N-Q 1 mmotform.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: 10/31/05 -------- Date of Reporting Period: Quarter ended 7/31/05 --------------------- Item 1. Schedule of Investments Alabama Municipal Cash Trust Portfolio of Investments July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.5%(1) Alabama--99.5% $ 10,900,000 (2) ABN AMRO MuniTOPS Certificates Trust (Alabama Non-AMT)/(Series 2002-21), 2.88% TOBs (Birmingham, AL Waterworks & Sewer Board)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 11/16/2005 $ 10,900,000 1,250,000 Alabama HFA MFH, (2000 Series A:Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC) 1,250,000 9,980,000 Alabama HFA MFH, (Series 2004B) Weekly VRDNs (Park at Rocky Ridge Ltd.)/(Wachovia Bank N.A. LOC) 9,980,000 5,870,000 Alabama HFA MFH, (Series 2005D) Weekly VRDNs (Pointe Apartments, Ltd.)/(Columbus Bank and Trust Co., GA LOC) 5,870,000 2,900,000 (2) Alabama HFA Single Family, (PT-658) Weekly VRDNs (GNMA COL)/(BNP Paribas SA LIQ) 2,900,000 4,600,000 (2) Alabama HFA Single Family, Variable Rate Certificates (Series 1997J) Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 4,600,000 4,420,000 Alabama Mental Health Finance Authority, (Series 2005), 4.00% Bonds (AMBAC INS), 6/1/2006 4,465,023 790,000 Alabama State Board of Education, (Series 2005), 3.00% Bonds (Jefferson State Community College)/(AMBAC INS), 10/1/2005 791,043 3,800,000 Alabama State IDA, Revenue Bonds Weekly VRDNs (Southern Bag Corp. Ltd.)/(Bank of America N.A. LOC) 3,800,000 3,755,000 (2) Alabama State Public School & College Authority, (PA-918R) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 3,755,000 12,160,000 (2) Alabama State Public School & College Authority, (PT-435) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 12,160,000 675,000 Alabama State Public School & College Authority, (Series 1999-D), 5.25% Bonds, 8/1/2005 675,000 2,830,000 Alabama State Public School & College Authority, (Series 2005), 3.00% Bonds (MBIA Insurance Corp. INS), 2/1/2006 2,838,748 7,320,000 (2) Alabama State Public School & College Authority, PUTTERs (Series 124) Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase & Co. LIQ) 7,320,000 3,690,000 Alabama State, (Series 2005-A), 3.00% Bonds, 2/1/2006 3,703,144 900,000 Arab, AL IDB, (Series 2000) Weekly VRDNs (HYCO Alabama LLC)/(Regions Bank, Alabama LOC) 900,000 825,000 Ashland, AL IDB, (Series 1996) Weekly VRDNs (Tru-Wood Cabinets)/(Regions Bank, Alabama LOC) 825,000 4,000,000 Atmore, AL IDB, (Series 2002A) Weekly VRDNs (Swift Lumber, Inc.)/(Bank of New York LOC) 4,000,000 2,880,000 Auburn, AL IDB, (Series 1999) Weekly VRDNs (Donaldson Co., Inc.)/(Bank of America N.A. LOC) 2,880,000 1,700,000 Bessemer, AL IDB, (Series 2002) Weekly VRDNs (Hardwick Company, Inc.)/(Compass Bank, Birmingham LOC) 1,700,000 4,000,000 Birmingham, AL Downtown Redevelopment Authority, (Series 2002) Weekly VRDNs (The UAB Educational Foundation)/(Regions Bank, Alabama LOC) 4,000,000 1,160,000 Birmingham, AL IDA, (Series 1996) Weekly VRDNs (American FireLog Corp.)/(Comerica Bank LOC) 1,160,000 2,105,000 Birmingham, AL IDA, (Series 1997) Weekly VRDNs (J. J. & W, IV, Ltd.)/(Svenska Handelsbanken, Stockholm LOC) 2,105,000 3,205,000 Birmingham, AL IDA, (Series 2001) Weekly VRDNs (American FireLog Corp.)/(Comerica Bank LOC) 3,205,000 1,885,500 Birmingham, AL IDA, IDRBs (Series 1999) Weekly VRDNs (Glasforms, Inc.)/(Wells Fargo Bank, N.A. LOC) 1,885,500 8,000,000 Birmingham, AL Medical Clinic Board, (Series 1991) Weekly VRDNs (University of Alabama Health System)/(SunTrust Bank LOC) 8,000,000 5,480,000 Birmingham, AL Medical Clinic Board, (Series 2004) Weekly VRDNs (St. Martin's In The Pines)/(Regions Bank, Alabama LOC) 5,480,000 5,935,000 Boaz, AL IDB, (Series 1994) Weekly VRDNs (Parker-Hannifin Corp.)/(Key Bank, N.A. LOC) 5,935,000 1,890,000 Cullman, AL IDB, IDRB Weekly VRDNs (National Bedding Co.)/(Bank of America N.A. LOC) 1,890,000 4,110,000 Daphne, AL Special Care Facilities Financing Authority, (Series 1998-A) Weekly VRDNs (Presbyterian Retirement Corp.)/(AMBAC INS)/(Amsouth Bank N.A., Birmingham, AL LIQ) 4,110,000 3,000,000 Decatur, AL IDB, Revenue Refunding Bonds (Series 1993) Weekly VRDNs (Honeywell International, Inc.) 3,000,000 480,000 Enterprise, AL IDA, (Series 1997) Weekly VRDNs (Coffee Gin Co.)/(Regions Bank, Alabama LOC) 480,000 445,000 Fort Payne, AL IDB Weekly VRDNs (Ovalstrapping, Inc.)/(U.S. Bank, NA LOC) 445,000 5,750,000 Gadsden, AL IDB, (Series 2000) Weekly VRDNs (Super Steel South LLC)/(Standard Federal Bank, N.A. LOC) 5,750,000 690,000 Gadsden, AL, (Series 2005), 4.00% Bonds (AMBAC INS), 3/1/2006 694,715 5,667,000 Geneva County, AL Health Care Authority, Inc., (Series 2001) Weekly VRDNs (Wachovia Bank N.A. LOC) 5,667,000 1,500,000 Huntsville, AL Health Care Authority, (Series 1994-A), 5.00% Bonds (MBIA Insurance Corp. INS), 6/1/2006 1,526,048 700,000 Huntsville, AL Health Care Authority, (Series 1994-B), 3.00% Bonds (MBIA Insurance Corp. INS), 6/1/2006 700,740 1,625,000 Huntsville, AL IDB Weekly VRDNs (Giles & Kendall, Inc.)/(Wachovia Bank N.A. LOC) 1,625,000 4,360,000 Huntsville, AL Public Park & Recreation Board, (Series 2002) Weekly VRDNs (YMCA of Metropolitan Huntsville)/(Wachovia Bank N.A. LOC) 4,360,000 5,755,000 (2) Huntsville, AL Solid Waste Disposal Authority, (PT-840), 3.00% TOBs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 7/20/2006 5,755,000 3,120,000 Huntsville, AL, (Series 1998-B), 4.00% Bonds, 11/1/2005 3,135,070 1,610,000 Huntsville, AL, Warrants (Series 2005-B), 5.00% Bonds (FSA INS), 2/1/2006 1,631,540 1,000,000 Jacksonville, AL IDB, (Series 1994) Weekly VRDNs (Parker-Hannifin Corp.)/(Key Bank, N.A. LOC) 1,000,000 4,500,000 Jefferson County, AL Sewer System, (Series 2003 B-2 Warrants) Weekly VRDNs (XL Capital Assurance Inc. INS)/(Societe Generale, Paris LIQ) 4,500,000 4,400,000 Jefferson County, AL Sewer System, (Series 2003 B-6 Warrants) Weekly VRDNs (XL Capital Assurance Inc. INS)/(State Street Bank and Trust Co. LIQ) 4,400,000 5,500,000 Jefferson County, AL Sewer System, (Series 2003 B-7 Warrants) Weekly VRDNs (XL Capital Assurance Inc. INS)/(Lloyds TSB Bank PLC, London LIQ) 5,500,000 8,620,000 (2) Jefferson County, AL Sewer System, Floater Certificates (Series 2000-352) Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 8,620,000 7,000,000 Jefferson County, AL Sewer System, Warrants (Series 2002 C-3) Weekly VRDNs (XL Capital Assurance Inc. INS)/(Bank of America N.A. LIQ) 7,000,000 2,325,000 Legends Park Improvement District, AL, (Series 2002-A) Weekly VRDNs (Columbus Bank and Trust Co., GA LOC) 2,325,000 10,000,000 Lincoln, AL IDA, Solid Waste Disposal Revenue Bonds (Series 2000) Weekly VRDNs (Honda Manufacturing of Alabama LLC)/(Bank of America N.A. LOC) 10,000,000 700,000 Lowndes County, AL IDB, (Series 1996) Weekly VRDNs (Warren Oil Co.)/(Wachovia Bank N.A. LOC) 700,000 375,000 Madison, AL, (Series 2005), 5.45% Bonds (FSA INS), 4/1/2006 381,364 2,140,000 Magnolia Ridge Improvement District, AL, (Series 2002) Weekly VRDNs (Wachovia Bank N.A. LOC) 2,140,000 7,615,000 (2) Mobile, AL, Class A Certificates (Series 2002-197) Weekly VRDNs (AMBAC INS)/(Bear Stearns Cos., Inc. LIQ) 7,615,000 7,800,000 Montgomery, AL ALAHA Special Care Facilities Financing Authority, (Series 2003-A) Weekly VRDNs (Gulf Health Hospitals, Inc.)/(Regions Bank, Alabama LOC) 7,800,000 1,165,000 Montgomery, AL IDB, (Series 1990-A) Weekly VRDNs (Industrial Partners)/(SunTrust Bank LOC) 1,165,000 3,700,000 Montgomery, AL IDB, (Series 2001) Weekly VRDNs (Hager Hinge)/(U.S. Bank, NA LOC) 3,700,000 2,305,000 Montgomery, AL IDB, (Series 2002) Weekly VRDNs (Norment Security Group, Inc.)/(PNC Bank, N.A. LOC) 2,305,000 6,000,000 Montgomery, AL IDB, IDRBs (Series 1996) Weekly VRDNs (CSC Fabrication, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 6,000,000 3,200,000 Montgomery, AL IDB, IDRBs (Series 1996A) Weekly VRDNs (Jobs Co. LLC)/(Columbus Bank and Trust Co., GA LOC) 3,200,000 1,125,000 Montgomery, AL Waterworks & Sanitary Sewer Board, (Series 2005), 3.00% Bonds (FSA INS), 3/1/2006 1,127,230 515,000 Montgomery-Engelside, AL Medical Clinic Board, (Series 1999-A) Weekly VRDNs (Montgomery Surgical Center Ltd.)/(SunTrust Bank LOC) 515,000 565,000 Orange Beach, AL, General Obligation Warrants (Series 2005), 3.50% Bonds (AMBAC INS), 2/1/2006 567,626 3,255,000 Perry County, AL IDB, Revenue Bonds (Series 1998) Weekly VRDNs (Alabama Catfish Feedmill LLC)/(Regions Bank, Alabama LOC) 3,255,000 1,630,000 Phenix City, AL, (Series 1998) Weekly VRDNs (Kudzu LLC)/(SunTrust Bank LOC) 1,630,000 405,000 Piedmont, AL IDB Weekly VRDNs (Industrial Partners)/(Wachovia Bank N.A. LOC) 405,000 1,645,000 Shelby County, AL EDA Weekly VRDNs (Saginaw Pipe of Illinois, Inc.)/(Regions Bank, Alabama LOC) 1,645,000 2,130,000 St. Clair County, AL IDB, (Series 1993) Weekly VRDNs (Ebsco Industries, Inc.)/(National Australia Bank Ltd., Melbourne LOC) 2,130,000 1,690,000 Tallassee, AL IDB, (Series 1998) Weekly VRDNs (Milstead Farm Group, Inc.)/(Regions Bank, Alabama LOC) 1,690,000 3,602,000 Tuscaloosa County, AL Automotive Corridor IDA, (Series 2002) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 3,602,000 530,000 University of Alabama Board of Trustees, Student Housing Revenue Bonds (Series 2004-B), 3.00% Bonds (University of Alabama in Huntsville)/(AMBAC INS), 9/1/2005 530,599 1,280,000 Vincent, AL IDB Weekly VRDNs (Headquarters Partnership Project)/(National Australia Bank Ltd., Melbourne LOC) 1,280,000 910,000 Vincent, AL IDB, (Series 1993) Weekly VRDNs (Ebsco Industries, Inc.)/(National Australia Bank Ltd., Melbourne LOC) 910,000 TOTAL MUNICIPAL INVESTMENTS--99.5% =========================================================================== (AT AMORTIZED COST) (3) 255,492,390 OTHER ASSETS AND LIABILITIES -NET -0.5% 1,385,112 TOTAL NET ASSETS--100% $ 256,877,502 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 38.2% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ------------ ------------ ------------ 100.0% 0.0% ------------ ------------ 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the Fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $63,625,000 which represents 24.8% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax COL --Collateralized EDA --Economic Development Authority FGIC --Financial Guaranty Insurance Company FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GNMA --Government National Mortgage Association HFA --Housing Finance Authority IDA --Industrial Development Authority IDB --Industrial Development Bond IDRB(s) --Industrial Development Revenue Bond(s) INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MFH --Multi-Family Housing PUTTERs --Puttable Tax-Exempt Receipts TOPS --Trust Obligation Participating Securities TOBs --Tender Option Bonds VRDNs --Variable Rate Demand Notes ARIZONA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.1%(1) Arizona--95.6% $ 2,900,000 Apache County, AZ, IDA (Series 1983B), Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York LOC) $ 2,900,000 3,000,000 Arizona Health Facilities Authority (Series 2002), Weekly VRDNs (Royal Oaks Life Care Community)/(Lasalle Bank, N.A. LOC) 3,000,000 2,000,000 Arizona Health Facilities Authority (Series 2005A), Weekly VRDNs (Banner Health)/(MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ) 2,000,000 1,000,000 Arizona Health Facilities Authority, Pooled Loan Program Revenue Bonds (Series 1985B), Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase & Co. LIQ) 1,000,000 750,000 Arizona State Transportation Board, 5.25% GANs (MBIA Insurance Corp. INS), 1/1/2006 758,745 2,200,000 Casa Grande, AZ, IDA (Series 2002A), Weekly VRDNs (Price Companies, Inc.)/(Bank of America N.A. LOC) 2,200,000 1,654,000 Chandler, AZ, IDA (Series 1999A), Weekly VRDNs (South Bay Circuits, Inc.)/(Comerica Bank - California LOC) 1,654,000 7,221,000 Flagstaff, AZ (Series 1999), Weekly VRDNs (Joy Cone Co.)/(Citizens Bank of Pennsylvania LOC) 7,221,000 3,080,000 Glendale, AZ, IDA, Weekly VRDNs (Friendship Retirement Corp.)/(Wells Fargo Bank Minnesota N.A. LOC) 3,080,000 700,000 Glendale, AZ, IDA (Series 1999), Weekly VRDNs (Friendship Retirement Corp.)/(Wells Fargo Bank Minnesota N.A. LOC) 700,000 930,000 Glendale, AZ, 3.50% Bonds, 7/1/2006 936,837 3,740,000 Maricopa County, AZ, IDA (Series 1984), Weekly VRDNs (Gannett Co., Inc.) 3,740,000 5,610,000 Maricopa County, AZ, IDA (Series 1999), Weekly VRDNs (Redman Homes, Inc.)/(Wachovia Bank N.A. LOC) 5,610,000 2,000,000 Maricopa County, AZ, IDA (Series 2000A), Weekly VRDNs (Las Gardenias Apartments LP)/(FNMA LOC) 2,000,000 3,000,000 Maricopa County, AZ, IDA, MFH Revenue Bonds (Series 2002), Weekly VRDNs (San Remo Apartments LP)/(FNMA LOC) 3,000,000 1,765,000 (2) Maricopa County, AZ, IDA, MT-048 Weekly VRDNs (Waste Management, Inc.)/(Lloyds TSB Bank PLC, London LIQ)/(Lloyds TSB Bank PLC, London LOC) 1,765,000 1,470,000 Mohave County, AZ, IDA (Series 2004A), 5.00% Bonds (Mohave Prison LLC)/(XL Capital Assurance Inc. INS), 4/1/2006 1,493,930 500,000 (2) Phoenix, AZ, IDA, SFM, PT-1082 Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) 500,000 1,090,000 Phoenix, AZ, IDA (Series 1998), Weekly VRDNs (Standard Printing Co., Inc.)/(JPMorgan Chase Bank, N.A. LOC) 1,090,000 4,300,000 Phoenix, AZ, IDA (Series 2000), Weekly VRDNs (Copper Palms Apartments)/(FHLMC LOC) 4,300,000 2,420,000 Phoenix, AZ, IDA (Series 2000), Weekly VRDNs (MechoShade West, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 2,420,000 3,270,000 Phoenix, AZ, IDA (Series 2002), Weekly VRDNs (Jewell McFarland Lewis Fresh Start Women's Resource Center)/(Bank of America N.A. LOC) 3,270,000 2,050,000 Pima County, AZ, IDA Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York LOC) 2,050,000 2,205,000 Pima County, AZ, IDA (Series 2002A), Weekly VRDNs (La Posada at Park Centre, Inc.)/ ------------------------------------------------------------------------- (Lasalle Bank, N.A. LOC) 2,205,000 860,000 (2) Pima County, AZ, IDA, FR/RI-L21 (Series 2000), Weekly VRDNs (Tucson Electric Power Co.)/(FSA INS)/(Lehman Brothers, Inc. LIQ) 860,000 2,100,000 Pinal County, AZ, IDA (Series 2002), Weekly VRDNs (D.A. Holdings LLC)/(Wells Fargo Bank Minnesota NA LOC) 2,100,000 6,750,000 Pinal County, AZ, IDA (Series 2002), Weekly VRDNs (Milky Way Dairy LLC)/(Rabobank Nederland, Utrecht LOC) 6,750,000 1,845,000 Sierra Vista, AZ, IDA (Series 2001A), Weekly VRDNs (Mountain Steppes Properties LLC)/ ------------------------------------------------------------------------- (FNMA LOC) 1,845,000 1,850,000 Tempe, AZ, IDA (Series 2002C), Weekly VRDNs (Friendship Village of Tempe)/(Lasalle Bank, N.A. LOC) 1,850,000 1,000,000 Tucson, AZ, IDA (Series 1989), Weekly VRDNs (Lincoln Garden Tucson LP)/(FHLMC LOC) 1,000,000 200,000 Tucson, AZ, IDA, MFH Revenue Bonds (Series 2002A), Weekly VRDNs (Quality Apartment Living LLC)/(FNMA LOC) 200,000 3,750,000 Yavapai, AZ, IDA (Series 1997B), Weekly VRDNs (Yavapai Regional Medical Center)/(FSA INS)/(Dexia Credit Local LIQ) 3,750,000 TOTAL 77,249,512 Puerto Rico--3.5% 2,845,000 (2) Puerto Rico Public Finance Corp., PUTTERs (Series 272), Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC) 2,845,000 TOTAL MUNICIPAL INVESTMENTS --- 99.1% (AT AMORTIZED COST)(3) 80,094,512 OTHER ASSETS AND LIABILITIES --- NET --- 0.9% 709,783 TOTAL NET ASSETS --- 100% $ 80,804,295 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 46.4% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier ------------------- ---------------- ------------------- ---------------- 100.0% 0.0% ------------------- ---------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $5,970,000 which represents 7.4% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: COL --Collateralized FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GANs --Grant Anticipation Notes GNMA --Government National Mortgage Association IDA --Industrial Development Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MFH --Multi-Family Housing PUTTERs --Puttable Tax-Exempt Receipts SFM --Single Family Mortgage VRDNs --Variable Rate Demand Notes CALIFORNIA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS -- 99.7%(1) California--94.6% $ 9,480,000 ABAG Finance Authority for Non-Profit Corporations, (Series 1998) Weekly VRDNs (The Harker School Foundation)/(U.S. Bank, NA LOC) $ 9,480,000 8,645,000 ABAG Finance Authority for Non-Profit Corporations, (Series 2000) Weekly VRDNs (Episcopal Homes Foundation)/(Wells Fargo Bank, N.A. LOC) 8,645,000 2,000,000 ABAG Finance Authority for Non-Profit Corporations, (Series 2002A) Weekly VRDNs (Hamlin School)/(BNP Paribas SA LOC) 2,000,000 6,900,000 ABAG Finance Authority for Non-Profit Corporations, (Series 2003) Weekly VRDNs (Valley Christian Schools)/(Bank of America N.A. LOC) 6,900,000 10,535,000 ABAG Finance Authority for Non-Profit Corporations, (Series 2004) Weekly VRDNs (On Lok: Senior Health Services/Community Housing, Inc.)/(Bank of America N.A. LOC) 10,535,000 11,500,000 ABAG Finance Authority for Non-Profit Corporations, (Series 2005) Weekly VRDNs (Air Force Village West, Inc.)/(KBC Bank N.V. LOC) 11,500,000 3,500,000 ABAG Finance Authority for Non-Profit Corporations, Series 1999 Weekly VRDNs (Marin Academy)/(Allied Irish Banks PLC LOC) 3,500,000 20,555,000 (2) ABN AMRO MuniTOPS Certificates Trust (California Non-AMT)/(Series 1998-10) Weekly VRDNs (San Diego, CA Water Utility Fund)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 20,555,000 6,500,000 (2) ABN AMRO MuniTOPS Certificates Trust (California Non-AMT)/(Series 1998-17) Weekly VRDNs (Sacramento County, CA Airport System)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 6,500,000 12,000,000 (2) ABN AMRO MuniTOPS Certificates Trust (California Non-AMT)/(Series 1998-25) Weekly VRDNs (Los Angeles, CA Wastewater System)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 12,000,000 14,000,000 (2) ABN AMRO MuniTOPS Certificates Trust (California Non-AMT)/(Series 1999-7) Weekly VRDNs (Los Angeles, CA Unified School District)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 14,000,000 19,856,000 (2) ABN AMRO MuniTOPS Certificates Trust (California Non-AMT)/(Series 1999-8), 2.85% TOBs (Contra Costa, CA Water District)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/31/2006 19,856,000 19,330,000 (2) ABN AMRO MuniTOPS Certificates Trust (California Non-AMT)/(Series 2002-11) Weekly VRDNs (North Orange County, CA Community College District)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 19,330,000 15,745,000 (2) California Educational Facilities Authority, Floater Certificates (Series 2000-487), 1.89% TOBs (Stanford University)/(Morgan Stanley LIQ), Optional Tender 10/20/2005 15,745,000 865,000 (2) California HFA, Variable Rate Certificates (Series 1998E) Weekly VRDNs (Bank of America N.A. LIQ) 865,000 11,285,000 California Health Facilities Financing Authority, (Series 1998) Weekly VRDNs (Southern California Presbyterian Homes)/(MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 11,285,000 8,500,000 (2) California Health Facilities Financing Authority, (Series 2004 FR/RI-F8J) Weekly VRDNs (Catholic Healthcare West)/(Lehman Brothers Holdings, Inc. SWP) 8,500,000 11,835,000 California Health Facilities Financing Authority, (Series 2004) Weekly VRDNs (Northern California Presbyterian Homes, Inc.)/(Allied Irish Banks PLC LOC) 11,835,000 53,200,000 California Health Facilities Financing Authority, (Series 2004J) Weekly VRDNs (Catholic Healthcare West)/(JPMorgan Chase Bank, N.A. LOC) 53,200,000 10,000,000 California Health Facilities Financing Authority, (Series 2004K) Weekly VRDNs (Catholic Healthcare West)/(JPMorgan Chase Bank, N.A. LOC) 10,000,000 11,500,000 California Infrastructure & Economic Development Bank, (Series 2002: Academy of Motion Picture Arts and Sciences) Weekly VRDNs (The Vine Street Archive Foundation)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ) 11,500,000 8,000,000 California Infrastructure & Economic Development Bank, (Series 2003A) Weekly VRDNs (SRI International)/(Wells Fargo Bank, N.A. LOC) 8,000,000 14,000,000 California Infrastructure & Economic Development Bank, (Series 2004A) Weekly VRDNs (California Independent System Operator Corp.)/(AMBAC INS)/(Bank of America N.A. and JPMorgan Chase Bank, N.A. LIQs) 14,000,000 18,150,000 California Infrastructure & Economic Development Bank, (Series 2005) Daily VRDNs (Asian Art Museum Foundation of San Francisco)/(MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) 18,150,000 2,000,000 California PCFA, (1996 Series E) Daily VRDNs (Pacific Gas & Electric Co.)/(JPMorgan Chase Bank, N.A. LOC) 2,000,000 2,700,000 California PCFA, (1996 Series F) Daily VRDNs (Pacific Gas & Electric Co.)/(JPMorgan Chase Bank, N.A. LOC) 2,700,000 25,000,000 California School Cash Reserve Program Authority, (Series 2005 A), 4.00% TRANs (AMBAC INS), 7/6/2006 25,316,709 17,325,000 (2) California State Department of Transportation, PUTTERs (Series 463) Weekly VRDNs (FGIC INS)/(PNC Bank, N.A. LIQ) 17,325,000 3,300,000 (2) California State Department of Water Resources Power Supply Program, (PT-748) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 3,300,000 39,360,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-2) Weekly VRDNs (AMBAC INS)/(WestLB AG GTD LIQ) 39,360,000 38,250,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-4) Weekly VRDNs (CALSTRS (California State Teachers' Retirement System) and JPMorgan Chase Bank, N.A. LOCs) 38,250,000 18,200,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-6) Weekly VRDNs (AMBAC INS)/(Landesbank Baden-Wuerttemberg GTD LIQ) 18,200,000 14,450,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-7) Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 14,450,000 64,315,000 California State Department of Water Resources Power Supply Program, (Series 2002 C-9) Weekly VRDNs (Citibank NA, New York LOC) 64,315,000 41,150,000 (2) California State Department of Water Resources Power Supply Program, (Series 2003 FR/RI-L11) Weekly VRDNs (MBIA Insurance Corp. INS)/(Lehman Brothers Holdings, Inc. LIQ) 41,150,000 7,700,000 (2) California State Public Works Board, Variable Rate Certificates (Series 2000B) Weekly VRDNs (Regents of University of California)/(MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 7,700,000 5,000,000 (2) California State, (PA -1164) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 5,000,000 65,900,000 California State, (Series 2003 B-1) Weekly VRDNs (BNP Paribas SA, Bank of New York and CALSTRS (California State Teachers' Retirement System) LOCs) 65,900,000 5,600,000 California State, (Series 2003C-4) Weekly VRDNs (Bank of America N.A., Bank of Nova Scotia, Toronto and Landesbank Hessen-Thueringen GTD LOCs) 5,600,000 6,500,000 California State, (Series 2004 A-8) Weekly VRDNs (CALSTRS (California State Teachers' Retirement System) and Citibank NA, New York LOCs) 6,500,000 12,700,000 California State, (Series 2004 B-6) Weekly VRDNs (Citibank NA, New York, National Australia Bank Ltd., Melbourne and State Street Bank and Trust Co. LOCs) 12,700,000 62,000,000 (2) California State, (Series 2004 FR/RI-L27) Weekly VRDNs (California State Fiscal Recovery Fund)/(Lehman Brothers Holdings, Inc. LIQ) 62,000,000 9,000,000 California State, 4.00% Bonds (XL Capital Assurance Inc. INS), 11/1/2005 9,037,640 5,875,000 California State, 5.00% Bonds, 3/1/2006 5,962,117 12,775,000 California State, Economic Recovery Bonds (Series 2004C-13) Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ) 12,775,000 31,500,000 California State, Economic Recovery Bonds (Series 2004C-15) Weekly VRDNs (California State Fiscal Recovery Fund)/(FSA INS)/(Dexia Credit Local LIQ) 31,500,000 119,000,000 California State, Economic Recovery Bonds (Series 2004C-20) Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 119,000,000 17,350,000 California State, Economic Recovery Bonds (Series 2004C-21) Weekly VRDNs (California State Fiscal Recovery Fund)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 17,350,000 9,050,000 (2) California State, MERLOTS (Series 2002-A17) Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 9,050,000 9,730,000 (2) California State, Macon Trust (Series 2004C) Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ) 9,730,000 19,995,000 (2) California State, Municipal Trust Certificates (Series 2004-212) Weekly VRDNs (California State Fiscal Recovery Fund)/(FGIC, MBIA Insurance Corp. INS) and Bear Stearns Cos., Inc. LIQs) 19,995,000 26,880,000 (2) California State, PUTTERs (Series 464) Weekly VRDNs (California State Fiscal Recovery Fund)/(PNC Bank, N.A. LIQ) 26,880,000 10,625,000 (2) California State, Roaring Fork (Series 2001-1) Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of New York LIQ) 10,625,000 10,840,000 (2) California State, Trust Receipts (Series 1997 SG 90) Weekly VRDNs (MBIA Insurance Corp. INS)/(Societe Generale, Paris LIQ) 10,840,000 3,945,000 California Statewide Communities Development Authority, (Series 2000) Weekly VRDNs (Institute for Defense Analyses)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 3,945,000 2,355,000 California Statewide Communities Development Authority, (Series 2000A) Weekly VRDNs (Nonprofits' Insurance Alliance of California)/(BNP Paribas SA LOC) 2,355,000 11,750,000 California Statewide Communities Development Authority, (Series 2001) Weekly VRDNs (Robert Louis Stevenson School)/(Allied Irish Banks PLC LOC) 11,750,000 7,100,000 California Statewide Communities Development Authority, (Series 2001) Weekly VRDNs (The Center for Early Education)/(Allied Irish Banks PLC LOC) 7,100,000 9,800,000 California Statewide Communities Development Authority, (Series 2003: Cathedral High School) Weekly VRDNs (Catholic Secondary Education-Diocese of San Diego, Inc.)/(Allied Irish Banks PLC LOC) 9,800,000 11,400,000 California Statewide Communities Development Authority, (Series 2003A) Weekly VRDNs (Kaiser Permanente) 11,400,000 11,400,000 California Statewide Communities Development Authority, (Series 2003B) Weekly VRDNs (Kaiser Permanente) 11,400,000 57,500,000 California Statewide Communities Development Authority, (Series 2003D) Weekly VRDNs (Kaiser Permanente) 57,500,000 25,000,000 (2) California Statewide Communities Development Authority, (Series 2004 FR/RI-FI5) Weekly VRDNs (CHF-Irvine LLC)/(Lehman Brothers Holdings, Inc. SWP) 25,000,000 21,200,000 California Statewide Communities Development Authority, (Series 2004J) Weekly VRDNs (Kaiser Permanente) 21,200,000 9,700,000 California Statewide Communities Development Authority, (Series 2004K), 2.45% CP (Kaiser Permanente), Mandatory Tender 10/11/2005 9,700,000 21,800,000 California Statewide Communities Development Authority, (Series 2004L) Weekly VRDNs (Kaiser Permanente) 21,800,000 49,275,000 California Statewide Communities Development Authority, (Series 2004M) Weekly VRDNs (Kaiser Permanente) 49,275,000 10,000,000 California Statewide Communities Development Authority, (Series 2005A: Sweetwater Union High School District) Weekly VRDNs (Plan Nine Partners LLC)/(Union Bank of California LOC) 10,000,000 33,300,000 California Statewide Communities Development Authority, (Series B) Weekly VRDNs (Kaiser Permanente) 33,300,000 4,715,000 (2) California Statewide Communities Development Authority, MERLOTS (Series 1999E) Weekly VRDNs (Sutter Health)/(FSA INS)/(Wachovia Bank N.A. LIQ) 4,715,000 7,000,000 (2) California Statewide Communities Development Authority, Roaring Forks (Series 2001-H) Weekly VRDNs (Orange Tree Apartments)/(GNMA COL)/(Bank of New York LIQ) 7,000,000 4,455,000 (2) Clipper Tax-Exempt Certificates Trust (California Non-AMT)/(Series A) Weekly VRDNs (California HFA)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ) 4,455,000 4,370,000 Compton, CA Solid Waste Management Facilities, (Series 2000) Weekly VRDNs (CALSTRS (California State Teachers' Retirement System) LOC) 4,370,000 1,300,000 Davis, CA Community Facilities District No. 1999-2, (Series 2000) Weekly VRDNs (Wells Fargo Bank, N.A. LOC) 1,300,000 5,790,000 (2) East Bay Municipal Utility District, CA, ROCs (Series 383) Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank NA, New York LIQ) 5,790,000 17,745,000 Eden Township, CA Healthcare District, (Series 2004) Weekly VRDNs (Eden Hospital Health Services Corp.)