL, (Series 1985E), Weekly VRDNs (FGIC INS)/(Dexia Credit Local LIQ) 575,000 39,045,000 Highlands County, FL Health Facilities Authority, (Series 1996A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC) 39,045,000 24,835,000 Highlands County, FL Health Facilities Authority, (Series 1997-A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC) 24,835,000 7,000,000 Highlands County, FL Health Facilities Authority, Adventist Health System/Sunbelt A/R Program (Series 2004 AR-2), Weekly VRDNs (FGIC INS)/(Bank of Nova Scotia, Toronto LIQ) 7,000,000 12,005,000 Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds (Series 2003B), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC) 12,005,000 11,300,000 Hillsborough County, FL IDA, (Series 2001), Weekly VRDNs (Goodwill Industries-Suncoast, Inc.)/(SunTrust Bank LOC) 11,300,000 16,050,000 JEA, FL Electric System, Subordinate Revenue Bonds (2001 Series B), Daily VRDNs (Bank of America N.A. LIQ) 16,050,000 5,000,000 Jacksonville, FL EDC, (Series 2003), Weekly VRDNs (YMCA of Florida's First Coast)/(Bank of America N.A. LOC) 5,000,000 5,100,000 Jacksonville, FL HFDC, Weekly VRDNs (River Garden Project)/(Wachovia Bank N.A. LOC) 5,100,000 6,000,000 Lee County, FL IDA (Series 1999B), Weekly VRDNs (Shell Point Village, FL)/(Bank of America N.A. LOC) 6,000,000 9,780,000 Lee County, FL IDA (Series 2002), Weekly VRDNs (Shell Point Village, FL)/(Bank of America N.A. LOC) 9,780,000 6,925,000 Manatee County, FL HFA (Series 1990A), Weekly VRDNs (Harbour Pointe)/(Credit Suisse First Boston LOC) 6,925,000 7,600,000 Manatee County, FL, PCRBs (Series 1994), Daily VRDNs (Florida Power & Light Co.) 7,600,000 2,490,000 Martin County, FL IDA, (Series 2001), Weekly VRDNs (Young Men's Christian Association of the Treasure Coast, FL)/(SunTrust Bank LOC) 2,490,000 2,695,000 Miami, FL Health Facilities Authority, Health Facilities Revenue Bonds (Series 1992), Weekly VRDNs (Miami Jewish Home and Hospital for the Aged, Inc.)/(SunTrust Bank LOC) 2,695,000 10,250,000 Orange County, FL IDA (Series 2002), Weekly VRDNs (Catholic Diocese of Orlando)/(SunTrust Bank LOC) 10,250,000 10,000,000 Orange County, FL IDA (Series 2004), Weekly VRDNs (UCF Hospitality School Student Housing Foundation)/(SunTrust Bank LOC) 10,000,000 9,700,000 Palm Beach County, FL IDA (Series 2002), Weekly VRDNs (The Children's Home Society of Florida)/(Wachovia Bank N.A. LOC) 9,700,000 11,800,000 Palm Beach County, FL (Series 2000), Weekly VRDNs (Norton Gallery and School of Art, Inc.)/(Bank of America N.A. LOC) 11,800,000 5,500,000 Palm Beach County, FL (Series 2001), Weekly VRDNs (Hospice of Palm Beach County, Inc.)/(Northern Trust Co., Chicago, IL LOC) 5,500,000 4,500,000 Palm Beach County, FL (Series 2003), Weekly VRDNs (Benjamin Private School, Inc.)/(Bank of America N.A. LOC) 4,500,000 9,000,000 Palm Beach County, FL (Series 2003), Weekly VRDNs (Morse Obligated Group)/(Key Bank, N.A. LOC) 9,000,000 5,000,000 Pasco County, FL School Board, Weekly VRDNs (AMBAC INS)/(Landesbank Hessen-Thueringen, Frankfurt LIQ) 5,000,000 4,190,000 Pinellas County, FL Health Facility Authority, (Series 1987), Weekly VRDNs (St. Mark Village Project)/(Bank of America N.A. LOC) 4,190,000 7,450,000 Santa Rosa County, FL, Health Facilities Revenue Bonds, Weekly VRDNs (Baptist Hospital, Inc. (FL))/(Bank of America N.A. LOC) 7,450,000 92,925,000 St. Lucie County, FL PCR, (Series 2000), Daily VRDNs (Florida Power & Light Co.) 92,925,000 6,990,000 St. Petersburg, FL HFA (Series 1997), Weekly VRDNs (Manorah Manor)/(SunTrust Bank LOC) 6,990,000 2,495,000 2,3 Tampa Bay, FL Water Utility System, (PA-576), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 2,495,000 8,720,000 Volusia County, FL Education Facility Authority (Series 2001), Weekly VRDNs (Bethune-Cookman College, Inc.)/(SunTrust Bank LOC) 8,720,000 14,565,000 Volusia County, FL Health Facilities Authority, (Series 1994A), Weekly VRDNs (Southwest Volusia Healthcare Corp.)/(SunTrust Bank LOC) 14,565,000 5,900,000 West Orange, FL Healthcare District (Series 1999B), Weekly VRDNs (SunTrust Bank LOC) 5,900,000 Total 552,510,000 Georgia--4.0% 4,000,000 Augusta, GA HFA, (Series 1998), Weekly VRDNs (Sterling Ridge Apartments)/(Amsouth Bank N.A., Birmingham LOC) 4,000,000 4,900,000 Burke County, GA Development Authority, (Series 2000), Daily VRDNs (Oglethorpe Power Corp.)/(AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 4,900,000 3,780,000 Cobb-Marietta, GA Coliseum & Exhibit Hall Authority (Series 1996A), Weekly VRDNs (MBIA Insurance Corp. INS)/(SunTrust Bank LIQ) 3,780,000 5,300,000 Columbus, GA Hospital Authority (Series 2000), Weekly VRDNs (St. Francis Hospital, Inc., GA)/(SunTrust Bank LOC) 5,300,000 4,250,000 Dalton, GA Development Authority (Series 2003B), Weekly VRDNs (Hamilton Medical Center, Inc.)/(Bank of America N.A. LOC) 4,250,000 23,250,000 De Kalb Private Hospital Authority, GA (Series 1994B), Weekly VRDNs (Egleston Children's Hospital at Emory University, Inc.)/(SunTrust Bank LOC) 23,250,000 3,445,000 DeKalb County, GA Development Authority, Weekly VRDNs (Lifesouth Community Blood Centers, Inc.)/(SunTrust Bank LOC) 3,445,000 9,000,000 DeKalb County, GA Multi-Family Housing Authority (Series 2003), Weekly VRDNs (Timber Trace Apartments)/(FHLMC LOC) 9,000,000 6,820,000 Fulco, GA Hospital Authority (Series 1999), Weekly VRDNs (Piedmont Hospital)/(SunTrust Bank LOC) 6,820,000 1,360,000 Fulton County, GA Development Authority (Series 1998), Weekly VRDNs (Morehouse School of Medicine)/(SunTrust Bank LOC) 1,360,000 6,000,000 Fulton County, GA Development Authority (Series 2001), Weekly VRDNs (Trinity School, Inc.)/(SunTrust Bank LOC) 6,000,000 36,245,000 2,3 Fulton County, GA Housing Authority, (PT-469), Weekly VRDNs (Cimarron & Monterey Apartments)/(FHLMC GTD)/(FHLMC LIQ) 36,245,000 2,200,000 Fulton County, GA IDA, Weekly VRDNs (Automatic Data Processing, Inc.) 2,200,000 10,500,000 Gainesville, GA Redevelopment Authority (Series 1999), Weekly VRDNs (Brenau University, Inc.)/(SunTrust Bank LOC) 10,500,000 27,200,000 Georgia State Municipal Gas Authority (Series A), Weekly VRDNs (Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs) 27,200,000 27,335,000 Georgia State Municipal Gas Authority (Series A), Weekly VRDNs (Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs) 27,335,000 16,200,000 Georgia State Municipal Gas Authority (Series B), Weekly VRDNs (Bayerische Landesbank Girozentrale, Credit Suisse First Boston, J.P. Morgan Chase Bank and Wachovia Bank N.A. LOCs) 16,200,000 26,900,000 Georgia State Municipal Gas Authority (Series B), Weekly VRDNs (Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs) 26,900,000 33,645,000 Georgia State Municipal Gas Authority (Series C), Weekly VRDNs (Bank of America N.A., Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank and Wachovia Bank N.A. LOCs) 33,645,000 82,650,000 Georgia State Municipal Gas Authority (Series C), Weekly VRDNs (Bank of America N.A., Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs) 82,650,000 22,000,000 2,3 Georgia State, Floater Certificates (Series 2011-647), Weekly VRDNs (Morgan Stanley LIQ) 22,000,000 17,290,000 2,3 Georgia State, PUTTERs (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 17,290,000 12,500,000 Municipal Electric Authority of Georgia, (Series 1985C), General Resolution Weekly VRDNs (Bayerische Landesbank Girozentrale LOC) 12,500,000 6,000,000 Oconee County, GA IDA (Series 2003), Weekly VRDNs (Athens Academy, Inc.)/(SunTrust Bank LOC) 6,000,000 20,000,000 Savannah, GA EDA (Series 2003C), Weekly VRDNs (Marshes of Skidaway Island)/(BNP Paribas SA LOC 20,000,000 Total 412,770,000 Hawaii--0.7% 13,250,000 Hawaii State Department of Budget & Finance (Series 2003D), Weekly VRDNs (Kahala Nui)/(Lasalle Bank, N.A. LOC) 13,250,000 9,880,000 2,3 Hawaii State, ROCs (Series 1044), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 9,880,000 16,700,000 Honolulu, HI City & County (Series 2001C), 1.18% TOBs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ), Optional Tender 12/2/2004 16,700,000 16,700,000 Honolulu, HI City & County (Series 2001C), 1.18% TOBs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ), Optional Tender 12/2/2004 16,700,000 16,700,000 Honolulu, HI City & County (Series 2001C), 1.18% TOBs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ), Optional Tender 12/2/2004 16,700,000 4,485,000 2,3 Honolulu, HI City & County ROCs (Series 4043), Weekly VRDNs (MBIA Insurance Corp. INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 4,485,000 Total 77,715,000 Illinois--10.1% 11,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT)/(Series 1998-14), Weekly VRDNs (Cook County, IL)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 11,000,000 14,705,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT)/(Series 2001-13), 1.25% TOBs (Illinois State)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 11/3/2004 14,705,000 14,285,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT)/( Series 2001-31), Weekly VRDNs (Chicago, IL)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 14,285,000 885,000 Channahon, IL (Series 2003C), Weekly VRDNs (Morris Hospital)/(U.S. Bank, N.A. LOC) 885,000 3,115,000 Channahon, IL (Series 2003D), Weekly VRDNs (Morris Hospital)/(U.S. Bank, N.A. LOC) 3,115,000 6,200,000 2,3 Chicago, IL Board of Education, MERLOTS (Series 2001 A47), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 6,200,000 12,500,000 2,3 Chicago, IL Board of Education, MERLOTS (Series 1997E), Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 12,500,000 20,000,000 2,3 Chicago, IL Board of Education, Variable Rate Certificates (Series 1996BB), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 20,000,000 16,200,000 Chicago, IL Metropolitan Water Reclamation District (Series 2002B), Weekly VRDNs (Bank of America N.A. and Lloyds TSB Bank PLC, London LIQs) 16,200,000 6,775,000 2,3 Chicago, IL Motor Fuel Tax, (PT-935), 1.20% TOBs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 4/7/2005 6,775,000 5,325,000 2,3 Chicago, IL Public Building Commission, ROCs (Series 3000), Weekly VRDNs (Chicago, IL Transit Authority)/(AMBAC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 5,325,000 Chicago, IL Wastewater Transmission (Series 140,730,000 2004A), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank One N.A. (Chicago) LIQ) 140,730,000 4,975,000 2,3 Chicago, IL Wastewater Transmission, MERLOTS (Series 2001-A125), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 4,975,000 Chicago, IL Water Revenue, (Series 2004), 112,065,000 Weekly VRDNs (MBIA Insurance Corp. INS)/(Dexia Credit Local LIQ) 112,065,000 20,000,000 2,3 Chicago, IL, MERLOTS (Series 1997V), Weekly VRDNs (Chicago, IL Water Revenue)/(FGIC INS)/(Wachovia Bank N.A. LIQ) 20,000,000 4,640,000 2,3 Chicago, IL, MERLOTS (Series 2000 WWW), Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 4,640,000 6,695,000 2,3 Chicago, IL, MERLOTS (Series 2001 A33), 1.25% TOBs (AMBAC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 6,695,000 7,855,000 2,3 Chicago, IL MERLOTS (Series 2002 A-44), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 7,855,000 24,995,000 2,3 Chicago, IL, Variable Rate Certificates (Series 1998M), Weekly VRDNs (FGIC INS)/(Bank of America N.A. LIQ) 24,995,000 2,005,000 2,3 Cook County, IL Community College District No. 508, MERLOTS (Series 2001-A4), 1.25% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 2,005,000 78,600,000 Cook County, IL (Series 2002 B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 78,600,000 6,560,000 2,3 Cook County, IL, Roaring Forks (Series 2004-1), Weekly VRDNs (AMBAC INS)/(Bank of New York LIQ) 6,560,000 5,685,000 Crestwood Village, IL, 135th and Cicero Redevelopment (Series 2004), Weekly VRDNs (Fifth Third Bank, Cincinnati LOC) 5,685,000 9,750,000 2,3 DuPage County, IL, MERLOTS (Series 2000-A9), 1.25% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 11/18/2004 9,750,000 5,810,000 2,3 DuPage County, IL, MERLOTS (Series 2001-A74), 1.25% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 11/18/2004 5,810,000 12,575,000 Freeport, IL (Series 2001), Weekly VRDNs (Freeport Regional Health Care Foundation)/(U.S. Bank, N.A. LOC) 12,575,000 3,900,000 Galesburg, IL (Series 1996), Weekly VRDNs (Knox College)/(Lasalle Bank, N.A. LOC) 3,900,000 6,990,000 Hopedale Village, IL (Series 1998), Weekly VRDNs (Hopedale Medical Foundation)/(Bank One N.A. (Chicago) LOC) 6,990,000 7,000,000 Illinois Development Finance Authority (Series 1999), Weekly VRDNs (North Shore Senior Center)/(Bank One N.A. (Chicago) LOC) 7,000,000 4,200,000 Illinois Development Finance Authority (Series 2002), Weekly VRDNs (BAPS, Inc.)/(Comerica Bank - Texas LOC) 4,200,000 2,500,000 Illinois Development Finance Authority (Series 2002), Weekly VRDNs (St. Ignatius College Prep.)/(Bank One N.A. (Chicago) LOC) 2,500,000 1,000,000 Illinois Development Finance Authority (Series A), Weekly VRDNs (McCormick Theological Seminary)/(Northern Trust Co., Chicago, IL LOC) 1,000,000 2,400,000 Illinois Development Finance Authority, IDB, Weekly VRDNs (Burpee Museum of Natural History)/(Bank One N.A. (Chicago) LOC) 2,400,000 1,900,000 Illinois Development Finance Authority, IDB, (Series 1997), Weekly VRDNs (Ada S. McKInley Community Services, Inc.)