N-Q 1 form.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 (Address of Principal Executive Offices) (412) 288-1900 (Registrant's Telephone Number) John W. McGonigle, Esquire Federated Investors Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Date of Fiscal Year End: 7/31/08 Date of Reporting Period: Quarter ended 10/31/07 ITEM 1. SCHEDULE OF INVESTMENTS AUTOMATED CASH MANAGEMENT TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT OR SHARES
ASSET-BACKED SECURITIES--5.5% FINANCE - AUTOMOTIVE--1.1% $ 10,000,000 BMW Vehicle Lease Trust 2007-1, Class A1, 5.061%, 11/17/2008 $ 10,000,000 11,809,891 1 CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 11,809,891 3,218,220 1,2 Capital Auto Receivables Asset Trust 2007-SN1, Class A1A, 5.366%, 6/16/2008 3,218,220 15,000,000 Nissan Auto Receivables Owner Trust 2007-B, Class A1, 5.263%, 10/16/2008 15,000,000 TOTAL 40,028,111 FINANCE - EQUIPMENT--0.4% 14,000,000 1,2 Marlin Leasing Receivables XI LLC (Series 2007-1), Class A1, 5.214%, 10/15/2008 14,000,000 FINANCE - RETAIL--4.0% 38,000,000 1,2 Arkle Master Issuer PLC 2006-1, Class 1A, 5.025%, 11/19/2007 38,000,000 25,000,000 1,2 Arkle Master Issuer PLC 2007-1, Class 1A, 5.025%, 5/17/2008 25,000,000 43,500,000 Holmes Master Issuer PLC 2007-1, Class 1A1, 5.071%, 3/15/2008 43,500,000 13,000,000 Permanent Master Issuer PLC 2007-1, Class A, 5.071%, 1/15/2008 13,000,000 21,889,948 1,2 WST Trust (Series 2007-1G), Class A1, 5.470%, 5/21/2008 21,889,948 TOTAL 141,389,948 TOTAL ASSET-BACKED SECURITIES 195,418,059 CERTIFICATES OF DEPOSIT--5.1% BANKING--5.1% 10,000,000 Bank of Scotland, Edinburgh, 5.310%, 5/23/2008 10,000,000 25,000,000 Barclays Bank PLC, 4.850% - 5.380%, 1/25/2008 - 3/25/2008 25,000,000 80,000,000 Credit Suisse, Zurich, 5.290% - 5.380%, 1/14/2008 - 6/2/2008 79,999,779 55,000,000 DePfa Bank PLC, 4.800% - 5.370%, 2/8/2008 - 4/22/2008 55,000,000 10,000,000 Societe Generale, Paris, 5.420%, 7/10/2008 10,000,000 TOTAL CERTIFICATES OF DEPOSIT 179,999,779 COLLATERALIZED LOAN AGREEMENTS--9.3% BANKING--5.5% 10,000,000 BNP Paribas Securities Corp., 5.087%, 11/1/2007 10,000,000 50,000,000 Barclays Capital, Inc., 5.107% - 5.187%, 11/1/2007 50,000,000 50,000,000 Fortis Bank SA/NV, 5.137%, 11/1/2007 50,000,000 35,000,000 Greenwich Capital Markets, Inc., 5.087% - 5.337%, 11/1/2007 - 1/23/2008 35,000,000 50,000,000 HSBC Securities (USA), Inc., 5.087%, 11/1/2007 50,000,000 TOTAL 195,000,000 BROKERAGE--3.8% 10,000,000 Citigroup Global Markets, Inc., 5.087%, 11/1/2007 10,000,000 75,000,000 Goldman Sachs & Co., 5.107%, 11/1/2007 75,000,000 50,000,000 Merrill Lynch, Pierce, Fenner and Smith, 5.150%, 1/18/2008 50,000,000 TOTAL 135,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 330,000,000 COMMERCIAL PAPER --33.7%3 BANKING--7.4% 20,000,000 Citigroup Funding, Inc., 5.300%, 2/13/2008 19,693,778 25,000,000 Danske Bank A/S, 5.115%, 12/19/2007 24,829,500 75,000,000 1,2 Fountain Square Commercial Funding Corp., 5.150% - 5.170%, 11/21/2007 - 1/15/2008 74,581,118 98,500,000 1,2 Long Lane Master Trust IV, (Bank of America N.A. SWP), 4.850% - 6.150%, 11/20/2007 - 97,701,002 3/11/2008 45,000,000 1,2 Picaros Funding LLC, (GTD by KBC Bank N.V.), 5.140% - 5.600%, 12/14/2007 - 2/5/2008 44,523,556 TOTAL 261,328,954 FINANCE - AUTOMOTIVE--4.4% 50,569,000 DRAC LLC, (A1+/P1 Series), 4.950% - 5.130%, 11/8/2007 - 1/23/2008 50,281,408 92,000,000 FCAR Auto Loan Trust, (A1+/P1 Series), 4.700% - 5.800%, 11/15/2007 - 4/23/2008 90,591,560 16,000,000 FCAR Auto Loan Trust, (A1/P1 Series), 5.090% - 5.290%, 11/15/2007 - 2/26/2008 15,880,173 TOTAL 156,753,141 FINANCE - COMMERCIAL-7.0% 53,300,000 CIT Group, Inc., 5.050% - 5.180%, 11/26/2007 - 11/28/2007 53,102,883 25,000,000 1,2 Edison Asset Securitization LLC, 5.020%, 2/7/2008 24,658,361 125,000,000 1,2 Fairway Finance Co. LLC, 5.180% - 6.150%, 11/2/2007 - 12/7/2007 124,681,708 30,000,000 General Electric Capital Corp., 5.020%, 2/7/2008 29,590,033 17,500,000 1,2 Versailles CDS LLC, 5.300%, 1/16/2008 17,304,194 TOTAL 249,337,179 FINANCE - RETAIL--10.1% 60,000,000 1,2 Alpine Securitization Corp., 4.960% - 5.010%, 11/14/2007 - 1/23/2008 59,698,922 20,000,000 1,2 Amsterdam Funding Corp., 5.180%, 11/9/2007 19,976,978 30,000,000 1,2 Compass Securitization LLC, 5.100%, 11/26/2007 29,893,750 25,000,000 1,2 Paradigm Funding LLC, 5.600%, 11/8/2007 24,972,778 171,700,000 1,2 Sheffield Receivables Corp., 5.000% - 6.150%, 11/6/2007 - 12/7/2007 171,040,341 29,629,000 1,2 Tulip Funding Corp., 6.000%, 12/3/2007 29,470,979 25,000,000 1,2 Yorktown Capital LLC, 4.910%, 1/25/2008 24,710,174 TOTAL 359,763,922 FINANCE - SECURITIES--4.8% 140,000,000 1,2 Grampian Funding LLC, 4.990% - 5.550%, 12/17/2007 - 3/28/2008 138,471,969 21,818,000 1,2 Scaldis Capital LLC, 5.290%, 11/5/2007 21,805,176 10,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.185%, 5/22/2008 9,707,624 TOTAL 169,984,769 TOTAL COMMERCIAL PAPER 1,197,167,965 CORPORATE BONDS--0.7% FINANCE - RETAIL--0.7% 5,000,000 SLM Corp., 5.163%, 1/25/2008 5,001,015 20,000,000 1,2 SLM Corp., 5.091%, 4/14/2008 20,000,000 TOTAL CORPORATE BONDS 25,001,015 CORPORATE NOTES--5.5% BANKING--2.2% 10,000,000 Barclays Bank PLC, 5.350%, 5/30/2008 10,000,000 25,000,000 Credit Suisse, Zurich, 5.420%, 2/15/2008 25,000,000 8,200,000 First Tennessee Bank, N.A., 3.822%, 1/18/2008 8,171,823 17,000,000 Toronto Dominion Bank, 5.420%, 12/12/2007 17,000,000 16,000,000 UBS AG, 5.400%, 11/28/2007 16,000,000 TOTAL 76,171,823 BROKERAGE--1.1% 40,000,000 Goldman Sachs Group, Inc., 5.057% - 5.141%, 1/16/2008 - 3/5/2008 40,000,000 FINANCE - SECURITIES--2.2% 34,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.340% - 5.350%, 5/21/2008 - 6/2/2008 33,998,647 45,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350% - 5.415%, 2/4/2008 - 8/5/2008 45,000,000 TOTAL 78,998,647 TOTAL CORPORATE NOTES 195,170,470 LOAN PARTICIPATION--1.1% CHEMICALS--1.1% 40,000,000 DuPont Teijin Films U.K. Ltd., (GTD by Du Pont (E.I.) de Nemours & Co.), 5.220%, 12/27/2007 40,000,000 NOTES - VARIABLE --32.7%4 BANKING--17.6% 4,580,000 AGE, Inc., (Series 2000), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 4,580,000 400,000 Alabama Paper Products LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 400,000 3,885,000 American Concrete Pumping LLC, (Series 2004), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 3,885,000 4,100,000 Arkansas Development Finance Authority, (Series 1999A), (BNP Paribas SA LOC), 4.910%, 4,100,000 11/1/2007 2,000,000 Arkansas Development Finance Authority, (Series 1999B), (BNP Paribas SA LOC), 4.910%, 2,000,000 11/1/2007 1,000,000 Arkansas Development Finance Authority, (Series 1999C), (BNP Paribas SA LOC), 4.910%, 1,000,000 11/1/2007 1,000,000 Arkansas Development Finance Authority, (Series 1999D), (BNP Paribas SA LOC), 4.910%, 1,000,000 11/1/2007 1,225,000 Arkansas Development Finance Authority, (Series 2000A), (BNP Paribas SA LOC), 4.910%, 1,225,000 11/1/2007 2,050,000 Arkansas Development Finance Authority, (Series 2000B), (Wachovia Bank N.A. LOC), 4.910%, 2,050,000 11/1/2007 60,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 5.639%, 12/5/2007 60,000,000 40,000,000 1,2 BNP Paribas SA, 4.856%, 11/26/2007 40,000,000 13,000,000 Bank of America N.A., 4.988%, 11/1/2007 13,000,000 20,000,000 Bank of Montreal, 5.470%, 11/21/2007 20,000,000 39,000,000 1,2 Bank of Scotland, Edinburgh, 5.112% - 5.580%, 11/9/2007 - 11/20/2007 39,000,000 11,100,000 Bank of Scotland, Edinburgh, 5.198%, 11/1/2007 11,100,898 4,835,000 CNOS Building LLC, (U.S. Bank, N.A. LOC), 4.750%, 11/7/2007 4,835,000 452,000 Capital One Funding Corp., (Series 1999-B), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 452,000 11/1/2007 2,016,000 Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 2,016,000 11/1/2007 800,000 Capital One Funding Corp., (Series 1995-F), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 800,000 11/1/2007 35,000,000 1,2 Credit Agricole S.A., 5.141% - 5.180%, 12/24/2007 - 1/23/2008 35,000,000 25,000,000 Credit Suisse, Zurich, 5.475%, 11/26/2007 25,000,000 30,000,000 1,2 DePfa Bank PLC, 5.754%, 12/17/2007 30,000,000 2,257,000 Development Authority of Dekalb County, GA, Chatham Property Assoc., LLP, (Regions Bank, 2,257,000 Alabama LOC), 4.870%, 11/1/2007 7,265,000 E & J Investments LLC, Bradner Village Health Care, (Series 1999), (LaSalle Bank, N.A. LOC), 7,265,000 4.960%, 11/1/2007 7,355,000 Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 4.940%, 11/1/2007 7,355,000 7,000,000 FIU Athletics Finance Corp., (Series 2007-B), (Regions Bank, Alabama LOC), 4.890%, 11/1/2007 7,000,000 5,485,000 Grand Chute, WI, (U.S. Bank, N.A. LOC), 4.750%, 11/7/2007 5,485,000 4,400,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000B), (U.S. Bank, N.A. 4,400,000 LOC), 4.900%, 11/1/2007 940,000 HYCO Alabama LLC, (Series 2000), (Regions Bank, Alabama LOC), 5.980%, 11/1/2007 940,000 20,300,000 Infirmary Health Systems, Inc., (Regions Bank, Alabama LOC), 4.850%, 11/1/2007 20,300,000 10,500,000 J.P. Morgan Chase & Co., 5.114%, 11/2/2007 10,500,000 800,000 K-O-I Warehouse, Inc.; Hamlet Auto Parts, Inc.; Kentucky Motor Services, Inc.; Mad River Auto 800,000 Parts, Inc.; Ezzel Parts Exchange, Inc., (Series 1998), (U.S. Bank, N.A. LOC), 4.900%, 11/1/2007 6,000,000 Kansas City, MO IDA, West Edge Project, (Series 2006), (Marshall & Ilsley Bank, Milwaukee 6,000,000 LOC), 4.700%, 11/7/2007 2,055,000 Leeds, AL, (Series 2006-B), (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 2,055,000 5,000,000 1,2 Los Angeles, CA, MERLOTS (Series 2000 A) (H&H Theatre), (Wachovia Bank N.A. LOC), 4.710%, 5,000,000 11/7/2007 5,000,000 Louisiana Agricultural Finance Authority, Lacassive Syrup Mill, (Series 2004), (Regions Bank, 5,000,000 Alabama LOC), 4.890%, 11/1/2007 37,000,000 Marshall & Ilsley Bank, Milwaukee, 4.843%, 11/26/2007 37,000,000 4,000,000 Mississippi Business Finance Corp., Howard Industries, Inc., (Series 1999), (Regions Bank, 4,000,000 Alabama LOC), 4.860%, 11/1/2007 18,500,000 Mitchell County, GA Development Authority, First United Ethanol, LLC (Series 2006), (Wachovia 18,500,000 Bank N.A. LOC), 4.860%, 11/1/2007 23,600,000 National City Bank, 5.158% - 5.184%, 11/1/2007 - 11/2/2007 23,601,332 25,000,000 PNC Bank, N.A., 4.995%, 11/19/2007 24,995,357 2,400,000 Precision Packaging LLC, (Series 1997), (Compass Bank, Birmingham LOC), 4.950%, 11/1/2007 2,400,000 1,235,000 Racetrac Capital LLC, (Series 2000), (Regions Bank, Alabama LOC), 4.870%, 11/1/2007 1,235,000 6,740,000 Rollins College, (Series 1998), (SunTrust Bank LOC), 4.900%, 11/7/2007 6,740,000 2,451,000 Sandridge Food Corp., (National City Bank LOC), 4.920%, 11/1/2007 2,451,000 3,100,000 South Pittsburg, TN IDB, Lodge Manufacturing Co. Project, (Series 1999), (SunTrust Bank LOC), 3,100,000 4.900%, 11/1/2007 25,000,000 1,2 Svenska Handelsbanken, Stockholm, 5.061%, 11/13/2007 25,000,000 10,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-1) Tranche #1, (GTD by Wachovia 10,000,000 Corp.), 5.238%, 12/21/2007 5,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-1), (GTD by Wachovia Corp.), 5.694%, 5,000,000 12/17/2007 30,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-2), Tranche #1, (GTD by Wachovia 30,000,000 Corp.), 5.498%, 12/28/2007 20,000,000 Wells Fargo & Co., 5.184%, 11/2/2007 20,000,000 20,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 5.050%, 11/16/2007 20,000,000 2,800,000 White Hydraulics, Inc., (Series 1999), (Regions Bank, Alabama LOC), 4.950%, 11/1/2007 2,800,000 TOTAL 622,623,587 BROKERAGE--5.4% 29,500,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 29,500,871 9,000,000 1,2 Merrill Lynch & Co., Inc., 5.175%, 11/19/2007 9,000,000 34,000,000 Merrill Lynch & Co., Inc., 5.033% - 5.231%, 11/5/2007 - 11/26/2007 34,000,000 105,000,000 Morgan Stanley, 4.909% - 5.246%, 11/1/2007 - 11/27/2007 105,000,000 15,000,000 1 PYXIS Master Trust, Class 2007-6, (GTD by Merrill Lynch & Co., Inc.), 5.718%, 12/6/2007 15,000,000 TOTAL 192,500,871 ELECTRICAL EQUIPMENT--0.5% 16,540,223 Northwest Airlines, Inc., (GTD by General Electric Co.), 4.780%, 11/5/2007 16,540,223 FINANCE - RETAIL--1.8% 63,500,000 1,2 Paradigm Funding LLC, 4.920% - 5.015%, 11/19/2007 - 11/23/2007 63,498,616 FINANCE - SECURITIES--3.9% 110,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 4.840% - 5.449%, 11/15/2007 - 1/28/2008 109,987,490 28,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 4.815% - 4.990%, 11/1/2007 27,997,941 TOTAL 137,985,431 GOVERNMENT AGENCY--0.4% 480,000 Alabama HFA MFH, Turtle Lake Project (Series 2000-B), (FNMA LOC), 4.930%, 11/1/2007 480,000 7,000,000 Direct One Funding Corp., (FNMA LOC), 4.880%, 11/1/2007 7,000,000 3,445,000 Kentucky EDFA, Henderson County Health Care Corp., (FHLB of Cincinnati LOC), 4.960%, 3,445,000 11/1/2007 3,800,000 Louisiana PFA, Emberwood Apt. Complex, (Series 2003B), (FNMA LOC), 4.900%, 11/1/2007 3,800,000 TOTAL 14,725,000 INSURANCE--3.1% 10,000,000 Genworth Life Insurance Co., 5.450%, 11/9/2007 10,000,000 5,000,000 Hartford Life Global Funding Trust, 5.111%, 11/15/2007 5,000,000 25,000,000 1,2 MBIA Global Funding LLC, 4.803%, 11/30/2007 25,001,783 70,000,000 Monumental Life Insurance Co., 5.646% - 5.755%, 11/1/2007 - 11/30/2007 70,000,000 TOTAL 110,001,783 TOTAL NOTES - VARIABLE 1,157,875,511 MUTUAL FUND--3.1% ASSET MANAGEMENT--3.1% 110,000,000 5 AIM Short-Term Investments Co. Liquid Assets Portfolio, 4.720% 110,000,000 REPURCHASE AGREEMENTS--3.1% 84,885,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007, under which 84,885,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 10,000,000 Interest in $130,000,000 joint repurchase agreement 4.40%, dated 10/31/2007, under which J.P. 10,000,000 Morgan Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 1/16/2008 for $130,015,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $132,604,799. 15,000,000 Interest in $100,000,000 joint repurchase agreement 4.48%, dated 10/31/2007, under which UBS 15,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 10/15/2016 for $100,012,444 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,002,505. TOTAL REPURCHASE AGREEMENTS 109,885,000 TOTAL INVESTMENTS - 99.8% 3,540,517,799 (AT AMORTIZED COST)6 OTHER ASSETS AND LIABILITIES - NET - 0.2% 8,700,789 TOTAL NET ASSETS - 100% $ 3,549,218,588
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $1,705,102,037, which represented 48.0% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amounted to $1,678,292,146, which represented 47.3% of total net assets. 3 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate note with current rate and next reset date shown. 5 7-Day net yield. 6 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. RESTRICTED SECURITIES Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2007, is as follows:
SECURITY ACQUISTION DATE ACQUISTION COST CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 6/19/2007 $11,809,891 PYXIS Master Trust, Class 2007-6, (GTD by Merrill Lynch & Co., Inc.), 5.718%, 12/6/2007 3/6/2007 $15,000,000
The following acronyms are used throughout this portfolio: EDFA --Economic Development Financing Authority FHLB --Federal Home Loan Bank FNMA --Federal National Mortgage Association GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDB --Industrial Development Bond LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts - Liquidity Optional Tender Series MFH --Multifamily Housing PFA --Public Facility Authority SWP --Swap Agreement AUTOMATED GOVERNMENT MONEY TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
REPURCHASE AGREEMENTS--100.1% $ 88,900,000 Interest in $2,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007, under which BNP $ 88,900,000 Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 4,000,000 Interest in $100,000,000 joint repurchase agreement 4.45%, dated 10/31/2007, under which 4,000,000 Deutsche Bank Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 5/15/2016 for $100,012,361 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,012,946. 122,000,000 Interest in $1,500,000,000 joint repurchase agreement 4.55%, dated 10/31/2007, under which 122,000,000 Fortis Securities LLC will repurchase U.S. Treasury securities with various maturities to 2/15/2036 for $1,500,189,583 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,530,193,946. 122,000,000 Interest in $1,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007, under which 122,000,000 Greenwich Capital Markets, Inc. will repurchase U.S. Treasury securities with various maturities to 5/15/2037 for $1,800,227,500 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,836,001,850. 122,000,000 Interest in $1,825,000,000 joint repurchase agreement 4.55%, dated 10/31/2007, under which J.P. 122,000,000 Morgan Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 7/31/2008 for $1,825,230,660 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,861,505,038. 122,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.55%, dated 10/31/2007, under which 122,000,000 Merrill Lynch Government Securities will repurchase U.S. Treasury securities with various maturities to 4/15/2028 for $2,000,252,778 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,040,005,362. 4,000,000 Interest in $100,000,000 joint repurchase agreement 4.43%, dated 10/31/2007, under which UBS 4,000,000 Securities LLC will repurchase a U.S. Treasury security maturing on 7/15/2014 for $100,012,306 on 11/1/2007. The market value of the underlying security at the end of the period was $102,003,532. 7,000,000 1 Interest in $200,000,000 joint repurchase agreement 5.20%, dated 5/22/2007, under which UBS 7,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 8/15/2017 for $210,515,556 on 5/21/2008. The market value of the underlying securities at the end of the period was $213,911,108. 7,000,000 1 Interest in $197,000,000 joint repurchase agreement 5.25%, dated 5/31/2007, under which UBS 7,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 11/15/2016 for $207,457,417 on 5/30/2008. The market value of the underlying securities at the end of the period was $210,231,416. 5,000,000 1 Interest in $155,000,000 joint repurchase agreement 5.32%, dated 6/14/2007, under which UBS 5,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 2/15/2017 for $163,337,622 on 6/13/2008. The market value of the underlying securities at the end of the period was $164,665,575. TOTAL INVESTMENTS - 100.1% 603,900,000 (AT AMORTIZED COST)2 OTHER ASSETS AND LIABILITIES -NET -(0.1)% (477,497) TOTAL NET ASSETS -100% $ 603,422,503
1 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice. 2 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. FEDERATED CAPITAL RESERVES FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT ASSET-BACKED SECURITIES-4.8% FINANCE - AUTOMOTIVE-0.6% $ 14,762,364 1 CAL Securitization Trust 2007-1, Class A1, 5.425%, 7/15/2008 $ 14,762,364 35,000,000 1,2 Ford Credit Auto Owner Trust 2007-B, Class A1, 5.292%, 10/15/2008 35,000,000 TOTAL 49,762,364 FINANCE - EQUIPMENT-0.2% 15,485,099 Caterpillar Financial Asset Trust 2007-A, Class A1, 5.672%, 9/25/2008 15,485,099 FINANCE - RETAIL-3.5% 31,500,000 1,2 Arkle Master Issuer PLC 2006-1, Class 1A, 5.025%, 11/19/2007 31,500,000 100,000,000 1,2 Arkle Master Issuer PLC 2007-1, Class 1A, 5.025%, 5/17/2008 100,000,000 54,000,000 Holmes Master Issuer PLC 2007-1, Class 1A1, 5.071%, 3/15/2008 54,000,000 50,000,000 Permanent Master Issuer PLC 2007-1, Class A, 5.071%, 1/15/2008 50,000,000 74,425,825 1,2 WST Trust Series 2007-1G, Class A1, 5.470%, 5/21/2008 74,425,825 TOTAL 309,925,825 INSURANCE-0.5% 41,000,000 Capital One Auto Finance Trust 2007-C, Class A1, (Financial Guaranty Insurance Company LOC), 41,000,000 5.282%, 10/15/2008 TOTAL ASSET-BACKED SECURITIES 416,173,288 CERTIFICATES OF DEPOSIT-6.1% BANKING-6.1% 25,000,000 Bank of Scotland, Edinburgh, 5.310%, 5/22/2008 25,000,000 105,000,000 Barclays Bank PLC, 5.210% - 5.380%, 1/25/2008 - 2/15/2008 105,000,000 188,000,000 Credit Suisse, Zurich, 5.290% - 5.405%, 1/14/2008 - 6/9/2008 187,999,557 118,300,000 DePfa Bank PLC, 4.800% - 5.055%, 4/14/2008 - 4/24/2008 118,300,000 75,000,000 Huntington National Bank, Columbus, OH, 5.100% - 5.190%, 3/17/2008 - 4/7/2008 75,000,000 25,000,000 Societe Generale, Paris, 5.420%, 7/10/2008 25,000,000 TOTAL CERTIFICATES OF DEPOSIT 536,299,557 COLLATERALIZED LOAN AGREEMENTS-10.4% BANKING-6.9% 200,000,000 Barclays Capital, Inc., 5.260%, 11/1/2007 200,000,000 100,000,000 Credit Suisse First Boston LLC, 5.209%, 11/1/2007 100,000,000 300,000,000 HSBC Securities (USA), Inc., 5.158%, 11/1/2007 300,000,000 TOTAL 600,000,000 BROKERAGE-3.5% 107,000,000 Bear Stearns Cos., Inc., 5.188%, 11/1/2007 107,000,000 200,000,000 Morgan Stanley & Co., Inc., 5.209%, 11/1/2007 200,000,000 TOTAL 307,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 907,000,000 COMMERCIAL PAPER-36.6%3 AEROSPACE / AUTO-0.6% 23,626,000 1,2 Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. Support Agreement), 5.034% -5.584%, 23,571,475 11/5/2007 - 11/29/2007 32,000,000 1,2 Volkswagen of America, Inc., (Guaranteed by Volkswagen AG), 5.328% - 5.339%, 12/5/2007 - 31,823,495 12/11/2007 TOTAL 55,394,970 BANKING-4.5% 75,000,000 Danske Bank A/S, 5.182%, 12/19/2007 74,488,500 50,000,000 DePfa Bank PLC, 5.054%, 1/22/2008 49,431,694 50,000,000 1,2 Fountain Square Commercial Funding Corp., 5.192% - 5.250%, 11/21/2007 - 1/16/2008 49,654,944 155,000,000 1,2 Long Lane Master Trust IV, (Bank of America N.A. Swap Agreement), 5.544% - 6.250% 11/9/2007 - 153,725,718 3/11/2008 15,000,000 Louis Dreyfus Corp., (Barclays Bank PLC LOC), 5.122%, 11/16/2007 14,968,125 50,000,000 1,2 Picaros Funding LLC, (Guaranteed by KBC Bank N.V.), 5.677%, 12/14/2007 49,665,556 TOTAL 391,934,537 BROKERAGE-0.4% 35,000,000 Morgan Stanley, 5.456% - 5.502%, 2/11/2008 - 2/19/2008 34,460,250 CONSUMER PRODUCTS-1.2% 26,500,000 1,2 Diageo Capital PLC, (Guaranteed by Diageo PLC), 5.162% - 5.367%, 11/9/2007 -1/15/2008 26,432,619 80,750,000 1,2 Fortune Brands, Inc., 5.268% - 5.350%, 11/9/2007 - 12/13/2007 80,378,501 TOTAL 106,811,120 FINANCE - AUTOMOTIVE-5.5% 22,408,000 DRAC LLC, A1/P1 Series, 5.792%, 11/1/2007 22,408,000 90,000,000 DRAC LLC, A1+/P1 Series, 4.968% - 5.063%, 1/23/2008 - 2/7/2008 88,890,056 71,000,000 FCAR Auto Loan Trust, A1/P1 Series, 5.181% - 5.372%, 11/15/2007 - 3/24/2008 70,667,584 305,000,000 FCAR Auto Loan Trust, A1+/P1 Series, 5.349% - 5.973%, 11/15/2007 - 3/5/2008 302,164,158 TOTAL 484,129,798 FINANCE - COMMERCIAL-8.7% 350,000,000 1,2 Fairway Finance Co. LLC, 5.042% - 6.247%, 11/8/2007 - 12/7/2007 348,837,415 100,000,000 General Electric Capital Corp., 5.105%, 2/7/2008 98,633,444 310,000,000 1,2 Versailles CDS LLC, 5.353% - 5.788%, 11/2/2007 - 1/16/2008 309,381,223 TOTAL 756,852,082 FINANCE - RETAIL-7.3% 60,000,000 1,2 Alpine Securitization Corp., 5.029%, 11/14/2007 59,891,450 35,000,000 1,2 Compass Securitization LLC, 5.125%, 11/26/2007 34,876,042 393,000,000 1,2 Sheffield Receivables Corp., 4.898% - 6.244%, 11/1/2007 - 12/7/2007 391,591,241 150,000,000 1,2 Yorktown Capital LLC, 4.973% - 5.732%, 12/14/2007 - 1/25/2008 148,624,375 TOTAL 634,983,108 FINANCE - SECURITIES-6.8% 64,000,000 1,2 Beta Finance, Inc., 5.355%, 11/5/2007 63,962,453 430,500,000 1,2 Grampian Funding LLC, 5.161% - 5.686%, 11/21/2007 - 3/28/2008 425,299,206 91,213,000 1,2 Scaldis Capital LLC, 5.362%, 11/8/2007 91,119,177 15,000,000 1,2 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 5.371%, 5/22/2008 14,561,435 TOTAL 594,942,271 FOOD & BEVERAGE-0.8% 70,000,000 1,2 H.J. Heinz Finance Co., (Guaranteed by H.J. Heinz Co.), 5.293% - 5.423%, 11/9/2007 - 69,732,083 12/3/2007 PUBLISHING AND PRINTING-0.2% 16,000,000 1,2 Gannett Co., Inc., 5.055%, 11/1/2007 16,000,000 RETAIL-0.6% 14,000,000 Home Depot, Inc., 4.950% - 4.971%, 11/29/2007 - 11/30/2007 13,945,553 36,500,000 1,2 Safeway Inc., 5.143% - 5.384%, 11/5/2007 - 11/26/2007 36,418,230 TOTAL 50,363,783 TOTAL COMMERCIAL PAPER 3,195,604,002 CORPORATE BONDS-1.1% BANKING-0.5% 45,000,000 Citigroup, Inc., 3.500%, 2/1/2008 44,781,729 RETAIL-0.6% 50,000,000 Wal-Mart Stores, Inc., 5.933%, 6/1/2008 50,167,926 TOTAL CORPORATE BONDS 94,949,655 CORPORATE NOTES-4.3% BANKING-1.2% 9,500,000 Barclays Bank PLC, 5.350%, 5/30/2008 9,500,000 47,000,000 Toronto Dominion Bank, 5.420%, 12/12/2007 47,000,000 45,000,000 UBS AG, 5.400%, 11/28/2007 45,000,000 TOTAL 101,500,000 BROKERAGE-1.2% 110,000,000 Goldman Sachs Group, Inc., 5.058% - 5.550%, 12/18/2007 - 1/16/2008 110,000,000 FINANCE - SECURITIES-1.9% 25,000,000 1,2 K2 (USA) LLC, (Guaranteed by K2 Corp.), 5.350%, 5/21/2008 25,000,000 140,000,000 1,2 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 5.350% - 5.415%, 2/4/2008 - 140,000,000 8/5/2008 TOTAL 165,000,000 TOTAL CORPORATE NOTES 376,500,000 LOAN PARTICIPATION-1.1% CHEMICAL-0.5% 46,000,000 DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 5.220%, 46,000,000 12/27/2007 MISCELLANEOUS-0.6% 48,200,000 Cargill, Inc., 4.950%, 1/28/2008 48,200,000 TOTAL LOAN PARTICIPATION 94,200,000 NOTES - VARIABLE-33.1%4 BANKING-18.0% 17,260,000 Athens-Clarke County, GA IDA, PBR, Inc. Project Series 2007, (Columbus Bank and Trust Co., GA 17,260,000 LOC), 4.870%, 11/1/2007 250,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 4.970% - 5.214%, 11/23/2007 - 1/7/2008 250,000,000 40,000,000 1,2 Bank of Ireland, 5.011%, 11/19/2007 40,000,000 20,000,000 Bank of Montreal, 5.470%, 11/21/2007 20,000,000 62,000,000 1,2 Bank of Scotland, Edinburgh, 5.112, 11/9/2007 62,000,000 30,000,000 Bank of Scotland, Edinburgh, 5.329%, 11/14/2007 30,000,000 50,000,000 BNP Paribas SA, 4.695%, 11/28/2007 49,945,747 195,000,000 1,2 BNP Paribas SA, 4.846% - 5.500%, 11/19/2007 - 11/26/2007 195,000,000 3,270,000 Brevard County, FL Industrial Development Revenue Bond, Designer Choice Cabinetry, (Regions 3,270,000 Bank, Alabama LOC), 4.889%, 11/1/2007 6,245,000 Capital Markets Access Co. LC, ECO Stonecrest, LLC, Series 2006, (SunTrust Banks, Inc. LOC), 6,245,000 4.750%, 11/7/2007 4,175,000 Capital Markets Access Co. LC, Series 2005 E, (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 4,175,000 100,000,000 1,2 Commonwealth Bank of Australia, Sydney, 4.913%, 11/26/2007 100,000,000 205,000,000 1,2 Credit Agricole S.A., 5.150% - 5.484%, 11/23/2007 - 1/22/2008 205,000,000 50,000,000 Credit Suisse, Zurich, 5.475%, 11/26/2007 50,000,000 5,000,000 East Montgomery Health Facilities Development, Inc., Series 2006 - A, (First Commercial Bank, 5,000,000 Birmingham, AL LOC), 4.870%, 11/1/2007 2,350,000 Flintrock Farms, Series 2006, (Fulton Bank LOC), 4.970%, 11/1/2007 2,350,000 3,565,000 Grossman Realty LLC, Series 5, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 3,565,000 1,750,000 Hamilton Farm Bureau Cooperative, Inc., (Series 1999), (Huntington National Bank, Columbus, 1,750,000 OH LOC), 4.940%, 11/1/2007 4,395,000 M & C Holdings LLC, (RBC Centura Bank LOC), 4.900%, 11/1/2007 4,395,000 3,870,000 Medical Center of Athens, Inc., Series 2007, (Columbus Bank and Trust Co., GA LOC), 4.910%, 3,870,000 11/1/2007 2,945,000 Mesa Properties LLC, Series 2002, (RBC Centura Bank LOC), 4.900%, 11/1/2007 2,945,000 73,000,000 1,2 National Australia Bank Ltd., Melbourne, 5.112%, 11/7/2007 73,000,000 75,000,000 National City Bank, 5.178% - 5.530%, 11/1/2007 - 11/13/2007 75,000,000 2,765,000 Oceana County Freezer Storage, Inc., Series 1999, (Huntington National Bank, Columbus, OH 2,765,000 LOC), 4.940%, 11/1/2007 20,000,000 PNC Bank, N.A., 4.995%, 11/19/2007 19,996,285 4,175,000 Roby Co. Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 5.165%, 11/1/2007 4,175,000 135,000,000 1,2 Royal Bank of Canada, Montreal, 5.118%, 11/1/2007 135,000,000 20,000,000 Societe Generale, Paris, 4.766%, 11/28/2007 19,979,811 50,000,000 1,2 Societe Generale, Paris, 5.114, 11/2/2007 50,000,000 2,590,000 Tipton, IN, Tipton County Memorial Hospital Project, Series 2006B, (Fifth Third Bank, 2,590,000 Cincinnati LOC), 4.910%, 11/1/2007 25,000,000 1,2 Union Hamilton Special Purpose Funding LLC, Series 2007-2, Tranche #1, (Guaranteed by 25,000,000 Wachovia Corp.), 5.498%, 12/28/2007 250,000 Wells Fargo & Co., 5.184%, 11/2/2007 250,000 100,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 5.050%, 11/16/2007 100,000,000 3,720,000 Yonkers, NY IDA, Salgra Realty, LLC Series 2006, (Commerce Bank N.A., Cherry Hill, NJ LOC), 3,720,000 4.970%, 11/1/2007 TOTAL 1,568,246,843 BROKERAGE-5.4% 5,000,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 5,000,149 210,000,000 Merrill Lynch & Co., Inc., 5.033% - 5.231%, 11/15/2007 - 11/26/2007 210,000,000 36,000,000 1,2 Merrill Lynch & Co., Inc., 5.175%, 11/19/2007 36,000,000 180,450,000 Morgan Stanley, 4.980% - 5.008%, 11/1/2007 180,450,000 40,000,000 1 PYXIS Master Trust, Class 2007-6, (Guaranteed by Merrill Lynch & Co., Inc.), 5.718%, 40,000,000 12/6/2007 TOTAL 471,450,149 FINANCE - RETAIL-1.8% 20,000,000 1,2 Paradigm Funding LLC, 5.015%, 11/19/2007 19,999,582 141,000,000 1,2 SLM Corp., 5.091% - 5.110%, 11/12/2007 - 11/14/2007 141,000,000 TOTAL 160,999,582 FINANCE - SECURITIES-5.9% 100,000,000 1,2 Asscher Finance Corp., 5.339% - 5.538%, 11/15/2007 99,972,744 270,000,000 1,2 K2 (USA) LLC, (Guaranteed by K2 Corp.), 4.815% - 5.538%, 11/1/2007 - 1/22/2008 269,972,158 145,000,000 1,2 Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 4.820% - 5.540%, 11/1/2007- 144,992,301 11/19/2007 TOTAL 514,937,203 INSURANCE-2.0% 31,000,000 Genworth Life Insurance Co., 5.450% - 5.711%, 11/9/2007 - 12/3/2007 31,000,000 23,600,000 Hartford Life Global Funding Trust, 5.111%, 11/15/2007 23,600,000 50,000,000 MetLife Insurance Co. of Connecticut, 5.278% - 5.701%, 12/2/2007 - 12/28/2007 50,000,000 37,000,000 Monumental Life Insurance Co., 5.218%, 11/1/2007 37,000,000 30,000,000 New York Life Insurance Co., 5.416%, 11/1/2007 30,000,000 TOTAL 171,600,000 TOTAL NOTES - VARIABLE 2,887,233,777 REPURCHASE AGREEMENTS-2.5% 73,000,000 Interest in $1,868,000,000 joint repurchase agreement 4.960%, dated 10/31/2007 under which 73,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/01/2037 for $73,010,058 on 11/1/2007. The market value of the underlying security at the end of the period was $1,908,418,570. 150,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.960%, dated 10/31/2007 under which 150,000,000 Countrywide Securities Corp. will repurchase U.S. Government Agency securities with various maturities to 11/01/2037 for $150,020,667 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,539,491. TOTAL REPURCHASE AGREEMENTS 223,000,000 TOTAL INVESTMENTS -100.0% 8,730,960,279 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES-NET-(0.0%) (2,266,498) TOTAL NET ASSETS-100% $ 8,728,693,781
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $4,838,171,761, which represented 55.4% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amounted to $4,783,409,397, which represented 54.8% of total net assets. 3 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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: IDA --Industrial Development Authority LLC --Limited Liability Corporation LOC --Letter of Credit PLC --Public Limited Company FEDERATED GOVERNMENT RESERVES FUND PORTFOLIO OF INVESTMENTS October 31, 2007(unaudited)