/(Allied Irish Banks PLC LOC) 17,745,000 31,000,000 Elk Grove, CA Unified School District, 3.75% TRANs, 7/6/2006 31,322,468 21,040,000 (2) Encinitas, CA Community Facilities District, (Series 2000 FR/RI A5), 1.94% TOBs (Encinitas Ranch Public Improvements)/(Escrowed to Maturity U.S. Treasury COL), Optional Tender 9/1/2005 21,040,000 67,705,000 Fresno, CA, (Series 2000C) Weekly VRDNs (Trinity Healthcare Credit Group) 67,705,000 6,105,000 Hollister, CA Redevelopment Agency, (Series 2004) Weekly VRDNs (San Benito County Community Services Development Corp.)/(CALSTRS (California State Teachers' Retirement System) LOC) 6,105,000 3,805,908 (2) Koch Floating Rate Trust (California Non-AMT)/(Series 1998-1) Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 3,805,908 2,263,328 (2) Koch Floating Rate Trust (California Non-AMT)/(Series 1999-1) Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 2,263,328 18,945,121 (2) Koch Floating Rate Trust (California Non-AMT)/(Series 1999-2) Weekly VRDNs (AMBAC, MBIA Insurance Corp. INS) and State Street Bank and Trust Co. LIQs) 18,945,121 6,320,000 (2) La Quinta, CA Financing Authority, Floater CRVS (Series 2005-5) Weekly VRDNs (AMBAC INS)/(Landesbank Hessen-Thueringen GTD LIQ) 6,320,000 11,300,000 (2) Los Angeles County, CA Metropolitan Transportation Authority, (Series 2001-JPMC2) Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 11,300,000 23,355,000 (2) Los Angeles County, CA Metropolitan Transportation Authority, Municipal Securities Trust Receipts (Series 1998-CMC2) Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 23,355,000 24,300,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-1) Weekly VRDNs (Los Angeles, CA Department of Water & Power (Electric/Power System))/(Bank of America N.A., Bayerische Landesbank GTD, Dexia Credit Local, JPMorgan Chase Bank, N.A., Landesbank Baden-Wuerttemberg GTD, State Street Bank and Trust Co. and WestLB AG GTD LIQs) 24,300,000 6,800,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-1) Weekly VRDNs (Los Angeles, CA Department of Water & Power (Water Works/System))/(Dexia Credit Local LIQ) 6,800,000 10,000,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-4) Weekly VRDNs (Los Angeles, CA Department of Water & Power (Water Works/System))/(National Australia Bank Ltd., Melbourne LIQ) 10,000,000 13,100,000 Los Angeles, CA Department of Water & Power, (Series 2001 B-5) Weekly VRDNs (Los Angeles, CA Department of Water & Power (Electric/Power System))/(Bank of America N.A., Bayerische Landesbank GTD, Dexia Credit Local, JPMorgan Chase Bank, N.A., Landesbank Baden-Wuerttemberg GTD, State Street Bank and Trust Co. and WestLB AG GTD LIQs) 13,100,000 11,000,000 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 GTD, Dexia Credit Local, JPMorgan Chase Bank, N.A., Landesbank Baden-Wuerttemberg GTD, State Street Bank and Trust Co. and WestLB AG GTD LIQs) 11,000,000 28,300,000 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 GTD, Dexia Credit Local, JPMorgan Chase Bank, N.A., Landesbank Baden-Wuerttemberg GTD, State Street Bank and Trust Co. and WestLB AG GTD LIQs) 28,300,000 45,000,000 Los Angeles, CA Unified School District, 5.00% TRANs, 9/1/2005 45,105,545 9,425,000 (2) Los Angeles, CA Unified School District, AUSTIN (Series 2003A) Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 9,425,000 17,485,000 (2) Los Angeles, CA Unified School District, ROCS (Series 35) Weekly VRDNs (FGIC INS)/ ------------------------------------------------------------------------- (Citibank NA, New York LIQ) 17,485,000 20,000,000 Los Angeles, CA, 4.00% TRANs, 6/30/2006 20,230,687 12,500,000 (2) Metropolitan Water District of Southern California, MERLOTS (Series 1999 O) Weekly VRDNs (Wachovia Bank N.A. LIQ) 12,500,000 10,000,000 Montebello, CA Public Financing Authority, (Series 2004A: Montebello Hotel) Weekly VRDNs (Montebello, CA)/(Union Bank of California LOC) 10,000,000 15,800,000 Monterey Peninsula, CA Water Management District, Wastewater Reclaimation Weekly VRDNs (Bank of America N.A. LOC) 15,800,000 3,300,000 (2) Oakland, CA, MERLOTS (Series 2000M) Weekly VRDNs (1800 Harrison Foundation)/ ------------------------------------------------------------------------- (AMBAC INS)/(Wachovia Bank N.A. LIQ) 3,300,000 2,400,000 Orange County, CA IDA, (Series 1999D) Weekly VRDNs (Trabuco Highlands Apartments)/ ------------------------------------------------------------------------- (FHLMC LOC) 2,400,000 4,960,000 (2) Oxnard, CA Financing Authority, Water Revenue (SG 174) Weekly VRDNs (XL Capital Assurance Inc. INS)/(Societe Generale, Paris LIQ) 4,960,000 4,850,000 Peninsula Corridor Joint Powers Board, CA, (Series 2004-B), 2.39% GANs, 10/14/2005 4,854,920 6,010,000 (2) Placentia-Yorba Linda, CA Unified School District, (PUTTERs Series 457) Weekly VRDNs (FGIC INS)/(JPMorgan Chase Bank, N.A. LIQ) 6,010,000 6,635,000 Placentia-Yorba Linda, CA Unified School District, (Series 2003A) Weekly VRDNs (KBC Bank N.V. LOC) 6,635,000 8,655,000 (2) Riverside, CA, Municipal Securities Trust Receipts (Series 1998-CMC5) Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 8,655,000 6,770,000 (2) Riverside, CA, PT-477 Weekly VRDNs (Sierra Pines Apartments)/(FHLMC GTD)/(FHLMC LIQ) 6,770,000 2,600,000 (2) Sacramento County, CA Sanitation District, MERLOTS (Series 2000 SSS) Weekly VRDNs (Wachovia Bank N.A. LIQ)/(United States Treasury PRF 12/1/2018 @ 100) 12/1/2023 2,600,000 25,755,000 (2) Sacramento, CA Municipal Utility District, MERLOTS (Series 2000 A10) Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 25,755,000 3,980,000 (2) Sacramento, CA Municipal Utility District, Variable Certificates (Series 2002M) Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ) 3,980,000 10,000,000 San Diego County, CA, (Series 2004B) Weekly VRDNs (Bishop's School)/(Bank of New York LOC) 10,000,000 35,415,000 (2) San Diego, CA Housing Authority, PT-501 Weekly VRDNs (Mirada at La Jolla Colony Apartments)/(Danske Bank A/S LIQ)/(Danske Bank A/S LOC) 35,415,000 6,000,000 San Diego, CA Metropolitan Transit Development Board, 3.50% RANs, 1/4/2006 6,033,890 6,000,000 (2) San Diego, CA Water Authority, Piper Certificates (Series 2002I) Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of New York LIQ) 6,000,000 4,000,000 (2) San Diego, CA, Trust Receipts (Series 2001 FR/RI - L2) Weekly VRDNs (San Diego Gas & Electric)/(FSA INS)/(Lehman Brothers, Inc. LIQ) 4,000,000 20,000,000 San Francisco, CA Redevelopment Agency Community Facilities District No. 7 (Hunters Point Shipyard Phase One), (Series 2005A) Weekly VRDNs (KBC Bank N.V. LOC) 20,000,000 3,000,000 San Francisco, CA Redevelopment Finance Agency, (1985 Issue D; Series A) Weekly VRDNs (Bayside Village Associates)/(JPMorgan Chase Bank, N.A. LOC) 3,000,000 12,600,000 San Francisco, CA Redevelopment Finance Agency, (1985 Issue D; Series B) Weekly VRDNs (Bayside Village Associates)/(JPMorgan Chase Bank, N.A. LOC) 12,600,000 2,655,000 (2) San Jose, CA Airport, ROCS (Series 2004) Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 2,655,000 5,435,000 (2) San Jose, CA Redevelopment Agency, Merged Area Redevelopment (Series 2004 FR/RI-F6J) Weekly VRDNs (Lehman Brothers Holdings, Inc. SWP) 5,435,000 16,590,000 Sanger, CA Public Financing Authority, (Series 2002A) Weekly VRDNs (Sanger, CA Water/Wastewater Systems)/(CALSTRS (California State Teachers' Retirement System) LOC) 16,590,000 15,000,000 Santa Clara, CA Unified School District, 4.00% TRANs, 6/30/2006 15,173,269 19,880,000 Santa Rosa, CA Wastewater, (Series 2004A) Weekly VRDNs (Landesbank Baden-Wuerttemberg GTD LOC) 19,880,000 19,450,000 (2) Southern California Public Power Authority, MERLOTS (Series 2002 A-62) Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 19,450,000 2,205,000 (2) Tahoe Truckee, CA Unified School District, (MERLOTS Series 2001-A72) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 2,205,000 5,560,000 Temecula, CA Public Financing Authority Community Facilities District No. 01-2 (Harveston), (Series 2002-A) Weekly VRDNs (Bank of America N.A. LOC) 5,560,000 8,315,000 (2) Trustees of the California State University, Roaring Forks (Series 2005-3) Weekly VRDNs (AMBAC INS)/(Bank of New York LIQ) 8,315,000 4,700,000 Vallejo, CA, (Water System Revenue Bonds: Series 2001A) Weekly VRDNs (KBC Bank N.V. LOC) 4,700,000 2,400,000 Victor Valley, CA Union High Shool District, 3.50% TRANs, 7/5/2006 2,418,402 10,000,000 Victorville, CA Joint Powers Financing Authority, (Series 2005A: Cogeneration Facility) Weekly VRDNs (Victorville, CA)/(Fortis Bank SA/NV LOC) 10,000,000 14,950,000 Whittier, CA, (Series 2004) Weekly VRDNs (Whittier College)/(Radian Asset Assurance INS)/(Bank of New York LIQ) 14,950,000 TOTAL 2,069,801,004 Puerto Rico--5.1% 4,359,500 (2) Commonwealth of Puerto Rico, (Series 2002-746d) Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 4,359,500 29,745,000 (2) Commonwealth of Puerto Rico, PUTTERS (Series 349) Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 29,745,000 18,450,000 (2) Puerto Rico Commonwealth Infrastructure Financing Authority, Floater Certificates (Series 1998-139), 1.88% TOBs (AMBAC INS)/(Morgan Stanley LIQ), Optional Tender 10/20/2005 18,450,000 19,490,000 (2) Puerto Rico Highway and Transportation Authority, Floater Certificates 2001-586 Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 19,490,000 2,981,000 (2) Puerto Rico Public Finance Corp., (Series 2004-911) Weekly VRDNs (CDC IXIS Financial Guaranty NA INS)/(Morgan Stanley LIQ) 2,981,000 6,500,000 (2) Puerto Rico Public Finance Corp., Class A Certificates (Series 2002-195) Weekly VRDNs (AMBAC INS)/(Bear Stearns Cos., Inc. LIQ) 6,500,000 17,885,000 (2) Puerto Rico Public Finance Corp., Floater Certificates (Series 2002-705d) Weekly VRDNs (AMBAC INS)/(Morgan Stanley LIQ) 17,885,000 6,000,000 (2) Puerto Rico Public Finance Corp., PUTTERs (Series 272) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC) 6,000,000 5,060,000 (2) Puerto Rico Public Finance Corp., ROCS (Series 286) Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank NA, New York LIQ) 5,060,000 TOTAL 110,470,500 TOTAL MUNICIPAL INVESTMENTS - 99.7% ========================================================================= (AT AMORTIZED COST) (3) 2,180,271,504 OTHER ASSETS AND LIABILITIES - NET - 0.3% 6,283,913 TOTAL NET ASSETS - 100% $ 2,186,555,417 At July 31, 2005, the Fund holds no securities that are subject to the federal alternative minimum tax (AMT). 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ------------ ------------- ------------ ------------- 100.0% 0.0% ------------ ------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $770,320,857 which represents 35.2% of total net assets. 3 Also represents cost for federal tax purposes. ==========================================================================================================================
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax COL --Collateralized CP --Commercial Paper CRVS --Custodial Residual and Variable Securities FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FSA --Financial Security Assurance GANs --Grant Anticipation Notes GNMA --Government National Mortgage Association GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority INS --Insured LIQ(s) --Liquidity Agreement(s) LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PRF --Prerefunded PUTTERs --Puttable Tax-Exempt Receipts RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates SWP --Swap Agreement TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes CONNECTICUT MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--101.3%(1) Connecticut--88.4% $ 2,585,000 Connecticut Development Authority Health Care Revenue Weekly VRDNs (Corporation for Independent Living)/(JPMorgan Chase Bank, N.A. LOC) $ 2,585,000 1,400,000 Connecticut Development Authority Health Care Revenue, (Series 1993A) Weekly VRDNs (Corporation for Independent Living)/(Dexia Credit Local LOC) 1,400,000 5,410,000 Connecticut Development Authority Health Care Revenue, (Series 1999) Weekly VRDNs (Corporation for Independent Living)/(Dexia Credit Local LOC) 5,410,000 480,000 Connecticut Development Authority Weekly VRDNs (Banta Associates)/(HSBC Bank USA LOC) 480,000 4,100,000 Connecticut Development Authority, (Series 1993) Weekly VRDNs (Rand-Whitney Containerboard LP)/(Bank of Montreal LOC) 4,100,000 820,000 Connecticut Development Authority, (Series 1997) Weekly VRDNs (Porcelen Ltd., CT LLC)/(U.S. Bank, NA LOC) 820,000 2,500,000 Connecticut Development Authority, (Series 1997A) Weekly VRDNs (Bradley Airport Hotel)/(KBC Bank N.V. LOC) 2,500,000 3,000,000 Connecticut Development Authority, (Series 1997B) Weekly VRDNs (Bradley Airport Hotel)/(JPMorgan Chase Bank, N.A. LOC) 3,000,000 700,000 Connecticut Development Authority, (Series 1997C) Weekly VRDNs (Bradley Airport Hotel)/(Bank of America N.A. LOC) 700,000 2,745,000 Connecticut Development Authority, (Series 1999) Weekly VRDNs (Pierce Memorial Baptist Home, Inc.)/(Lasalle Bank, N.A. LOC) 2,745,000 1,665,000 Connecticut Development Authority, (Series 2001) Weekly VRDNs (Loracon LLC)/(Wachovia Bank N.A. LOC) 1,665,000 4,970,000 (2) Connecticut State Airport, PA-826R Weekly VRDNs (Bradley International Airport)/(FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 4,970,000 4,845,000 (2) Connecticut State Clean Water Fund, PA-547R Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 4,845,000 5,205,000 Connecticut State HEFA, (Series 1999A) Weekly VRDNs (Covenant Retirement Communities, Inc.)/(Lasalle Bank, N.A. LOC) 5,205,000 2,810,000 Connecticut State HEFA, (Series 1999B) Weekly VRDNs (Ascension Health Credit Group) 2,810,000 3,115,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Academy of Our Lady of Mercy Lauralton Hall)/(Allied Irish Banks PLC LOC) 3,115,000 3,000,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Avon Old Farms School)/(Bank of America N.A. LOC) 3,000,000 6,295,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Boys & Girls Club of Greenwich)/(Allied Irish Banks PLC LOC) 6,295,000 7,300,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Ethel Walker School)/(Allied Irish Banks PLC LOC) 7,300,000 1,800,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Forman School Issue)/(Citizens Bank of Rhode Island LOC) 1,800,000 3,665,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Hotchkiss School)/(Northern Trust Co., Chicago, IL LIQ) 3,665,000 2,610,000 Connecticut State HEFA, (Series A) Weekly VRDNs (The Whitby School)/(Bank of New York LOC) 2,610,000 1,410,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Washington Montessori School)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 1,410,000 5,255,000 Connecticut State HEFA, (Series A) Weekly VRDNs (Williams School)/(Wachovia Bank N.A. LOC) 5,255,000 3,090,000 Connecticut State HEFA, (Series C) Weekly VRDNs (Charlotte Hungerfield Hospital)/(Bank of America N.A. LOC) 3,090,000 11,990,000 Connecticut State HEFA, (Series E) Weekly VRDNs (Lawrence & Memorial Hospital, Inc.)/ ------------------------------------------------------------------------- (Radian Asset Assurance INS)/(Bank of America N.A. LIQ) 11,990,000 8,000,000 Connecticut State HEFA, (Series F) Weekly VRDNs (University of Hartford, CT)/(Citizens Bank of Rhode Island LOC) 8,000,000 860,000 Connecticut State HEFA, (Series J) Weekly VRDNs (Middlesex Hospital)/(Wachovia Bank N.A. LOC) 860,000 7,500,000 Connecticut State HEFA, (Series M) Weekly VRDNs (St. Raphael Hospital)/(KBC Bank N.V. LOC) 7,500,000 9,010,000 (2) Connecticut State HFA, (Series 2005 FR/RI-L14) Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 9,010,000 12,995,000 (2) Connecticut State HFA, Variable Rate Certificates (Series 1998T), 1.725% TOBs (Bank of America N.A. LIQ), Optional Tender 9/1/2005 12,995,000 9,315,000 (2) Connecticut State Resource Recovery Authority, PUTTERs (Series 187) Weekly VRDNs (MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) 9,315,000 4,995,000 (2) Connecticut State Transportation Infrastructure Authority, ROCs (Series 4068) Weekly VRDNs (AMBAC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 4,995,000 2,800,000 (2) Connecticut State, (Series 2001 - JPMC4) Daily VRDNs (J.P. Morgan Chase & Co. LIQ) 2,800,000 4,815,000 (2) Connecticut State, Austin Trust (Series 2002A) Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 4,815,000 6,705,000 (2) Connecticut State, PUTTERS (Series 320) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 6,705,000 2,000,000 Connecticut State, Second Lien Special Tax Obligation Refunding Bonds, Transportation Infrastructure Purposes (2003 Series 1) Weekly VRDNs (AMBAC INS)/(WestLB AG GTD LIQ) 2,000,000 4,000,000 (2) Connecticut State, (Series 2000-515) Weekly VRDNs (Morgan Stanley LIQ) 4,000,000 9,945,000 Granby, CT, 3.25% BANs, 2/16/2006 9,984,636 2,955,000 Groton City, CT, 3.25% BANs, 2/15/2006 2,969,563 7,500,000 Hartford, CT Redevelopment Authority Weekly VRDNs (Underwood Towers)/(FSA INS)/ ------------------------------------------------------------------------- (Societe Generale, Paris LIQ) 7,500,000 4,000,000 Meriden, CT, 4.00% BANs, 8/4/2006 4,041,440 4,500,000 New Britain, CT, (Series 2000B) Weekly VRDNs (AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ) 4,500,000 4,000,000 New Britain, CT, (Series 2005) Weekly VRDNs (AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ) 4,000,000 2,855,000 North Canaan, CT Housing Authority, (Series 2001) Weekly VRDNs (Geer Woods, Inc.)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 2,855,000 3,710,000 Shelton, CT Housing Authority, (Series 1998) Weekly VRDNs (Crosby Commons)/(Wachovia Bank N.A. LOC) 3,710,000 3,000,000 Trumbull, CT, 3.00% BANs, 9/13/2005 3,004,869 1,165,000 Watertown, CT, 2.50% BANs, 8/11/2005 1,165,283 4,850,000 West Haven, CT, 3.50% BANs, 12/20/2005 4,871,286 1,865,000 (2) Weston, CT, ROCS (Series 6501) Weekly VRDNs (Citibank NA, New York LIQ) 1,865,000 TOTAL 216,227,077 Puerto Rico--12.9% 3,379,500 (2) Commonwealth of Puerto Rico, (Series 2002-746d) Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 3,379,500 4,955,000 (2) Commonwealth of Puerto Rico, PUTTERS (Series 349) Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 4,955,000 1,310,000 (2) Puerto Rico HFA, (Series 2003 FR/RI-L30J) Weekly VRDNs (GNMA COL)/(Lehman Brothers Holdings, Inc. LIQ) 1,310,000 3,950,000 (2) Puerto Rico Highway and Transportation Authority, MERLOTS (Series 2000-FFF) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 3,950,000 5,100,000 (2) Puerto Rico Public Finance Corp., (Series 2004 FR/RI-L37J) Weekly VRDNs (AMBAC INS)/ ------------------------------------------------------------------------- (Lehman Brothers Holdings, Inc. LIQ) 5,100,000 3,974,000 (2) Puerto Rico Public Finance Corp., (Series 2004-911) Weekly VRDNs (CDC IXIS Financial Guaranty NA INS)/(Morgan Stanley LIQ) 3,974,000 3,000,000 (2) Puerto Rico Public Finance Corp., Class A Certificates (Series 2002-195) Weekly VRDNs (AMBAC INS)/(Bear Stearns Cos., Inc. LIQ) 3,000,000 6,000,000 (2) Puerto Rico Public Finance Corp., PUTTERs (Series 272) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC) 6,000,000 TOTAL 31,668,500 TOTAL MUNICIPAL INVESTMENTS - 101.3% ========================================================================= (AT AMORTIZED COST) (3) 247,895,577 OTHER ASSETS AND LIABILITIES - NET - (1.3)% (3,218,590) TOTAL NET ASSETS - 100% $ 244,676,987 Securities that are subject to the federal alternative minimum tax (AMT) represent 14.3% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 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 is rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security. At July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ------------- -------------- ------------- -------------- 100.0% 0.0% ------------- -------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $97,983,500 which represents 40.0% of total net assets. 3 Also represents cost for federal tax purposes. ====================================================================================================================================
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation BANs --Bond Anticipation Notes COL --Collateralized FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GNMA --Government National Mortgage Association GTD --Guaranteed HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TOBs --Tender Option Bonds VRDNs --Variable Rate Demand Notes FEDERATED TAX-FREE TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--101.0%(1) Alabama--7.5% $ 3,750,000 Alabama HFA MFH, (2000 Series A:Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC) $ 3,750,000 1,000,000 (2) Alabama State Public School & College Authority, (PA-918R) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 1,000,000 1,000,000 (2) Alabama State Public School & College Authority, PUTTER's (Series 124) Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase & Co. LIQ) 1,000,000 2,000,000 Daphne, AL Special Care Facilities Financing Authority, (Series 1998-A) Weekly VRDNs (Presbyterian Retirement Corp.)/(AMBAC INS)/(Amsouth Bank N.A., Birmingham, AL LIQ) 2,000,000 1,000,000 Jefferson County, AL Sewer System, (Series 2003 B-6 Warrants) Weekly VRDNs (XL Capital Assurance Inc. INS)/(State Street Bank and Trust Co. LIQ) 1,000,000 6,485,000 Southeast Alabama Gas District, (Series 2003B) Weekly VRDNs (XL Capital Assurance Inc. INS)/(Wachovia Bank N.A. LIQ) 6,485,000 TOTAL 15,235,000 Colorado--0.5% 935,000 Loveland, CO, IDR (Series 1993S), 2.80% TOBs (Safeway Inc.)/(Deutsche Bank Trust Co. Americas LOC), Mandatory Tender 12/1/2005 935,000 Connecticut--1.5% 2,000,000 (2) Connecticut State HFA, Variable Rate Certificates (Series 1998S), 1.675% TOBs (Bank of America N.A. LIQ), Optional Tender 9/1/2005 2,000,000 1,000,000 West Haven, CT, 3.50% BANs, 12/20/2005 1,004,116 TOTAL 3,004,116 Florida--6.1% 4,500,000 (2) ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 1998-9) Weekly VRDNs (Florida State Board of Education Capital Outlay)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 4,500,000 8,000,000 Jacksonville, FL EDC, (Series 2003A) Weekly VRDNs (Florida Proton Therapy Institute)/ -------------------------------------------------------------------------- (Fortis Bank SA/NV and JPMorgan Chase Bank, N.A. LOCs) 8,000,000 TOTAL 12,500,000 Illinois--2.7% 1,500,000 Crestwood Village, IL, 135th and Cicero Redevelopment (Series 2004) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC) 1,500,000 3,900,000 Galesburg, IL, (Series 1996) Weekly VRDNs (Knox College)/(Lasalle Bank, N.A. LOC) 3,900,000 TOTAL 5,400,000 Indiana--2.5% 5,000,000 Frankfort, IN EDA, (Series 2004) Weekly VRDNs (Wesley Manor, Inc.)/(Key Bank, N.A. LOC) 5,000,000 Maryland--3.2% 4,000,000 (2) ABN AMRO MuniTOPS Certificates Trust (Maryland Non-AMT)/(Series 2003-19) Weekly VRDNs (Baltimore, MD)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 4,000,000 2,500,000 Calvert County, MD EDA, (Series 2001) Weekly VRDNs (Asbury-Solomons, Inc.)/(KBC Bank N.V. LOC) 2,500,000 TOTAL 6,500,000 Massachusetts--1.0% 2,000,000 Millbury, MA, 3.25% BANs, 1/20/2006 2,008,751 Michigan--0.0% 80,000 (2) Detroit, MI City School District, Variable Rate Certificates (Series 2001-P) Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 80,000 Minnesota--6.9% 6,000,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, SGA 127 (Series 2001) Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ) 6,000,000 2,000,000 Minnesota Agricultural and Economic Development Board, (Series 1996) Weekly VRDNs (Evangelical Lutheran Good Samaritan Society)/(Allied Irish Banks PLC LOC) 2,000,000 6,000,000 Minnesota State Higher Education Facility Authority, (Series Five-C) Weekly VRDNs (University of St. Thomas)/(Allied Irish Banks PLC LOC) 6,000,000 TOTAL 14,000,000 Missouri--2.7% 2,715,000 Howell County, MO IDA, (Series 1992), 2.12% TOBs (Safeway Inc.)/(Deutsche Bank Trust Co. Americas LOC), Mandatory Tender 8/1/2005 2,715,000 2,715,000 Howell County, MO IDA, (Series 1992), 2.75% TOBs (Safeway Inc.)/(Deutsche Bank Trust Co. Americas LOC), Mandatory Tender 2/1/2006 2,715,000 TOTAL 5,430,000 Multi State--6.2% 1,502,089 (2) ABN AMRO Chicago Corp. 1997-1 LeaseTOPS Trust Weekly VRDNs (Lasalle Bank, N.A. LIQ)/(Lasalle Bank, N.A. LOC) 1,502,089 6,612,000 (2) Clipper Tax-Exempt Certificates Trust (Non-AMT Multistate)/(Series 1998-2) Weekly VRDNs (State Street Bank and Trust Co. LIQ) 6,612,000 793,290 (2) Koch Floating Rate Trust (Multistate Non-AMT)/(Series 2000-1) Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 793,290 856,488 (2) Koch Floating Rate Trust (Multistate Non-AMT)/(Series 2001-1) Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 856,488 2,825,000 (2) TICs/TOCs MuniMae Trust (Series 2002-1M) Weekly VRDNs (MBIA Insurance Corp. INS)/ -------------------------------------------------------------------------- (Bayerische Landesbank GTD LIQ) 2,825,000 TOTAL 12,588,867 New Jersey--2.1% 4,270,000 Linden, NJ, Landfill Improvement, 4.00% BANs, 5/31/2006 4,307,961 Ohio--18.1% 3,750,000 Cuyahoga County, OH Health Care Facilities, (Series 1999) Weekly VRDNs (Hospice of the Western Reserve)/(Fifth Third Bank, Cincinnati LOC) 3,750,000 1,930,000 Cuyahoga County, OH Hospital Authority, (Series 1998-II) Weekly VRDNs (W.O. Walker Center, Inc.)/(AMBAC INS)/(Key Bank, N.A. LIQ) 1,930,000 3,650,000 Erie County, OH, (Series 1996A) Weekly VRDNs (Providence Care Center)/(JPMorgan Chase Bank, N.A. LOC) 3,650,000 3,095,000 Franklin County, OH Health Care Facilities, (Series 1999 A) Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati LOC) 3,095,000 12,800,000 Lake County, OH Weekly VRDNs (Lake County, OH Hospital System, Inc.)/(Radian Asset Assurance INS)/(Bank of America N.A. LIQ) 12,800,000 2,030,000 Logan County, OH, 4.00% BANs, 7/6/2006 2,052,006 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 2,700,000 Marysville Exempted Village School District, OH, 3.75% BANs, 5/25/2006 2,717,051 3,000,000 Port of Greater Cincinnati, OH Development Authority, (Series 2003A) Weekly VRDNs (National Underground Railroad Freedom Center, Inc.)/(Fifth Third Bank, Cincinnati, JPMorgan Chase Bank, N.A., Lasalle Bank, N.A. and U.S. Bank, NA LOCs) 3,000,000 TOTAL 36,834,057 Oklahoma--6.9% 2,440,000 Muskogee, OK Industrial Trust, (Series 1985) Weekly VRDNs (Muskogee Mall LP)/(Bank of America N.A. LOC) 2,440,000 11,640,000 (2) Tulsa, OK International Airport, Variable Rate Certificates (Series 1997B-2) Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 11,640,000 TOTAL 14,080,000 Pennsylvania--3.9% 5,000,000 Dauphin County, PA General Authority, (Education and Health Loan Program, Series 1997) Weekly VRDNs (AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ) 5,000,000 3,000,000 Doylestown Hospital Authority, PA, (Series 1998C) Weekly VRDNs (Doylestown Hospital, PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ) 3,000,000 TOTAL 8,000,000 South Carolina--3.5% 5,000,000 (2) Grand Strand Water & Sewage Authority, SC, MERLOTS (Series 2001-A118), 2.11% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 5,000,000 2,000,000 University of South Carolina Athletic Facilities, (Series 2005A), 3.50% BANs, 3/16/2006 2,012,123 TOTAL 7,012,123 Tennessee--1.0% 2,000,000 Shelby County, TN Health Education & Housing Facilities Board, (Series 2004A), 3.00% Bonds (Baptist Memorial Healthcare), 9/1/2005 2,002,092 Texas--20.5% 3,528,000 (2) ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT)/(Series 1998-24) Weekly VRDNs (Barbers Hill, TX ISD)/(Texas Permanent School Fund Guarantee Program GTD)/(ABN AMRO Bank NV, Amsterdam LIQ) 3,528,000 9,925,000 Harris County, TX HFDC, (Series 2000) Weekly VRDNs (Brazos Presbyterian Homes, Inc.)/ -------------------------------------------------------------------------- (Allied Irish Banks PLC LOC) 9,925,000 9,445,000 (2) Harris County, TX, (ROCs Series 4056) Weekly VRDNs (Citigroup Global Markets Holdings, Inc. LIQ) 9,445,000 3,875,000 (2) Houston, TX, (ROCS Series 242) Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank NA, New York LIQ) 3,875,000 2,925,000 Kendall County, TX Health Facilities Development Corp., (Series 2002-B) Weekly VRDNs (Morningside Ministries Foundation, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 2,925,000 6,050,000 (2) Lower Colorado River Authority, TX, (Series 2000 ZZZ) Weekly VRDNs (FSA INS)/ -------------------------------------------------------------------------- (Wachovia Bank N.A. LIQ) 6,050,000 3,985,000 (2) Lower Colorado River Authority, TX, MERLOTS (2000 RRR) Weekly VRDNs (FSA INS)/ -------------------------------------------------------------------------- (Wachovia Bank N.A. LIQ) 3,985,000 2,000,000 Texas State, (Series 2004), 3.00% TRANs, 8/31/2005 2,002,264 TOTAL 41,735,264 Washington--1.0% 2,120,000 (2) Washington State, MERLOTS (Series 2001-A101) Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 2,120,000 West Virginia--2.7% 5,440,000 Cabell County Commission, WV, (Series 1995) Weekly VRDNs (Foster Foundation)/ -------------------------------------------------------------------------- (Huntington National Bank, Columbus, OH LOC) 5,440,000 Wisconsin--0.5% 1,100,000 Marshfield, WI Unified School District, (Series A), 4.00% BANs, 11/1/2005 1,103,062 TOTAL MUNICIPAL INVESTMENTS - 101.0% -------------------------------------------------------------------------- (AT AMORTIZED COST)(3) 205,316,293 OTHER ASSETS AND LIABILITIES - NET - (1.0)% (1,971,571) TOTAL NET ASSETS - 100% $ 203,344,722 ==================================================================================================================================== At July 31, 2005, the Fund holds no securities that are subject to the federal alternative minimum tax (AMT). 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ------------ ------------- ------------ ------------- 100.0% 0.0% ------------ ------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $76,811,867 which represents 37.8% of total net assets. 3 Also represents cost for federal tax purposes.
Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act. Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes EDA --Economic Development Authority EDC --Economic Development Commission FGIC --Financial Guaranty Insurance Company FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDR --Industrial Development Revenue INS --Insured ISD --Independent School District LIQ --Liquidity Agreement LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series MFH --Multi-Family Housing PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TICs --Trust Inverse Certificates TOBs --Tender Option Bonds TOCs --Tender Option Certificates TOPS --Tender Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes FLORIDA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.4% (1) Alaska--0.6% $ 3,000,000 Valdez, AK Marine Terminal, (Series 1994B), 3.00% TOBs (Phillips Transportation Alaska, Inc.)/(ConocoPhillips GTD), Mandatory Tender 6/1/2006 $ 3,000,000 Florida--86.3% 12,825,000 (2) ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 1998-9) Weekly VRDNs (Florida State Board of Education Capital Outlay)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 12,825,000 9,920,000 (2) 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) 9,920,000 18,505,000 (2) 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 9,000,000 Alachua County, FL, IDRBs (Series 1997) Weekly VRDNs (Florida Rock Industries, Inc.)/ ---------------------------------------------------------------------------- (Bank of America N.A. LOC) 9,000,000 2,215,000 Brevard County, FL Weekly VRDNs (Greywater Investments)/(SunTrust Bank LOC) 2,215,000 2,000,000 Broward County, FL HFA, (Series 1997) Weekly VRDNs (Jacaranda Village Apartments)/ ---------------------------------------------------------------------------- (HSBC Bank USA LOC) 2,000,000 1,515,000 (2) Broward County, FL HFA, MERLOTS (Series 2001 A27) Weekly VRDNs (GNMA COL)/ ---------------------------------------------------------------------------- (Wachovia Bank N.A. LIQ) 1,515,000 2,010,000 Broward County, FL, IDRB (Series 1993) Weekly VRDNs (American Whirlpool Products Corp. Project)/(Wachovia Bank N.A. LOC) 2,010,000 1,980,000 Broward County, FL, IDRBs (Series 1997) Weekly VRDNs (Fast Real Estate Partners Ltd.)/(SunTrust Bank LOC) 1,980,000 5,620,000 (2) Broward County, FL, MERLOTS (Series 2004-B9) Weekly VRDNs (Wachovia Bank N.A. LIQ) 5,620,000 28,268,000 (2) Clipper Tax-Exempt Certificates Trust (Florida AMT)/(Series 1999-5) Weekly VRDNs (State Street Bank and Trust Co. LIQ) 28,268,000 18,803,000 (2) Clipper Tax-Exempt Certificates Trust (Florida-AMT)/(Series 2005-17) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 18,803,000 5,000,000 (2) Collier County, FL, ROCs (Series 379) Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ) 5,000,000 1,300,000 Dade County, FL IDA, IDRBs (Series 1996A) Weekly VRDNs (U.S. Holdings, Inc.)/(Wachovia Bank N.A. LOC) 1,300,000 6,515,000 (2) Escambia County, FL HFA, (Series 2004 FR/RI-L12) Weekly VRDNs (GNMA COL)/(Lehman Brothers Holdings, Inc. LIQ) 6,515,000 1,695,000 (2) Escambia County, FL HFA, Variable Rate Certificate (Series 2001-C) Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 1,695,000 7,630,000 Eustis Health Facilities Authority, FL, (Series 1992) Weekly VRDNs (Florida Hospital/ ---------------------------------------------------------------------------- Waterman, Inc.)/(SunTrust Bank LOC) 7,630,000 15,300,000 Florida HFA, (Series 1985 SS) Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., Chicago, IL LOC) 15,300,000 1,200,000 Florida HFA, (Series 1985 YY) Weekly VRDNs (Monterey Meadows Apartments, FL)/(FNMA LOC) 1,200,000 8,740,000 Florida Higher Educational Facilities Financing Authority, (Series 2002) Weekly VRDNs (Saint Leo University, FL)/(Amsouth Bank N.A., Birmingham, AL LOC) 8,740,000 5,495,000 (2) Florida Housing Finance Corp., MERLOTS (Series 1998B) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 5,495,000 10,755,000 (2) Florida Housing Finance Corp., PT-481 Weekly VRDNs (Oaks at Mill Creek Apartments)/ ---------------------------------------------------------------------------- (FHLMC GTD)/(FHLMC LIQ) 10,755,000 2,300,000 Florida Housing Finance Corp., Wellesley Apartments (Series 2003 O) Weekly VRDNs (TWC Sixty-Seven)/(Citibank N.A., New York LOC) 2,300,000 6,300,000 Florida Housing Finance Corp., Wexford Apartments (Series 2003 P) Weekly VRDNs (TWC Twenty-Two )/(Citibank N.A., New York LOC) 6,300,000 9,670,000 (2) Florida State Board of Education Capital Outlay, ROCs (Series 1014) Weekly VRDNs (Florida State)/(Citigroup Global Markets Holdings, Inc. LIQ) 9,670,000 7,990,000 (2) Florida State Board of Education Lottery, PT-1527 Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 7,990,000 5,200,000 (2) Florida State Board of Education, (Series 2004-1017) Weekly VRDNs (Florida State)/(Morgan Stanley LIQ) 5,200,000 10,580,000 (2) Florida State Department of Environmental Protection, (Series 2001-637) Weekly VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ) 10,580,000 3,992,500 (2) Florida State Department of Environmental Protection, Floater Certificates (Series 2001-722) Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 3,992,500 5,000,000 (2) Florida State Turnpike Authority, PUTTERs (Ser 218z) Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase Bank, N.A. LIQ) 5,000,000 4,995,000 (2) Fort Myers, FL Utilities Revenue, (Series 1998-168) Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 4,995,000 2,500,000 Greater Orlando, FL Aviation Authority Weekly VRDNs (Cessna Aircraft Co.)/(Textron Inc. GTD) 2,500,000 4,100,000 Greater Orlando, FL Aviation Authority, Adjustable Rate (Series 1997), 3.08% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank (GTD) LOC), Optional Tender 12/1/2005 4,100,000 4,750,000 Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds , 3.35% TOBs (Adventist Health System/ Sunbelt Obligated Group), Mandatory Tender 9/1/2005 4,757,238 2,600,000 (2) Hillsborough County, FL Aviation Authority, (Series 2004-1060) Weekly VRDNs (Tampa International Airport)/(AMBAC INS)/(Morgan Stanley LIQ) 2,600,000 5,500,000 Hillsborough County, FL IDA Weekly VRDNs (Ringhaver Equipment Co.)/(SunTrust Bank LOC) 5,500,000 5,500,000 Hillsborough County, FL IDA, (Series 1986) Weekly VRDNs (Seaboard Tampa Terminals Venture)/(Wachovia Bank N.A. LOC) 5,500,000 940,000 Hillsborough County, FL IDA, IDRBs (Series 1996) Weekly VRDNs (VIGO Importing Co. Project)/(Bank of America N.A. LOC) 940,000 400,000 Hillsborough County, FL IDA, Variable Rate Demand IRDB's (Series 1996) Weekly VRDNs (Trident Yacht Building Partnership Project)/(Wachovia Bank N.A. LOC) 400,000 2,400,000 Indian River County, FL, IDRBs (Series 1997) Weekly VRDNs (Ocean Spray Cranberries, Inc.)/(Wachovia Bank N.A. LOC) 2,400,000 2,120,000 Jacksonville, FL EDC, Special Facility Airport Revenue Bonds (Series 2005B) Weekly VRDNs (Holland-Sheltair Aviation Funding LLC)/(Mellon Bank N.A., Pittsburgh LOC) 2,120,000 2,700,000 Jacksonville, FL IDA, (Series 1996) Weekly VRDNs (Portion Pac, Inc.)/(Heinz (H.J.) Co. GTD) 2,700,000 4,875,000 (2) Lee County, FL Airport, (PT-2514) Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ) 4,875,000 17,975,000 (2) 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 4,000,000 Liberty County, FL, (Series 2000) Weekly VRDNs (Sunshine State Cypress, Inc.)/(Wachovia Bank N.A. LOC) 4,000,000 1,150,000 Lynn Haven, FL, (Series 1998A) Weekly VRDNs (Merrick Industries, Inc.)/(Regions Bank, Alabama LOC) 1,150,000 2,500,000 Manatee County, FL HFA, (1990 Series A) Weekly VRDNs (Harbour Pointe)/(Wachovia Bank N.A. LOC) 2,500,000 3,150,000 Manatee County, FL, (Series 1996A) Weekly VRDNs (Superior Electronics Group, Inc.)/ ---------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 3,150,000 4,075,000 Manatee County, FL, (Series 1998 A) Weekly VRDNs (CFI Manufacturing, Inc. Project)/ ---------------------------------------------------------------------------- (Standard Federal Bank, N.A. LOC) 4,075,000 1,970,000 Manatee County, FL, (Series 1998) Weekly VRDNs (Mader Electric, Inc.)/(Wachovia Bank N.A. LOC) 1,970,000 2,400,000 Martin County, FL IDA, Tender Industrial Revenue Bonds (Series 1986) Weekly VRDNs (Tampa Farm Service, Inc. Project)/(SunTrust Bank LOC) 2,400,000 2,160,000 (2) Miami-Dade County, FL Educational Facilities Authority, PT-2097 Weekly VRDNs (University of Miami)/(AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 2,160,000 6,950,000 Miami-Dade County, FL IDA, (Series 1998) Weekly VRDNs (Professional Modification Services, Inc.)/(HSBC Bank USA LOC) 6,950,000 15,100,000 Miami-Dade County, FL IDA, (Series 1999A) Weekly VRDNs (Airis Miami LLC)/(AMBAC INS)/(Bayerische Landesbank (GTD) LIQ) 15,100,000 1,900,000 Miami-Dade County, FL IDA, (Series 2003) Weekly VRDNs (Von Drehle Holdings)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,900,000 3,200,000 Miami-Dade County, FL IDA, (Series 2004) Weekly VRDNs (Tarmac America)/(Bank of America N.A. LOC) 3,200,000 7,600,000 (2) Miami-Dade County, FL, ROCs (Series 387) Weekly VRDNs (FGIC INS)/(Citibank N.A., New York LIQ) 7,600,000 235,000 Okeechobee County, FL, (Series 1992) Weekly VRDNs (Chambers Waste Systems)/(J.P. Morgan Chase Bank, N.A. LOC) 235,000 1,355,000 (2) Orange County, FL HFA, (PT-2787) Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) 1,355,000 2,285,000 (2) Orange County, FL HFA, Variable Rate Certificates (Series 1997G) Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 2,285,000 9,685,000 (2) Orange County, FL, (PT-1557) Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 9,685,000 8,260,000 (2) Orlando, FL Housing Authority, Roaring Forks (Series 2003-7) Weekly VRDNs (West Oaks Apartments)/(FNMA GTD)/(Bank of New York LIQ) 8,260,000 5,930,000 (2) Orlando, FL Utilites Commission, ROCs (Series 1040), 1.70% TOBs (Citigroup Global Markets Holdings, Inc. LIQ), Optional Tender 8/4/2005 5,930,000 3,620,000 Osceola County, FL HFA, (Series 2002A) Weekly VRDNs (Regatta Bay Apartments)/(FNMA LOC) 3,620,000 2,665,000 Palm Beach County, FL IDA Weekly VRDNs (Gulfstream Goodwill Industries)/(Wachovia Bank N.A. LOC) 2,665,000 4,410,000 Palm Beach County, FL, (Series 2005) Weekly VRDNs (Maltz Jupiter Theatre, Inc.)/(Bank of New York LOC) 4,410,000 2,000,000 Pasco County, FL Educational Facilities Authority, (Series 1999) Weekly VRDNs (Saint Leo University, FL)/(Amsouth Bank N.A., Birmingham, AL LOC) 2,000,000 1,415,000 Pinellas County Industry Council, FL, (Series 1997) Weekly VRDNs (Boyd Industries, Inc.)/ ---------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 1,415,000 1,108,000 Pinellas County Industry Council, FL, IDRB (Series 1995) Weekly VRDNs (ATR International Inc., Project)/(Wachovia Bank N.A. LOC) 1,108,000 4,700,000 (2) Reedy Creek Improvement District, FL Weekly VRDNs (AMBAC INS)/(JP Morgan Chase Bank, N.A. LIQ) 4,700,000 4,350,000 Sarasota County, FL Health Facilities Authority, (Series 2005A) Weekly VRDNs (Sarasota-Manatee Jewish Housing Council, Inc.)/(Bank of America N.A. LOC) 4,350,000 11,900,000 Seminole County, FL School Board, 4.00% RANs, 5/23/2006 12,017,116 1,375,000 St. Lucie County, FL, (Series 2001A) Weekly VRDNs (A-1 Roof Trusses Ltd.)/(Wachovia Bank N.A. LOC) 1,375,000 1,500,000 St. Petersburg, FL HFA Weekly VRDNs (Florida Blood Services, Inc.)/(Wachovia Bank N.A. LOC) 1,500,000 3,300,000 Tamarac, FL, IDRB (Series 1995) Weekly VRDNs (Arch Aluminum & Glass Co., Inc. Project)/(Comerica Bank LOC) 3,300,000 2,980,000 (2) Tampa Bay, FL Water Utility System, MERLOTS (Series 2001-A130) Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 2,980,000 5,195,000 (2) Tampa Bay, FL Water Utility System, Variable Rate Certificates (Series 2001-N) Weekly VRDNs (FGIC INS)/(Bank of America N.A. LIQ) 5,195,000 950,000 Volusia County, FL IDA Weekly VRDNs (Crane Cams)/(PNC Bank, N.A. LOC) 950,000 6,122,500 (2) Volusia County, FL Tourist Development Tax Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 6,122,500 1,900,000 Wakulla County, FL IDA Weekly VRDNs (Winco Utilities, Inc. Project)/(Bank of America N.A. LOC) 1,900,000 TOTAL 432,198,354 Indiana--0.3% 1,500,000 Poseyville, In, (Series 1998-A) Weekly VRDNs (North America Green, Inc.)/(Harris, N.A. LOC) 1,500,000 Kansas--0.2% 860,000 (2) Sedgwick & Shawnee Counties, KS, Variable Rate Certificates (Series 1999W) Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 860,000 Maryland--0.1% 800,000 Harford County, MD EDA, (Series 2001) Weekly VRDNs (Clark Finance LLC)/(Branch Banking & Trust Co., Winston-Salem LOC) 800,000 Massachusetts--1.0% 5,000,000 Lawrence, MA, 3.25% BANs, 12/22/2005 5,019,152 Minnesota--3.2% 6,000,000 Eden Prairie, MN MFH, (Series 2003-A) Weekly VRDNs (Eden Prairie, MN Leased Housing Associates LLP)/(Lasalle Bank, N.A. LOC) 6,000,000 5,900,000 Minnetonka, MN, MFH Revenue Refunding Bonds (Series 1995) Weekly VRDNs (Southampton Apartments (MN))/(National Bank of Canada, Montreal LOC) 5,900,000 4,000,000 St. Anthony, MN, (Series 2004A) Weekly VRDNs (Landings at Silver Lake Village)/(Lasalle Bank, N.A. LOC) 4,000,000 TOTAL 15,900,000 Multi State--1.1% 1,000,000 (2) Charter Mac Floater Certificates Trust I, (Nat-2 Series) Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A., Bayerische Landesbank (GTD), Dexia Credit Local, KBC Bank N.V., Landesbank Baden-Wuerttemberg (GTD), Lloyds TSB Bank PLC, London and State Street Bank and Trust Co. LIQs) 1,000,000 4,400,000 St. Lucie County, FL, (Series 2000) Weekly VRDNs (Freedom Plastics, Inc.)/(Lasalle Bank, N.A. LOC) 4,400,000 TOTAL 5,400,000 New Mexico--2.0% 9,931,358 New Mexico Mortgage Finance Authority, (Series 2005), 3.34% TOBs (Trinity Plus Funding Co. LLC), Mandatory Tender 3/1/2006 9,931,358 Pennsylvania--2.4% 10,000,000 Erie, PA City School District, 3.75% TRANs, 6/30/2006 10,075,328 2,100,000 Pennsylvania EDFA, Economic Development Revenue Bonds (1996 Series D6) Weekly VRDNs (Toyo Tanso Specialty Materials, Inc.)/(PNC Bank, N.A. LOC) 2,100,000 TOTAL 12,175,328 Tennessee--0.5% 2,595,000 Shelby County, TN Health Education & Housing Facilities Board, (Series 2004A), 3.00% Bonds (Baptist Memorial Healthcare), 9/1/2005 2,597,714 Texas--0.7% 3,480,000 (2) Harris County, TX, ROCs (Series 4056) Weekly VRDNs (Citigroup Global Markets Holdings, Inc. LIQ) 3,480,000 Wisconsin--1.0% 4,950,000 Baraboo, WI School District, 2.75% TRANs, 9/20/2005 4,955,272 TOTAL MUNICIPAL INVESTMENTS--99.4% ============================================================================ (AT AMORTIZED COST) (3) 497,817,178 OTHER ASSETS AND LIABILITIES -NET--0.6% 2,773,050 TOTAL NET ASSETS--100% $ 500,590,228 =================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 45.1% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Based on Total Market Value First Tier Second Tier -------------- ------------- -------------- ------------- 96.3% 3.7% -------------- ------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $259,406,000 which represents 51.8% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized EDA --Economic Development Authority EDC --Economic Development Commission EDFA --Economic Development Financing Authority FGIC --Financial Guaranty Insurance Company FHLMC --Financial Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GNMA --Government National Mortgage Association GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDRB(s) --Industrial Development Revenue Bond(s) INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series MFH --Multi-Family Housing PUTTERs --Puttable Tax-Exempt Receipts RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes GEORGIA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--103.0%(1) Georgia--101.6% $ 33,210,000 (2) ABN AMRO MuniTOPS Certificates Trust (Georgia Non-AMT)/(Series 2000-4) Weekly VRDNs (Atlanta, GA, Airport General Revenue)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) $ 33,210,000 10,000,000 (2) ABN AMRO MuniTOPS Certificates Trust (Georgia Non-AMT)/(Series 2004-15), Weekly VRDNs (Fulton County, GA, Water & Sewage System)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 10,000,000 5,000,000 Albany, GA, 2.60% TANs, 12/30/2005 5,002,040 2,300,000 Albany-Dougherty, GA, Payroll Development Authority, Weekly VRDNs (Flint River Services, Inc.)/(Columbus Bank and Trust Co., GA LOC) 2,300,000 800,000 Athens-Clarke County, GA, IDA (Series 1997), Weekly VRDNs (Armagh Capital Resource LLC)/(Wachovia Bank N.A. LOC) 800,000 11,375,000 (2) Atlanta, GA, Airport General Revenue (PA-916R), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 11,375,000 6,500,000 (2) Atlanta, GA, Airport General Revenue (PA 926R), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 6,500,000 10,000,000 Atlanta, GA, Downtown Development Authority (Series 2002), Weekly VRDNs (Atlanta, GA)/ ------------------------------------------------------------------------- (AMBAC INS)/(Landesbank Hessen-Thueringen GTD LIQ) 10,000,000 4,520,000 (2) Atlanta, GA, Water & Wastewater, Variable Rate Certificates (Series 2002A), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 4,520,000 760,000 Augusta, GA, HFA (Series 19998), Weekly VRDNs (Sterling Ridge Apartments)/(Amsouth Bank N.A., Birmingham, AL LOC) 760,000 3,600,000 Bibb County, GA, Development Authority (Series 2003), Weekly VRDNs (Goodwill Industries of Middle Georgia, Inc.)/(Bank of America N.A. LOC) 3,600,000 14,390,000 Burke County, GA, Development Authority (Series 1999B), Daily VRDNs (Oglethorpe Power Corp.)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ) 14,390,000 4,000,000 Burke County, GA, Development Authority, PCR Bonds (Series 1994A: Vogtle), Weekly VRDNs (Oglethorpe Power Corp.)/(FGIC INS)/(Dexia Credit Local LIQ) 4,000,000 2,700,000 Carroll County, GA, Development Authority (Series 2001), Weekly VRDNs (Janus Investments LLC)/(Columbus Bank and Trust Co., GA LOC) 2,700,000 2,500,000 Cartersville, GA, Development Authority (Series 2005), Weekly VRDNs (Aquafil U.S.A., Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 2,500,000 7,080,000 (2) Cherokee County, GA, Water & Sewer Authority, MERLOTS (Series 2000 A23), 2.11% TOBs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 7,080,000 6,540,000 Clayton County, GA, Housing Authority (Series 2000: Villages at Lake Ridge Apartments), Weekly VRDNs (Timber Mills Partners LP)/(Amsouth Bank N.A., Birmingham, AL LOC) 6,540,000 20,000,000 Clayton County, GA, School District (Series 2005), 3.25% TANs, 12/23/2005 20,038,600 3,000,000 Cobb County, GA, Development Authority (Series 2003), Weekly VRDNs (Young Men's Christian Association of Cobb County, GA, Inc.)/(Branch Banking & Trust Co. of Virginia LOC) 3,000,000 5,450,000 Cobb County, GA, Development Authority (Series 2004B), Weekly VRDNs (Presbyterian Village, Austell, Inc.)/(Allied Irish Banks PLC LOC) 5,450,000 8,000,000 Cobb County, GA, Housing Authority (Series 2003), Weekly VRDNs (Woodchase Village Apartments)/(Regions Bank, Alabama LOC) 8,000,000 2,300,000 Cobb County, GA, Housing Authority (Series 2004), Weekly VRDNs (Parkland Manor LP)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 2,300,000 9,675,000 Cobb County, GA, IDA (Series 1997), Weekly VRDNs (Wyndham Gardens)/(ABN AMRO Bank NV, Amsterdam LOC) 9,675,000 1,200,000 Cobb County, GA, IDA, IDRB (Series 1995), Weekly VRDNs (Consolidated Engineering Co., Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,200,000 4,570,000 Columbus, GA, IDA Industrial & Port Development Commission (Series 1992), Weekly VRDNs (Maine Street Village Partnership)/(Columbus Bank and Trust Co., GA LOC) 4,570,000 7,880,000 Columbus, GA, IDA (Series 2002), Weekly VRDNs (Denim North America LLC)/(Columbus Bank and Trust Co., GA LOC) 7,880,000 7,370,000 Crisp County, GA, Solid Waste Management Authority (Series 1998), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ) 7,370,000 7,500,000 Dade County, GA, IDA (Series 1997), Weekly VRDNs (Bull Moose Tube Co.)/(U.S. Bank, N.A. LOC) 7,500,000 10,000,000 Dalton, GA, Development Authority (Series 2003B), Weekly VRDNs (Hamilton Medical Center, Inc.)/(Bank of America N.A. LOC) 10,000,000 1,245,000 Dawson County, GA, Development Authority (Series 1999), Weekly VRDNs (Impulse Investments LLC)/(Wachovia Bank N.A. LOC) 1,245,000 1,850,000 Dawson County, GA, Development Authority (Series 2002), Weekly VRDNs (Impulse Manufacturing, Inc.)/(Wachovia Bank N.A. LOC) 1,850,000 1,250,000 DeKalb County, GA, Development Authority, Weekly VRDNs (Rock-Tenn Co.)/(SunTrust Bank LOC) 1,250,000 1,100,000 DeKalb County, GA, Development Authority (Series 1992), Weekly VRDNs (American Cancer Society, GA)/(SunTrust Bank LOC) 1,100,000 350,000 DeKalb County, GA, Development Authority (Series 1992), Weekly VRDNs (House of Cheatham, Inc.)/(Bank of America N.A. LOC) 350,000 910,000 DeKalb County, GA, Development Authority (Series 1996), Weekly VRDNs (DeKalb Steel, Inc.)/(Wachovia Bank N.A. LOC) 910,000 2,400,000 DeKalb County, GA, Development Authority (Series 1999), Weekly VRDNs (Boy's and Girl's Clubs)/(SunTrust Bank LOC) 2,400,000 10,000,000 DeKalb County, GA, MFH Authority (Series 2003), Weekly VRDNs (Timber Trace Apartments)/(FHLMC LOC) 10,000,000 11,000,000 DeKalb County, GA , MFH Authority (Series 2004), Weekly VRDNs (Highlands at East Atlanta Apartments)/(Bank of America N.A. LOC) 11,000,000 21,000,000 De Kalb Private Hospital Authority, GA (Series 1994B), Weekly VRDNs (Egleston Children's Hospital at Emory University, Inc.)/(SunTrust Bank LOC) 21,000,000 4,685,000 Dougherty County, GA, Development Authority (Series 2001), Weekly VRDNs (Deerfield-Windsor School)/(Regions Bank, Alabama LOC) 4,685,000 13,000,000 Dougherty County, GA, School System, 3.25% TANs, 12/30/2005 13,026,395 800,000 Douglas County, GA, Development Authority (Series 1997) Weekly VRDNs (Austral Insulated Products, Inc.)/(Regions Bank, Alabama LOC) 800,000 440,000 Douglas County, GA, Development Authority (Series 1997), Weekly VRDNs (Paul B. Goble)/(Wachovia Bank N.A. LOC) 440,000 4,900,000 Douglas County, GA, Development Authority (Series 1998A), Weekly VRDNs (Heritage Bag)/(Wachovia Bank N.A. LOC) 4,900,000 7,410,000 Douglas County, GA, Development Authority (Series 2002), Weekly VRDNs (Reflek Manufacturing, Inc.)/(Bank of America N.A. LOC) 7,410,000 2,725,000 Forsyth County, GA, Development Authority (Series 2002), Weekly VRDNs (Brama LLC)/(Wachovia Bank N.A. LOC) 2,725,000 5,700,000 Forsyth County, GA, Development Authority, IDRB (Series 1995), Weekly VRDNs (American BOA, Inc.)/(Dresdner Bank AG, Frankfurt LOC) 5,700,000 4,620,000 Franklin County, GA, Industrial Building Authority (Series 1995), Weekly VRDNs (Bosal Industries, Inc.)/(Standard Federal Bank, N.A. LOC) 4,620,000 6,575,000 Fulco, GA, Hospital Authority (Series 1999), Weekly VRDNs (Piedmont Hospital)/(SunTrust Bank LOC) 6,575,000 1,880,000 Fulton County, GA, Development Authority (Series 1998), Weekly VRDNs (Morehouse School of Medicine)/(SunTrust Bank LOC) 1,880,000 5,595,000 Fulton County, GA, Development Authority (Series 1999), Weekly VRDNs (Boy's and Girl's Clubs)/(SunTrust Bank LOC) 5,595,000 3,100,000 Fulton County, GA, Development Authority (Series 2001), Weekly VRDNs (Alpharetta Christian Academy, Inc.)/(Wachovia Bank N.A. LOC) 3,100,000 1,000,000 Fulton County, GA, Development Authority (Series 2001), Weekly VRDNs (Trinity School, Inc.)/(SunTrust Bank LOC) 1,000,000 900,000 Fulton County, GA, Development Authority (Series 2002), Weekly VRDNs (The Sheltering Arms)/(Bank of America N.A. LOC) 900,000 4,500,000 Fulton County, GA, IDA (Series 2005), Weekly VRDNs (Phoenix Stamping Group LLC)/ ------------------------------------------------------------------------- (Columbus Bank and Trust Co., GA LOC) 4,500,000 2,330,000 Fulton De Kalb, GA, Hospital Authority, Refunding Revenue Certificates (Series 2003), 4.00% Bonds, 1/1/2006 2,343,196 2,500,000 Gainesville and Hall County, GA, Development Authority (Series 2000), Weekly VRDNs (ATEX, Inc.)