/(Harris Trust & Savings Bank, Chicago LOC) 1,900,000 Illinois Health Facilities Authority 113,065,000 (Series 1997B), Weekly VRDNs (Advocate Health Care Network)/(Bank One N.A. (Chicago), Bank of America N.A. and Northern Trust Co., Chicago, IL LIQs) 113,065,000 8,505,000 Illinois Health Facilities Authority (Series 1998B), Weekly VRDNs (Rush-Presbyterian St. Luke's Medical)/(MBIA Insurance Corp. INS)/(Bank One N.A. (Chicago) LIQ) 8,505,000 37,000,000 Illinois Health Facilities Authority (Series 2001C), Weekly VRDNs (Edward Hospital Obligated Group)/(FSA INS)/(Bank One N.A. (Chicago) LIQ) 37,000,000 25,000,000 Illinois Health Facilities Authority, Revenue Bonds (Series 1985B), Weekly VRDNs (OSF Health Care Systems)/(Bank of America N.A. LOC) 25,000,000 4,500,000 Illinois Health Facilities Authority, Revolving Fund Pooled Financing Program (Series 1985F), Weekly VRDNs (Bank One N.A. (Chicago) LOC) 4,500,000 Illinois State Weekly VRDNs (DePfa Bank PLC 193,000,000 LIQ) 193,000,000 5,505,000 2,3 Illinois State, (PT-1760), Weekly VRDNs (MBIA Insurance Corp. INS)/(BNP Paribas SA LIQ) 5,505,000 5,905,000 2,3 Illinois State, MERLOTS (Series 2002 A49), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 5,905,000 11,915,000 Lombard, IL (Series 2000: Clover Creek Apartments), Weekly VRDNs (TVO Clover Creek, LLC)/(FNMA LOC) 11,915,000 8,245,000 2,3 Metropolitan Pier & Exposition Authority, IL, MERLOTS (Series 2000VVV), Weekly VRDNs (McCormick Place)/(FGIC INS)/(Wachovia Bank N.A. LIQ) 8,245,000 2,660,000 2,3 Metropolitan Pier & Exposition Authority, IL, PUTTERs (Series 269), Weekly VRDNs (MBIA Insurance Corp. INS)/(J.P. Morgan Chase Bank LIQ) 2,660,000 4,945,000 2,3 Regional Transportation Authority, IL (Series 2001-A73), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 4,945,000 3,775,000 2,3 Regional Transportation Authority, IL, MERLOTS (Series 2001-A86), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 3,775,000 10,830,000 2,3 Regional Transportation Authority, IL, MERLOTS (Series 2002-A23), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 10,830,000 9,950,000 2,3 Regional Transportation Authority, IL, MERLOTS (Series 2002-A24), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 9,950,000 8,915,000 2,3 Regional Transportation Authority, IL, MERLOTS (Series 2002--A41), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 8,915,000 Total 1,037,535,000 Indiana--1.8% 18,615,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Indiana Non-AMT)/(Series 2002-7) Weekly VRDNs (Indianapolis, IN Local Public Improvement Bond Bank)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 18,615,000 4,260,000 Anderson, IN (Series 2000), Weekly VRDNs (United Faith Housing Corp.)/(National City Bank, Ohio LOC) 4,260,000 10,000,000 Frankfort, IN EDA (Series 2004), Weekly VRDNs (Wesley Manor, Inc.)/(Key Bank, N.A. LOC) 10,000,000 8,155,000 Franklin, IN, (Series 1999), Weekly VRDNs (Franklin United Methodist Home, Inc.)/(Fifth Third Bank, Cincinnati LOC) 8,155,000 12,000,000 Indiana Development Finance Authority (Series 2004), Weekly VRDNs (Indianapolis Museum of Art, Inc.)/(Bank One N.A. (Chicago) LOC) 12,000,000 755,000 Indiana Health Facility Financing Authority Weekly VRDNs (Crossroads Rehabilitation Center)/(Bank One N.A. (Chicago) LOC) 755,000 2,500,000 Indiana Health Facility Financing Authority (Series 2001B), Weekly VRDNs (Bethesda Living Center)/(Lasalle Bank, N.A. LOC) 2,500,000 8,365,000 Indiana Health Facility Financing Authority (Series 2003), Weekly VRDNs (Dunn Memorial Hospital Board of Trustees)/(Fifth Third Bank, Cincinnati LOC) 8,365,000 14,260,000 Indiana Health Facility Financing Authority (Series 2003), Weekly VRDNs (Major Hospital Board of Trustees)/(Bank One N.A. (Chicago) LOC) 14,260,000 5,290,000 2,3 Indiana Transportation Finance Authority, ROCs (Series 2045), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 5,290,000 36,470,000 2,3 Indianapolis, IN Local Public Improvement Bond Bank, Class A Certificates (Series 2002-193), Daily VRDNs (MBIA Insurance Corp. INS)/(Bear Stearns Cos., Inc. LIQ) 36,470,000 7,630,000 Indianapolis, IN, (Series 2000), Marquette Manor Project, Weekly VRDNs (Retirement Living, Inc.)/(Allied Irish Banks PLC LOC) 7,630,000 2,875,000 Indianapolis, IN, EDRB (Series 2001), Weekly VRDNs (Indianapolis Electrical Joint Apprenticeship and Training Committee)/(National City Bank, Ohio LOC) 2,875,000 8,000,000 Lawrence, IN EDRB (Series 2002), Weekly VRDNs (Westminster Village North, Inc.)/(Fifth Third Bank, Cincinnati LOC) 8,000,000 1,855,000 Linton IN, (Series 1999), Weekly VRDNs (Franklin-Glenburn Home, Inc.)/(Fifth Third Bank, Cincinnati LOC) 1,855,000 1,920,000 St. Joseph County, IN (Series 1998), Weekly VRDNs (South Bend Heritage Foundation, Inc.)/(Key Bank, N.A. LOC) 1,920,000 10,165,000 St. Joseph County, IN (Series 2000), Weekly VRDNs (South Bend Medical Foundation)/(National City Bank, Indiana LOC) 10,165,000 4,000,000 Vigo County, IN EDA,(Series 2001), Weekly VRDNs (Sisters of Providence of Saint Mary's of the Woods)/(Allied Irish Banks PLC LOC) 4,000,000 11,500,000 Vigo County, IN School Corp., 2.25% TANs, 12/30/2004 11,513,790 6,585,000 2,3 Warren Township MSD, IN, MERLOTS (Series 2001 A-52), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 6,585,000 6,105,000 Winona Lake, IN (Series 1999A), Weekly VRDNs (Grace Village Retirement Community)/(U.S. Bank, N.A. LOC) 6,105,000 Total 181,318,790 Kentucky--0.3% 7,500,000 Jefferson County, KY (Series 1997), Weekly VRDNs (Kosmos Cement Co. Partnership)/(Wachovia Bank N.A. LOC) 7,500,000 6,550,000 Kentucky EDFA (Series 1999B), Weekly VRDNs (Baptist Healthcare System)/(MBIA Insurance Corp. INS)/(Bank One N.A. (Chicago) LIQ) 6,550,000 12,167,500 2,3 Kentucky Turnpike Authority, Floater Certificates (Series 2001-567), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 12,167,500 Total 26,217,500 Louisiana--0.5% 12,490,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Louisiana Non-AMT) (Series 2002-17), Weekly VRDNs (Louisiana State Gas & Fuels)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 12,490,000 17,400,000 Calcasieu Parish, LA, IDB (Series 1999), Weekly VRDNs (PPG Industries, Inc.) 17,400,000 8,000,000 Louisiana Local Government Environmental Facilities Community Development Authority (Series 2001), Weekly VRDNs (Jewish Federation of Greater New Orleans)/(SunTrust Bank LOC) 8,000,000 5,700,000 Louisiana State Offshore Terminal Authority, (Series 2003B), Weekly VRDNs (Loop LLC)/(Bank One N.A. (Columbus) LOC) 5,700,000 8,000,000 Louisiana State Offshore Terminal Authority, Refunding Revenue Bonds, Weekly VRDNs (Loop LLC)/(SunTrust Bank LOC) 8,000,000 4,650,000 Louisiana State University and Agricultural and Mechanical College (Series 2000), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ) 4,650,000 Total 56,240,000 Maine--0.1% 10,670,000 Maine Health & Higher Educational Facilities Authority (Series 2000A), Weekly VRDNs (Bates College)/(AMBAC INS)/(KBC Bank NV LIQ) 10,670,000 Maryland--2.1% 19,400,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Maryland Non-AMT), (Series 2003-19), 1.09% TOBs (Baltimore, MD)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 11/3/2004 19,400,000 2,400,000 Baltimore County, MD, IDA, Variable Rate Demand Acquisition Program (Series 1986), Weekly VRDNs (Baltimore Capital Acquisition)/(Bayerische Landesbank Girozentrale LOC) 2,400,000 4,600,000 Baltimore County, MD, Weekly VRDNs (Calvert Hall College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 4,600,000 3,185,000 Baltimore County, MD (Series 1999), Weekly VRDNs (Calvert Hall College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,185,000 5,000,000 Calvert County, MD EDA (Series 2001), Weekly VRDNs (Asbury-Solomons, Inc.)/(KBC Bank NV LOC) 5,000,000 7,290,000 Carroll County, MD (Series 1999B), Weekly VRDNs (Fairhaven, Inc./Copper Ridge, Inc.)/(Radian Asset Assurance INS)/(Branch Banking & Trust Co., Winston-Salem LIQ) 7,290,000 9,500,000 Frederick County, MD, (1997 Issue) Weekly VRDNs (Homewood at Frederick MD, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 9,500,000 5,050,000 Howard County, MD (Series 1995), Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 5,050,000 2,280,000 Howard County, MD (Series 1999), Weekly VRDNs (Howard Development LP Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,280,000 11,770,000 Howard County, MD (Series 2002-A), Weekly VRDNs (Columbia Vantage House Corp.)/(Lasalle Bank, N.A. LOC) 11,770,000 1,300,000 Maryland IDFA (Series 2002A), Weekly VRDNs (National Aquarium in Baltimore, Inc.)/(SunTrust Bank LOC) 1,300,000 30,500,000 Maryland State Community Development Administration (Series 2003D), 1.17% TOBs, Mandatory Tender 12/21/2004 30,500,000 13,900,000 2,3 Maryland State Community Development Administration, (PT-123), 1.20% TOBs (Svenska Handelsbanken, Stockholm LIQ), Optional Tender 11/18/2004 13,900,000 1,650,000 Maryland State Economic Development Corp., (1997 Issue), Weekly VRDNs (Jenkins Memorial Nursing Home, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,650,000 6,300,000 Maryland State Economic Development Corp. (Series 2003), Weekly VRDNs (YMCA of Central Maryland, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 6,300,000 7,000,000 Maryland State Economic Development Corp. (Series 2003), Maryland Science Center, Weekly VRDNs (Maryland Academy of Sciences)/(Bank of America N.A. LOC) 7,000,000 5,400,000 Maryland State Economic Development Corp. (Series A), Weekly VRDNs (The ASSOCIATED: Jewish Community Federation of Baltimore, Inc.)/(Bank of America N.A. LOC) 5,400,000 1,815,000 Maryland State Health & Higher Educational Facilities Authority, Weekly VRDNs (Capitol College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,815,000 9,200,000 Maryland State Health & Higher Educational Facilities Authority (Series 1994), Weekly VRDNs (University Physicians, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 9,200,000 1,735,000 Maryland State Health & Higher Educational Facilities Authority (Series 1998), Weekly VRDNs (Woodbourne Foundation, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,735,000 5,700,000 Maryland State Health & Higher Educational Facilities Authority (Series 1999), Weekly VRDNs (Boys' Latin School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 5,700,000 9,800,000 Maryland State Health & Higher Educational Facilities Authority (Series 1999), Weekly VRDNs (Landon School)/(SunTrust Bank LOC) 9,800,000 3,830,000 Maryland State Health & Higher Educational Facilities Authority (Series 2001C), Weekly VRDNs (Collington Episcopal Life Care Community, Inc.)/(Lasalle Bank, N.A. LOC) 3,830,000 14,315,000 Maryland State Health & Higher Educational Facilities Authority (Series 2003B), Weekly VRDNs (Adventist HealthCare, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 14,315,000 4,500,000 Maryland State Health & Higher Educational Facilities Authority (Series 2004), Weekly VRDNs (Annapolis Life Care, Inc.)/(Citizens Bank of Pennsylvania LOC) 4,500,000 8,400,000 Maryland State Health & Higher Educational Facilities Authority (Series 1997), Weekly VRDNs (Augsburg Lutheran Home of MD, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 8,400,000 3,475,000 Maryland State IDFA, (1994 Issue), Weekly VRDNs (Baltimore International Culinary College Foundation, Inc.)/(SunTrust Bank LOC) 3,475,000 11,000,000 Montgomery County, MD EDA (Series 2002), Weekly VRDNs (Institute for Genomic Research, Inc.)/(Bank of America N.A. LOC) 11,000,000 943,000 Montgomery County, MD Housing Opportunities Commission (Series 1998 Issue I), Weekly VRDNs (Byron House, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 943,000 2,670,000 Prince Georges County, MD, (1997 Issue), Weekly VRDNs (Mona Branch Avenue Ltd. Partnership)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,670,000 2,330,000 Washington County, MD (Series 2000), Weekly VRDNs (YMCA of Hagerstown, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,330,000 Total 216,238,000 Massachusetts--2.1% 20,026,517 Canton, MA, 3.00% BANs, 6/3/2005 20,189,467 7,255,853 2,3 Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT) (Series 1997-2), Weekly VRDNs (Massachusetts State Lottery Commission)/(AMBAC INS)/(State Street Bank and Trust Co. LIQ) 7,255,853 25,610,000 Commonwealth of Massachusetts (Series 2001 B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 25,610,000 7,000,000 Dennis-Yarmouth, MA Regional School District, 2.00% BANs, 11/10/2004 7,001,431 4,000,000 Dennis-Yarmouth, MA Regional School District, 3.00% BANs, 11/15/2005 4,043,760 10,000,000 Lawrence, MA, 2.00% BANs, 12/23/2004 10,010,798 7,000,000 Massachusetts Development Finance Agency (Series 2002), Weekly VRDNs (The Rivers School)/(Citizens Bank of Massachusetts LOC) 7,000,000 31,500,000 Massachusetts HEFA (Series 2003), Weekly VRDNs (Emmanuel College)/(Allied Irish Banks PLC and State Street Bank and Trust Co. LOCs) 31,500,000 15,170,000 Massachusetts HEFA (Series 2004F), Weekly VRDNs (Winchester Hospital)/(Fleet National Bank LOC) 15,170,000 2,450,000 2,3 Massachusetts Municipal Wholesale Electric Co., Floater Certificates (Series 2001-674), Weekly VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ) 2,450,000 1,627,500 2,3 Massachusetts Turnpike Authority, Floater Certificates (Series 2000-335), Weekly VRDNs (AMBAC INS)/(Morgan Stanley LIQ) 1,627,500 4,400,000 Massachusetts Water Resources Authority (Series 2000C), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ) 4,400,000 23,250,000 2,3 Massachusetts Water Resources Authority, Class A Certificates (Series 2002-208), Daily VRDNs (FSA INS)/(Bear Stearns Cos., Inc. LIQ) 23,250,000 30,000,000 Pembroke, MA, 3.00% BANs, 8/4/2005 30,314,822 10,000,000 Shrewsbury, MA, 2.00% BANs, 11/24/2004 10,005,086 7,300,000 Spencer