PRINCIPAL VALUE AMOUNT U.S. GOVERNMENT AGENCIES - 18.8% $ 761,500,000 Federal Home Loan Bank System Floating Rate Notes, 5.360% - 5.496%, 11/15/2007 - 1/30/2008 $ 761,654,833 1 405,875,000 Federal Home Loan Bank System Notes, 4.000% - 5.450%, 2/15/2008 - 10/17/2008 405,669,265 101,020,000 Federal Home Loan Mortgage Corp. Discount Notes, 4.890% - 5.020%, 1/7/2008 - 3/3/2008 99,771,025 2 77,000,000 Federal Home Loan Mortgage Corp. Notes, 5.295% - 5.375%, 12/5/2007 - 3/14/2008 77,000,000 94,000,000 Federal National Mortgage Association Discount Notes, 4.905% - 5.000%, 2/29/2008 - 91,828,393 2 5/12/2008 123,000,000 Federal National Mortgage Association Floating Rate Note, 5.038%, 12/28/2007 122,989,772 1 213,235,000 Federal National Mortgage Association Notes, 2.875% - 5.300%, 11/21/2007 - 6/30/2008 212,696,661 TOTAL U.S. GOVERNMENT AGENCIES 1,771,609,949 REPURCHASE AGREEMENTS - 81.4% 1,795,000,000 Interest in $1,868,000,000 joint repurchase agreement 4.960%, dated 10/31/2007 under which 1,795,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $1,795,247,311 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,908,418,570. 75,000,000 3 Repurchase agreement 5.173%, dated 4/11/2007 under which Barclays Capital, Inc. will 75,000,000 repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $78,933,734 on 4/10/2008. The market value of the underlying securities at the end of the period was $77,494,214. 2,000,000,000 Repurchase agreement 4.960%, dated 10/31/2007 under which BNP Paribas Securities Corp. will 2,000,000,000 repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $2,000,275,556 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,044,666,249. 2,000,000,000 Repurchase agreement 4.970%, dated 10/31/2007 under which Citigroup Global Markets, Inc. 2,000,000,000 will repurchase U.S. Government Agency securities with various maturities to 10/1/2047 for $2,000,276,111 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,049,444,185. 850,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.960%, dated 10/31/2007 under which 850,000,000 Countrywide Securities Corp. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $850,117,111 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,539,491. 250,000,000 Repurchase agreement 4.800%, dated 10/3/2007 under which Credit Suisse First Boston LLC 250,000,000 3 will repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $251,100,000 on 11/5/2007. The market value of the underlying securities at the end of the period was $255,003,353. 375,000,000 Repurchase agreement 4.950%, dated 10/31/2007 under which Deutsche Bank Securities, Inc. 375,000,000 will repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $375,051,563 on 11/1/2007. The market value of the underlying securities at the end of the period was $384,166,592. 200,000,000 Repurchase agreement 4.780%, dated 10/16/2007 under which UBS Securities LLC will 200,000,000 3 repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $202,416,556 on 1/15/2008. The market value of the underlying securities at the end of the period was $204,380,429. 80,000,000 Repurchase agreement 5.290%, dated 11/8/2006 under which UBS Securities LLC will repurchase 80,000,000 3 U.S. Government Agency securities with various maturities to 5/1/2036 for $84,279,022 on 11/7/2007. The market value of the underlying securities at the end of the period was $83,430,829. 45,000,000 Repurchase agreement 5.315%, dated 5/31/2007 under which UBS Securities LLC will repurchase 45,000,000 3 U.S. Government Agency securities with various maturities to 6/15/2037 for $47,405,038 on 5/27/2008. The market value of the underlying securities at the end of the period was $47,398,156. TOTAL REPURCHASE AGREEMENTS 7,670,000,000 TOTAL INVESTMENTS-100.2% 9,441,609,949 (AT AMORTIZED COST)4 OTHER ASSETS AND LIABILITIES-NET-(0.2)% (14,546,712) TOTAL NET ASSETS-100% $ 9,427,063,237
1 Floating rate note with current rate and next reset date shown. 2 Discount rate at the time of purchase. 3 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days notice. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. FEDERATED MASTER TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT ASSET-BACKED SECURITIES--5.7% FINANCE - AUTOMOTIVE--1.1% $ 1,180,989 1 CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 $ 1,180,989 321,822 1,2 Capital Auto Receivables Asset Trust 2007-SN1, Class A1A, 5.366%, 6/16/2008 321,822 1,000,000 1,2 Ford Credit Auto Owner Trust 2007-B, Class A1, 5.291%, 10/15/2008 1,000,000 253,913 Merrill Auto Trust Securitization 2007-1, Class A1, 5.346%, 6/16/2008 253,913 TOTAL 2,756,724 FINANCE - EQUIPMENT--0.7% 1,720,567 Caterpillar Financial Asset Trust 2007-A, Class A1, 5.672%, 9/25/2008 1,720,567 FINANCE - RETAIL--3.9% 3,000,000 1,2 Arkle Master Issuer PLC 2006-1, Class 1A, 5.025%, 11/19/2007 3,000,000 5,000,000 1,2 Arkle Master Issuer PLC 2007-1, Class 1A, 5.025%, 5/17/2008 5,000,000 1,400,000 Holmes Master Issuer PLC 2007-1, Class 1A1, 5.071%, 3/15/2008 1,400,000 TOTAL 9,400,000 TOTAL ASSET-BACKED SECURITIES 13,877,291 CERTIFICATES OF DEPOSIT--7.3% BANKING--7.3% 1,000,000 Bank of Scotland, Edinburgh, 5.310%, 5/22/2008 - 5/23/2008 1,000,000 4,000,000 Barclays Bank PLC, 5.300% - 5.380%, 1/16/2008 - 2/15/2008 4,000,000 3,750,000 Credit Suisse, Zurich, 5.290% - 5.380%, 4/11/2008 - 6/2/2008 3,750,000 9,000,000 DePfa Bank PLC, 4.800% - 5.055%, 4/14/2008 - 4/24/2008 9,000,000 TOTAL CERTIFICATES OF DEPOSIT 17,750,000 COLLATERALIZED LOAN AGREEMENTS--9.1% BROKERAGE--9.1% 10,000,000 Citigroup Global Markets, Inc., 5.087%, 11/1/2007 10,000,000 7,000,000 Goldman Sachs & Co., 5.107%, 11/1/2007 7,000,000 5,000,000 Merrill Lynch, Pierce, Fenner and Smith, 5.100%, 11/1/2007 5,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 22,000,000 COMMERCIAL PAPER--35.9%3 BANKING--5.3% 5,000,000 1,2 Fountain Square Commercial Funding Corp., 5.150%, 1/15/2008 4,946,354 5,000,000 1,2 Long Lane Master Trust IV, (Bank of America N.A. SWP), 6.150%, 12/14/2007 4,963,271 3,000,000 1,2 Picaros Funding LLC, (GTD by KBC Bank N.V.), 5.600%, 12/14/2007 2,979,933 TOTAL 12,889,558 FINANCE - AUTOMOTIVE--8.9% 10,000,000 DRAC LLC, A1+/P1 Series, 4.910% - 5.750%, 11/1/2007 - 2/8/2008 9,936,437 4,000,000 FCAR Auto Loan Trust, A1+/P1 Series, 5.270% - 5.500%, 2/6/2008 - 2/20/2008 3,937,684 8,000,000 FCAR Auto Loan Trust, A1/P1 Series, 5.050% - 5.510%, 1/16/2008 - 3/24/2008 7,867,754 TOTAL 21,741,875 FINANCE - COMMERCIAL--4.1% 5,000,000 1,2 Fairway Finance Co. LLC, 5.040%, 11/20/2007 4,986,700 5,000,000 1,2 Versailles CDS LLC, 5.300%, 1/16/2008 4,944,056 TOTAL 9,930,756 FINANCE - RETAIL--11.9% 1,000,000 1,2 Amsterdam Funding Corp., 5.180%, 11/9/2007 998,849 7,000,000 1,2 Barton Capital LLC, 5.170%, 11/9/2007 6,991,958 4,000,000 1,2 Chariot Funding LLC, 5.000%, 12/13/2007 3,976,667 2,000,000 1,2 Compass Securitization LLC, 5.100%, 11/26/2007 1,992,917 5,000,000 1,2 Sheffield Receivables Corp., 6.150%, 12/7/2007 4,969,250 5,000,000 1,2 Tulip Funding Corp., 6.000%, 12/3/2007 4,973,333 5,000,000 1,2 Yorktown Capital LLC, 4.910%, 1/25/2008 4,942,035 TOTAL 28,845,009 FINANCE - SECURITIES--5.7% 12,000,000 1,2 Grampian Funding LLC, 5.035% - 5.550%, 12/20/2007 - 3/18/2008 11,887,412 2,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.250%, 4/21/2008 1,949,833 TOTAL 13,837,245 TOTAL COMMERCIAL PAPER 87,244,443 CORPORATE BONDS--0.8% FINANCE - RETAIL--0.8% 1,000,000 SLM Corp., 5.163%, 1/25/2008 1,000,203 1,000,000 1,2 SLM Corp., 5.091%, 4/14/2008 1,000,000 TOTAL CORPORATE BONDS 2,000,203 CORPORATE NOTES--3.4% BANKING--1.6% 1,000,000 Credit Suisse, Zurich, 5.420%, 12/4/2007 1,000,000 3,000,000 First Tennessee Bank, N.A., 3.822%, 1/18/2008 2,989,691 TOTAL 3,989,691 BROKERAGE--0.4% 1,000,000 Goldman Sachs Group, Inc., 5.057%, 1/16/2008 1,000,000 FINANCE - SECURITIES--1.4% 1,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.340%, 6/2/2008 999,944 2,500,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350% - 5.415%, 4/21/2008 - 8/5/2008 2,500,000 TOTAL 3,499,944 TOTAL CORPORATE NOTES 8,489,635 NOTES - VARIABLE--35.1%4 BANKING--18.5% 3,000,000 BNP Paribas SA, 4.761%, 11/28/2007 2,996,745 6,000,000 Bank of America N.A., 4.988%, 11/1/2007 6,000,000 2,000,000 1,2 Bank of Ireland, 5.011%, 11/19/2007 2,000,000 2,000,000 1,2 Bank of New York Mellon Corp., 4.879%, 11/27/2007 2,000,000 3,000,000 Bank of Scotland, Edinburgh, 5.280%, 12/24/2007 3,000,000 3,000,000 1,2 Bank of Scotland, Edinburgh, 5.112% - 5.580%, 11/9/2007 - 11/20/2007 3,000,000 1,980,000 Capital Markets Access Co. LC, West Broad Holdings, LLC (Series 2007), (Wachovia Bank N.A. LOC), 1,980,000 4.930%, 11/1/2007 965,000 Covered Bridge Development Co. LLC, (Series 2004), (Compass Bank, Birmingham LOC), 4.950%, 965,000 11/1/2007 4,000,000 1,2 Credit Agricole S.A., 5.180%, 12/24/2007 4,000,000 440,000 Dave White Chevrolet, Inc., (Series 1996), (Huntington National Bank, Columbus, OH LOC), 5.165%, 440,000 11/1/2007 4,000,000 Marshall & Ilsley Bank, Milwaukee, 4.842%, 11/26/2007 4,000,000 1,125,000 Richland County, MT, Sidney Health Center Project, (Series 2007B), (Allied Irish Banks PLC LOC), 1,125,000 4.960%, 11/1/2007 1,000,000 1,2 Royal Bank of Canada, Montreal, 5.118%, 11/1/2007 1,000,000 8,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-2), Tranche #1, (GTD by Wachovia 8,000,000 Corp.), 5.498%, 12/28/2007 1,500,000 Wells Fargo & Co., 5.184%, 11/2/2007 1,500,000 2,500,000 1,2 Westpac Banking Corp. Ltd., Sydney, 5.050%, 11/16/2007 2,500,000 225,000 White Brothers Properties, (Series 1996), (Huntington National Bank, Columbus, OH LOC), 5.165%, 225,000 11/1/2007 285,000 Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 4.900%, 11/1/2007 285,000 TOTAL 45,016,745 BROKERAGE--3.9% 2,000,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 2,000,021 3,500,000 Merrill Lynch & Co., Inc., 5.032% - 5.340%, 11/23/2007 - 11/26/2007 3,500,000 1,000,000 1,2 Merrill Lynch & Co., Inc., 5.175%, 11/19/2007 1,000,000 3,000,000 Morgan Stanley, 4.980%, 11/1/2007 3,000,000 TOTAL 9,500,021 FINANCE - RETAIL--0.8% 2,000,000 1,2 Paradigm Funding LLC, 4.920%, 11/23/2007 1,999,955 FINANCE - SECURITIES--5.8% 1,000,000 1,2 Asscher Finance Corp., 5.340%, 11/15/2007 999,768 9,500,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 4.815% - 5.538%, 11/1/2007 - 1/21/2008 9,498,997 3,500,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance, Inc.), 4.815% - 5.208%, 11/1/2007 3,499,937 TOTAL 13,998,702 GOVERNMENT AGENCY--4.0% 9,655,000 Direct One Funding Corp., (Series 2000), (Sexton Properties), (FNMA LOC), 4.880%, 11/1/2007 9,655,000 INSURANCE--2.1% 2,000,000 MetLife Insurance Co. of Connecticut, 5.701%, 12/3/2007 2,000,000 2,000,000 Monumental Life Insurance Co., 5.755%, 11/1/2007 2,000,000 1,000,000 1,2 Pacific Life Global Funding, 5.196%, 11/5/2007 1,000,004 TOTAL 5,000,004 TOTAL NOTES - VARIABLE 85,170,427 REPURCHASE AGREEMENT--2.4% 5,846,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 5,846,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. TOTAL INVESTMENTS --- 99.7% 242,377,999 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES --- NET --- 0.3% 616,179 TOTAL NET ASSETS --- 100% $ 242,994,178
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $123,004,005, which represented 50.6% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At October 31, 2007, these liquid restricted securities amounted to $121,823,016, which represented 50.1% of total net assets. 3 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2007, is as follows: SECURITY ACQUISITION DATE ACQUISITION COST CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 6/19/2007 $1,180,989 The following acronyms are used throughout this portfolio: FNMA --Federal National Mortgage Association GTD --Guaranteed LOC --Letter of Credit SWP --Swap Agreement FEDERATED MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
SHORT-TERM MUNICIPALS-100.4%1,2 ALABAMA-6.8% $ 600,000 Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Wachovia $ 600,000 Bank N.A. LOC), 3.580%, 11/1/2007 100,000 Alabama HFA MFH, (Series 2004A: Phoenix Apartments) Weekly VRDNs (Phoenix Arts LLC)/(Regions 100,000 Bank, Alabama LOC), 3.630%, 11/1/2007 4,315,000 Alabama State IDA, (Series 1994) Weekly VRDNs (Homeland Vinyl Products, Inc.)/(Compass Bank, 4,315,000 Birmingham LOC), 3.580%, 11/1/2007 5,000,000 Chatom, AL IDB, (Series 2001) Weekly VRDNs (Alabama Electric Co-op, Inc.)/(Regions Bank, 5,000,000 Alabama LOC), 3.580%, 11/1/2007 14,500,000 Decatur, AL IDB, (Series 2003-A) Weekly VRDNs (Nucor Steel Decatur LLC)/(Nucor Corp. GTD), 14,500,000 3.330%, 11/7/2007 5,140,000 3,4 Huntsville, AL Public Building Authority, SPEARS (DB-377) Weekly VRDNs (MBIA Insurance Corp. 5,140,000 INS)/(Deutsche Bank AG LIQ), 3.570%, 11/1/2007 385,000 St. Clair County, AL IDB, (Series 1993) Weekly VRDNs (Ebsco Industries, Inc.)/(National 385,000 Australia Bank Ltd., Melbourne LOC), 3.550%, 11/1/2007 TOTAL 30,040,000 ARIZONA-1.3% 5,980,000 3,4 Phoenix, Maricopa County, Pima County, AZ IDA, MERLOTS (Series 2007-E3) Weekly VRDNs (GNMA 5,980,000 COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 ARKANSAS-0.1% 500,000 Arkansas Development Finance Authority, (Series 1995) Weekly VRDNs (Paco Steel & Engineering 500,000 Corp.)/(JPMorgan Chase Bank, N.A. LOC), 3.570%, 11/1/2007 COLORADO-0.9% 4,045,000 3,4 Colorado HFA, MERLOTS (Series 2002-A60) Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank 4,045,000 N.A. LIQ), 3.380%, 11/7/2007 DISTRICT OF COLUMBIA-3.0% 2,400,000 3,4 District of Columbia HFA, (Series 2005 BNY5) Weekly VRDNs (Trinity Plus Funding Co. LLC)/(Bank 2,400,000 of New York LIQ), 3.620%, 11/1/2007 850,000 3,4 District of Columbia HFA, (Series 2005 BNY6) Weekly VRDNs (Trinity Plus Funding Co. LLC)/(Bank 850,000 of New York LIQ), 3.620%, 11/1/2007 10,000,000 3,4 Metropolitan Washington, DC Airports Authority, ROCs (Series 7065) Weekly VRDNs (Ambac 10,000,000 Financial Group, Inc. INS)/(Citigroup, Inc. LIQ), 3.590%, 11/1/2007 TOTAL 13,250,000 FLORIDA-5.3% 8,400,000 3,4 Citizens Property Insurance Corp. FL, P-Floats (Series EC-1010) Weekly VRDNs (MBIA Insurance 8,400,000 Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 2,320,000 3,4 Clipper Tax-Exempt Certificates Trust (Florida-AMT) Series 2005-17 Weekly VRDNs (Merrill Lynch 2,320,000 & Co., Inc. LIQ), 3.550%, 11/1/2007 5,200,000 3,4 Florida Hurricane Catastrophe Fund Finance Corp., P-Floats (Series EC-1081) Weekly VRDNs (MBIA 5,200,000 Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 4,000,000 Miami-Dade County, FL, (Series A), 3.750% CP (Miami International Airport)/(BNP Paribas SA and 4,000,000 Dexia Credit Local LOCs), Mandatory Tender 12/14/2007 3,850,000 St. Lucie County, FL Solid Waste Disposal, (Series 2003) Daily VRDNs (Florida Power &l Light 3,850,000 Co.), 3.650%, 11/1/2007 TOTAL 23,770,000 GEORGIA-6.3% 1,000,000 Cobb County, GA Development Authority, (Series 2007) Weekly VRDNs (Republic Services, Inc.), 1,000,000 3.790%, 11/1/2007 4,000,000 3,4 Cobb County, GA Housing Authority, (Series PT-2221) Weekly VRDNs (Hickory Lake 4,000,000 Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.650%, 11/1/2007 2,100,000 DeKalb County, GA Development Authority, (Series 1995) Weekly VRDNs (Rock-Tenn Converting 2,100,000 Co.)/(SunTrust Bank LOC), 3.540%, 11/7/2007 16,615,000 DeKalb County, GA MFHA, (Series 2001) Weekly VRDNs (Signature Station Apartments)/(Regions 16,615,000 Bank, Alabama LOC), 3.580%, 11/1/2007 1,600,000 Fulton County, GA IDA, (Series 1989) Weekly VRDNs (STO Corp.)/(Dresdner Bank AG, Frankfurt 1,600,000 LOC), 3.680%, 11/1/2007 2,000,000 Mitchell County, GA Development Authority, (Series 2006) Weekly VRDNs (First United Ethanol 2,000,000 LLC)/(Wachovia Bank N.A. LOC), 3.600%, 11/1/2007 $ 650,000 Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 3.410%, 11/7/2007 $ 650,000 TOTAL 27,965,000 IDAHO-0.6% 2,425,000 Minidoka County, ID IDC, (Series 1998) Weekly VRDNs (Nature's Best Produce, Inc.)/(BNP Paribas 2,425,000 SA LOC), 3.600%, 11/1/2007 ILLINOIS-6.7% 6,000,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 1998) Weekly VRDNs (Yeomans 6,000,000 Chicago Corp.)/(Regions Bank, Alabama LOC), 3.560%, 11/1/2007 4,330,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 1999) Weekly VRDNs (Jania Family 4,330,000 LLC)/(LaSalle Bank, N.A. LOC), 3.560%, 11/1/2007 5,765,000 3,4 Aurora, Kane, DuPage, Will and Kendall Counties, IL, MERLOTS (Series 2007-C70) Weekly VRDNs 5,765,000 (GNMA COL)/(Bank of New York LIQ), 3.390%, 11/7/2007 3,995,000 3,4 Aurora, Kane, DuPage, Will and Kendall Counties, IL, MERLOTS (Series 2007-E4) Weekly VRDNs 3,995,000 (GNMA COL)/(Bank of New York LIQ), 3.390%, 11/7/2007 2,645,000 3,4 Aurora, Kane, DuPage, Will and Kendall Counties, IL, MERLOTS (Series 2007-E5) Weekly VRDNs 2,645,000 (GNMA COL)/(Bank of New York LIQ), 3.390%, 11/7/2007 1,090,000 3,4 Chicago, IL Single Family Mortgage, MACON (Series 1999N) Weekly VRDNs (GNMA COL)/(Bank of 1,090,000 America N.A. LIQ), 3.580%, 11/1/2007 3,890,000 Illinois Development Finance Authority IDB Weekly VRDNs (R. A. Zweig, Inc.)/(JPMorgan Chase 3,890,000 Bank, N.A. LOC), 3.400%, 11/7/2007 190,000 Illinois Development Finance Authority, (Series 2001) Weekly VRDNs (Mangel BG Investments 190,000 LLC)/(LaSalle Bank, N.A. LOC), 3.440%, 11/7/2007 2,000,000 Illinois Housing Development Authority, (2007 Sub-series H-2), 3.480% TOBs, Mandatory Tender 2,000,000 10/1/2008 TOTAL 29,905,000 INDIANA-6.5% 372,000 Crawfordsville, IN EDA, (Series 1995: Shady Knoll III Apartments) Weekly VRDNs (Pedcor 372,000 Investments-1994-XXII LP)/(Federal Home Loan Bank of Indianapolis LOC), 3.600%, 11/1/2007 3,250,000 Goshen, IN EDRB, (Series 2007) Weekly VRDNs (LMA-HUF Development LLC)/(Comerica Bank LOC), 3,250,000 3.530%, 11/1/2007 2,700,000 3,4 Indiana State Finance Authority Water Facilities, Austin (Series BOA 111) Weekly VRDNs 2,700,000 (Indiana-American Water Company, Inc.)/(Ambac Financial Group, Inc. INS)/(Bank of America N.A. LIQ), 3.530%, 11/1/2007 17,700,000 Indiana State Finance Authority, (Series 2006) Weekly VRDNs (Mittal Steel USA, Inc.)/(Banco 17,700,000 Bilbao Vizcaya Argentaria SA LOC), 3.360%, 11/7/2007 5,090,000 3,4 Indiana State HFA, PUTTERs (Series 1204) Weekly VRDNs (JPMorgan Chase & Co. LIQ), 3.550%, 5,090,000 11/1/2007 TOTAL 29,112,000 KANSAS-0.6% 2,437,000 3,4 Clipper Tax-Exempt Certificates Trust (Kansas-AMT) Series 2005-13 Weekly VRDNs (Sedgwick & 2,437,000 Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 KENTUCKY-1.7% 4,600,000 Graves County, KY, (Series 1988) Weekly VRDNs (Seaboard Farms)/(U.S. Bank, N.A. LOC), 3.620%, 4,600,000 11/1/2007 2,555,000 Henderson, KY IDRB, Series 1998 Weekly VRDNs (Vincent Industrial Plastics, Inc.)/(Wells Fargo 2,555,000 Bank, N.A. LOC), 3.540%, 11/1/2007 178,000 Kenton County, KY, (Series 1999) Weekly VRDNs (Packaging Un-limited of Northern Kentucky, 178,000 Inc.)/(National City Bank LOC), 3.560%, 11/1/2007 275,000 Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Key Bank, N.A. LOC), 3.620%, 11/1/2007 275,000 TOTAL 7,608,000 LOUISIANA-0.3% 1,530,000 3,4 Jefferson Parish, LA Home Mortgage Authority, MERLOTS (Series 2001-A79) Weekly VRDNs (GNMA 1,530,000 COL)/(Wachovia Bank N.A. LIQ), 3.430%, 11/7/2007 MAINE-1.2% 1,820,000 Maine Finance Authority, (Series 2005) Weekly VRDNs (Brunswick Publishing)/(SunTrust Bank 1,820,000 LOC), 3.530%, 11/1/2007 1,100,000 Maine State Housing Authority, Mortgage Purchase Bonds (2007 Series F), 3.850% TOBs 9/22/2008 1,100,000 2,540,000 3,4 Maine State Housing Authority, PUTTERs (Series 1414B) Weekly VRDNs (JPMorgan Chase & Co. LIQ), 2,540,000 3.550%, 11/1/2007 TOTAL 5,460,000 MARYLAND-2.9% 5,385,000 3,4 Maryland Community Development Administration - Residential Revenue, MERLOTS (Series 2007-E1) 5,385,000 Weekly VRDNs (Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 $ 7,395,000 3,4 Maryland Community Development Administration - Residential Revenue, MERLOTS (Series 2007-C54) $ 7,395,000 Weekly VRDNs (Bank of New York LIQ), 3.390%, 11/7/2007 TOTAL 12,780,000 MASSACHUSETTS-0.5% 2,335,000 Massachusetts Development Finance Agency, (Series 2004), 3.800% CP (Nantucket Electric 2,335,000 Co.)/(Massachusetts Electric Co. GTD), Mandatory Tender 11/13/2007 MINNESOTA-2.2% 4,800,000 3,4 Becker, MN, (Series 2005 FR/RI-FP13) Weekly VRDNs (Northern States Power Co., MN)/(Lehman 4,800,000 Brothers Holdings, Inc. SWP), 3.540%, 11/1/2007 2,500,000 St. Anthony, MN, (Series 2007) Weekly VRDNs (Landings at Silver Lake Village)/(LaSalle Bank, 2,500,000 N.A. LOC), 3.530%, 11/2/2007 2,250,000 Stillwater, MN, (Series 2002A) Weekly VRDNs (Curve Crest Villa)/(LaSalle Bank, N.A. LOC), 2,250,000 3.580%, 11/2/2007 TOTAL 9,550,000 MISSISSIPPI-6.2% 150,000 Mississippi Business Finance Corp., (Series 1999) VRDNs (Polks Meat Products, Inc.)/(Regions 150,000 Bank, Alabama LOC), 3.630%, 11/1/2007 3,460,000 Mississippi Business Finance Corp., (Series 2001) Weekly VRDNs (Corinthian, Inc.)/(Regions 3,460,000 Bank, Alabama LOC), 3.580%, 11/1/2007 2,600,000 Mississippi Business Finance Corp., (Series 2001) Weekly VRDNs (Silver Creek Gin Co.)/(Regions 2,600,000 Bank, Alabama LOC), 3.580%, 11/1/2007 1,865,000 Mississippi Business Finance Corp., Revenue Bonds (Series 2001) Weekly VRDNs (H. M. Richards, 1,865,000 Inc.)/(Regions Bank, Alabama LOC), 3.630%, 11/1/2007 1,000,000 Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wachovia Bank 1,000,000 N.A. LOC), 3.580%, 11/1/2007 6,200,000 Mississippi Home Corp., (Series 2006-5) Weekly VRDNs (Ashton Park Apartments)/(Wachovia Bank 6,200,000 N.A. LOC), 3.580%, 11/1/2007 4,000,000 Mississippi Home Corp., MFH Revenue Bonds (Series 2001-4) Weekly VRDNs (Highland Park 4,000,000 Apartments)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 520,000 Mississippi Home Corp., MFH Revenue Refunding Bonds (Series 1991D-1) Weekly VRDNs (Summer Park 520,000 Apartments)/(Wachovia Bank N.A. LOC), 3.630%, 11/1/2007 7,800,000 Mississippi Regional Housing Authority No. II, (Series 2000), 4.300% TOBs (Laurel Park 7,800,000 Apartments)/(First Tennessee Bank, N.A. LOC), Mandatory Tender 6/1/2008 TOTAL 27,595,000 MISSOURI-1.0% 4,645,000 3,4 Missouri State Housing Development Commission, PUTTERs (Series 1514) Weekly VRDNs (GNMA 4,645,000 COL)/(JPMorgan Chase & Co. LIQ), 3.550%, 11/1/2007 MULTI STATE-6.2% 3,413,426 3,4 ABN AMRO Chicago Corp. 1997-1 Lease TOPS Trust Weekly VRDNs (LaSalle Bank, N.A. LIQ)/(LaSalle 3,413,426 Bank, N.A. LOC), 3.630%, 11/1/2007 1,780,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2006-5 Weekly VRDNs (GNMA 1,780,000 COL)/(Merrill Lynch & Co., Inc. LIQ), 3.630%, 11/1/2007 4,784,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2007-40 Weekly VRDNs (GNMA 4,784,000 COL)/(State Street Bank and Trust Co. LIQ), 3.580%, 11/1/2007 856,939 3,4 GS Pool Trust (Series 2006-56TP) Weekly VRDNs (Natixis Financial Products, Inc. INS)/(Goldman 856,939 Sachs Group, Inc. LIQ), 3.530%, 11/1/2007 1,953,753 3,4 GS Pool Trust Series 2006-19TP Weekly VRDNs (Natixis Financial Products, Inc. INS)/(Goldman 1,953,753 Sachs Group, Inc. LIQ), 3.560%, 11/1/2007 1,900,000 3,4 GS Pool Trust Series 2006-35TP Weekly VRDNs (Natixis Financial Products, Inc. INS)/(Goldman 1,900,000 Sachs Group, Inc. LIQ), 3.560%, 11/1/2007 3,955,000 3,4 JPMorgan Chase & Co. I-Putters Trust (Series 1761P) Weekly VRDNs (FGIC, Financial Security 3,955,000 Assurance, Inc. INS) and JPMorgan Chase Bank, N.A. LIQs), 3.650%, 11/1/2007 6,500,000 3,4 Puttable Floating Option Tax-Exempt Receipts (P-Floats+ Series EC-001) VRDNs (Ambac Financial 6,500,000 Group, Inc., FGIC, Financial Security Assurance, Inc., MBIA Insurance Corp. INS) and Merrill Lynch & Co., Inc. LIQs), 3.650%, 11/1/2007 2,640,000 3,4 Puttable Floating Option Tax-Exempt Receipts (P-Floats+ Series EC-002) VRDNs (Merrill Lynch & 2,640,000 Co., Inc. LIQ), 3.650%, 11/1/2007 TOTAL 27,783,118 NEBRASKA-1.2% 5,500,000 3,4 Nebraska Investment Finance Authority, PUTTERs (Series 1352) Weekly VRDNs (JPMorgan Chase & 5,500,000 Co. LIQ), 3.550%, 11/1/2007 NEVADA-2.4% 3,385,000 3,4 Clark County, NV Airport System, (PT-2806) Weekly VRDNs (Ambac Financial Group, Inc. 3,385,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.610%, 11/1/2007 1,000,000 Clark County, NV, Passenger Facility Charge Refunding Revenue Bonds (Series 2005 A-1) Weekly 1,000,000 VRDNs (Las Vegas-McCarran International Airport)/(MBIA Insurance Corp. INS)/(Bayerische Landesbank (Guaranteed) LIQ), 3.310%, 11/7/2007 $ 3,195,000 Director of the State of Nevada Department of Business and Industry, Industrial Development $ 3,195,000 Revenue Bonds (Series 1998A) Weekly VRDNs (575 Mill Street LLC)/(Key Bank, N.A. LOC), 3.580%, 11/1/2007 2,995,000 3,4 Nevada Rural Housing Authority, MERLOTS (Series 2007-E6) Weekly VRDNs (GNMA COL)/(Bank of New 2,995,000 York LIQ), 3.390%, 11/7/2007 TOTAL 10,575,000 NEW JERSEY-5.6% 4,000,000 Beachwood, NJ, 4.000% BANs, 8/29/2008 4,006,652 4,643,665 Lambertville, NJ, 3.850% BANs, 6/13/2008 4,650,616 5,227,430 Point Pleasant, NJ, 4.125% BANs, 1/30/2008 5,231,476 2,000,000 Spring Lake Boro, NJ, 3.900% BANs, 10/17/2008 2,005,539 2,000,000 Washington Borough, NJ, 4.000% BANs, 11/30/2007 2,000,155 7,203,000 Wildwood, NJ, 4.375% BANs, 5/9/2008 7,217,551 TOTAL 25,111,989 NEW YORK-2.2% 4,545,000 3,4 Nassau County, NY IDA, ROCs (Series 738CE) Weekly VRDNs (Mill River Residences)/(Citibank NA, 4,545,000 New York LIQ)/(Citibank NA, New York LOC), 3.600%,11/1/2007 5,155,000 New York City, NY IDA, (Series 2004) Weekly VRDNs (Super-Tek Products, Inc.)/(Citibank NA, New 5,155,000 York LOC), 3.510%, 11/1/2007 TOTAL 9,700,000 NORTH CAROLINA-1.3% 3,335,000 3,4 Charlotte, NC Airport, (PT-719) Weekly VRDNs (MBIA Insurance Corp. INS)/(BNP Paribas SA LIQ), 3,335,000 3.610%, 11/1/2007 2,500,000 Hertford County, NC Industrial Facilities & PCFA, (Series 2000A) Weekly VRDNs (Nucor Corp.), 2,500,000 3.400%, 11/7/2007 TOTAL 5,835,000 NORTH DAKOTA-1.1% 4,920,000 3,4 Grand Forks, ND, MT-482 Weekly VRDNs (Altru Health System Obligated Group)/(Merrill Lynch & 4,920,000 Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.630%, 11/1/2007 OHIO-1.1% 1,000,000 Kent, OH, 4.000% BANs, 10/16/2008 1,003,692 1,100,000 Licking County, OH Career & Technology Educational Centers, 4.500% BANs, 9/10/2008 1,106,634 2,885,000 Stark County, OH IDR, 4.150% BANs, 11/15/2007 2,885,484 TOTAL 4,995,810 OKLAHOMA-1.1% 350,000 Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 350,000 3.730%, 11/1/2007 2,998,206 3,4 Clipper Tax-Exempt Certificates Trust (Oklahoma AMT) Series 2004-3 Weekly VRDNs (Oklahoma 2,998,206 HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 1,500,000 Oklahoma Development Finance Authority, (Series 2002) Weekly VRDNs (ConocoPhillips 1,500,000 Co.)/(ConocoPhillips GTD), 3.370%, 11/7/2007 TOTAL 4,848,206 OREGON-0.2% 1,000,000 Oregon State EDRB, (Series CXLVII) Weekly VRDNs (Toyo Tanso USA, Inc.)/(Bank of Tokyo- 1,000,000 Mitsubishi UFJ Ltd. LOC), 3.770%, 11/1/2007 SOUTH CAROLINA-2.2% 3,375,000 South Carolina Jobs-EDA, (Series 2004) Weekly VRDNs (Republic Services, Inc.), 3.790%, 3,375,000 11/1/2007 1,100,000 South Carolina State Housing Finance & Development Authority, (Series 2007B), 3.870% BANs, 1,100,000 9/2/2008 5,265,000 3,4 South Carolina State Housing Finance & Development Authority, PUTTERs (Series 1388) Weekly 5,265,000 VRDNs (Ambac Financial Group, Inc. INS)/(JPMorgan Chase & Co. LIQ), 3.550%, 11/1/2007 TOTAL 9,740,000 TENNESSEE-2.2% 3,500,000 Jackson, TN Health Educational & Housing Facilities Board Multifamily Revenue, (Series 1998) 3,500,000 Weekly VRDNs (Park Ridge Apartments)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 4,000,000 3,4 Sumner County, TN Health, Educational & Housing Facilities Board, MT-480 Weekly VRDNs (Sumner 4,000,000 Regional Health Systems, Inc.)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.680%, 11/1/2007 1,675,000 Tullahoma, TN IDB, (Series 1995) Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC), 1,675,000 3.540%, 11/7/2007 445,000 Wilson County, TN Health and Educational Facilities Board, Forest View Apartments (Series 445,000 2003) Weekly VRDNs (Forest View LP)/(Regions Bank, Alabama LOC), 3.680%, 11/1/2007 TOTAL 9,620,000 TEXAS-8.9% $ 2,500,000 Brazos Harbor, TX Industrial Development Corp., (Series 2003) Weekly VRDNs (ConocoPhillips), $ 2,500,000 3.600%, 11/7/2007 7,500,000 Brazos Harbor, TX Industrial Development Corp., (Series 2006) Weekly VRDNs (BASF Corp.), 7,500,000 3.320%, 11/7/2007 1,500,000 Gulf Coast, TX Waste Disposal Authority, (Series 2004) Weekly VRDNs (Republic Waste Services 1,500,000 of Texas Ltd.)/(Republic Services, Inc. GTD), 4.050%, 11/1/2007 200,000 Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds (Series 1999) 200,000 Weekly VRDNs (Air Products & Chemicals, Inc.), 3.340%, 11/7/2007 1,800,000 Gulf Coast, TX Waste Disposal Authority, Solid Waste Disposal Revenue Bonds (Series 2000) 1,800,000 Weekly VRDNs (Air Products LP)/(Air Products & Chemicals, Inc. GTD), 3.340%, 11/7/2007 7,500,000 Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly 7,500,000 VRDNs (Harris Park Partners LP)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 8,300,000 Port Arthur Navigation District, TX IDC, (Series 2005) Daily VRDNs (Air Products LP)/(Air 8,300,000 Products & Chemicals, Inc. GTD), 3.600%, 11/1/2007 5,840,000 3,4 San Antonio, TX Housing Finance Corp., ROCs (Series 822CE) Weekly VRDNs (Babcock Villa & Stone 5,840,000 Ridge Apartments)/(Citigroup, Inc. LIQ)/(Citigroup, Inc. LOC), 3.630%, 11/1/2007 2,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, ROCs (Series 10014) Weekly VRDNs (Dexia 2,000,000 Credit Local LIQ), 3.580%, 11/1/2007 1,960,000 3,4 Texas State Department of Housing & Community Affairs, (PT-1347) Weekly VRDNs (Bluffview 1,960,000 Senior Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.680%, 11/1/2007 600,000 Texas State Department of Housing & Community Affairs, Addison Park Apartments (Series 2004) 600,000 Weekly VRDNs (Arlington Partners LP)/(Compass Bank, Birmingham LOC), 3.680%, 11/1/2007 TOTAL 39,700,000 VIRGINIA-1.5% 3,500,000 Halifax, VA IDA, MMMs, PCR (Series 1992), 3.720% CP (Virginia Electric & Power Co.), Mandatory 3,500,000 Tender 2/7/2008 3,000,000 3,4 Virginia State Housing Development Authority, MERLOTS (Series 2006-B21) Weekly VRDNs (Wachovia 3,000,000 Bank N.A. LIQ), 3.390%, 11/7/2007 TOTAL 6,500,000 WASHINGTON-7.3% 6,140,000 3,4 Chelan County, WA Public Utility District No. 1, MERLOTS (Series 2001-B1) Weekly VRDNs (Chelan 6,140,000 Hydro Consolidated System)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 11,995,000 3,4 Port of Seattle, WA, Muni TOPS (Series 2007-39) Weekly VRDNs (Ambac Financial Group, Inc. 11,995,000 INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.550%, 11/1/2007 4,000,000 3,4 Port of Seattle, WA, PUTTERs (Series 2020) Weekly VRDNs (Ambac Financial Group, Inc. 4,000,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 1,000,000 Washington State EDFA, (Series 2001E) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wachovia 1,000,000 Bank N.A. LOC), 3.550%, 11/1/2007 9,200,000 Washington State Housing Finance Commission, (Series 2005A: Park Vista) Daily VRDNs (MWSH Port 9,200,000 Orchard LLC)/(Bank of America N.A. LOC), 3.600%, 11/1/2007 TOTAL 32,335,000 WEST VIRGINIA-0.4% 1,900,000 Marion County, WV County Commission, (Series 1990B) Weekly VRDNs (American Bituminous Power 1,900,000 Partners LP)/(Deutsche Bank AG LOC), 3.400%, 11/7/2007 WISCONSIN-1.4% 1,000,000 Wausau, WI IDA, (Series 2002) Weekly VRDNs (Apogee Enterprises, Inc.)/(Bank of New York LOC), 1,000,000 3.580%, 11/1/2007 5,000,000 3,4 Wisconsin Housing & EDA, ROCs (Series 11136) Weekly VRDNs (Citibank NA, New York LIQ), 3.590%, 5,000,000 11/1/2007 TOTAL 6,000,000 TOTAL INVESTMENTS -100.4% 446,996,123 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES-NET-(0.4)% (1,921,984) TOTAL NET ASSETS-100% $ 445,074,139