/(Wachovia Bank N.A. LOC) 2,500,000 4,875,000 Gainesville and Hall County, GA, Development Authority (Series 2002), Weekly VRDNs (Fieldale Farms Corp.)/(Wachovia Bank N.A. LOC) 4,875,000 4,960,000 (2) Gainesville, GA, Housing Authority (PT-1985), Weekly VRDNs (Lenox Park Apartments)/ ------------------------------------------------------------------------- (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 4,960,000 4,500,000 Gainesville, GA, Redevelopment Authority (Series 1999), Weekly VRDNs (Brenau University, Inc.)/(SunTrust Bank LOC) 4,500,000 1,400,000 Gainesville, GA, Redevelopment Authority, Downtown Developments, Ltd (Series 1987), Weekly VRDNs (Downtown Developments Ltd.)/(Regions Bank, Alabama LOC) 1,400,000 8,562,048 Georgia Municipal Association Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 8,562,048 1,100,000 Georgia Ports Authority (Series 1996A), Weekly VRDNs (Colonel's Island Terminal)/(SunTrust Bank LOC) 1,100,000 3,435,000 (2) Georgia State HFA, MERLOTS (Series 2001 A-106), 2.17% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 3,435,000 465,000 Georgia State Municipal Gas Authority (Series A), Weekly VRDNs (Bayerische Landesbank GTD, JPMorgan Chase Bank, N.A., Landesbank Hessen-Thueringen GTD and Wachovia Bank N.A. LOCs) 465,000 9,100,000 Georgia State Municipal Gas Authority (Series A), Weekly VRDNs (Bayerische Landesbank GTD, JPMorgan Chase Bank, N.A., Landesbank Hessen-Thueringen GTD and Wachovia Bank N.A. LOCs) 9,100,000 4,000,000 Georgia State Municipal Gas Authority (Series B), Weekly VRDNs (Bayerische Landesbank GTD, Credit Suisse, Zurich, JPMorgan Chase Bank, N.A. and Wachovia Bank N.A. LOCs) 4,000,000 2,115,000 Georgia State Municipal Gas Authority (Series B), Weekly VRDNs (Bayerische Landesbank GTD, JPMorgan Chase Bank, N.A., Landesbank Hessen-Thueringen GTD and Wachovia Bank N.A. LOCs) 2,115,000 8,500,000 Georgia State Municipal Gas Authority (Series C), Weekly VRDNs (Bank of America N.A., Bayerische Landesbank GTD, JPMorgan Chase Bank, N.A., Landesbank Hessen-Thueringen GTD and Wachovia Bank N.A. LOCs) 8,500,000 5,020,000 (2) Georgia State Road and Tollway Authority, (PT-2019), Weekly VRDNs (Georgia State GTD)/(Merrill Lynch & Co., Inc. LIQ) 5,020,000 8,745,000 (2) Georgia State, Floater Certificates (Series 2011-647), Weekly VRDNs (Morgan Stanley LIQ) 8,745,000 12,990,000 (2) Georgia State, PUTTERs (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 12,990,000 8,075,000 (2) Georgia State, PUTTERs (Series 440), Weekly VRDNs (PNC Bank, N.A. LIQ) 8,075,000 13,215,000 (2) Georgia State, PUTTERs (Series 493), Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ) 13,215,000 1,980,000 Gwinnett County, GA, Development Authority (Series 1996), Weekly VRDNs (Sidel, Inc.)/ ------------------------------------------------------------------------- (Bank of America N.A. LOC) 1,980,000 430,000 Gwinnett County, GA, Development Authority (Series 1997), Weekly VRDNs (Virgil R. Williams, Jr.)/(Wachovia Bank N.A. LOC) 430,000 2,380,000 Gwinnett County, GA, Development Authority (Series 2004), Weekly VRDNs (Pak-Lite, Inc.)/(Wachovia Bank N.A. LOC) 2,380,000 13,250,000 Gwinnett County, GA, Housing Authority, (Series 2003), Weekly VRDNs (North Glen Apartments)/(Regions Bank, Alabama LOC) 13,250,000 1,800,000 Heard County, GA, Development Authority, (First Series 1996), Daily VRDNs (Georgia Power Co.) 1,800,000 580,000 Jackson County, GA, IDA (Series 1997), Weekly VRDNs (Mullett Co.)/(Wachovia Bank N.A. LOC) 580,000 2,800,000 Jefferson, GA, Development Authority (Series 2001), Weekly VRDNs (Building Investment Co. LLC)/(Regions Bank, Alabama LOC) 2,800,000 14,000,000 Kennesaw, GA, Development Authority (Series 2004), Weekly VRDNs (Lakeside Vista Apartments)/(FNMA LOC) 14,000,000 2,720,000 La Grange, GA, MFH Authority, Revenue Bonds, 2.75% TOBs (Lee's Crossing Project Phase I)/(Columbus Bank and Trust Co., GA LOC), Optional Tender 11/1/2005 2,720,002 2,900,000 La Grange, GA, MFH Authority, Revenue Bonds, 2.75% TOBs (Lee's Crossing Project Phase II)/(Columbus Bank and Trust Co., GA LOC), Optional Tender 11/1/2005 2,900,002 3,630,000 LaGrange, GA, Housing Authority, Multi-Family Refunding Revenue Bonds (Series 1997), Weekly VRDNs (Greenwood Park)/(Columbus Bank and Trust Co., GA LOC) 3,630,000 3,465,000 LaGrange, GA, Housing Authority, Multi-Family Refunding Revenue Bonds (Series 1997), Weekly VRDNs (Meadow Terrace)/(Columbus Bank and Trust Co., GA LOC) 3,465,000 7,770,000 (2) Marietta, GA, Housing Authority, MFH Revenue Bonds (Series 1995), Weekly VRDNs (Chalet Apartments)/(General Electric Capital Corp. LOC) 7,770,000 1,660,000 Medical Center Hospital Authority, GA (Series 2004), Weekly VRDNs (Spring Harbor at Green Island)/(Bank of Scotland, Edinburgh LOC) 1,660,000 3,210,000 (2) Metropolitan Atlanta Rapid Transit Authority, ROCs (Series 4011), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 3,210,000 1,997,000 Milledgeville & Baldwin County, GA, Development Authority (Series 2000), Weekly VRDNs (Vernay Manufacturing, Inc.)/(U.S. Bank, N.A. LOC) 1,997,000 7,500,000 Monroe County, GA, Development Authority, (Series 1995-2nd), 2.83% TOBs (Georgia Power Co.), Mandatory Tender 5/5/2006 7,500,000 3,050,000 Montgomery County, GA, Development Authority (Series 2001), Weekly VRDNs (Brewton Parker College, Inc.)/(Regions Bank, Alabama LOC) 3,050,000 4,500,000 Newnan, GA, Housing Authority, (Series 2002), Weekly VRDNs (Summit Point Apartments)/ ------------------------------------------------------------------------- (Columbus Bank and Trust Co., GA LOC) 4,500,000 8,000,000 Rockdale County, GA, 3.15% TANs, 12/30/2005 8,014,659 5,600,000 Rome-Floyd County, GA, Development Authority (Series 2000), Weekly VRDNs (Steel King Industries, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) 5,600,000 3,550,000 Rome-Floyd County, GA, Development Authority (Series 2000), Weekly VRDNs (VTI of Georgia)/(Wells Fargo Bank Minnesota N.A. LOC) 3,550,000 3,240,000 Roswell, GA, Housing Authority (Series 2005), Weekly VRDNs (Wood Creek Apartments)/ ------------------------------------------------------------------------- (FNMA LOC) 3,240,000 4,600,000 Roswell, GA, Housing Authority, MFH Refunding Revenue Bonds (Series 1988A), Weekly VRDNs (Belcourt Ltd.)/(Northern Trust Co., Chicago, IL LOC) 4,600,000 1,500,000 Savannah, GA, EDA (Series 1995A), Weekly VRDNs (Home Depot, Inc.) 1,500,000 2,000,000 Savannah, GA, EDA (Series 2000), Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank LOC) 2,000,000 2,000,000 Tallapoosa, GA, Development Authority (Series 1994), Weekly VRDNs (U.S. Can Co.)/ ------------------------------------------------------------------------- (Deutsche Bank Trust Co. Americas LOC) 2,000,000 1,565,000 Thomasville, GA, HFA (Series 2002A), Weekly VRDNs (Wood Valley Apartments)/(Wachovia Bank N.A. LOC) 1,565,000 1,000,000 Thomasville, GA, Payroll Development Authority (Series 2005A), Weekly VRDNs (American Fresh Foods LP)/(Wachovia Bank N.A. LOC) 1,000,000 7,000,000 Wayne County, GA, IDA (Series 2004), Weekly VRDNs (Great Southern Wood, Inc.)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 7,000,000 1,400,000 Whitfield County, GA, Development Authority Weekly VRDNs (Franklin Industries, Inc.)/(Bank of America N.A. LOC) 1,400,000 1,175,000 Whitfield County, GA, Development Authority (Series 1996), Weekly VRDNs (AMC International, Inc.)/(SunTrust Bank LOC) 1,175,000 3,400,000 Winder-Barrow County, GA, Joint Development Authority (Series 2001), Weekly VRDNs (Athens, GA YMCA)/(Wachovia Bank N.A. LOC) 3,400,000 TOTAL 562,788,942 Puerto Rico--1.4% 7,595,000 (2) Puerto Rico Infrastructure Financing Authority (Series 2000-483), 1.83% TOBs (Puerto Rico Infrastructure Financing Authority, Special Obligation 2000 A)/(Morgan Stanley LIQ), Optional Tender 10/13/2005 7,595,000 TOTAL MUNICIPAL INVESTMENTS--103.0% ========================================================================= (AT AMORTIZED COST)(3) 570,383,942 TOTAL ASSETS AND LIABILITIES NET- (3.0)% (16,828,036) TOTAL NET ASSETS -100% $ 553,555,906 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 37.4% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Based on Total Market Value First Tier Second Tier ------------ ------------ ------------ 100.0% 0.0% ------------ ------------ 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $147,700,000 which represents 26.7% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax EDA --Economic Development Authority FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDRB --Industrial Development Revenue Bond INS --Insured LIQ --Liquidity Agreement LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series MFH --Multi-Family Housing PCR --Pollution Control Revenue PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes MARYLAND MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS----99.4%(1) Maryland--95.9% $ 1,275,000 Baltimore County, MD IDA, (Series 1994A), Weekly VRDNs (Pitts Realty LP)/(Bank of New York LOC) $ 1,275,000 2,400,000 Baltimore County, MD IDA, Variable Rate Demand Acquisition Program (Series 1986), Weekly VRDNs (Baltimore Capital Acquisition)/(Bayerische Landesbank (Guaranteed) LOC) 2,400,000 2,100,000 Baltimore County, MD Port Facility Monthly VRDNs (Occidental Petroleum Corp.)/(BNP Paribas SA LOC) 2,100,000 2,300,000 Baltimore County, MD Weekly VRDNs (Calvert Hall College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,300,000 1,430,000 Baltimore County, MD, (1994 Issue), Weekly VRDNs (Direct Marketing Associates, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,430,000 1,185,000 Baltimore County, MD, (Series 1999), Weekly VRDNs (Calvert Hall College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,185,000 3,500,000 Calvert County, MD EDA, (Series 2001), Weekly VRDNs (Asbury-Solomons, Inc.)/(KBC Bank N.V. LOC) 3,500,000 400,000 Carroll County, MD, (Series 1995B), Weekly VRDNs (Evapco, Inc.)/(Bank of America N.A. LOC) 400,000 3,000,000 Carroll County, MD, (Series 1999B), Weekly VRDNs (Fairhaven, Inc./Copper Ridge, Inc.)/(Radian Asset Assurance INS)/(Branch Banking & Trust Co., Winston-Salem LIQ) 3,000,000 3,000,000 Frederick County, MD, (1997 Issue), Weekly VRDNs (Homewood at Frederick MD, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,000,000 3,480,000 Harford County, MD EDA, (Series 2001), Weekly VRDNs (Clark Finance LLC)/(Branch Banking & Trust Co., Winston-Salem LOC) 3,480,000 700,000 Harford County, MD, (Series 1988), Weekly VRDNs (1001 Partnership Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 700,000 1,180,000 Harford County, MD, EDRB (Series 1996), Weekly VRDNs (Citrus and Allied Essences Ltd.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,180,000 4,965,000 Howard County, MD, (Series 2002-A), Weekly VRDNs (Columbia Vantage House Corp.)/(Lasalle Bank, N.A. LOC) 4,965,000 2,900,000 Maryland IDFA, (Series 1999), 3.08% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank (Guaranteed) LOC), Optional Tender 12/1/2005 2,900,000 2,500,000 (2) Maryland State Community Development Administration, (PA-629R), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 2,500,000 2,640,000 (2) Maryland State Community Development Administration, (PT-2607), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 2,640,000 2,110,000 Maryland State Community Development Administration, (Series 1990B), Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,110,000 2,725,000 (2) Maryland State Community Development Administration, (Series 2004 FR/RI-L59J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 2,725,000 1,750,000 Maryland State Economic Development Corp., (Series 1998), Weekly VRDNs (Morrison Health Care, Inc.)/(Bank of America N.A. LOC) 1,750,000 1,700,000 Maryland State Economic Development Corp., (Series 2000) Weekly VRDNs (AFCO Cargo BWI II LLC)/(SunTrust Bank LOC) 1,700,000 2,800,000 Maryland State Economic Development Corp., (Series 2000) Weekly VRDNs (Hunter Douglas Northeast, Inc.)/(Wachovia Bank N.A. LOC) 2,800,000 2,300,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2001C) Weekly VRDNs (Collington Episcopal Life Care Community, Inc.)/(Lasalle Bank, N.A. LOC) 2,300,000 5,350,000 Maryland State IDFA, (1994 Issue), Weekly VRDNs (Baltimore International Culinary College Foundation, Inc.)/(SunTrust Bank LOC) 5,350,000 3,500,000 Montgomery County, MD EDA, (Series 2002) Weekly VRDNs (Institute for Genomic Research, Inc.)/(Bank of America N.A. LOC) 3,500,000 1,151,000 Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I) Weekly VRDNs (Byron House, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,151,000 669,000 Montgomery County, MD Weekly VRDNs (Information Systems and Networks Corp.)/(Bank of America N.A. LOC) 669,000 2,000,000 (2) Northeast, MD Waste Disposal Authority, (PT-766), Weekly VRDNs (AMBAC INS)/(Landesbank Hessen-Thueringen (Guaranteed) LIQ) 2,000,000 1,355,000 (2) Prince Georges County, MD Housing Authority Mortgage, (PT-1311) Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ) 1,355,000 1,375,000 Queen Annes County, MD Economic Development Revenue, (Series 1994), 2.80% TOBs (Safeway Inc.)/(Deutsche Bank Trust Co. Americas LOC), Mandatory Tender 12/1/2005 1,375,000 3,000,000 Washington County, MD, (Series 2000) Weekly VRDNs (YMCA of Hagerstown, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,000,000 TOTAL 70,740,000 Puerto Rico--3.5% 2,300,000 (2) Commonwealth of Puerto Rico, PUTTERS (Series 349), Weekly VRDNs (Financial Security Assurance, Inc. INS)/(J.P. Morgan Chase & Co. LIQ) 2,300,000 305,000 (2) Puerto Rico HFA, (Series 2003 FR/RI-L30J), Weekly VRDNs (GNMA COL)/(Lehman Brothers Holdings, Inc. LIQ) 305,000 TOTAL 2,605,000 TOTAL MUNICIPAL INVESTMENTS---99.4% ======================================================================== (AT AMORTIZED COST)(3) 73,345,000 OTHER ASSETS AND LIABILITIES---NET--0.6% 408,557 TOTAL NET ASSETS---100% $ 73,753,557
Securities that are subject to the federal alternative minimum tax (AMT) represent 42.6% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier 100.0% 0.0% 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the Fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $13,825,000 which represents 18.7% of total net assets. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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 COL --Collateralized EDA --Economic Development Authority EDRB --Economic Development Revenue Bonds GNMA --Government National Mortgage Association HFA --Housing Finance Authority IDA --Industrial Development Authority IDFA --Industrial Development Finance Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit PUTTERs --Puttable Tax-Exempt Receipts TOBs --Tender Option Bonds VRDNs --Variable Rate Demand Notes MASSACHUSETTS MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS-99.9%(1) Massachusetts--99.9% $ 11,166,000 (2) ABN AMRO MuniTOPS Certificates Trust (Massachusetts Non-AMT)/(Series 1998-12), Weekly VRDNs (Massachusetts Water Resources Authority)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) $ 11,166,000 4,000,000 Canton, MA, (Series B), 4.00% BANs, 6/2/2006 4,035,729 14,608,061 (2) 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) 14,608,061 13,210,000 (2) Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT)/(Series 2000-2), 2.12% TOBs (Massachusetts Turnpike Authority)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 8/11/2005 13,210,000 15,310,000 Commonwealth of Massachusetts, (Series 2001 B), Weekly VRDNs (Landesbank Hessen-Thueringen (GTD) LIQ) 15,310,000 3,255,000 (2) Commonwealth of Massachusetts, (1999 SG 126), Weekly VRDNs (Societe Generale, Paris LIQ) 3,255,000 2,000,000 (2) Commonwealth of Massachusetts, Macon (Series 2005C), Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ) 2,000,000 5,390,000 (2) Commonwealth of Massachusetts, MERLOTS (Series 2004-C42), Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 5,390,000 2,970,000 (2) Commonwealth of Massachusetts, (PA-793), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 2,970,000 5,010,000 (2) Commonwealth of Massachusetts, PUTTERs (Series 343), Weekly VRDNs (XL Capital Assurance Inc. INS)/(J.P. Morgan Chase & Co. LIQ) 5,010,000 1,995,000 (2) Commonwealth of Massachusetts, PUTTERs (Series 443), Weekly VRDNs (FGIC, FSA INS) and JPMorgan Chase Bank, N.A. LIQs) 1,995,000 6,220,000 (2) Commonwealth of Massachusetts, Roaring Forks (Series 2003-10), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of New York LIQ) 6,220,000 2,785,000 (2) Commonwealth of Massachusetts, Variable Rate Certificates (Series 2001-O), Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 2,785,000 3,485,000 (2) Commonwealth of Massachusetts, Variable Rate Certificates (Series 2002-c), Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 3,485,000 1,893,000 Groveland, MA, 3.50% BANs, 7/14/2006 1,906,119 6,265,000 King Philip, MA Regional School District, 3.75% BANs, 6/15/2006 6,315,926 5,234,339 (2) Koch Floating Rate Trust (Massachusetts Non-AMT)/(Series 1999-4), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ) 5,234,339 970,000 (2) Massachusetts Bay Transit Authority Assessment Bonds, TICs/TOCs (Series 2004-D), Weekly VRDNs (Goldman Sachs Group, Inc. LIQ) 970,000 6,885,000 Massachusetts Bay Transportation Authority General Transportation System, (Series 1999), Weekly VRDNs (Landesbank Baden-Wuerttemberg (GTD) LIQ) 6,885,000 3,500,000 (2) Massachusetts Bay Transportation Authority General Transportation System, MERLOTS (Series 2000H), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 3,500,000 2,700,000 (2) Massachusetts Bay Transportation Authority General Transportation System, (PT-1218), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 2,700,000 1,000,000 (2) Massachusetts Bay Transportation Authority Sales Tax Revenue, PUTTERs (Series 442), Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ) 1,000,000 2,000,000 Massachusetts HEFA, (Series 2003), Weekly VRDNs (Emmanuel College)/(Allied Irish Banks PLC and State Street Bank and Trust Co. LOCs) 2,000,000 2,000,000 Massachusetts HEFA, (Series 2004G), Weekly VRDNs (Winchester Hospital)/(Bank of America N.A. LOC) 2,000,000 9,150,000 Massachusetts HEFA, (Series A-1), Weekly VRDNs (Sherrill House)/(Comerica Bank LOC) 9,150,000 2,000,000 Massachusetts HEFA, (Series B), Weekly VRDNs (New England Carpenters Training Fund)/(Citizens Bank of Massachusetts LOC) 2,000,000 4,305,000 (2) Massachusetts HEFA, ROCs (Series 382), Weekly VRDNs (Massachusetts Institute of Technology)/(Citibank N.A., New York LIQ) 4,305,000 5,505,000 (2) Massachusetts HEFA, Variable Rate Certificates (Series 2002-D), Weekly VRDNs (Massachusetts Institute of Technology)/(Bank of America N.A. LIQ) 5,505,000 1,655,000 Massachusetts IFA, (Series 1995), Weekly VRDNs (Goddard House)/(Bank of America N.A. LOC) 1,655,000 3,200,000 Massachusetts IFA, (Series 1996), Weekly VRDNs (Governor Dummer Academy)/(Citizens Bank of Massachusetts LOC) 3,200,000 4,134,000 Massachusetts IFA, (Series 1996), Weekly VRDNs (Newbury College)/(Bank of America N.A. LOC) 4,134,000 2,330,000 Massachusetts IFA, (Series 1997), Weekly VRDNs (Massachusetts Society for the Prevention of Cruelty to Animals)/(Bank of America N.A. LOC) 2,330,000 5,465,000 Massachusetts IFA, (Series 1998A), Weekly VRDNs (JHC Assisted Living Corp.)/(SunTrust Bank LOC) 5,465,000 3,065,000 Massachusetts IFA, (Series B), Weekly VRDNs (Williston North Hampton School)/(Bank of America N.A. LOC) 3,065,000 4,150,000 Massachusetts State Development Finance Agency Weekly VRDNs (YOU, Inc.)/(Lloyds TSB Bank PLC, London LOC) 4,150,000 4,800,000 Massachusetts State Development Finance Agency, (Series 1998A), Weekly VRDNs (Shady Hill School)/(Citizens Bank of Massachusetts LOC) 4,800,000 4,500,000 Massachusetts State Development Finance Agency, (Series 2000), Weekly VRDNs (Worcester Academy)/(Allied Irish Banks PLC LOC) 4,500,000 7,300,000 Massachusetts State Development Finance Agency, (Series 2001A), Weekly VRDNs (Alliance of Massachusetts, Inc.)/(PNC Bank, N.A. LOC) 7,300,000 735,000 Massachusetts State Development Finance Agency, (Series 2002), Weekly VRDNs (Gordon College)/(Citizens Bank of Massachusetts LOC) 735,000 2,500,000 Massachusetts State Development Finance Agency, (Series 2002), Weekly VRDNs (The Rivers School)/(Citizens Bank of Massachusetts LOC) 2,500,000 12,390,000 Massachusetts State Development Finance Agency, (Series 2002A), Weekly VRDNs (Assumption College)/(Bank of New York LOC) 12,390,000 6,500,000 Massachusetts State Development Finance Agency, (Series 2003), Weekly VRDNs (Boston College High School)/(Citizens Bank of Massachusetts LOC) 6,500,000 5,000,000 Massachusetts State Development Finance Agency, (Series 2004), Weekly VRDNs (Thayer Academy)/(Allied Irish Banks PLC LOC) 5,000,000 6,000,000 Massachusetts State Development Finance Agency, (Series 2004B), Weekly VRDNs (Northfield Mount Hermon School)/(Radian Asset Assurance INS)/(Bank of America N.A. LIQ) 6,000,000 5,000,000 Massachusetts State Development Finance Agency, (Series 2005), Weekly VRDNs (ISO New England, Inc.)/(Key Bank, N.A. LOC) 5,000,000 8,000,000 Massachusetts State Development Finance Agency, (Series 2005A), Weekly VRDNs (Suffolk University)/(Assured Guaranty Corp. INS)/(Citizens Bank of Massachusetts LIQ) 8,000,000 8,255,000 (2) Massachusetts Turnpike Authority, Variable Rate Certificates (Series 1997N), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 8,255,000 15,400,000 (2) Massachusetts Water Pollution Abatement Trust Pool, Subordinate, MERLOTS (Series 1999N), Weekly VRDNs (Wachovia Bank N.A. LIQ) 15,400,000 5,000,000 North Adams, MA, 3.50% BANs, 2/24/2006 5,027,666 3,500,000 Pelham, MA, 2.75% BANs, 9/2/2005 3,502,862 4,897,835 Westfield, MA, 3.50% BANs, 2/17/2006 4,925,338 TOTAL MUNICIPAL INVESTMENTS--99.9% ======================================================================== (AT AMORTIZED COST)(3) 268,746,040 OTHER ASSETS AND LIABILITIES---NET---0.1% 281,203 TOTAL NET ASSETS---100% $ 269,027,243 ==================================================================================================================================== At July 31, 2005, the Fund holds no securities that are subject to the federal alternative minimum tax (AMT). 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier 100.0% 0.0% -------------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $118,963,400 which represents 44.2% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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 FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GTD --Guaranteed HEFA --Health and Education Facilities Authority IFA --Industrial Finance Authority INS --Insured LIQ --Liquidity Agreement LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TICs --Trust Inverse Certificates TOBs --Tender Option Bonds TOCs --Tender Option Certificates TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes MICHIGAN MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.4%(1) Michigan--99.4% $ 6,000,000 (2) ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT)/(Series 1998-11), Weekly VRDNs (DeWitt, MI Public Schools)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) $ 6,000,000 8,000,000 (2) ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT) Series 2002-29, Weekly VRDNs (Detroit, MI City School District)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 8,000,000 5,845,000 (2) ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT) Series 2005-2, Weekly VRDNs (Chippewa Valley, MI Schools)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ) 5,845,000 2,995,000 (2) Adrian, MI City School District, ROCs (Series 2124), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 2,995,000 3,285,000 (2) Allen Park, MI Public School District, ROCS (Series 4007), Weekly VRDNs (Michigan State GTD)/(Citigroup Global Markets Holdings, Inc. LIQ) 3,285,000 2,030,000 Auburn Hills, MI EDC, (Series 1995), Weekly VRDNs (Suburban Tool, Inc.)/(Huntington National Bank, Columbus, OH LOC) 2,030,000 4,195,000 (2) BNY Municipal Certificates Trust (Series 2002-BNY3), Weekly VRDNs (Mazda Motor Manufacturing (USA) Corp.)/(Bank of New York LIQ)/(Bank of New York LOC) 4,195,000 200,000 Dearborn, MI Economic Development Corp., (Series 1990), Weekly VRDNs (Exhibit Productions, Inc.)/(Comerica Bank LOC) 200,000 9,000,000 (2) Detroit, MI City School District, (PA-997R), 1.35% TOBs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/8/2005 9,000,000 3,475,000 (2) Detroit, MI City School District, ROCS (Series 4004), Weekly VRDNs (FGIC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 3,475,000 1,000,000 (2) Detroit, MI City School District, Variable Certificates (Series 2002H), Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 1,000,000 6,000,000 (2) Detroit, MI City School District, Variable Rate Certificates (Series 2001-P), Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 6,000,000 2,270,000 (2) Detroit, MI Sewage Disposal System, MERLOTS (Series 2001-A103), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 2,270,000 2,000,000 (2) Detroit, MI Water Supply System, MERLOTS (Series 2000 D), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 2,000,000 2,750,000 Farmington Hills, MI Economic Development Corp., Weekly VRDNs (Echo Park Learning Center)/(Standard Federal Bank, N.A. LOC) 2,750,000 1,885,000 Grand Rapids, MI Economic Development Corp., (Series 1991-B), Weekly VRDNs (Amway Hotel Corp.)/(Standard Federal Bank, N.A. LOC) 1,885,000 2,375,000 Grand Rapids, MI Economic Development Corp., (Series 2000), Weekly VRDNs (Holland Home Obligated Group)/(Fifth Third Bank, Michigan LOC) 2,375,000 2,000,000 Grand Rapids, MI Economic Development Corp., Series 1991-A), Weekly VRDNs (Amway Hotel Corp.)/(Standard Federal Bank, N.A. LOC) 2,000,000 2,200,000 Grand Rapids, MI IDR, Weekly VRDNs (Precision Aerospace, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 2,200,000 2,095,000 Grand Rapids, MI IDR, (Series 1999), Weekly VRDNs (Kent Quality Foods, Inc.)/(U.S. Bank, N.A. LOC) 2,095,000 2,700,000 Grand Valley, MI State University, (Series 2003), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Fifth Third Bank, Cincinnati LIQ) 2,700,000 9,295,000 Huron County, MI Economic Development Corp., (Series 2001), Weekly VRDNs (Scheurer Hospital)/(Comerica Bank LOC) 9,295,000 1,000,000 Jackson County, MI Hospital Finance Authority, (Series 2005A), Weekly VRDNs (W.A.Foote Memorial Hospital)/(Bank of Nova Scotia, Toronto LOC) 1,000,000 3,100,000 Michigan Job Development Authority, Weekly VRDNs (Andersons Project)/(Credit Lyonnais SA LOC) 3,100,000 5,000,000 (2) Michigan Municipal Bond Authority, AUSTIN (Series 2002F), Weekly VRDNs (Michigan Municipal Bond Authority Clean Water Revolving Fund)/(Bank of America N.A. LIQ) 5,000,000 6,800,000 Michigan State Building Authority, (Series 3), 2.55% CP (Bank of New York LOC), Mandatory Tender 8/25/2005 6,800,000 9,985,000 (2) Michigan State Hospital Finance Authority, (PT-732), 2.95% TOBs (Ascension Health Credit Group)/(MBIA Insurance Corp. INS)/(Svenska Handelsbanken, Stockholm LIQ), Optional Tender 7/20/2006 9,985,000 2,500,000 Michigan State Hospital Finance Authority, (Series B), Weekly VRDNs (Standard Federal Bank, N.A. LOC) 2,500,000 1,500,000 (2) Michigan State Hospital Finance Authority, MERLOTS (Series 1997A), Weekly VRDNs (Detroit Medical Center Obligated Group)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 1,500,000 8,200,000 Michigan State HDA, Weekly VRDNs (Woodland Meadows, MI)/(JPMorgan Chase Bank, N.A. LOC) 8,200,000 4,500,000 Michigan State HDA (2002 Series A), Weekly VRDNs (MBIA Insurance Corp. INS)/(Dexia Credit Local LIQ) 4,500,000 2,500,000 Michigan State Housing Development Authority, (Series 2001A), Weekly VRDNs (Sand Creek Apartments)/(FHLB of Cincinnati LOC) 2,500,000 900,000 Michigan State Housing Development Authority, (Series 2001B), Weekly VRDNs (Sand Creek Apartments)/(FHLB of Indianapolis LOC) 900,000 8,975,000 Michigan State Housing Development Authority, (Series 2002A), Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(FNMA LOC) 8,975,000 1,705,000 Michigan State Strategic Fund, Weekly VRDNs (Ace Hi Displays, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 1,705,000 2,010,000 Michigan State Strategic Fund, Weekly VRDNs (Anro LLC)/(U.S. Bank, N.A. LOC) 2,010,000 6,600,000 Michigan State Strategic Fund, Weekly VRDNs (Bishop Creek LLC)/(Comerica Bank LOC) 6,600,000 800,000 Michigan State Strategic Fund, Weekly VRDNs (Bruin Land Holdings LLC)/(Huntington National Bank, Columbus, OH LOC) 800,000 860,000 Michigan State Strategic Fund, Weekly VRDNs (Dynamic Plastics, Inc.)