East Brookfield, MA Regional School District, 2.00% BANs, 4/15/2005 7,319,447 7,333,000 Springfield, MA, 3.00% BANs (Commonwealth of Massachusetts GTD), 7/8/2005 7,393,430 Total 214,541,594 Michigan--2.3% 14,119,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT), (Series 1998-110, Weekly VRDNs (DeWitt, MI Public Schools)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 14,119,000 2,685,000 2,3 Allen Park, MI Public School District, ROCs (Series 4007), Weekly VRDNs (Michigan State GTD)/(Citigroup Global Markets Holdings, Inc. LIQ) 2,685,000 8,840,000 2,3 Detroit, MI City School District, (PA-997R), 1.35% TOBs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/8/2005 8,840,000 4,840,000 2,3 Detroit, MI City School District, (PT-1844), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 4,840,000 1,500,000 2,3 Detroit, MI City School District, ROCs (Series 4004), Weekly VRDNs (FGIC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 1,500,000 3,620,000 2,3 Detroit, MI City School District, Variable Certificates (Series 2002H), Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 3,620,000 14,125,000 2,3 Detroit, MI Sewage Disposal System, MERLOTS (Series 2000-I), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 14,125,000 8,000,000 2,3 Detroit, MI Sewage Disposal System, MERLOTS (Series 2001-A103), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 8,000,000 4,260,000 2,3 Detroit, MI Sewage Disposal System, Variable Certificates (Series 2002G), Weekly VRDNs (FGIC INS)/(Bank of America N.A. LIQ) 4,260,000 10,000,000 2,3 Detroit, MI Water Supply System, MERLOTS (Series 2000 D), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 10,000,000 2,640,000 2,3 Forest Hills, MI Public School, (PT-1762), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 2,640,000 1,160,000 Garden City, MI HFA (Series 1996A), Weekly VRDNs (Garden City Hospital, Osteopathic)/(National City Bank, Michigan/Illinois LOC) 1,160,000 8,360,000 2,3 Grand Rapids & Kent County, MI Joint Building Authority (Series 2001-J.P.MC7), Weekly VRDNs (Kent County, MI)/(J.P. Morgan Chase & Co. LIQ) 8,360,000 5,000,000 Grand Rapids, MI EDR (Series 1983 - Project #1), Weekly VRDNs (Amway Hotel Corp.)/(Fifth Third Bank, Michigan LOC) 5,000,000 2,100,000 Grand Rapids, MI EDR (Series 1983-B), Weekly VRDNs (Amway Grand Plaza Hotel Facilities)/(Fifth Third Bank, Michigan LOC) 2,100,000 7,010,000 Grand Rapids, MI Economic Development Corp. (Series 2000), Weekly VRDNs (Holland Home Obligated Group)/(Fifth Third Bank, Michigan LOC) 7,010,000 1,445,000 Huron County, MI Economic Development Corp. (Series 2001), Weekly VRDNs (Scheurer Hospital)/(Comerica Bank LOC) 1,445,000 9,815,000 2,3 Huron Valley, MI School District, MERLOTS (Series 2001-A120), 1.25% TOBs (Michigan State GTD)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 9,815,000 2,445,000 Ingham County, MI Economic Development Corp. (Series 1995), Weekly VRDNs (Martin Luther Memorial Home, Inc.)/(Bank One N.A. (Chicago) LOC) 2,445,000 5,995,000 2,3 Kent County, MI (Series 1998-118), Weekly VRDNs (Kent County International Airport)/(Kent County, MI GTD)/(Morgan Stanley LIQ) 5,995,000 10,000,000 Kent Hospital Finance Authority, MI (Series 1998B), Weekly VRDNs (Spectrum Health)/(MBIA Insurance Corp. INS)/(Bank One N.A. (Chicago) LIQ) 10,000,000 10,000,000 Kentwood, MI Public Economic Development Corp., Weekly VRDNs (Holland Home Obligated Group)/(Lasalle Bank, N.A. LOC) 10,000,000 350,000 Michigan Higher Education Facilities Authority (Series 1997), Weekly VRDNs (Davenport College of Business)/(Fifth Third Bank, Michigan LOC) 350,000 10,000,000 Michigan State Building Authority (Series 3), 1.42% CP (Bank of New York LOC), Mandatory Tender 11/4/2004 10,000,000 9,985,000 2,3 Michigan State Hospital Finance Authority, (PT-732), Weekly VRDNs (Ascension Health Credit Group)/(MBIA Insurance Corp. INS)/(Svenska Handelsbanken, Stockholm LIQ) 9,985,000 9,000,000 Michigan State Hospital Finance Authority (Series 1999 A), Weekly VRDNs (Covenant Retirement Communities, Inc.)/(Lasalle Bank, N.A. LOC) 9,000,000 7,085,000 Michigan State Hospital Finance Authority (Series 2000), Weekly VRDNs (Oaklawn Hospital, MI)/(Standard Federal Bank, N.A. LOC) 7,085,000 5,000,000 Michigan State Hospital Finance Authority (Series B), Weekly VRDNs (Standard Federal Bank, N.A. LOC) 5,000,000 18,150,000 2,3 Michigan State Hospital Finance Authority, MERLOTS (Series 1997A), Weekly VRDNs (Detroit Medical Center Obligated Group)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 18,150,000 9,975,000 Michigan State Housing Development Authority (Series 2002A), Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(FNMA LOC) 9,975,000 5,495,000 Michigan State Strategic Fund (Series 1999), Weekly VRDNs (Pierce Foundation)/(Standard Federal Bank, N.A. LOC) 5,495,000 4,445,000 2,3 Michigan State, (PT-2021), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 4,445,000 2,135,000 2,3 Rockford, MI Public Schools, Floater Certificates (Series 2002-589), Weekly VRDNs (Michigan State GTD)/(Morgan Stanley LIQ) 2,135,000 12,395,000 2,3 Wayne Westland Community Schools, MI, Floater Certificates (Series 1998-67), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 12,395,000 2,925,000 2,3 Wyandotte, MI City School District, (PT-1790), Weekly VRDNs (Michigan State GTD)/(Merrill Lynch & Co., Inc. LIQ) 2,925,000 Total 234,899,000 Minnesota--2.5% 13,500,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Minnesota Non-AMT), (Series 2000-8), Weekly VRDNs (Minneapolis/St. Paul, MN Metropolitan Airports Commission)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 13,500,000 4,550,000 Cohasset, MN (Series 2000), Weekly VRDNs (Minnesota Power, Inc.)/(Lasalle Bank, N.A. LOC) 4,550,000 1,100,000 Duluth, MN (Series 1985), Weekly VRDNs (Wachovia Bank N.A. LOC) 1,100,000 2,210,000 Eden Valley, MN ISD No. 463, 3.00% TRANs (Minnesota State GTD), 8/29/2005 2,233,215 2,850,000 Glencoe-Silverlake, MN ISD No. 2859, 3.00% TRANs (Minnesota State GTD), 8/29/2005 2,879,938 1,670,000 Mahtomedi, MN ISD No. 832, 3.00% TRANs (Minnesota State GTD), 8/29/2005 1,687,543 2,000,000 Mendota Heights, MN (Series 1999), Weekly VRDNs (St. Thomas Academy)/(Allied Irish Banks PLC LOC) 2,000,000 9,730,000 Minneapolis, MN (Series 1993), Weekly VRDNs (Market Square Real Estate, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 9,730,000 2,600,000 Minneapolis, MN (Series 1994), Weekly VRDNs (Minnehaha/Lake Partners)/(U.S. Bank, N.A. LOC) 2,600,000 31,035,000 Minneapolis/St. Paul, MN Housing Finance Board, City Living Home Programs (Series B-1), 1.99% TOBs (AIG Funding, Inc.), Mandatory Tender 5/2/2005 31,035,000 6,000,000 2,3 Minneapolis/St. Paul, MN Metropolitan Airports Commission, MERLOTS (Series 2000ZZ), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 6,000,000 5,000,000 2,3 Minneapolis/St. Paul, MN Metropolitan Airports Commission, SGA 127 (Series 2001), Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ) 5,000,000 4,000,000 Minnesota Agricultural and Economic Development Board (Series 1996), Weekly VRDNs (Evangelical Lutheran Good Samaritan Society)/(Allied Irish Banks PLC LOC) 4,000,000 2,000,000 2,3 Minnesota Public Facilities Authority, (PT-1175), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 2,000,000 6,000,000 Minnesota State Higher Education Facility Authority (Series 5-L), Weekly VRDNs (University of St. Thomas)/(Allied Irish Banks PLC LOC) 6,000,000 8,000,000 Minnesota State Higher Education Facility Authority (Series Five-C), Weekly VRDNs (University of St. Thomas)/(Allied Irish Banks PLC LOC) 8,000,000 2,885,000 Minnesota State Higher Education Facility Authority (Series Five-S), Weekly VRDNs (William Mitchell College of Law)/(U.S. Bank, N.A. LOC) 2,885,000 2,000,000 Minnesota State Higher Education Facility Authority (Series Four-S), Weekly VRDNs (Bethel College and Seminary)/(Allied Irish Banks PLC LOC) 2,000,000 18,125,000 2,3 Minnesota State, (PT-399), Weekly VRDNs (DePfa Bank PLC LIQ) 18,125,000 14,810,000 2,3 Minnesota State, (PT-400), Weekly VRDNs (DePfa Bank PLC LIQ) 14,810,000 17,000,000 2,3 Minnesota State, Floater Certificates (Series 2001-719), Weekly VRDNs (Morgan Stanley LIQ) 17,000,000 3,275,000 New London-Spicer, MN ISD No. 345, 3.00% TRANs (Minnesota State GTD), 8/29/2005 3,309,403 14,600,000 North St. Paul-Maplewood, MN School District 622, 3.00% TANs (Minnesota State GTD), 8/12/2005 14,756,069 5,380,000 Olmsted County, MN (Series 2002), Weekly VRDNs (Madonna Meadows of Rochester)/(Lasalle Bank, N.A. LOC) 5,380,000 4,560,000 Plymouth, MN (Series 2003), Weekly VRDNs (Parkside Apartments)/(FNMA LOC) 4,560,000 3,575,000 Robbinsdale, MN (Series 2004C), Weekly VRDNs (Copperfield Hill)/(Lasalle Bank, N.A. LOC) 3,575,000 5,000,000 2,3 Rochester, MN Health Care Facility Authority, (Series 1998-177) Weekly VRDNs (Mayo Foundation)/(Morgan Stanley LIQ) 5,000,000 14,000,000 Seaway Port Authority of Duluth, MN (Series of 2000), Weekly VRDNs (St. Lawrence Cement Inc.)/(Wachovia Bank N.A. LOC) 14,000,000 1,100,000 Shakopee, MN Hospital Finance Authority, Weekly VRDNs (St. Francis Regional Medical Center)/(Wells Fargo Bank Minnesota N.A. LOC) 1,100,000 15,000,000 Southern Minnesota Municipal Power Agency, 1.55% CP, Mandatory Tender 1/12/2005 15,000,000 17,245,000 Southern Minnesota Municipal Power Agency, 5.00% Bonds, 1/1/2005 17,345,838 5,190,000 2,3 Southern Minnesota Municipal Power Agency, PUTTERs (Series 303), Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 5,190,000 7,515,000 Spring Lake Park, MN Independent School District No. 16, 2.75% TRANs (Minnesota State GTD), 9/26/2005 7,582,680 620,000 University of Minnesota (Series 1999A), Weekly VRDNs 620,000 4,995,000 2,3 University of Minnesota, Floater Certificates (Series 2001-648), Weekly VRDNs (Morgan Stanley LIQ) 4,995,000 Total 259,549,686 Mississippi--0.1% 9,810,000 Mississippi Business Finance Corp. (Series A), Weekly VRDNs (Mississippi College)/(Amsouth Bank N.A., Birmingham LOC) 9,810,000 Missouri--1.0% 4,450,000 Kansas City, MO IDA (Series 2001A), Weekly VRDNs (Bethesda Living Center)/(Lasalle Bank, N.A. LOC) 4,450,000 13,785,000 Missouri State HEFA (Series 1985B), Weekly VRDNs (Barnes Hospital)/(J.P. Morgan Chase Bank LOC) 13,785,000 62,450,000 Missouri State HEFA (Series 2000), Weekly VRDNs (Stowers Institute for Medical Research)/(MBIA Insurance Corp. INS)/(J.P. Morgan Chase Bank LIQ) 62,450,000 6,100,000 University of Missouri (Series 2000), Daily VRDNs 6,100,000 17,000,000 2,3 University of Missouri, Capital Project Notes (Series 2004 FR/RI-L44), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 17,000,000 Total 103,785,000 Multi State--2.5% 47,394,407 2,3 ABN AMRO Chicago Corp. (Series 1997-1), LeaseTOPS Trust, Weekly VRDNs (Lasalle Bank, N.A. LIQ)/(Lasalle Bank, N.A. LOC) 47,394,407 30,000,000 2,3 Clipper Tax-Exempt Certificates Trust (Multistate Non-AMT), (Series 2003-05), Weekly VRDNs (FGIC, FSA, MBIA Insurance Corp. INS) and State Street Bank and Trust Co. LIQs) 30,000,000 15,000,000 2,3 Clipper Tax-Exempt Certificates Trust (Multistate Non-AMT), (Series 2003-13), Weekly VRDNs (FGIC, FSA INS) and State Street Bank and Trust Co. LIQs) 15,000,000 40,074,000 2,3 Clipper Tax-Exempt Certificates Trust (Non-AMT Multistate), (Series 1998-2), Weekly VRDNs (State Street Bank and Trust Co. LIQ) 40,074,000 6,450,273 2,3 Koch Floating Rate Trust (Multistate Non-AMT), (Series 1998-2), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 6,450,273 5,188,005 2,3 Koch Floating Rate Trust (Multistate Non-AMT), (Series 1999-2), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 5,188,005 8,657,056 2,3 Koch Floating Rate Trust (Multistate Non-AMT), (Series 2000-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 8,657,056 38,587,293 2,3 Koch Floating Rate Trust (Multistate Non-AMT), (Series 2001-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 38,587,293 3,429,687 2,3 Koch Floating Rate Trust (Multistate Non-AMT), (Series 2002-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 3,429,687 6,000,000 Missouri-Illinois Metropolitan District Bi-State Development Agency (Series 2002A), Weekly VRDNs (Metrolink Cross County Extension)/(FSA INS)/(WestLB AG (Guaranteed) LIQ) 6,000,000 53,030,000 2,3 TICs/TOCs MuniMae Trust (Series 2002-1M), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bayerische Landesbank Girozentrale and Landesbank Baden-Wuerttemberg LIQs) 53,030,000 Total 253,810,721 Nebraska--0.3% 30,805,000 2,3 Omaha, NE, Municipal Securities Trust Certificates (Series 2004-213), Weekly VRDNs (Bear Stearns Cos., Inc. LIQ) 30,805,000 Nevada--0.3% 7,500,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 1998-1), Weekly VRDNs (Nevada State)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 7,500,000 20,000,000 Clark County, NV Airport System (Series 1993A), Weekly VRDNs (MBIA Insurance Corp. INS)/(Dexia Credit Local and J.P. Morgan Chase Bank LIQs) 20,000,000 5,500,000 Henderson, NV Public Improvement Trust (Series 1995B), Weekly VRDNs (Lincoln Pueblo Verde LP)/(Credit Suisse First Boston LOC) 5,500,000 Total 33,000,000 New Hampshire--0.6% 17,635,000 New Hampshire HEFA (Series 2002B), Weekly VRDNs (Catholic Medical Center)/(Citizens Bank of Massachusetts LOC) 17,635,000 45,365,000 New Hampshire Higher Educational & Health Facilities Authority (Series 2001A), Weekly VRDNs (Dartmouth-Hitchcock Obligated Group)/(FSA INS)/(Chase Manhattan Bank (USA) N.A., Wilmington and Dexia Credit Local LIQs) 45,365,000 Total 63,000,000 New Jersey--1.5% 11,860,000 2,3 