Securities that are subject to the federal alternative minimum tax (AMT) represent 82.7% of the portfolio as calculated based upon total 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 October 31, 2007, the portfolio securities were rated as follows: Tier Rating Percentages Based on Total Market Value FIRST TIER SECOND TIER 100.0% 0.0% 2 Current rate and next reset date shown on Variable Rate Demand Notes. 3 Denotes a security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $203,013,324, which represented 45.6% of total net assets. 4 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amount to $203,013,324, which represented 45.6% of total net assets. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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: AMT --Alternative Minimum Tax BANs --Bond Anticipation Notes COL --Collateralized CP --Commercial Paper EDA --Economic Development Authority EDFA --Economic Development Finance Authority EDRB --Economic Development Revenue Bonds FGIC --Financial Guaranty Insurance Company GNMA --Government National Mortgage Association GTD --Guaranteed HFA --Housing Finance Authority IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDR --Industrial Development Revenue IDRB --Industrial Development Revenue Bond INS --Insured LIQ(s) --Liquidity Agreement(s) LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series MMMs --Money Market Municipals PCR --Pollution Control Revenue PUTTERs --Puttable Tax-Exempt Receipts ROCs --Reset Option Certificates SWP --Swap Agreement TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities VRDNs --Variable Rate Demand Notes FEDERATED SHORT-TERM U.S. GOVERNMENT TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT GOVERNMENT AGENCIES--22.1% $ 18,750,000 1 Federal Home Loan Bank System Floating Rate Notes, 4.804% - 5.496%, 11/15/2007 - 1/30/2008 $ 18,753,178 10,490,000 Federal Home Loan Bank System Notes, 4.100% - 5.450%, 2/28/2008 - 11/28/2008 10,478,789 3,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 4.890% - 5.020%, 1/7/2008 - 3/3/2008 2,964,737 3,700,000 Federal Home Loan Mortgage Corp. Notes, 3.050% - 5.375%, 12/5/2007 - 10/15/2008 3,681,513 2,500,000 2 Federal National Mortgage Association Discount Notes, 4.905% - 5.000%, 2/29/2008 - 5/12/2008 2,440,643 5,000,000 1 Federal National Mortgage Association Floating Rate Notes, 5.038%, 12/28/2007 4,999,584 4,620,000 Federal National Mortgage Association Notes, 2.875% - 5.300%, 11/21/2007 - 5/19/2008 4,607,634 TOTAL GOVERNMENT AGENCIES 47,926,078 REPURCHASE AGREEMENTS-78.9% 10,575,000 Interest in $2,800,000,000 joint repurchase agreement 4.550%, dated 10/31/2007 under which 10,575,000 BNP Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 43,000,000 Interest in $3,377,000,000 joint repurchase agreement 4.960%, dated 10/31/2007 under which 43,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $3,377,465,276 on 11/1/2007. The market value of the underlying securities at the end of the period was $3,453,069,337. 1,000,000 3 Interest in $295,000,000 joint repurchase agreement 5.17313%, dated 4/11/2007 under which 1,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/15/2036 for $310,430,297 on 4/10/2008. The market value of the underlying securities at the end of the period was $304,810,573. 43,000,000 Interest in $5,000,000,000 joint repurchase agreement 4.970%, dated 10/31/2007 under which 43,000,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 9,000,000 3 Interest in $800,000,000 joint repurchase agreement 4.800%, dated 10/3/2007 under which 9,000,000 Credit Suisse First Boston Corp. will repurchase a U.S. Treasury security and U.S. Government Agency securities with various maturities to 10/25/2037 for $803,413,333 on 11/5/2007. The market value of the underlying securities at the end of the period was $827,080,335. 39,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.930%, dated 10/31/2007 under which 39,000,000 BNP Societe Generale, New York will repurchase U.S. Government Agency securities with various maturities to 9/1/2037 for $2,000,273,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,050,871,458. 4,000,000 3 Interest in $765,000,000 joint repurchase agreement 4.780%, dated 10/16/2007 under which UBS 4,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 4/25/2037 for $774,141,750 on 1/15/2008. The market value of the underlying securities at the end of the period was $789,414,978. 1,000,000 3 Interest in $285,000,000 joint repurchase agreement 5.290%, dated 11/8/2006 under which UBS 1,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 7/25/2037 for $300,202,138 on 11/7/2007. The market value of the underlying securities at the end of the period was $297,219,562. 1,000,000 3 Interest in $147,000,000 joint repurchase agreement 5.315%, dated 5/31/2007 under which UBS 1,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 1/25/2037 for $154,856,456 on 5/27/2008. The market value of the underlying securities at the end of the period was $154,832,621. 20,000,000 Interest in $150,000,000 joint repurchase agreement 4.970%, dated 10/31/2007 under which 20,000,000 Westdeutsche Landesbank Girozentrale, New York will repurchase a U.S. Treasury security and U.S. Government Agency securities with various maturities to 1/1/2037 for $150,020,708 on 11/1/2007. The market value of the underlying securities at the end of the period was $153,713,591. TOTAL REPURCHASE AGREEMENTS 171,575,000 TOTAL INVESTMENTS-101.0% 219,501,078 (AT AMORTIZED COST)4 OTHER ASSETS AND LIABILITIES - NET-(1.0)% (2,154,187) TOTAL NET ASSETS-100% $ 217,346,891
1 Floating rate note with current rate and next reset date shown. 2 Discount rate at time of purchase. 3 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. GOVERNMENT OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
GOVERNMENT AGENCIES--16.0% $ 1,351,500,000 1 Federal Home Loan Bank System Floating Rate Notes, 4.804% - 5.585%, 11/17/2007 - 1/30/2008 $ 1,351,940,045 923,540,000 Federal Home Loan Bank System Notes, 3.500% - 5.450%, 2/28/2008 - 11/28/2008 923,010,084 167,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 4.890% - 5.010%, 1/7/2008 - 3/3/2008 164,842,344 199,500,000 Federal Home Loan Mortgage Corp. Notes, 5.295% - 5.750%, 12/5/2007 - 4/15/2008 199,695,726 183,441,000 2 Federal National Mortgage Association Discount Notes, 4.905% - 5.000%, 2/29/2008 - 178,979,665 5/12/2008 185,000,000 1 Federal National Mortgage Association Floating Rate Note, 5.038%, 12/28/2007 184,984,617 150,000,000 Federal National Mortgage Association Notes, 5.150% - 5.300%, 11/21/2007 - 1/8/2008 149,996,523 350,645,000 1 Housing and Urban Development Floating Rate Note, 5.431%, 11/1/2007 350,645,000 TOTAL GOVERNMENT AGENCIES 3,504,094,004 REPURCHASE AGREEMENTS--84.4% 500,000,000 Repurchase agreement 4.90%, dated 10/31/2007 under which ABN AMRO Bank NV, New York will 500,000,000 repurchase U.S. Government Agency securities with various maturities to 11/1/2036 for $500,068,056 on 11/1/2007. The market value of the underlying securities at the end of the period was $513,067,647. 174,000,000 Interest in $175,000,000 joint repurchase agreement 4.95%, dated 10/31/2007 under which 174,000,000 BMO Capital Markets Corp. will repurchase U.S. Government Agency securities with various maturities to 4/1/2037 for $175,024,063 on 11/1/2007. The market value of the underlying securities at the end of the period was $179,140,563. 600,090,000 Interest in $2,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 600,090,000 BNP Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 1,000,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.80%, dated 10/31/2007 under which 1,000,000,000 BNP Paribas Securities Corp. will repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $2,000,266,667 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,043,376,505. 800,000,000 Interest in $1,800,000,000 joint repurchase agreement 4.96%, dated 10/31/2007 under which 800,000,000 BNP Paribas Securities Corp. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $1,800,248,000 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,840,869,335. 499,000,000 Interest in $1,500,000,000 joint repurchase agreement 4.95%, dated 10/31/2007 under which 499,000,000 Bank of America N.A. will repurchase U.S. Government Agency securities with various maturities to 7/1/2034 for $1,500,206,250 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,530,210,375. 1,000,000,000 Repurchase agreement 4.80%, dated 10/31/2007 under which Barclays Capital, Inc. will 1,000,000,000 repurchase U.S. Government Agency securities with various maturities to 7/18/2016 for $1,000,133,333 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,136,492. 500,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.80%, dated 10/31/2007 under which 500,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 7/12/2010 for $1,000,133,333 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,136,206. 2,329,000,000 Interest in $3,377,000,000 joint repurchase agreement 4.96%, dated 10/31/2007 under which 2,329,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $3,377,465,276 on 11/1/2007. The market value of the underlying securities at the end of the period was $3,453,069,337. 120,000,000 3 Interest in $295,000,000 joint repurchase agreement 5.173%, dated 4/11/2007 under which 120,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/15/2036 for $310,429,909 on 4/10/2008. The market value of the underlying securities at the end of the period was $304,810,573. 535,650,000 Interest in $2,500,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 535,650,000 Bears Stearns and Co. Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $2,500,345,139 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,564,693,829. 500,000,000 Repurchase agreement 4.93%, dated 10/31/2007 under which Calyon, New York will repurchase 500,000,000 U.S. Government Agency and U.S. Treasury securities with various maturities to 6/25/2037 for $500,068,472 on 11/1/2007. The market value of the underlying securities at the end of the period was $515,009,034. 1,192,000,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 1,192,000,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 365,000,000 3 Interest in $800,000,000 joint repurchase agreement 4.80%, dated 10/3/2007 under which 365,000,000 Credit Suisse First Boston Corp. will repurchase U.S. Government Agency and U.S. Treasury securities with various maturities to 10/25/2037 for $803,413,333 on 11/5/2007. The market value of the underlying securities at the end of the period was $827,080,335. 500,000,000 Interest in $1,500,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 500,000,000 Credit Suisse First Boston Corp. will repurchase U.S. Government Agency securities with various maturities to 10/1/2043 for $1,500,207,083 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,545,002,803. 425,773,000 Interest in $1,625,000,000 joint repurchase agreement 4.95%, dated 10/31/2007 under which 425,773,000 Deutsche Bank Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $1,625,223,438 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,659,357,587. 500,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.92%, dated 10/31/2007 under which 500,000,000 Goldman Sachs and Co. will repurchase U.S. Government Agency securities with various maturities to 10/1/2037 for $1,000,136,667 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,854,379. 500,000,000 Repurchase agreement 4.97%, dated 10/31/2007 under which Greenwich Capital Markets, Inc. 500,000,000 will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $500,069,028 on 11/1/2007. The market value of the underlying securities at the end of the period was $515,000,130. 1,000,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 1,000,000,000 HSBC Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $2,000,276,111 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,040,003,619. 1,083,635,000 Interest in $4,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 1,083,635,000 ING Financial Markets LLC will repurchase U.S. Government Agency securities with various maturities to 9/1/2047 for $4,000,552,222 on 11/1/2007. The market value of the underlying securities at the end of the period was $4,081,081,493. 62,000,000 Interest in $130,000,000 joint repurchase agreement 4.40%, dated 10/31/2007 under which 62,000,000 J.P. Morgan Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 1/16/2008 for $130,015,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $132,604,799. 500,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.85%, dated 10/31/2007 under which 500,000,000 J.P. Morgan Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $1,000,134,722 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,028,829,641. 500,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 500,000,000 J.P. Morgan Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 9/1/2037 for $1,000,138,056 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,001,215. 500,000,000 Interest in $1,000,000,000 joint repurchase agreement 4.958%, dated 10/31/2007 under which 500,000,000 Lehman Brothers, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $1,000,137,722 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,002,809. 153,984,000 Repurchase agreement 4.97%, dated 10/31/2007 under which Merrill Lynch Government 153,984,000 Securities will repurchase U.S. Government Agency securities with various maturities to 8/25/2033 for $154,005,258 on 11/1/2007. The market value of the underlying securities at the end of the period was $158,605,004. 175,000,000 Repurchase agreement 4.97%, dated 10/31/2007 under which RBC Capital Markets Corp. will 175,000,000 repurchase U.S. Government Agency securities with various maturities to 9/15/2036 for $175,024,160 on 11/1/2007. The market value of the underlying securities at the end of the period was $180,068,399. 783,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.93%, dated 10/31/2007 under which 783,000,000 Societe Generale, New York will repurchase U.S. Government Agency securities with various maturities to 9/1/2037 for $2,000,273,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,050,871,458. 25,000,000 Interest in $100,000,000 joint repurchase agreement 4.48%, dated 10/31/2007 under which 25,000,000 UBS Securities LLC will repurchase U.S. Government Agency securities with various maturities to 10/15/2016 for $100,012,444 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,002,505. 500,000,000 Interest in $1,825,000,000 joint repurchase agreement 4.53%, dated 10/31/2007 under which 500,000,000 UBS Securities LLC will repurchase U.S. Treasury securities with various maturities to 5/15/2037 for $1,825,229,646 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,861,503,893. 381,000,000 3 Interest in $765,000,000 joint repurchase agreement 4.78%, dated 10/16/2007 under which 381,000,000 UBS Securities LLC will repurchase U.S. Government Agency securities with various maturities to 4/25/2037 for $774,141,750 on 1/15/2008. The market value of the underlying securities at the end of the period was $789,414,978. 121,000,000 3 Interest in $285,000,000 joint repurchase agreement 5.29%, dated 11/8/2007 under which UBS 121,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 7/25/2037 for $300,202,138 on 11/7/2007. The market value of the underlying securities at the end of the period was $297,219,562. 67,000,000 3 Interest in $147,000,000 joint repurchase agreement 5.315%, dated 5/31/2007 under which 67,000,000 UBS Securities LLC will repurchase U.S. Government Agency securities with various maturities to 1/25/2037 for $154,856,456 on 5/27/2008. The market value of the underlying securities at the end of the period was $154,832,621. 500,000,000 Repurchase agreement 4.97%, dated 10/31/2007 under which WAMU Capital Corp. will 500,000,000 repurchase U.S. Government Agency securities with various maturities to 7/1/2047 for $500,069,028 on 11/1/2007. The market value of the underlying securities at the end of the period was $513,811,861. 175,000,000 Repurchase agreement 4.97%, dated 10/31/2007 under which Wachovia Securities, Inc. will 175,000,000 repurchase U.S. Government Agency securities with various maturities to 4/16/2045 for $175,024,160 on 11/1/2007. The market value of the underlying securities at the end of the period was $179,993,272. TOTAL REPURCHASE AGREEMENTS 18,567,132,000 TOTAL INVESTMENTS---100.4% 22,071,226,004 (AT AMORTIZED COST)4 OTHER ASSETS AND LIABILITIES-NET-(0.4%) (79,793,179) TOTAL NET ASSETS---100% $ 21,991,432,825
1 Floating rate note with current rate and next reset date shown. 2 Discount rate at time of purchase. 3 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. GOVERNMENT OBLIGATIONS TAX-MANAGED FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
GOVERNMENT AGENCIES-102.9% $ 249,450,000 1 Federal Farm Credit System Discount Notes, 4.430% - 4.630%, 11/15/2007 - 2/22/2008 $ 247,731,563 1,324,185,000 2 Federal Farm Credit System Floating Rate Notes, 4.679% - 5.559%, 11/1/2007 - 12/24/2007 1,324,013,823 88,508,000 Federal Farm Credit System Notes, 3.000% - 5.830%, 11/20/2007 - 10/16/2008 88,259,345 2,878,125,000 1 Federal Home Loan Bank System Discount Notes, 4.329% - 5.170%, 11/1/2007 - 2/29/2008 2,863,702,112 916,400,000 2 Federal Home Loan Bank System Floating Rate Notes, 4.500% - 5.585%, 11/2/2007 - 1/30/2008 916,344,839 349,149,336 Federal Home Loan Bank System Notes, 3.270% - 5.450%, 11/15/2007 - 11/5/2008 349,047,270 437,000,000 1 Tennessee Valley Authority Discount Notes, 4.350% - 4.680%, 11/15/2007 - 12/13/2007 435,410,575 TOTAL INVESTMENTS - 102.9% 6,224,509,527 (AT AMORTIZED COST)3 OTHER ASSETS AND LIABILITIES - NET- (2.9)% (177,750,226) TOTAL NET ASSETS - 100% $ 6,046,759,301
1 Discount rate at time of purchase. 2 Floating rate note with current rate and next reset date shown. 3 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. LIBERTY U.S. GOVERNMENT MONEY MARKET TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
GOVERNMENT AGENCIES--21.7% $ 23,500,000 1 Federal Home Loan Bank System Floating Rate Notes, 4.804% - 5.496%, 11/15/2007 - 1/30/2008 $ 23,504,867 12,700,000 Federal Home Loan Bank System Notes, 3.500% - 5.450%, 2/28/2008 - 10/21/2008 12,678,658 3,000,000 2 Federal Home Loan Mortgage Corp. Discount Notes, 4.890% - 5.020%, 1/7/2008 - 3/3/2008 2,964,737 5,745,000 Federal Home Loan Mortgage Corp. Notes, 3.250% - 5.750%, 12/5/2007 - 4/15/2008 5,733,233 2,500,000 2 Federal National Mortgage Association Discount Notes, 4.905% - 5.000%, 2/29/2008 - 5/12/2008 2,440,644 5,000,000 1 Federal National Mortgage Association Floating Rate Notes, 5.038%, 12/28/2007 4,999,584 9,175,000 Federal National Mortgage Association Notes, 2.500% - 5.300%, 11/21/2007 - 6/15/2008 9,130,168 TOTAL GOVERNMENT AGENCIES 61,451,891 REPURCHASE AGREEMENTS--78.1% 14,502,000 Interest in $2,800,000,000 joint repurchase agreement 4.550%, dated 10/31/2007 under which BNP 14,502,000 Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 56,000,000 Interest in $3,377,000,000 joint repurchase agreement 4.960%, dated 10/31/2007 under which 56,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $3,377,465,276 on 11/1/2007. The market value of the underlying securities at the end of the period was $3,453,069,337. 1,000,000 3 Interest in $295,000,000 joint repurchase agreement 5.17313%, dated 4/11/2007 under which 1,000,000 Barclays Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/15/2036 for $310,430,297 on 4/10/2008. The market value of the underlying securities at the end of the period was $304,810,573. 56,000,000 Interest in $5,000,000,000 joint repurchase agreement 4.970%, dated 10/31/2007, under which 56,000,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 6,000,000 3 Interest in $800,000,000 joint repurchase agreement 4.800%, dated 10/3/2007 under which Credit 6,000,000 Suisse First Boston Corp. will repurchase a U.S. Treasury security and U.S. Government Agency securities with various maturities to 10/25/2037 for $803,413,333 on 11/5/2007. The market value of the underlying securities at the end of the period was $827,080,335. 49,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.930%, dated 10/31/2007 under which 49,000,000 Societe Generale, New York will repurchase U.S. Government Agency securities with various maturities to 9/1/2037 for $2,000,273,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,050,871,458. 6,000,000 3 Interest in $765,000,000 joint repurchase agreement 4.780%, dated 10/16/2007, under which UBS 6,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 4/25/2037 for $774,141,750 on 1/15/2008. The market value of the underlying securities at the end of the period was $789,414,978. 2,000,000 3 Interest in $285,000,000 joint repurchase agreement 5.290%, dated 11/8/2006 under which UBS 2,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 7/25/2037 for $300,202,138 on 11/7/2007. The market value of the underlying securities at the end of the period was 297,219,562. 1,000,000 3 Interest in $147,000,000 joint repurchase agreement 5.315%, dated 5/31/2007 under which UBS 1,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 1/25/2037 for $154,856,456 on 5/27/2008. The market value of the underlying securities at the end of the period was $154,832,621. 30,000,000 Interest in $150,000,000 joint repurchase agreement 4.970%, dated 10/31/2007 under which 30,000,000 Westdeutsche Landesbank Girozentrale, New York will repurchase a U.S. Treasury security and U.S. Government Agency securities with various maturities to 1/1/2037 for $150,020,708 on 11/1/2007. The market value of the underlying securities at the end of the period was $153,713,591. TOTAL REPURCHASE AGREEMENTS (AT COST) 221,502,000 TOTAL INVESTMENTS - 99.8% 282,953,891 (AT AMORTIZED COST)4 OTHER ASSETS AND LIABILITIES - NET - 0.2% 533,242 TOTAL NET ASSETS - 100% $ 283,487,133
1 Floating rate note with current rate and next reset date shown. 2 Discount rate at time of purchase. 3 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice. 4 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. LIQUID CASH TRUST PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT REPURCHASE AGREEMENTS--100.2% $ 19,000,000 Interest in $3,377,000,000 joint repurchase agreement 4.96%, dated 10/31/2007 under which Barclays $ 19,000,000 Capital, Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $3,377,465,276 on 11/1/2007. The market value of the underlying securities at the end of the period was $3,453,069,337. 17,000,000 Interest in $2,500,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which Bear 17,000,000 Stearns and Co., Inc. will repurchase U.S. Government Agency securities with various maturities to 11/1/2037 for $2,500,345,139 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,564,693,829. 4,050,000 Interest in $2,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which BNP 4,050,000 Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 19,000,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which Citigroup 19,000,000 Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 19,000,000 Interest in $4,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which ING 19,000,000 Financial Markets LLC will repurchase U.S. Government Agency securities with various maturities to 9/1/2047 for $4,000,552,222 on 11/1/2007. The market value of the underlying securities at the end of the period was $4,081,081,493. 19,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.93%, dated 10/31/2007 under which Societe 19,000,000 Generale, New York will repurchase U.S. Government Agency securities with various maturities to 9/1/2037 for $2,000,273,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,050,871,458. TOTAL INVESTMENTS-100.2% 97,050,000 (AT AMORTIZED COST)1 OTHER ASSETS AND LIABILITIES - NET-(0.2)% (154,006) TOTAL NET ASSETS - 100% $ 96,895,994
1 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. MONEY MARKET MANAGEMENT PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
ASSET-BACKED SECURITIES--2.3% FINANCE - AUTOMOTIVE--2.3% $ 118,099 1 CAL Securitization Trust 2007-1, Class A1, 5.425%, 7/15/2008 $ 118,099 1,000,000 1,2 Ford Credit Auto Owner Trust 2007-B, Class A1, 5.291%, 10/15/2008 1,000,000 TOTAL ASSET-BACKED SECURITIES 1,118,099 CERTIFICATES OF DEPOSIT--3.2% BANKING--3.2% 500,000 Bank of Scotland, Edinburgh, 5.310%, 5/23/2008 500,000 200,000 Barclays Bank PLC, 5.312%, 5/22/2008 200,000 200,000 Credit Suisse, Zurich, 5.290%, 4/11/2008 200,000 700,000 DePfa Bank PLC, 4.900%, 4/24/2008 700,000 TOTAL CERTIFICATES OF DEPOSIT 1,600,000 COLLATERALIZED LOAN AGREEMENTS--14.1% BANKING--12.1% 1,000,000 Barclays Capital, Inc., 5.187%, 11/1/2007 1,000,000 2,000,000 Deutsche Bank Securities, Inc., 5.137%, 11/1/2007 2,000,000 2,000,000 Fortis Bank SA/NV, 5.137%, 11/1/2007 2,000,000 1,000,000 Greenwich Capital Markets, Inc., 5.087%, 11/1/2007 1,000,000 TOTAL 6,000,000 BROKERAGE--2.0% 1,000,000 Citigroup Global Markets, Inc., 5.087%, 11/1/2007 1,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 7,000,000 COMMERCIAL PAPER --31.1%3 BANKING--4.8% 2,400,000 1,2 Fountain Square Commercial Funding Corp., 4.800%, 1/30/2008 2,371,200 FINANCE - AUTOMOTIVE-10.9% 1,400,000 DRAC LLC, A1+/P1 Series, 4.910% - 4.978%, 2/8/2008 1,381,097 1,700,000 DRAC LLC, A1/P1 Series, 4.900%, 2/1/2008 1,678,712 1,400,000 FCAR Auto Loan Trust, A1+/P1 Series, 4.900%, 1/15/2008 1,385,708 1,000,000 FCAR Auto Loan Trust, A1/P1 Series, 5.090%, 2/26/2008 983,458 TOTAL 5,428,975 FINANCE - COMMERCIAL--6.4% 1,700,000 CIT Group, Inc., 5.050%, 11/28/2007 1,693,561 1,500,000 1,2 Versailles CDS LLC, 5.300%, 11/14/2007 - 1/16/2008 1,492,492 TOTAL 3,186,053 FINANCE - RETAIL--6.0% 1,500,000 1,2 Sheffield Receivables Corp., 5.120%, 11/14/2007 1,497,227 1,500,000 1,2 Yorktown Capital LLC, 4.910%, 1/25/2008 1,482,610 TOTAL 2,979,837 FINANCE - SECURITIES--3.0% 1,500,000 1,2 Grampian Funding LLC, 5.035% - 5.200%, 1/7/2008 - 3/18/2008 1,480,672 TOTAL COMMERCIAL PAPER 15,446,737 CORPORATE BOND--1.0% FINANCE - RETAIL--1.0% 500,000 1,2 SLM Corp., 5.091%, 4/14/2008 500,000 CORPORATE NOTES--3.5% BANKING--0.6% 300,000 First Tennessee Bank, N.A., 3.822%, 1/18/2008 298,969 BROKERAGE--2.0% 1,000,000 Goldman Sachs Group, Inc., 5.142%, 3/5/2008 1,000,000 FINANCE - SECURITIES--0.9% 200,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.400%, 6/16/2008 200,000 250,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350%, 5/22/2008 250,000 TOTAL 450,000 TOTAL CORPORATE NOTES 1,748,969 NOTES - VARIABLE --30.6%4 BANKING--25.0% 500,000 1,2 Australia & New Zealand Banking Group, Melbourne, 5.639%, 12/5/2007 500,000 500,000 BNP Paribas SA, 4.761%, 11/28/2007 499,457 1,000,000 1,2 BNP Paribas SA, 4.856%, 11/26/2007 1,000,000 2,400,000 Bank of Montreal, 5.050%, 1/31/2008 2,400,000 1,000,000 1,2 Bank of Scotland, Edinburgh, 5.112%, 11/9/2007 1,000,000 985,000 Kansas City, MO Tax Increment Financing Commission, President Hotel, (INS by MBIA Insurance 985,000 Corp.), 4.886%, 11/1/2007 1,000,000 1 MONET Trust, (Series 2000-1) Class A-2A, (Dresdner Bank AG, Frankfurt SWP), 5.268%, 12/28/2007 1,000,000 1,000,000 Marshall & Ilsley Bank, Milwaukee, 4.843%, 11/26/2007 1,000,000 1,000,000 Salvation Army, (Series 2004-A), (Bank of New York LOC), 4.850%, 11/1/2007 1,000,000 2,045,000 Stratford Properties LP, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2,045,000 4.960%, 11/6/2007 1,000,000 Wachovia Bank N.A., 5.200%, 1/3/2008 997,685 TOTAL 12,427,142 FINANCE - RETAIL--3.0% 1,000,000 AFS Insurance Premium Receivables Trust, (Series 1994-A), 5.647%, 11/15/2007 1,000,000 500,000 1,2 Paradigm Funding LLC, 4.920%, 11/23/2007 499,989 TOTAL 1,499,989 FINANCE - SECURITIES--2.6% 1,300,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance, Inc.), 4.815% - 4.825%, 11/1/2007 1,299,969 TOTAL NOTES - VARIABLE 15,227,100 REPURCHASE AGREEMENT--15.4% 7,639,000 Interest in $5,000,000,000 joint repurchase agreement, 4.97%, dated 10/31/2007, under which 7,639,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. TOTAL INVESTMENTS - 101.2% 50,279,905 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES - NET - (1.2)% (586,683) TOTAL NET ASSETS - 100% $ 49,693,222
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $15,692,258, which represented 31.6% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At October 31, 2007, these liquid restricted securities amounted to $14,574,159, which represented 29.3% of total net assets. 3 Discount rate at time of purchase for discount issues, or the coupon for interest bearing issues. 4 Floating rate notes with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. RESTRICTED SECURITIES Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by theTrustees, held at October 31, 2007, is as follows: SECURITY ACQUISTION DATE ACQUISTION COST CAL Securitization Trust 2007-1, Class A1, 6/19/2007 $118,099 5.425%, 7/15/2008 MONET Trust, (Series 2000-1) Class A-2A, (Dresdner Bank AG, Frankfurt SWP), 5.268%, 12/28/2007 3/28/2006 $1,000,000 The following acronyms are used throughout this portfolio: GTD --Guaranteed INS --Insured LOC --Letter of Credit SA --Support Agreement SWP --Swap Agreement MUNICIPAL OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