/(Standard Federal Bank, N.A. LOC) 860,000 800,000 Michigan State Strategic Fund, Weekly VRDNs (Elbie & Sohn, Inc.)/(Standard Federal Bank, N.A. LOC) 800,000 2,855,000 Michigan State Strategic Fund, Weekly VRDNs (Elm Plating Co.)/(Comerica Bank LOC) 2,855,000 1,455,000 Michigan State Strategic Fund, Weekly VRDNs (Enprotech Mechanical Services, Inc.)/(Standard Federal Bank, N.A. LOC) 1,455,000 2,520,000 Michigan State Strategic Fund, Weekly VRDNs (Hess Industries, Inc.)/(Lasalle Bank, N.A. LOC) 2,520,000 900,000 Michigan State Strategic Fund, Weekly VRDNs (Moore Flame Cutting)/(Standard Federal Bank, N.A. LOC) 900,000 2,400,000 Michigan State Strategic Fund, Weekly VRDNs (Universal Tube, Inc.)/(Standard Federal Bank, N.A. LOC) 2,400,000 1,540,000 Michigan State Strategic Fund, (Series 1995), Weekly VRDNs (Bear Lake Associates Project)/(Fifth Third Bank, Michigan LOC) 1,540,000 230,000 Michigan State Strategic Fund, (Series 1995), Weekly VRDNs (Hercules Drawn Steel Corporation Project)/(Key Bank, N.A. LOC) 230,000 435,000 Michigan State Strategic Fund, (Series 1995), Weekly VRDNs (RSR Project)/(Fifth Third Bank, Michigan LOC) 435,000 175,000 Michigan State Strategic Fund, (Series 1996), Weekly VRDNs (ACI Properties LLC Project)/(Comerica Bank LOC) 175,000 605,000 Michigan State Strategic Fund, (Series 1996), Weekly VRDNs (Echo Properties LLC Project)/(Comerica Bank LOC) 605,000 375,000 Michigan State Strategic Fund, (Series 1996), Weekly VRDNs (Inalfa-Hollandia, Inc.)/(Comerica Bank LOC) 375,000 1,425,000 Michigan State Strategic Fund, (Series 1997), Weekly VRDNs (Enprotech Mechanical Services, Inc.)/(Standard Federal Bank, N.A. LOC) 1,425,000 1,770,000 Michigan State Strategic Fund, (Series 1998), Weekly VRDNs (Monroe Publishing Co.)/(Comerica Bank LOC) 1,770,000 1,000,000 Michigan State Strategic Fund, (Series 1998), Weekly VRDNs (Wolverine Leasing)/(Huntington National Bank, Columbus, OH LOC) 1,000,000 775,000 Michigan State Strategic Fund, (Series 1998), Weekly VRDNs (Wolverine Printing)/(Huntington National Bank, Columbus, OH LOC) 775,000 1,760,000 Michigan State Strategic Fund, (Series 1999), Weekly VRDNs (DW Aluminum LLC)/(Key Bank, N.A. LOC) 1,760,000 1,260,000 Michigan State Strategic Fund, (Series 1999), Weekly VRDNs (Fab-All Manufacturing, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 1,260,000 2,200,000 Michigan State Strategic Fund, (Series 1999), Weekly VRDNs (R.M.D.H. Properties LLC)/(Huntington National Bank, Columbus, OH LOC) 2,200,000 4,780,000 Michigan State Strategic Fund, (Series 2000), Weekly VRDNs (Lee Steel Corp.)/(Comerica Bank LOC) 4,780,000 6,404,000 Michigan State Strategic Fund, (Series A), Weekly VRDNs (Teal Run Apartments)/(FHLB of Indianapolis LOC) 6,404,000 755,000 Michigan State Strategic Fund, (Series B), Weekly VRDNs (Teal Run Apartments)/(FHLB of Indianapolis LOC) 755,000 2,155,000 Michigan State Strategic Fund, Limited Obligation Revenue Bonds (Series 1995), Weekly VRDNs (J.R. Automation Technologies)/(Fifth Third Bank, Michigan LOC) 2,155,000 1,025,000 Michigan State Strategic Fund, Limited Obligation Revenue Bonds, Series 1995, Weekly VRDNs (Welch Properties)/(Fifth Third Bank, Michigan LOC) 1,025,000 4,650,000 Muskegon County, MI, 2.50% BANs, 11/1/2005 4,650,000 1,745,000 Oakland County, MI EDC, (Series 1997), Weekly VRDNs (Stone Soap Co., Inc.)/(Standard Federal Bank, N.A. LOC) 1,745,000 1,890,000 Oakland County, MI EDC, (Series 1998), Weekly VRDNs (Fox Manor, Inc.)/(Allied Irish Banks PLC LOC) 1,890,000 6,515,000 Oakland County, MI EDC, (Series 1998), Weekly VRDNs (Lourdes Assisted Living, Inc.)/(Allied Irish Banks PLC LOC) 6,515,000 9,410,000 (2) Oxford, MI Area Community Schools, MERLOTS (Series 2001-A117), 2.11% TOBs (Michigan State GTD)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 9,410,000 500,000 Taylor, MI, 3.00% Bonds (MBIA Insurance Corp. INS), 9/1/2005 500,247 5,250,000 Waterford, MI School District, 4.00% TANs, 4/30/2006 5,292,671 3,995,000 (2) Wayne County, MI, (Series 2000-383), Weekly VRDNs (Detroit, MI Metropolitan Wayne County Airport)/(MBIA Insurance Corp. INS)/(Morgan Stanley LIQ) 3,995,000 TOTAL 222,126,918 TOTAL MUNICIPAL INVESTMENTS--99.4% (AT AMORTIZED COST)(3) 222,126,918 OTHER ASSETS AND LIABILITIES--NET--0.6% 1,429,987 TOTAL NET ASSETS--100% $ 223,556,905 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 37.9% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ----------------- ---------------- ----------------- ---------------- 100.0% 0.0% ----------------- ---------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $83,955,000 which represents 37.6% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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 CP --Commercial Paper EDC --Economic Development Commission FGIC --Financial Guaranty Insurance Company FHLB --Federal Home Loan Bank FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed HDA --Housing Development Authority IDR --Industrial Development Revenue INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series ROCs --Reset Option Certificates TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes MINNESOTA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.6%(1) Minnesota--97.2% $ 16,255,000 (2) 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) $ 16,255,000 7,225,000 Avon, MN, (Series 1998) Weekly VRDNs (Vesper Corp.)/(Key Bank, N.A. LOC) 7,225,000 2,855,000 Blaine, MN, Industrial Development Revenue Bonds (Series 1996), Weekly VRDNs (S & S of Minnesota LLC)/(Wells Fargo Bank Minnesota N.A. LOC) 2,855,000 865,000 Byron, MN Weekly VRDNs (Schmidt Printing)/(Wells Fargo Bank Minnesota N.A. LOC) 865,000 905,000 Chanhassen, MN IDA, (Series 1995), Weekly VRDNs (Building Management Group LLC)/(Wells Fargo Bank Minnesota N.A. LOC) 905,000 2,815,000 Chaska, MN, (Series 2004), Weekly VRDNs (Lifecore Biomedical, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC) 2,815,000 3,400,000 Coon Rapids, MN, (Series 2003A), Weekly VRDNs (Crest Oaks Apartments)/(Lasalle Bank, N.A. LOC) 3,400,000 2,350,000 Cottage Grove, MN, IDR Refunding Bonds (Series 1995), Weekly VRDNs (SUPERVALU, Inc.)/(Wachovia Bank N.A. LOC) 2,350,000 14,500,000 (2) Dakota County & Washington County MN Housing & Redevelopment Authority, MERLOTS (Series J), Weekly VRDNs (United States Treasury COL)/(Wachovia Bank N.A. LIQ) 14,500,000 15,875,000 (2) Dakota County, MN Community Development Agency, (PT-484), Weekly VRDNs (Southview Gables Apartments)/(FHLMC GTD)/(FHLMC LIQ) 15,875,000 18,680,000 (2) Dakota County, Washington County & Anoka City, MN Housing & Redevelopment Authority, MERLOTS (Series H), Weekly VRDNs (United States Treasury COL)/(Wachovia Bank N.A. LIQ) 18,680,000 900,000 Duluth, MN, (Series 1985), Weekly VRDNs (Wachovia Bank N.A. LOC) 900,000 13,000,000 Duluth, MN, 3.25% TANs, 12/30/2005 13,051,902 4,325,000 Eagan, MN, (Series 2003 A-1), Weekly VRDNs (Thomas Lake Place Apartments)/(FNMA LOC) 4,325,000 530,000 Eden Prairie, MN IDA Weekly VRDNs (Richard W. Cohen)/(Wells Fargo Bank Minnesota N.A. LOC) 530,000 540,000 Eden Prairie, MN IDA, (Series 1996), Weekly VRDNs (Challenge Printing, Inc.)/(U.S. Bank, N.A. LOC) 540,000 4,000,000 Eden Prairie, MN Independent School District No. 272, 2.75% TRANs (Minnesota State GTD), 9/26/2005 4,006,132 800,000 Edgerton, MN, (Series 1998), Weekly VRDNs (Fey Industries, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 800,000 1,000,000 Faribault, MN IDA, (Series 2001), Weekly VRDNs (Apogee Enterprises, Inc.)/(Bank of New York LOC) 1,000,000 2,015,000 Farmington, MN, (Series 1996), Weekly VRDNs (Lexington Standard Corp.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,015,000 1,950,000 Hennepin County, MN, (Series 1996C), Weekly VRDNs 1,950,000 2,500,000 Kasson-Mantorville, MN Independent School District No. 204, 3.00% TRANs (Minnesota State GTD), 9/5/2005 2,503,054 2,800,000 Lino Lakes, MN, (Series 1997), Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,800,000 1,720,000 Lino Lakes, MN, (Series 1998), Weekly VRDNs (Molin Concrete Products Co.)/(Wells Fargo Bank Minnesota N.A. LOC) 1,720,000 600,000 Maplewood, MN, (Series 1997), Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank Minnesota N.A. LOC) 600,000 10,000,000 Minneapolis Special School District No. 001, MN, 3.75% TANs (Minnesota State GTD), 8/10/2006 10,104,404 1,000,000 Minneapolis, MN Health Care System, (Series 2005C), Weekly VRDNs (Fairview Health Services)/(MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ) 1,000,000 700,000 Minneapolis, MN, (Series 1996), Weekly VRDNs (WNB & Co.)/(U.S. Bank, N.A. LOC) 700,000 2,000,000 Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988), Weekly VRDNs (Symphony Place)/(FHLMC LOC) 2,000,000 2,700,000 Minneapolis/St. Paul, MN Airport Commission, General Obligation (Series 14), 5.50% Bonds, 1/1/2006 2,729,858 13,945,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, MERLOTS (Series 2000ZZ), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 13,945,000 3,610,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-727), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ) 3,610,000 9,935,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-1174), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 9,935,000 5,290,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-1442), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 5,290,000 2,570,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-2834), Weekly VRDNs (AMBAC INS)/(Dexia Credit Local LIQ) 2,570,000 6,000,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-2844), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 6,000,000 6,990,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, ROCs (Series 327), Weekly VRDNs (FGIC INS)/(Citibank N.A., New York LIQ) 6,990,000 3,710,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (SGA 121), Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ) 3,710,000 2,815,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, (SGA 127)/(Series 2001), Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ) 2,815,000 5,785,000 (2) Minneapolis/St. Paul, MN Metropolitan Airports Commission, PUTTERs (Series 928), Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 5,785,000 1,370,000 Minnesota Agricultural and Economic Development Board, (Series 1996), Weekly VRDNs (Evangelical Lutheran Good Samaritan Society)/(Allied Irish Banks PLC LOC) 1,370,000 6,965,000 Minnesota State HFA, (2004 Series G), Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ) 6,965,000 4,000,000 Minnesota State HFA, (2005 Series E), 2.95% BANs, 5/18/2006 4,000,000 2,070,000 (2) Minnesota State HFA, MERLOTS (Series 2001-B3), Weekly VRDNs (Wachovia Bank N.A. LIQ) 2,070,000 1,750,000 (2) Minnesota State HFA, (PA-1256), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 1,750,000 15,000,000 Minnesota State HFA, (Series J), 2.30% TOBs, Mandatory Tender 12/14/2005 15,000,000 2,545,000 (2) Minnesota State HFA, ROCs (Series 176), Weekly VRDNs (Citibank N.A., New York LIQ) 2,545,000 3,995,000 (2) Minnesota State HFA, (Series 2002 FR/RI-L35J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ) 3,995,000 3,000,000 Minnesota State Higher Education Facility Authority, (Series Five-C), Weekly VRDNs (University of St. Thomas)/(Allied Irish Banks PLC LOC) 3,000,000 7,195,000 Minnesota State Higher Education Facility Authority, (Series Five-L), Weekly VRDNs (University of St. Thomas)/(Allied Irish Banks PLC LOC) 7,195,000 2,580,000 Minnesota State Higher Education Facility Authority, (Series Six E-1), Weekly VRDNs (Hamline University of Minnesota)/(Harris, N.A. LOC) 2,580,000 4,580,000 Minnesota State Higher Education Facility Authority, (Series Six-E2), Weekly VRDNs (Hamline University of Minnesota)/(Harris, N.A. LOC) 4,580,000 14,000,000 (2) Minnesota State, Floater Certificates (Series 2001-719), Weekly VRDNs (Morgan Stanley LIQ) 14,000,000 4,865,000 (2) Minnesota State, ROCs (Series 1031), Weekly VRDNs (Citigroup Global Markets Holdings, Inc. LIQ) 4,865,000 1,620,000 New Hope, MN Weekly VRDNs (Paddock Labs)/(U.S. Bank, N.A. LOC) 1,620,000 4,900,000 North Suburban, MN Hospital District, (Series 2002), Weekly VRDNs (Woodfield LP)/(Marshall & Ilsley Bank, Milwaukee LOC) 4,900,000 2,685,000 (2) Northern Municipal Power Agency, MN, ROCs (Series 32), Weekly VRDNs (FSA INS)/ ------------------------------------------------------------------------ (Citibank N.A., New York LIQ) 2,685,000 4,995,000 (2) Northern Municipal Power Agency, MN, Floater Certificates (Series 1998-46), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 4,995,000 1,000,000 Orono, MN Independent School District 278, 2.75% TRANs (Minnesota State GTD), 8/29/2005 1,000,710 715,000 Plymouth, MN Weekly VRDNs (Nuaire, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 715,000 4,965,000 Plymouth, MN, (Series 2003), Weekly VRDNs (Harbor Lane Apartments)/(FNMA LOC) 4,965,000 13,000,000 Ramsey County, MN Housing and Redevelopment Authority, (Series 2003 A), Weekly VRDNs (Gateway Apartments LP)/(Lasalle Bank, N.A. LOC) 13,000,000 9,130,000 (2) Rochester, MN Health Care Facility Authority, (Series 1998-177), Weekly VRDNs (Mayo Foundation)/(Morgan Stanley LIQ) 9,130,000 3,500,000 Rochester, MN Mulifamily Housing, (Series 2003A), Weekly VRDNs (Eastridge Estates)/ ------------------------------------------------------------------------ (FNMA LOC) 3,500,000 2,400,000 Rockford, MN, (Series 1999), Weekly VRDNs (Minnesota Diversified Products, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,400,000 1,520,000 Rogers, MN IDA, IDRB Weekly VRDNs (DAC Development LLC Project)/(Wells Fargo Bank Minnesota N.A. LOC) 1,520,000 1,000,000 Shakopee, MN Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical Center)/(Wells Fargo Bank Minnesota N.A. LOC) 1,000,000 13,000,000 Southern Minnesota Municipal Power Agency, 2.65% CP, Mandatory Tender 12/8/2005 13,000,000 2,470,000 (2) Southern Minnesota Municipal Power Agency, PUTTERs (Series 303), Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 2,470,000 13,445,000 (2) Southern Minnesota Municipal Power Agency, ROC's (Series 189 II), Weekly VRDNs (AMBAC INS)/(Citibank N.A., New York LIQ) 13,445,000 3,000,000 St. Anthony, MN, (Series 2004A), Weekly VRDNs (Landings at Silver Lake Village)/(Lasalle Bank, N.A. LOC) 3,000,000 2,575,000 St. Joseph, MN, Vicwest (Series 2002), Weekly VRDNs (St. Joe Development LLC)/(U.S. Bank, N.A. LOC) 2,575,000 6,260,000 St. Louis Park, MN, (Series 2002A) Weekly VRDNs (West Suburban Partners VII LP)/(Lasalle Bank, N.A. LOC) 6,260,000 4,000,000 St. Louis Park, MN, (Series 2003), Weekly VRDNs (Westwind Apartments)/(FNMA LOC) 4,000,000 2,740,000 St. Michael, MN, (Series 1999), Weekly VRDNs (TC/American Monorail, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,740,000 5,000,000 St. Paul and Ramsey County, MN Housing and Redevelopment Authority, (Series 2002A), Weekly VRDNs (St. Paul Leased Housing Associates I)/(Lasalle Bank, N.A. LOC) 5,000,000 2,900,000 St. Paul, MN Housing & Redevelopment Authority Weekly VRDNs (District Cooling St Paul, Inc.)/(Dexia Credit Local LOC) 2,900,000 300,000 St. Paul, MN Housing & Redevelopment Authority Weekly VRDNs (United Way)/(U.S. Bank, N.A. LOC) 300,000 1,800,000 St. Paul, MN Housing & Redevelopment Authority, (1995 Series I), Weekly VRDNs (District Cooling St Paul, Inc.)/(Dexia Credit Local LOC) 1,800,000 3,000,000 St. Paul, MN Port Authority, (2003-13-Series T), Weekly VRDNs (District Cooling St Paul, Inc.)/(Dexia Credit Local LOC) 3,000,000 1,200,000 St. Paul, MN Port Authority, (Series 1998A), Weekly VRDNs (Bix Fruit Co.)/(Marshall & Ilsley Bank, Milwaukee LOC) 1,200,000 2,500,000 St. Paul, MN Port Authority, Variable Rate Demand IDRB's (Series 1998A) Weekly VRDNs (National Checking Co.)/(U.S. Bank, N.A. LOC) 2,500,000 7,880,000 Stillwater, MN, (Series 2002A), Weekly VRDNs (Curve Crest Villa)/(Lasalle Bank, N.A. LOC) 7,880,000 2,110,000 Waite Park, MN, (Series 2000), Weekly VRDNs (Ben's Tool & Ironworks)/(Wells Fargo Bank, N.A. LOC) 2,110,000 1,050,000 Wells, MN, 2.90% TOBs (Stokely, Inc.)/(Wachovia Bank N.A. LOC), Optional Tender 12/1/2005 1,050,000 820,000 Willow River, MN Independent School District No. 577, (Series B), 3.00% TANs (Minnesota State GTD), 8/6/2005 820,137 2,125,000 Winnebago, MN, (Series 1999), Weekly VRDNs (Dixie Carbonic, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 2,125,000 TOTAL 403,171,197 Puerto Rico--2.4% 6,000,000 (2) Puerto Rico Commonwealth Infrastructure Financing Authority, Floater Certificates (Series 1998-139), 1.88% TOBs (AMBAC INS)/(Morgan Stanley LIQ), Optional Tender 10/20/2005 6,000,000 4,000,000 (2) Puerto Rico Infrastructure Financing Authority, (Series 2000-483), 1.83% TOBs (Puerto Rico Infrastructure Financing Authority, Special Obligation 2000 A)/(Morgan Stanley LIQ), Optional Tender 10/13/2005 4,000,000 TOTAL 10,000,000 TOTAL MUNICIPAL INVESTMENTS---99.6% ======================================================================== (AT AMORTIZED COST)(3) 413,171,197 OTHER ASSETS AND LIABILITIES--NET---0.4% 1,519,689 TOTAL NET ASSETS---100% $ 414,690,886 =================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 52.8% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier 100.0% 0.0% -------------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $197,910,000 which represents 47.7% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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 FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDRB --Industrial Development Revenue Bond INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes NEW JERSEY MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--101.1%(1) New Jersey--99.1% $ 6,660,000 (2) ABN AMRO MuniTOPS Certificates Trust (New York and New Jersey Non-AMT)/(Series 2000-19) Weekly VRDNs (Port Authority of New York and New Jersey)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) $ 6,660,000 1,724,500 Absecon, NJ, 4.00% BANs, 5/11/2006 1,737,470 1,991,675 Allentown, NJ, 4.00% BANs, 2/17/2006 2,002,247 1,000,000 Atlantic Highlands, NJ Board of Education, 4.00% BANs, 5/11/2006 1,007,521 4,900,000 (2) Camden County, NJ Improvement Authority, (Series 1996) Weekly VRDNs (Parkview Redevelopment Housing Project)/(General Electric Capital Corp. LOC) 4,900,000 5,000,000 Carteret, NJ, 3.25% BANs, 2/16/2006 5,022,081 3,253,000 Cranbury Township, NJ, 3.50% BANs, 3/17/2006 3,266,526 9,900,000 (2) Delaware River Port Authority, MERLOTS (Series 2000 B4) Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 9,900,000 7,945,000 (2) Delaware River and Bay Authority, MERLOTS (Series 2000 B8) Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 7,945,000 3,530,839 Hazlet Township, NJ, 3.25% BANs, 12/9/2005 3,543,125 4,135,000 Jersey City, NJ Redevelopment Agency, Dixon Mill Apartments (Series 2000A) Weekly VRDNs (Dixon Mills Associates)/(FNMA LOC) 4,135,000 2,000,000 Keyport Borough, NJ, 2.75% BANs, 8/11/2005 2,000,509 1,500,000 Middlesex County, NJ PCFA Weekly VRDNs (FMC Gold Co.)/(Wachovia Bank N.A. LOC) 1,500,000 4,000,000 Millstone Township, NJ, 3.00% BANs, 8/12/2005 4,001,070 5,000,000 Monroe Township, NJ Board of Education, 3.25% BANs, 12/30/2005 5,013,181 1,490,000 New Jersey EDA Daily VRDNs (Jewish Community Center of Middlesex County)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 1,490,000 1,795,000 New Jersey EDA Daily VRDNs (Maroukian Realty LLC)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 1,795,000 3,525,000 New Jersey EDA Weekly VRDNs (Baptist Home Society of New Jersey)/(Valley National Bank, Passaic, NJ LOC) 3,525,000 2,590,000 New Jersey EDA Weekly VRDNs (Erasteel, Inc.)/(Svenska Handelsbanken, Stockholm LOC) 2,590,000 4,383,000 New Jersey EDA Weekly VRDNs (Meridan Health Care)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 4,383,000 1,455,000 New Jersey EDA, (2000 Project) Weekly VRDNs (Fisk Alloy Wire Incorporated and Affiliates)/(Wachovia Bank N.A. LOC) 1,455,000 570,000 New Jersey EDA, (Series 1992D-1) Weekly VRDNs (Danlin Corp.)/(BNP Paribas SA LOC) 570,000 2,625,000 New Jersey EDA, (Series 1992L) Weekly VRDNs (Kent Place School)/(BNP Paribas SA LOC) 2,625,000 3,500,000 New Jersey EDA, (Series 1997) Weekly VRDNs (Phoenix Realty Partners)/(Wachovia Bank N.A. LOC) 3,500,000 900,000 New Jersey EDA, (Series 1997) Weekly VRDNs (UJA Federation of Bergan County and North Hudson, Inc.)/(Bank of New York LOC) 900,000 7,000,000 New Jersey EDA, (Series 1998) Daily VRDNs (Mount Olive Industrial Realty Co. LLC)/(Bank of New York LOC) 7,000,000 1,060,000 New Jersey EDA, (Series 1998) Weekly VRDNs (Deutscher Realty Co. LLC)/(JPMorgan Chase Bank, N.A. LOC) 1,060,000 7,135,000 New Jersey EDA, (Series 1998) Weekly VRDNs (Job Haines Home)/(PNC Bank, N.A. LOC) 7,135,000 1,400,000 New Jersey EDA, (Series 1998B) Weekly VRDNs (Jewish Home at Rockleigh)/(PNC Bank, N.A. LOC) 1,400,000 4,130,000 New Jersey EDA, (Series 1999) Daily VRDNs (VOADV Property, Inc.)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 4,130,000 1,285,000 New Jersey EDA, (Series 1999) Weekly VRDNs (Richmond Industries, Inc. and Richmond Realty LLC)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 1,285,000 6,610,000 New Jersey EDA, (Series 2000) Daily VRDNs (Rose Hill Associates LLC)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 6,610,000 4,150,000 New Jersey EDA, (Series 2001) Weekly VRDNs (Diocese of Metuchen)/(Bank of America N.A. LOC) 4,150,000 6,575,000 New Jersey EDA, (Series 2001) Weekly VRDNs (Geriatric Services Housing Corp., Inc. - (CNJJHA Assisted Living))/(Lloyds TSB Bank PLC, London LOC) 6,575,000 8,000,000 New Jersey EDA, (Series 2001) Weekly VRDNs (Ocean Spray Cranberries, Inc.)/(Wachovia Bank N.A. LOC) 8,000,000 7,100,000 New Jersey EDA, (Series 2001) Weekly VRDNs (Republic Services, Inc.)/(Bank of America N.A. LOC) 7,100,000 1,700,000 New Jersey EDA, (Series 2001) Weekly VRDNs (Temple Emanuel of the Pascack Valley)/(PNC Bank, N.A. LOC) 1,700,000 3,090,000 New Jersey EDA, (Series 2001) Weekly VRDNs (Village School for Children, Inc.)/(Valley National Bank, Passaic, NJ LOC) 3,090,000 3,100,000 New Jersey EDA, (Series 2002) Daily VRDNs (Bancroft NeuroHealth)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 3,100,000 1,400,000 New Jersey EDA, (Series 2002B) Daily VRDNs (Presbyterian Homes Assisted Living Obligated Group)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 1,400,000 4,700,000 New Jersey EDA, (Series 2003) Weekly VRDNs (Port Newart Container Terminal LLC)/(Citibank N.A., New York LOC) 4,700,000 580,000 New Jersey EDA, (Series A) Weekly VRDNs (325 Midland Avenue LLC & Wearbest Sil-Tex Ltd.)/(Bank of New York LOC) 580,000 11,300,000 New Jersey EDA, Lion's Gate (Series 2005C) Weekly VRDNs (SJF-CCRC, Inc.)/(Citizens Bank of Pennsylvania LOC) 11,300,000 3,035,000 (2) New Jersey EDA, Macon Trust (Series 2005H) Weekly VRDNs (FGIC INS)/(Bank of America N.A. LIQ) 3,035,000 7,800,000 (2) New Jersey EDA, PUTTERs (Series 689) Weekly VRDNs (New Jersey-American Water Co., Inc.)/(AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 7,800,000 3,900,000 New Jersey EDA, Winchester Gardens at Ward Homestead (Series 2004) Weekly VRDNs (Marcus L. Ward Home)/(Valley National Bank, Passaic, NJ LOC) 3,900,000 6,200,000 (2) New Jersey Environmental Infrastructure Trust, (Series 2001-JPMC-6) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 6,200,000 1,980,000 New Jersey Health Care Facilities Financing Authority Weekly VRDNs (St. Peter's University Hospital)/(Bank of America N.A. LOC) 1,980,000 2,925,000 New Jersey Health Care Facilities Financing Authority, (Series 2002) Daily VRDNs (Wiley Mission)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 2,925,000 7,150,000 New Jersey Health Care Facilities Financing Authority, (Series 2004A-1) Weekly VRDNs (Bayshore Community Hospital, NJ)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 7,150,000 2,000,000 New Jersey Health Care Facilities Financing Authority, (Series 2005) Daily VRDNs (Recovery Management Systems, Inc.)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 2,000,000 8,085,000 (2) New Jersey Health Care Facilities Financing Authority, Floater Certificates (Series 2001-833) Weekly VRDNs (Hunterdon Medical Center)/(AMBAC INS)/(Morgan Stanley LIQ) 8,085,000 3,185,000 (2) New Jersey Health Care Facilities Financing Authority, MERLOTS (Series 2001-A100) Weekly VRDNs (Jersey City Medical Center)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 3,185,000 1,295,000 (2) New Jersey Housing & Mortgage Financing Authority, MERLOTS (Series 2000 A2) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 1,295,000 3,000,000 New Jersey State Educational Facilities Authority, (2000 Series D) Weekly VRDNs (Institute for Defense Analyses)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 3,000,000 4,185,000 New Jersey State Educational Facilities Authority, (2003 Series A) Daily VRDNs (Centenary College)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 4,185,000 1,330,000 (2) New Jersey State Transportation Trust Fund Authority, Floater Certificates (Series 1998-54) Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 1,330,000 9,350,000 (2) New Jersey State Transportation Trust Fund Authority, PUTTERs (Series 241) Weekly VRDNs (FSA INS)/(J.P. Morgan Chase & Co. LIQ) 9,350,000 18,655,000 (2) New Jersey State Transportation Trust Fund Authority, PUTTERs (Series 823) Weekly VRDNs (United States Treasury COL)/(MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) 18,655,000 4,635,000 (2) New Jersey State, Macon Trust (Series 2004F) Weekly VRDNs (FSA INS)/(Bank of America N.A. LIQ) 4,635,000 800,000 New Jersey Turnpike Authority, (Series 2003C-3) Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 800,000 14,995,000 (2) New Jersey Turnpike Authority, PA-824R Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 14,995,000 15,865,000 (2) Newark, NJ Housing Authority, PT-1590 Weekly VRDNs (Georgie King Village Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 15,865,000 2,000,000 Ocean City, NJ, 3.75% BANs, 10/28/2005 2,005,482 4,863,925 Ocean Township, NJ, 3.25% BANs, 1/13/2006 4,884,341 4,000,000 Old Bridge Township, NJ Board of Education, 3.00% GANs, 10/13/2005 4,009,033 5,304,299 Paramus, NJ, 3.25% BANs, 9/20/2005 5,309,603 2,000,000 Perth Amboy, NJ, 3.375% BANs, 3/10/2006 2,006,764 1,504,250 Pine Beach, NJ, 3.00% BANs, 10/21/2005 1,507,688 10,000,000 Port Authority of New York and New Jersey, (Series 1991-4/5) Weekly VRDNs 10,000,000 2,270,000 (2) Port Authority of New York and New Jersey, MERLOTS (Series 2000 B5) Weekly VRDNs (JFK International Air Terminal LLC)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 2,270,000 2,100,000 (2) Port Authority of New York and New Jersey, PUTTERs (Series 153) Weekly VRDNs (FGIC INS)/(JPMorgan Chase Bank, N.A. LIQ) 2,100,000 1,052,000 Riverton, NJ, 4.00% BANs, 7/14/2006 1,062,191 5,040,000 Salem County, NJ Improvement Authority, (Series 2004) Weekly VRDNs (Friends Home At Woodstown, Inc.)