Delaware River Port Authority, PUTTERs (Series 144), Weekly VRDNs (FSA INS)/(J.P. Morgan Chase Bank LIQ) 11,860,000 5,250,000 Fort Lee, NJ, 2.75% BANs, 7/29/2005 5,295,874 3,853,702 Hightstown Borough, NJ, 2.00% BANs, 2/11/2005 3,858,460 3,110,000 Mahwah Township, NJ, 3.00% BANs, 10/21/2005 3,142,539 6,500,000 New Jersey Health Care Facilities Financing Authority, Weekly VRDNs (St. Peter's University Hospital)/(Fleet National Bank LOC) 6,500,000 5,295,000 2,3 New Jersey State Transportation Trust Fund Authority, Floater Certificates (Series 1998-54), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 5,295,000 21,645,000 2,3 New Jersey State Transportation Trust Fund Authority, PUTTERs (Series 241) Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 21,645,000 1,200,000 2,3 New Jersey State Transportation Trust Fund Authority, Trust Receipts (Series 1996-1) Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of New York LIQ) 1,200,000 60,000,000 2,3 New Jersey State, (Series 2004 FR/RI-L56J) Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 60,000,000 8,500,000 New Jersey Turnpike Authority, (Series 2003C-1) Weekly VRDNs (FSA INS)/(WestLB AG (GTD) LIQ) 8,500,000 14,370,000 Ocean City, NJ, 3.00% BANs, 10/28/2005 14,523,347 2,870,000 South Orange Village Township, NJ, 2.00% BANs, 1/3/2005 2,872,469 1,409,322 South Orange Village Township, NJ, 2.00% BANs, 12/1/2004 1,409,923 4,173,700 Spring Lake Boro, NJ, 2.25% BANs, 2/11/2005 4,182,262 Total 150,284,874 New Mexico--0.3% 32,250,000 2,3 New Mexico State, (Series 2004 FR/RI-L38), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 32,250,000 New York--11.0% 12,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust (New York Non-AMT), (Series 1999-2), Weekly VRDNs (Metropolitan Transportation Authority, NY)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 12,000,000 4,180,000 Arlington, NY Central School Districdt, 2.00% BANs, 11/4/2004 4,180,197 2,500,000 Brookhaven-Comsewogue Union Free School District, NY, 2.75% BANs, 7/20/2005 2,520,219 4,000,000 Brookhaven-Comsewogue Union Free School District, NY, 2.75% TANs, 6/30/2005 4,029,870 19,018,323 Clinton County, NY, 2.75% BANs, 7/21/2005 19,172,735 2,000,000 Connetquot, NY Central School District, 3.00% TANs, 6/30/2005 2,018,850 2,500,000 Deer Park Union Free School District, NY, 2.75% TANs, 6/30/2005 2,519,334 17,500,000 East Islip, NY Union Free School District, 3.00% TANs, 6/29/2005 17,647,000 3,000,000 Harborfields, NY Central School District, 3.00% TANs, 6/29/2005 3,028,155 6,000,000 Irvington, NY Union Free School District, 2.75% TANs, 6/24/2005 6,039,866 2,144,920 Liverpool, NY Central School District, 2.75% BANs, 7/8/2005 2,160,021 15,500,000 Liverpool, NY Central School District, 2.75% RANs, 7/8/2005 15,609,123 17,830,000 Metropolitan Transportation Authority, NY (Series 2002D-1), Weekly VRDNs (FSA INS)/(WestLB AG (Guaranteed) LIQ) 17,830,000 7,280,000 Metropolitan Transportation Authority, NY (Series 2002D-2), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 7,280,000 42,120,000 Metropolitan Transportation Authority, NY (Series 2004 A-3), Weekly VRDNs (XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ) 42,120,000 36,165,000 Metropolitan Transportation Authority, NY (Subseries 2002G-2), Weekly VRDNs (AMBAC INS)/(Landesbank Hessen-Thueringen, Frankfurt LIQ) 36,165,000 56,865,000 Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Series 2002B) Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 56,865,000 21,100,000 2,3 Metropolitan Transportation Authority, NY, MERLOTS (Series 1997C), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 21,100,000 7,880,230 Middletown, NY, 2.75% BANs, 7/15/2005 7,942,740 15,000,000 Nassau, NY Health Care Corp. (Series 2004C-1), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 15,000,000 2,000,000 New York City Trust For Cultural Resources (Series 2000), Weekly VRDNs (Manhattan School of Music)/(Radian Asset Assurance INS)/(Wachovia Bank N.A. LIQ) 2,000,000 41,200,000 New York City, NY Housing Development Corp. (Series 2003A), Weekly VRDNs (2 Gold LLC)/(Fleet National Bank LOC) 41,200,000 30,025,000 2,3 New York City, NY Municipal Water Finance Authority, Trust Receipts (Series 1997), FR/RI-6, Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of New York LIQ) 30,025,000 12,000,000 New York City, NY Transitional Finance Authority (Subseries 1999A-1), Weekly VRDNs (J.P. Morgan Chase Bank LIQ) 12,000,000 10,500,000 New York City, NY Transitional Finance Authority (Subseries 1999A-1), Weekly VRDNs (WestLB AG (Guaranteed) LIQ) 10,500,000 6,200,000 New York City, NY Transitional Finance Authority (Subseries 1999A-2), Weekly VRDNs (J.P. Morgan Chase Bank LIQ) 6,200,000 11,015,000 New York City, NY Transitional Finance Authority (Subseries 1999B-3), Weekly VRDNs (Bank One N.A. (Chicago) LIQ) 11,015,000 10,000,000 New York City, NY Transitional Finance Authority (Series A), Weekly VRDNs (Bank One N.A. (Chicago) LIQ) 10,000,000 21,000,000 2,3 New York City, NY Transitional Finance Authority (Series 2002), FR/RI L21, Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 21,000,000 17,000,000 2,3 New York City, NY Transitional Finance Authority, MERLOTS (Series 2002-A40), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 17,000,000 59,510,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Series 2003-3-G), Weekly VRDNs (Bank of New York LIQ) 59,510,000 9,595,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003-1-A), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 9,595,000 31,000,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003-1-B), Weekly VRDNs (Societe Generale, Paris LIQ) 31,000,000 22,125,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003-1-E), Weekly VRDNs (Bayerische Landesbank Girozentrale LIQ) 22,125,000 32,700,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003-2-B), Weekly VRDNs (Dexia Credit Local LIQ) 32,700,000 37,500,000 New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003-2-C), Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ) 37,500,000 18,965,000 New York City, NY (Series 1994A-9), Weekly VRDNs (J.P. Morgan Chase Bank LOC) 18,965,000 4,400,000 New York City, NY (Series 1995B-9), Weekly VRDNs (J.P. Morgan Chase Bank LOC) 4,400,000 6,905,000 New York City, NY (Series 1995F-4), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LOC) 6,905,000 8,120,000 New York City, NY (Series 1995F-5), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LOC) 8,120,000 10,550,000 New York City, NY (Series 1996J-3), Weekly VRDNs (J.P. Morgan Chase Bank LOC) 10,550,000 18,700,000 New York City, NY (Series 2003C-3), Weekly VRDNs (BNP Paribas SA LOC) 18,700,000 30,000,000 2,3 New York City, NY, ROCs (Series 251), Weekly VRDNs (Citigroup Global Markets Holdings, Inc. GTD)/(Citigroup Global Markets Holdings, Inc. LIQ) 30,000,000 5,560,000 2,3 New York State Dormitory Authority (Series 2003), FR/METR-M8J, Weekly VRDNs (FGIC INS)/(Lehman Brothers Holdings, Inc. LIQ) 5,560,000 7,055,000 2,3 New York State Dormitory Authority, MERLOTS (Series 2002-A56), 1.45% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 4/27/2005 7,055,000 43,300,000 New York State Dormitory Authority, Mental Health Services (2003 Subseries D-2B), Weekly VRDNs (New York State)/(FSA INS)/(Dexia Credit Local LIQ) 43,300,000 9,175,000 New York State Dormitory Authority, Mental Health Services (Subseries 2003F-2A), Weekly VRDNs (New York State)/(FSA INS)/(Dexia Credit Local LIQ) 9,175,000 14,740,000 New York State Dormitory Authority, Mental Health Services (Subseries 2003F-2C), Weekly VRDNs (New York State)/(FSA INS)/(Dexia Credit Local LIQ) 14,740,000 10,205,000 New York State Energy Research & Development Authority, 1.08% TOBs (New York State Electric and Gas Corp.)/(J.P. Morgan Chase Bank LOC), Optional Tender 3/15/2005 10,205,000 3,670,000 2,3 New York State Environmental Facilities Corp. State Clean Water and Drinking Water, Floater Certificates (Series 2001-658), Weekly VRDNs (Morgan Stanley LIQ) 3,670,000 3,200,000 New York State HFA Weekly VRDNs (Special Surgery Hospital)/(J.P. Morgan Chase Bank LOC) 3,200,000 13,050,000 New York State HFA, Service Contract Revenue Bonds (2003 Series B), Weekly VRDNs (BNP Paribas SA LOC) 13,050,000 28,750,000 New York State HFA, Service Contract Revenue Bonds (2003 Series G), Weekly VRDNs (WestLB AG (Guaranteed) LOC) 28,750,000 39,600,000 New York State HFA, Service Contract Revenue Bonds (2003 Series I), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LOC) 39,600,000 40,280,000 New York State Local Government Assistance Corp. (Series 2003A-BV), Senior Lien Refunding Bonds Weekly VRDNs (FGIC INS)/(Dexia Credit Local LIQ) 40,280,000 17,000,000 Patchogue-Medford, NY Union Free School District, 3.00% TANs, 6/23/2005 17,139,230 10,000,000 Pittsford, NY Central School District (Series 2003), 2.00% BANs, 12/17/2004 10,010,552 2,500,000 Plainedge, NY Union Free School District, 3.00% TANs, 6/30/2005 2,522,730 10,235,000 Ramapo, NY Housing Authority (Series 1998), Weekly VRDNs (Fountainview at College Road, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 10,235,000 5,700,000 Triborough Bridge & Tunnel Authority, NY (Series 2002F), Weekly VRDNs (ABN AMRO Bank NV, Amsterdam LIQ) 5,700,000 27,385,000 2,3 Triborough Bridge & Tunnel Authority, NY, PUTTERs (Series 304), Weekly VRDNs (MBIA Insurance Corp. INS)/(J.P. Morgan Chase & Co. LIQ) 27,385,000 23,000,000 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000A), Weekly VRDNs (FSA INS)/(J.P. Morgan Chase Bank LIQ) 23,000,000 45,030,000 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000C), Weekly VRDNs (FSA INS)/(J.P. Morgan Chase Bank and Lloyds TSB Bank PLC, London LIQs) 45,030,000 3,000,000 Wantagh, NY Union Free School District, 2.75% TANs, 6/29/2005 3,021,478 9,960,000 Wayne, NY Central School District, 2.75% BANs, 6/23/2005 10,032,250 8,600,000 West Babylon, NY Union Free School District, 2.75% TANs, 6/29/2005 8,658,750 6,000,000 West Islip, NY Unified Free School District, 2.75% TANs, 6/29/2005 6,042,955 Total 1,133,601,055 North Carolina--1.4% 27,270,000 North Carolina Medical Care Commission (Series 1992B), Weekly VRDNs (North Carolina Baptist)/(Wachovia Bank N.A. LIQ) 27,270,000 16,450,000 North Carolina Medical Care Commission (Series 1996), Weekly VRDNs (North Carolina Baptist)/(Wachovia Bank N.A. LIQ) 16,450,000 5,865,000 North Carolina Medical Care Commission (Series 2000 A), Weekly VRDNs (United Methodist Retirement Homes)/(Wachovia Bank N.A. LOC) 5,865,000 4,210,000 North Carolina Medical Care Commission (Series 2001), Weekly VRDNs (Rutherford Hospital, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 4,210,000 37,800,000 North Carolina Medical Care Commission (Series 2001A), Weekly VRDNs (Moses H. Cone Memorial) 37,800,000 25,094,000 North Carolina Medical Care Commission (Series 2001B), Weekly VRDNs (Moses H. Cone Memorial) 25,094,000 27,250,000 North Carolina State, Public Improvement Bonds (Series 2002G), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ) 27,250,000 Total 143,939,000 Ohio--3.5% 8,338,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT), (Series 1998-18) 1.25% TOBs (Cleveland, OH Waterworks)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 11/3/2004 8,338,000 6,500,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT), (Series 2004-14), Weekly VRDNs (Columbus, OH City School District)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 6,500,000 1,720,000 Akron, Bath & Copley, OH Joint Township, Weekly VRDNs (Visiting Nurses)/(National City Bank, Ohio LOC) 1,720,000 17,600,000 Akron, Bath & Copley, OH Joint Township (Series 2002), Weekly VRDNs (Sumner on Ridgewood, Inc.)/(KBC Bank NV LOC) 17,600,000 10,000,000 Akron, Bath & Copley, OH Joint Township (Series 2004B), Weekly VRDNs (Summa Health System)/(Bank One N.A. (Chicago) LOC) 10,000,000 6,010,000 Ashland County, OH Health Care (Series 1999), Weekly VRDNs (Brethren Care, Inc.)/(FirstMerit Bank, N.A. LOC) 6,010,000 3,650,000 Athens, OH, 2.75% BANs, 7/13/2005 3,675,699 7,785,000 Butler County Hospital (Series 2002), Weekly VRDNs (Middletown Regional Hospital)/(Bank One N.A. (Columbus) LOC) 7,785,000 5,500,000 Butler County, OH (Series 2002), Weekly VRDNs (LifeSphere, Inc.)/(U.S. Bank, N.A. LOC) 5,500,000 4,120,000 2,3 Cincinnati City School District, OH, PUTTERs (Series 315), Weekly VRDNs (FSA INS)/(J.P. Morgan Chase Bank LIQ) 4,120,000 4,860,000 Clark County, OH (Series 1999), Weekly VRDNs (Ohio Masonic Home)/(AMBAC INS)/(Harris Trust & Savings Bank, Chicago LIQ) 4,860,000 4,165,000 Clark County, OH (Series 2002), Weekly VRDNs (Ohio Masonic Home)/(AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 4,165,000 16,000,000 Cleveland, OH Waterworks (Series 2004-M), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 16,000,000 20,000,000 Cuyahoga County, OH Health Care Facilities (Series 2001), Weekly VRDNs (Gardens of McGregor & Amasa Stone)/(Key Bank, N.A. LOC) 20,000,000 4,310,000 Cuyahoga County, OH Hospital Authority (Series 1998-II), Weekly VRDNs (W.O. Walker Center, Inc.)/(AMBAC INS)/(Key Bank, N.A. LIQ) 4,310,000 4,500,000 Cuyahoga County, OH Hospital Authority (Series 2000), Weekly VRDNs (The Sisters of Charity of St. Augustine Health System, Inc.)