SHORT-TERM MUNICIPALS--104.5%1,2 ALABAMA--1.3% $ 4,500,000 Alabama HFA MFH (Series 2002A: Sterling Pointe Apartments), Weekly VRDNs (Oxford Pointe $ 4,500,000 LP)/(Regions Bank, Alabama LOC), 3.560%, 11/1/2007 7,840,000 Alabama HFA MFH (Series 2003A), Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/ 7,840,000 (Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 4,190,000 Alabama HFA MFH (Series 2004A: Phoenix Apartments), Weekly VRDNs (Phoenix Arts LLC)/(Regions 4,190,000 Bank, Alabama LOC), 3.630%, 11/1/2007 5,655,000 3,4 Alabama HFA Single Family, (PT-4379), Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. 5,655,000 LIQ), 3.610%, 11/1/2007 5,100,000 3,4 Alabama Special Care Facilities Financing Authority of Birmingham, Solar Eclipse (Series 5,100,000 2007-46), 3.65% TOBs (Ascension Health Senior Credit Group)/(AMBAC INS)/(U.S. Bank, N.A. LIQ), Optional Tender 9/18/2008 1,305,000 Calhoun County, AL Economic Development Council Weekly VRDNs (Fabarc Steel Co.)/ 1,305,000 (Regions Bank, Alabama LOC), 3.650%, 11/7/2007 2,500,000 Decatur, AL IDB (Series 2003-A), Weekly VRDNs (Nucor Steel Decatur LLC)/(Nucor Corp. GTD), 2,500,000 3.330%, 11/7/2007 15,000,000 Southeast Alabama Gas District (Series 2007A), Daily VRDNs (Southeast Alabama Gas Acquisition 15,000,000 LLC)/(Societe Generale, Paris LIQ), 3.580%, 11/1/2007 20,500,000 Stevenson, AL IDB Weekly VRDNs (Jefferson Smurfit Corp.)/(JPMorgan Chase Bank, N.A. LOC), 20,500,000 3.360%, 11/7/2007 6,600,000 Tuscaloosa County, AL IDA (1995 Series A), Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 6,600,000 10,000,000 3,4 University of South Alabama, Solar Eclipse (Series 2007-0023), 3.80% TOBs (AMBAC INS)/(U.S. 10,000,000 Bank, N.A. LIQ), Optional Tender 7/10/2008 TOTAL 83,190,000 ALASKA--1.2% 3,750,000 3,4 Alaska International Airports System, MERLOTS (Series 1999I), Weekly VRDNs (AMBAC 3,750,000 INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 9,415,000 3,4 Alaska State Housing Finance Corp., PUTTERs (Series 1398B), Weekly VRDNs (MBIA Insurance 9,415,000 Corp. INS)/(J.P. Morgan Chase & Co. LIQ), 3.550%, 11/1/2007 11,900,000 North Slope Borough, AK (Series 2001), Daily VRDNs (BP Exploration (Alaska), Inc.)/(BP PLC 11,900,000 GTD), 3.640%, 11/1/2007 47,100,000 Valdez, AK Marine Terminal (Series 1994C), Weekly VRDNs (Phillips Transportation Alaska, 47,100,000 Inc.)/(GTD by ConocoPhillips), 3.330%, 11/7/2007 TOTAL 72,165,000 ARIZONA--0.7% 775,000 Maricopa County, AZ, IDA (Series 2000A), Weekly VRDNs (Las Gardenias Apartments LP)/ 775,000 (FNMA LOC), 3.500%, 11/1/2007 1,700,000 Maricopa County, AZ, IDA, MFH Revenue Bonds (Series 2002), Weekly VRDNs (San Remo Apartments 1,700,000 LP)/(FNMA LOC), 3.500%, 11/1/2007 3,700,000 Pinal County, AZ IDA (Series 2002), Weekly VRDNs (Milky Way Dairy LLC)/(Rabobank Nederland, 3,700,000 Utrecht LOC), 3.550%, 11/1/2007 3,630,000 Pinal County, AZ IDA (Series 2005), Weekly VRDNs (Three C Eloy LLC)/(Bank of America N.A. 3,630,000 LOC), 3.530%, 11/1/2007 35,250,000 Show Low, AZ IDA (Series 2006), Weekly VRDNs (Snowflake White Mountain Power LLC)/ 35,250,000 (JPMorgan Chase Bank, N.A. LOC), 3.520%, 11/1/2007 TOTAL 45,055,000 ARKANSAS--1.2% 5,130,000 Arkansas Development Finance Authority (Series 1995), Weekly VRDNs (Paco Steel & Engineering 5,130,000 Corp.)/(JPMorgan Chase Bank, N.A. LOC), 3.570%, 11/1/2007 16,800,000 Blytheville, AR (Series 1998), Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 16,800,000 34,400,000 Blytheville, AR (Series 2002), Weekly VRDNs (Nucor Corp.), 3.400%, 11/7/2007 34,400,000 8,000,000 Crossett, AR (Series 1997), Weekly VRDNs (Bemis Co., Inc.), 3.740%, 11/1/2007 8,000,000 7,100,000 Siloam Springs, AR, IDRB (Series 1994), Weekly VRDNs (La-Z Boy Chair Co.)/(JPMorgan Chase 7,100,000 Bank, N.A. LOC), 3.530%, 11/1/2007 TOTAL 71,430,000 CALIFORNIA--5.7% 8,500,000 California Enterprise Development Authority (Series 2007), Weekly VRDNs (Alvarado Street 8,500,000 Bakery)/(Comerica Bank LOC), 3.530%, 11/1/2007 1,035,000 California PCFA (Series 1997A), Weekly VRDNs (West Valley MRF LLC)/(Union Bank of California, 1,035,000 N.A. LOC), 3.350%, 11/7/2007 715,000 California PCFA (Series 1998A), Weekly VRDNs (Santa Clara Valley Industries LLC)/ 715,000 (Comerica Bank LOC), 3.350%, 11/7/2007 1,680,000 California PCFA (Series 1999B), Weekly VRDNs (GreenWaste Recovery, Inc.)/(Comerica Bank LOC), 1,680,000 3.350%, 11/7/2007 4,100,000 California PCFA (Series 2000A), Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 4,100,000 3.350%, 11/7/2007 5,200,000 California PCFA (Series 2000A), Weekly VRDNs (West Valley MRF LLC)/(Union Bank of California, 5,200,000 N.A. LOC), 3.350%, 11/7/2007 1,550,000 California PCFA (Series 2001), Weekly VRDNs (Bos Farms)/(Bank of America N.A. LOC), 3.530%, 1,550,000 11/1/2007 6,815,000 California PCFA (Series 2001), Weekly VRDNs (Brawley Beef, LLC)/(Rabobank Nederland, Utrecht 6,815,000 LOC), 3.530%, 11/1/2007 5,000,000 California PCFA (Series 2001A), Weekly VRDNs (Western Sky Dairy)/(Bank of America N.A. LOC), 5,000,000 3.530%, 11/1/2007 6,000,000 California PCFA (Series 2002), Weekly VRDNs (Bidart Dairy II LLC)/(Wells Fargo Bank, N.A. 6,000,000 LOC), 3.480%, 11/1/2007 2,940,000 California PCFA (Series 2002), Weekly VRDNs (T & W Farms)/(Bank of America N.A. LOC), 3.530%, 2,940,000 11/1/2007 3,165,000 California PCFA (Series 2002A), Weekly VRDNs (Mission Trail Waste Systems, Inc.)/ 3,165,000 (Comerica Bank LOC), 3.350%, 11/7/2007 3,465,000 California PCFA (Series 2002A), Weekly VRDNs (South Lake Refuse Co. LLC)/(Comerica Bank LOC), 3,465,000 3.350%, 11/7/2007 2,365,000 California PCFA (Series 2002A), Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 2,365,000 3.350%, 11/7/2007 8,000,000 California PCFA (Series 2003), Weekly VRDNs (B & B Dairy, LLC)/(Key Bank, N.A. LOC), 3.530%, 8,000,000 11/1/2007 2,000,000 California PCFA (Series 2003), Weekly VRDNs (C.A. and E.J. Vanderham Family Trust)/ 2,000,000 (Bank of America N.A. LOC), 3.530%, 11/1/2007 2,350,000 California PCFA (Series 2003: JDS Ranch), Weekly VRDNs (John & Jacqueline Scheenstra 2,350,000 Trust)/(Wachovia Bank N.A. LOC), 3.530%, 11/1/2007 2,000,000 California PCFA (Series 2004), Weekly VRDNs (A & M Farms)/(Wachovia Bank N.A. LOC), 3.530%, 2,000,000 11/1/2007 7,280,000 California PCFA (Series 2005A), Weekly VRDNs (BLT Enterprises of Fremont, LLC)/(Union Bank of 7,280,000 California, N.A. LOC), 3.350%, 11/7/2007 4,680,000 California PCFA (Series 2005A), Weekly VRDNs (Napa Recycling & Waste Services LLC)/ 4,680,000 (Union Bank of California, N.A. LOC), 3.350%, 11/7/2007 2,960,000 California PCFA (Series 2005A), Weekly VRDNs (Sunset Waste Paper, Inc.)/(Comerica Bank LOC), 2,960,000 3.350%, 11/7/2007 3,930,000 California PCFA (Series 2006A), Weekly VRDNs (GreenWaste Recovery, Inc.)/(Comerica Bank LOC), 3,930,000 3.350%, 11/7/2007 3,910,000 California PCFA (Series 2006A), Weekly VRDNs (Marin Sanitary Service)/(Comerica Bank LOC), 3,910,000 3.350%, 11/7/2007 1,345,000 California PCFA (Series 2006A), Weekly VRDNs (Pena's Disposal, Inc.)/(Comerica Bank LOC), 1,345,000 3.350%, 11/7/2007 8,905,000 California PCFA (Series 2006A), Weekly VRDNs (Rainbow Disposal Co., Inc.)/(Union Bank of 8,905,000 California, N.A. LOC), 3.350%, 11/7/2007 2,240,000 California PCFA (Series 2006B), Weekly VRDNs (Desert Properties LLC)/(Union Bank of 2,240,000 California, N.A. LOC), 3.330%, 11/7/2007 10,000,000 California PCFA (Series 2007A), Weekly VRDNs (CR&R, Inc.)/(Bank of the West, San Francisco, 10,000,000 CA LOC), 3.330%, 11/7/2007 4,110,000 California PCFA (Series 2007A), Weekly VRDNs (Garden City Sanitation, Inc.)/(Comerica Bank 4,110,000 LOC), 3.350%, 11/7/2007 10,000,000 California PCFA (Series 2007A), Weekly VRDNs (GreenWaste Recovery, Inc.)/(Comerica Bank LOC), 10,000,000 3.350%, 11/7/2007 3,440,000 California PCFA (Series 2007A), Weekly VRDNs (Northern Recycling & Waste Services LLC)/(Union 3,440,000 Bank of California, N.A. LOC), 3.350%, 11/7/2007 15,000,000 California PCFA (Series 2007A), Weekly VRDNs (The Ratto Group of Companies, Inc.)/(Comerica 15,000,000 Bank LOC), 3.350%, 11/7/2007 183,400,000 California State, 4.00% RANs, 6/30/2008 184,150,106 5,620,000 3,4 California Statewide Communities Development Authority (PT-2001), Weekly VRDNs (Vista Montana 5,620,000 Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.630%, 11/1/2007 2,350,000 California Statewide Communities Development Authority (Series 1996-H), Weekly VRDNs (Levecke 2,350,000 LLC)/(City National Bank LOC), 3.500%, 11/7/2007 4,810,000 California Statewide Communities Development Authority (Series 2006), Weekly VRDNs (Gateway 4,810,000 Circle LLC)/(Key Bank, N.A. LOC), 3.530%, 11/1/2007 3,435,000 3,4 GS Pool Trust (Series 2006-54TP), Weekly VRDNs (Natixis Financial Products Inc. INS)/ 3,435,000 (Goldman Sachs Group, Inc. LIQ), 3.530%, 11/1/2007 11,500,000 3,4 GS Pool Trust (Series 2006-24TP), Weekly VRDNs (Natixis Financial Products Inc. INS)/ 11,500,000 (Goldman Sachs Group, Inc. LIQ), 3.530%, 11/1/2007 TOTAL 356,545,106 COLORADO--0.1% 5,210,000 3,4 Denver, CO City & County Airport Authority, MERLOTS (Series 2007-C22), 3.85% TOBs (FGIC 5,210,000 INS)/(Bank of New York LIQ), Optional Tender 2/13/2008 4,110,000 3,4 Denver, CO City & County Airport Authority, SPEARs (Series DB-428), Weekly VRDNs (MBIA 4,110,000 Insurance Corp. INS)/(Deutsche Bank AG LIQ), 3.520%, 11/1/2007 TOTAL 9,320,000 CONNECTICUT--0.2% 8,000,000 Connecticut Development Authority (Series 1999), 3.60% CP (New England Power Co.), Mandatory 8,000,000 Tender 12/12/2007 4,600,000 Connecticut Development Authority (Series 1999), 3.60% CP (New England Power Co.), Mandatory 4,600,000 Tender 12/13/2007 TOTAL 12,600,000 DELAWARE--0.0% 1,990,000 3,4 Delaware Transportation Authority, P-Floats (Series EC-1075), VRDNs (MBIA Insurance Corp. 1,990,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 DISTRICT OF COLUMBIA--0.7% 15,435,000 3,4 District of Columbia HFA (Series 2005 BNY5), Weekly VRDNs (Trinity Plus Funding Co. 15,435,000 LLC)/(Bank of New York LIQ), 3.620%, 11/1/2007 3,140,000 3,4 District of Columbia HFA (Series 2005 BNY6), Weekly VRDNs (Trinity Plus Funding Co. 3,140,000 LLC)/(Bank of New York LIQ), 3.620%, 11/1/2007 14,575,000 3,4 Metropolitan Washington, DC Airports Authority, EAGLES (Series 2007-0148), Weekly VRDNs (MBIA 14,575,000 Insurance Corp. INS)/(Citibank N.A., New York LIQ), 3.590%, 11/1/2007 10,500,000 3,4 Metropolitan Washington, DC Airports Authority, PUTTERs (Series 1949), Weekly VRDNs (AMBAC 10,500,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 TOTAL 43,650,000 FLORIDA--3.1% 33,480,000 3,4 Citizens Property Insurance Corp. FL, P-Floats (Series EC-1010), Weekly VRDNs (MBIA Insurance 33,480,000 Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 6,242,000 3,4 Clipper Tax-Exempt Certificates Trust (Florida-AMT)/(Series 2005-17), Weekly VRDNs (Merrill 6,242,000 Lynch & Co., Inc. LIQ), 3.550%, 11/1/2007 6,000,000 3,4 Florida Housing Finance Corp., Class A Certificates (Series 3051), Weekly VRDNs (Bear Stearns 6,000,000 Cos., Inc. LIQ), 3.550%, 11/1/2007 18,595,000 3,4 Florida Hurricane Catastrophe Fund Finance Corp., P-Floats (Series EC-1081), Weekly VRDNs 18,595,000 (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 7,745,000 3,4 Florida State Board of Education, P-Floats (Series EC-1049), VRDNs (Florida State)/ 7,745,000 (Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 6,500,000 Greater Orlando, FL Aviation Authority Weekly VRDNs (Cessna Aircraft Co.)/(GTD by Textron 6,500,000 Inc.), 4.360%, 11/7/2007 7,835,000 3,4 Hillsborough County, FL Aviation Authority, (MT-126), 3.69% TOBs (Tampa International 7,835,000 Airport)/(AMBAC INS)/(Svenska Handelsbanken, Stockholm LIQ), Optional Tender 11/8/2007 11,280,000 3,4 Hillsborough County, FL Port District, (MT-101), 3.70% TOBs (Tampa, FL Port Authority)/ 11,280,000 (MBIA Insurance Corp. INS)/(Landesbank Hessen-Thueringen LIQ), Optional Tender 11/15/2007 8,800,000 JEA, FL Electric System, Subordinate Revenue Bonds (2001 Series B), Daily VRDNs (Bank of 8,800,000 America N.A. LIQ), 3.580%, 11/1/2007 6,300,000 Martin County, FL PCRB (Series 2000), Daily VRDNs (Florida Power & Light Co.), 3.590%, 6,300,000 11/1/2007 5,275,000 3,4 Miami-Dade County, FL Aviation (PT-2713), Weekly VRDNs (MBIA Insurance Corp. INS)/ 5,275,000 (Merrill Lynch & Co., Inc. LIQ), 3.550%, 11/1/2007 10,000,000 3,4 Miami-Dade County, FL Aviation, Eagles (Series 2007-0073), Weekly VRDNs (MBIA Insurance 10,000,000 Corp., XL Capital Assurance Inc. INS) and Banco Bilbao Vizcaya Argentaria SA LIQs), 3.580%, 11/1/2007 24,200,000 3,4 Miami-Dade County, FL Educational Facilities Authority, P-Floats (Series EC-1020), Weekly 24,200,000 VRDNs (University of Miami)/(AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 3,000,000 Miami-Dade County, FL (Series A), 3.70% CP (Miami International Airport)/(BNP Paribas SA and 3,000,000 Dexia Credit Local LOCs), Mandatory Tender 12/20/2007 6,500,000 Miami-Dade County, FL (Series A), 3.75% CP (Miami International Airport)/(BNP Paribas SA and 6,500,000 Dexia Credit Local LOCs), Mandatory Tender 12/14/2007 11,000,000 Orlando & Orange County Expressway Authority, FL (Series 2003C-3), Weekly VRDNs (FSA 11,000,000 INS)/(Dexia Credit Local LIQ), 3.400%, 11/1/2007 21,085,000 St. Lucie County, FL Solid Waste Disposal (Series 2003), Daily VRDNs (Florida Power & Light 21,085,000 Co.), 3.650%, 11/1/2007 TOTAL 193,837,000 GEORGIA--3.8% 9,000,000 Atlanta, GA Airport General Revenue (Series 2005A-1), 3.50% CP (GTD by Bayerische Landesbank, 9,000,000 Calyon Paris, Landesbank Baden-Wuerttemberg and Wachovia Bank N.A. LOCs), Mandatory Tender 3/7/2008 3,000,000 Atlanta, GA, Urban Residential Finance Authority (Series 2006), Weekly VRDNs (Columbia at 3,000,000 Sylvan Hills Apartments)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 20,000,000 3,4 Atlanta, GA, Urban Residential Finance Authority, PUTTERs (Series 2257), Weekly VRDNs (GNMA 20,000,000 COL)/(JPMorgan Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 7,000,000 Bacon, GA Industrial Building Authority (Series 2004), Weekly VRDNs (D.L. Lee & Sons, 7,000,000 Inc.)/(Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 5,400,000 Bulloch County, GA Development Authority (Series 1999), Weekly VRDNs (Apogee Enterprises, 5,400,000 Inc.)/(Bank of New York LOC), 3.580%, 11/1/2007 13,670,000 Clayton County, GA Housing Authority (Series 2000: Villages at Lake Ridge Apartments), Weekly 13,670,000 VRDNs (Timber Mills Partners LP)/(Regions Bank, Alabama LOC), 3.580%, 11/1/2007 5,485,000 Clayton County, GA Housing Authority (Series 2006), Weekly VRDNs (Provence Place 5,485,000 Apartments)/(Regions Bank, Alabama LOC), 3.510%, 11/1/2007 4,000,000 Cobb County, GA Development Authority (Series 2007), Weekly VRDNs (Republic Services, Inc.), 4,000,000 3.790%, 11/1/2007 26,000,000 3,4 Cobb County, GA Housing Authority (Series PT-2221), Weekly VRDNs (Hickory Lake 26,000,000 Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.650%, 11/1/2007 5,910,000 Crisp County, GA Solid Waste Management Authority (Series 1998), Weekly VRDNs (FSA 5,910,000 INS)/(Wachovia Bank N.A. LIQ), 3.680%, 11/1/2007 7,000,000 Fayette County, GA (Series 1998), Weekly VRDNs (Gardner Denver Machinery, Inc.)/ 7,000,000 (National City Bank LOC), 3.510%, 11/1/2007 16,000,000 Fulton County, GA Development Authority (Series 2004), Weekly VRDNs (Hidden Creste 16,000,000 Apartments)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 4,500,000 Fulton County, GA IDA (Series 2005), Weekly VRDNs (Phoenix Stamping Group LLC)/ 4,500,000 (Columbus Bank and Trust Co., GA LOC), 3.500%, 11/1/2007 4,875,000 Gainesville and Hall County, GA Development Authority (Series 2002), Weekly VRDNs (Fieldale 4,875,000 Farms Corp.)/(Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 9,785,000 3,4 Georgia State, P-Floats (Series EC-1019), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 9,785,000 3.540%, 11/1/2007 5,000,000 Gwinnett County, GA Housing Authority (Series 2003), Weekly VRDNs (North Glen 5,000,000 Apartments)/(Regions Bank, Alabama LOC), 3.580%, 11/1/2007 12,700,000 Gwinnett County, GA Housing Authority (Series 2006), Weekly VRDNs (Palisades at Satellite 12,700,000 Crossing Apartments)/(SunTrust Bank LOC), 3.510%, 11/1/2007 22,000,000 Kennesaw, GA Development Authority (Series 2004), Weekly VRDNs (Lakeside Vista 22,000,000 Apartments)/(FNMA LOC), 3.540%, 11/1/2007 20,000,000 Mitchell County, GA Development Authority (Series 2006), Weekly VRDNs (First United Ethanol 20,000,000 LLC)/(Wachovia Bank N.A. LOC), 3.600%, 11/1/2007 4,150,000 Rome-Floyd County, GA Development Authority (Series 2000), Weekly VRDNs (Steel King 4,150,000 Industries, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC), 3.530%, 11/1/2007 7,040,000 Roswell, GA Housing Authority (Series 2005), Weekly VRDNs (Wood Creek Apartments)/ 7,040,000 (FNMA LOC), 3.500%, 11/1/2007 10,100,000 Savannah, GA EDA (Series 1995A), Weekly VRDNs (Home Depot, Inc.), 3.410%, 11/1/2007 10,100,000 2,000,000 Savannah, GA EDA (Series 2000), Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank 2,000,000 LOC), 3.490%, 11/7/2007 3,500,000 Savannah, GA Housing Authority (Series 2003), Weekly VRDNs (Bradley Pointe Apartments) 3,500,000 /(Key Bank, N.A. LOC), 3.510%, 11/1/2007 4,480,000 Screven County, GA IDA (Series 1995), Weekly VRDNs (Sylvania Yarn Systems, Inc. 4,480,000 Project)/(Wachovia Bank N.A. LOC), 3.380%, 11/7/2007 1,800,000 Tattnall County, GA IDA (Series 1999), Weekly VRDNs (Rotary Corp.)/(Bank of America N.A. 1,800,000 LOC), 3.480%, 11/1/2007 4,715,000 Wayne County, GA, IDA (Series 2004), Weekly VRDNs (Great Southern Wood, Inc.)/ 4,715,000 (Wachovia Bank N.A. LOC), 3.550%, 11/2/2007 TOTAL 239,110,000 HAWAII--0.5% 26,855,000 3,4 Hawaii State Airport System (Series 2007 FR/RI-P21), Weekly VRDNs (FGIC INS)/ 26,855,000 (Lehman Brothers Holdings, Inc. LIQ), 3.350%, 11/7/2007 6,825,000 3,4 Hawaii State, P-Floats (Series EC-1016), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. 6,825,000 LIQ), 3.540%, 11/1/2007 TOTAL 33,680,000 IDAHO--0.2% 9,560,000 Boise, ID Housing Authority (Series 2002B), Weekly VRDNs (Civic Plaza LP)/(Key Bank, N.A. 9,560,000 LOC), 3.420%, 11/7/2007 ILLINOIS--7.3% 3,500,000 Aurora City, IL (Series 2000), Weekly VRDNs (Cleveland Hardware & Forging Co.)/(Fifth Third 3,500,000 Bank, Cincinnati LOC), 3.610%, 11/1/2007 52,135,000 3,4 Aurora, IL Single Family Mortgage, PUTTERs (Series 2139), Weekly VRDNs (GNMA COL)/(JPMorgan 52,135,000 Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 4,085,000 3,4 Chicago, IL Board of Education, SPEARs (DB-338), Weekly VRDNs (FGIC INS)/ 4,085,000 (Deutsche Bank AG LIQ), 3.570%, 11/1/2007 37,500,000 Chicago, IL Midway Airport (Series 1998A), Daily VRDNs (MBIA Insurance Corp. INS)/ 37,500,000 (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 11/1/2007 80,940,000 Chicago, IL Midway Airport (Series 1998B), Daily VRDNs (MBIA Insurance Corp. INS)/ 80,940,000 (JPMorgan Chase Bank, N.A. LIQ), 3.600%, 11/1/2007 43,400,000 Chicago, IL MFH Revenue (Series 2004A), Weekly VRDNs (Central Station Residential LLC)/(FNMA 43,400,000 LOC), 3.530%, 11/1/2007 8,050,000 3,4 Chicago, IL O'Hare International Airport (PA-1198), Weekly VRDNs (XL Capital Assurance Inc. 8,050,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.550%, 11/1/2007 1,065,000 3,4 Chicago, IL O'Hare International Airport (PT-1993), Weekly VRDNs (MBIA Insurance Corp. 1,065,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.610%, 11/1/2007 9,995,000 3,4 Chicago, IL O'Hare International Airport (PT-685), 3.69% TOBs (AMBAC INS)/(Svenska 9,995,000 Handelsbanken, Stockholm LIQ), Optional Tender 11/8/2007 2,795,000 3,4 Chicago, IL O'Hare International Airport (PT-756), Weekly VRDNs (AMBAC INS)/ 2,795,000 (Landesbank Hessen-Thueringen LIQ), 3.550%, 11/1/2007 7,810,000 3,4 Chicago, IL O'Hare International Airport, ROCs (Series 239), Weekly VRDNs (FSA INS)/ 7,810,000 (Citibank N.A., New York LIQ), 3.590%, 11/1/2007 21,500,000 3,4 Chicago, IL Single Family Mortgage, PUTTERs (Series 2143), Weekly VRDNs (GNMA COL)/(JPMorgan 21,500,000 Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 2,655,000 Chicago, IL (Series 1998), Weekly VRDNs (Freedman Seating Co.)/(LaSalle Bank, N.A. LOC), 2,655,000 3.530%, 11/1/2007 1,225,000 Chicago, IL (Series 1999 IDRB), Weekly VRDNs (Ade, Inc.)/(U.S. Bank, N.A. LOC), 3.350%, 1,225,000 11/7/2007 10,500,000 Chicago, IL, Chicago Midway Airport Special Facility Revenue Bonds (Series 1998), 3.80% TOBs 10,500,000 (Signature Flight Support Corp.)/(GTD by Bayerische Landesbank LOC), Optional Tender 12/1/2007 2,510,000 Elgin, IL (Series 2001), Weekly VRDNs (Gemini Mouldings, Inc.)/(LaSalle Bank, N.A. LOC), 2,510,000 3.550%, 11/1/2007 465,000 Galva, IL (Series 1999), Weekly VRDNs (John H. Best & Sons, Inc.)/(Wells Fargo Bank, N.A. 465,000 LOC), 3.630%, 11/1/2007 1,885,000 Huntley, IL IDR (Series 1999), Weekly VRDNs (Colony, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 1,885,000 3.410%, 11/7/2007 1,300,000 Illinois Development Finance Authority IDB (Series 1995), Weekly VRDNs (Evapco, Inc.)/ 1,300,000 (Bank of America N.A. LOC), 3.530%, 11/1/2007 5,225,000 Illinois Development Finance Authority IDB (Series 1998), Weekly VRDNs (Lakeview Partners I 5,225,000 LP)/(LaSalle Bank, N.A. LOC), 3.560%, 11/1/2007 5,310,000 Illinois Development Finance Authority IDB (Series 2001), Weekly VRDNs (Val-Matic Valve & 5,310,000 Manufacturing Corp.)/(LaSalle Bank, N.A. LOC), 3.550%, 11/1/2007 2,890,000 Illinois Development Finance Authority (Series 2001), Weekly VRDNs (Mangel BG Investments 2,890,000 LLC)/(LaSalle Bank, N.A. LOC), 3.440%, 11/7/2007 8,750,000 Illinois Finance Authority (Series 2004), Weekly VRDNs (Republic Services, Inc.), 3.730%, 8,750,000 11/1/2007 35,950,000 Illinois Finance Authority (Series 2006A-2), Weekly VRDNs (Rush University Medical Center 35,950,000 Obligated Group)/(MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.330%, 11/7/2007 3,000,000 Illinois Finance Authority (Series 2007), Weekly VRDNs (Andre's Imaging & Graphics, Inc.)/ 3,000,000 (U.S. Bank, N.A. LOC), 3.550%, 11/1/2007 6,600,000 Illinois Finance Authority, Solid Waste Disposal Revenue Bonds (Series 2005), Daily VRDNs 6,600,000 (Air Products & Chemicals, Inc.), 3.640%, 11/1/2007 16,000,000 Illinois Housing Development Authority (2007 Subseries H-2), 3.48% TOBs, Mandatory Tender 16,000,000 10/1/2008 8,250,000 Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds (Series 2004 C-3), 8,250,000 Weekly VRDNs (FHLB of Chicago LIQ), 3.340%, 11/7/2007 50,000,000 Illinois State Toll Highway Authority (Series 2007 A-1), Weekly VRDNs (XL Capital Assurance 50,000,000 Inc. INS)/(Dexia Credit Local LIQ), 11/1/2007 10,310,000 Romeoville, IL (Series 2006), Daily VRDNs (Lewis University)/(JPMorgan Chase Bank, N.A. LOC), 10,310,000 3.580%, 11/1/2007 3,245,000 Tinley Park, IL (Series 2003), Weekly VRDNs (Mariah Partners LLC)/(LaSalle Bank, N.A. LOC), 3,245,000 3.550%, 11/1/2007 2,845,000 Upper Illinois River Valley Development Authority (Series 2004), Weekly VRDNs (Streator 2,845,000 Industrial Handling, Inc.)/(LaSalle Bank, N.A. LOC), 3.550%, 11/1/2007 2,900,000 Vernon Hills, IL Industrial Development (Series 1998), Weekly VRDNs (Accurate Transmissions, 2,900,000 Inc.)/(LaSalle Bank, N.A. LOC), 3.550%, 11/1/2007 2,240,000 Will-Kankakee, IL Regional Development Authority (Series 1999), Weekly VRDNs (T. H. Davidson 2,240,000 & Co., Inc.)/(LaSalle Bank, N.A. LOC), 3.550%, 11/1/2007 TOTAL 456,830,000 INDIANA--4.2% 7,931,000 Elkhart County, IN MFH (Series 2002A: North Lake Apartments), Weekly VRDNs (Pedcor 7,931,000 Investments-2002-LVI LP)/(FHLB of Cincinnati LOC), 3.550%, 11/1/2007 2,242,000 Franklin, IN EDRB Lakeview I Apartments (Series 1994), Weekly VRDNs (Pedcor Investments 2,242,000 LP)/(FHLB of Indianapolis LOC), 3.550%, 11/1/2007 880,000 Huntington, IN (Series 1999), Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank, N.A. LOC), 880,000 3.630%, 11/1/2007 8,000,000 Indiana Development Finance Authority (Series 2005), Weekly VRDNs (Republic Services, Inc.), 8,000,000 3.610%, 11/7/2007 15,490,000 3,4 Indiana Municipal Power Agency, PUTTERs (Series 2255), Weekly VRDNs (MBIA Insurance Corp. 15,490,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 5,500,000 Indiana Port Commission (Series 2000), Weekly VRDNs (Kosmos Cement Co.)/(Wachovia Bank N.A. 5,500,000 LOC), 3.380%, 11/7/2007 17,300,000 Indiana State Finance Authority (Series 2006), Weekly VRDNs (Mittal Steel USA, Inc.)/ 17,300,000 (Banco Bilbao Vizcaya Argentaria SA LOC), 3.360%, 11/7/2007 1,115,000 3,4 Indiana State HFA, MERLOTS (Series 2000-PPP), Weekly VRDNs (Wachovia Bank N.A. LIQ), 3.390%, 1,115,000 11/7/2007 13,165,000 Indiana State Housing & Community Development Authority (Series 2006 E-2), 3.62% BANs, 13,165,000 12/20/2007 12,000,000 Indianapolis, IN Airport Authority (Series 2007), 3.62% CP (Fortis Bank SA/NV and State 12,000,000 Street Bank and Trust Co. LOCs), Mandatory Tender 12/10/2007 8,500,000 Indianapolis, IN Airport Authority (Series 2007), 3.73% CP (Fortis Bank SA/NV and State 8,500,000 Street Bank and Trust Co. LOCs), Mandatory Tender 3/10/2008 5,135,000 3,4 Indianapolis, IN Local Public Improvement Bond Bank, (PT-731), Weekly VRDNs (Indianapolis, IN 5,135,000 Airport Authority)/(FSA INS)/(Merrill Lynch & Co., Inc. LIQ), 3.610%, 11/1/2007 3,400,000 Indianapolis, IN (Series 1999), Weekly VRDNs (Chip Ganassi Racing Teams)/(National City Bank 3,400,000 LOC), 3.560%, 11/1/2007 7,100,000 Indianapolis, IN (Series 2004A), Weekly VRDNs (Nora Commons LP)/(LaSalle Bank, N.A. LOC), 7,100,000 3.540%, 11/1/2007 5,000,000 Jasper County, IN EDA (Series 2000), Weekly VRDNs (T & M LP)/(Rabobank Nederland, Utrecht 5,000,000 LOC), 3.550%, 11/1/2007 4,035,000 Jasper County, IN EDA (Series 2005), Weekly VRDNs (T & M LP)/(Rabobank Nederland, Utrecht 4,035,000 LOC), 3.550%, 11/1/2007 6,500,000 Jasper County, IN EDA (Series 2006), Weekly VRDNs (T & M LP)/(Rabobank Nederland, Utrecht 6,500,000 LOC), 3.550%, 11/1/2007 1,295,000 Kendallville, IN (Series 1995), Weekly VRDNs (Rivnut Real Estate, Ltd.)/(National City Bank 1,295,000 LOC), 3.610%, 11/1/2007 24,200,000 Lafayette, IN Solid Waste Disposal (Series 2006), Weekly VRDNs (Tate & Lyle Ingredients 24,200,000 Americas, Inc.)/(Rabobank Nederland, Utrecht LOC), 3.530%, 11/1/2007 6,000,000 Logansport, IN (Series 2006), Weekly VRDNs (Andersons Clymers Ethanol LLC)/(Bank of the West, 6,000,000 San Francisco, CA LOC), 3.520%, 11/1/2007 5,000,000 Mishawaka, IN City Schools, 4.25% TANs, 12/31/2007 5,003,945 4,899,000 Southwest Allen County, IN Metropolitan School District, 4.00% TANs, 12/31/2007 4,902,108 2,000,000 Vigo County, IN (Series 2003), Weekly VRDNs (Republic Services, Inc.), 3.610%, 11/7/2007 2,000,000 10,000,000 Whiting, IN Environmental Facilities Revenue (Series 2002B), Daily VRDNs (BP Products North 10,000,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 32,600,000 Whiting, IN Environmental Facilities Revenue (Series 2002C), Daily VRDNs (BP Products North 32,600,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 22,225,000 Whiting, IN Environmental Facilities Revenue (Series 2003), Daily VRDNs (BP Products North 22,225,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 29,600,000 Whiting, IN Environmental Facilities Revenue (Series 2005), Daily VRDNs (BP Products North 29,600,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 1,800,000 Whitley County, IN (Series 1999), Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo 1,800,000 Bank, N.A. LOC), 3.630%, 11/1/2007 TOTAL 262,919,053 IOWA--0.8% 27,685,000 Iowa Finance Authority (Series 2006A), Weekly VRDNs (Pointe at Cedar Rapids LLC)/ 27,685,000 (Marshall & Ilsley Bank, Milwaukee LOC), 3.510%, 11/1/2007 24,400,000 Iowa Student Loan Liquidity Corp. (Series 1988 B), Weekly VRDNs (AMBAC INS)/(Wells Fargo 24,400,000 Bank, N.A. LIQ), 3.310%, 11/7/2007 TOTAL 52,085,000 KANSAS--0.6% 11,050,000 3,4 Clipper Tax-Exempt Certificates Trust (Kansas-AMT)/(Series 2005-13), Weekly VRDNs (Sedgwick & 11,050,000 Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 10,000,000 Kansas Development Finance Authority (Series 2006K), Weekly VRDNs (Tree House 10,000,000 Apartments)/(Bank of America N.A. LOC), 3.510%, 11/1/2007 10,000,000 Lenexa, KS MFH (Series 2007), Weekly VRDNs (Heather Glen Apartments)/(Bank of America N.A. 10,000,000 LOC), 3.510%, 11/1/2007 3,936,000 3,4 Sedgwick & Shawnee Counties, KS, Floater Certificates (Series 2006-1670), Weekly VRDNs (GNMA 3,936,000 COL)/(Morgan Stanley LIQ), 3.550%, 11/1/2007 2,625,000 3,4 Sedgwick & Shawnee Counties, KS, MERLOTS (Series 2001 A-35), Weekly VRDNs (GNMA 2,625,000 COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 TOTAL 37,611,000 KENTUCKY--1.1% 8,300,000 Carroll County, KY, Solid Waste Disposal Revenue Bonds (Series 2006), Weekly VRDNs (North 8,300,000 American Stainless)/(LaSalle Bank, N.A. LOC), 3.540%, 11/1/2007 4,900,000 Graves County, KY (Series 1988), Weekly VRDNs (Seaboard Farms)/(U.S. Bank, N.A. LOC), 3.620%, 4,900,000 11/1/2007 5,500,000 Hopkinsville, KY (Series 2007A), Weekly VRDNs (Riken Elastomers Corp.)/(Bank of Tokyo- 5,500,000 Mitsubishi UFJ Ltd. LOC), 3.720%, 11/1/2007 570,000 Jefferson County, KY (Series 1995), Weekly VRDNs (Derby Industries, Inc.)/(Fifth Third Bank, 570,000 Cincinnati LOC), 3.880%, 11/1/2007 2,067,000 Kenton County, KY (Series 1999), Weekly VRDNs (Packaging Un-limited of Northern Kentucky, 2,067,000 Inc.)/(National City Bank LOC), 3.560%, 11/1/2007 6,725,000 Kentucky Housing Corp., (Conduit Multifamily Mortgage Revenue Bonds (Series 2006A), Weekly 6,725,000 VRDNs (Clarksdale Rental I LP)/(PNC Bank, N.A. LOC), 3.520%, 11/1/2007 20,500,000 3,4 Kentucky Municipal Power Agency, SPEARs (DB-358), Weekly VRDNs (MBIA Insurance Corp. 20,500,000 INS)/(Deutsche Bank AG LIQ), 3.500%, 11/1/2007 9,039,500 3,4 Kentucky Turnpike Authority, Floater Certificates (Series 2004-1061), 3.75% TOBs (AMBAC 9,039,500 INS)/(Morgan Stanley LIQ), Optional Tender 3/6/2008 2,655,000 Leitchfield, KY IDA (Series 1999), Weekly VRDNs (Styline Industries, Inc.)/(Fifth Third Bank, 2,655,000 Michigan LOC), 3.490%, 11/1/2007 5,740,000 Maysville, KY (Series 1996), Weekly VRDNs (Green Tokai)/(Bank of Tokyo-Mitsubishi UFJ Ltd. 5,740,000 LOC), 3.720%, 11/1/2007 1,510,000 Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Key Bank, N.A. LOC), 3.620%, 11/1/2007 1,510,000 TOTAL 67,506,500 LOUISIANA--0.8% 4,963,000 3,4 Clipper Tax-Exempt Certificates Trust (Louisiana-AMT)/(Series 2005-11), Weekly VRDNs 4,963,000 (Louisiana HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 11,395,000 3,4 East Baton Rouge, LA Mortgage Finance Authority (Series 2006 FR/RI-P2U), Weekly VRDNs (GNMA 11,395,000 COL)/(Lehman Brothers Holdings, Inc. LIQ), 3.350%, 11/7/2007 5,000,000 Lake Charles, LA Harbor & Terminal District (Series 1995A), Weekly VRDNs (Polycom-Huntsman, 5,000,000 Inc.)/(Bank of America N.A. LOC), 3.580%, 11/1/2007 10,100,000 Lake Charles, LA Harbor & Terminal District (Series 2000), Weekly VRDNs (ConocoPhillips), 10,100,000 3.350%, 11/7/2007 9,000,000 Louisiana Public Facilities Authority (Series 2002), Weekly VRDNs (Air Products & Chemicals, 9,000,000 Inc.), 3.340%, 11/7/2007 11,600,000 Louisiana Public Facilities Authority (Series 2005), Daily VRDNs (Air Products & Chemicals, 11,600,000 Inc.), 3.660%, 11/1/2007 TOTAL 52,058,000 MAINE--0.6% 5,300,000 Bath, ME, 4.25% BANs, 1/30/2008 5,306,352 15,000,000 Maine State Housing Authority (Series D), 3.82% TOBs, Optional Tender 7/18/2008 15,000,000 3,285,000 3,4 Maine State Housing Authority, MERLOTS (Series 2001-A108), 3.75% TOBs (Wachovia Bank N.A. 3,285,000 LIQ), Optional Tender 2/20/2008 15,400,000 Maine State Housing Authority, Mortgage Purchase Bonds (2007 Series F), 3.85% TOBs 9/22/2008 15,400,000 TOTAL 38,991,352 MARYLAND--0.8% 250,000 Howard County, MD Economic Development Revenue Board (Series 2005), Weekly VRDNs (Eight P CPL 250,000 LLC)/(Comerica Bank LOC), 3.500%, 11/1/2007 2,495,000 3,4 Maryland Community Development Administration - Housing Revenue (PA-629R), Weekly VRDNs 2,495,000 (Merrill Lynch & Co., Inc. LIQ), 3.610%, 11/1/2007 3,630,000 3,4 Maryland Community Development Administration - Residential Revenue (Series 2004 FR/RI-L59J), 3,630,000 Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ), 3.360%, 11/7/2007 4,795,000 3,4 Maryland Community Development Administration - Residential Revenue, Class A Certificates 4,795,000 (Series 7027), Weekly VRDNs (Bear Stearns Cos., Inc. LIQ), 3.550%, 11/1/2007 5,850,000 Maryland IDFA (Series 1999), 3.80% TOBs (Signature Flight Support Corp.)/(GTD by Bayerische 5,850,000 Landesbank LOC), Optional Tender 12/1/2007 4,230,000 Maryland State Community Development Administration (Series 1990B), Weekly VRDNs (Cherry Hill 4,230,000 Apartment Ltd.)/(PNC Bank, N.A. LOC), 3.510%, 11/7/2007 6,740,000 Maryland State Economic Development Corp. (Series 2006), Weekly VRDNs (Santa Barbara Court 6,740,000 LLC)/(PNC Bank, N.A. LOC), 3.480%, 11/2/2007 16,730,000 3,4 Maryland State, P-Floats (Series EC-1030), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 16,730,000 3.540%, 11/1/2007 5,730,000 3,4 Northeast MD Waste Disposal Authority, (PT-766), Weekly VRDNs (AMBAC INS)/(GTD by Landesbank 5,730,000 Hessen-Thueringen LIQ), 3.550%, 11/1/2007 TOTAL 50,450,000 MASSACHUSETTS--1.4% 7,729,000 Ashburnham, MA, 4.00% BANs, 7/11/2008 7,739,261 7,430,000 Commonwealth of Massachusetts, Consolidated Loan (Series 2006A), Daily VRDNs (Dexia Credit 7,430,000 Local LIQ), 3.640%, 11/1/2007 7,000,000 Commonwealth of Massachusetts, Consolidated Loan (Series 2006B), Daily VRDNs (Bank of America 7,000,000 N.A. LIQ), 3.640%, 11/1/2007 8,000,000 Leominster, MA, 3.60% BANs, 5/7/2008 8,008,640 10,000,000 Massachusetts Development Finance Agency (Series 2004), 3.80% CP (Nantucket Electric 10,000,000 Co.)/(GTD by Massachusetts Electric Co.), Mandatory Tender 11/13/2007 2,860,000 Massachusetts HEFA (Series B), Weekly VRDNs (Boston Home)/(RBS Citizens Bank N.A. LOC), 2,860,000 3.480%, 11/1/2007 12,100,000 Massachusetts IFA (Series 1992B), 3.78% CP (New England Power Co.), Mandatory Tender 12,100,000 11/13/2007 4,500,000 Massachusetts IFA (Series 1997), Weekly VRDNs (Parker-Hannifin Corp.)/(Key Bank, N.A. LOC), 4,500,000 3.620%, 11/1/2007 9,580,000 3,4 Massachusetts Port Authority, PUTTERs (Series 501Z), Weekly VRDNs (Delta Air Lines, 9,580,000 Inc.)