/(Bank of America N.A. LOC) 5,040,000 4,498,500 Scotch Plains Township, NJ, 4.00% BANs, 5/26/2006 4,537,759 1,320,320 Somerdale Borough, NJ, 4.00% BANs, 4/11/2006 1,329,203 2,492,000 South Amboy, NJ, 3.25% BANs, 11/1/2005 2,498,450 2,245,000 South Amboy, NJ, 4.00% BANs, 8/2/2006 2,264,531 7,800,000 Stafford Township, NJ, 3.75% BANs, 1/19/2006 7,838,950 2,512,840 Tuckerton, NJ, 3.75% BANs, 6/23/2006 2,532,478 3,191,000 Union Beach, NJ, 4.00% BANs, 7/13/2006 3,221,848 6,943,500 Union City, NJ, 4.00% BANs, 5/17/2006 6,996,828 829,520 Wenonah, NJ, 3.75% BANs, 3/31/2006 833,805 2,000,000 West Long Branch, NJ, 3.25% BANs, 2/8/2006 2,008,679 1,597,000 Wharton Borough, NJ, 3.00% BANs, 10/28/2005 1,600,965 5,100,000 Wildwood Crest, NJ, 4.00% BANs, 5/18/2006 5,139,305 3,257,100 Willingboro Township, NJ, 4.00% BANs, 8/4/2006 3,285,502 TOTAL 370,435,135 Puerto Rico--2.0% 4,000,000 (2) Puerto Rico Public Finance Corp., (Series 2004 FR/RI-L37J) Weekly VRDNs (AMBAC INS)/(Lehman Brothers Holdings, Inc. LIQ) 4,000,000 3,500,000 (2) Puerto Rico Public Finance Corp., Class A Certificates (Series 2002-195) Weekly VRDNs (AMBAC INS)/(Bear Stearns Cos., Inc. LIQ) 3,500,000 TOTAL 7,500,000 TOTAL MUNICIPAL INVESTMENTS--101.1% (AT AMORTIZED COST)(3) 377,935,135 OTHER ASSETS AND LIABILITIES--NET--(1.1)% (4,261,559) TOTAL NET ASSETS--100% $ 373,673,576 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 21.2% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ----------------- ---------------- ----------------- ---------------- 97.5% 2.5% ----------------- ---------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $135,705,000 which represents 36.3% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized EDA --Economic Development Authority FGIC --Financial Guaranty Insurance Company FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GANs --Grant Anticipation Notes INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PCFA --Pollution Control Finance Authority PUTTERs --Puttable Tax-Exempt Receipts TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes NEW YORK MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.3%(1) New York--99.3% $ 2,110,000 Albany, NY IDA, (Series 2001D: Empire Commons South) Weekly VRDNs (University at Albany Foundation Student Housing Corp.)/(AMBAC INS)/(Key Bank, N.A. LIQ) $ 2,110,000 3,435,000 Albany, NY IDA, (Series 2001A: Empire Commons East) Weekly VRDNs (University at Albany Foundation Student Housing Corp.)/(AMBAC INS)/(Key Bank, N.A. LIQ) 3,435,000 1,120,000 Albany, NY IDA, (Series 2003A) Weekly VRDNs (South Mall Towers Albany LP)/(FNMA LOC) 1,120,000 4,000,000 Albany, NY IDA, (Series 2004B) Weekly VRDNs (Albany College of Pharmacy)/(SunTrust Bank LOC) 4,000,000 11,100,000 Bethlehem, NY IDA, (Series 2003A) Weekly VRDNs (467 Delaware Avenue LLC)/(Federal Home Loan Bank of New York LOC) 11,100,000 9,500,000 Binghamton, NY City School District, 3.50% RANs, 1/20/2006 9,545,842 12,568,550 Brocton, NY Central School District, 3.25% BANs, 12/16/2005 12,612,354 28,090,000 (2) Buffalo, NY Fiscal Stability Authority, (PT-2999) Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 28,090,000 4,236,155 Camden, NY Central School District, 3.75% BANs, 7/14/2006 4,273,348 4,540,000 Cattaraugus County, NY IDA, (Series 1999A) Weekly VRDNs (Gernatt Asphalt Products, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 4,540,000 2,920,000 Cayuga County, NY IDA, (Series 1998) Weekly VRDNs (NFR Northeast, Inc.)/(Citizens Bank of Pennsylvania LOC) 2,920,000 2,915,000 Chautauqua County, NY IDA, (Series 1999A) Weekly VRDNs (National Bedding Co.)/(Bank of America N.A. LOC) 2,915,000 5,600,000 Chautauqua County, NY IDA, The Carriage House Companies (Series 1985) Weekly VRDNs (The Red Wing Co., Inc.)/(Wachovia Bank N.A. LOC) 5,600,000 9,050,000 Clinton County, NY IDA, (Series 2002A) Weekly VRDNs (Champlain Valley Physicians Hospital Medical Center)/(Radian Asset Assurance INS)/(Key Bank, N.A. LIQ) 9,050,000 9,965,350 Clinton County, NY, 3.75% BANs, 7/20/2006 10,049,622 51,130,000 (2) Clipper Tax-Exempt Certificates Trust (New York Non-AMT)/(Series 2005-23) Weekly VRDNs ((FGIC, MBIA Insurance Corp. INS) and State Street Bank and Trust Co. LIQs) 51,130,000 2,780,000 Cohoes, NY IDA, (Series 2003) Weekly VRDNs (AHF-Columbia Crest LLC)/(Key Bank, N.A. LOC) 2,780,000 340,000 Colonie, NY IDA Weekly VRDNs (Herbert S. Ellis)/(HSBC Bank USA LOC) 340,000 280,000 Colonie, NY IDA, (Series 1988) Weekly VRDNs (Specialty Retailers, Inc.)/(HSBC Bank USA LOC) 280,000 2,500,000 Corning, NY City School District, 3.75% BANs, 7/12/2006 2,522,283 7,000,000 Dutchess County, NY IDA, (Series 2002) Weekly VRDNs (Trinity Pawling School Corp.)/ ------------------------------------------------------------------------ (Allied Irish Banks PLC LOC) 7,000,000 3,930,000 Dutchess County, NY IDA, (Series 2005) Weekly VRDNs (Lutheran Center at Poughkeepsie, Inc.)/(Key Bank, N.A. LOC) 3,930,000 14,000,000 Dutchess County, NY IDA, (Series 2005A) Weekly VRDNs (Marist College)/(Bank of New York LOC) 14,000,000 7,300,000 East Rochester, NY Housing Authority, (Series 2001: Daniel's Creek at Baytowne) Weekly VRDNs (Seabury Associates LP)/(HSBC Bank USA LOC) 7,300,000 5,000,000 Eastchester, NY United Free School District, 3.75% TANs, 6/23/2006 5,043,885 3,920,000 Edmeston, NY Central School District, 3.75% BANs, 6/30/2006 3,953,045 4,090,000 Erie County, NY IDA, (Series 2002: Civic Facility Revenue Bonds) Weekly VRDNs (People, Inc.)/(Key Bank, N.A. LOC) 4,090,000 4,150,000 Erie County, NY IDA, IDRB (Series 1994) Weekly VRDNs (Servotronics, Inc. Project)/(Bank of America N.A. LOC) 4,150,000 4,010,000 Glenville, NY, 3.25% BANs, 12/9/2005 4,023,254 6,500,000 Hampton Bays, NY Union Free School District, 3.75% TANs, 6/22/2006 6,558,020 10,525,000 (2) Hempstead, NY IDA, (Series 2003 FR/RI-F13J) Weekly VRDNs (FCD Lynbrook LLC)/ ------------------------------------------------------------------------ (Lehman Brothers Holdings, Inc. SWP) 10,525,000 1,700,000 Herkimer County, NY IDA, 1994 IDRB Weekly VRDNs (Granny's Kitchen)/(Bank of New York LOC) 1,700,000 2,000,000 Kings Park, NY Central School District, 4.00% TANs, 6/29/2006 2,019,520 12,400,000 Lackawanna, NY City School District, 3.75% BANs, 6/16/2006 12,500,136 2,179,720 Liverpool, NY Central School District, 3.75% BANs, 7/7/2006 2,199,469 13,500,000 Liverpool, NY Central School District, 3.75% RANs, 7/7/2006 13,622,316 29,095,000 (2) Long Island Power Authority, NY, (PA-522) Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ) 29,095,000 3,890,000 Long Island Power Authority, NY, (Series 2003D) Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ) 3,890,000 10,260,000 Madison County, NY IDA, (Series 1999A) Weekly VRDNs (Cazenovia College)/ ------------------------------------------------------------------------ (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 10,260,000 3,400,000 Madison County, NY IDA, (Series A) Weekly VRDNs (Owl Wire and Cable)/(Key Bank, N.A. LOC) 3,400,000 6,750,000 Mattituck-Cutchogue, NY Union Free School District, 3.75% TANs, 6/30/2006 6,806,925 29,980,000 (2) Metropolitan Transportation Authority, NY, (PT-2998) Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 29,980,000 10,485,000 Metropolitan Transportation Authority, NY, (Series 2002D-1) Weekly VRDNs (FSA INS)/ ------------------------------------------------------------------------ (WestLB AG GTD LIQ) 10,485,000 128,800,000 Metropolitan Transportation Authority, NY, Dedicated Tax Fund (Series 2005A) Weekly VRDNs (XL Capital Assurance Inc. INS)/(Citibank NA, New York LIQ) 128,800,000 9,395,000 (2) Metropolitan Transportation Authority, NY, MERLOTS (Series 1997C) Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 9,395,000 7,460,000 (2) Metropolitan Transportation Authority, NY, MERLOTS (Series 2002-A52) Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 7,460,000 5,667,500 (2) Metropolitan Transportation Authority, NY, Piper Variable Certificates (Series 2002F) Weekly VRDNs (AMBAC INS)/(Bank of New York LIQ) 5,667,500 3,940,000 (2) Metropolitan Transportation Authority, NY, ROCs (Series 258) Weekly VRDNs (FSA INS)/(Citibank NA, New York LIQ) 3,940,000 2,100,000 Monroe County, NY IDA, (Series 2000) Weekly VRDNs (Eldre Corp.)/(JPMorgan Chase Bank, N.A. LOC) 2,100,000 8,000,000 Monroe County, NY IDA, (Series 2002A) Weekly VRDNs (Monroe Community College Association, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 8,000,000 1,700,000 Monroe County, NY IDA, (Series 2004) Weekly VRDNs (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,700,000 9,455,000 Monroe County, NY IDA, (Series 2005) Weekly VRDNs (Cherry Ridge Apartments, LLC)/(HSBC Bank USA LOC) 9,455,000 7,190,000 Monroe County, NY IDA, (Series 2005) Weekly VRDNs (Cherry Ridge Independent Living, LLC)/(HSBC Bank USA LOC) 7,190,000 6,750,000 Monroe County, NY IDA, (Series 2005) Weekly VRDNs (Cherry Ridge Independent Living, LLC)/(HSBC Bank USA LOC) 6,750,000 14,625,000 Monroe County, NY IDA, (Series 2005) Weekly VRDNs (Glen at Cherry Ridge, LLC)/(HSBC Bank USA LOC) 14,625,000 4,700,000 Mount Sinai, NY Union Free School District, 4.00% TANs, 6/23/2006 4,751,859 13,250,000 (2) Nassau County, NY IDA, (MT-010) Weekly VRDNs (Bryant Landing at Roslyn LLC)/(Lloyds TSB Bank PLC, London LIQ)/(Lloyds TSB Bank PLC, London LOC) 13,250,000 19,400,000 New York City, NY Housing Development Corp., (Series 2003A: 2 Gold Street) Weekly VRDNs (2 Gold LLC)/(Bank of America N.A. LOC) 19,400,000 4,400,000 New York City, NY Housing Development Corp., (Series 2004 A) Weekly VRDNs (West 61st Street Associates LLC)/(HSBC Bank USA LOC) 4,400,000 13,900,000 New York City, NY Housing Development Corp., (Series 2004A) Weekly VRDNs (B.C.R.E.-90 West Street LLC)/(HSBC Bank USA LOC) 13,900,000 11,000,000 New York City, NY Housing Development Corp., (Series 2005A) Weekly VRDNs (155 West 21st Street, LLC)/(Bank of New York LOC) 11,000,000 5,800,000 New York City, NY Housing Development Corp., (Series 2005A: 15 East Clarke Place Apartments) Weekly VRDNs (East Clarke Place Associates II LLC)/(JPMorgan Chase Bank, N.A. LOC) 5,800,000 10,000,000 New York City, NY IDA, (Series 1997) Weekly VRDNs (Danzas AEI, Inc.)/(Citibank NA, New York LOC) 10,000,000 14,300,000 New York City, NY IDA, (Series 2000) Weekly VRDNs (Jewish Community Center on the Upper West Side, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 14,300,000 4,700,000 New York City, NY IDA, (Series 2000) Weekly VRDNs (National Center on Addiction and Substance Abuse at Columbia University)/(JPMorgan Chase Bank, N.A. LOC) 4,700,000 2,300,000 New York City, NY IDA, (Series 2001) Weekly VRDNs (Federation of Protestant Welfare Agencies, Inc.)/(Allied Irish Banks PLC LOC) 2,300,000 3,000,000 New York City, NY IDA, (Series 2001) Weekly VRDNs (Jewish Community Center in Manhattan, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,000,000 1,260,000 New York City, NY IDA, (Series 2001) Weekly VRDNs (Village Community School)/ ------------------------------------------------------------------------ (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,260,000 1,600,000 New York City, NY IDA, (Series 2002) Weekly VRDNs (The Hewitt School)/(Allied Irish Banks PLC LOC) 1,600,000 6,000,000 New York City, NY IDA, (Series 2003) Weekly VRDNs (Professional Children's School)/ ------------------------------------------------------------------------ (Wachovia Bank N.A. LOC) 6,000,000 3,200,000 New York City, NY IDA, (Series 2004) Weekly VRDNs (Allen-Stevenson School)/(Allied Irish Banks PLC LOC) 3,200,000 2,625,000 New York City, NY IDA, (Series 2004) Weekly VRDNs (Birch Wathen Lenox School)/(Allied Irish Banks PLC LOC) 2,625,000 5,355,000 New York City, NY IDA, (Series 2004) Weekly VRDNs (Seamen's Society for Children and Families)/(Commerce Bank NA, Cherry Hill, NJ LOC) 5,355,000 3,900,000 New York City, NY IDA, (Series 2004) Weekly VRDNs (Super-Tek Products, Inc.)/(Citibank NA, New York LOC) 3,900,000 7,980,000 New York City, NY IDA, (Series 2004A) Weekly VRDNs (Institute for Community Living, Inc.)/(HSBC Bank USA LOC) 7,980,000 2,550,000 New York City, NY IDA, (Series 2005) Weekly VRDNs (French Institute-Alliance Francaise de New York-Federation of French Alliances in the United States)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,550,000 4,170,000 New York City, NY IDA, (Series 2005A) Weekly VRDNs (Ethical Culture Fieldston School)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ) 4,170,000 6,350,000 New York City, NY IDA, (Series 2001A) Weekly VRDNs (Heart Share Human Services of New York)/(HSBC Bank USA LOC) 6,350,000 5,710,000 New York City, NY IDA, Civic Facility Revenue Bonds (Series 2000) Weekly VRDNs (Columbia Grammar & Preparatory School)/(Allied Irish Banks PLC LOC) 5,710,000 3,700,000 New York City, NY IDA, Industrial Development Revenue Bonds (Series 2003) Weekly VRDNs (Novelty Crystal Corp.)/(Commerce Bank NA, Cherry Hill, NJ LOC) 3,700,000 75,000,000 New York City, NY IDA, Liberty Revenue Bonds (Series 2004 A) Weekly VRDNs (One Bryant Park LLC)/(Bayerische Landesbank GTD INV)/(Bank of America N.A. and Bank of New York LOCs) 75,000,000 11,800,000 New York City, NY IDA, Liberty Revenue Bonds (Series 2004 B) Daily VRDNs (One Bryant Park LLC)/(Bayerische Landesbank GTD INV)/(Bank of America N.A. and Bank of New York LOCs) 11,800,000 11,600,000 New York City, NY IDA, Liberty Revenue Bonds (Series 2004) Weekly VRDNs (FC Hanson Office Associates LLC)/(Lloyds TSB Bank PLC, London LOC) 11,600,000 3,240,000 (2) New York City, NY Municipal Water Finance Authority, (PA-523) Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 3,240,000 7,000,000 New York City, NY Municipal Water Finance Authority, (Series 5), 2.40% CP, Mandatory Tender 8/16/2005 7,000,000 4,995,000 (2) New York City, NY Municipal Water Finance Authority, ROCs (Series 380) Weekly VRDNs (AMBAC INS)/(Citibank NA, New York LIQ) 4,995,000 14,000,000 New York City, NY Transitional Finance Authority, (1999 Subseries A-2) Weekly VRDNs (Bank of Nova Scotia, Toronto LIQ) 14,000,000 9,890,000 (2) New York City, NY Transitional Finance Authority, (Series 1999B) MERLOTS Weekly VRDNs (Wachovia Bank N.A. LIQ) 9,890,000 1,495,000 (2) New York City, NY Transitional Finance Authority, MERLOTS (Series 2002-A40) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 1,495,000 4,975,000 (2) New York City, NY Transitional Finance Authority, Piper Certificates (Series 2002E) Weekly VRDNs (Bank of New York LIQ) 4,975,000 1,030,000 New York City, NY, (1995 Series B-9) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC) 1,030,000 18,825,000 New York City, NY, (1995 Series F-4) Weekly VRDNs (Landesbank Hessen-Thueringen GTD LOC) 18,825,000 3,600,000 New York City, NY, (1996 Series J-2) Weekly VRDNs (WestLB AG GTD LOC) 3,600,000 8,000,000 New York City, NY, (1996 Series J-3) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC) 8,000,000 26,545,000 New York City, NY, (2003 Series C-2) Weekly VRDNs (Bayerische Landesbank GTD LOC) 26,545,000 4,100,000 New York City, NY, (2004 Series H-6) Weekly VRDNs (Bank of America N.A. LOC) 4,100,000 7,400,000 New York City, NY, (Fiscal 2005 Series E), 3.00% Bonds, 11/1/2005 7,408,885 1,790,000 (2) New York City, NY, (PT-2848) Weekly VRDNs (Dexia Credit Local LIQ)/(Dexia Credit Local LOC) 1,790,000 18,960,000 (2) New York City, NY, (ROCs Series 251) Weekly VRDNs (Citigroup Global Markets Holdings, Inc. GTD)/(Citigroup Global Markets Holdings, Inc. LIQ) 18,960,000 5,450,000 (2) New York State Dormitory Authority, (Series 2003 FR/METR-M7J) Weekly VRDNs (CDC IXIS Financial Guaranty NA INS)/(Lehman Brothers Holdings, Inc. LIQ) 5,450,000 3,200,000 New York State Dormitory Authority, (Series 2003) Weekly VRDNs (Teresian House Housing Corp.)/(Lloyds TSB Bank PLC, London LOC) 3,200,000 1,920,000 New York State Dormitory Authority, (Series 2005) Weekly VRDNs (Park Ridge Hospital, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 1,920,000 4,000,000 New York State Dormitory Authority, (Series 2005) Weekly VRDNs (Pratt Institute)/(Radian Asset Assurance INS)/(Citibank N.A., New York LIQ) 4,000,000 7,500,000 (2) New York State Dormitory Authority, MERLOTS (Series 2000 X) Weekly VRDNs (Memorial Sloan-Kettering Cancer Center)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 7,500,000 1,975,000 (2) New York State Dormitory Authority, MERLOTS (Series 2001-A30) Weekly VRDNs (AMBAC INS)/(Wachovia Bank N.A. LIQ) 1,975,000 12,420,000 (2) New York State Dormitory Authority, MERLOTS (Series 2002-A56) Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ) 12,420,000 5,000,000 New York State Dormitory Authority, Mental Health Services (2003 Subseries F-2A) Weekly VRDNs (New York State)/(FSA INS)/(Dexia Credit Local LIQ) 5,000,000 2,760,000 New York State Dormitory Authority, Mental Health Services (2003 Subseries F-2C) Weekly VRDNs (New York State)/(FSA INS)/(Dexia Credit Local LIQ) 2,760,000 10,135,000 (2) New York State Dormitory Authority, PA-60 (Series 1993) Weekly VRDNs (Rochester General Hospital)/(FHA INS)/(Merrill Lynch & Co., Inc. LIQ) 10,135,000 4,020,000 (2) New York State Dormitory Authority, PT-128 Weekly VRDNs (Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island, Inc.)/(AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 4,020,000 11,330,000 (2) New York State Dormitory Authority, PT-130 Weekly VRDNs (United Health Services Hospitals, Inc.)/(AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ) 11,330,000 5,330,000 (2) New York State Dormitory Authority, PT-75 Weekly VRDNs (Ellis Hospital)/(MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 5,330,000 5,795,000 (2) New York State Dormitory Authority, Variable Rate Certificate (Series 2001-D) Weekly VRDNs (Mount Sinai School of Medicine)/(MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ) 5,795,000 21,975,000 (2) New York State Energy Research & Development Authority, (Series 2002 FR/RI-F9J) Weekly VRDNs (Consolidated Edison Co.)/(Lehman Brothers Holdings, Inc. SWP) 21,975,000 1,600,000 (2) New York State Environmental Facilities Corp. State Clean Water and Drinking Water, Floater Certificates (Series 2001-658) Weekly VRDNs (Morgan Stanley LIQ) 1,600,000 6,440,000 (2) New York State Environmental Facilities Corp. State Clean Water and Drinking Water, ROCs (Series 4001) Weekly VRDNs (Citigroup Global Markets Holdings, Inc. LIQ) 6,440,000 4,400,000 New York State HFA, (1999 Series A: 300 East 39th Street) Weekly VRDNs (39th Street Associates LLC)/(FNMA LOC) 4,400,000 41,755,000 New York State HFA, (Series 2002A: 271 West 47th Street) Weekly VRDNs (Biltmore Tower LLC)/(FNMA LOC) 41,755,000 5,000,000 New York State HFA, (Series 2004A: 100 Maiden Lane) Weekly VRDNs (Maiden Lane Properties LLC)/(Bank of New York LOC) 5,000,000 9,500,000 New York State HFA, (Series 2005A: 250 West 93rd Street) Weekly VRDNs (L&M 93rd Street LLC)/(Bank of America N.A. LOC) 9,500,000 9,500,000 New York State HFA, Service Contract Revenue Bonds (2003 Series C) Weekly VRDNs (Dexia Credit Local LOC) 9,500,000 3,800,000 New York State HFA, Service Contract Revenue Bonds (2003 Series E) Weekly VRDNs (BNP Paribas SA LOC) 3,800,000 11,810,000 (2) New York State Local Government Assistance Corp., Class A Certificates (Series 2002-203) Weekly VRDNs (FSA INS)/(Bear Stearns Cos., Inc. LIQ) 11,810,000 16,495,000 (2) New York State Mortgage Agency, (PA-422) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 16,495,000 10,145,000 (2) New York State Mortgage Agency, PA-406 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 10,145,000 10,000,000 (2) New York State Thruway Authority, (PA-532) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 10,000,000 6,765,000 (2) New York State Thruway Authority, Saratoga Trust (Series 2004-10) Weekly VRDNs (New York State Personal Income Tax Revenue Bond Fund)/(AMBAC INS)/(Caisse Nationale De Credit Agricole, Paris LIQ) 6,765,000 8,400,000 (2) New York State Urban Development Corp., (Series 1996-CMC6) Weekly VRDNs (New York State Urban Development Corp - HUD Section 236)/(J.P. Morgan Chase & Co. LIQ) 8,400,000 11,370,000 New York State Urban Development Corp., (Series 2004A-3-C) Weekly VRDNs (New York State Personal Income Tax Revenue Bond Fund)/(CDC IXIS Financial Guaranty NA INS)/(Dexia Credit Local LIQ) 11,370,000 9,000,000 Newburgh, NY City School District, 3.25% RANs, 6/21/2006 9,013,741 3,220,000 (2) Newburgh, NY IDA, (PT-2504) Weekly VRDNs (Belvedere Housing LP)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 3,220,000 5,000,000 Niagara County, NY IDA, (Series 2001B) Weekly VRDNs (Niagara University)/(Radian Asset Assurance INS)/(HSBC Bank USA LIQ) 5,000,000 6,330,000 North Syracuse, NY Central School District, 3.75% BANs, 6/23/2006 6,386,650 4,850,000 Oneonta, NY City School District, 3.75% RANs, 6/28/2006 4,891,475 3,497,000 Onondaga County, NY IDA, (Series 1999A) Weekly VRDNs (Christian Brothers Academy of Syracuse, NY)/(Key Bank, N.A. LOC) 3,497,000 1,560,000 Onondaga County, NY IDA, (Series 2000) Weekly VRDNs (M.S. Kennedy Corp.)/(Key Bank, N.A. LOC) 1,560,000 4,510,000 Onondaga County, NY IDA, (Series 2003A) Weekly VRDNs (Crouse Health Hospital, Inc.)/ ------------------------------------------------------------------------ (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 4,510,000 1,725,000 Onondaga County, NY Weekly VRDNs (Grainger (W.W.), Inc.) 1,725,000 4,800,000 Ontario County, NY Industrial Development Agency, (Series 2003B) Weekly VRDNs (Frederick Ferris Thompson Hospital)/(Key Bank, N.A. LOC) 4,800,000 600,000 Ontario, NY IDA Weekly VRDNs (Hillcrest Enterprises/Buckeye Corrugated)/(National City Bank, Ohio LOC) 600,000 6,000,000 Orange County, NY IDA, (Series 2002) Weekly VRDNs (Tuxedo Park School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 6,000,000 5,015,000 Oswego County, NY IDA, (Series 2003) Weekly VRDNs (Oswego College Foundation, Inc.)/ ------------------------------------------------------------------------ (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 5,015,000 4,605,000 (2) Port Authority of New York and New Jersey, (PT-440) Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ) 4,605,000 15,000,000 Port Authority of New York and New Jersey, (Series 1989-2) Weekly VRDNs 15,000,000 15,000,000 Port Authority of New York and New Jersey, (Series 1989-3/4) Weekly VRDNs 15,000,000 12,400,000 Port Authority of New York and New Jersey, Equipment Note Agreement (Series 2002-1) Weekly VRDNs 12,400,000 2,585,000 Rensselaer County, NY IDA, (Series 2002A) Weekly VRDNs (Sage Colleges)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,585,000 5,235,000 Rensselaer County, NY IDA, Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (WMHT Educational Telecommunications)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 5,235,000 4,500,000 Riverhead, NY IDA, IDRB (Series 1998) Weekly VRDNs (Altaire Pharmaceuticals, Inc.)/ ------------------------------------------------------------------------ (Mellon Bank NA, Pittsburgh LOC) 4,500,000 4,735,000 Rockland County, NY IDA, (Series 2001) Weekly VRDNs (Gussack Realty Co./Tappan Wire and Cable, Inc.)/(Bank of New York LOC) 4,735,000 4,000,000 Salamanca, NY City School District, 4.00% BANs, 6/16/2006 4,033,914 965,000 Schenectady, NY IDA, (Series 1995A) Weekly VRDNs (Fortitech Holding Corp.)/(Bank of America N.A. LOC) 965,000 1,760,000 Southeast, NY IDA, IDRB (Series 1995) Weekly VRDNs (Dairy Conveyor Corp.)/(JPMorgan Chase Bank, N.A. LOC) 1,760,000 5,667,000 St. Lawrence County, NY IDA, (Series 2002) Weekly VRDNs (Canton-Potsdam Hospital)/(Key Bank, N.A. LOC) 5,667,000 480,000 Suffolk County, NY IDA Weekly VRDNs (YM-YWHA of Suffolk)/(Citibank NA, New York LOC) 480,000 1,390,000 Suffolk County, NY IDA, (Series 1997B) Weekly VRDNs (Maryhaven Center of Hope)/(Key Bank, N.A. LOC) 1,390,000 9,420,000 Sullivan County, NY, 3.75% BANs, 7/20/2006 9,508,643 5,500,000 Syracuse, NY IDA, (Series 2003A) Weekly VRDNs (Crouse Health Hospital, Inc.)/ ------------------------------------------------------------------------ (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 5,500,000 795,000 (2) Triborough Bridge & Tunnel Authority, NY, PUTTERs (Series 304) Weekly VRDNs (MBIA Insurance Corp. INS)/(J.P. Morgan Chase & Co. LIQ) 795,000 14,465,000 Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000A) Weekly VRDNs (FSA INS)/(JPMorgan Chase Bank, N.A. LIQ) 14,465,000 1,465,000 Ulster County, NY IDA, (Series 2001A) Weekly VRDNs (Northeast Panel & Truss LLC)/(ABN AMRO Bank NV, Amsterdam LOC) 1,465,000 20,000,000 Ulster County, NY, 4.00% BANs, 6/9/2006 20,216,263 3,590,000 (2) United Nations, NY Development Corp., PT-2087 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 3,590,000 7,500,000 Walden Village, NY IDA, IDRB (Series 1994) Weekly VRDNs (Spence Engineering Co.)/(Wachovia Bank N.A. LOC) 7,500,000 11,865,000 Warren & Washington Counties, NY IDA, (Series 2000) Weekly VRDNs (Glen at Hiland Meadows, Inc.)/(PNC Bank, N.A. LOC) 11,865,000 1,520,000 Wayne County, NY IDA, (Series 1999) Weekly VRDNs (Paul T. Freund Corporation Facility)/(JPMorgan Chase Bank, N.A. LOC) 1,520,000 18,165,646 Webutuck, NY Central School District, 3.00% BANs, 12/16/2005 18,215,625 16,320,000 Westchester County, NY IDA, (Series 2001) Weekly VRDNs (Catharine Field Home)/ ------------------------------------------------------------------------ (Comerica Bank LOC) 16,320,000 1,820,000 Westchester County, NY IDA, (Series 2001) Weekly VRDNs (Hunterbrook Ridge at Fieldhome, Inc.)/(Comerica Bank LOC) 1,820,000 3,290,000 Westchester County, NY IDA, (Series 2002) Weekly VRDNs (The Masters School)/(Allied Irish Banks PLC LOC) 3,290,000 4,500,000 Westchester County, NY IDA, (Series 2004) Daily VRDNs (Northern Westchester Hospital Association)/(Commerce Bank NA, Cherry Hill, NJ LOC) 4,500,000 3,995,000 Westchester County, NY IDA, (Series 2004A) Weekly VRDNs (Aviation Services Group LLC)/(SunTrust Bank LOC) 3,995,000 7,200,000 Westchester County, NY IDA, (Series 2005B) Weekly VRDNs (Mercy College)/(Key Bank, N.A. LOC) 7,200,000 4,650,000 Wyoming County, NY IDA, (Series 1999A) Weekly VRDNs (TPI Arcade, Inc.)