/(National City Bank, Ohio LOC) 4,500,000 5,000,000 Cuyahoga County, OH IDA (Series A-1 Remarketing), Weekly VRDNs (University School)/(Key Bank, N.A. LOC) 5,000,000 4,320,000 Cuyahoga County, OH (Series 1999), Weekly VRDNs (The Renaissance)/(Lasalle Bank, N.A. LOC) 4,320,000 4,000,000 Cuyahoga County, OH (Series 2002), Weekly VRDNs (The Health Museum of Cleveland)/(Key Bank, N.A. LOC) 4,000,000 5,000,000 Cuyahoga Falls, OH, 2.00% BANs, 12/16/2004 5,005,166 5,000,000 Cuyahoga, OH Community College District (Series 2002B), Weekly VRDNs (AMBAC INS)/(Key Bank, N.A. LIQ) 5,000,000 10,500,000 Elyria, OH, 2.00% BANs, 7/26/2005 10,527,190 3,650,000 Erie County, OH (Series 1996A), Weekly VRDNs (Providence Care Center)/(Bank One N.A. (Columbus) LOC) 3,650,000 3,190,000 Franklin County, OH Health Care Facilities (Series 1999 A), Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati LOC) 3,190,000 1,450,000 Franklin County, OH Health Care Facilities (Series 1999 B), Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati LOC) 1,450,000 7,250,000 Franklin County, OH Health Care Facilities (Series 2004), Weekly VRDNs (Creekside at the Village)/(Key Bank, N.A. LOC) 7,250,000 4,805,000 Franklin County, OH Health Care Facilities, Refunding & Improvement Revs (Series 2002 B), Weekly VRDNs (Ohio Presbyterian Retirement Services)/(National City Bank, Ohio LOC) 4,805,000 4,500,000 Franklin County, OH IDA, Weekly VRDNs (Heekin Can, Inc.)/(Bank One N.A. (Chicago) LOC) 4,500,000 6,075,000 Geauga County, OH (Series 2001), Weekly VRDNs (Montefiore Housing Corp.)/(Key Bank, N.A. LOC) 6,075,000 1,130,000 Genoa Village, OH (Series 1999), Weekly VRDNs (Genoa Health Care Center)/(Fifth Third Bank, Cincinnati LOC) 1,130,000 7,515,000 Greene County, OH Hospital Facilities Revenue Authority (Series 1999A), Weekly VRDNs (Med Health System)/(Key Bank, N.A. LOC) 7,515,000 3,795,000 Hamilton County, OH Hospital Facilities Authority (Series 1999A), Weekly VRDNs (Drake Center, Inc.)/(U.S. Bank, N.A. LOC) 3,795,000 18,300,000 Hamilton County, OH Hospital Facilities Authority (Series 2002A), Weekly VRDNs (The Elizabeth Gamble Deaconess Home Association)/(J.P. Morgan Chase Bank LOC) 18,300,000 5,430,000 Hamilton County, OH (Series 2000A), Weekly VRDNs (Deaconess Long Term Care, Inc.)/(Lasalle Bank, N.A. LOC) 5,430,000 17,000,000 Hamilton County, OH (Series 2004), Weekly VRDNs (Block 3 Project)/(Bank of New York and Citizens Bank of Pennsylvania LOCs) 17,000,000 7,180,000 Lorain County, OH EDA, Weekly VRDNs (Lake Ridge Academy)/(National City Bank, Ohio LOC) 7,180,000 4,985,000 Louisville, OH (Series 1999A), Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC) 4,985,000 5,430,000 Louisville, OH (Series 1999B), Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC) 5,430,000 7,400,000 Lucas County, OH IDA Weekly VRDNs (Kroger Co.)/(U.S. Bank, N.A. LOC) 7,400,000 13,075,000 Lucas County, OH Weekly VRDNs (Lutheran Homes Society)/(Fifth Third Bank, Cincinnati LOC) 13,075,000 55,000 Lucas County, OH Weekly VRDNs (Sunshine Children's Home)/(National City Bank, Ohio LOC) 55,000 9,000,000 Mahoning County, OH Hospital Facilities (Series B), Weekly VRDNs (Forum Group, Inc.)/(MBIA Insurance Corp. INS)/(J.P. Morgan Chase Bank LIQ) 9,000,000 1,260,000 Marion County, OH Health Care Facilities, Weekly VRDNs (Marion Area Counseling Center, Inc.)/(Huntington National Bank, Columbus, OH LOC) 1,260,000 3,840,000 Marion County, OH Health Care Facilities (Series 2002), Weekly VRDNs (United Church Homes, Inc.)/(Key Bank, N.A. LOC) 3,840,000 4,625,000 2,3 Ohio State Building Authority (Series 2002), FR/RI-L39J, Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 4,625,000 440,000 Ohio State Higher Educational Facilities Commission, Weekly VRDNs (Notre Dame College)/(National City Bank, Ohio LOC) 440,000 4,970,000 Ohio State Higher Educational Facilities Commission (Series A), Weekly VRDNs (John Carroll University, OH)/(Allied Irish Banks PLC LOC) 4,970,000 5,695,000 2,3 Ohio State Turnpike Commission, Morgan Stanley Floater Certificates (Seires1998-71), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 5,695,000 2,800,000 Ohio State University (Series 1999 B2), Weekly VRDNs 2,800,000 5,375,000 2,3 Ohio State, (Series 2002), FR/RI-L31J, Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 5,375,000 3,000,000 Port of Greater Cincinnati, OH Development Authority (Series 2003A), Weekly VRDNs (National Underground Railroad Freedom Center, Inc.)/(Bank One N.A. (Columbus), Fifth Third Bank, Cincinnati, Lasalle Bank, N.A. and U.S. Bank, N.A. LOCs) 3,000,000 3,600,000 Richland County, OH, 2.25% BANs, 9/8/2005 3,618,098 3,900,000 Rickenbacker, OH Port Authority (Series 1992), Weekly VRDNs (Rickenbacker Holdings, Inc.)/(Bank One N.A. (Columbus) LOC) 3,900,000 5,065,000 Ross County, OH Weekly VRDNs (Adena Health System)/(Huntington National Bank, Columbus, OH LOC) 5,065,000 1,968,750 Ross County, OH, 2.50% BANs, 6/2/2005 1,977,782 6,235,000 Ross County, OH, Health Care Facilities Revenue Bonds (Series 2001), Weekly VRDNs (Traditions at Chillicothe)/(Huntington National Bank, Columbus, OH LOC) 6,235,000 7,780,000 Seneca County, OH Health Care Facilities, Revenue Refunding and Improvement Bonds (Series 2003), Weekly VRDNs (Good Shepherd Home)/(Fifth Third Bank, Cincinnati LOC) 7,780,000 2,395,000 Summit County, OH (Series 1996), Weekly VRDNs (United Disability Services, Inc.)/(FirstMerit Bank, N.A. LOC) 2,395,000 6,000,000 Summit County, OH (Series 2002), Weekly VRDNs (The Western Reserve Academy)/(Key Bank, N.A. LOC) 6,000,000 3,935,000 Village of Holland, OH (Series 2001), Weekly VRDNs (Anne Grady Corp.)/(Fifth Third Bank, Cincinnati LOC) 3,935,000 1,100,000 Wayne County, OH, Health Care Facility Revenue Bonds (Series 1995), Weekly VRDNs (D & M Realty)/(Bank One N.A. (Columbus) LOC) 1,100,000 Total 364,161,935 Oklahoma--0.1% 1,790,000 Muskogee, OK Industrial Trust (Series 1985), Weekly VRDNs (Warmack Muskogee Ltd. Partnership)/(Bank of America N.A. LOC) 1,790,000 3,865,000 Oklahoma Development Finance Authority (Series 2001), Weekly VRDNs (Oklahoma Centennial Fund, Inc.)/(Bank of America N.A. LOC) 3,865,000 7,600,000 Oklahoma State Industries Authority (Series 2002), Weekly VRDNs (American Cancer Society, Inc.)/(Bank of America N.A. LOC) 7,600,000 Total 13,255,000 Oregon--0.1% 7,000,000 Oregon State Housing and Community Services Department (Series M), 1.20% TOBs, Optional Tender 1/6/2005 7,000,000 5,500,000 Portland, OR EDRB (Series 2003-A), Weekly VRDNs (Broadway Housing LLC)/(AMBAC INS)/(Key Bank, N.A. LIQ) 5,500,000 Total 12,500,000 Pennsylvania--3.4% 6,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Pennsylvania Non-AMT), (Series 2003-24), Weekly VRDNs (Philadelphia, PA School District)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 6,000,000 5,295,000 Allegheny County, PA HDA (Series 1990D), Weekly VRDNs (Presbyterian University Hospital)/(MBIA Insurance Corp. INS)/(J.P. Morgan Chase Bank LIQ) 5,295,000 4,595,000 Allegheny County, PA HDA (Series B1), Weekly VRDNs (Presbyterian University Hospital)/(Bank One N.A. (Chicago) LOC) 4,595,000 3,360,000 Allegheny County, PA IDA (Series 1992), Weekly VRDNs (Eleven Parkway Center Associates)/(National City Bank, Pennsylvania LOC) 3,360,000 23,950,000 Allegheny County, PA IDA (Series 2004A), Weekly VRDNs (UPMC Health System)/(J.P. Morgan Chase Bank LOC) 23,950,000 2,180,000 Allegheny County, PA IDA (Series A of 1997), Weekly VRDNs (Jewish Community Center)/(National City Bank, Pennsylvania LOC) 2,180,000 615,000 Allegheny County, PA IDA (Series B of 1997), Weekly VRDNs (Jewish Community Center)/(National City Bank, Pennsylvania LOC) 615,000 7,600,000 Allegheny County, PA IDA (Series B), Weekly VRDNs (Zoological Society of Pittsburgh)/(PNC Bank, N.A. LOC) 7,600,000 5,000,000 Allegheny County, PA IDA (Series of 2002), Weekly VRDNs (Carnegie Museums of Pittsburgh)/(Citizens Bank of Pennsylvania LOC) 5,000,000 7,730,000 Butler County, PA IDA (Series 2000A), Weekly VRDNs (Concordia Lutheran Ministries)/(Radian Asset Assurance INS)/(Fleet National Bank LIQ) 7,730,000 5,185,000 Butler County, PA IDA (Series 2000B), Weekly VRDNs (Concordia Lutheran Ministries)/(Radian Asset Assurance INS)/(Fleet National Bank LIQ) 5,185,000 4,440,000 Chartiers Valley, PA Industrial & Commercial Development Authority (Series 2000B), Weekly VRDNs (Asbury Heights)/(Lasalle Bank, N.A. LOC) 4,440,000 5,000,000 Chester County, PA IDA (Series of 2003), Weekly VRDNs (West Chester University)/(Citizens Bank of Pennsylvania LOC) 5,000,000 8,400,000 Clearfield County, PA IDA (Series 2002), Weekly VRDNs (Dubois Area Catholic School)/(PNC Bank, N.A. LOC) 8,400,000 5,000,000 2,3 Commonwealth of Pennsylvania (Series 2001-JPMC5), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 5,000,000 4,585,500 2,3 Commonwealth of Pennsylvania, Floater Certificates (Series 2001-696), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 4,585,500 6,000,000 Cumberland County, PA Municipal Authority (Series 1993), Weekly VRDNs (Presbyterian Homes, Inc.)/(KBC Bank NV LOC) 6,000,000 4,575,000 Cumberland County, PA (Series 2000), Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 4,575,000 4,500,000 Cumberland County, PA (Series of 2001), Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 4,500,000 1,300,000 Dallastown Area School District, PA (Series 1998), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ) 1,300,000 16,025,000 Dauphin County, PA General Authority, Education and Health Loan Program (Series 1997), Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 16,025,000 3,000,000 Delaware County, PA Authority, Hospital Revenue Bonds (Series of 1996), Weekly VRDNs (Crozer-Chester Medical Center)/(KBC Bank NV LOC) 3,000,000 4,555,000 2,3 Delaware Valley, PA Regional Finance Authority, Variable Rate Certificates (Series 2002E), Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ) 4,555,000 13,000,000 Doylestown Hospital Authority, PA (Series 1998 B), Weekly VRDNs (Doylestown Hospital, PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ) 13,000,000 2,000,000 Doylestown Hospital Authority, PA (Series 1998C), Weekly VRDNs (Doylestown Hospital, PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ) 2,000,000 1,800,000 Erie County, PA Hospital Authority Weekly VRDNs (St. Mary's Hospital Erie, PA)/(PNC Bank, N.A. LOC) 1,800,000 12,895,000 Erie County, PA Hospital Authority Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 12,895,000 3,500,000 Erie County, PA Hospital Authority (Series A of 2001), Weekly VRDNs (Forestview Health Care Center)/(KBC Bank NV LOC) 3,500,000 2,550,000 Erie County, PA Hospital Authority (Series A of 2001), Weekly VRDNs (Senior Living Services, Inc.)/(KBC Bank NV LOC) 2,550,000 9,950,000 Geisinger Authority, PA Health System (Series 2000), Daily VRDNs (J.P. Morgan Chase Bank LIQ) 9,950,000 11,325,000 Huntingdon County, PA General Authority (Series A), Weekly VRDNs (Juniata College)/(PNC Bank, N.A. LOC) 11,325,000 1,150,000 Lawrence County, PA IDA (Series 2001A), Weekly VRDNs (Shenango Presbyterian SeniorCare Obligated Group)/(SunTrust Bank LOC) 1,150,000 2,480,000 Lawrence County, PA IDA (Series 2003), Weekly VRDNs (Villa Maria Retirement Center)/(Allied Irish Banks PLC LOC) 2,480,000 6,810,000 Lehigh County, PA General Purpose Authority (Series 2000), Weekly VRDNs (The Good Shepherd Group)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 6,810,000 8,200,000 Mercersburg Borough, PA General Purpose Authority (Series A of 2000), Weekly VRDNs (Regents of the Mercersburg College)/(Wachovia Bank N.A. LOC) 8,200,000 9,300,000 Mercersburg Borough, PA General Purpose Authority (Series B of 2000), Weekly VRDNs (Regents of the Mercersburg College)/(Wachovia Bank N.A. LOC) 9,300,000 5,510,000 Montgomery County, PA IDA (Series 1992), Weekly VRDNs (Hickory Pointe Project)/(Wachovia Bank N.A. LOC) 5,510,000 1,100,000 Pennsylvania EDFA (Series 1996E), Weekly VRDNs (Adelphoi, Inc.)/(PNC Bank, N.A. LOC) 1,100,000 8,200,000 Pennsylvania State Higher Education Facilities Authority (Series 2001 H5), Weekly VRDNs (Keystone College)/(PNC Bank, N.A. LOC) 8,200,000 4,000,000 Pennsylvania State Higher Education Facilities Authority (Series B6), 1.125% TOBs (Rosemont College, PA)/(PNC Bank, N.A. LOC), Mandatory Tender 11/1/2004 4,000,000 7,600,000 Pennsylvania State Higher Education Facilities Authority (Series H1), Weekly VRDNs (Beaver College, PA)/(Allied Irish Banks PLC LOC) 7,600,000 2,100,000 Pennsylvania State Higher Education Facilities Authority (Series I-4), Weekly VRDNs (Messiah College)/(PNC Bank, N.A. LOC) 2,100,000 100,000 Pennsylvania State Higher Education Facilities Authority (Series I-6), Weekly VRDNs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 100,000 9,300,000 Pennsylvania State Higher Education Facilities Authority (Series J1), Weekly VRDNs (Juniata College)/(Allied Irish Banks PLC LOC) 9,300,000 6,990,000 2,3 Pennsylvania State Higher Education Facilities Authority, ROCs (Series 1018), Weekly VRDNs (AMBAC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 6,990,000 1,000,000 Pennsylvania State University (Series 2002), Weekly VRDNs (Toronto Dominion Bank LIQ) 1,000,000 4,000,000 Philadelphia, PA IDA (Series 1998), Weekly VRDNs (Philadelphia Academy of Music)/(Wachovia Bank N.A. LOC) 4,000,000 4,140,000 Philadelphia, PA Hospitals & Higher Education Facilities Authority (Series 2004), Weekly VRDNs (Philadelphia Protestant Home)/(Fleet National Bank LOC) 4,140,000 53,300,000 Philadelphia, PA School District, 3.00% TRANs, 6/30/2005 53,781,334 8,300,000 2,3 Pittsburgh, PA, SG-71 Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ) 8,300,000 10,890,000 Washington County, PA IDA (Series 2000), Weekly VRDNs (Presbyterian SeniorCare-Southminister Place)/(Radian Asset Assurance INS)/(National City Bank, Pennsylvania LIQ) 10,890,000 4,000,000 Westmoreland County, PA IDA (Series 2000A), Weekly VRDNs (Redstone Presbyterian Senior Care Obligated Group)/(Mellon Bank N.A., Pittsburgh LOC) 4,000,000 Total 354,861,834 Puerto Rico--0.7% 22,179,500 2,3 Commonwealth of Puerto Rico (Series 2002-746D), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 22,179,500 25,850,000 2,3 Commonwealth of Puerto Rico, PUTTERS (Series 349), Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 25,852,528 13,645,000 Puerto Rico Government Development Bank (GDB), 1.38% CP, Mandatory Tender 1/12/2005 13,645,000 13,325,000 2,3 Puerto Rico Public Finance Corp. (Series 2004-911), Weekly VRDNs (CDC IXIS Financial Guaranty N.A. INS)/(Morgan Stanley LIQ) 13,325,000 1,995,000 2,3 Puerto Rico Public Finance Corp., Class A Certificates (Series 2002-195), Weekly VRDNs (AMBAC INS)/(Bear Stearns Cos., Inc. LIQ) 1,995,000 Total 76,997,028 South Carolina--0.6% 5,946,500 2,3 Berkeley County, SC School District, Floater Certificates (Series 2001-656), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 5,946,500 39,485,000 South Carolina Jobs-EDA (Series 2001), Weekly VRDNs (Sisters of Charity Providence Hospitals)/(Wachovia Bank N.A. LOC) 39,485,000 5,000,000 South Carolina Jobs-EDA (Series 2002), Weekly VRDNs (Carolina Piedmont Foundation, Inc.)