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 10,000,000 Massachusetts School Building Authority (Series A), 3.70% CP (Bank of Nova Scotia, Toronto 10,000,000 LOC), Mandatory Tender 11/6/2007 2,200,000 Massachusetts State Development Finance Agency (Series 2006), Daily VRDNs (Melmark New 2,200,000 England)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.430%, 11/1/2007 5,200,000 Massachusetts State Development Finance Agency (Series 2006), Weekly VRDNs (Marine Biological 5,200,000 Laboratory)/(JPMorgan Chase Bank, N.A. LOC), 3.480%, 11/1/2007 TOTAL 86,617,901 MICHIGAN--0.2% 401,000 Michigan State Strategic Fund (Series A), Weekly VRDNs (Teal Run Apartments)/(FHLB of 401,000 Indianapolis LOC), 3.520%, 11/1/2007 12,625,000 3,4 Wayne County, MI Airport Authority, ROCs (Series 353), Weekly VRDNs (Detroit, MI Metropolitan 12,625,000 Wayne County Airport)/(MBIA Insurance Corp. INS)/(Citibank N.A., New York LIQ), 3.590%, 11/1/2007 1,000,000 3,4 Wayne County, MI Airport Authority, MERLOTS (Series 2007 D3), Weekly VRDNs (Detroit, MI 1,000,000 Metropolitan Wayne County Airport)/(FGIC INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 TOTAL 14,026,000 MINNESOTA--2.7% 23,640,000 3,4 Becker, MN (Series 2005 FR/RI-FP13), Weekly VRDNs (Northern States Power Co., MN)/(Lehman 23,640,000 Brothers Holdings, Inc. SWP), 3.540%, 11/1/2007 17,270,000 3,4 Becker, MN (Series 2006 FR/RI-FP1), Weekly VRDNs (Northern States Power Co., MN)/(Lehman 17,270,000 Brothers Holdings, Inc. SWP), 3.540%, 11/1/2007 2,400,000 Coon Rapids, MN (Series 1999), Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank, 2,400,000 N.A. LOC), 3.630%, 11/1/2007 6,440,000 3,4 Dakota County & Washington County MN Housing & Redevelopment Authority, MERLOTS (Series J), 6,440,000 Weekly VRDNs (United States Treasury COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 8,865,000 Dakota County, MN Community Development Agency (Series 2004), Weekly VRDNs (View Pointe 8,865,000 Apartments)/(LaSalle Bank, N.A. LOC), 3.530%, 11/2/2007 900,000 Minneapolis, MN IDA (Series 1999), Weekly VRDNs (Viking Materials, Inc.)/(Wells Fargo Bank, 900,000 N.A. LOC), 3.630%, 11/1/2007 3,140,000 3,4 Minneapolis/St. Paul, MN Metropolitan Airports Commission, (MT-117), Weekly VRDNs (FGIC 3,140,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.610%, 11/1/2007 5,220,000 3,4 Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-735), Weekly VRDNs (FGIC 5,220,000 INS)/(BNP Paribas SA LIQ), 3.550%, 11/1/2007 45,000,000 Minnesota State HFA (Series 2006K), 3.62% BANs, 11/6/2007 45,000,000 13,780,000 3,4 Minnesota State, P-Floats (Series EC-1059), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.540%, 13,780,000 11/1/2007 1,700,000 Northfield, MN (Series 2003), Weekly VRDNs (Summerfield Investments LLC)/(LaSalle Bank, N.A. 1,700,000 LOC), 3.580%, 11/2/2007 310,000 Springfield, MN (Series 1998), Weekly VRDNs (Ochs Brick Co.)/(Wells Fargo Bank, N.A. LOC), 310,000 3.630%, 11/1/2007 16,100,000 St. Anthony, MN (Series 2004A), Weekly VRDNs (Landings at Silver Lake Village)/(LaSalle Bank, 16,100,000 N.A. LOC), 3.530% - 3.590%, 11/2/2007 5,000,000 St. Paul and Ramsey County, MN Housing and Redevelopment Authority (Series 2002A), Weekly 5,000,000 VRDNs (St. Paul Leased Housing Associates I)/(LaSalle Bank, N.A. LOC), 3.530%, 11/2/2007 8,750,000 St. Paul, MN Housing & Redevelopment Authority (Series 2005C), Weekly VRDNs (University 8,750,000 Carleton Development LP)/(LaSalle Bank, N.A. LOC), 3.530%, 11/2/2007 2,500,000 St. Paul, MN Housing & Redevelopment Authority (Series 2006A), Weekly VRDNs (Gateway 2,500,000 Apartments LP)/(LaSalle Bank, N.A. LOC), 3.530%, 11/2/2007 2,250,000 White Bear Lake, MN (Series 1999), Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank, N.A. LOC), 2,250,000 3.630%, 11/1/2007 4,000,000 White Bear Lake, MN (Series 2004), Weekly VRDNs (Pinehurst Investments LLC)/(LaSalle Bank, 4,000,000 N.A. LOC), 3.580%, 11/2/2007 TOTAL 167,265,000 MISSISSIPPI--1.2% 12,000,000 3,4 Clipper Tax-Exempt Certificates Trust (Mississippi-AMT)/(Series 2005-16), Weekly VRDNs 12,000,000 (Mississippi Home Corp.)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 17,500,000 Mississippi Business Finance Corp. Weekly VRDNs (Waste Management, Inc.)/(JPMorgan Chase 17,500,000 Bank, N.A. LOC), 3.480%, 11/1/2007 1,850,000 Mississippi Business Finance Corp. (Series 1999), VRDNs (Polks Meat Products, Inc.)/ 1,850,000 (Regions Bank, Alabama LOC), 3.630%, 11/1/2007 2,420,000 Mississippi Business Finance Corp. (Series 2000A), Weekly VRDNs (TT&W Farm Products, 2,420,000 Inc.)/(Regions Bank, Alabama LOC), 3.580%, 11/1/2007 3,270,000 Mississippi Business Finance Corp. (Series 2001), Weekly VRDNs (Silver Creek Gin Co.)/ 3,270,000 (Regions Bank, Alabama LOC), 3.580%, 11/1/2007 2,955,000 Mississippi Business Finance Corp. (Series 2004), Weekly VRDNs (Mill Creek Gin, Inc.)/ 2,955,000 (Regions Bank, Alabama LOC), 3.580%, 11/1/2007 1,020,000 3,4 Mississippi Home Corp. (PT-1446), Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ), 1,020,000 3.610%, 11/1/2007 7,500,000 Mississippi Home Corp. (Series 2004-6), Weekly VRDNs (Windsor Park Partners LP)/(FNMA LOC), 7,500,000 3.540%, 11/1/2007 6,500,000 Mississippi Home Corp. (Series 2006-1), Weekly VRDNs (Terrace Park Apartments)/ 6,500,000 (Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 9,790,000 Mississippi Home Corp. (Series 2006-2), Weekly VRDNs (Bradford Park Apartments)/ 9,790,000 (Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 9,530,000 3,4 Mississippi Home Corp. MERLOTS (Series 2001 A8), Weekly VRDNs (GNMA COL)/ 9,530,000 (Bank of New York LIQ), 3.390%, 11/7/2007 1,435,000 3,4 Mississippi Home Corp. MERLOTS (Series YYY), Weekly VRDNs (GNMA COL)/ 1,435,000 (Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 TOTAL 75,770,000 MISSOURI--1.4% 26,937,000 3,4 Clipper Tax-Exempt Certificates Trust (Missouri-AMT)/(Series 2005-14), Weekly VRDNs (Missouri 26,937,000 State Housing Development Commission)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 10,000,000 Kansas City, MO IDA (Series 2006), Weekly VRDNs (Clay Terrace Apartments)/(LaSalle Bank, N.A. 10,000,000 LOC), 3.550%, 11/1/2007 8,250,000 Missouri Higher Education Loan Authority, Student Loan Revenue Bonds (Senior Series 2005E), 8,250,000 Weekly VRDNs (MBIA Insurance Corp. INS)/(DePfa Bank PLC LIQ), 3.530%, 11/1/2007 2,405,000 3,4 Missouri State Housing Development Commission, MERLOTS (Series 2001-A81), Weekly VRDNs (GNMA 2,405,000 COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 1,380,000 3,4 Missouri State Housing Development Commission, MERLOTS (Series 2001 A28), Weekly VRDNs (GNMA 1,380,000 COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 26,000,000 Southwest City, MO IDA (Series 2005), Weekly VRDNs (Simmons Foods, Inc.)/(Wells Fargo Bank, 26,000,000 N.A. LOC), 3.550%, 11/1/2007 9,300,000 St. Louis, MO IDA (Series 1991), Weekly VRDNs (U.S. Durum Milling, Inc.)/(LaSalle Bank, N.A. 9,300,000 LOC), 3.390%, 11/7/2007 1,000,000 St. Louis, MO IDA (Series 1997), Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, N.A., Kansas 1,000,000 City LOC), 3.830%, 11/1/2007 TOTAL 85,272,000 MONTANA--0.3% 4,415,000 3,4 Montana State Board of Housing (PA-1406), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 4,415,000 3.610%, 11/1/2007 5,700,000 3,4 Montana State Board of Housing (Series 2004 FR/RI-L6), Weekly VRDNs (Lehman Brothers 5,700,000 Holdings, Inc. LIQ), 3.360%, 11/1/2007 2,580,000 3,4 Montana State Board of Housing, MERLOTS (Series 2002 A19), Weekly VRDNs (Bank of New York 2,580,000 LIQ), 3.390%, 11/7/2007 3,055,000 3,4 Montana State Board of Housing, Variable Certificates (Series 2002L), Weekly VRDNs (Bank of 3,055,000 America N.A. LIQ), 3.530%, 11/1/2007 TOTAL 15,750,000 MULTI STATE--6.8% 36,767,788 3,4 ABN AMRO Chicago Corp. 1997-1 LeaseTOPS Trust Weekly VRDNs (LaSalle Bank, N.A. LIQ)/(LaSalle 36,767,788 Bank, N.A. LOC), 3.630%, 11/1/2007 45,371,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2002-09), Weekly VRDNs 45,371,000 (AMBAC, FGIC, FSA, MBIA Insurance Corp. INS) and State Street Bank and Trust Co. LIQs), 3.580%, 11/1/2007 9,350,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2006-5), Weekly VRDNs (GNMA 9,350,000 COL)/(Merrill Lynch & Co., Inc. LIQ), 3.630%, 11/1/2007 15,219,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2007-40), Weekly VRDNs (GNMA 15,219,000 COL)/(State Street Bank and Trust Co. LIQ), 3.580%, 11/1/2007 20,142,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2005-18), Weekly VRDNs 20,142,000 (Merrill Lynch & Co., Inc. LIQ), 3.630%, 11/1/2007 5,088,000 3,4 Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/(Series 2005-19), Weekly VRDNs (GNMA 5,088,000 COL)/(Merrill Lynch & Co., Inc. LIQ), 3.630%, 11/1/2007 3,490,719 3,4 GS Pool Trust (Series 2006-56TP), Weekly VRDNs (Natixis Financial Products Inc. INS)/ 3,490,719 (Goldman Sachs Group, Inc. LIQ), 3.530%, 11/1/2007 30,255,543 3,4 GS Pool Trust (Series 2006-19TP), Weekly VRDNs (Natixis Financial Products Inc. INS)/ 30,255,543 (Goldman Sachs Group, Inc. LIQ), 3.560%, 11/1/2007 18,273,730 3,4 GS Pool Trust (Series 2006-35TP), Weekly VRDNs (Natixis Financial Products Inc. INS)/ 18,273,730 (Goldman Sachs Group, Inc. LIQ), 3.560%, 11/1/2007 73,925,000 3,4 JPMorgan Chase & Co I-PUTTERs Trust (Series 1750P), Weekly VRDNs (GTD by Texas Permanent 73,925,000 School Fund Guarantee Program)/(AMBAC, FGIC, FSA, MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) and United States Treasury PRFs), 3.630%, 11/1/2007 38,100,000 3,4 JPMorgan Chase & Co. I-PUTTERs Trust (Series 1761P), Weekly VRDNs (FGIC, FSA INS) and 38,100,000 JPMorgan Chase Bank, N.A. LIQs), 3.650%, 11/1/2007 86,295,000 3,4 Puttable Floating Option Tax-Exempt Receipts (P-Floats+ Series EC-001), VRDNs (AMBAC, FGIC, 86,295,000 FSA INS, Inc., MBIA Insurance Corp. INS) and Merrill Lynch & Co., Inc. LIQs), 3.650%, 11/1/2007 39,710,000 3,4 Puttable Floating Option Tax-Exempt Receipts (P-Floats+ Series EC-002), VRDNs (Merrill Lynch 39,710,000 & Co., Inc. LIQ), 3.650%, 11/1/2007 TOTAL 421,987,780 NEBRASKA--1.1% 2,650,000 Douglas County, NE (Series 1997), Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo 2,650,000 Bank, N.A. LOC), 3.530%, 11/1/2007 900,000 Douglas County, NE (Series 2000), Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank, 900,000 N.A. LOC), 3.630%, 11/1/2007 2,000,000 Nebraska Investment Finance Authority (Series 2005), Weekly VRDNs (Tuls Properties 2,000,000 LLC)/(Rabobank Nederland, Utrecht LOC), 3.550%, 11/1/2007 7,205,000 3,4 Nebraska Investment Finance Authority, MERLOTS (Series 1998A), Weekly VRDNs (Wachovia Bank 7,205,000 N.A. LIQ), 3.550%, 11/1/2007 48,500,000 Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds (2007 Series H), 48,500,000 Weekly VRDNs (FHLB of Topeka LIQ), 3.290%, 11/7/2007 5,700,000 Stanton County, NE (Series 1998), Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 5,700,000 TOTAL 66,955,000 NEVADA--1.6% 2,000,000 Clark County, NV Airport System (Series B-1), 5.00% Bonds, 7/1/2008 2,014,967 11,775,000 3,4 Clark County, NV IDRBs, Class A Certificates (Series 7025), Weekly VRDNs (Southwest Gas 11,775,000 Corp.)/(FGIC INS)/(Bear Stearns Cos., Inc. LIQ), 3.550%, 11/1/2007 7,140,000 Clark County, NV (Series 1997A), 3.80% TOBs (Signature Flight Support Corp.)/(GTD by 7,140,000 Bayerische Landesbank LOC), Optional Tender 12/1/2007 7,535,000 Clark County, NV (Series 1998), 3.80% TOBs (Signature Flight Support Corp.)/(GTD by 7,535,000 Bayerische Landesbank LOC), Optional Tender 12/1/2007 49,335,000 Clark County, NV, Passenger Facility Charge Refunding Revenue Bonds (Series 2005A-2), Weekly 49,335,000 VRDNs (Las Vegas-McCarran International Airport)/(MBIA Insurance Corp. INS)/ (Bayerische Landesbank LIQ), 3.310%, 11/7/2007 20,000,000 Director of the State of Nevada Department of Business and Industry Weekly VRDNs (Republic 20,000,000 Services, Inc.), 4.050%, 11/1/2007 TOTAL 97,799,967 NEW HAMPSHIRE--1.0% 25,000,000 New Hampshire Business Finance Authority (Series 2005), Weekly VRDNs (Lonza America, 25,000,000 Inc.)/(Deutsche Bank AG LOC), 3.530%, 11/1/2007 1,085,000 New Hampshire Business Finance Authority (Series A), Weekly VRDNs (Upper Valley Press)/(Key 1,085,000 Bank, N.A. LOC), 3.400%, 11/7/2007 30,000,000 New Hampshire Business Finance Authority, PCRBs (1990 Series A), 3.62% CP (New England Power 30,000,000 Co.), Mandatory Tender 12/13/2007 2,000,000 New Hampshire Business Finance Authority, PCRBs (1990 Series A), 3.70% CP (New England Power 2,000,000 Co.), Mandatory Tender 1/10/2008 915,000 3,4 New Hampshire State HFA, MERLOTS (Series 2001 A-51), Weekly VRDNs (Wachovia Bank N.A. LIQ), 915,000 3.390%, 11/7/2007 705,000 3,4 New Hampshire State HFA, MERLOTS (Series 2001-A82), Weekly VRDNs (Wachovia Bank N.A. LIQ), 705,000 3.390%, 11/7/2007 TOTAL 59,705,000 NEW JERSEY--3.3% 4,750,000 Allamuchy Township, NJ, 4.25% BANs, 7/23/2008 4,764,898 6,587,730 Beachwood, NJ, 4.00% BANs, 8/29/2008 6,598,686 6,700,000 Bernards Township, NJ, 3.60% BANs, 10/31/2008 6,710,921 3,560,000 Neptune Township, NJ, 4.25% BANs, 11/9/2007 3,560,489 4,000,000 New Jersey Health Care Facilities Financing Authority (Series 2005), Daily VRDNs (Recovery 4,000,000 Management Systems, Inc.)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.430%, 11/1/2007 149,800,000 New Jersey State (Series Fiscal 2008A), 4.50% TRANs, 6/24/2008 150,640,437 7,000,000 Newark, NJ, General Improvement Notes (Series 2007A-B), 4.00% BANs, 1/24/2008 7,004,669 12,000,000 Newark, NJ, General Improvement Notes (Series 2007D), 4.00% BANs, 4/25/2008 12,015,550 12,925,000 Newark, NJ, School Promissory Notes (Series 2007C), 4.00% BANs, 1/24/2008 12,933,622 TOTAL 208,229,272 NEW MEXICO--0.4% 1,445,000 Albuquerque, NM (Series 1996), Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo 1,445,000 Bank, N.A. LOC), 3.530%, 11/1/2007 4,060,000 Albuquerque, NM (Series 1999), Weekly VRDNs (El Encanto, Inc.)/(Wells Fargo Bank, N.A. LOC), 4,060,000 3.530%, 11/1/2007 13,216,000 3,4 Clipper Tax-Exempt Certificates Trust (New Mexico-AMT)/(Series 2005-15), Weekly VRDNs (New 13,216,000 Mexico Mortgage Finance Authority)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 2,625,000 Los Lunas Village, NM (Series 1998), Weekly VRDNs (Wall Colmonoy Corp.)/(LaSalle Bank 2,625,000 Midwest, N.A. LOC), 3.680%, 11/7/2007 745,000 3,4 New Mexico Mortgage Finance Authority, MERLOTS (Series 2001 A9), Weekly VRDNs (GNMA 745,000 COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 2,150,000 3,4 New Mexico Mortgage Finance Authority, MERLOTS 2001 A66, 3.75% TOBs (GNMA COL)/(Wachovia Bank 2,150,000 N.A. LIQ), Optional Tender 2/20/2008 TOTAL 24,241,000 NEW YORK--1.6% 14,130,000 3,4 Hempstead, NY IDA, ROCs (Series 737CE), Weekly VRDNs (Park Lake Residences LP)/(Citibank 14,130,000 N.A., New York LIQ)/(Citibank N.A., New York LOC), 3.600%, 11/1/2007 225,000 Metropolitan Transportation Authority, NY (Series 2004A-1), Weekly VRDNs (MTA Transportation 225,000 Revenue)/(CDC IXIS Financial Guaranty NA INS)/(DePfa Bank PLC LIQ), 3.390%, 11/1/2007 21,000,000 New York State HFA (Series 2002A: 271 West 47th Street), Weekly VRDNs (Biltmore Tower 21,000,000 LLC)/(FNMA LOC), 3.260%, 11/7/2007 38,300,000 New York State HFA (Series 2003A: 271 West 47th Street), Weekly VRDNs (Biltmore Tower 38,300,000 LLC)/(FNMA LOC), 3.260%, 11/7/2007 4,000,000 New York State HFA (Series 2004A: Archstone Westbury Housing), Weekly VRDNs (ASN Roosevelt 4,000,000 Center LLC)/(JPMorgan Chase Bank, N.A. LOC), 3.260%, 11/7/2007 15,000,000 New York State HFA (Series 2005A: 250 West 93rd Street), Weekly VRDNs (L&M 93rd Street 15,000,000 LLC)/(Landesbank Hessen-Thueringen LOC), 3.270%, 11/7/2007 4,035,000 3,4 Port Authority of New York and New Jersey, MERLOTS (Series 2007C-1), 3.83% TOBs (FSA 4,035,000 INS)/(Bank of New York LIQ), Optional Tender 2/13/2008 TOTAL 96,690,000 NORTH CAROLINA--2.5% 6,600,000 Cabarrus County, NC Industrial Facilities & PCFA (Series 1996), Weekly VRDNs (S & D Coffee, 6,600,000 Inc.)/(Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 2,840,000 3,4 Charlotte, NC Airport, (PT-719), Weekly VRDNs (MBIA Insurance Corp. INS)/(BNP Paribas SA 2,840,000 LIQ), 3.610%, 11/1/2007 3,000,000 Davie County, NC Industrial Facilities & PCFA (Series 2007), Weekly VRDNs (Amarr 3,000,000 Co.)/(Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 5,000,000 Hertford County, NC Industrial Facilities & PCFA (Series 2000A), Weekly VRDNs (Nucor Corp.), 5,000,000 3.400%, 11/7/2007 11,800,000 Hertford County, NC Industrial Facilities & PCFA (Series 2000B), Weekly VRDNs (Nucor Corp.), 11,800,000 3.380%, 11/7/2007 380,000 Johnson County, NC Industrial Facilities & PCFA (Series 2001), Weekly VRDNs (Walthom 380,000 Group)/(Wachovia Bank N.A. LOC), 3.600%, 11/2/2007 11,650,000 North Carolina Capital Facilities Finance Agency (Series 2004), Daily VRDNs (Republic 11,650,000 Services, Inc.)/(SunTrust Bank LOC), 3.630%, 11/1/2007 3,300,000 North Carolina Capital Facilities Finance Agency (Series 2006A-1), Weekly VRDNs (Parker 3,300,000 Lumber Co.)/(RBC Centura Bank LOC), 3.510%, 11/1/2007 10,000,000 North Carolina Capital Facilities Finance Agency (Series 2007) Weekly VRDNs (Republic 10,000,000 Services, Inc.), 3.610%, 11/7/2007 32,700,000 North Carolina Capital Facilities Finance Agency, Solid Waste Disposal Revenue Bonds Series 32,700,000 2006A), Weekly VRDNs (Duke Energy Corp.)/(Wachovia Bank N.A. LOC), 3.480%, 11/1/2007 3,695,000 3,4 North Carolina HFA, MERLOTS (Series 2006-B12), Weekly VRDNs (Wachovia Bank N.A. LIQ), 3,695,000 3.550%, 11/7/2007 5,700,000 North Carolina Medical Care Commission (Series 2006), Weekly VRDNs (Cross Road Rest and 5,700,000 Retirement Center, Inc.)/(RBC Centura Bank LOC), 3.460%, 11/1/2007 8,775,000 3,4 North Carolina State, P-Floats (Series EC-1063), VRDNs (Merrill Lynch & Co., Inc. LIQ), 8,775,000 3.540%, 11/1/2007 14,520,000 3,4 North Carolina State, P-Floats (Series EC-1138), Weekly VRDNs (Merrill Lynch & Co., Inc. 14,520,000 LIQ), 3.540%, 11/1/2007 28,555,000 Sampson County, NC Industrial Facilities & PCFA (Series 2001), Weekly VRDNs (Sampson County 28,555,000 Disposal, Inc.)/(Wachovia Bank N.A. LOC), 3.500%, 11/1/2007 10,000,000 Union County, NC Industrial Facilities & PCFA (Series 2007), Weekly VRDNs (Darnel, Inc.)/ 10,000,000 (Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 TOTAL 158,515,000 NORTH DAKOTA--0.0% 2,700,000 Richland County, ND Solid Waste Disposal (Series 2002), Weekly VRDNs (Minn-Dak Farmers 2,700,000 Cooperative)/(Wells Fargo Bank, N.A. LOC), 3.550%, 11/1/2007 OHIO--1.9% 2,100,000 Ashland, OH, 4.25% BANs, 5/22/2008 2,105,949 18,685,000 Cleveland, OH Airport System (Series D), Weekly VRDNs (GTD by WestLB AG LOC), 3.310%, 18,685,000 11/7/2007 11,500,000 Cleveland, OH Waterworks (Series 2004-M), Weekly VRDNs (FSA INS)/(Dexia Credit Local LIQ), 11,500,000 3.420%, 11/1/2007 4,750,000 Dublin, OH, Industrial Development Refunding Revenue Bonds (Series 1997) Weekly VRDNs (Witco 4,750,000 Corp.)/(Bank of America N.A. LOC), 3.530%, 11/1/2007 5,880,000 Hamilton, OH MFH (Series 2003A: Knollwood Crossing II Apartments), Weekly VRDNs (Pedcor 5,880,000 Investments-2003-LIX LP)/(FHLB of Indianapolis LOC), 3.520%, 11/1/2007 4,250,000 Mahoning County, OH IDA (Series 1999), Weekly VRDNs (Modern Builders Supply, Inc.)/ 4,250,000 (PNC Bank, N.A. LOC), 3.560%, 11/1/2007 8,950,000 Marion County, OH MFH (Series 2006), Weekly VRDNs (Avalon Lakes)/(FHLB of Cincinnati LOC), 8,950,000 3.550%, 11/1/2007 6,250,000 Medina County, OH (Series 1998), Weekly VRDNs (Mack Industries, Inc.)/(Key Bank, N.A. LOC), 6,250,000 3.580%, 11/1/2007 33,100,000 3,4 Ohio HFA (2007 Series J), Weekly VRDNs (KBC Bank NV LIQ), 3.290%, 11/7/2007 33,100,000 1,255,000 3,4 Ohio HFA, MERLOTS (Series 2001-A78), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ), 1,255,000 3.390%, 11/7/2007 2,755,000 3,4 Ohio HFA, MERLOTS (Series 2006-A2), .00% TOBs (GNMA COL)/(Bank of New York LIQ) 2/13/2008 2,755,000 2,620,000 3,4 Ohio HFA, Variable Rate Certificates (Series 2001-I), Weekly VRDNs (GNMA COL)/(Bank of 2,620,000 America N.A. LIQ), 3.530%, 11/1/2007 2,657,500 Ross County, OH (Series A), 4.25% BANs, 5/29/2008 2,664,839 7,000,000 Toledo-Lucas County, OH Port Authority (Series 2006), Weekly VRDNs (Van Deurzen Dairy 7,000,000 LLC)/(LaSalle Bank, N.A. LOC), 3.540%, 11/1/2007 4,000,000 Toledo-Lucas County, OH Port Authority, Airport Development Revenue Bonds (Series 1996-1), 4,000,000 Weekly VRDNs (Burlington Air Express, Inc.)/(ABN AMRO Bank NV, Amsterdam LOC), 3.510%, 11/1/2007 3,400,000 Wood County, OH (Series 1999), Weekly VRDNs (Dowa THT America, Inc.)/(Comerica Bank LOC), 3,400,000 3.390%, 11/7/2007 TOTAL 119,165,788 OKLAHOMA--0.8% 5,650,000 Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 5,650,000 3.730%, 11/1/2007 16,564,571 3,4 Clipper Tax-Exempt Certificates Trust (Oklahoma AMT)/(Series 2004-3), Weekly VRDNs (Oklahoma 16,564,571 HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 3.550%, 11/1/2007 7,500,000 Oklahoma Development Finance Authority (Series 2002), Weekly VRDNs (ConocoPhillips Co.)/(GTD 7,500,000 by ConocoPhillips), 3.370%, 11/7/2007 20,220,000 Tulsa, OK International Airport (Series 2007C), Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 20,220,000 3.530%, 11/1/2007 TOTAL 49,934,571 OREGON--1.7% 3,500,000 Oregon State EDRB (Series CXLVII), Weekly VRDNs (Toyo Tanso USA, Inc.)/(Bank of Tokyo- 3,500,000 Mitsubishi UFJ Ltd. LOC), 3.770%, 11/1/2007 57,000,000 Oregon State (2007 Series A), 4.50% TANs, 6/30/2008 57,317,824 12,665,000 3,4 Oregon State, Elderly and Disabled Housing (PT-4105), Weekly VRDNs (Merrill Lynch & Co., Inc. 12,665,000 LIQ), 3.560%, 11/1/2007 10,000,000 Oregon State, Veterans' Welfare Bonds (Series 89B), Daily VRDNs (Dexia Credit Local LIQ), 10,000,000 3.600%, 11/1/2007 10,000,000 Port of Morrow, OR (Series 2001A), Weekly VRDNs (Threemile Canyon Farms LLC)/ 10,000,000 (Rabobank Nederland, Utrecht LOC), 3.550%, 11/1/2007 10,000,000 Port of Morrow, OR (Series 2001C), Weekly VRDNs (Threemile Canyon Farms LLC)/ 10,000,000 (Rabobank Nederland, Utrecht LOC), 3.550%, 11/1/2007 TOTAL 103,482,824 PENNSYLVANIA--4.3% 1,000,000 Chester County, PA IDA (Series 2000A), Weekly VRDNs (Innovative Solutions and Support, 1,000,000 Inc.)/(PNC Bank, N.A. LOC), 3.560%, 11/1/2007 10,000,000 Pennsylvania EDFA, Wastewater Treatment Refunding Revenue Bonds (Series 2004A), Weekly VRDNs 10,000,000 (Sunoco, Inc.), 3.655%, 11/7/2007 2,500,000 Pennsylvania EDFA, Wastewater Treatment Refunding Revenue Bonds (Series 2004B), Weekly VRDNs 2,500,000 (Sunoco, Inc.), 3.470%, 11/7/2007 30,700,000 Pennsylvania State Higher Education Assistance Agency (Series 1997A), Weekly VRDNs (AMBAC 30,700,000 INS)/(Dexia Credit Local LIQ), 3.400%, 11/7/2007 21,800,000 Pennsylvania State Higher Education Assistance Agency (Series 2000A), Weekly VRDNs (AMBAC 21,800,000 INS)/(Fortis Bank SA/NV LIQ), 3.400%, 11/7/2007 2,800,000 Pennsylvania State Higher Education Assistance Agency (Series 2002B), Weekly VRDNs (FSA 2,800,000 INS)/(GTD by Bayerische Landesbank, Lloyds TSB Bank PLC, London, State Street Bank and Trust Co. and WestLB AG LIQs), 3.500%, 11/1/2007 35,400,000 Pennsylvania State Higher Education Assistance Agency (Series 2003 A-1), Weekly VRDNs (AMBAC 35,400,000 INS)/(Dexia Credit Local LIQ), 3.400%, 11/7/2007 33,200,000 Pennsylvania State Higher Education Assistance Agency (Series 2002 A), Weekly VRDNs (FSA 33,200,000 INS)/(GTD by Bayerische Landesbank, Lloyds TSB Bank PLC, London, State Street Bank and Trust Co. and WestLB AG LIQs), 3.500%, 11/1/2007 129,015,000 Philadelphia, PA Airport System (Series 2005C), Weekly VRDNs (MBIA Insurance Corp. 129,015,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.360%, 11/7/2007 TOTAL 266,415,000 RHODE ISLAND--0.3% 10,000,000 Cumberland, RI, 4.00% BANs, 5/15/2008 10,018,049 3,390,000 Rhode Island Industrial Facilities Corp. (Series 2001), Weekly VRDNs (Interplex Industries, 3,390,000 Inc.)/(Key Bank, N.A. LOC), 3.560%, 11/1/2007 6,730,000 Warwick, RI Housing Authority (Series 2001), Daily VRDNs (Trafalgar East Apartments)/ 6,730,000 (Bank of America N.A. LOC), 3.620%, 11/1/2007 TOTAL 20,138,049 SOUTH CAROLINA--1.8% 14,650,000 Berkeley County, SC Exempt Facility Industrial Development (Series 1997), Daily VRDNs (BP 14,650,000 Amoco Corp.), 3.640%, 11/1/2007 24,000,000 Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 24,000,000 9,000,000 Berkeley County, SC IDB (Series 1996A), Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 9,000,000 5,600,000 Berkeley County, SC IDB (Series 1997), Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 5,600,000 24,800,000 Berkeley County, SC IDB (Series 1998), Weekly VRDNs (Nucor Corp.), 3.330%, 11/7/2007 24,800,000 1,220,000 South Carolina Jobs-EDA Weekly VRDNs (Boozer Lumber Co.)/(Wachovia Bank N.A. LOC), 3.510%, 1,220,000 11/2/2007 50,000 South Carolina Jobs-EDA (Series 1990), Weekly VRDNs (Rice Street Association)/ 50,000 (Wachovia Bank N.A. LOC), 3.600%, 11/7/2007 3,700,000 South Carolina Jobs-EDA (Series 1996), Weekly VRDNs (PVC Container Corp. Project)/ 3,700,000 (PNC Bank, N.A. LOC), 3.360%, 11/7/2007 100,000 South Carolina Jobs-EDA (Series 1998), Weekly VRDNs (Carolina Cotton Works, Inc.)/ 100,000 (Branch Banking & Trust Co. LOC), 3.530%, 11/1/2007 4,000,000 South Carolina State Housing Finance & Development Authority (Series 2006), Weekly VRDNs 4,000,000 (Rocky Creek Apartments)/(Wachovia Bank N.A. LOC), 3.530%, 11/1/2007 14,600,000 South Carolina State Housing Finance & Development Authority (Series 2007B), 3.87% BANs, 14,600,000 9/2/2008 2,070,000 3,4 South Carolina State Housing Finance & Development Authority, ROCs (Series 398), Weekly VRDNs 2,070,000 (FSA INS)/(Citibank N.A., New York LIQ), 3.590%, 11/1/2007 10,300,000 3,4 South Carolina State Ports Authority, Floater Certificates (Series 2006-1390X), Weekly VRDNs 10,300,000 (FSA INS)/(Morgan Stanley LIQ), 3.530%, 11/1/2007 TOTAL 114,090,000 SOUTH DAKOTA--0.8% 9,850,000 Marshall County, SD (Series 2007), Weekly VRDNs (Veblen East Dairy LP)/(Wells Fargo Bank, 9,850,000 N.A. LOC), 3.600%, 11/1/2007 4,000,000 South Dakota Housing Development Authority (2003 Series F), Weekly VRDNs (GTD by Landesbank 4,000,000 Hessen-Thueringen LIQ), 3.500%, 11/1/2007 10,485,000 3,4 South Dakota Housing Development Authority (PA-1436), Weekly VRDNs (Merrill Lynch & Co., Inc. 10,485,000 LIQ), 3.550%, 11/1/2007 26,000,000 South Dakota Housing Development Authority, Homeownership Mortgage Bonds (2007 Series F), 26,089,295 4.25% BANs, 8/15/2008 TOTAL 50,424,295 TENNESSEE--1.5% 1,300,000 Dover, TN IDB (Series 1997), Weekly VRDNs (Nashville Wire Products Manufacturing Co.)/ 1,300,000 (Regions Bank, Alabama LOC), 3.550%, 11/1/2007 1,575,000 Hamilton County, TN IDB Weekly VRDNs (Pavestone Co.)/(JPMorgan Chase Bank, N.A. LOC), 3.730%, 1,575,000 11/1/2007 44,100,000 Loudon, TN IDB Solid Waste Disposal (Series 2006), Weekly VRDNs (Tate & Lyle Ingredients 44,100,000 Americas, Inc.)/(Rabobank Nederland, Utrecht LOC), 3.530%, 11/1/2007 12,000,000 Memphis-Shelby County, TN Industrial Board (Series 2007), Weekly VRDNs (Nucor Steel Memphis, 12,000,000 Inc.)/(GTD by Nucor Corp.), 3.330%, 11/7/2007 9,400,000 Shelby County, TN Health Education & Housing Facilities Board (Series 2005), Weekly VRDNs 9,400,000 (FSP-Wyndridge III LLC)/(FHLMC LOC), 3.580%, 11/1/2007 9,015,000 3,4 Sumner County, TN Health, Educational & Housing Facilities Board, (MT-480), Weekly VRDNs 9,015,000 (Sumner Regional Health Systems, Inc.)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.680%, 11/1/2007 3,315,000 3,4 Tennessee Energy Acquisition Corp. (PT-3646), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 3,315,000 3.580%, 11/1/2007 2,135,000 3,4 Tennessee Energy Acquisition Corp. P-Floats (Series EC-1147), Weekly VRDNs (Merrill Lynch & 2,135,000 Co., Inc. LIQ), 3.580%, 11/1/2007 845,000 Tullahoma, TN IDB (Series 1995), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC), 845,000 3.540%, 11/7/2007 7,000,000 Wilson County, TN Health and Educational Facilities Board, Forest View Apartments (Series 7,000,000 2003), Weekly VRDNs (Forest View LP)/(Regions Bank, Alabama LOC), 3.680%, 11/1/2007 TOTAL 90,685,000 TEXAS--20.5% 4,935,000 3,4 Bexar County, TX Housing Finance Corp. (PT-2596), Weekly VRDNs (Rosemont Apartments)/(Merrill 4,935,000 Lynch & Co., Inc. LIQ)/(GTD by WestLB AG LOC), 3.680%, 11/1/2007 10,000,000 Brazos Harbor, TX IDC (Series 2003), Weekly VRDNs (ConocoPhillips), 3.600%, 11/7/2007 10,000,000 42,500,000 Brazos Harbor, TX IDC (Series 2006), Weekly VRDNs (BASF Corp.), 3.320%, 11/7/2007 42,500,000 17,300,000 Brazos River Authority, TX (Series 2001 D-2), Weekly VRDNs (Texas Competitive Electric 17,300,000 Holdings Co. LLC)/(Wachovia Bank N.A. LOC), 3.320%, 11/7/2007 44,630,000 Brazos River Authority, TX (Series 2002A), Weekly VRDNs (Texas Competitive Electric Holdings 44,630,000 Co. LLC)/(Wachovia Bank N.A. LOC), 3.360%, 11/7/2007 12,400,000 Brazos River, TX, HBR Nav District Daily VRDNs (Merey Sweeney, LLP)/(JPMorgan Chase Bank, 12,400,000 N.A. LOC), 3.640%, 11/1/2007 25,000,000 Calhoun County, TX Navigation District Environmental Facilities (Series 2000), Weekly VRDNs 25,000,000 (Formosa Plastic Corp.)/(Wachovia Bank N.A. LOC), 3.490%, 11/1/2007 25,000,000 Calhoun County, TX Navigation District Environmental Facilities (Series 2001), Weekly VRDNs 25,000,000 (Formosa Plastic Corp.)/(Wachovia Bank N.A. LOC), 3.490%, 11/1/2007 28,250,000 Calhoun County, TX Navigation District Environmental Facilities (Series 2006), Weekly VRDNs 28,250,000 (Formosa Plastic Corp.)/(Wachovia Bank N.A. LOC), 3.490%, 11/1/2007 5,035,000 Colorado County, TX IDC (Series 2000), Weekly VRDNs (Great Southern Wood, Inc.)/ 5,035,000 (Wachovia Bank N.A. LOC), 3.380%, 11/7/2007 2,100,000 Dalhart, TX Economic Development Corp. (Series 2005), Weekly VRDNs (DARE 2,100,000 Investments)/(Rabobank Nederland, Utrecht LOC), 3.550%, 11/1/2007 2,950,000 Dalhart, TX Economic Development Corp. (Series 2005), Weekly VRDNs (Northside Farms 2,950,000 LLC)/(Rabobank Nederland, Utrecht LOC), 3.550%, 11/1/2007 2,715,000 3,4 Dallas-Fort Worth, TX International Airport, MERLOTS (Series 2002-A13), Weekly VRDNs (FGIC 2,715,000 INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 4,995,000 3,4 Dallas-Fort Worth, TX International Airport, PUTTERs (Series 354), Weekly VRDNs (FSA 4,995,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 7,150,000 3,4 Dallas-Fort Worth, TX International Airport, PUTTERs (Series 350), Weekly VRDNs (MBIA 7,150,000 Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.550%, 11/1/2007 9,400,000 DeSoto, TX Housing Finance Corp. (Series 2004), Weekly VRDNs (Hickory Manor Senior 9,400,000 Apartments)/(FHLMC LOC), 3.540%, 11/1/2007 7,365,000 East Texas Housing Finance Corp. (Series 2002), Weekly VRDNs (The Park at Shiloh 7,365,000 Apartments)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 10,420,000 3,4 Ellis County, TX, Solar Eclipse (Series 2007-0080), 3.63% TOBs (FGIC INS)/(U.S. Bank, N.A. 10,420,000 LIQ), Optional Tender 6/19/2008 21,300,000 Gulf Coast, TX IDA (Series 1999), Daily VRDNs (CITGO Petroleum Corp.)/(BNP Paribas SA LOC), 21,300,000 3.640%, 11/1/2007 4,135,000 Gulf Coast, TX IDA (Series 2001), Daily VRDNs (CITGO Petroleum Corp.)