/(Amsouth Bank N.A., Birmingham, AL LOC) 4,650,000 3,325,000 Yates County, NY IDA, (Series 2003-A) Weekly VRDNs (Keuka College)/(Key Bank, N.A. LOC) 3,325,000 TOTAL MUNICIPAL INVESTMENTS - 99.3% ------------------------------------------------------------------------ (AT AMORTIZED COST)(3) 1,499,588,574 OTHER ASSETS AND LIABILITIES - NET - 0.7% 11,287,697 TOTAL NET ASSETS - 100% $ 1,510,876,271 =================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 17.2% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Based on Total Market Value First Tier Second Tier ------------ ------------- ------------ ------------- 96.8% 3.2% ------------ ------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $403,672,500 which represents 26.7% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes CP --Commercial Paper FGIC --Financial Guaranty Insurance Company FHA --Federal Housing Administration FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDRB --Industrial Development Revenue Bond INS --Insured INV --Investment Agreement LIQ(s) --Liquidity Agreement(s) LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PUTTERs --Puttable Tax-Exempt Receipts RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates SWP --Swap Agreement TANs --Tax Anticipation Notes VRDNs --Variable Rate Demand Notes NORTH CAROLINA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.5%(1) North Carolina--97.1% $ 20,819,000 (2) ABN AMRO MuniTOPS Certificates Trust (North Carolina Non-AMT)/(Series 1998-23) Weekly VRDNs (Mission Health, Inc.)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ) $ 20,819,000 4,340,000 Alexander County, NC Industrial Facilities & Pollution Control Financing Authority, (Series 1997) Weekly VRDNs (Mitchell Gold Co., Inc.)/(SunTrust Bank LOC) 4,340,000 1,665,000 Brunswick County, NC Industrial Facilities and PCFA, (Series 1998) Weekly VRDNs (Turnage Properties LLC)/(RBC Centura Bank LOC) 1,665,000 2,410,000 Catawba County, NC Industrial Facilities & Pollution Control Financing Authority, (Series 1998) Weekly VRDNs (Centro, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC) 2,410,000 2,900,000 Chatham, NC Industrial Facilities & Pollution Control Funding Authority, (Series 2001) Weekly VRDNs (Townsends, Inc.)/(Wilmington Trust Co. LOC) 2,900,000 1,615,000 Cleveland County, NC Industrial Facilities and Pollution Control Financing Authority, (Series 1990) Weekly VRDNs (MetalsAmerica, Inc. Project)/(PNC Bank, N.A. LOC) 1,615,000 600,000 Cleveland County, NC Industrial Facilities and Pollution Control Financing Authority, PCR Bonds (Series 1995) Weekly VRDNs (Grover Industries, Inc. Project)/(Bank of America N.A. LOC) 600,000 3,440,000 Gaston County, NC Industrial Facilities and Pollution Control Financing Authority, (Series 1997) Weekly VRDNs (Thermoform Plastic, Inc.)/(Bank of America N.A. LOC) 3,440,000 2,260,000 Guilford County, NC Industrial Facilities & PCFA, (Series 1999) Weekly VRDNs (FFNC, Inc.)/ ------------------------------------------------------------------------ (Harris, N.A. LOC) 2,260,000 1,600,000 Guilford County, NC Industrial Facilities & PCFA, (Series 2002) Weekly VRDNs (YMCA of Greensboro)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,600,000 2,500,000 Guilford County, NC Industrial Facilities & PCFA, (Series 2003) Weekly VRDNs (YMCA of Greensboro)/(Branch Banking & Trust Co., Winston-Salem LOC) 2,500,000 4,750,000 Halifax County, NC Industrial Facilities & PCFA Weekly VRDNs (Flambeau Airmold Project)/(Wells Fargo Bank Minnesota N.A. LOC) 4,750,000 18,500,000 Hertford County, NC Industrial Facilities & Pollution Control Financing Authority, (Series 2000A) Weekly VRDNs (Nucor Corp.) 18,500,000 4,000,000 Johnson County, NC Industrial Facilities & Pollution Control Financing Authority, (Series 2000) Weekly VRDNs (Flanders Corp.)/(Bank of America N.A. LOC) 4,000,000 2,900,000 McDowell County, NC Industrial Facilities and Pollution Control Financing Authority, (Series 2002) Weekly VRDNs (Corpening YMCA)/(Branch Banking & Trust Co., Winston-Salem LOC) 2,900,000 4,800,000 Mecklenberg County, NC Industrial Facilities & PCFA Industrial Development, (Series 2001) Weekly VRDNs (Stefano Foods, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 4,800,000 850,000 Mecklenburg County, NC, (Series 1996) Weekly VRDNs (YMCA of Greater Charlotte)/ ------------------------------------------------------------------------ (Wachovia Bank N.A. LOC) 850,000 2,500,000 Mecklenburg County, NC, (Series 2004B) Weekly VRDNs (Landesbank Hessen-Thueringen GTD LIQ) 2,500,000 1,295,000 New Hanover County, NC PCR Financial Authority Weekly VRDNs (Efson, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,295,000 2,915,000 North Carolina Capital Facilities Finance Agency, (Series 2002) Weekly VRDNs (Cannon School, Inc.)/(SunTrust Bank LOC) 2,915,000 2,635,000 North Carolina Capital Facilities Finance Agency, (Series 2002) Weekly VRDNs (Goodwill Community Foundation)/(Bank of America N.A. LOC) 2,635,000 8,200,000 North Carolina Capital Facilities Finance Agency, (Series 2004) Daily VRDNs (Republic Services, Inc.)/(SunTrust Bank LOC) 8,200,000 1,500,000 North Carolina Capital Facilities Finance Agency, (Series 2004) Weekly VRDNs (Campbell University)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,500,000 4,070,000 (2) North Carolina Eastern Municipal Power Agency, (MT-099) Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ) 4,070,000 4,995,000 (2) North Carolina Eastern Municipal Power Agency, (PT-824) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 4,995,000 4,347,000 (2) North Carolina Eastern Municipal Power Agency, (Series 2004-955D) Weekly VRDNs (AMBAC INS)/(Morgan Stanley LIQ) 4,347,000 2,545,000 (2) North Carolina Eastern Municipal Power Agency, MERLOTS (Series 2001 A75) Weekly VRDNs (U.S. Treasury COL)/(Wachovia Bank N.A. LIQ) 2,545,000 7,950,000 (2) North Carolina Eastern Municipal Power Agency, MERLOTS (Series 2000 A41), 2.11% TOBs (U.S. Treasury COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 7,950,000 5,220,000 (2) North Carolina Eastern Municipal Power Agency, MERLOTS (Series 2002-A22) Weekly VRDNs (Wachovia Bank N.A. LIQ)/(U.S. Treasury PRF 1/1/2022 @100) 5,220,000 2,000,000 (2) North Carolina Eastern Municipal Power Agency, Macon Trust (Series 2005G) Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ) 2,000,000 3,080,000 North Carolina Educational Facilities Finance Agency, (Series 1999) Weekly VRDNs (North Carolina Wesleyan College)/(RBC Centura Bank LOC) 3,080,000 3,020,000 (2) North Carolina HFA, (Series 2003 FR/RI-L17) Weekly VRDNs (FSA INS)/(Lehman Brothers Holdings, Inc. LIQ) 3,020,000 4,830,000 (2) North Carolina HFA, MERLOTS (Series 2002-A39), 2.80% TOBs (AMBAC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 1/25/2006 4,830,000 4,505,000 North Carolina Medical Care Commission, (Series 1999) Weekly VRDNs (Cross Road Rest and Retirement Center, Inc.)/(RBC Centura Bank LOC) 4,505,000 10,410,000 North Carolina Medical Care Commission, (Series 2001) Weekly VRDNs (Aldersgate Retirement Community, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 10,410,000 1,705,000 North Carolina Medical Care Commission, (Series 2001) Weekly VRDNs (Rutherford Hospital, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC) 1,705,000 1,000,000 North Carolina Medical Care Commission, (Series 2001A) Weekly VRDNs (Moses H. Cone Memorial) 1,000,000 5,290,000 North Carolina Medical Care Commission, (Series 2003C) Weekly VRDNs (Givens Estates)/(Bank of Scotland, Edinburgh LOC) 5,290,000 4,370,000 North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds (Series 2003A), 4.00% Bonds (Novant Health Obligated Group), 11/1/2005 4,387,442 3,500,000 (2) North Carolina Medical Care Commission, ROCs (Series 296) Weekly VRDNs (Rowan Regional Medical Center)/(FSA INS)/(Citibank N.A., New York LIQ) 3,500,000 3,000,000 North Carolina Municipal Power Agency No. 1, 8.00% Bonds (AMBAC INS), 1/1/2006 3,067,982 10,205,000 (2) North Carolina Municipal Power Agency No. 1, MERLOTS (Series 2000 A42), 2.11% TOBs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 10,205,000 2,915,000 (2) North Carolina Municipal Power Agency No. 1, PUTTERs (Series 341) Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase & Co. LIQ) 2,915,000 2,165,000 (2) North Carolina Municipal Power Agency No. 1, ROCs (Series 211) Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ) 2,165,000 13,500,000 (2) North Carolina State, (PT-413) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 13,500,000 5,420,000 (2) North Carolina State, PT-2115 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ) 5,420,000 900,000 Piedmont Triad Airport Authority, NC Weekly VRDNs (Triad International Maintenance Corp.)/(Citibank N.A., New York LOC) 900,000 6,420,000 (2) Raleigh & Durham, NC Airport Authority, MT-100 Weekly VRDNs (AMBAC INS)/(Landesbank Hessen-Thueringen GTD LIQ) 6,420,000 2,400,000 Randolph County, NC Industrial Facilities and PCFA, (Series 1996) Weekly VRDNs (Ornamental Mouldings, Inc.)/(Toronto Dominion Bank LOC) 2,400,000 4,500,000 Richmond County, NC Industrial Facilities & Pollution Control, (Series 2005) Weekly VRDNs (Ritz-Craft Corp.)/(Mercantile Safe Deposit & Trust Co., Baltimore LOC) 4,500,000 1,510,000 Robeson County, NC Industrial Facilities and Pollution Control Financing Authority, (Series 1999) Weekly VRDNs (Rempac Foam Corp.)/(JPMorgan Chase Bank, N.A. LOC) 1,510,000 200,000 Rockingham County, NC Industrial Facilities and PCFA, (Series 1997) Weekly VRDNs (McMichael Mills, Inc.)/(Wachovia Bank N.A. LOC) 200,000 235,000 Sampson County, NC Industrial Facilities and Pollution Control Financing Authority, (Series 1997) Weekly VRDNs (DuBose Strapping, Inc.)/(Wachovia Bank N.A. LOC) 235,000 3,000,000 Wake County, NC, (Series 2003C), 4.00% TOBs (Lloyds TSB Bank PLC, London LIQ), Optional Tender 4/1/2006 3,025,445 3,581,000 Warren County, NC Water and Sewer District III, 3.50% BANs, 3/15/2006 3,597,338 4,100,000 Wilson County, NC PCA, (Series 1994) Weekly VRDNs (Granutec, Inc.)/(Bank of Nova Scotia, Toronto LOC) 4,100,000 TOTAL 236,009,207 Puerto Rico--2.4% 840,000 (2) Puerto Rico HFA, (Series 2003 FR/RI-L30J) Weekly VRDNs (GNMA COL)/(Lehman Brothers Holdings, Inc. LIQ) 840,000 5,085,000 (2) Puerto Rico Highway and Transportation Authority, Floater Certificates 2001-586 Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 5,085,000 TOTAL 5,925,000 TOTAL MUNICIPAL INVESTMENTS--99.5% ======================================================================== (AT AMORTIZED COST)(3) 241,934,207 OTHER ASSETS AND LIABILITIES - NET-0.5% 1,162,914 TOTAL NET ASSETS -100% $ 243,097,121 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 37.1% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value First Tier Second Tier ------------ ------------ ------------ 100.0% 0.0% ------------ ------------ 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the Fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $109,846,000 which represents 45.2% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Act of 1940, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GNMA --Government National Mortgage Association GTD --Guaranteed HFA --Housing Finance Authority INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PCA --Pollution Control Authority PCR --Pollution Control Revenue PCFA --Pollution Control Finance Authority PRF --Prerefunded PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes OHIO MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.7%(1) Ohio--99.7% $ 6,200,000 (2) 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) $ 6,200,000 1,670,000 Akron, Bath & Copley, OH Joint Township, (Series 2002) Weekly VRDNs (Sumner on Ridgewood, Inc.)/(KBC Bank NV LOC) 1,670,000 3,000,000 Akron, Bath & Copley, OH Joint Township, (Series 2004B) Weekly VRDNs (Summa Health System)/(JPMorgan Chase Bank, N.A. LOC) 3,000,000 1,700,000 (2) Akron, OH, ROCs (Series 259) Weekly VRDNs (FGIC INS)/(Citibank N.A., New York LIQ) 1,700,000 7,725,000 Ashland County, OH Health Care, (Series 1999) Weekly VRDNs (Brethren Care, Inc.)/ -------------------------------------------------------------------------- (FirstMerit Bank, N.A. LOC) 7,725,000 1,850,000 Ashland, OH, 4.00% BANs, 5/25/2006 1,864,612 6,225,000 Belmont County, OH, 2.89% BANs, 3/15/2006 6,234,005 2,670,000 Belmont County, OH, 3.00% BANs, 11/16/2005 2,677,668 2,000,000 Belmont County, OH, 3.05% BANs, 3/30/2006 2,003,218 6,230,000 Clark County, OH, (Series 1999) Weekly VRDNs (Ohio Masonic Home)/(AMBAC INS)/(Harris, N.A. LIQ) 6,230,000 2,995,000 Clermont County, OH, Variable Rate IDRBs (Series 1997) Weekly VRDNs (Buriot International, Inc.)/(PNC Bank, N.A. LOC) 2,995,000 3,600,000 Cleveland, OH Airport System, Revenue Bonds (Series 2000C) Weekly VRDNs (FSA INS)/(Dexia Credit Local and WestLB AG GTD LIQs) 3,600,000 2,475,000 Columbiana County, OH, (Series 1999) Weekly VRDNs (Butech, Inc.)/(Key Bank, N.A. LOC) 2,475,000 1,420,000 Coshocton, OH, 3.25% BANs, 2/24/2006 1,425,084 2,000,000 Cuyahoga County, OH Health Care Facilities, (Series 2001) Weekly VRDNs (Gardens of McGregor & Amasa Stone)/(Key Bank, N.A. LOC) 2,000,000 4,825,000 Cuyahoga County, OH Hospital Authority, (Series 1998-II) Weekly VRDNs (W.O. Walker Center, Inc.)/(AMBAC INS)/(Key Bank, N.A. LIQ) 4,825,000 1,110,000 Cuyahoga County, OH IDA Weekly VRDNs (Sure-Foot Industries, Inc.)/(FirstMerit Bank, N.A. LOC) 1,110,000 2,030,000 Cuyahoga County, OH IDA Weekly VRDNs (Watt Printers)/(National City Bank, Ohio LOC) 2,030,000 1,890,000 Cuyahoga County, OH IDA, (Series 1997) Weekly VRDNs (Northstar Plastics, Inc.)/ -------------------------------------------------------------------------- (JPMorgan Chase Bank, N.A. LOC) 1,890,000 1,810,000 Cuyahoga County, OH IDA, (Series 1999) Weekly VRDNs (Kowalski Heat Treating Co.)/(FirstMerit Bank, N.A. LOC) 1,810,000 14,400,000 Cuyahoga County, OH, (Series 1999) Weekly VRDNs (National Terminal Apartments)/(Bank of America N.A. LOC) 14,400,000 400,000 Cuyahoga County, OH, (Series 1999) Weekly VRDNs (The Renaissance)/(Lasalle Bank, N.A. LOC) 400,000 830,000 Delaware County, OH, IDRB (Series 1995) Weekly VRDNs (Air Waves, Inc. Project)/(Key Bank, N.A. LOC) 830,000 2,095,000 Delaware, OH, 4.00% BANs, 6/8/2006 2,114,064 5,500,000 Franklin County, OH Health Care Facilities, (Series 2004) Weekly VRDNs (Willow Brook Christian Communities)/(Fifth Third Bank, Cincinnati LOC) 5,500,000 1,145,000 Franklin County, OH IDA Weekly VRDNs (Promark Electronics, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 1,145,000 1,650,000 Franklin County, OH IDA Weekly VRDNs (Unicorn Leasing Corp.)/(Fifth Third Bank, Cincinnati LOC) 1,650,000 1,870,000 Franklin County, OH IDA, (Series 1995) Weekly VRDNs (Fabcon LLC Project)/(Wells Fargo Bank Minnesota N.A. LOC) 1,870,000 265,000 Franklin County, OH, Adjustable Rate Demand Economic Development Revenue Refunding Bonds (Series 1996) Weekly VRDNs (CPM Investments)/(Huntington National Bank, Columbus, OH LOC) 265,000 6,760,000 Greene County, OH Hospital Facilities Revenue Authority, (Series 1999A) Weekly VRDNs (Med Health System)/(Key Bank, N.A. LOC) 6,760,000 4,900,000 Groveport, OH, Land Acquisition and Improvement, 3.00% BANs, 1/18/2006 4,911,122 5,610,000 Hamilton County, OH Hospital Facilities Authority, (Series B) Revenue Bonds Weekly VRDNs (Health Alliance of Greater Cincinnati)/(MBIA Insurance Corp. INS)/(Credit Suisse, Zurich LIQ) 5,610,000 4,150,000 Hamilton County, OH, (Series 2001A) Weekly VRDNs (MLB Hilltop Health Facilities, Inc.)/(FirstMerit Bank, N.A. LOC) 4,150,000 10,000,000 Hamilton County, OH, (Series 2004) Weekly VRDNs (Block 3 Project)/(Bank of New York and Citizens Bank of Pennsylvania LOCs) 10,000,000 8,250,000 Hamilton County, OH, (Series 2004) Weekly VRDNs (Stratford Heights)/(Bank of New York and Citizens Bank of Pennsylvania LOCs) 8,250,000 4,750,000 Hamilton County, OH, (Series 2005A) Weekly VRDNs (Episcopal Retirement Homes, Inc.)/ -------------------------------------------------------------------------- (Key Bank, N.A. LOC) 4,750,000 1,750,000 Hamilton County, OH, (Series 2005B) Weekly VRDNs (Episcopal Retirement Homes, Inc.)/ -------------------------------------------------------------------------- (Key Bank, N.A. LOC) 1,750,000 2,000,000 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) 2,000,000 4,775,000 Henry County, OH, (Series 1996) Weekly VRDNs (Automatic Feed Co.)/(Huntington National Bank, Columbus, OH LOC) 4,775,000 1,800,000 Holgate, OH Local School District, 4.00% BANs, 1/5/2006 1,808,709 1,885,000 Huber Heights, OH, 2.50% BANs, 8/19/2005 1,885,000 580,000 Huber Heights, OH, IDRB (Series 1994) Weekly VRDNs (Lasermike, Inc. Project)/(Key Bank, N.A. LOC) 580,000 2,665,000 Lake County, OH, (Series 1996) Weekly VRDNs (Apsco Properties Ltd.)/(JPMorgan Chase Bank, N.A. LOC) 2,665,000 1,920,000 Lorain County, OH Weekly VRDNs (Ohio Metallurgical Service, Inc.)/(FirstMerit Bank, N.A. LOC) 1,920,000 1,805,000 Lorain Port Authority, OH, (Series 1994) Weekly VRDNs (Spitzer Great Lakes Ltd., Inc.)/ -------------------------------------------------------------------------- (JPMorgan Chase Bank, N.A. LOC) 1,805,000 425,000 Lorain Port Authority, OH, Adjustable Rate Demand Port Development Refunding Revenue Bonds (Series 1996) Weekly VRDNs (Spitzer Project)/(JPMorgan Chase Bank, N.A. LOC) 425,000 25,000 Lucas County, OH Weekly VRDNs (Sunshine Children's Home)/(National City Bank, Ohio LOC) 25,000 9,050,000 Madison County, OH, (Series 2005) Weekly VRDNs (Madison County Hospital, Inc.)/(Key Bank, N.A. LOC) 9,050,000 6,000,000 Mahoning County, OH Hospital Facilities, (Series B) Weekly VRDNs (Forum Group, Inc.)/ -------------------------------------------------------------------------- (MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) 6,000,000 3,190,000 Mahoning County, OH Multifamily HFA Weekly VRDNs (International Towers, Inc.)/(U.S. Bank, N.A. LOC) 3,190,000 2,625,000 Mansfield, OH, 2.50% BANs, 8/25/2005 2,626,443 1,000,000 Marietta, OH, 4.00% BANs, 6/20/2006 1,009,024 2,993,000 Massillon, OH, 2.67% BANs, 12/7/2005 2,997,104 7,400,000 Medina County, OH, (Series 1997) Weekly VRDNs (Plaza 71 Associates Ltd.)/(WestLB AG GTD LOC) 7,400,000 1,090,000 Medina County, OH, (Series 1998) Weekly VRDNs (Michael Day Enterprises)/(Key Bank, N.A. LOC) 1,090,000 1,695,000 Mentor, OH, (Series 1997) Weekly VRDNs (Risch Investments/Roll Kraft, Inc.)/(Key Bank, N.A. LOC) 1,695,000 2,925,000 Montgomery County, OH, (Series 2005) Weekly VRDNs (Kroger Co.)/(U.S. Bank, N.A. LOC) 2,925,000 875,000 North Olmsted, OH, 3.15% BANs, 5/3/2006 876,866 3,650,000 Obetz, OH, 2.54% BANs, 12/6/2005 3,652,349 6,170,000 Ohio HFA Multifamily Housing, 3.50% TOBs (Lincoln Park Associates)/(Citizens Bank of Pennsylvania LOC), Optional Tender 11/1/2005 6,170,000 175,000 (2) Ohio HFA, Variable Rate Certificates (Series 2001-I) Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ) 175,000 3,735,000 Ohio State University, (Series 1999 B2) Weekly VRDNs 3,735,000 2,000,000 Ohio State Water Development Authority, (Series 2002) Weekly VRDNs (PEL Technologies LLC)/(Key Bank, N.A. LOC) 2,000,000 4,690,000 Parma Heights, OH, 2.50% BANs, 9/22/2005 4,693,933 2,870,000 Paulding County, OH, 4.00% BANs, 6/8/2006 2,893,736 2,420,000 Pickaway County, OH IDA Weekly VRDNs (Crane Plastics)/(JPMorgan Chase Bank, N.A. LOC) 2,420,000 330,000 Pickerington, OH, 2.00% BANs, 9/2/2005 330,057 2,740,000 Portage County, OH IDA, Adjustable Rate IDRBs (Series 1996) Weekly VRDNs (Barnette Project)/(National City Bank, Ohio LOC) 2,740,000 3,850,000 Richland County, OH, (Series 2005), 3.25% BANs, 3/1/2006 3,867,442 1,312,500 Ross County, OH, 4.00% BANs, 6/1/2006 1,323,111 5,610,000 Stark County, OH IDR Weekly VRDNs (Shearer's Foods, Inc.)/(National City Bank, Ohio LOC) 5,610,000 690,000 Stark County, OH IDR, IDRB (Series 1996) Weekly VRDNs (Foundations Systems and Anchors, Inc. Project)/(JPMorgan Chase Bank, N.A. LOC) 690,000 770,000 Strongsville, OH Weekly VRDNs (Monarch Engraving, Inc.)/(FirstMerit Bank, N.A. LOC) 770,000 500,000 Strongsville, OH, (Series 1994) Weekly VRDNs (Nutro Machinery Corp.)/(Huntington National Bank, Columbus, OH LOC) 500,000 3,740,000 Summit County, OH IDA Weekly VRDNs (Gardner Pie Co., Inc.)/(FirstMerit Bank, N.A. LOC) 3,740,000 200,000 Summit County, OH IDA, (Series 1997) Weekly VRDNs (Baker McMillen Co.)/(National City Bank, Ohio LOC) 200,000 1,230,000 Summit County, OH IDA, (Series 1997) Weekly VRDNs (Malco Products, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 1,230,000 1,985,000 Summit County, OH IDA, (Series 1998) Weekly VRDNs (Waldonia Investment)/(Key Bank, N.A. LOC) 1,985,000 1,305,000 Summit County, OH IDA, (Series 2000) Weekly VRDNs (McHale Group)/(National City Bank, Ohio LOC) 1,305,000 3,435,000 Summit County, OH IDA, (Series 2001) Weekly VRDNs (AESCO, Inc.)/(FirstMerit Bank, N.A. LOC) 3,435,000 410,000 Summit County, OH IDA, 3.05% TOBs (Universal Rack)/(National City Bank, Ohio LOC), Optional Tender 9/1/2005 410,000 700,000 Summit County, OH IDA, Adjustable Rate IDRBs (Series 1996) Weekly VRDNs (Fomo Products, Inc.)/(FirstMerit Bank, N.A. LOC) 700,000 143,000 Summit County, OH IDA, Bonds (Series 1994) Weekly VRDNs (Austin Printing Co., Inc.)/ -------------------------------------------------------------------------- (JPMorgan Chase Bank, N.A. LOC) 143,000 1,565,000 Summit County, OH IDA, Variable Rate IDRBs (Series 1998A) Weekly VRDNs (Wintek Ltd.)/(FirstMerit Bank, N.A. LOC) 1,565,000 1,600,000 Sylvania, OH City School District, 4.00% BANs, 7/27/2006 1,616,869 1,000,000 Toledo-Lucas County, OH Port Authority, IDA Weekly VRDNs (Medusa Corp.)/(Wachovia Bank N.A. LOC) 1,000,000 1,025,000 Trumbull County, OH IDA, IDR Refunding Bonds (Series 1994) Weekly VRDNs (Churchill Downs, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 1,025,000 625,000 Tuscarawas County, OH, Adjustable Rate IDRBs (Series 1995) Weekly VRDNs (Primary Packaging, Inc.)/(FirstMerit Bank, N.A. LOC) 625,000 2,270,000 Wapakoneta, OH, (Series 04), 3.30% BANs, 6/15/2006 2,273,827 1,950,000 Warrensville Heights, OH, 2.75% BANs, 2/9/2006 1,952,000 8,465,000 (2) Westerville, OH City School District, MERLOTS 2001-A34, 2.11% TOBs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 8,465,000 495,000 Willoughby City, OH, IDR Refunding Bonds (Series 1995A) Weekly VRDNs (Pine Ridge Shopping Center Co. Project)/(U.S. Bank, N.A. LOC) 495,000 550,000 Willoughby City, OH, IDR Revenue Bonds (Series 1995 B) Weekly VRDNs (Pine Ridge Shopping Center Co. Project)/(U.S. Bank, N.A. LOC) 550,000 2,000,000 Wood County, OH, (Series 1999) Weekly VRDNs (Dowa THT America, Inc.)/(Comerica Bank LOC) 2,000,000 810,000 Wood County, OH, Williams Industrial Service Inc, Project Weekly VRDNs (Williams Industrial Service, Inc.)/(Huntington National Bank, Columbus, OH LOC) 810,000 6,985,000 Wooster, OH, Health Care Facilities Revenue Bonds (Series 2003) Weekly VRDNs (West View Manor)/(Fifth Third Bank, Cincinnati LOC) 6,985,000 2,460,000 Youngstown, OH, (Series 1996A) Weekly VRDNs (Cantar/Polyair Corp./Performa Corp.)/ -------------------------------------------------------------------------- (HSBC Bank USA LOC) 2,460,000 TOTAL MUNICIPAL INVESTMENTS --- 99.7% (AT AMORTIZED COST)(3) 281,109,243 OTHER ASSETS AND LIABILITIES --- NET --- 0.3% 946,338 TOTAL NET ASSETS --- 100% $ 282,055,581 ==================================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 34.6% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier ------------------- ---------------- ------------------- ---------------- 99.3% 0.7 % ------------------- ---------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $16,540,000 which represents 5.9% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. 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, as ammended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GNMA --Government National Mortgage Association GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDR --Industrial Development Revenue IDRB(s) --Industrial Development Revenue Bond(s) INS --Insured LIQ(s) --Liquidity Agreement(s) LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series ROCs --Reset Option Certificates TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes PENNSYLVANIA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.6%(1) Pennsylvania--99.6% $ 9,145,000 (2) 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) $ 9,145,000 2,680,000 Adams County, PA IDA, (Series 1999C) Weekly VRDNs (Martin Limestone, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,680,000 3,130,000 Adams County, PA IDA, (Series 2002) Weekly VRDNs (Agricultural Commodities, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,130,000 6,075,000 Adams County, PA IDA, (Series A of 1999) Weekly VRDNs (Valley Quarries, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 6,075,000 1,920,000 Adams County, PA IDA, (Series B of 1999) Weekly VRDNs (Valley Quarries, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,920,000 4,535,000 Allegheny County, PA HDA, (Series 2001B) Weekly VRDNs (Covenant at South Hills)/(Key Bank, N.A. LOC) 4,535,000 10,000,000 Allegheny County, PA HDA, (Series A of 2000), 2.95% TOBs (South Hills Health System)/ ------------------------------------------------------------------------- (PNC Bank, N.A. LOC), Mandatory Tender 6/1/2006 10,000,000 1,000,000 Allegheny County, PA IDA, (Series 2005) Weekly VRDNs (Carnegie Museums of Pittsburgh)/(Citizens Bank of Pennsylvania LOC) 1,000,000 3,335,000 Allegheny County, PA IDA, (Series B of 1997) Weekly VRDNs (Jewish Community Center)/(National City Bank, Pennsylvania LOC) 3,335,000 740,000 Berks County, PA IDA Weekly VRDNs (ADC Quaker Maid Meats)/(Wachovia Bank N.A. LOC) 740,000 690,000 Berks County, PA IDA, (Series 1995) Weekly VRDNs (Grafika Commercial Printing, Inc.)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 690,000 3,600,000 Berks County, PA IDA, (Series 1998) Weekly VRDNs (Eastern Industries, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,600,000 6,000,000 Berks County, PA IDA, (Series 2004) Weekly VRDNs (One Douglassville Properties LP)/ ------------------------------------------------------------------------- (Federal Home Loan Bank of New York LOC) 6,000,000 760,000 Bucks County, PA IDA Weekly VRDNs (Double H Plastics, Inc.)/(Wachovia Bank N.A. LOC) 760,000 1,290,000 Bucks County, PA IDA Weekly VRDNs (Pennsylvania Associates)/(Wachovia Bank N.A. LOC) 1,290,000 1,660,000 Butler County, PA IDA, (Series 1994) Weekly VRDNs (Lue-Rich Holding Co., Inc.)/(Lasalle Bank, N.A. LOC) 1,660,000 2,200,000 Butler County, PA IDA, (Series 1996 A) Weekly VRDNs (Armco, Inc.)/(Fifth Third Bank, Cincinnati LOC) 2,200,000 5,000 Butler County, PA IDA, (Series 2000B) Weekly VRDNs (Concordia Lutheran Ministries)/ ------------------------------------------------------------------------- (Radian Asset Assurance INS)/(Bank of America N.A. LIQ) 5,000 2,000,000 Butler County, PA IDA, (Series A of 2004) Weekly VRDNs (Concordia Lutheran Ministries)/ ------------------------------------------------------------------------- (Bank of America N.A. LOC) 2,000,000 3,485,000 Butler County, PA IDA, IDRBs (Series 1997) Weekly VRDNs (Wise Business Forms, Inc.)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 3,485,000 10,700,000 Carbon County, PA IDA, (Series 2004), 2.60% RANs (Horsehead Resource Development, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 12/9/2005 10,700,000 3,335,000 Chester County, PA IDA, (Series 2000A) Weekly VRDNs (Innovative Solutions and Support, Inc.)/(PNC Bank, N.A. LOC) 3,335,000 4,625,000 Chester County, PA IDA, (Series A of 2000) Weekly VRDNs (Devault Packing Co., Inc.)