/(Bank of America N.A. LOC) 5,000,000 10,000,000 2,3 South Carolina State Public Service Authority, MERLOTS (Series 2004-B6), Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 10,000,000 6,500,000 2,3 South Carolina State Public Service Authority, MERLOTS (Series 2000L), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 6,500,000 Total 66,931,500 Tennessee--2.4% 13,071,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 1999-1), Weekly VRDNs (Metropolitan Government Nashville & Davidson County, TN)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 13,071,000 14,610,000 Chattanooga, TN HEFA, Weekly VRDNs (Mccallie School)/(SunTrust Bank LOC) 14,610,000 7,000,000 Chattanooga, TN HEFA, Weekly VRDNs (Sisken Hospital)/(Bank of America N.A. LOC) 7,000,000 9,175,000 Chattanooga, TN HEFA (Series 2003), Weekly VRDNs (Southern Adventist University)/(Bank of America N.A. LOC) 9,175,000 4,100,000 Chattanooga, TN IDB (Series 1997), Weekly VRDNs (YMCA)/(SunTrust Bank LOC) 4,100,000 17,510,000 2,3 Elizabethton, TN Health & Educational Facilities Board, MERLOTS (2000 GG), 1.25% TOBs (Mountain States Health Alliance)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2004 17,510,000 22,000,000 Hendersonville, TN IDB (Series 2000), Weekly VRDNs (Pope John Paul II High School, Inc.)/(SunTrust Bank LOC) 22,000,000 7,200,000 Jackson County, TN IDB (Series B), Daily VRDNs (Esselte AB)/(Bank of America N.A. LOC) 7,200,000 6,600,000 Knox County, TN Health Education & Housing Facilities Board (Series 2000), Weekly VRDNs (Episcopal School of Knoxville)/(SunTrust Bank LOC) 6,600,000 11,570,000 Knox County, TN Health Education & Housing Facilities Board (Series 2000), Weekly VRDNs (Johnson Bible College)/(Amsouth Bank N.A., Birmingham LOC) 11,570,000 1,725,000 Knox County, TN IDB (Series 1999), Weekly VRDNs (Educational Services of the South, Inc.)/(SunTrust Bank LOC) 1,725,000 8,565,000 Memphis, TN Center City Revenue Finance Corp. (Series 1996A), Weekly VRDNs (South Bluffs)/(National Bank of Commerce, Memphis, TN LOC) 8,565,000 775,000 Memphis, TN (Series 1995A), Weekly VRDNs (WestLB AG (Guaranteed) LIQ) 775,000 800,000 Metropolitan Government Nashville & Davidson County, TN HEFA (Series 1996), Weekly VRDNs (Dede Wallace Center)/(SunTrust Bank LOC) 800,000 6,700,000 Metropolitan Government Nashville & Davidson County, TN HEFA (Series 1997), Weekly VRDNs (Belmont University)/(SunTrust Bank LOC) 6,700,000 8,075,000 Metropolitan Government Nashville & Davidson County, TN IDB (Series 2003), Weekly VRDNs (David Lipscomb University)/(SunTrust Bank LOC) 8,075,000 17,000,000 Metropolitan Government Nashville & Davidson County, TN IDB (Series 2004), Weekly VRDNs (Nashville Symphony Association)/(Bank of America N.A. LOC) 17,000,000 295,000 Montgomery County, TN Public Building Authority, Pooled Financing Revenue Bonds (Series 1996), Weekly VRDNs (Montgomery County Loan)/(Bank of America N.A. LOC) 295,000 4,200,000 Sevier County, TN Public Building Authority (Series II-B-2), Weekly VRDNs (Citizens Gas Utility District of Scott & Morgan Counties)/(AMBAC INS)/(KBC Bank NV LIQ) 4,200,000 2,840,000 Sevier County, TN Public Building Authority (Series II-G-3), Weekly VRDNs (Maryville, TN)/(AMBAC INS)/(KBC Bank NV LIQ) 2,840,000 5,455,000 Sevier County, TN Public Building Authority (Series IV-A-4), Daily VRDNs (Monroe County, TN)/(FSA INS)/(J.P. Morgan Chase Bank LIQ) 5,455,000 8,800,000 Sevier County, TN Public Building Authority (Series IV-B-2), Daily VRDNs (Greeneville (Town of), TN)/(FSA INS)/(J.P. Morgan Chase Bank LIQ) 8,800,000 8,015,000 Sevier County, TN Public Building Authority (Series IV-C-1), Daily VRDNs (Blount County, TN)/(FSA INS)/(J.P. Morgan Chase Bank LIQ) 8,015,000 8,000,000 Sevier County, TN Public Building Authority (Series IV-E-1), Daily VRDNs (Pigeon Forge, TN)/(AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 8,000,000 7,490,000 Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series II-G-1), Weekly VRDNs (AMBAC INS)/(KBC Bank NV LIQ) 7,490,000 5,000,000 Shelby County, TN Health Education & Housing Facilities Board (Series 2004A), 3.00% Bonds (Baptist Memorial Healthcare), 9/1/2005 5,051,283 11,545,000 2,3 Shelby County, TN, Floater Certificates (Series 2001-561), Weekly VRDNs (Morgan Stanley LIQ) 11,545,000 895,000 Washington County, TN IDB (Series 1996), Weekly VRDNs (Springbrook Properties)/(SunTrust Bank LOC) 895,000 24,500,000 Wilson County, TN Sports Authority (Series 1999), Weekly VRDNs (Mercantile Safe Deposit & Trust Co., Baltimore LOC) 24,500,000 Total 243,562,283 Texas--9.3% 20,996,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 1998-19), Weekly VRDNs (Dallas, TX Waterworks & Sewer System)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 20,996,000 5,500,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2002-16), Weekly VRDNs (Leander, TX Independent School District)/(Texas Permanent School Fund Guarantee Program GTD)/(ABN AMRO Bank NV, Amsterdam LIQ) 5,500,000 16,745,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2004-5), 1.10% TOBs (Lake Travis, TX ISD)/(Texas Permanent School Fund Guarantee Program GTD)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 2/15/2005 16,745,000 10,890,000 2,3 Aldine, TX ISD (Series 1997), SGB-30, Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Societe Generale, Paris LIQ) 10,890,000 13,900,000 2,3 Austin, TX Electric Utility System (Series 2002-744D), Weekly VRDNs (AMBAC INS)/(Morgan Stanley LIO) 13,900,000 6,415,000 2,3 Austin, TX Water and Wastewater System, MERLOTS (Series 2001 A-63), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 6,415,000 14,560,000 2,3 Bexar County, TX, Clippers (Series 2001-3), 1.60% TOBs (MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 3/10/2005 14,560,000 17,785,000 2,3 Dallas, TX, (PT-369), Weekly VRDNs (DePfa Bank PLC LIQ) 17,785,000 400,000 Grapevine, TX, IDC (Series 1993), Weekly VRDNs (Southern Air Transport, Inc.)/(Bank of Montreal LOC) 400,000 5,000,000 Harris County, TX HFDC (Series 2000), Weekly VRDNs (St. Dominic Village)/(J.P. Morgan Chase Bank LOC) 5,000,000 72,050,000 Harris County, TX HFDC (Series 2002), Daily VRDNs (Methodist Hospital, Harris County, TX) 72,050,000 25,425,000 2,3 Harris County, TX, ROCs (Series 4056), Weekly VRDNs (Citigroup Global Markets Holdings, Inc. LIQ) 25,425,000 12,000,000 2,3 Houston, TX Airport System, MERLOTS (Series 2000-A25), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 12,000,000 3,245,000 2,3 Houston, TX Combined Utility System, MERLOTS (Series 2004 C-17), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 3,245,000 10,290,000 Houston, TX Higher Education Finance Corp. (Series 2000A), Weekly VRDNs (Houston Student Housing LLC)/(Wachovia Bank N.A. LOC) 10,290,000 19,435,000 2,3 Houston, TX Independent School District, Floater Certificates (Series 1998-133), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Morgan Stanley LIQ) 19,435,000 15,330,000 2,3 Houston, TX Water & Sewer System, MERLOTS (Series 2001-A128), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 15,330,000 2,670,000 2,3 Houston, TX Water & Sewer System, MERLOTS (Series 2002-A-16), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 2,670,000 11,315,000 Kendall County, TX Health Facilities Development Corp. (Series 2002-A), Weekly VRDNs (Morningside Ministries Foundation, Inc.)/(Bank One N.A. (Chicago) LOC) 11,315,000 8,560,000 2,3 McKinney, TX Independent School District, (PT-1180), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch & Co., Inc. LIQ) 8,560,000 5,175,000 2,3 North East, TX Independent School District, PUTTERs (Series 3900, Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(J.P. Morgan Chase Bank LIQ) 5,175,000 1,070,000 North Richland Hills, TX IDC, Weekly VRDNs (Tecnol, Inc.)/(Bank of America N.A. LOC) 1,070,000 7,500,000 Richmond, TX Higher Education Finance Corp. (Series 2003-A), Weekly VRDNs (Bayou Student Housing LLC - University of Houston)/(AMBAC INS)/(J.P. Morgan Chase Bank LIQ) 7,500,000 10,000,000 2,3 Sabine River Authority, TX, Clippers (Series 2001-2), 1.60% TOBs (Southwestern Electric Power Co.)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 3/10/2005 10,000,000 5,400,000 2,3 San Antonio, TX Electric & Gas System, MERLOTS (Series 2002-A12), 1.13% TOBs (United States Treasury COL)/(Wachovia Bank N.A. LIQ), Optional Tender 2/23/2005 5,400,000 45,000,000 San Antonio, TX Electric & Gas System (Series 2003), Weekly VRDNs (Bank of America N.A. LIQ) 45,000,000 5,850,000 2,3 San Antonio, TX Electric & Gas System, MERLOTS (Series 2001 A10), 1.45% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 4/27/2005 5,850,000 82,500,000 2,3 San Antonio, TX Electric & Gas System, MERLOTS (Series 2002-A53), 1.75% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 7/20/2005 82,500,000 11,100,000 2,3 San Antonio, TX Electric & Gas System, Municipal Securities Trust Receipts (Series 1997SG 101), Weekly VRDNs (Societe Generale, Paris LIQ) 11,100,000 7,495,000 2,3 San Antonio, TX Electric & Gas System, (PT-1708), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 7,495,000 7,935,000 2,3 San Antonio, TX ISD, (PT-1184), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch & Co., Inc. LIQ) 7,935,000 8,190,000 Tarrant County, TX HFA, (Series A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC) 8,190,000 6,580,000 2,3 Tarrant County, TX Housing Finance Corp., (PT-480), Weekly VRDNs (Windcastle Apartments)/(FHLMC GTD)/(FHLMC LIQ) 6,580,000 11,510,000 2,3 Tarrant County, TX Housing Finance Corp., (PT-482), Weekly VRDNs (Bear Creek Apartments)/(FHLMC GTD)/(FHLMC LIQ) 11,510,000 Texas State, (Series 2004), 3.00% TRANs, 300,000,000 8/31/2005 303,429,751 2,3 Texas State, TRANs (Series 2004), 120,000,000 FR/RI-L60J, Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 120,000,000 6,000,000 2,3 Texas Turnpike Authority, ROCs (Series 188), Weekly VRDNs (AMBAC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 6,000,000 19,500,000 Waco, TX Education Finance Corp. (Series 2002A), Weekly VRDNs (Baylor University)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 19,500,000 Total 956,745,751 Utah--0.4% 5,500,000 Murray City, UT (Series 2003A), Weekly VRDNs (IHC Health Services, Inc.) 5,500,000 37,000,000 Murray City, UT (Series 2003B), Weekly VRDNs (IHC Health Services, Inc.) 37,000,000 2,490,000 2,3 Utah State Municipal Power Agency, (PT-1813), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 2,490,000 Total 44,990,000 Vermont--0.0% 95,000 Vermont Educational and Health Buildings Financing Agency (Series 1995A), Weekly VRDNs (Key Bank, N.A. LOC) 95,000 Virginia--1.1% 10,500,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Virginia Non-AMT), (Series 1998-21), Weekly VRDNs (Norfolk, VA Water Revenue)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 10,500,000 4,195,000 Albemarle County, VA IDA (Series 1999), Weekly VRDNs (Region Ten Community Services Board, Inc.)/(Wachovia Bank N.A. LOC) 4,195,000 4,480,000 Alexandria, VA IDA (Series 1999), Weekly VRDNs (Church Schools in the Diocese of Virginia)/(SunTrust Bank LOC) 4,480,000 2,860,000 Arlington County, VA (Series 2000A), Weekly VRDNs (National Science Teachers Association)/(SunTrust Bank LOC) 2,860,000 3,340,000 Fairfax County, VA EDA (Series 1995), Weekly VRDNs (American Society of Civil Engineers Foundation, Inc.)/(SunTrust Bank LOC) 3,340,000 1,535,000 Fairfax County, VA EDA (Series 2002), Weekly VRDNs (Wolf Trap Foundation for the Performing Arts)/(Bank of America N.A. LOC) 1,535,000 13,845,000 Fairfax County, VA EDA (Series 2003), Weekly VRDNs (George Mason University Foundation, Inc.)/(SunTrust Bank LOC) 13,845,000 840,000 Fauquier County, VA IDA, Weekly VRDNs (Warrenton Development Co.)