/(Bank of New York LOC), 4,135,000 3.640%, 11/1/2007 11,250,000 Gulf Coast, TX IDA, Marine Terminal Revenue Bonds (Series 1993), Daily VRDNs (BP Amoco 11,250,000 Corp.), 3.640%, 11/1/2007 44,600,000 Gulf Coast, TX Waste Disposal Authority Daily VRDNs (BP Amoco Corp.), 3.640%, 11/1/2007 44,600,000 36,300,000 Gulf Coast, TX Waste Disposal Authority (Series 1993), Daily VRDNs (BP Amoco Corp.), 3.640%, 36,300,000 11/1/2007 23,900,000 Gulf Coast, TX Waste Disposal Authority (Series 1994), Daily VRDNs (BP Amoco Corp.), 3.640%, 23,900,000 11/1/2007 40,900,000 Gulf Coast, TX Waste Disposal Authority (Series 1994), Daily VRDNs (BP Amoco Corp.), 3.640%, 40,900,000 11/1/2007 7,500,000 Gulf Coast, TX Waste Disposal Authority (Series 1996), Daily VRDNs (BP Amoco Corp.), 3.640%, 7,500,000 11/1/2007 2,600,000 Gulf Coast, TX Waste Disposal Authority (Series 1997), Daily VRDNs (BP Amoco Corp.), 3.640%, 2,600,000 11/1/2007 15,000,000 Gulf Coast, TX Waste Disposal Authority (Series 1998), Daily VRDNs (BP Amoco Corp.), 3.640%, 15,000,000 11/1/2007 23,030,000 Gulf Coast, TX Waste Disposal Authority (Series 2001), Daily VRDNs (BP Amoco Corp.), 23,030,000 (GTD by BP PLC), 3.640%, 11/1/2007 25,000,000 Gulf Coast, TX Waste Disposal Authority (Series 2001), Weekly VRDNs (American Acryl 25,000,000 LP)/(Citibank N.A., New York LOC), 3.510%, 11/1/2007 6,070,000 Gulf Coast, TX Waste Disposal Authority (Series 2002), Daily VRDNs (BP Products North 6,070,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 19,000,000 Gulf Coast, TX Waste Disposal Authority (Series 2003), Daily VRDNs (BP Amoco Chemical 19,000,000 Co.)/(GTD by BP PLC), 3.640%, 11/1/2007 25,000,000 Gulf Coast, TX Waste Disposal Authority (Series 2003), Daily VRDNs (BP Products North 25,000,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 24,900,000 Gulf Coast, TX Waste Disposal Authority (Series 2004), Daily VRDNs (BP Products North 24,900,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 7,000,000 Gulf Coast, TX Waste Disposal Authority (Series 2004), Weekly VRDNs (Republic Waste Services 7,000,000 of Texas Ltd.)/(GTD by Republic Services, Inc.), 4.050%, 11/1/2007 18,800,000 Gulf Coast, TX Waste Disposal Authority (Series 2005), Daily VRDNs (BP Products North 18,800,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 6,300,000 Gulf Coast, TX Waste Disposal Authority (Series 2005), Weekly VRDNs (Air Products & 6,300,000 Chemicals, Inc.), 3.340%, 11/7/2007 13,200,000 Gulf Coast, TX Waste Disposal Authority (Series 2006), Daily VRDNs (BP Products North 13,200,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 80,000,000 Gulf Coast, TX Waste Disposal Authority (Series 2007), Daily VRDNs (BP Products North 80,000,000 America, Inc.)/(GTD by BP PLC), 3.640%, 11/1/2007 7,800,000 Gulf Coast, TX Waste Disposal Authority Solid Waste Disposal Revenue Bonds (Series 1999), 7,800,000 Weekly VRDNs (Air Products & Chemicals, Inc.), 3.340%, 11/7/2007 10,700,000 Gulf Coast, TX Waste Disposal Authority Solid Waste Disposal Revenue Bonds (Series 2000), 10,700,000 Weekly VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 3.340%, 11/7/2007 15,000,000 Harris County, TX HFDC (Series 2006A), Weekly VRDNs (Methodist Hospital, Harris County, TX), 15,000,000 3.430%, 11/1/2007 600,000 Harris County, TX HFDC (Series B), Daily VRDNs (St. Luke's Episcopal Hospital)/(Bank of 600,000 America N.A., Bayerische Landesbank, J.P. Morgan Chase & Co., Northern Trust Co., Chicago, IL and St. Luke's Episcopal Hospital LIQs), 3.580%, 11/1/2007 7,000,000 Harris County, TX Housing Finance Corp. Park at Kirkstall Apartments (Series 2002), Weekly 7,000,000 VRDNs (Harris Park Partners LP)/(Wachovia Bank N.A. LOC), 3.580%, 11/1/2007 9,560,000 3,4 Houston, TX Airport System, MERLOTS (Series 2001-B4), Weekly VRDNs (FSA INS)/ 9,560,000 (Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 6,930,000 3,4 Houston, TX Airport System, Floater Certificates (Series 2006-1382X), Weekly VRDNs (FGIC 6,930,000 INS)/(Morgan Stanley LIQ), 3.530%, 11/1/2007 4,730,000 Houston, TX Housing Finance Corp. (Series 2005), Weekly VRDNs (Fairlake Cove 4,730,000 Apartments)/(Citibank N.A., New York LOC), 3.310%, 11/7/2007 19,905,000 Lower Neches Valley Authority, TX (Subseries 2001B), Daily VRDNs (Exxon Mobil Corp.), 3.560%, 19,905,000 11/1/2007 7,278,500 3,4 Pflugerville, TX ISD Floater Certificates (Series 2004-1058), 3.75% TOBs (GTD by Texas 7,278,500 Permanent School Fund Guarantee Program)/(Morgan Stanley LIQ), Optional Tender 3/6/2008 5,000,000 Port Arthur Navigation District, TX IDC (Series 2000), Weekly VRDNs (Air Products & 5,000,000 Chemicals, Inc.), 3.340%, 11/7/2007 15,000,000 Port Arthur Navigation District, TX IDC (Series 2001), Weekly VRDNs (Air Products & 15,000,000 Chemicals, Inc.), 3.340%, 11/7/2007 50,000,000 Port of Corpus Christi, TX IDC (Series 2006), Daily VRDNs (CITGO Petroleum Corp.)/ 50,000,000 (JPMorgan Chase Bank, N.A. LOC), 3.640%, 11/1/2007 44,000,000 Port of Corpus Christi, TX IDC (Series 2007), Daily VRDNs (CITGO Petroleum Corp.)/(BNP 44,000,000 Paribas SA LOC), 3.640%, 11/1/2007 34,500,000 Red River Authority, TX, Solid Waste Disposal Revenue Bonds (Series 2006), Weekly VRDNs 34,500,000 (Panda Hereford Ethanol LP)/(Societe Generale, Paris LOC), 3.520%, 11/1/2007 11,250,000 Riesel, TX IDC (Series 2007), Weekly VRDNs (Sandy Creek Energy Associates LP)/(Credit Suisse, 11,250,000 Zurich LOC), 3.290%, 11/7/2007 2,500,000 Saginaw, TX IDA (Series 1998), Weekly VRDNs (Glad Investing Partners Ltd.)/(JPMorgan Chase 2,500,000 Bank, N.A. LOC), 3.730%, 11/1/2007 28,175,000 3,4 San Antonio, TX Convention Center Hotel Finance Corp., Floater Certificates (Series 2006- 28,175,000 2045), Weekly VRDNs (AMBAC INS)/(Morgan Stanley LIQ), 3.530%, 11/1/2007 10,000,000 San Antonio, TX Electric & Gas System (Series A), 3.62% CP (Bank of America N.A. and State 10,000,000 Street Bank and Trust Co. LIQs), Mandatory Tender 11/13/2007 46,750,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II (PT-4246), Weekly VRDNs (KBC Bank NV LIQ), 46,750,000 3.580%, 11/1/2007 80,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II (PT-4281), Weekly VRDNs (Merrill Lynch & 80,000,000 Co., Inc. LIQ), 3.580%, 11/1/2007 25,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, P-Floats (Series EC-1170), Weekly VRDNs 25,000,000 (Merrill Lynch & Co., Inc. LIQ), 3.580%, 11/1/2007 22,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II ROCs (Series 10014), Weekly VRDNs (Dexia 22,000,000 Credit Local LIQ), 3.580%, 11/1/2007 14,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II ROCs (Series 10015), Weekly VRDNs 14,000,000 (Landesbank Hessen-Thueringen LIQ), 3.580%, 11/1/2007 10,000,000 3,4 Texas State Department of Housing & Community Affairs (PA-1308), Weekly VRDNs (GNMA 10,000,000 COL)/(Bank of New York LIQ), 3.550%, 11/1/2007 6,890,000 3,4 Texas State Department of Housing & Community Affairs (PT-1347), Weekly VRDNs (Bluffview 6,890,000 Senior Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.680%, 11/1/2007 3,100,000 3,4 Texas State Department of Housing & Community Affairs (Series 2005 FR/RI-L2), Weekly VRDNs 3,100,000 (GNMA COL)/(Lehman Brothers Holdings, Inc. LIQ), 3.400%, 11/7/2007 13,400,000 Texas State Department of Housing & Community Affairs, Addison Park Apartments (Series 2004), 13,400,000 Weekly VRDNs (Arlington Partners LP)/(Compass Bank, Birmingham LOC), 3.680%, 11/1/2007 2,420,000 3,4 Texas State Department of Housing & Community Affairs, MERLOTS (Series 2003-A8), Weekly VRDNs 2,420,000 (GNMA COL)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 36,400,000 Texas State (Series 2007), 4.50% TRANs, 8/28/2008 36,627,908 3,400,000 Waco, TX IDC (Series 1998), Weekly VRDNs (Chad A. Grief 1998 Irrevocable Trust)/ 3,400,000 (Regions Bank, Alabama LOC), 3.580%, 11/1/2007 3,850,000 Waxahachie, TX IDA (Series 1998), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank 3,850,000 LOC), 3.490%, 11/7/2007 TOTAL 1,275,296,408 UTAH--0.1% 4,000,000 West Jordan, UT (Series 1999), Weekly VRDNs (Penco Products, Inc.)/(Key Bank, N.A. LOC), 4,000,000 3.610%, 11/1/2007 VERMONT--0.1% 4,375,000 3,4 Vermont HFA (Series 2004 FR/RI-L76), Weekly VRDNs (FSA INS)/(Lehman Brothers Holdings, Inc. 4,375,000 LIQ), 3.350%, 11/7/2007 2,025,000 3,4 Vermont HFA, MERLOTS (Series 2001-A49), 3.75% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), 2,025,000 Optional Tender 2/20/2008 1,200,000 3,4 Vermont HFA, MERLOTS (Series 2001-A91), 3.75% TOBs (FSA INS)/(Wachovia Bank N.A. LIQ), 1,200,000 Optional Tender 2/20/2008 TOTAL 7,600,000 VIRGINIA--3.9% 34,300,000 Halifax, VA IDA, MMMs, PCR (Series 1992), 3.72% CP (Virginia Electric & Power Co.), Mandatory 34,300,000 Tender 2/7/2008 3,165,000 Hampton, VA IDA (Series 1998), Weekly VRDNs (Waste Management, Inc.)/(Wachovia Bank N.A. 3,165,000 LOC), 3.550%, 11/1/2007 4,500,000 Hanover County, VA IDA (Series 2005A), Weekly VRDNs (Rhapsody Land & Development 4,500,000 LLC)/(Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 16,000,000 Henrico County, VA EDA (Series 2000), Weekly VRDNs (White Oak Semiconductor LP)/ 16,000,000 (Citibank N.A., New York LOC), 3.300%, 11/7/2007 3,125,000 Madison County, VA IDA (Series 1998), Weekly VRDNs (Madison Wood Preservers, Inc.)/ 3,125,000 (Wachovia Bank N.A. LOC), 3.550%, 11/1/2007 60,000,000 Metropolitan Washington, DC Airports Authority (Series 2005A), 3.52% CP (JPMorgan Chase Bank, 60,000,000 N.A. LOC), Mandatory Tender 3/11/2008 24,400,000 Metropolitan Washington, DC Airports Authority (Series 2005A), 3.72% CP (Bank of America N.A. 24,400,000 LOC), Mandatory Tender 2/6/2008 19,000,000 Metropolitan Washington, DC Airports Authority (Series 2005B), 3.70% CP (Bank of America N.A. 19,000,000 LOC), Mandatory Tender 4/3/2008 5,000,000 3,4 Metropolitan Washington, DC Airports Authority MERLOTS (Series 2007-B1), Weekly VRDNs (FGIC 5,000,000 INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 43,000,000 Metropolitan Washington, DC Airports Authority (Subseries A), 3.64% CP (GTD by Landesbank 43,000,000 Baden-Wuerttemberg and WestLB AG LOCs), Mandatory Tender 2/5/2008 2,850,000 New Kent County, VA (Series 1999), Weekly VRDNs (Basic Construction Co. LLC)/(SunTrust Bank 2,850,000 LOC), 3.490%, 11/7/2007 5,285,000 3,4 Virginia State Housing Development Authority, MERLOTS (Series 2006-B21), Weekly VRDNs 5,285,000 (Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 19,665,000 3,4 Virginia State, P-Floats (Series EC-1065), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.520%, 19,665,000 11/1/2007 2,300,000 Winchester, VA IDA (Series 2001), Weekly VRDNs (Northwood Manufacturing)/(Wachovia Bank N.A. 2,300,000 LOC), 3.550%, 11/1/2007 TOTAL 242,590,000 WASHINGTON--2.6% 6,980,000 3,4 Chelan County, WA Public Utility District No. 1, MERLOTS (Series 2001-B1), Weekly VRDNs 6,980,000 (Chelan Hydro Consolidated System)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 7,450,000 3,4 Grant County, WA Public Utilities District No. 002, Solar Eclipse (Series 2007-96), 3.78% 7,450,000 TOBs (MBIA Insurance Corp. INS)/(U.S. Bank, N.A. LIQ), Optional Tender 3/6/2008 9,000,000 Pierce County, WA Economic Development Corp. (Series 1995), Weekly VRDNs (Simpson-Tacoma 9,000,000 Kraft Co.)/(Bank of America N.A. LOC), 3.700%, 11/1/2007 4,205,000 Port of Pasco, WA Economic Development Corp. (Series 1996), Weekly VRDNs (Douglas Fruit Co., 4,205,000 Inc.)/(U.S. Bank, N.A. LOC), 3.570%, 11/1/2007 4,995,000 3,4 Port of Seattle, WA (PT-720), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ), 3.610%, 11/1/2007 4,995,000 8,425,000 Port of Seattle, WA (Series 2005), Weekly VRDNs (Fortis Bank SA/NV LOC), 3.380%, 11/7/2007 8,425,000 12,330,000 3,4 Port of Seattle, WA, Eagles (Series 2007-0028), Weekly VRDNs (AMBAC INS)/ 12,330,000 (Landesbank Hessen-Thueringen LIQ), 3.580%, 11/1/2007 7,485,000 3,4 Port of Seattle, WA, MERLOTS (Series 2001-A53), Weekly VRDNs (MBIA Insurance Corp. 7,485,000 INS)/(Wachovia Bank N.A. LIQ), 3.390%, 11/7/2007 3,925,000 3,4 Port of Seattle, WA, MERLOTS (Series 2002-B4), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. 3,925,000 LIQ), 3.390%, 11/7/2007 4,990,000 3,4 Port of Seattle, WA, MERLOTS (Series 2006-C1), Weekly VRDNs (FSA INS)/(Wachovia Bank N.A. 4,990,000 LIQ), 3.390%, 11/7/2007 5,825,000 3,4 Port of Seattle, WA, MERLOTS (Series 2007-C13), Weekly VRDNs (MBIA Insurance Corp. INS)/(Bank 5,825,000 of New York LIQ), 3.390%, 11/7/2007 4,450,000 3,4 Port of Seattle, WA (PT-728), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ), 3.550%, 11/1/2007 4,450,000 4,320,000 3,4 Port of Seattle, WA (PT-850), Weekly VRDNs (MBIA Insurance Corp. INS)/(DePfa Bank PLC LIQ), 4,320,000 3.550%, 11/1/2007 11,500,000 Seattle, WA Housing Authority (Series 2007), Weekly VRDNs (High Point South LP)/(Key Bank, 11,500,000 N.A. LOC), 3.540%, 11/1/2007 9,880,000 3,4 Spokane, WA Public Facilities District, MERLOTS (Series 2001-A111), 3.75% TOBs (MBIA 9,880,000 Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 6,825,000 Washington State EDFA (Series 2000H), Weekly VRDNs (Waste Management, Inc.)/(Bank of America 6,825,000 N.A. LOC), 3.390%, 11/7/2007 5,500,000 Washington State EDFA (Series 2001C), Weekly VRDNs (Waste Management, Inc.)/(Bank of America 5,500,000 N.A. LOC), 3.390%, 11/7/2007 6,375,000 Washington State EDFA (Series 2001E), Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wachovia 6,375,000 Bank N.A. LOC), 3.550%, 11/1/2007 1,000,000 Washington State EDFA (Series 2001L), Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Wachovia 1,000,000 Bank N.A. LOC), 3.550%, 11/1/2007 4,950,000 Washington State EDFA (Series 2004B), Weekly VRDNs (Cedar Grove Composting, Inc.)/(Wells 4,950,000 Fargo Bank, N.A. LOC), 3.350%, 11/7/2007 4,865,000 Washington State EDFA (Series 2005B), Weekly VRDNs (Harold LeMay Enterprises, Inc.)/(Bank of 4,865,000 America N.A. LOC), 3.350%, 11/7/2007 5,890,000 Washington State EDFA (Series 2006K), Weekly VRDNs (Heirborne Investments LLC)/(Wells Fargo 5,890,000 Bank, N.A. LOC), 3.350%, 11/7/2007 5,465,000 Washington State Housing Finance Commission (Series 1995), Weekly VRDNs (Heatherstone 5,465,000 Apartments, LP)/(U.S. Bank, N.A. LOC), 3.500%, 11/1/2007 3,590,000 Washington State Housing Finance Commission (Series 1996), Weekly VRDNs (Hamilton Place 3,590,000 Senior Living LP)/(FNMA LOC), 3.500%, 11/1/2007 4,825,000 Washington State Housing Finance Commission (Series 1996: Larkin Apartments), Weekly VRDNs 4,825,000 (Hamilton Place Apartments, LP)/(FNMA LOC), 3.500%, 11/1/2007 5,350,000 Washington State Housing Finance Commission (Series 2002A), Weekly VRDNs (Alderwood Court 5,350,000 Associates LP)/(FNMA LOC), 3.510%, 11/1/2007 TOTAL 160,395,000 WEST VIRGINIA--1.7% 800,000 Berkeley County, WV County Commission (Series 1994), Weekly VRDNs (Brentwood Industries, 800,000 Inc.)/(General Electric Capital Corp. LOC), 3.380%, 11/7/2007 10,000,000 Grant County, WV County Commission, PCRB (Series 1994), 3.60% CP (Virginia Electric & Power 10,000,000 Co.), Mandatory Tender 12/13/2007 4,000,000 Grant County, WV County Commission, Solid Waste Disposal Revenue Bonds (Series 1996), 3.76% 4,000,000 CP (Virginia Electric & Power Co.), Mandatory Tender 11/14/2007 2,840,000 Marion County, WV County Commission (Series 1990 B), Weekly VRDNs (American Bituminous Power 2,840,000 Partners LP)/(Deutsche Bank AG LOC), 3.400%, 11/7/2007 3,760,000 Ritchie County, WV, IDRB (Series 1996), Weekly VRDNs (Simonton Building Products, Inc.)/(PNC 3,760,000 Bank, N.A. LOC), 3.560%, 11/1/2007 21,340,000 3,4 West Virginia Housing Development Fund (PT-3948), Weekly VRDNs (Merrill Lynch & Co., Inc. 21,340,000 LIQ), 3.550%, 11/1/2007 23,000,000 West Virginia Public Energy Authority (1989 Series A), 3.50% CP (Morgantown Energy 23,000,000 Associates)/(Dexia Credit Local LOC), Mandatory Tender 2/7/2008 39,100,000 West Virginia Public Energy Authority (1989 Series A), 3.60% CP (Morgantown Energy 39,100,000 Associates)/(Dexia Credit Local LOC), Mandatory Tender 1/9/2008 TOTAL 104,840,000 WISCONSIN--2.1% 9,500,000 Brokaw, WI, Sewage and Solid Waste Revenue Bonds (Series 1995), Weekly VRDNs (Wausau Paper 9,500,000 Mills Co.)/(Bank of America N.A. LOC), 3.680%, 11/1/2007 4,000,000 Combined Locks, WI, Development Revenue Bonds (Series 1997), Weekly VRDNs (Appleton 4,000,000 Papers)/(Bank of America N.A. LOC), 3.680%, 11/1/2007 800,000 Grand Chute, WI (Series 2000A), Weekly VRDNs (Pacon Corp.)/(U.S. Bank, N.A. LOC), 3.350%, 800,000 11/7/2007 1,365,000 Hartford, WI (Series 2000), Weekly VRDNs (Advance Bag, Inc.)/(Marshall & Ilsley Bank, 1,365,000 Milwaukee LOC), 3.590%, 11/1/2007 2,300,000 Milwaukee, WI (Series 1997), 3.80% TOBs (Signature Flight Support Corp.)/(Bayerische 2,300,000 Landesbank (GTD) LOC), Optional Tender 12/1/2007 9,000,000 3,4 West Allis, WI (Series 2007 FR/RI-F7), Weekly VRDNs (Wisconsin State Fair Park Exposition 9,000,000 Center, Inc)/(Lehman Brothers Holdings, Inc. SWP), 3.310%, 11/7/2007 4,085,000 3,4 Wisconsin Housing & EDA (PT-3456), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.550%, 4,085,000 11/1/2007 27,640,000 Wisconsin Housing & EDA (Series 2004E), Weekly VRDNs (Lloyds TSB Bank PLC, London LIQ), 27,640,000 3.340%, 11/7/2007 16,425,000 Wisconsin Housing & EDA Home Ownership Revenue Bonds (Series 2005C), Weekly VRDNs (Lloyds TSB 16,425,000 Bank PLC, London LIQ), 3.340%, 11/7/2007 23,000,000 Wisconsin Housing & EDA Home Ownership Revenue Bonds (Series 2005C), Weekly VRDNs (Lloyds TSB 23,000,000 Bank PLC, London LIQ), 3.340%, 11/7/2007 8,520,000 3,4 Wisconsin Housing & EDA (PA-1473R), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.570%, 8,520,000 11/1/2007 1,310,000 3,4 Wisconsin Housing & EDA ROCs (Series 397), Weekly VRDNs (Citibank N.A., New York LIQ), 1,310,000 3.590%, 11/1/2007 23,605,000 3,4 Wisconsin State HEFA, Solar Eclipse (Series 2007-0029), 3.78% TOBs (Ascension Health Senior 23,605,000 Credit Group)/(AMBAC INS)/(U.S. Bank, N.A. LIQ), Optional Tender 7/17/2008 TOTAL 131,550,000 TOTAL MUNICIPAL INVESTMENTS -104.5% 6,512,713,866 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES---NET-(4.5)% (281,352,448) TOTAL NET ASSETS---100% $ 6,231,361,418
Securities that are subject to the federal alternative minimum tax (AMT) represent 75.6% of the Fund's portfolio as calculated based upon total 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 October 31, 2007, the portfolio securities were rated as follows: Tier Rating Based on Total Market Value FIRST TIER SECOND TIER 96.7% 3.3% 2 Current rate and next reset date shown for Variable Rate Demand Notes. 3 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $1,805,384,351, which represented 29.0% of total net assets. 4 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amounted to $1,805,384,351, which represented 29.0% of total net assets. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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 CP --Commercial Paper EDA --Economic Development Authority EDFA --Economic Development Financing Authority EDR -- Economic Development Revenue EDRB --Economic Development Revenue Bonds FGIC --Financial Guaranty Insurance Company FHLB --Federal Home Loan Bank FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GNMA --Government National Mortgage Association GTD --Guaranteed HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDR --Industrial Development Revenue IDRBs --Industrial Development Revenue Bond(s) IFA --Industrial Finance Authority INS --Insured ISD --Independent School District LIQ --Liquidity Agreement LOCs --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts -- Liquidity Optional Tender Series MFH --Multi-Family Housing MMMs --Money Market Municipals PCFA --Pollution Control Finance Authority PCR --Pollution Control Revenue PCRBs --Pollution Control Revenue Bonds PRF --Prerefunded PUTTERs --Puttable Tax Exempt Receipts ROCs --Reset Option Certificates SPEARs --Short Puttable Exempt Adjustable Receipts SWP --Swap Agreement TANs --Tax Anticipation Notes TOBs --Tender Option Bonds TOPS --Trust Obligation Participating Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes PRIME CASH OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT ASSET-BACKED SECURITIES--2.3% FINANCE - AUTOMOTIVE--0.9% $ 17,714,837 1 CAL Securitization Trust 2007-1, Class A1, 5.425%, 7/15/2008 $ 17,714,837 4,827,330 1,2 Capital Auto Receivables Asset Trust 2007-SN1, Class A1A, 5.366%, 6/16/2008 4,827,330 40,000,000 1,2 Ford Credit Auto Owner Trust 2007-B, Class A1, 5.292%, 10/15/2008 40,000,000 5,121,993 Hyundai Auto Receivables Trust 2007-A, Class A1, 5.291%, 10/15/2008 5,121,993 10,156,539 Merrill Auto Trust Securitization 2007-1, Class A1, 5.347%, 6/16/2008 10,156,539 13,990,699 World Omni Automobile Receivables Trust 2007-B, Class A1, 5.676%, 10/15/2008 13,990,699 TOTAL 91,811,398 FINANCE - EQUIPMENT--0.3% 28,000,000 1,2 Marlin Leasing Receivables XI LLC Series 2007-1, Class A1, 5.214%, 10/15/2008 28,000,000 FINANCE - RETAIL--1.1% 55,000,000 Holmes Master Issuer PLC 2007-1, Class 1A1, 5.071%, 3/15/2008 55,000,000 63,000,000 Permanent Master Issuer PLC 2007-1, Class A, 5.071%, 1/15/2008 63,000,000 TOTAL 118,000,000 TOTAL ASSET-BACKED SECURITIES 237,811,398 CERTIFICATES OF DEPOSIT--6.0% BANKING--6.0% 190,000,000 Barclays Bank PLC, 4.850% - 5.380%, 12/19/2007 - 3/25/2008 190,000,000 50,000,000 Chase Bank USA, N.A., 5.130%, 4/14/2008 50,000,000 160,000,000 Credit Suisse, Zurich, 5.290% - 5.405%, 1/14/2008 - 6/9/2008 159,999,557 152,000,000 DePfa Bank PLC, 4.780% - 5.370%, 2/8/2008 - 4/30/2008 152,000,000 75,000,000 Societe Generale, Paris, 5.420%, 7/10/2008 75,000,000 TOTAL CERTIFICATES OF DEPOSIT 626,999,557 COLLATERALIZED LOAN AGREEMENTS--18.3% BANKING--9.9% 212,000,000 BNP Paribas Securities Corp., 5.158%, 11/1/2007 212,000,000 100,000,000 Barclays Capital, Inc., 5.260%, 11/1/2007 100,000,000 170,000,000 Credit Suisse First Boston LLC, 5.209%, 11/1/2007 170,000,000 150,000,000 Deutsche Bank Securities, Inc., 5.209%, 11/1/2007 150,000,000 200,000,000 Fortis Bank SA/NV, 5.209%, 11/1/2007 200,000,000 50,000,000 Greenwich Capital Markets, Inc., 5.222%, 1/23/2008 50,000,000 50,000,000 HSBC Securities (USA), Inc., 5.158%, 11/1/2007 50,000,000 100,000,000 UBS Securities LLC, 5.158%, 11/1/2007 100,000,000 TOTAL 1,032,000,000 BROKERAGE--8.4% 400,000,000 Citigroup Global Markets, Inc., 5.158%, 11/1/2007 400,000,000 191,000,000 Goldman Sachs & Co., 5.178%, 11/1/2007 191,000,000 280,000,000 Merrill Lynch, Pierce, Fenner and Smith, 5.171% - 5.222%, 11/1/2007 - 1/18/2008 280,000,000 TOTAL 871,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 1,903,000,000 COMMERCIAL PAPER --34.4%3 BANKING--4.8% 30,000,000 Bank of America Corp., 4.955%, 3/12/2008 29,454,950 50,000,000 DePfa Bank PLC, 5.272%, 2/14/2008 49,231,094 245,000,000 1,2 Fountain Square Commercial Funding Corp., 5.150% - 5.180%, 11/21/2007 - 1/17/2008 242,736,646 60,000,000 1,2 Long Lane Master Trust IV, (Bank of America N.A. SWP), 5.020% - 5.500%, 11/9/2007 - 59,620,300 1/22/2008 125,000,000 1,2 Picaros Funding LLC, (GTD by KBC Bank N.V.), 5.060% - 5.600%, 12/14/2007 - 4/3/2008 123,240,611 TOTAL 504,283,601 BROKERAGE--0.1% 15,000,000 Morgan Stanley, 5.355%, 2/19/2008 14,754,562 FINANCE - AUTOMOTIVE--4.1% 102,423,000 DRAC LLC, A1+/P1 Series, 5.000% - 5.750%, 11/1/2007 - 1/23/2008 101,788,972 25,000,000 DRAC LLC, A1/P1 Series, 5.750%, 11/1/2007 25,000,000 186,698,000 FCAR Auto Loan Trust, A1+/P1 Series, 5.210% - 5.600%, 11/15/2007 - 4/15/2008 184,375,541 120,000,000 FCAR Auto Loan Trust, A1/P1 Series, 5.220% - 5.510%, 1/4/2008 - 2/25/2008 118,223,425 TOTAL 429,387,938 FINANCE - COMMERCIAL--6.2% 50,000,000 CIT Group, Inc., 5.180%, 11/26/2007 49,820,139 175,000,000 1,2 Edison Asset Securitization LLC, 4.790% - 4.900%, 3/10/2008 - 4/21/2008 171,643,917 253,100,000 1,2 Fairway Finance Co. LLC, 5.180% - 5.600%, 11/8/2007 - 12/11/2007 252,363,222 50,000,000 General Electric Capital Corp., 5.020%, 2/7/2008 49,316,722 125,000,000 1,2 Versailles CDS LLC, 5.300% - 5.350%, 11/7/2007 - 11/14/2007 124,852,764 TOTAL 647,996,764 FINANCE - RETAIL--12.8% 150,000,000 1,2 Alpine Securitization Corp., 4.940% - 5.010%, 11/14/2007 - 1/10/2008 149,338,805 79,000,000 1,2 Amsterdam Funding Corp., 5.180%, 11/9/2007 78,909,062 117,193,000 1,2 Chariot Funding LLC, 5.000% - 5.140%, 12/13/2007 - 12/31/2007 116,441,041 110,000,000 1,2 Compass Securitization LLC, 5.150% - 5.300%, 11/19/2007 - 11/20/2007 109,706,458 75,000,000 1,2 Paradigm Funding LLC, 5.400% - 5.600%, 11/8/2007 - 11/9/2007 74,915,556 490,750,000 1,2 Sheffield Receivables Corp., 5.120% - 5.200%, 11/1/2007 - 1/15/2008 489,843,310 250,000,000 1,2 Tulip Funding Corp., 5.200% - 6.000%, 11/6/2007 - 12/3/2007 249,127,778 61,250,000 1,2 Yorktown Capital LLC, 4.910%, 1/25/2008 60,539,925 TOTAL 1,328,821,935 FINANCE - SECURITIES--5.9% 515,000,000 1,2 Grampian Funding LLC, 4.990% - 5.600%, 11/14/2007 - 4/1/2008 509,328,403 100,000,000 1,2 Perry Global Funding LLC Series A, 5.250% - 5.275%, 11/1/2007 - 1/2/2008 99,772,882 TOTAL 609,101,285 PHARMACEUTICALS AND HEALTH CARE--0.5% 50,000,000 1,2 AstraZeneca PLC, 5.215%, 1/10/2008 49,492,986 TOTAL COMMERCIAL PAPER 3,583,839,071 CORPORATE BOND--0.7% FINANCE - RETAIL--0.7% 76,000,000 1,2 SLM Corp., 5.091% - 5.164%, 1/25/2008 - 4/14/2008 76,005,077 CORPORATE NOTES--3.8% BANKING--1.4% 30,000,000 Barclays Bank PLC, 5.350%, 5/30/2008 30,000,000 50,000,000 Credit Suisse, Zurich, 5.420%, 2/15/2008 50,000,000 25,000,000 First Tennessee Bank, N.A., 3.822%, 1/18/2008 24,914,093 39,000,000 UBS AG, 5.400%, 11/28/2007 39,000,000 TOTAL 143,914,093 FINANCE - SECURITIES--2.4% 80,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.350% - 5.400%, 5/21/2008 - 6/16/2008 80,000,000 177,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350% - 5.415%, 2/4/2008 - 8/5/2008 177,000,000 TOTAL 257,000,000 TOTAL CORPORATE NOTES 400,914,093 NOTES - VARIABLE--32.4%4 BANKING--17.5% 3,490,000 1700 Financial Group, Inc., Series 2002, (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 3,490,000 3,735,000 4 C's LLC, (Series 1998), (Key Bank, N.A. LOC), 4.900%, 11/1/2007 3,735,000 4,355,000 AW Mobile LLC, (Wachovia Bank N.A. LOC), 4.940%, 11/2/2007 4,355,000 2,738,000 Aaron Oil Co., Inc., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 2,738,000 4,500,000 Acton Realty Investors LLP, (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 4,500,000 1,440,000 Alabama State IDA, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 1,440,000 2,000,000 Albuquerque, NM, Series 1997 El Canto, Inc., (Wells Fargo Bank, N.A. LOC), 5.020%, 11/1/2007 2,000,000 515,000 Alder Creek Properties LLC, (Key Bank, N.A. LOC), 4.900%, 11/1/2007 515,000 2,280,000 American Custom Yachts, Inc., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 2,280,000 7,240,000 Anchor Holdings LLC, Series 2000, (U.S. Bank, N.A. LOC), 4.910%, 11/1/2007 7,240,000 3,155,000 B & H Holdings LLC, (RBC Centura Bank LOC), 4.900%, 11/1/2007 3,155,000 2,025,000 BMW Investments, Inc., (Wachovia Bank N.A. LOC), 4.990%, 11/2/2007 2,025,000 40,000,000 BNP Paribas SA, 4.761%, 11/28/2007 39,956,598 3,709,000 Baldwin County Sewer Service LLC, Series 2003, (Regions Bank, Alabama LOC), 4.900%, 3,709,000 11/1/2007 40,000,000 Bank of Montreal, 5.050%, 1/31/2008 40,000,000 25,000,000 1,2 Bank of New York Mellon Corp., 4.879%, 11/27/2007 25,000,000 153,000,000 1,2 Bank of Scotland, Edinburgh, 5.112% - 5.580%, 11/9/2007 - 11/20/2007 153,000,000 234,900,000 Bank of Scotland, Edinburgh, 5.198% - 5.300%, 11/1/2007 - 12/24/2007 234,900,000 24,995,000 Battle Creek, MI Downtown Development Authority, Series 2004, (INS by AMBAC), 4.670%, 24,995,000 11/7/2007 7,690,000 Bessemer, AL IDB, Series 2003, (Regions Bank, Alabama LOC), 4.810%, 11/1/2007 7,690,000 825,000 Biddle Road Corp., Series 2004, (Wachovia Bank N.A. LOC), 4.910%, 11/1/2007 825,000 1,750,000 Birmingham Fastener and Supply, Inc., (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 1,750,000 895,000 Bond Holdings LP, (Wachovia Bank N.A. LOC), 4.870%, 11/2/2007 895,000 4,905,000 Briarwood LP, (Series 1999), (JPMorgan Chase Bank, N.A. LOC), 4.910%, 11/1/2007 4,905,000 5,775,000 Brownsburg Christian Church, Inc., (U.S. Bank, N.A. LOC), 5.010%, 11/1/2007 5,775,000 630,000 Brumfield Properties, Inc., (Regions Bank, Alabama LOC), 4.860%, 11/1/2007 630,000 5,215,000 California Statewide Communities Development Authority, (U.S. Bank, N.A. LOC), 4.760%, 5,215,000 11/1/2007 2,135,000 Capital Container Properties LLC, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 2,135,000 8,535,000 Capital Markets Access Co. LC, West Broad Holdings, LLC Series 2007, (Wachovia Bank N.A. 8,535,000 LOC), 4.930%, 11/1/2007 31,767,000 Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 31,767,000 104,000 Capital One Funding Corp., Series 1993-A, (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 104,000 1,492,000 Capital One Funding Corp., Series 1996-C, (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 1,492,000 2,356,000 Capital One Funding Corp., Series 2001-C, (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 2,356,000 8,400,000 Charlotte Christian School, Series 1999, (Wachovia Bank N.A. LOC), 4.750%, 11/7/2007 8,400,000 3,100,000 Cleveland Country Club, Inc., Series 2001, (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 3,100,000 3,500,000 Cleveland, TN IDB, (Wachovia Bank N.A. LOC), 4.750%, 11/7/2007 3,500,000 5,745,000 Coilplus-Alabama, Inc., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 5,745,000 14,100,000 Cook County, IL, Series 2002 A, 4.726%, 11/7/2007 14,100,000 27,120,000 Covington, KY Industrial Building Revenue Bond, Series 2005-A, (Wachovia Bank N.A. LOC), 27,120,000 4.880%, 11/1/2007 100,000,000 1,2 Credit Agricole S.A., 5.180%, 12/24/2007 100,000,000 50,000,000 Credit Suisse, Zurich, 5.475%, 11/26/2007 50,000,000 4,550,000 DBH Properties LLC, Series 2004, (Regions Bank, Alabama LOC), 4.90%, 11/1/2007 4,550,000 5,380,000 DLR Investments, Inc., Series 2005, (U.S. Bank, N.A. LOC), 4.930%, 11/1/2007 5,380,000 170,000,000 1,2 DePfa Bank PLC, 5.754%, 12/17/2007 170,000,000 15,500,000 Denham Springs Economic Development District, Bass Pro Shops Projects, Series 2007-B, 15,500,000 (JPMorgan Chase Bank, N.A. LOC), 4.850%, 11/1/2007 2,855,000 Duncan Machinery Movers Inc., (Fifth Third Bank, Cincinnati LOC), 4.940%, 11/1/2007 2,855,000 1,585,000 Elliott Aviation, Inc., (U.S. Bank, N.A. LOC), 4.750%, 11/7/2007 1,585,000 4,585,000 Elmira Downtown Arena LLC, (Key Bank, N.A. LOC), 4.900%, 11/1/2007 4,585,000 875,000 Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 4.940%, 11/1/2007 875,000 2,695,000 Equity Development Corp., Series 2002, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 2,695,000 6,100,000 Erwin Marine Sales, Inc., Series 2000, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 6,100,000 328,000 First Baptist Church of West Monroe, LA, Series 2003, (Regions Bank, Alabama LOC), 4.900%, 328,000 11/1/2007 1,750,000 Frank Nelson Building of Birmingham LLC, (Regions Bank, Alabama LOC), 4.900%, 11/2/2007 1,750,000 635,000 Fredericksburg, VA IDA, (SunTrust Bank LOC), 4.950%, 11/7/2007 635,000 5,505,000 Freeport, IL, (U.S. Bank, N.A. LOC), 5.065%, 11/1/2007 5,505,000 1,885,000 Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 4.900%, 1,885,000 11/1/2007 1,260,000 Galliano Marine Service, Inc., (Regions Bank, Alabama LOC), 4.860%, 11/1/2007 1,260,000 3,300,000 Georgia Ports Authority, Colonel's Island Terminal Project (Series 1996-A), Revenue Bonds, 3,300,000 (SunTrust Bank LOC), 4.900%, 11/7/2007 3,665,000 Grigsby Properties LLC, Series 2002, (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 3,665,000 1,355,000 Guilford Capital LLC, Series 2002 - C, (Regions Bank, Alabama LOC), 4.950%, 11/1/2007 1,355,000 1,905,000 Guilford Capital LLC, Series 2002 - F, (Regions Bank, Alabama LOC), 4.950%, 11/1/2007 1,905,000 23,325,000 Hamilton Station Park and Ride, Series 2005, (Wachovia Bank N.A. LOC), 4.860%, 11/1/2007 23,325,000 8,055,000 Hanna Steel Corp., (Wachovia Bank N.A. LOC), 4.990%, 11/2/2007 8,055,000 8,815,000 Harrisburg, PA Redevelopment Authority, Series 2005 A-1, (Citizens Bank of Pennsylvania 8,815,000 LOC), 4.760%, 11/7/2007 7,995,000 Home City Ice Co. & H.C. Transport, Series 