/(Bank of America N.A. LOC) 4,625,000 1,700,000 Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs (PNC Bank, N.A. LOC) 1,700,000 19,400,000 (2) Clipper Tax-Exempt Certificates Trust (Pennsylvania Non-AMT)/(Series 2005-28) Weekly VRDNs (Commonwealth of Pennsylvania)/(FSA INS)/(State Street Bank and Trust Co. LIQ) 19,400,000 6,800,000 (2) Commonwealth of Pennsylvania, (Series 2001-JPMC5) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 6,800,000 2,880,000 (2) Commonwealth of Pennsylvania, Floater CRVS (Series 2005-2) Weekly VRDNs (FSA INS)/ ------------------------------------------------------------------------- (BNP Paribas SA LIQ) 2,880,000 7,933,000 (2) Commonwealth of Pennsylvania, Floater Certificates (Series 2001-696) Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 7,933,000 6,285,000 (2) Commonwealth of Pennsylvania, Variable Rate Certificates (Series 2001-F) Weekly VRDNs (Bank of America N.A. LIQ) 6,285,000 1,410,000 Cumberland County, PA IDA, (Series 2001) Weekly VRDNs (Industrial Harness Co.)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 1,410,000 1,600,000 Dauphin County, PA IDA, (Series 1998-A) Weekly VRDNs (Key Ingredients, Inc.)/(Citibank N.A., New York LOC) 1,600,000 3,260,000 Dauphin County, PA IDA, (Series 2000) Weekly VRDNs (Consolidated Scrap Resources, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,260,000 4,645,000 Dauphin County, PA IDA, Variable Rate Economic Development Revenue Bonds (Series 1998-B) Weekly VRDNs (Key Ingredients, Inc.)/(Citibank N.A., New York LOC) 4,645,000 5,500,000 Doylestown Hospital Authority, PA, (Series 1998 B) Weekly VRDNs (Doylestown Hospital, PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ) 5,500,000 2,000,000 Doylestown Hospital Authority, PA, (Series 1998C) Weekly VRDNs (Doylestown Hospital, PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ) 2,000,000 12,580,000 East Hempfield Township, PA IDA, (Series of 1997) Weekly VRDNs (Mennonite Home)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 12,580,000 1,600,000 Erie County, PA Hospital Authority Weekly VRDNs (St. Mary's Hospital Erie, PA)/(PNC Bank, N.A. LOC) 1,600,000 18,450,000 Erie County, PA Hospital Authority Weekly VRDNs (St. Vincent Health System)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 18,450,000 11,700,000 Erie County, PA Hospital Authority, (Series A of 2001) Weekly VRDNs (Forestview Health Care Center)/(KBC Bank NV LOC) 11,700,000 2,550,000 Erie County, PA Hospital Authority, (Series A of 2001) Weekly VRDNs (Senior Living Services, Inc.)/(KBC Bank NV LOC) 2,550,000 490,000 Erie County, PA IDA Weekly VRDNs (SIPCO Molding Technologies, Inc.)/(National City Bank, Pennsylvania LOC) 490,000 13,700,000 Erie County, PA, 3.00% TRANs, 12/15/2005 13,735,002 10,000,000 Erie, PA City School District, 3.75% TRANs, 6/30/2006 10,075,328 2,900,000 Franconia Township, PA IDA, (Series 1997A) Daily VRDNs (Asher's Chocolates)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 2,900,000 1,655,000 Gettysburg Area IDA, (Series A of 1998) Weekly VRDNs (Hanover Lantern, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 1,655,000 1,460,000 Greene County, PA IDA, (Series 1999) Weekly VRDNs (CWS Co., Inc.)/(Huntington National Bank, Columbus, OH LOC) 1,460,000 9,700,000 Horizon Hospital System Authority, PA, (Series 2002) Weekly VRDNs (St. Paul Homes)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 9,700,000 655,000 Huntingdon County, PA IDA, (Series A) Weekly VRDNs (Bonney Forge Corp.)/(Wachovia Bank N.A. LOC) 655,000 1,580,000 Jackson Township, PA IDA, (Series A of 1999) Weekly VRDNs (Aerial Innovations, Inc.)/ ------------------------------------------------------------------------- (Bank of America N.A. LOC) 1,580,000 2,500,000 Lancaster, PA IDA, (1988 Series C) Weekly VRDNs (Henry Molded Products, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 2,500,000 925,000 Lancaster, PA IDA, (1998 Series A) Weekly VRDNs (Henry Molded Products, Inc.)/ ------------------------------------------------------------------------- (Manufacturers & Traders Trust Co., Buffalo, NY LOC) 925,000 3,120,000 Lancaster, PA IDA, (Series A of 2001) Weekly VRDNs (Student Lodging and Student Services)/(Fulton Bank LOC) 3,120,000 900,000 Lawrence County, PA IDA, (Series 2001A) Weekly VRDNs (Shenango Presbyterian SeniorCare Obligated Group)/(SunTrust Bank LOC) 900,000 472,000 Lawrence County, PA IDA, (Series 2003) Weekly VRDNs (Villa Maria Retirement Center)/ ------------------------------------------------------------------------- (Allied Irish Banks PLC LOC) 472,000 965,000 Lebanon County, PA Health Facilities Authority, (Series 1999) Weekly VRDNs (United Church of Christ Homes, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 965,000 6,710,000 Lehigh County, PA General Purpose Authority, (Series 2000) Weekly VRDNs (The Good Shepherd Group)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 6,710,000 1,000,000 Lehigh County, PA IDA, (Series 1997) Weekly VRDNs (American Manufacturing Co., Inc.)/(Wachovia Bank N.A. LOC) 1,000,000 2,700,000 Lehigh County, PA IDA, (Series of 2000) Weekly VRDNs (P. R. E. USA, Inc./Suntuf 2000, Inc.)/(Wachovia Bank N.A. LOC) 2,700,000 2,000,000 Marple Newtown, PA School District, 3.50% TRANs, 6/30/2006 2,012,059 6,120,000 McKean County, PA IDA, (Series 1997) Weekly VRDNs (Keystone Powdered Metal Co.)/ ------------------------------------------------------------------------- (PNC Bank, N.A. LOC) 6,120,000 50,000 Montgomery County, PA IDA, (Series 1992) Weekly VRDNs (RJI LP)/(National City Bank, Pennsylvania LOC) 50,000 1,060,000 Montgomery County, PA IDA, (Series 1997) Weekly VRDNs (Palmer International, Inc.)/ ------------------------------------------------------------------------- (Citizens Bank of Pennsylvania LOC) 1,060,000 16,000,000 Montgomery County, PA IDA, (Series 2000) Weekly VRDNs (Lonza, Inc.)/(Deutsche Bank AG LOC) 16,000,000 3,215,000 Montgomery County, PA IDA, (Series C) Weekly VRDNs (Vari Corp.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,215,000 3,740,000 Moon, PA IDA Weekly VRDNs (Airport Hotel Associates)/(National City Bank, Pennsylvania LOC) 3,740,000 12,681,731 Neshaminy, PA School District, 3.75% TRANs, 6/30/2006 12,783,012 3,850,000 Northampton County, PA IDA, (Series 2001) Weekly VRDNs (Nazareth Realty LLC)/(Bank of America N.A. LOC) 3,850,000 1,200,000 Pennsylvania EDFA Weekly VRDNs (Industrial Scientific Corp.)/(Mellon Bank N.A., Pittsburgh LOC) 1,200,000 500,000 Pennsylvania EDFA, (1995 Series D2) Weekly VRDNs (ARCO Enterprises, Inc./Ronald L. Repasky, Sr. Project)/(PNC Bank, N.A. LOC) 500,000 3,800,000 Pennsylvania EDFA, (Series 1995 B) Weekly VRDNs (Morrisons Cove Home)/(PNC Bank, N.A. LOC) 3,800,000 2,550,000 Pennsylvania EDFA, (Series 1998A) Weekly VRDNs (Fourth Generation Realty LLC)/(PNC Bank, N.A. LOC) 2,550,000 5,000,000 Pennsylvania EDFA, (Series 2000) Weekly VRDNs (Merck & Co., Inc.) 5,000,000 2,990,000 Pennsylvania EDFA, (Series 2000-F1) Weekly VRDNs (Topcraft Precision Molders, Inc.)/ ------------------------------------------------------------------------- (Wachovia Bank N.A. LOC) 2,990,000 2,450,000 Pennsylvania EDFA, (Series 2000-F2) Weekly VRDNs (HFH Realty Associates L.P. and PreBLEND Products, Inc.)/(Wachovia Bank N.A. LOC) 2,450,000 6,200,000 Pennsylvania EDFA, (Series 2005) Weekly VRDNs (Westrum Harleysville II LP)/(Federal Home Loan Bank of Pittsburgh LOC) 6,200,000 4,000,000 Pennsylvania EDFA, Wastewater Treatment Revenue Refunding Bonds (Series 2004B) Weekly VRDNs (Sunoco, Inc.) 4,000,000 8,790,000 (2) Pennsylvania HFA, (Series 2002-JPMC-1) Weekly VRDNs (J.P. Morgan Chase & Co. LIQ) 8,790,000 11,905,000 (2) Pennsylvania HFA, MERLOTS (Series 1997K) Weekly VRDNs (Wachovia Bank N.A. LIQ) 11,905,000 11,275,000 (2) Pennsylvania HFA, PT-149, 1.66% TOBs (BNP Paribas SA LIQ), Optional Tender 8/18/2005 11,275,000 11,760,000 (2) Pennsylvania HFA, Variable Rate Certificates (Series 1999-65A) Weekly VRDNs (Bank of America N.A. LIQ) 11,760,000 4,000,000 Pennsylvania State Higher Education Assistance Agency, (Series 2003 A-1) Weekly VRDNs (AMBAC INS)/(Dexia Credit Local LIQ) 4,000,000 12,460,000 (2) Pennsylvania State Higher Education Facilities Authority, (PT-2498) Weekly VRDNs (Phoenixville Hospital)/(Lloyds TSB Bank PLC, London LIQ)/(Lloyds TSB Bank PLC, London LOC) 12,460,000 9,255,000 Pennsylvania State Higher Education Facilities Authority, (Series 2002B) Daily VRDNs (Holy Family College)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 9,255,000 1,800,000 Pennsylvania State Higher Education Facilities Authority, (Series B1), 1.95% TOBs (Allentown College of St. Francis de Sales)/(PNC Bank, N.A. LOC), Mandatory Tender 11/1/2005 1,800,000 5,000,000 Pennsylvania State Higher Education Facilities Authority, (Series I-3), 1.95% TOBs (Messiah College)/(Allied Irish Banks PLC LOC), Mandatory Tender 11/1/2005 5,000,000 3,300,000 Pennsylvania State Higher Education Facilities Authority, (Series I-6) Weekly VRDNs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,300,000 1,015,000 Pennsylvania State Higher Education Facilities Authority, (Series J1) Weekly VRDNs (Juniata College)/(Allied Irish Banks PLC LOC) 1,015,000 2,000,000 Pennsylvania State Higher Education Facilities Authority, (Series M-3), 2.00% TOBs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), Mandatory Tender 11/1/2005 2,000,000 3,200,000 (2) Pennsylvania State Higher Education Facilities Authority, ROCs (Series 1018) Weekly VRDNs (AMBAC INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 3,200,000 2,000,000 Pennsylvania State Higher Education Facilities Authority, (Series A7), 3.25% TOBs (St. Joseph's University)/(Allied Irish Banks PLC LOC), Mandatory Tender 10/1/2005 2,003,448 9,000,000 Philadelphia, PA Airport System, (Series 2005B) Weekly VRDNs (MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) 9,000,000 4,500,000 Philadelphia, PA Authority for Industrial Development Weekly VRDNs (30th Street Ltd. LP)/ ------------------------------------------------------------------------- (MBIA Insurance Corp. INS)/(Royal Bank of Scotland PLC, Edinburgh LIQ) 4,500,000 4,610,000 Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2003) Daily VRDNs (Thomas Jefferson University Hospital)/(Commerce Bank N.A., Cherry Hill, NJ LOC) 4,610,000 7,525,000 (2) Philadelphia, PA Redevelopment Authority, MERLOTS (Series 2002-A27), 2.11% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 7,525,000 2,000,000 (2) Philadelphia, PA Water & Wastewater System, Floater Certificates (Series 2001-773) Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ) 2,000,000 6,075,000 Schuylkill County, PA IDA, (Series 2000) Weekly VRDNs (Fabcon East Corp. LLC)/(Wells Fargo Bank Minnesota N.A. LOC) 6,075,000 2,580,000 (2) Scranton-Lackawanna, PA Health & Welfare Authority, MERLOTS (Series 2002-A18) Weekly VRDNs (University of Scranton)/(AMBAC INS)/(Wachovia Bank N.A. LIQ) 2,580,000 7,620,000 Southcentral PA, General Authority, (Series 2003) Weekly VRDNs (AMBAC INS)/(RBC Centura Bank LIQ) 7,620,000 6,000,000 Temple University, 4.00% RANs, 4/28/2006 6,053,095 560,000 West Cornwall Township, PA Municipal Authority, Revenue Bonds (Series 1995) Weekly VRDNs (Lebanon Valley Brethern Home Project (PA))/(Wachovia Bank N.A. LOC) 560,000 7,000,000 William Penn School District, PA, 3.75% TANs, 6/30/2006 7,056,479 3,195,000 York County, PA IDA, (Series A of 2000) Weekly VRDNs (UL Holdings)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 3,195,000 2,500,000 York County, PA IDA, Limited Obligation Revenue Bonds (Series 1997) Weekly VRDNs (Metal Exchange Corp.)/(Comerica Bank LOC) 2,500,000 2,750,000 York County, PA IDA, Variable Rate Demand Ltd Obligation Revenue Bonds (Series 1996) Weekly VRDNs (Metal Exchange Corp.)/(Comerica Bank LOC) 2,750,000 TOTAL MUNICIPAL INVESTMENTS --- 99.6% (AT AMORTIZED COST)(3) 486,053,423 OTHER ASSETS AND LIABILITIES --- NET --- 0.4% 1,929,519 TOTAL NET ASSETS --- 100% $ 487,982,942 ========================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 42.8% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier ------------------- ---------------- ------------------- ---------------- 97.1% 2.9% ------------------- ---------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the Fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $123,938,000 which represents 25.4% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investment Act of 1940, as amended. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax EDFA --Economic Development Financing Authority FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance HDA --Hospital Development Authority HFA --Housing Finance Authority IDA --Industrial Development Authority IDRB --Industrial Development Revenue Bond INS --Insured LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TRANs --Tax and Revenue Anticipation Notes TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes VIRGINIA MUNICIPAL CASH TRUST PORTFOLIO OF INVESTMENTS July 31, 2005 (unaudited)
Principal Amount Value SHORT-TERM MUNICIPALS--99.8%(1) Puerto Rico--4.0% $ 3,968,500 (2) Commonwealth of Puerto Rico, (Series 2002-746d), Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) $ 3,968,500 3,500,000 Commonwealth of Puerto Rico, 5.75% Bonds (MBIA Insurance Corp. INS), 7/1/2006 3,597,283 6,000,000 (2) Puerto Rico Highway and Transportation Authority, Floater Certificates 2001-586 Weekly VRDNs (FSA INS)/(Morgan Stanley LIQ) 6,000,000 10,000,000 (2) Puerto Rico Infrastructure Financing Authority, (Series 2000-483), 1.83% TOBs (Puerto Rico Infrastructure Financing Authority, Special Obligation 2000 A)/(Morgan Stanley LIQ), Optional Tender 10/13/2005 10,000,000 TOTAL 23,565,783 Virginia--95.8% 22,160,000 (2) 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) 22,160,000 3,780,000 Alexandria, VA IDA, (Series 1999), Weekly VRDNs (Church Schools in the Diocese of Virginia)/(SunTrust Bank LOC) 3,780,000 14,920,000 (2) Alexandria, VA Redevelopment and Housing Authority, (PT-1554), Weekly VRDNs (3001 Park Center Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 14,920,000 1,645,000 Arlington County, VA IDA, 3.00% Bonds (Arlington County, VA), 8/1/2005 1,645,000 5,850,000 (2) Arlington County, VA, ROCs (Series 6011), Weekly VRDNs (Citibank N.A., New York LIQ) 5,850,000 2,075,000 Bedford County, VA IDA, (Series 1999), Weekly VRDNs (David R. Snowman and Carol J. Snowman)/(SunTrust Bank LOC) 2,075,000 2,700,000 Botetourt County, VA IDA, (Series 2001), Weekly VRDNs (Altec Industries, Inc.)/(Amsouth Bank N.A., Birmingham, AL LOC) 2,700,000 6,280,000 (2) Capital Region Airport Commission, VA, ROCs (Series 5031), Weekly VRDNs (FSA INS)/(Citigroup Global Markets Holdings, Inc. LIQ) 6,280,000 3,570,000 Carroll County, VA IDA, IDRB (Series 1995), Weekly VRDNs (Kentucky Derby Hosiery Co., Inc. Project)/(JPMorgan Chase Bank, N.A. LOC) 3,570,000 3,500,000 Charles City County, VA EDA, (Series 2004A), Weekly VRDNs (Waste Management, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 3,500,000 280,000 Charlottesville, VA IDA, IDR Refunding Bonds, 2.80% TOBs (Safeway Inc.)/(Deutsche Bank Trust Co. Americas LOC), Mandatory Tender 12/1/2005 280,000 1,570,000 Chesterfield County, VA IDA, (Series 1998), Weekly VRDNs (Lumberg, Inc.)/(Bank of America N.A. LOC) 1,570,000 2,500,000 Chesterfield County, VA IDA, (Series 1999), Weekly VRDNs (Honeywell International, Inc.) 2,500,000 3,475,000 Chesterfield County, VA IDA, (Series 2001A), Weekly VRDNs (Super Radiator Coils LP)/(Lasalle Bank, N.A. LOC) 3,475,000 10,000,000 (2) Clipper Tax-Exempt Certificates Trust (Virginia Non-AMT)/(Series 2004-6), Weekly VRDNs (Loudoun County, VA)/(State Street Bank and Trust Co. LIQ) 10,000,000 33,360,000 (2) Clipper Tax-Exempt Certificates Trust (Virginia Non-AMT)/(Series 2005-24), Weekly VRDNs (FGIC INS)/(State Street Bank and Trust Co. LIQ) 33,360,000 5,800,000 Danville, VA IDA, (Series 1997), Weekly VRDNs (Diebold, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 5,800,000 3,760,000 Fairfax County, VA EDA, (Series 1995), Weekly VRDNs (American Society of Civil Engineers Foundation, Inc.)/(SunTrust Bank LOC) 3,760,000 6,275,000 Fairfax County, VA EDA, (Series 1996), Weekly VRDNs (Fair Lakes D&K LP)/(Wachovia Bank N.A. LOC) 6,275,000 5,850,000 Fairfax County, VA EDA, (Series 2001), Weekly VRDNs (The Langley School)/(SunTrust Bank LOC) 5,850,000 8,720,000 Fairfax County, VA EDA, (Series 2001), Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC) 8,720,000 2,375,000 Fairfax County, VA EDA, (Series 2002), Weekly VRDNs (Wolf Trap Foundation for the Performing Arts)/(Bank of America N.A. LOC) 2,375,000 18,770,000 Fairfax County, VA EDA, (Series 2003), Weekly VRDNs (George Mason University Foundation, Inc. )/(SunTrust Bank LOC) 18,770,000 8,000,000 Fairfax County, VA IDA, (Series 2005A-2), Weekly VRDNs (Inova Health System) 8,000,000 13,000,000 Fairfax County, VA IDA, (Series 2005C-1), Weekly VRDNs (Inova Health System) 13,000,000 1,000,000 Fairfax County, VA IDA, 5.20% Bonds (Inova Health System), 8/15/2005 1,001,327 1,790,000 Fauquier County, VA IDA Weekly VRDNs (Warrenton Development Co.)/(Bank of America N.A. LOC) 1,790,000 3,000,000 Fredericksburg, VA IDA, (Series 2001 A-1), Weekly VRDNs (Forest Village Apartments)/(SunTrust Bank LOC) 3,000,000 2,935,000 Hampton, VA IDA, (Series 1998), Weekly VRDNs (Waste Management, Inc.)/(Wachovia Bank N.A. LOC) 2,935,000 8,400,000 Hampton, VA Redevelopment & Housing Authority, (Series 1998), Weekly VRDNs (Township Apartments)/(FNMA LOC) 8,400,000 19,915,000 (2) Harrisonburg, VA Redevelopment & Housing Authority, (PT-485), 1.70% TOBs (Rolling Brook Village Apartments)/(FHLMC GTD)/(FHLMC LIQ), Optional Tender 9/8/2005 19,915,000 8,288,000 Henrico County, VA EDA, (Series 2000), Weekly VRDNs (White Oak Semiconductor LP)/(Citibank N.A., New York LOC) 8,288,000 1,480,000 Henrico County, VA EDA, (Series 2001), Weekly VRDNs (JAS-LCS LLC)/(Wachovia Bank N.A. LOC) 1,480,000 4,885,000 Henrico County, VA EDA, (Series 2003), Weekly VRDNs (Lewis Ginter Botanical Garden, Inc.)/(SunTrust Bank LOC) 4,885,000 9,500,000 Henrico County, VA EDA, (Series 2003B), Weekly VRDNs (Westminster-Canterbury of Richmond)/(KBC Bank NV LOC) 9,500,000 34,575,000 Henrico County, VA EDA, (Series 2003B), Weekly VRDNs (Westminster-Canterbury of Richmond)/(KBC Bank NV LOC) 34,575,000 16,250,000 James City County, VA IDA, (Series 1997), Weekly VRDNs (Riverside Health System) 16,250,000 14,850,000 James City County, VA IDA, (Series 2002), Weekly VRDNs (CMCP Williamsburg LLC)/(FNMA LOC) 14,850,000 5,790,000 King George County IDA, VA, (Series 1996), Weekly VRDNs (Garnet of Virginia, Inc.)/(JPMorgan Chase Bank, N.A. LOC) 5,790,000 2,265,000 (2) Loudoun County , VA Sanitation Authority, ROCs (Series 6511), Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ) 2,265,000 9,690,000 Loudoun County, VA IDA, (Series 2001), Daily VRDNs (Atlantic Coast Airlines)/(Wachovia Bank N.A. LOC) 9,690,000 3,800,000 Loudoun County, VA IDA, (Series 2001), Weekly VRDNs (Ashburn Volunteer Fire and Rescue Department)/(Wachovia Bank N.A. LOC) 3,800,000 6,500,000 Loudoun County, VA, (Series 1998), 3.08% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank GTD LOC), Optional Tender 12/1/2005 6,500,000 1,135,000 Mecklenburg County, VA IDA, IDRB Weekly VRDNs (Harden Manufacturing Corp.)/(Columbus Bank and Trust Co., GA LOC) 1,135,000 1,075,000 Mecklenburg County, VA IDA, IDRB Weekly VRDNs (Smith Land Holdings LLC)/(Columbus Bank and Trust Co., GA LOC) 1,075,000 3,260,000 (2) Metropolitan Washington, DC Airports Authority, (PT-1991), Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ) 3,260,000 7,000,000 (2) Metropolitan Washington, DC Airports Authority, (ROCs Series 360), Weekly VRDNs (MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ) 7,000,000 5,000,000 (2) Metropolitan Washington, DC Airports Authority, (MT-108), Weekly VRDNs (MBIA Insurance Corp. INS)/(Svenska Handelsbanken, Stockholm LIQ) 5,000,000 4,640,000 (2) Metropolitan Washington, DC Airports Authority, (PT-736), Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ) 4,640,000 3,850,000 New Kent County, VA, (Series 1999), Weekly VRDNs (Basic Construction Co. LLC)/(SunTrust Bank LOC) 3,850,000 9,320,000 Newport News, VA EDA, Oyster Point Town Center Weekly VRDNs (Newport News, VA)/(SunTrust Bank LIQ) 9,320,000 3,195,000 Newport News, VA IDA, (Series 1997), Weekly VRDNs (Iceland Seafood Corp.)/(SunTrust Bank LOC) 3,195,000 4,300,000 Newport News, VA IDA, (Series 2004), Weekly VRDNs (CNU Warwick LLC)/(Bank of America N.A. LOC) 4,300,000 2,350,000 Newport News, VA Redevelopment & Housing Authority, (Series 2001A), Weekly VRDNs (Admiral Pointe Apartments)/(SunTrust Bank LOC) 2,350,000 3,000,000 Norfolk, VA Redevelopment and Housing Authority, (Series 2003-A), Weekly VRDNs (Old Dominion University)/(Bank of America N.A. LOC) 3,000,000 1,400,000 Portsmouth, VA IDA, (Series 2001), Weekly VRDNs (Brutus Enterprises LLC)/(RBC Centura Bank LOC) 1,400,000 5,540,000 Prince William County, VA IDA, (Series 2001), Weekly VRDNs (Quantico Court)/(SunTrust Bank LOC) 5,540,000 495,000 Pulaski County, VA IDA, (Series 1995), Weekly VRDNs (Balogh Real Estate Ltd. Partnership Mar-Bal Inc.)/(JPMorgan Chase Bank, N.A. LOC) 495,000 695,000 Richmond, VA IDA, (Series 1997), Weekly VRDNs (PM Beef)/(U.S. Bank, N.A. LOC) 695,000 4,055,000 Richmond, VA Redevelopment & Housing Authority Weekly VRDNs (Greystone Place Apartments)/(SunTrust Bank LOC) 4,055,000 5,910,000 Richmond, VA Redevelopment & Housing Authority, (Series B-5), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank GTD INV) 5,910,000 3,555,000 Richmond, VA Redevelopment & Housing Authority, (Series B-6), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank GTD INV) 3,555,000 3,555,000 Richmond, VA Redevelopment & Housing Authority, (Series B-8), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank GTD INV) 3,555,000 7,000,000 Richmond, VA Redevelopment & Housing Authority, (Series B-10), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank GTD INV) 7,000,000 5,795,000 Richmond, VA Redevelopment & Housing Authority, Multi-Family Refunding Revenue Bonds (Series 1997), Weekly VRDNs (Newport Manor)/(Columbus Bank and Trust Co., GA LOC) 5,795,000 2,670,000 Roanoke County, VA IDA, (Series 2000), Weekly VRDNs (Nordt Properties LLC)/(SunTrust Bank LOC) 2,670,000 5,880,000 Roanoke, VA IDA, (Series 2002E), Daily VRDNs (Carilion Health System Obligated Group) 5,880,000 8,055,000 Rockingham County, VA IDA, (Series 2003), Weekly VRDNs (Sunnyside Presbyterian Home)/(Branch Banking & Trust Co. of Virginia LOC) 8,055,000 870,000 South Hill, VA IDA, (Series 1997), Weekly VRDNs (International Veneer Co., Inc.)/(JPMorgan Chase Bank, N.A. LOC) 870,000 2,010,000 Staunton, VA IDA, (Series 1999A), Weekly VRDNs (Specialty Blades, Inc.)/(SunTrust Bank LOC) 2,010,000 1,130,000 Tazewell County, VA IDA, (Series 1993), Weekly VRDNs (Seville Properties Bluefield)/(Huntington National Bank, Columbus, OH LOC) 1,130,000 3,750,000 (2) Virginia Beach, VA Development Authority, (PT-2505), Weekly VRDNs (Princess Anne House Seniors Community LP)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC) 3,750,000 3,890,000 Virginia Beach, VA Development Authority, (Series 2000), Weekly VRDNs (Chesapeake Bay Academy)/(Wachovia Bank N.A. LOC) 3,890,000 3,000,000 Virginia Beach, VA Development Authority, (Series 2001), Weekly VRDNs (Management Services Group, Inc.)/(RBC Centura Bank LOC) 3,000,000 2,020,000 Virginia Beach, VA Development Authority, (Series 2001), Weekly VRDNs (S & H Co.)/(Wachovia Bank N.A. LOC) 2,020,000 17,000,000 Virginia Beach, VA Development Authority, (Series 2004), Weekly VRDNs (LifeNet Corp.)/(SunTrust Bank LOC) 17,000,000 14,000,000 Virginia College Building Authority, (Series 2002), Weekly VRDNs (Shenandoah University)/(Branch Banking & Trust Co. of Virginia LOC) 14,000,000 8,000,000 Virginia College Building Authority, 5.00% Bonds (Virginia State GTD), 2/1/2006 8,090,432 6,100,000 (2) Virginia Commonwealth Transportation Board, Floater Certificates (Series 2001-727), Weekly VRDNs (Virginia State)/(Morgan Stanley LIQ) 6,100,000 2,750,000 Virginia Peninsula Port Authority, (Series 2001), Weekly VRDNs (Tidewater Fibre Corp.)/(Wachovia Bank N.A. LOC) 2,750,000 3,420,000 (2) Virginia Port Authority, MERLOTS (Series 1997M), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ) 3,420,000 14,035,000 Virginia Resources Authority, Water and Sewer (Series 1997), Weekly VRDNs (Henrico County, VA)/(SunTrust Bank LIQ) 14,035,000 2,900,000 Virginia Small Business Financing Authority Weekly VRDNs (Moses Lake Industries)/(Key Bank, N.A. LOC) 2,900,000 1,850,000 Virginia Small Business Financing Authority, (Series 2000), Weekly VRDNs (International Parkway Associates LLC)/(RBC Centura Bank LOC) 1,850,000 3,600,000 Virginia Small Business Financing Authority, (Series 2001), Weekly VRDNs (Ennstone, Inc.)/(Wachovia Bank N.A. LOC) 3,600,000 4,880,000 (2) Virginia State Public Building Authority, Floater Certificates (Series 1998-131), Weekly VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ) 4,880,000 10,225,000 (2) Virginia State Public Building Authority, PUTTERs (Series 718), Weekly VRDNs (Virginia State)/(PNC Bank, N.A. LIQ) 10,225,000 5,575,000 (2) Virginia State Public School Authority, (1997 Resolution) MERLOTS (Series 2001-A121), 2.11% TOBs (Virginia State GTD)/(Wachovia Bank N.A. LIQ), Optional Tender 11/10/2005 5,575,000 3,162,000 Williamsburg, VA IDA, (Series 1988), Weekly VRDNs (Colonial Williamsburg Foundation Museum)/(Bank of America N.A. LOC) 3,162,000 TOTAL 562,116,759 TOTAL MUNICIPAL INVESTMENTS--99.8% ======================================================================== (AT AMORTIZED COST)(3) 585,682,542 OTHER ASSETS AND LIABILITIES---NET---0.2% 905,826 TOTAL NET ASSETS---100% $ 586,588,368 ========================================================================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 28.3% of the portfolio as calculated based upon total portfolio market value. 1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical 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 July 31, 2005, the portfolio securities were rated as follows: Tier Rating Percentage Based on Total Market Value First Tier Second Tier 100.0% 0.0% -------------------- 2 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the Fund's Board of Trustees, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At July 31, 2005, these securities amounted to $188,568,500 which represents 32.1% of total net assets. 3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at July 31, 2005. Investment Valuation The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Investemt Company Act of 1940, as amended. The following acronyms are used throughout this portfolio: AMT --Alternative Minimum Tax EDA --Economic Development Authority FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed IDA --Industrial Development Authority IDR --Industrial Development Revenue IDRB --Industrial Development Revenue Bond INS --Insured INV --Investment Agreement LIQ --Liquidity Agreement LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes 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 Richard J. Thomas, Principal Financial Officer Date September 14, 2005 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 J. Christopher Donahue, Principal Executive Officer Date September 14, 2005 By /S/ Richard J. Thomas Richard J. Thomas, Principal Financial Officer Date September 14, 2005