/(Fleet National Bank LOC) 840,000 3,335,000 Henrico County, VA EDA (Series 2001), Weekly VRDNs (Instructive Visiting Nurse Association)/(SunTrust Bank LOC) 3,335,000 3,630,000 Henrico County, VA EDA (Series 2001), Weekly VRDNs (Roslyn Conference Center)/(SunTrust Bank LOC) 3,630,000 5,000,000 Henrico County, VA EDA (Series 2003B), Weekly VRDNs (Westminster-Canterbury of Richmond)/(KBC Bank NV LOC) 5,000,000 2,500,000 Henrico County, VA EDA (Series 2003B), Weekly VRDNs (Westminster-Canterbury of Richmond)/(KBC Bank NV LOC) 2,500,000 16,800,000 2,3 Henrico County, VA IDA, MERLOTS (Series 1997C), Weekly VRDNs (Bon Secours Health System)/(FSA INS)/(Wachovia Bank N.A. LIQ) 16,800,000 2,000,000 James City County, VA IDA (Series 1997), Weekly VRDNs (Riverside Health System) 2,000,000 4,000,000 Newport News, VA Redevelopment & Housing Authority (Series 2001), Weekly VRDNs (Newport-Oxford Associates LLP)/(FHLMC LOC) 4,000,000 15,060,000 Roanoke, VA IDA (Series 2002B), Daily VRDNs (Carilion Health System Obligated Group) 15,060,000 6,500,000 Spotsylvania County, VA IDA (Series 1993), Weekly VRDNs (Carlisle Corp. Project)/(SunTrust Bank LOC) 6,500,000 10,000,000 Virginia Resources Authority, Water and Sewer (Series 1997), Weekly VRDNs (Henrico County, VA)/(SunTrust Bank LIQ) 10,000,000 1,220,000 2,3 Virginia State Public Building Authority, Floater Certificates (Series 1998-131), Weekly VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ) 1,220,000 Total 111,640,000 Washington--1.6% 4,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT),( Series 1998-16), Weekly VRDNs (Port of Seattle, WA)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 4,000,000 11,957,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT),( Series 1999-12), Weekly VRDNs (Washington State)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 11,957,000 5,000,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2001-1), Weekly VRDNs (King County, WA)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 5,000,000 8,680,000 2,3 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2002-36), 1.25% TOBs (Tacoma, WA Regional Water Supply System)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 11/3/2004 8,680,000 4,170,000 2,3 Clark County, WA Public Utilities District No. 001, MERLOTS (Series 2001-A122), 1.80% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 7/13/2005 4,170,000 16,230,000 2,3 Energy Northwest, WA, (PT-615), Weekly VRDNs (FSA, MBIA Insurance Corp. INS) and Merrill Lynch & Co., Inc. LIQs) 16,230,000 8,500,000 2,3 Energy Northwest, WA, (PT-778), Weekly VRDNs (MBIA Insurance Corp. INS)/(Landesbank Hessen-Thueringen, Frankfurt LIQ) 8,500,000 9,455,000 2,3 Energy Northwest, WA, (PT-1392), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 9,455,000 5,470,000 2,3 Energy Northwest, WA, ROCs (Series 4524), Weekly VRDNs (MBIA Insurance Corp. INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 5,470,000 10,000,000 2,3 King County, WA, MERLOTS (Series 2000 E), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 10,000,000 2,200,000 Port of Seattle, WA (Series 1985), Weekly VRDNs (Douglas Management Co.)/(Bank of America N.A. LOC) 2,200,000 20,895,000 2,3 Seattle, WA Municipal Light & Power, MERLOTS (Series 2001 A56), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 20,895,000 5,310,000 2,3 Seattle, WA Water System, ROCs (Series 4006) Weekly VRDNs (MBIA Insurance Corp. INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 5,310,000 3,485,000 2,3 Spokane, WA School District No. 081, ROCs (Series 4000), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 3,485,000 7,490,000 2,3 Washington State, (PT-1782), Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 7,490,000 34,860,000 2,3 Washington State, Class A Certificates (Series 2002-205), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bear Stearns Cos., Inc. LIQ) 34,860,000 2,055,000 2,3 Washington State, MERLOTS (Series 2002-A14), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 2,055,000 5,170,000 2,3 Washington State, Piper Certificates (Series 2002G), Weekly VRDNs (FGIC INS)/(Bank of New York LIQ) 5,170,000 3,765,000 2,3 Washington State, Piper Variable Certificates (Series 2002B), Weekly VRDNs (FSA INS)/(Bank of New York LIQ) 3,765,000 Total 168,692,000 West Virginia--0.1% 6,265,000 Cabell County Commission, WV (Series 1995), Weekly VRDNs (Foster Foundation)/(Huntington National Bank, Columbus, OH LOC) 6,265,000 1,300,000 2,3 West Virginia University, MERLOTS (Series 2002-A-15), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 1,300,000 Total 7,565,000 Wisconsin--1.4% 19,200,000 Appleton, WI Area School District, 2.75% TRANs, 9/30/2005 19,373,870 22,000,000 2,3 Clipper Tax-Exempt Certificates Trust (Wisconsin Non-AMT), (Series 2004-4), Weekly VRDNs (Wisconsin State)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ) 22,000,000 6,500,000 Kettle Moraine, WI School District, 2.75% TRANs, 9/6/2005 6,560,641 11,000,000 Menomonee Falls, WI School District, 2.75% TRANs, 8/24/2005 11,084,314 5,750,000 Milwaukee, WI (Series 1999), Weekly VRDNs (Goodwill Industries of Southeastern Wisconsin and Metropolitan Chicago, Inc.)/(U.S. Bank, N.A. LOC) 5,750,000 17,000,000 2,3 Milwaukee, WI, RANs (Series 2004), FR/RI-L65, Weekly VRDNs (Milwaukee, WI Public Schools)/(Lehman Brothers Holdings, Inc. LIQ) 17,000,000 5,000,000 Northland Pines, WI School District, 2.50% TRANs, 10/7/2005 5,034,771 5,000,000 2,3 University of Wisconsin Hospital and Clinics Authority, MERLOTS (Series 2000RR), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 5,000,000 6,500,000 Wisconsin School Districts (Series 2003 B-1), 2.00% TANs (U.S. Bank, N.A. LOC), 11/1/2004 6,500,000 9,400,000 Wisconsin School Districts (Series 2003 B-2), 2.00% TANs (Fond Du Lac, WI School District), 11/1/2004 9,400,000 1,815,000 Wisconsin State HEFA (Series 1997), Weekly VRDNs (Cedar Crest, Inc.)/(Bank One N.A. (Chicago) LOC) 1,815,000 2,475,000 Wisconsin State HEFA (Series 2000), Weekly VRDNs (Grace Lutheran Foundation, Inc.)/(U.S. Bank, N.A. LOC) 2,475,000 6,500,000 Wisconsin State HEFA (Series 2003B), Weekly VRDNs (Franciscan Sisters of Christian Charity HealthCare Ministry, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) 6,500,000 21,590,000 2,3 Wisconsin State HEFA, MERLOTS (Series 1997B), Weekly VRDNs (Sinai Samaritan Medical Center, Inc.)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 21,590,000 Total 140,083,596 Wyoming--0.2% 8,190,000 Converse County, WY, PCRB (Series 1994), Daily VRDNs (Pacificorp)/(AMBAC INS)/(Bank One N.A. (Chicago) LIQ) 8,190,000 755,000 Douglas, WY, 1.45% TOBs (Safeway Inc.)/(Deutsche Bank Trust Co. Americas LOC), Mandatory Tender 12/1/2004 755,000 12,900,000 Sweetwater County, WY, PCRB (Series 1990A), Weekly VRDNs (Pacificorp)/(Barclays Bank PLC LOC) 12,900,000 Total 21,845,000 Total Investments--99.9% (at amortized cost)4 10,303,115,640 other assets and liabilities net -0.1% 5,506,536 total net assets--100% $ 10,308,622,176 1 The Fund primarily invests in securities rated in the highest short-term rating categories by one or more nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 by Standard & Poor's, MIG-1, or VMIG-1 by Moody's Investors Service, or F-1+ or F-1- by Fitch Ratings are all considered rated in highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. The Fund follows applicable regulations in determining whether a security is rated by multiple NRSROs in different rating categories should be identified as a First Tier security. At October 31, 2004, the portfolio securities were rated as follows: Tier Rating Based on Total Market Value (Unaudited) First Tier Second Tier 100.0% 0.0% 2 Denotes a restricted security, including securities purchased under the Rule144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $2,991,106,602 which represents 29.0% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Board of Trustees, for each security held at October 31, 2004 is as follows: Security Acquisition Date Acquisition Cost California State Department of Water Resources Power Supply Program, (Series 2002 C-4), Weekly VRDNs 10/14/2004 - $128,340,000 10/27/2004 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the fund's Board of Trustees. At October 31, 2004, these securities amounted to $2,991,106,602 which represents 29.0% of total net assets. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized CP --Commercial Paper EDA --Economic Development Authority EDFA --Economic Development Financing Authority EDR --Economic Development Revenue EDRB --Economic Development Revenue Bonds FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance, Inc. GTD --Guaranteed HDA --Hospital Development Authority HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDFA --Industrial Development Finance Authority INS --Insured ISD --Independent School District LIQ(s) --Liquidity Agreement(s) LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PCR --Pollution Control Revenue PCRBs --Pollution Control Revenue Bonds PUTTERs --Puttable Tax Exempt Receipts RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates SWP --Swap Agreement TANs --Tax Anticipation Notes TICs --Trust Inverse Certificates TOBs --Tender Option Bonds TOCs --Tender Offer Certificates TOPS --Trust Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes Treasury Obligations Fund Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value U.S. Treasury--24.1% $ 259,000,000 1 United States Treasury Bills, 1.545% - 1.565%, 12/23/2004 $ 258,417,983 119,000,000 1 United States Treasury Bills, 1.700%, 2/3/2005 118,471,772 128,000,000 1 United States Treasury Bills, 1.725%, 2/17/2005 127,337,663 165,580,000 1 United States Treasury Bills, 1.745% - 1.751%, 2/24/2005 164,655,232 123,000,000 1 United States Treasury Bills, 1.880%, 3/3/2005 122,216,353 81,500,000 1 United States Treasury Bills, 1.885%, 3/24/2005 80,889,757 163,000,000 1 United States Treasury Bills, 1.945% - 1.950%, 3/31/2005 161,677,323 141,500,000 1 United States Treasury Bills, 2.055% - 2.080%, 4/28/2005 140,054,764 25,000,000 United States Treasury Bonds, 11.625%, 11/15/2004 25,097,636 78,000,000 United States Treasury Notes, 1.625%, 1/31/2005 78,069,505 155,000,000 United States Treasury Notes, 1.625%, 3/31/2005 155,186,691 39,500,000 United States Treasury Notes, 1.625%, 4/30/2005 39,495,435 50,000,000 United States Treasury Notes, 1.750%, 12/31/2004 50,036,284 494,000,000 United States Treasury Notes, 2.000%, 11/30/2004 494,305,205 661,500,000 United States Treasury Notes, 5.875%, 11/15/2004 662,678,616 Total U.S. Treasury 2,678,590,219 Repurchase Agreements--74.8% 644,000,000 Interest in $1,000,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.800% dated 10/29/2004 to be repurchased at $644,096,600 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2030, collateral market value $1,020,153,844 644,000,000 403,819,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810% dated 10/29/2004 to be repurchased at $403,879,909 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888 403,819,000 1,000,000,000 Interest in $1,000,000,000 joint repurchase agreement with Banc of America Securities LLC, 1.800% dated 10/29/2004 to be repurchased at $1,000,150,000 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2027, collateral market value $1,020,000,428 1,000,000,000 300,000,000 Interest in $300,000,000 joint repurchase agreement with Bank of Nova Scotia, Toronto, 1.800% dated 10/29/2004 to be repurchased at $300,045,000 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $306,000,445 300,000,000 887,000,000 Interest in $887,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.800% dated 10/29/2004 to be repurchased at $887,133,050 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2014, collateral market value $904,876,682 887,000,000 394,000,000 Interest in $750,000,000 joint repurchase agreement with Bear Stearns Cos., Inc., 1.820% dated 10/29/2004 to be repurchased at $394,059,757 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $767,043,780 394,000,000 100,000,000 Interest in $100,000,000 joint repurchase agreement with CIBC World Markets Corp., 1.800% dated 10/29/2004 to be repurchased at $100,015,000 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2028, collateral market value $102,004,080 100,000,000 90,000,000 Interest in $100,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.710% dated 10/29/2004 to be repurchased at $90,012,825 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2023, collateral market value $102,015,275 90,000,000 628,000,000 2 Interest in $725,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.740% dated 10/5/2004 to be repurchased at $629,062,367 on 11/10/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031, collateral market value $739,500,106 628,000,000 1,000,000,000 Interest in $1,000,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.810% dated 10/29/2004 to be repurchased at $1,000,150,833 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2032, collateral market value $1,020,154,279 1,000,000,000 800,000,000 Interest in $800,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.800% dated 10/29/2004 to be repurchased at $800,120,000 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2014, collateral market value $816,002,154 800,000,000 625,000,000 2 Interest in $730,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.580% dated 9/2/2004 to be repurchased at $626,673,264 on 11/3/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2014, collateral market value $746,528,702 625,000,000 230,000,000 Interest in $500,000,000 joint repurchase agreement with State Street Bank and Trust Co., 1.740% dated 10/29/2004 to be repurchased at $230,033,350 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028, collateral market value $512,969,327 230,000,000 90,000,000 Interest in $100,000,000 joint repurchase agreement with UBS Securities LLC, 1.710% dated 10/29/2004 to be repurchased at $90,012,825 on 11/1/2004, collateralized by a U.S. Treasury Obligation with maturity of 5/15/2016, collateral market value $102,006,468 90,000,000 700,000,000 Interest in $1,000,000,000 joint repurchase agreement with UBS Securities LLC, 1.810% dated 10/29/2004 to be repurchased at $700,105,583 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2016, collateral market value $1,020,001,655 700,000,000 433,000,000 2 Interest in $500,000,000 joint repurchase agreement UBS Securities LLC, 1.880% dated 10/20/2004 to be repurchased at $434,356,733 on 12/20/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $510,001,836 433,000,000 Total Repurchase Agreements 8,324,819,000 Total Investments--98.9% (at amortized cost)3 11,003,409,219 Other assets and liabilities--net--1.1% 127,084,516 Total Net assets--100% $ 11,130,493,735 1 These issues show the rate of discount at the time of purchase. 