2000, (U.S. Bank, N.A. LOC), 4.880%, 11/1/2007 7,995,000 4,290,000 Hugh W. Underwood /Underwood Properties, (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 4,290,000 4,995,000 Hugh W. Underwood, (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 4,995,000 3,085,000 IPC Industries, Inc., (Regions Bank, Alabama LOC), 4.860%, 11/1/2007 3,085,000 5,965,000 Ilsco Corp., (U.S. Bank, N.A. LOC), 4.880%, 11/1/2007 5,965,000 15,000,000 Interlock Realty Co., (U.S. Bank, N.A. LOC), 4.960%, 11/1/2007 15,000,000 32,500,000 J.P. Morgan Chase & Co., 5.114%, 11/2/2007 32,500,000 6,545,000 Jet-Pep, Inc., Series 2003, (Regions Bank, Alabama LOC), 4.870%, 11/1/2007 6,545,000 3,710,000 Kansas Development Finance Authority, DLR Deer Creek Project, (Marshall & Ilsley Bank, 3,710,000 Milwaukee LOC), 4.906%, 11/1/2007 830,000 Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank, N.A. LOC), 5.050%, 830,000 11/7/2007 2,455,000 Life Church Birmingham, (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 2,455,000 5,000,000 1,2 Los Angeles, CA, MERLOT Series 2000 A (H&H Theatre), (Wachovia Bank N.A. LOC), 4.710%, 5,000,000 11/7/2007 2,215,000 Mayer Properties LLP, (Wachovia Bank N.A. LOC), 4.920%, 11/2/2007 2,215,000 1,700,000 McCullough Snappy Service Oil Co., Inc., (Wachovia Bank N.A. LOC), 4.940%, 11/2/2007 1,700,000 7,600,000 Medical Arts Capital LLC, Series 2001, (Regions Bank, Alabama LOC), 4.850%, 11/1/2007 7,600,000 780,000 Michigan State Housing Development Authority, Series 1999B, Lexington Place Apartments, 780,000 (Bank of America N.A. LOC), 4.920%, 11/1/2007 3,000,000 Mile Bluff Clinic Building Partnership, (U.S. Bank, N.A. LOC), 4.750%, 11/7/2007 3,000,000 1,160,000 Mississippi Business Finance Corp., (Regions Bank, Alabama LOC), 4.860%, 11/1/2007 1,160,000 1,130,000 Mississippi Business Finance Corp., Mississippi College Project, Series 2001B, (Regions 1,130,000 Bank, Alabama LOC), 4.930%, 11/1/2007 2,835,000 Montgomery, AL IDB, (Wachovia Bank N.A. LOC), 4.860%, 11/1/2007 2,835,000 75,000,000 National City Bank, 5.158% - 5.178%, 11/1/2007 75,000,000 2,565,000 New Jersey EDA, Pheonix Realty Partners, (Wachovia Bank N.A. LOC), 4.830%, 11/7/2007 2,565,000 3,400,000 O.K.I. Supply Co., (Series 1998), (Fifth Third Bank, Cincinnati LOC), 4.940%, 11/1/2007 3,400,000 14,100,000 Ogden City Redevelopment Agency, Series 2005 C-1, (Bank of New York Mellon Corp. LOC), 14,100,000 4.900%, 11/6/2007 1,645,000 P.C.I. Paper Conversions, Inc., Series 2000, (Key Bank, N.A. LOC), 4.900%, 11/1/2007 1,645,000 3,745,000 PW Holdings LLC, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 3,745,000 1,800,000 Parker Towing Co., Inc., Series 2001, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 1,800,000 6,210,000 R & J Investment Co., (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 6,210,000 6,830,000 Racetrac Capital LLC, Series 2000, (Regions Bank, Alabama LOC), 4.870%, 11/1/2007 6,830,000 3,075,000 Redcay Funding LLC, Series 2007, (PNC Bank, N.A. LOC), 4.870%, 11/1/2007 3,075,000 55,000,000 Royal Bank of Canada, Montreal, 5.170%, 11/13/2007 55,000,000 599,000 Sandridge Food Corp., (National City Bank LOC), 4.920%, 11/1/2007 599,000 3,110,000 Seeber USA LLP, Series 2000, (Wachovia Bank N.A. LOC), 4.750%, 11/7/2007 3,110,000 1,115,000 Sherman-Dixie Concrete Industries, Inc., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 1,115,000 4,705,000 Sioux-Preme Packing Co., (U.S. Bank, N.A. LOC), 4.750%, 11/7/2007 4,705,000 3,815,000 Southeast Christian Church of Jefferson County, KY Inc., Series 2003, (JPMorgan Chase Bank, 3,815,000 N.A. LOC), 4.850%, 11/1/2007 3,805,000 Springhill Medical Complex, Inc., (Regions Bank, Alabama LOC), 4.860%, 11/1/2007 3,805,000 8,300,000 Stow-Glen Properties LLC, (U.S. Bank, N.A. LOC), 4.910%, 11/1/2007 8,300,000 50,000,000 1,2 Svenska Handelsbanken, Stockholm, 5.061%, 11/13/2007 50,000,000 2,135,000 TIL Holdings LLC, (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 2,135,000 1,960,000 TTL Realty LLC, (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 1,960,000 1,640,000 Tarrant Hydraulics Services LLC, (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 1,640,000 20,000,000 1,2 Union Hamilton Special Purpose Funding LLC, Series 2007-1, (GTD by Wachovia Corp.), 5.694%, 20,000,000 12/17/2007 35,000,000 1,2 Union Hamilton Special Purpose Funding LLC, Series 2007-2, Tranche #1, (GTD by Wachovia 35,000,000 Corp.), 5.498%, 12/28/2007 2,325,000 University Church of Christ, (Wachovia Bank N.A. LOC), 4.940%, 11/2/2007 2,325,000 2,595,000 University Ltd. Properties LLC, (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 2,595,000 940,000 VLF LLC, The Village of Lovejoy,Fountain Project, (Key Bank, N.A. LOC), 4.900%, 11/1/2007 940,000 550,000 Vista Grande Villa, (LaSalle Bank, N.A. LOC), 4.900%, 11/1/2007 550,000 3,345,000 Watson's St. Louis Property LLC, Series 2001, (U.S. Bank, N.A. LOC), 4.880%, 11/1/2007 3,345,000 4,055,000 Weaver Rentals LLC, (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 4,055,000 6,130,000 Wellbrook Finance LLC, (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 6,130,000 85,000,000 Wells Fargo & Co., 5.184%, 11/2/2007 85,000,000 13,600,000 West Memphis IDRB, S-B Power Tool Project, Series 2000 A, (JPMorgan Chase Bank, N.A. LOC), 13,600,000 4.900%, 11/1/2007 108,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 5.050%, 11/16/2007 108,000,000 50,000,000 Westpac Banking Corp. Ltd., Sydney, 5.785%, 12/11/2007 50,000,000 860,000 White's Ferry Road Church of Christ, Inc., (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 860,000 2,485,000 Wildcat Management Co., Inc., (Series 1999), (U.S. Bank, N.A. LOC), 4.900%, 11/1/2007 2,485,000 TOTAL 1,823,209,598 BROKERAGE--6.3% 35,000,000 Goldman Sachs Group, Inc., 5.028%, 11/1/2007 35,000,000 40,000,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 40,000,450 81,000,000 1,2 Merrill Lynch & Co., Inc., 5.175%, 11/19/2007 81,000,000 78,000,000 Merrill Lynch & Co., Inc., 5.206% - 5.340%, 11/5/2007 - 11/23/2007 78,000,000 400,500,000 Morgan Stanley, 4.909% - 5.246%, 11/1/2007 - 11/27/2007 400,500,430 25,000,000 1 PYXIS Master Trust, Class 2007-6, (GTD by Merrill Lynch & Co., Inc.), 5.718%, 12/6/2007 25,000,000 TOTAL 659,500,880 FINANCE - COMMERCIAL--0.1% 4,050,000 Decoster, Series 2003-A, (General Electric Capital Corp. LOC), 4.870%, 11/1/2007 4,050,000 FINANCE - RETAIL--1.7% 50,000,000 1,2 Compass Securitization LLC, 5.075%, 11/12/2007 49,997,527 125,000,000 1,2 Paradigm Funding LLC, 4.920% - 4.958%, 11/21/2007 - 11/23/2007 124,995,272 TOTAL 174,992,799 FINANCE - SECURITIES--3.6% 208,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 4.815% - 5.538%, 11/1/2007 - 1/28/2008 207,980,667 170,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 4.820% - 5.112%, 11/1/2007 - 11/9/2007 170,003,252 TOTAL 377,983,919 GOVERNMENT AGENCY--0.2% 19,000,000 BBC Enterprises LLC, Series 2007, (FHLB of San Francisco LOC), 4.900%, 11/1/2007 19,000,000 915,000 Direct One Funding Corp., Series 2000 (Sexton Properties), (FNMA LOC), 4.880%, 11/1/2007 915,000 TOTAL 19,915,000 INSURANCE--3.0% 20,000,000 Genworth Life Insurance Co., 5.711%, 12/3/2007 20,000,000 25,000,000 Hartford Life Insurance Co., 5.526% - 5.791%, 11/1/2007 - 12/3/2007 25,000,000 50,000,000 1,2 MBIA Global Funding LLC, 5.081%, 11/14/2007 50,001,789 45,000,000 MetLife Insurance Co. of Connecticut, 5.278% - 5.440%, 11/19/2007 - 12/28/2007 45,000,000 45,000,000 Metropolitan Life Insurance Co., 5.456% - 5.460%, 11/1/2007 - 1/2/2008 45,000,000 35,000,000 Monumental Life Insurance Co., 5.240% - 5.646%, 11/1/2007 - 11/30/2007 35,000,000 45,000,000 New York Life Insurance Co., 5.416% - 5.579%, 11/1/2007 - 11/26/2007 45,000,000 22,000,000 1,2 Pacific Life Global Funding, 5.196% - 5.223%, 11/5/2007 - 1/9/2008 22,000,043 25,000,000 Transamerica Occidental Life Insurance Co., 5.370%, 1/2/2008 25,000,000 TOTAL 312,001,832 TOTAL NOTES - VARIABLE 3,371,654,028 REPURCHASE AGREEMENT--1.8% 188,050,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 188,050,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. TOTAL INVESTMENTS --- 99.7% 10,388,273,224 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES --- NET --- 0.3% 26,312,921 TOTAL NET ASSETS --- 100% $ 10,414,586,145
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $4,822,399,910, which represented 46.3% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At October 31, 2007, these liquid restricted securities amounted to $4,779,685,073, which represented 45.9% of total net assets. 3 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate notes with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets October 31, 2007. 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. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2007, is as follows: SECURITY ACQUISITION ACQUISITION DATE COST CAL Securitization Trust 2007-1, Class A1, 5.425%, 7/15/2008 6/19/2007 $17,714,837 PYXIS Master Trust, Class 2007-6, (GTD by Merrill Lynch & Co., Inc.), 5.718%, 12/6/2007 3/6/2007 $25,000,000 The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation EDA --Economic Development Authority FHLB --Federal Home Loan Bank FNMA --Federal National Mortgage Association GTD --Guaranteed IDA --Industrial Development Authority IDB --Industrial Development Bond IDRB --Industrial Development Revenue Bond INS --Insured LOC --Letter of Credit SWP --Swap Agreement PRIME MANAGEMENT OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT ASSET-BACKED SECURITIES--4.4% FINANCE - AUTOMOTIVE--0.5% $ 5,000,000 BMW Vehicle Lease Trust 2007-1, Class A1, 5.061%, 11/17/2008 $ 5,000,000 8,857,418 1 CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 8,857,418 3,218,220 1,2 Capital Auto Receivables Asset Trust 2007-SN1, Class A1A, 5.366%, 6/16/2008 3,218,220 TOTAL 17,075,638 FINANCE - RETAIL--3.5% 28,000,000 1,2 Arkle Master Issuer PLC 2006-1, Class 1A, 5.025%, 11/19/2007 28,000,000 35,000,000 1,2 Arkle Master Issuer PLC 2007-1, Class 1A, 5.025%, 5/17/2008 35,000,000 29,500,000 Holmes Master Issuer PLC 2007-1, Class 1A1, 5.071%, 3/15/2008 29,500,000 5,500,000 Permanent Master Issuer PLC 2007-1, Class A, 5.071%, 1/15/2008 5,500,000 35,023,918 1,2 WST Trust (Series 2007-1G), Class A1, 5.470%, 5/21/2008 35,023,918 TOTAL 133,023,918 INSURANCE--0.4% 17,000,000 Capital One Auto Finance Trust 2007-C, Class A1, (FGIC LOC), 5.282%, 10/15/2008 17,000,000 TOTAL ASSET-BACKED SECURITIES 167,099,556 CERTIFICATES OF DEPOSIT--8.5% BANKING--8.5% 40,000,000 Bank of Scotland, Edinburgh, 5.300%, 5/22/2008 40,000,000 75,000,000 Barclays Bank PLC, 4.850% - 5.380%, 12/19/2007 - 3/25/2008 75,000,000 50,000,000 Chase Bank USA, N.A., 5.130%, 4/14/2008 50,000,000 65,000,000 Credit Suisse, Zurich, 5.290% - 5.405%, 1/14/2008 - 6/9/2008 65,000,000 60,000,000 DePfa Bank PLC, 5.055% - 5.200%, 1/14/2008 - 4/14/2008 60,000,000 10,000,000 PNC Bank, N.A., 5.400%, 11/27/2007 9,999,517 20,000,000 Societe Generale, Paris, 5.420%, 7/10/2008 20,000,000 TOTAL CERTIFICATES OF DEPOSIT 319,999,517 COLLATERALIZED LOAN AGREEMENTS--17.3% BANKING--8.1% 90,000,000 Credit Suisse First Boston LLC, 5.209%, 11/1/2007 90,000,000 50,000,000 Deutsche Bank Securities, Inc., 5.137%, 11/1/2007 50,000,000 150,000,000 Dresdner Kleinwort Wassertstein, 5.040% - 5.087%, 11/1/2007 - 11/16/2007 150,000,000 15,000,000 Greenwich Capital Markets, Inc., 5.337%, 1/23/2008 15,000,000 TOTAL 305,000,000 BROKERAGE--9.2% 150,000,000 Citigroup Global Markets, Inc., 5.087%, 11/1/2007 150,000,000 125,000,000 Lehman Brothers, Inc., 5.087% - 5.387%, 11/1/2007 - 1/24/2008 125,000,000 70,000,000 Merrill Lynch, Pierce, Fenner and Smith, 5.137% - 5.340%, 11/1/2007 - 1/18/2008 70,000,000 TOTAL 345,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 650,000,000 COMMERCIAL PAPER--14.1%3 BANKING--1.3% 25,000,000 DePfa Bank PLC, 5.272%, 2/14/2008 24,615,547 25,000,000 1,2 Fountain Square Commercial Funding Corp., 5.180%, 1/16/2008 24,726,611 TOTAL 49,342,158 BROKERAGE--0.2% 10,000,000 Morgan Stanley, 5.355%, 2/19/2008 9,836,375 FINANCE - AUTOMOTIVE--1.6% 15,000,000 DRAC LLC, (A1+/P1 Series), 5.063%, 1/23/2008 14,827,083 20,000,000 FCAR Auto Loan Trust, (A1+/P1 Series), 5.349%, 1/16/2008 19,780,022 25,000,000 FCAR Auto Loan Trust, (A1/P1 Series), 5.372%, 11/15/2007 24,948,570 TOTAL 59,555,675 FINANCE - COMMERCIAL--3.0% 70,000,000 1,2 Edison Asset Securitization LLC, 4.790% - 5.020%, 2/7/2008 - 4/21/2008 68,859,011 20,000,000 1,2 Fairway Finance Co. LLC, 5.010%, 12/3/2007 19,910,933 25,000,000 1,2 Versailles CDS LLC, 5.350%, 11/7/2007 24,977,708 TOTAL 113,747,652 FINANCE - RETAIL--4.8% 20,000,000 1,2 Alpine Securitization Corp., 4.960%, 1/23/2008 19,771,289 40,000,000 1,2 Compass Securitization LLC, 5.300%, 11/19/2007 39,894,000 120,000,000 1,2 Sheffield Receivables Corp., 5.120% - 5.200%, 11/1/2007 - 11/14/2007 119,857,292 TOTAL 179,522,581 FINANCE - SECURITIES--3.2% 120,000,000 1,2 Grampian Funding LLC, 5.116% - 5.625%, 11/14/2007 - 4/1/2008 118,768,396 TOTAL COMMERCIAL PAPER 530,772,837 CORPORATE BONDS--1.5% FINANCE - RETAIL--1.2% 45,000,000 1,2 SLM Corp., 5.091% - 5.110%, 11/13/2007 - 11/14/2007 45,000,000 RETAIL--0.3% 10,000,000 Wal-Mart Stores, Inc., 5.933%, 6/1/2008 10,033,585 TOTAL CORPORATE BONDS 55,033,585 CORPORATE NOTES--6.1% BANKING--1.3% 10,000,000 Barclays Bank PLC, 5.380%, 5/30/2008 10,000,000 22,500,000 Toronto Dominion Bank, 5.420%, 12/12/2007 22,500,000 17,000,000 UBS AG, 5.400%, 11/28/2007 17,000,000 TOTAL 49,500,000 BROKERAGE--1.9% 70,000,000 Goldman Sachs Group, Inc., 5.057% - 5.724%, 12/18/2007 - 1/16/2008 70,000,000 FINANCE - SECURITIES-2.9% 45,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.340% - 5.350%, 5/21/2008 - 6/2/2008 44,998,590 66,250,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350% - 5.415%, 2/4/2008 - 8/5/2008 66,250,000 TOTAL 111,248,590 TOTAL CORPORATE NOTES 230,748,590 NOTES - VARIABLE--43.0%4 BANKING--25.1% 2,700,000 AlaTrade Foods LLC, (Series 4), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 2,700,000 896,000 American Health Care Centers, Inc., (Series 1998), (FirstMerit Bank, N.A. LOC), 4.920%, 896,000 11/1/2007 9,210,000 Atlanta, GA Development Authority, Panther Place, (Series 2007-B), (GTD by AMBAC), 4.860%, 9,210,000 11/1/2007 108,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 4.970% - 5.638%, 11/23/2007 - 12/5/2007 108,000,000 11,705,000 BBN Holdings LLC, (Series 2004), (RBC Centura Bank LOC), 4.880%, 11/1/2007 11,705,000 1,810,000 BD Toy LLC, (Series 2003), (Compass Bank, Birmingham LOC), 4.890%, 11/1/2007 1,810,000 62,000,000 1,2 BNP Paribas SA, 4.856% - 5.500%, 11/19/2007 - 11/26/2007 62,000,000 596,000 Baldwin County Sewer Service LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 596,000 11/1/2007 7,767,000 Baldwin County Sewer Service LLC, (Series 2005), (Regions Bank, Alabama LOC), 4.900%, 7,767,000 11/1/2007 45,000,000 1,2 Bank of Ireland, 5.011% - 5.356%, 11/15/2007 - 11/19/2007 45,000,000 22,600,000 Bank of Montreal, 5.050%, 1/31/2008 22,600,000 18,000,000 1,2 Bank of Scotland, Edinburgh, 5.112%, 11/9/2007 18,000,000 48,000,000 Bank of Scotland, Edinburgh, 5.280% - 5.329%, 12/24/2007 - 2/14/2008 48,000,159 1,950,000 Battle Creek, MI Downtown Development Authority, (Series 2004), (INS by AMBAC), 4.670%, 1,950,000 11/7/2007 5,680,000 Biddle Road Corp., (Series 2004), (Wachovia Bank N.A. LOC), 4.910%, 11/1/2007 5,680,000 895,000 Bond Holdings LP, (Wachovia Bank N.A. LOC), 4.870%, 11/2/2007 895,000 3,425,000 CAH Holdings, Inc., (Series 2003), (First Commercial Bank, Birmingham, AL LOC), 4.918%, 3,425,000 11/1/2007 10,000,000 CV 40-Stone Oak Ltd., (Series 2005), (Compass Bank, Birmingham LOC), 4.910%, 11/1/2007 10,000,000 4,500,000 Castleton United Methodist Church, Inc., (Series 2006a), (U.S. Bank, N.A. LOC), 4.910%, 4,500,000 11/1/2007 45,000,000 1,2 Commonwealth Bank of Australia, Sydney, 4.912%, 11/26/2007 45,000,000 95,000,000 1,2 Credit Agricole S.A., 5.141% - 5.180%, 11/23/2007 - 12/24/2007 95,000,000 2,260,000 Dale G. Mithum, M.D. FACS, (Series 2003), (Compass Bank, Birmingham LOC), 4.890%, 11/1/2007 2,260,000 1,500,000 DeKalb County, GA Housing Authority, (Series 2004-T), Highlands, (Wachovia Bank N.A. LOC), 1,500,000 5.030%, 11/1/2007 4,000,000 1,2 DePfa Bank PLC, 5.754%, 12/17/2007 3,999,997 21,155,000 Fiore Capital LLC, (Series 2005-A), (Marshall & Ilsley Bank, Milwaukee LOC), 4.860%, 21,155,000 11/1/2007 4,905,000 First Family Church, (Series 2005), (Regions Bank, Alabama LOC), 4.950%, 11/1/2007 4,905,000 735,000 Franklin County, PA IDA, (Series 2001B), Precast Systems, LLC, (Manufacturers & Traders Trust 735,000 Co., Buffalo, NY LOC), 4.960%, 11/2/2007 1,065,000 Grote Family LP, (Huntington National Bank, Columbus, OH LOC), 5.165%, 11/1/2007 1,065,000 4,060,000 Hamilton Farm Bureau Cooperative, Inc., (Series 1999), (Huntington National Bank, Columbus, 4,060,000 OH LOC), 4.940%, 11/1/2007 3,885,000 Headquarters Partnership Ltd., (Series 2001), (National Australia Bank Ltd., Melbourne LOC), 3,885,000 4.860%, 11/1/2007 16,910,000 ICS-Remington LLC, (First Commercial Bank, Birmingham, AL LOC), 4.930%, 11/1/2007 16,910,000 20,000,000 Interlock Realty Co., (U.S. Bank, N.A. LOC), 4.960%, 11/1/2007 20,000,000 9,440,000 Lake Mary Bay LP, (Series 2005), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 9,440,000 1,635,000 Lee County, FL IDA, Bonita Community Health Center, (Series 1999B), (Fifth Third Bank, 1,635,000 Cincinnati LOC), 4.900%, 11/2/2007 5,150,000 MOBR-04 LLC, (Series 2004), (Compass Bank, Birmingham LOC), 4.890%, 11/1/2007 5,150,000 2,950,000 Magdim C-Stores, Inc./Lynhurst Storage LLC, (Series 2005), (Wachovia Bank N.A. LOC), 4.860%, 2,950,000 11/1/2007 3,000,000 Marital Trust No. 2, Vernon W. Van Aker, Grantor, (Regions Bank, Alabama LOC), 4.900%, 3,000,000 11/1/2007 220,000 McCullough Oil Bond Issue LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 220,000 136,000,000 1,2 National Australia Bank Ltd., Melbourne, 5.111%, 11/7/2007 136,000,000 60,000,000 National City Bank, 5.177% - 5.530%, 11/1/2007 - 11/13/2007 60,000,000 9,500,000 Nautical Transport LLC, (Series 2005), (Regions Bank, Alabama LOC), 4.890%, 11/1/2007 9,500,000 3,000,000 Overland Park Professional Center LLC, (Series 2004), (Comerica Bank LOC), 4.930%, 11/1/2007 3,000,000 698,000 Pizitz Properties LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 698,000 3,915,000 Prevea Clinic, Inc., (Series 2004-A), (Wells Fargo Bank, N.A. LOC), 4.840%, 11/1/2007 3,915,000 5,355,000 Roman Catholic Bishop of San Jose, CA, (Series 2005), (Allied Irish Banks PLC LOC), 4.850%, 5,355,000 11/1/2007 46,000,000 1,2 Royal Bank of Canada, Montreal, 5.117%, 11/1/2007 46,000,065 10,000,000 Salvation Army, (Series 2004-A), (Bank of New York LOC), 4.850%, 11/1/2007 10,000,000 320,000 Sandridge Food Corp., (National City Bank LOC), 4.920%, 11/1/2007 320,000 20,000,000 1,2 Societe Generale, Paris, 5.114%, 11/2/2007 20,000,000 800,000 Spiller LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 800,000 2,600,000 Springfield, TN Health & Educational Facilities Board, (Series 2006B), (Regions Bank, Alabama 2,600,000 LOC), 4.930%, 11/1/2007 1,000,000 Wachovia Bank N.A., 5.200%, 1/3/2008 997,685 715,000 Wellborn Forest Products, Inc., (Compass Bank, Birmingham LOC), 4.890%, 11/1/2007 715,000 36,000,000 1,2 Westpac Banking Corp. Ltd., Sydney, 5.050%, 11/16/2007 36,000,000 TOTAL 943,504,906 BROKERAGE--5.9% 15,000,000 Goldman Sachs Group, Inc., 5.027%, 11/1/2007 15,000,000 20,000,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 20,000,223 22,000,000 Merrill Lynch & Co., Inc., 5.231% - 5.342%, 11/15/2007 - 11/23/2007 22,000,000 165,000,000 Morgan Stanley, 4.909% - 5.246%, 11/1/2007 - 11/27/2007 165,000,318 TOTAL 222,000,541 FINANCE - RETAIL--3.1% 25,000,000 1,2 Compass Securitization LLC, 5.075%, 11/12/2007 24,998,764 91,000,000 1,2 Paradigm Funding LLC, 4.920% - 5.015%, 11/19/2007 - 11/23/2007 90,996,925 TOTAL 115,995,689 FINANCE - SECURITIES--6.3% 38,500,000 1,2 Asscher Finance Corp., 4.820% - 5.340%, 11/1/2007 - 11/15/2007 38,490,151 135,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 4.815% - 5.538%, 11/1/2007 - 1/28/2008 134,979,035 64,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance, Inc.), 4.815% - 4.990%, 11/1/2007 63,997,196 TOTAL 237,466,382 INSURANCE--2.6% 10,000,000 Genworth Life Insurance Co., 5.450%, 11/9/2007 10,000,000 10,000,000 Hartford Life Global Funding Trust, 5.111%, 11/15/2007 10,000,000 10,000,000 Hartford Life Insurance Co., 5.791%, 12/3/2007 10,000,000 10,000,000 MetLife Insurance Co. of Connecticut, 5.278%, 12/28/2007 10,000,000 20,000,000 Metropolitan Life Insurance Co., 5.476%, 11/1/2007 20,000,000 30,000,000 New York Life Insurance Co., 5.416% - 5.579%, 11/1/2007 30,000,000 10,000,000 1,2 Pacific Life Global Funding, 5.223%, 11/9/2007 10,000,000 TOTAL 100,000,000 TOTAL NOTES - VARIABLE 1,618,967,518 REPURCHASE AGREEMENT--4.6% 172,618,000 Interest in $5,000,000,000 joint repurchase agreement 4.970%, dated 10/31/2007 under which 172,618,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. TOTAL INVESTMENTS---99.5% 3,745,239,603 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES-NET-0.5% 18,658,162 TOTAL NET ASSETS---100% $ 3,763,897,765
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $1,701,575,742, which represented 45.2% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amounted to $1,692,718,324, which represented 45.0% of total net assets. 3 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate note with current rate and next reset date shown. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2007, is as follows: SECURITY ACQUISITION DATE ACQUISITION COST CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 6/19/07 8,857,418 The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation FGIC --Financial Guaranty Insurance Company GTD --Guaranteed IDA --Industrial Development Authority INS --Insured LOC --Letter of Credit PRIME OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT OR SHARES ASSET-BACKED SECURITIES-1.2% FINANCE - AUTOMOTIVE-1.0% $ 30,000,000 BMW Vehicle Lease Trust 2007-1, Class A1, 5.061%, 11/17/2008 $ 30,000,000 59,049,456 1 CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 59,049,456 9,332,838 1,2 Capital Auto Receivables Asset Trust 2007-SN1, Class A1A, 5.366%, 6/16/2008 9,332,838 75,000,000 1,2 Ford Credit Auto Owner Trust 2007-B, Class A1, 5.291%, 10/15/2008 75,000,000 27,930,482 Merrill Auto Trust Securitization 2007-1, Class A1, 5.346%, 6/16/2008 27,930,482 27,000,000 Nissan Auto Receivables Owner Trust 2007-B, Class A1, 5.263%, 10/15/2008 27,000,000 18,654,265 World Omni Automobile Receivables Trust 2007-B, Class A1, 5.676%, 10/15/2008 18,654,265 TOTAL 246,967,041 FINANCE - EQUIPMENT-0.2% 58,000,000 1,2 Marlin Leasing Receivables XI LLC (Series 2007-1), Class A1, 5.214%, 10/15/2008 58,000,000 TOTAL ASSET-BACKED SECURITIES 304,967,041 CERTIFICATES OF DEPOSIT-8.0% BANKING-8.0% 53,500,000 Bank of Scotland, Edinburgh, 5.310%, 5/23/2008 53,500,000 538,700,000 Barclays Bank PLC, 5.150% - 5.380%, 12/19/2007 - 5/22/2008 538,700,000 100,000,000 Chase Bank USA, N.A., 5.130%, 4/14/2008 100,000,000 539,050,000 Credit Suisse, Zurich, 5.290% - 5.405%, 1/14/2008 - 6/9/2008 539,049,336 655,000,000 DePfa Bank PLC, 5.200% - 5.370%, 1/14/2008 - 4/30/2008 655,000,000 80,000,000 PNC Bank, N.A., 5.320% - 5.329%, 11/16/2007 - 11/27/2007 79,998,551 100,000,000 UBS AG, 5.230%, 1/22/2008 100,000,000 TOTAL CERTIFICATES OF DEPOSIT 2,066,247,887 COLLATERALIZED LOAN AGREEMENTS-19.0% BANKING-12.1% 550,000,000 BNP Paribas Securities Corp., 5.087% - 5.107%, 11/1/2007 550,000,000 521,000,000 Barclays Capital, Inc., 5.107% - 5.187%, 11/1/2007 521,000,000 425,000,000 Credit Suisse First Boston LLC, 5.137%, 11/1/2007 425,000,000 198,000,000 Deutsche Bank Securities, Inc., 5.137%, 11/1/2007 198,000,000 273,000,000 Fortis Bank SA/NV, 5.137%, 11/1/2007 273,000,000 390,000,000 Greenwich Capital Markets, Inc., 5.087% - 5.337%, 11/1/2007 - 1/23/2008 390,000,000 150,000,000 HSBC Securities (USA), Inc., 5.087%, 11/1/2007 150,000,000 600,000,000 UBS Securities LLC, 5.087%, 11/1/2007 600,000,000 TOTAL 3,107,000,000 BROKERAGE-6.9% 1,051,000,000 Citigroup Global Markets, Inc., 5.087%, 11/1/2007 1,051,000,000 720,000,000 Merrill Lynch, Pierce, Fenner and Smith, 5.100% - 5.150%, 11/1/2007 - 1/18/2008 720,000,000 TOTAL 1,771,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 4,878,000,000 COMMERCIAL PAPER -21.5%3 BANKING-2.7% 70,000,000 Bank of America Corp., 4.955%, 3/12/2008 68,728,217 30,000,000 Citigroup Funding, Inc., 5.300%, 2/13/2008 29,540,667 35,000,000 DePfa Bank PLC, 5.272%, 2/14/2008 34,461,766 80,000,000 1,2 Fountain Square Commercial Funding Corp., 5.165% - 5.210%, 11/6/2007 - 1/17/2008 79,632,399 85,000,000 1,2 Kitty Hawk Funding Corp., 5.750%, 11/1/2007 85,000,000 57,750,000 1,2 Long Lane Master Trust IV, (Bank of America N.A. SWP), 5.165%, 1/11/2008 57,161,728 33,180,000 Los Angeles County, CA Metropolitan Transportation Authority, (Bank of America N.A. LOC), 33,180,000 4.850%, 11/1/2007 324,000,000 1,2 Picaros Funding LLC, (GTD by KBC Bank N.V.), 5.060% - 5.600%, 12/14/2007 - 12/3/2008 319,278,167 TOTAL 706,982,944 BROKERAGE-0.2% 40,000,000 Morgan Stanley, 5.310% - 5.355%, 2/11/2008 - 2/19/2008 39,378,437 FINANCE - AUTOMOTIVE-4.7% 412,747,000 DRAC LLC, (A1+/P1 Series), 4.900% - 5.750%, 11/1/2007 - 2/7/2008 408,868,044 37,666,000 DRAC LLC, (A1/P1 Series), 4.900% - 5.750%, 11/1/2007 - 2/1/2008 37,507,393 540,905,000 FCAR Auto Loan Trust, (A1+/P1 Series), 4.720% - 5.600%, 11/8/2007 - 4/21/2008 532,254,306 237,855,000 FCAR Auto Loan Trust, (A1/P1 Series), 5.050% - 5.290%, 11/16/2007 - 3/24/2008 235,383,658 TOTAL 1,214,013,401 FINANCE - COMMERCIAL-2.6% 48,500,000 CIT Group, Inc., 5.130%, 11/27/2007 48,320,307 108,224,000 1,2 Edison Asset Securitization LLC, 4.790% - 4.900%, 3/10/2008 - 4/21/2008 105,893,748 225,000,000 1,2 Fairway Finance Co. LLC, 5.180% - 5.600%, 11/2/2007 - 11/14/2007 224,642,708 80,000,000 General Electric Capital Corp., 5.020%, 2/7/2008 78,906,756 220,000,000 1,2 Versailles CDS LLC, 5.200% - 5.550%, 11/5/2007 - 3/21/2008 217,908,681 TOTAL 675,672,200 FINANCE - RETAIL-4.7% 200,000,000 1,2 Alpine Securitization Corp., 4.940% - 4.960%, 1/10/2008 - 1/23/2008 197,987,389 50,000,000 1,2 Barton Capital LLC, 5.475%, 11/1/2007 50,000,000 100,000,000 1,2 Chariot Funding LLC, 5.140% - 5.180%, 12/31/2007 - 1/11/2008 99,019,625 78,160,000 1,2 Compass Securitization LLC, 5.450%, 11/13/2007 78,018,009 175,000,000 1,2 Paradigm Funding LLC, 5.400% - 5.600%, 11/8/2007 - 11/16/2007 174,744,444 481,000,000 1,2 Sheffield Receivables Corp., 5.000% - 5.200%, 11/1/2007 - 1/23/2008 479,005,994 100,000,000 1,2 Tulip Funding Corp., 5.200%, 11/6/2007 99,927,778 25,000,000 1,2 Yorktown Capital LLC, 5.650%, 12/14/2007 24,831,285 TOTAL 1,203,534,524 FINANCE - SECURITIES-6.6% 1,114,000,000 1,2 Grampian Funding LLC, 4.990% - 5.600%, 11/8/2007 - 4/1/2008 1,102,104,164 271,983,000 1,2 Perry Global Funding LLC (Series A), 5.250% - 5.300%, 11/1/2007 - 1/2/2008 270,417,483 12,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.305%, 2/4/2008 11,832,008 300,000,000 1,2 Three Rivers Funding Corp., 5.150%, 11/1/2007 300,000,000 TOTAL 1,684,353,655 TOTAL COMMERCIAL PAPER 5,523,935,161 CORPORATE BONDS-1.5% FINANCE - RETAIL-1.3% 24,950,000 SLM Corp., 5.163%, 1/25/2008 24,955,066 325,000,000 1,2 SLM Corp., 5.091% - 5.110%, 11/13/2007-11/14/2007 325,000,000 TOTAL 349,955,066 RETAIL-0.2% 50,000,000 Wal-Mart Stores, Inc., 5.933%, 6/1/2008 50,167,927 TOTAL CORPORATE BONDS 400,122,993 CORPORATE NOTES-2.7% BANKING-1.0% 75,000,000 Barclays Bank PLC, 5.350%, 5/30/2008 75,000,000 25,000,000 Credit Suisse, Zurich, 5.420%, 2/15/2008 25,000,000 47,000,000 Toronto Dominion Bank, 5.420%, 12/12/2007 47,000,000 115,000,000 UBS AG, 5.400%, 11/28/2007 115,000,000 TOTAL 262,000,000 BROKERAGE-0.4% 90,000,000 Goldman Sachs Group, Inc., 5.141% - 5.724%, 11/6/2007-11/17/2007 90,000,000 FINANCE - SECURITIES-1.3% 124,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.340% - 5.400%, 5/21/2008 - 6/16/2008 123,997,181 214,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350% - 5.415%, 4/21/2008 - 8/5/2008 214,000,000 TOTAL 337,997,181 TOTAL CORPORATE NOTES 689,997,181 NOTES - VARIABLE -35.3%4 BANKING-17.7% 4,665,000 4 C's LLC, (Series 1998), (Key Bank, N.A. LOC), 4.900%, 11/1/2007 4,665,000 4,170,000 AlaTrade Foods LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 4,170,000 685,000 Alabama State IDA, (Series 1994), Miltope Project, (Regions Bank, Alabama LOC), 4.930%, 685,000 11/1/2007 3,495,000 Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. 