2 Although final maturity falls beyond seven days at date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act. Trust For Government Cash Reserves Portfolio of Investments October 31, 2004 (Unaudited) Principal Amount Value Government Agencies--99.5% $ 11,943,000 1 Federal Farm Credit System Discount Notes, 1.660% - 1.860%, 11/1/2004 - 2/28/2005 $ 11,921,225 32,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.730% - 1.961%, 11/3/2004 - 1/6/2005 31,997,140 4,500,000 Federal Farm Credit System Notes, 1.250% - 6.100%, 11/4/2004 - 12/15/2004 4,507,752 41,500,000 1 Federal Home Loan Bank System Discount Notes, 1.070% - 1.998%, 11/1/2004 - 3/28/2005 41,422,311 12,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.795% - 1.990%, 11/25/2004 - 1/19/2005 11,997,779 10,700,000 Federal Home Loan Bank System Notes, 1.425% - 6.820%, 11/15/2004 - 5/4/2005 10,715,179 Total Investments - 99.5% (at amortized cost)3 112,561,386 other assets and liabilities - net - 0.5% 535,192 total net assets - 100% $ 113,096,578 1 These issues show the rate of discount at the time of purchase. 2 Denotes variable rate securities which show current rate and next demand date. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Trust For Short-Term U.S. Government Securities Portfolio of Investments October 31, 2004 Principal Amount Value Government Agencies--59.3% $ 2,000,000 1 Federal Home Loan Bank System Discount Notes, 1.839%, 2/4/2005 $ 1,990,294 13,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.745% - 1.840%, 12/12/2004 - 12/21/2004 12,997,407 7,500,000 Federal Home Loan Bank System Notes, 1.300% - 3.875%, 12/15/2004 - 5/4/2005 7,504,155 8,592,000 1 Federal Home Loan Mortgage Corp. Discount Notes, 1.600% - 1.830%, 11/9/2004 - 2/1/2005 8,574,686 7,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.665% - 1.825%, 11/7/2004 - 12/9/2004 7,000,000 5,500,000 Federal Home Loan Mortgage Corp. Notes, 3.250% - 3.875%, 11/15/2004 - 2/15/2005 5,521,415 20,745,000 1 Federal National Mortgage Association Discount Notes, 1.120% - 2.190%, 11/3/2004 - 4/27/2005 20,681,231 27,500,000 2 Federal National Mortgage Association Floating Rate Notes, 1.580% - 2.019%, 11/6/2004 - 1/28/2005 27,492,604 3,250,000 Federal National Mortgage Association Notes, 1.270% - 1.810%, 2/15/2005 - 5/27/2005 3,250,000 Total Government Agencies 95,011,792 Repurchase Agreements--40.6% 6,086,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004 to be repurchased at $6,086,918 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888 6,086,000 7,000,000 3 Interest in $730,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.700%, dated 8/31/2004 to be repurchased at $7,020,164 on 11/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 5/15/2034, collateral market value $751,900,001 7,000,000 2,000,000 3 Interest in $250,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.920%, dated 10/12/2004 to be repurchased at $2,006,613 on 12/13/2004, collateralized by U.S. Government Obligations with various maturities to 11/01/2034, collateral market value $255,823,663 2,000,000 10,000,000 3 Interest in $1,000,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.800%, dated 10/6/2004 to be repurchased at $10,014,500 on 11/5/2004, collateralized by U.S. Government Obligations with various maturities to 10/01/2034, collateral market value $1,027,769,538 10,000,000 28,000,000 Interest in $1,100,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.890%, dated 10/29/2004 to be repurchased at $28,004,410 on 11/1/2004, collateralized by U.S. Government Obligations with various maturities to 2/01/2034, collateral market value $1,122,003,015 28,000,000 8,000,000 3 Interest in $500,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.880%, dated 10/5/2004 to be repurchased at $8,025,484 on 12/6/2004, collateralized by U.S. Government Obligations with various maturities to 9/01/2034, collateral market value $510,003,272 8,000,000 4,000,000 3 Interest in $500,000,000 joint repurchase agreement with UBS Securities LLC, 1.830%, dated 10/14/2004 to be repurchased at $4,006,710 on 11/17/2004, collateralized by U.S. Government Obligations with various maturities to 4/20/2034, collateral market value $515,002,065 4,000,000 Total Repurchase Agreements 65,086,000 Total Investments - 99.9% (at amortized cost) 4 160,097,792 other assets and liabilities - net - 0.1% 82,540 total net assets - 100% $ 160,180,332 1 Rates noted reflect the effective yield. 2 Denotes variable rate securities which show current rate and next demand date. 3 Although final maturity falls beyond seven days at a date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Trust For U.S. Treasury Obligations Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value U.S. Treasury OLBIGATIONs--30.2% $ 16,000,000 1 United States Treasury Bills, 1.545% - 1.565%, 12/23/2004 $ 15,964,048 6,000,000 1 United States Treasury Bills, 1.700%, 2/3/2005 5,973,367 7,000,000 1 United States Treasury Bills, 1.725%, 2/17/2005 6,963,779 9,500,000 1 United States Treasury Bills, 1.745% - 1.750%, 2/24/2005 9,446,948 7,500,000 1 United States Treasury Bills, 1.880%, 3/3/2005 7,452,217 4,000,000 1 United States Treasury Bills, 1.885%, 3/24/2005 3,970,049 8,000,000 1 United States Treasury Bills, 1.945% - 1.950%, 3/31/2005 7,935,083 9,000,000 1 United States Treasury Bills, 1.980%, 4/7/2005 8,922,285 7,000,000 1 United States Treasury Bills, 2.055% - 2.080%, 4/28/2005 6,928,503 4,500,000 United States Treasury Notes, 1.625%, 1/31/2005 4,504,010 9,750,000 United States Treasury Notes, 1.625%, 3/31/2005 9,761,734 2,000,000 United States Treasury Notes, 1.625%, 4/30/2005 1,999,769 32,000,000 United States Treasury Notes, 2.000%, 11/30/2004 32,019,309 39,000,000 United States Treasury Notes, 5.875%, 11/15/2004 39,069,418 Total U.S. Treasury OBLIGATION 160,910,519 Repurchase Agreements--69.6% 100,000,000 Interest in $1,000,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.800%, dated 10/29/2004, to be repurchased at $100,015,000 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2030, collateral market value $1,020,153,844 100,000,000 108,518,000 Interest in $1,320,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.810%, dated 10/29/2004, to be repurchased at $108,534,368 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2029, collateral market value $1,346,603,888 108,518,000 100,000,000 Interest in $750,000,000 joint repurchase agreement with Bear Stearns & Co., Inc., 1.820%, dated 10/29/2004, to be repurchased at $100,015,167 on 11/1/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $767,043,780 100,000,000 35,000,000 2 Interest in $725,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.740%, dated 10/5/2004, to be repurchased at $35,059,208 on 11/10/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031, collateral market value $739,500,106 35,000,000 25,000,000 2 Interest in $730,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.580%, dated 9/2/2004, to be repurchased at $25,066,931 on 11/3/2004, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2014, collateral market value $746,528,702 25,000,000 19,000,000 2 Interest in $500,000,000 joint repurchase agreement with UBS Securities LLC, 1.880%, dated 10/20/2004, to be repurchased at $19,059,533 on 12/20/2004, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2014, collateral market value $510,001,836 19,000,000 Total Repurchase Agreements 387,518,000 Total Investments--99.8% (at amortized cost) 3 548,428,519 other assets and liabilities--net--0.2% 8,638,691 total net assets--100% $ 557,067,210 1 The issue shows the rate of discount at time of purchase. 2 Although final maturity falls beyond seven days at date of purchase, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. Money Market Trust Portfolio of Investments October 31, 2004 (unaudited) Principal Amount Value Asset-Backed Securities--2.8% Finance - Automotive--1.9% $ 71,747 Ford Credit Auto Owner Trust 2004-A, Class A1, 1.240%, 2/15/2005 $ 71,747 327,911 Household Automotive Trust 2004-1, Class A1, 1.693%, 7/18/2005 327,911 349,185 USAA Auto Owner Trust 2004-2, Class A1, 1.660%, 7/15/2005 349,185 1,000,000 WFS Financial Owner Trust 2004-4, Class A1, 2.087%, 11/17/2005 1,000,000 Total 1,748,843 Finance - Equipment--0.9% 822,586 CIT Equipment Collateral 2004-DFS, Class A1, 2.009%, 10/20/2005 822,586 Total Asset-Backed Securities 2,571,429 Certificates Of Deposit--6.7% Banking--6.7% 1,000,000 Fifth Third Bank, Cincinnati, 1.225%, 3/18/2005 999,962 1,500,000 State Street Bank and Trust Co., 1.330%, 1/11/2005 1,500,000 3,600,000 U.S. Bank, NA, 1.170%, 11/15/2004 3,600,000 Total certificates of deposit 6,099,962 Collateralized Loan Agreements--6.6% Brokerage--6.6% 3,000,000 Goldman Sachs Group, Inc., 2.025% - 2.425%, 11/1/2004 - 4/25/2005 3,000,000 3,000,000 Merrill Lynch & Co., Inc., 2.025%, 11/1/2004 3,000,000 Total collateralized loan agreements 6,000,000 Commercial Paper-25.0%1 Banking--3.5% 1,175,000 Benedictine Living Communities, Inc., 2.010%, 1/12/2005 1,170,277 2,000,000 2,3 Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.850%, 11/16/2004 1,998,458 Total 3,168,735 Finance - Automotive--7.1% 2,000,000 FCAR Auto Loan Trust, (A1+/P1 Series), 2.000%, 3/2/2005 1,986,556 4,500,000 New Center Asset Trust, (A1/P1 Series), 2.000% - 2.112%, 2/28/2005 - 3/21/2005 4,469,448 Total 6,456,004 Finance - Commercial--4.4% 3,000,000 CIT Group, Inc., 1.930% - 2.150%, 12/2/2004 - 4/11/2005 2,979,108 1,000,000 General Electric Capital Corp., 1.99%, 3/14/2005 992,648 Total 3,971,756 Finance - Securities--5.1% 4,662,000 2,3 Georgetown Funding Co. LLC, 1.950% - 1.960%, 12/2/2004 - 12/28/2004 4,648,955 Telecommunications--4.9% 4,504,000 BellSouth Corp., 1.845% - 2.020%, 11/17/2004 - 1/18/2005 4,494,450 Total Commercial Paper 22,739,900 Government Agencies--3.4% Government Agency--3.4% 2,550,000 Federal Home Loan Bank System, 1.300% - 1.500%, 4/1/2005 - 5/4/2005 2,550,000 500,000 Federal Home Loan Mortgage Corp., 6.875%, 1/15/2005 505,735 Total government agencies 3,055,735 Loan Participation--2.2% Aerospace / Auto--2.2% 2,000,000 Johnson Controls, Inc., 1.870%, 4/1/2005 2,000,000 Notes - Variable--38.2%4 Banking--19.1% 4,500,000 Bank One N.A. (Chicago), 2.130%, 1/27/2005 4,500,378 2,000,000 2,3 Bank of New York Co., Inc., 1.971%, 11/29/2004 2,000,000 4,500,000 Huntington National Bank, Columbus, OH, 1.700%, 11/5/2004 4,500,016 2,000,000 Mercantile Safe Deposit & Trust Co., Baltimore, 1.942%, 11/24/2004 2,000,000 3,900,000 Wells Fargo & Co., 1.860% - 1.937%, 11/2/2004 - 11/15/2004 3,900,000 480,000 Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 2.010%, 11/4/2004 480,000 Total 17,380,394 Brokerage--8.1% 1,000,000 Merrill Lynch & Co., Inc., 1.911%, 11/30/2004 1,001,254 6,300,000 Morgan Stanley, 1.890%, 11/1/2004 6,300,000 Total 7,301,254 Insurance--11.0% 4,000,000 Allstate Life Insurance Co., 1.980% - 1.990%, 11/1/2004 4,000,000 5,000,000 2,3 MBIA Global Funding LLC, (Insured by MBIA Insurance Corp.), 1.810%, 11/5/2004 5,000,000 1,000,000 New York Life Insurance Co., 1.890%, 11/26/2004 1,000,000 Total 10,000,000 Total Notes - Variable 34,681,648 Repurchase Agreement--15.0% 13,666,000 Interest in $1,400,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.890% dated 10/29/2004 to be repurchased at $13,668,152 on 11/1/2004, collateralized by U. S. Government Agency Obligations with various maturities to 12/01/2043, collateral market value $1,441,499,470 13,666,000 Total Investments---99.9% (at AMORTIZED COST)5 90,814,674 other assets and liabilities---net---0.1% 51,003 total net assets---100% $ 90,865,677 1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues. 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At October 31, 2004, these securities amounted to $13,647,413 which represents 15.0% of total net assets. 3 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the Fund's Board of Trustees. At October 31, 2004, these securities amounted to $13,647,413 which represents 15.0% of total net assets. 4 Current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2004. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Company Act of 1940. The following acronym is used throughout this portfolio: LOC --Letter of Credit
Item 2. Controls and Procedures (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q. (b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant Money Market Obligations Trust By /S/ Richard J. Thomas, Principal Financial Officer (insert name and title) Date December 22, 2004 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/ J. Christopher Donahue, Principal Executive Officer Date December 22, 2004 By /S/ Richard J. Thomas, Principal Financial Officer Date December 22, 2004