3,495,000 LOC), 4.880%, 11/1/2007 6,700,000 American Xtal Technology, Inc., Xtal Project (Series 1998), (Wells Fargo Bank, N.A. LOC), 6,700,000 4.920%, 11/1/2007 12,000,000 Association of American Medical Colleges, (GTD by JPMorgan Chase Bank, N.A., INS by AMBAC 12,000,000 Financial Group, Inc.), 5.200%, 11/7/2007 3,645,000 Atlantic Tool and Die Co., (Key Bank, N.A. LOC), 4.900%, 11/1/2007 3,645,000 7,175,000 B.R. Williams Trucking, Inc., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 7,175,000 150,000,000 BNP Paribas SA, 4.761%, 11/28/2007 149,837,242 230,000,000 1,2 BNP Paribas SA, 4.856% - 5.500%, 11/19/2007 - 11/26/2007 230,000,000 5,410,000 Baldwin County Sewer Service LLC, (Series 2002), (Regions Bank, Alabama LOC), 4.900%, 5,410,000 11/1/2007 160,000,000 Bank of America N.A., 4.988%, 11/1/2007 160,000,000 238,000,000 1,2 Bank of Ireland, 5.011% - 5.356%, 11/15/2007-11/19/2007 238,000,000 155,000,000 Bank of Montreal, 5.050% - 5.470%, 11/21/2007 - 1/31/2008 155,000,000 73,000,000 1,2 Bank of New York Mellon Corp., 4.879%, 11/27/2007 73,000,000 399,000,000 1,2 Bank of Scotland, Edinburgh, 5.112% - 5.580%, 11/9/2007 - 11/20/2007 399,000,466 529,700,000 Bank of Scotland, Edinburgh, 5.198% - 5.300%, 11/1/2007 - 2/14/2008 529,700,739 15,505,000 Biddle Road Corp., (Series 2004), (Wachovia Bank N.A. LOC), 4.910%, 11/1/2007 15,505,000 5,895,000 Bing Steel Management, Inc., (Series 2000), (Comerica Bank LOC), 4.800%, 11/7/2007 5,895,000 2,300,000 Bing Steel Management, Inc., (Series 2002), (Comerica Bank LOC), 4.816%, 11/7/2007 2,300,000 4,750,000 Bond Holdings LP, (Wachovia Bank N.A. LOC), 4.870%, 11/2/2007 4,750,000 1,095,000 Brookshire Grocery Co., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 1,095,000 5,770,000 Brumfield Properties, Inc., (Regions Bank, Alabama LOC), 4.860%, 11/1/2007 5,770,000 25,000,000 Buchanan County, MO Solid Waste Disposal, Lifeline Foods, LLC, (Series 2006-A), (Wells 25,000,000 Fargo Bank, N.A. LOC), 4.860%, 11/1/2007 5,600,000 Capital Markets Access Co. LLC, Pelican I&II Project, (Series 2006), (SunTrust Bank LOC), 5,600,000 4.750%, 11/7/2007 6,833,000 Capital One Funding Corp., (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 6,833,000 2,246,000 Capital One Funding Corp., (Series 1998-C), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 2,246,000 11/1/2007 1,798,000 Capital One Funding Corp., (Series 1999-A), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 1,798,000 11/1/2007 1,002,000 Capital One Funding Corp., (Series 1999-B), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 1,002,000 11/1/2007 1,038,000 Capital One Funding Corp., (Series 1994-D), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 1,038,000 11/1/2007 1,841,000 Capital One Funding Corp., (Series 1995-B), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 1,841,000 11/1/2007 1,251,000 Capital One Funding Corp., (Series 1995-F), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 1,251,000 11/1/2007 2,431,000 Capital One Funding Corp., (Series 1996-H), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 2,431,000 11/1/2007 3,650,000 Capital One Funding Corp., (Series 2001-B), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 3,650,000 11/1/2007 2,350,000 Castleton United Methodist Church, Inc., (Series 2007-A), (U.S. Bank, N.A. LOC), 4.906%, 2,350,000 11/1/2007 10,035,000 Church at Brook Hills, (Wachovia Bank N.A. LOC), 4.970%, 11/2/2007 10,035,000 6,095,000 Cincinnati Bible College and Seminary, (U.S. Bank, N.A. LOC), 4.880%, 11/1/2007 6,095,000 3,230,000 Clinton County, NY IDA, Bombardier Project (Series 1998-B), (HSBC Bank USA LOC), 5.200%, 3,230,000 11/1/2007 745,000 Colorado Health Facilities Authority, Development Disabilities Resource Center (Series 745,000 1998-C1), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 1,145,000 Columbia County, GA Development Authority, (Series 1993), (SunTrust Banks, Inc. LOC), 1,145,000 4.900%, 11/7/2007 5,000,000 1,2 Commonwealth Bank of Australia, Sydney, 4.913%, 11/26/2007 4,999,449 10,390,000 Community Centre Group of Cos., (Fifth Third Bank, Cincinnati LOC), 4.910%, 11/1/2007 10,390,000 64,600,000 Cook County, IL, (Series 2002 A), 4.726%, 11/7/2007 64,600,000 4,415,000 Crane Plastics Siding LLC, (Series 2000), (JPMorgan Chase Bank, N.A. LOC), 4.900%, 4,415,000 11/1/2007 110,000,000 1,2 Credit Agricole S.A., 5.180%, 12/24/2007 110,000,000 50,000,000 Credit Suisse, Zurich, 5.475%, 11/26/2007 50,000,000 11,700,000 Decatur, AL IDB, Bailey-PVS Oxides Project (Series 1998), (SunTrust Bank LOC), 4.930%, 11,700,000 11/1/2007 2,260,000 Double H Plastics, Inc., (Series 1998), (Wachovia Bank N.A. LOC), 4.780%, 11/7/2007 2,260,000 7,205,000 Eastridge Christian Assembly, (Series 2004), (U.S. Bank, N.A. LOC), 4.870%, 11/1/2007 7,205,000 6,110,000 Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 4.940%, 6,110,000 11/1/2007 3,200,000 Fairpoint Regional Utility System, Inc., (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 3,200,000 12,560,000 Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 12,560,000 4.900%, 11/1/2007 35,900,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000 A), (U.S. Bank, N.A. 35,900,000 LOC), 4.950%, 11/1/2007 13,425,000 Greene County Development Authority, Reynolds Lodge, LLC (Series 2000B), (U.S. Bank, N.A. 13,425,000 LOC), 4.900%, 11/1/2007 5,390,000 H & P Holdings LLC, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 5,390,000 8,855,000 H.C. Equities LP, (Wachovia Bank N.A. LOC), 4.860%, 11/1/2007 8,855,000 5,250,000 HFS Holdings LLC, (Regions Bank, Alabama LOC), 4.890%, 11/1/2007 5,250,000 7,210,000 Healthcare Network Properties LLC, (Series A), (National City Bank LOC), 4.890%, 11/1/2007 7,210,000 8,790,000 Ivan Smith Properties LLC, (Series 2005), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 8,790,000 85,000,000 JPMorgan Chase & Co., 5.114%, 11/2/2007 85,000,000 3,575,000 J.P. Plymouth Properties LLC, (Series 1999), (LaSalle Bank Midwest, N.A. LOC), 4.920%, 3,575,000 11/7/2007 6,000,000 Kansas City, MO IDA, West Edge Project, (Series 2006), (Marshall & Ilsley Bank, Milwaukee 6,000,000 LOC), 4.700%, 11/7/2007 14,780,000 Kansas City, MO Tax Increment Financing Commission, President Hotel, (MBIA Insurance Corp. 14,780,000 INS), 4.886%, 11/1/2007 2,665,000 Kings Creek Country Club, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 4.830%, 11/7/2007 2,665,000 1,690,000 L.H. Kroh, Inc., (Series 1998), (Wachovia Bank N.A. LOC), 4.830%, 11/7/2007 1,690,000 4,655,000 Lee County, FL IDA, Bonita Community Health Center, (Series 1999B), (Fifth Third Bank, 4,655,000 Cincinnati LOC), 4.900%, 11/2/2007 24,300,000 Leeds, AL, (Series 2006-A), (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 24,300,000 6,440,000 Leeds, AL, (Series 2006-C), (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 6,440,000 5,165,000 1,2 Los Angeles, CA, MERLOTS (Series 2000 A) (H&H Theatre), (Wachovia Bank N.A. LOC), 4.710%, 5,165,000 11/7/2007 18,750,000 Louisiana Agricultural Finance Authority, Lacassive Syrup Mill, (Series 2004), (Regions 18,750,000 Bank, Alabama LOC), 4.890%, 11/1/2007 430,000 Madison, WI Community Development Authority, (Series 1997-B) Hamilton Point Apts., 430,000 (JPMorgan Chase Bank, N.A. LOC), 5.060%, 11/1/2007 222,000,000 Marshall & Ilsley Bank, Milwaukee, 4.843%, 11/26/2007 222,000,000 11,775,000 Maryland State Economic Development Corp., Human Genome Sciences (Series 1999B), (Wachovia 11,775,000 Bank N.A. LOC), 4.950%, 11/6/2007 4,395,000 McCullough Snappy Service Oil Co., Inc., (Wachovia Bank N.A. LOC), 4.940%, 11/2/2007 4,395,000 1,726,000 Midwest Funding Corp., (Series 1992-B), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 1,726,000 5,350,000 Mississippi Business Finance Corp., (First Tennessee Bank, N.A. LOC), 4.910%, 11/1/2007 5,350,000 8,425,000 Mississippi Business Finance Corp., (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 8,425,000 3,000,000 Mississippi Business Finance Corp., Howard Industries, Inc. (Series 1997), (Regions Bank, 3,000,000 Alabama LOC), 4.860%, 11/1/2007 10,000,000 Mississippi Business Finance Corp., Kohler Project, (Wachovia Bank N.A. LOC), 4.860%, 10,000,000 11/1/2007 17,000,000 Mississippi Business Finance Corp., (Series 1994) Georgia Gulf, (Wachovia Bank N.A. LOC), 17,000,000 4.750%, 11/7/2007 10,790,000 Mississippi Business Finance Corp., VC Regional Assembly & Manufacturing LLC., (JPMorgan 10,790,000 Chase Bank, N.A. LOC), 4.800%, 11/7/2007 35,000,000 Mitchell County, GA Development Authority, First United Ethanol, LLC (Series 2006), 35,000,000 (Wachovia Bank N.A. LOC), 4.860%, 11/1/2007 110,000,000 1,2 National Australia Bank Ltd., Melbourne, 5.112%, 11/7/2007 110,000,000 158,000,000 National City Bank, 5.158% - 5.530%, 11/1/2007 - 11/13/2007 158,000,000 900,000 Newport, KY Industrial Building Revenue Bonds, South Beach #1, LLC, (Series 2007A), (Fifth 900,000 Third Bank, Cincinnati LOC), 4.900%, 11/1/2007 5,375,000 North American Gulf Terminals, Inc., (Series 2002), (Regions Bank, Alabama LOC), 4.850%, 5,375,000 11/1/2007 11,675,000 North Oaks Partnership, (Series 1998), (LaSalle Bank, N.A. LOC), 4.900%, 11/1/2007 11,675,000 80,800,000 Novant Health, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 4.850%, 11/7/2007 80,800,000 9,300,000 Ohio Waste Development Authority Solid Waste, Bailey-PVS Oxides, LLC (Series 1998), (Key 9,300,000 Bank, N.A. LOC), 4.900%, 11/1/2007 4,570,000 Olive Baptist Church, Inc., (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 4,570,000 100,000,000 PNC Bank, N.A., 4.995%, 11/19/2007 99,981,426 4,940,000 Park Street Properties I LLC, University of Wisconsin - Madison Projects, (U.S. Bank, N.A. 4,940,000 LOC), 4.860%, 11/1/2007 38,800,000 Pearl Mississippi Urban Renewal, Childre Road Project, (First Tennessee Bank, N.A. LOC), 38,800,000 4.900%, 11/1/2007 6,650,000 Physicians Real Estate LLP, (Wells Fargo Bank, N.A. LOC), 4.850%, 11/7/2007 6,650,000 5,170,000 Pinellas County, FL IDA, Eurobake Project, (Series 2005), (SunTrust Bank LOC), 4.750%, 5,170,000 11/7/2007 4,725,000 Reiser Group Sonic Management Co., Inc., (Series 2002), (Regions Bank, Alabama LOC), 4,725,000 4.900%, 11/1/2007 9,025,000 Rollins College, (Series 1998), (SunTrust Bank LOC), 4.900%, 11/7/2007 9,025,000 169,000,000 1,2 Royal Bank of Canada, Montreal, 5.092% - 5.118%, 11/1/2007 - 11/6/2007 168,992,016 32,180,000 Rush Medical Foundation, (Series 2006), (Regions Bank, Alabama LOC), 4.820%, 11/2/2007 32,180,000 19,000,000 Salvation Army, (Series 2004-A), (Bank of New York LOC), 4.850%, 11/1/2007 19,000,000 3,310,000 Savannah, GA Housing Authority, (SunTrust Bank LOC), 4.950%, 11/7/2007 3,310,000 14,390,000 Seeber USA LLP, (Series 2000), (Wachovia Bank N.A. LOC), 4.750%, 11/7/2007 14,390,000 50,000,000 1,2 Societe Generale, Paris, 5.114%, 11/2/2007 50,000,000 10,930,000 Spira Millenium LLC, (Series 2001), (Bank of America N.A. LOC), 4.900%, 11/1/2007 10,930,000 50,145,000 Spitzer Group, (JPMorgan Chase Bank, N.A. LOC), 4.960%, 11/1/2007 50,145,000 2,580,000 Springfield Ltd. Partnership, (UBS AG LOC), 4.960%, 11/1/2007 2,580,000 960,000 St. Paul, MN Port Authority, Bix Fruit Co. (Series 1998-B), (Marshall & Ilsley Bank, 960,000 Milwaukee LOC), 5.350%, 11/1/2007 1,560,000 St. Paul, MN Port Authority, National Checking Co. Project (Series 1998-B), (U.S. Bank, 1,560,000 N.A. LOC), 5.250%, 11/1/2007 115,000,000 1,2 Svenska Handelsbanken, Stockholm, 5.061%, 11/13/2007 115,000,000 5,635,000 Trinity Baptist Church, (Series 2002-A), (Regions Bank, Alabama LOC), 4.850%, 11/1/2007 5,635,000 50,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-1Tranche #1), (GTD by Wachovia 50,000,000 Corp.), 5.238%, 12/21/2007 25,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-1), (GTD by Wachovia Corp.), 25,000,000 5.694%, 12/7/2007 165,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-2 Tranche #1), (GTD by Wachovia 165,000,000 Corp.), 5.498%, 12/28/2007 9,300,000 Victor H. Hanson/Elizabeth F. Hanson, (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 9,300,000 1,100,000 Village Green Finance Co. LLC, (Series 1997), (Wachovia Bank N.A. LOC), 4.750%, 11/7/2007 1,100,000 1,514,000 Vista Funding Corp., (Series 1995-D), (Fifth Third Bank, Cincinnati LOC), 4.920%, 1,514,000 11/1/2007 1,155,000 Vista Funding Corp., (Series 1998-B), (Fifth Third Bank, Cincinnati LOC), 4.900%, 1,155,000 11/1/2007 40,000,000 Wachovia Bank N.A., 4.981%, 11/1/2007 40,000,000 195,250,000 Wells Fargo & Co., 5.184%, 11/2/2007 195,250,007 9,490,000 Western Reserve Masonic Community, Inc., (GTD by JPMorgan Chase Bank, N.A.), 4.960%, 9,490,000 11/1/2007 25,000,000 Westpac Banking Corp. Ltd., Sydney, 5.785%, 12/11/2007 25,000,000 9,610,000 Whetstone Care Center LLC, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 4.960%, 9,610,000 11/1/2007 33,770,000 World Wildlife Fund, Inc., (Series 2000 B), (INS by AMBAC Financial Group, Inc.), 5.070%, 33,770,000 11/1/2007 TOTAL 4,560,041,345 BROKERAGE-6.1% 100,000,000 Goldman Sachs Group, Inc., 5.028%, 11/1/2007 100,000,000 50,000,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 50,000,563 445,000,000 Merrill Lynch & Co., Inc., 5.033% - 5.340%, 11/5/2007 - 11/26/2007 445,000,000 109,500,000 1,2 Merrill Lynch & Co., Inc., 5.175%, 11/19/2007 109,500,000 866,000,000 Morgan Stanley, 4.909% - 5.206%, 11/1/2007 - 11/27/2007 866,000,688 TOTAL 1,570,501,251 ELECTRICAL EQUIPMENT-0.2% 2,345,000 Alabama State IDA, General Electric Project, (General Electric Co. LOC), 4.950%, 11/1/2007 2,345,000 56,079,825 Northwest Airlines, Inc., (GTD by General Electric Co.), 4.780%, 11/5/2007 56,079,825 TOTAL 58,424,825 FINANCE - RETAIL-2.8% 155,000,000 1,2 Compass Securitization LLC, 5.065% - 5.075%, 11/12/2007 154,992,253 575,000,000 1,2 Paradigm Funding LLC, 4.920% - 5.015%, 11/19/2007 - 11/23/2007 574,981,549 TOTAL 729,973,802 FINANCE - SECURITIES-5.6% 200,500,000 1,2 Asscher Finance Corp., 4.820% - 5.340%, 11/1/2007 - 11/15/2007 200,432,509 41,000,000 1,2 Beta Finance, Inc., 4.620% - 5.505%, 11/9/2007 - 1/31/2008 41,002,798 714,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 4.815% - 5.538%, 11/1/2007 - 1/28/2008 713,915,821 474,000,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 4.815% - 5.550%, 11/1/2007 - 11/19/2007 473,972,719 TOTAL 1,429,323,847 GOVERNMENT AGENCY-0.2% 7,945,000 Direct One Funding Corp., (FNMA LOC), 4.880%, 11/1/2007 7,945,000 45,705,000 Direct One Funding Corp., (Series 2000) (Sexton Properties), (FNMA LOC), 4.880%, 11/1/2007 45,705,000 5,350,000 Grand Pointe II Ltd. Partnership, (Series 1999) Globe Apartments, (FHLB of Indianapolis 5,350,000 LOC), 4.900%, 11/1/2007 TOTAL 59,000,000 INSURANCE-2.6% 17,900,000 Albuquerque, NM, (Series 2000 A), (INS by MBIA Insurance Corp.), 4.710%, 11/7/2007 17,900,000 64,000,000 Genworth Life Insurance Co., 5.711%, 12/3/2007 64,000,000 50,000,000 Hartford Life Insurance Co., 5.526% - 5.791%, 11/1/2007 - 12/3/2007 50,000,000 66,000,000 MetLife Insurance Co. of Connecticut, 5.278% - 5.701%, 11/19/2007 - 12/28/2007 66,000,000 105,000,000 Metropolitan Life Insurance Co., 5.456% - 5.460%, 11/1/2007 - 1/2/2008 105,000,000 120,000,000 Monumental Life Insurance Co., 5.240% - 5.646%, 11/1/2007 - 1/2/2008 120,000,000 120,000,000 New York Life Insurance Co., 5.416% - 5.579%, 11/1/2007-11/26/2007 120,000,000 10,000,000 1,2 Pacific Life Global Funding, 5.223%, 1/9/2008 10,000,000 125,000,000 Transamerica Occidental Life Insurance Co., 5.370%, 1/2/2008 125,000,000 TOTAL 677,900,000 TOTAL NOTES - VARIABLE 9,085,165,070 TIME DEPOSITS-4.7% BANKING-4.7% 190,000,000 Chase Bank USA, N.A., 4.875%, 11/1/2007 190,000,000 75,000,000 Deutsche Bank AG, 4.938%, 11/1/2007 75,000,000 250,000,000 Marshall & Ilsley Bank, Milwaukee, 4.838%, 11/1/2007 250,000,000 500,000,000 RBS Citizens Bank N.A., 4.250%, 11/1/2007 500,000,000 200,000,000 Societe Generale, Paris, 4.918%, 11/1/2007 200,000,000 TOTAL TIME DEPOSITS 1,215,000,000 MUTUAL FUNDS -1.1%5 ASSET MANAGEMENT-1.1% 215,000,000 AIM Short-Term Investments Co. Liquid Assets Portfolio, 4.72% 215,000,000 50,000,000 Columbia Money Market Reserves, 4.99% 50,000,000 20,059,291 DWS Money Market Trust, 5.124% 20,059,291 TOTAL MUTUAL FUNDS 285,059,291 REPURCHASE AGREEMENTS-5.1% 626,979,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 626,979,000 Citigroup Global Markets, Inc. will repurchase U.S Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 48,000,000 Interest in $130,000,000 joint repurchase agreement 4.40%, dated 10/31/2007 under which 48,000,000 J.P. Morgan Securities, Inc. will repurchase U.S. Government Agency securities with various maturities to 1/16/2008 for $130,015,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $132,604,799. 600,000,000 Repurchase agreement 4.65%, dated 10/31/2007 under which Morgan Stanley and Co., Inc. will 600,000,000 repurchase U.S Government Agency securities with various maturities to 10/1/2047 for $600,077,500 on 11/1/2007. The market value of the underlying securities at the end of the period was $612,079,050. 40,000,000 Interest in $100,000,000 joint repurchase agreement 4.48%, dated 10/31/2007 under which 40,000,000 UBS Securities LLC will repurchase U.S Government Agency securities with various maturities to 10/15/2016 for $100,012,444 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,002,505. TOTAL REPURCHASE AGREEMENTS 1,314,979,000 TOTAL INVESTMENTS - 100.1% 25,763,473,624 (AT AMORTIZED COST)6 OTHER ASSTS AND LIABILITIES - NET - (0.1)% (29,664,227) TOTAL NET ASSETS -100% $ 25,733,809,397
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $8,914,740,228, which represented 34.6% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the "Trustees"). At October 31, 2007, these liquid restricted securities amounted to $8,855,690,772, which represented 34.4% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2007, is as follows: SECURITY ACQUISITION DATE ACQUISITION COST CAL Securitization Trust 2007-1, Class A1, 5.424%, 7/15/2008 6/19/2007 $59,049,457 3 Discount rate at the time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate note with current rate and next reset date shown. 5 7-Day net yield. 6 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. Shares of other mutual funds are valued based upon their reported net asset values. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation FHLB --Federal Home Loan Bank FNMA --Federal National Mortgage Association GTD --Guaranteed IDA --Industrial Development Authority IDB --Industrial Development Bond INS --Insured LOC --Letter of Credit MERLOTS --Municipal Exempt Receipts - Liquidity Optional Tender Series SWP --Swap Agreement PRIME VALUE OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT OR SHARES ASSET-BACKED SECURITIES--3.4% FINANCE - AUTOMOTIVE--0.8% $ 29,524,728 1 CAL Securitization Trust 2007-1, Class A1, 5.425%, 7/15/2008 $ 29,524,728 6,436,440 1,2 Capital Auto Receivables Asset Trust 2007-SN1, Class A1A, 5.366%, 6/16/2008 6,436,440 50,000,000 1,2 Ford Credit Auto Owner Trust 2007-B, Class A1, 5.292%, 10/15/2008 50,000,000 18,292,832 Hyundai Auto Receivables Trust 2007-A, Class A1, 5.291%, 10/15/2008 18,292,832 13,990,698 World Omni Automobile Receivables Trust 2007-B, Class A1, 5.676%, 10/15/2008 13,990,698 TOTAL 118,244,698 FINANCE - RETAIL--2.1% 100,000,000 1,2 Arkle Master Issuer PLC 2007-1, Class 1A, 5.025%, 5/17/2008 100,000,000 58,000,000 Holmes Master Issuer PLC 2007-1, Class 1A1, 5.071%, 3/15/2008 58,000,000 37,500,000 Permanent Master Issuer PLC 2007-1, Class A, 5.071%, 1/15/2008 37,500,000 131,339,691 1,2 WST Trust (Series 2007-1G), Class A1, 5.470%, 5/21/2008 131,339,691 TOTAL 326,839,691 INSURANCE--0.5% 68,500,000 Capital One Auto Finance Trust 2007-C, Class A1, (FGIC LOC), 5.282%, 10/15/2008 68,500,000 TOTAL ASSET-BACKED SECURITIES 513,584,389 CERTIFICATES OF DEPOSIT--6.1% BANKING--6.1% 34,500,000 Bank of Scotland, Edinburgh, 5.310%, 5/22/2008 - 5/23/2008 34,500,000 232,000,000 Barclays Bank PLC, 4.850% - 5.380%, 1/16/2008 - 5/22/2008 232,000,000 238,500,000 Credit Suisse, Zurich, 5.290% - 5.405%, 1/14/2008 - 6/9/2008 238,500,000 263,000,000 DePfa Bank PLC, 4.800% - 5.370%, 1/14/2008 - 4/24/2008 263,000,000 100,000,000 Huntington National Bank, Columbus, OH, 5.100% - 5.190%, 3/17/2008 - 4/7/2008 100,000,000 65,000,000 Societe Generale, Paris, 5.420%, 7/10/2008 65,000,000 TOTAL CERTIFICATES OF DEPOSIT 933,000,000 COLLATERALIZED LOAN AGREEMENTS--24.7% BANKING--12.4% 150,000,000 BNP Paribas Securities Corp., 5.158%, 11/1/2007 150,000,000 475,000,000 Barclays Capital, Inc., 5.178% - 5.260%, 11/1/2007 475,000,000 250,000,000 Credit Suisse First Boston LLC, 5.209%, 11/1/2007 250,000,000 100,000,000 Deutsche Bank Securities, Inc., 5.209%, 11/1/2007 100,000,000 250,000,000 Dresdner Kleinwort Wassertstein, 5.110% - 5.158%, 11/1/2007 - 11/16/2007 250,000,000 100,000,000 Fortis Bank SA/NV, 5.209%, 11/1/2007 100,000,000 125,000,000 Greenwich Capital Markets, Inc., 5.158% - 5.222%, 11/1/2007 - 1/23/2008 125,000,000 100,000,000 HSBC Securities (USA), Inc., 5.158%, 11/1/2007 100,000,000 300,000,000 UBS Securities LLC, 5.158%, 11/1/2007 300,000,000 23,000,000 WAMU Capital Corp., 5.209%, 11/1/2007 23,000,000 TOTAL 1,873,000,000 BROKERAGE--12.3% 96,000,000 Bear Stearns & Co., Inc., 5.188%, 11/1/2007 96,000,000 500,000,000 Citigroup Global Markets, Inc., 5.158%, 11/1/2007 500,000,000 150,000,000 Goldman Sachs & Co., 5.178%, 11/1/2007 150,000,000 647,000,000 Lehman Brothers, Inc., 5.158% - 5.475%, 11/1/2007 - 1/25/2008 647,000,000 475,000,000 Merrill Lynch, Pierce, Fenner and Smith, 5.209% - 5.222%, 11/1/2007 - 1/18/2008 475,000,000 TOTAL 1,868,000,000 TOTAL COLLATERALIZED LOAN AGREEMENTS 3,741,000,000 COMMERCIAL PAPER--21.2%3 AEROSPACE / AUTO--0.8% 42,250,000 1,2 Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. Support Agreement), 5.000% - 5.250%, 42,114,660 11/16/2007 - 11/29/2007 75,000,000 1,2 Volkswagen of America, Inc., (GTD by Volkswagen AG), 5.280% - 5.290%, 12/5/2007 - 12/11/2007 74,581,444 TOTAL 116,696,104 BANKING--3.0% 50,000,000 Citigroup Funding, Inc., 5.300%, 2/13/2008 49,234,444 110,000,000 DePfa Bank PLC, 4.990% - 5.272%, 1/22/2008 - 2/14/2008 108,509,007 20,000,000 1,2 Fountain Square Commercial Funding Corp., 5.700%, 11/7/2007 19,981,000 100,000,000 1,2 Kitty Hawk Funding Corp., 5.750%, 11/1/2007 100,000,000 80,000,000 1,2 Long Lane Master Trust IV, (Bank of America N.A. SWP), 5.150% - 5.950%, 11/20/2007 - 79,405,097 1/10/2008 100,000,000 1,2 Picaros Funding LLC, (GTD by KBC Bank N.V.), 5.060% - 5.140%, 2/5/2008 - 4/3/2008 98,232,389 TOTAL 455,361,937 BROKERAGE--0.7% 100,000,000 Morgan Stanley, 5.310% - 5.355%, 2/11/2008 - 2/19/2008 98,429,625 CONGLOMERATE--0.1% 15,000,000 Textron Financial Corp., (Textron Inc. Support Agreement), 5.070%, 11/1/2007 15,000,000 CONSUMER PRODUCTS--1.0% 38,660,000 1,2 Diageo Capital PLC, (GTD by Diageo PLC), 5.150% - 5.300%, 11/9/2007 - 1/15/2008 38,424,238 118,500,000 1,2 Fortune Brands, Inc., 5.250% - 5.300%, 11/9/2007 - 12/13/2007 117,930,784 TOTAL 156,355,022 ELECTRICAL EQUIPMENT--0.2% 35,250,000 Whirlpool Corp., 5.020% - 5.200%, 11/27/2007 - 1/16/2008 34,907,147 FINANCE - AUTOMOTIVE--2.3% 50,389,000 DRAC LLC, (A1+/P1 Series), 4.900% - 5.000%, 1/23/2008 - 2/7/2008 49,753,089 223,000,000 FCAR Auto Loan Trust, (A1+/P1 Series), 5.210% - 5.600%, 11/15/2007 - 4/18/2008 219,473,153 77,672,000 FCAR Auto Loan Trust, (A1/P1 Series), 5.200% - 5.510%, 11/16/2007 - 2/25/2008 76,682,671 TOTAL 345,908,913 FINANCE - COMMERCIAL--3.9% 100,000,000 CIT Group, Inc., 5.180%, 11/26/2007 99,640,278 50,000,000 1,2 Edison Asset Securitization LLC, 4.790%, 4/21/2008 48,855,722 238,366,000 1,2 Fairway Finance Co. LLC, 4.910% - 5.600%, 11/14/2007 - 1/14/2008 236,883,623 50,000,000 General Electric Capital Corp., 5.020%, 2/7/2008 49,316,722 150,000,000 1,2 Versailles CDS LLC, 5.350% - 5.600%, 11/5/2007 - 11/13/2007 149,783,611 TOTAL 584,479,956 FINANCE - RETAIL--4.4% 109,000,000 1,2 Alpine Securitization Corp., 4.960% - 5.010%, 11/14/2007 - 1/23/2008 108,234,844 66,576,000 1,2 Chariot Funding LLC, 5.140% - 5.180%, 12/31/2007 - 1/11/2008 65,937,088 66,645,000 1,2 Compass Securitization LLC, 5.150% - 5.300%, 11/19/2007 - 11/20/2007 66,466,577 20,000,000 1,2 Paradigm Funding LLC, 5.600%, 11/8/2007 19,978,222 248,390,000 1,2 Sheffield Receivables Corp., 4.880% - 5.170%, 11/6/2007 - 1/22/2008 247,794,769 55,400,000 1,2 Tulip Funding Corp., 5.200%, 11/6/2007 55,359,989 100,000,000 1,2 Yorktown Capital LLC, 4.910%, 1/25/2008 98,840,694 TOTAL 662,612,183 FINANCE - SECURITIES--2.8% 308,000,000 1,2 Grampian Funding LLC, 5.080% - 5.600%, 11/14/2007 - 4/2/2008 304,329,222 25,000,000 1,2 Perry Global Funding LLC (Series A), 5.270%, 1/2/2008 24,772,882 100,000,000 1,2 Three Rivers Funding Corp., 5.150%, 11/1/2007 100,000,000 TOTAL 429,102,104 FOOD & BEVERAGE--0.9% 140,000,000 1,2 H.J. Heinz Finance Co., (GTD by H.J. Heinz Co.), 5.300% - 5.350%, 11/6/2007 - 11/7/2007 139,881,778 PUBLISHING AND PRINTING--0.0% 7,000,000 1,2 Gannett Co., Inc., 5.050%, 11/1/2007 7,000,000 RETAIL--1.1% 49,250,000 Home Depot, Inc., 4.930% - 4.950%, 11/29/2007 - 11/30/2007 49,058,973 115,000,000 1,2 Safeway Inc., 5.120% - 5.370%, 11/5/2007 - 11/26/2007 114,780,066 TOTAL 163,839,039 TOTAL COMMERCIAL PAPER 3,209,573,808 CORPORATE BONDS--1.5% FINANCE - RETAIL--1.0% 149,000,000 1,2 SLM Corp., 5.091% - 5.110%, 4/14/2008 - 5/12/2008 149,000,000 RETAIL--0.5% 80,000,000 Wal-Mart Stores, Inc., 5.933%, 6/1/2008 80,268,683 TOTAL CORPORATE BONDS 229,268,683 CORPORATE NOTES--3.9% BANKING--1.7% 30,000,000 Barclays Bank PLC, 5.350%, 5/30/2008 30,000,000 169,000,000 Credit Suisse, Zurich, 5.420%, 12/4/2007 - 2/15/2008 169,000,000 59,000,000 Toronto Dominion Bank, 5.420%, 12/12/2007 59,000,000 TOTAL 258,000,000 BROKERAGE--0.3% 53,000,000 Goldman Sachs Group, Inc., 5.138% - 5.142%, 2/29/2008 - 3/5/2008 53,000,000 FINANCE - SECURITIES--1.9% 100,000,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 5.350%, 5/21/2008 - 6/2/2008 99,997,181 182,500,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 5.350% - 5.415%, 2/4/2008 - 8/5/2008 182,500,000 TOTAL 282,497,181 TOTAL CORPORATE NOTES 593,497,181 NOTES - VARIABLE--31.6%4 BANKING--18.6% 1,389,000 1901 4th Ave. Parking LLC, (Series 2004), (First Commercial Bank, Birmingham, AL LOC), 1,389,000 4.980%, 11/1/2007 1,705,000 AC, Inc., (Series 2002), (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 1,705,000 75,000 Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 75,000 4.880%, 11/1/2007 200,000,000 1,2 Australia & New Zealand Banking Group, Melbourne, 5.639%, 12/5/2007 200,000,000 1,350,000 Avondale Commerce Park, Phase III LLP, Phase III, (Regions Bank, Alabama LOC), 4.920%, 1,350,000 11/1/2007 34,500,000 BNP Paribas SA, 4.695%, 11/28/2007 34,462,566 42,000,000 1,2 BNP Paribas SA, 5.500%, 11/19/2007 42,000,000 75,000,000 1,2 Bank of Ireland, 5.356%, 11/15/2007 75,000,000 105,000,000 Bank of Montreal, 5.050% - 5.470%, 11/21/2007 - 1/31/2008 105,000,000 157,000,000 1,2 Bank of Scotland, Edinburgh, 5.112% - 5.580%, 11/9/2007 - 11/20/2007 157,000,000 190,000,000 Bank of Scotland, Edinburgh, 5.198% - 5.280%, 11/1/2007 - 12/24/2007 190,000,000 4,360,000 Baramax LLC, (Series 2002), (Commerce Bank N.A., Cherry Hill, NJ LOC), 4.920%, 11/7/2007 4,360,000 6,730,000 Bethesda Country Club, Inc., (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY 6,730,000 LOC), 4.960%, 11/6/2007 570,000 Bissett,William K. and Sheryl B., Multi-Option Adjustable Rate Notes, (Huntington National 570,000 Bank, Columbus, OH LOC), 5.165%, 11/1/2007 1,340,000 Broadway Investments, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1,340,000 5.165%, 11/1/2007 5,460,000 C-Mek Realty LLC, (Series 2007), (Bank of North Georgia LOC), 4.869%, 11/1/2007 5,460,000 2,378,000 CC Properties LLC, (Series 2002 A), Ronald & Phyllis Coleman, (Regions Bank, Alabama LOC), 2,378,000 4.920%, 11/1/2007 12,000,000 CV 40-Stone Oak Ltd., (Series 2005), (Compass Bank, Birmingham LOC), 4.910%, 11/1/2007 12,000,000 8,260,000 Callaway Gardens Resort, Inc., (Columbus Bank and Trust Co., GA LOC), 5.165%, 11/1/2007 8,260,000 1,270,000 Campbell Enterprises, (Huntington National Bank, Columbus, OH LOC), 5.215%, 11/1/2007 1,270,000 6,375,000 Capital Markets Access Co. LC, (Series 2006K), Properties, LLC., (Compass Bank, Birmingham 6,375,000 LOC), 4.980%, 11/1/2007 658,000 Capital One Funding Corp., (Series 1996-C), (JPMorgan Chase Bank, N.A. LOC), 4.960%, 658,000 11/1/2007 11,890,000 Centra State Medical Arts Building LLC, (Commerce Bank N.A., Cherry Hill, NJ LOC), 5.020%, 11,890,000 11/1/2007 4,665,000 Century Drive Associates, (Series 2001), (Commerce Bank N.A., Cherry Hill, NJ LOC), 4.870%, 4,665,000 11/7/2007 3,335,000 Charapp Family Ltd., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 5.165%, 3,335,000 11/1/2007 3,940,000 Christian Life Assembly of the Assemblies of God, (Series 2003), (Fulton Bank LOC), 4.970%, 3,940,000 11/1/2007 21,880,000 City Parc at Golden Triangle LP, (Series 2006), (Washington Mutual Bank LOC), 4.960%, 21,880,000 11/1/2007 4,060,000 Clark-Holder Clinic, PA, (Columbus Bank and Trust Co., GA LOC), 4.920%, 11/1/2007 4,060,000 4,665,000 Columbus, GA Development Authority, Woodmont Properties, LLC, (Series 2000), (Columbus Bank 4,665,000 and Trust Co., GA LOC), 4.860%, 11/1/2007 3,135,000 Commerce Towers LLC, (Regions Bank, Alabama LOC), 4.910%, 11/1/2007 3,135,000 6,000,000 Commercial Contractors, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY 6,000,000 LOC), 4.960%, 11/6/2007 880,000 Continental Downtown Properties, (Huntington National Bank, Columbus, OH LOC), 4.956%, 880,000 11/1/2007 6,390,000 Continental Downtown Properties, (Series 2000), (Huntington National Bank, Columbus, OH 6,390,000 LOC), 4.956%, 11/1/2007 75,000,000 1,2 Credit Agricole S.A., 5.180%, 12/24/2007 75,000,000 6,620,000 Cruiser Properties LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 5.215%, 6,620,000 11/1/2007 165,000,000 1,2 DePfa Bank PLC, 5.754%, 12/15/2007 165,000,000 4,670,000 Dellridge Care Center LP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY 4,670,000 LOC), 4.960%, 11/6/2007 23,325,000 Dynetics, Inc., (Series 2004), (Compass Bank, Birmingham LOC), 4.880%, 11/1/2007 23,325,000 2,290,000 Engle Printing & Publishing, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 4.956%, 2,290,000 11/2/2007 3,000,000 Engle Printing & Publishing, (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY 3,000,000 LOC), 4.956%, 11/2/2007 3,940,000 Escambia County Enviromental Corp., (Series 2003), (RBC Centura Bank LOC), 4.900%, 11/1/2007 3,940,000 14,485,000 First Assembly of God, (Series 2004), (Regions Bank, Alabama LOC), 4.850%, 11/1/2007 14,485,000 2,885,000 First Baptist Church of Mt. Olive, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 2,885,000 11/1/2007 1,976,000 First Baptist Church of West Monroe, LA, (Series 2003), (Regions Bank, Alabama LOC), 4.900%, 1,976,000 11/1/2007 8,085,000 Fountainhead Enterprises LLC, (Huntington National Bank, Columbus, OH LOC), 5.165%, 8,085,000 11/1/2007 2,890,000 Gannett Fleming, Inc., (Series 2001), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2,890,000 4.960%, 11/2/2007 1,417,000 Gateway Foods, Inc., (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 1,417,000 5,505,000 Georgia Crown Distributing Co., (Columbus Bank and Trust Co., GA LOC), 4.890%, 11/1/2007 5,505,000 1,025,000 Gerald T. Thom, Trustee U.A.D., March 27, 1997, (Huntington National Bank, Columbus, OH 1,025,000 LOC), 4.940%, 11/1/2007 6,245,000 Green Clinic Management Co. LLC, (Regions Bank, Alabama LOC), 4.920%, 11/1/2007 6,245,000 1,785,000 Grossman Realty LLC, (Series 5), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 1,785,000 920,000 Guilford Capital LLC, (Series 2002 - D), (Regions Bank, Alabama LOC), 4.950%, 11/1/2007 920,000 3,020,000 Guilford Capital LLC, (Series 2002 - E), (Regions Bank, Alabama LOC), 4.950%, 11/1/2007 3,020,000 17,700,000 HD Greenville LLC, (Series 2004), (Regions Bank, Alabama LOC), 4.850%, 11/1/2007 17,700,000 2,130,000 HFS Holdings LLC, (Regions Bank, Alabama LOC), 4.890%, 11/1/2007 2,130,000 710,000 Hamilton Farm Bureau Cooperative, Inc., (Series 1999), (Huntington National Bank, Columbus, 710,000 OH LOC), 4.940%, 11/1/2007 11,950,000 Harris County, GA Development Authority, (Columbus Bank and Trust Co., GA LOC), 4.920%, 11,950,000 11/1/2007 4,180,000 Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY 4,180,000 LOC), 4.960%, 11/6/2007 585,000 Ilsco Corp., (U.S. Bank, N.A. LOC), 4.880%, 11/1/2007 585,000 3,500,000 Indian Hills Country Club, (Series 2000), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 3,500,000 40,500,000 J.P. Morgan Chase & Co., 5.114%, 11/2/2007 40,500,000 5,625,000 Jack W. Kidd, (Series 2003), (First Commercial Bank, Birmingham, AL LOC), 4.980%, 11/1/2007 5,625,000 3,145,000 K & K Management Co., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 5.165%, 3,145,000 11/1/2007 6,716,290 Katie Realty LLC, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 6,716,290 4.910%, 11/2/2007 1,355,000 Kent Capital LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 5.165%, 1,355,000 11/1/2007 184,000,000 1 MONET Trust, (Series 2000-1 Class A-2A), (Dresdner Bank AG, Frankfurt SWP), 5.268%, 184,000,000 12/28/2007 135,000,000 1 MONET Trust, (Series 2000-1 Class A-2B), (Dresdner Bank AG, Frankfurt SWP), 5.268%, 135,000,000 12/28/2007 7,200,000 Maryland IDFA, Avalon Pharmaceutical, Inc., (Series 2003), (Manufacturers & Traders Trust 7,200,000 Co., Buffalo, NY LOC), 4.956%, 11/2/2007 1,370,000 Maryland IDFA, Gen-Vec, Inc. Facility (Series 1999), (Manufacturers & Traders Trust Co., 1,370,000 Buffalo, NY LOC), 4.960%, 11/2/2007 19,835,000 Maryland State Economic Development Corp., Human Genome (Series 1997), (Manufacturers & 19,835,000 Traders Trust Co., Buffalo, NY LOC), 4.960%, 11/6/2007 16,000,000 Maryland State Economic Development Corp., (Series 2001A), Human Genome Sciences, 16,000,000 (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 4.960%, 11/6/2007 9,795,000 McCullough Oil Bond Issue LLC, (Series 2003), (Regions Bank, Alabama LOC), 4.880%, 11/1/2007 9,795,000 24,800,000 Mesivta Yeshiva Rabbi Chaim Berlin, (Series 2005), (Allied Irish Banks PLC LOC), 4.886%, 24,800,000 11/1/2007 10,150,000 Mike Bowden, (Columbus Bank and Trust Co., GA LOC), 4.860%, 11/1/2007 10,150,000 3,940,000 Miller, James & Deborah, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY 3,940,000 LOC), 4.960%, 11/6/2007 9,200,000 Mountain Christian Church, (Series 2003), (Manufacturers & Traders Trust Co., Buffalo, NY 9,200,000 LOC), 4.956%, 11/2/2007 3,000,000 Nassau County, NY IDA, Brush Hollow Project, (Series 2006-A), (Manufacturers & Traders Trust 3,000,000 Co., Buffalo, NY LOC), 4.956%, 11/1/2007 85,000,000 1,2 National Australia Bank Ltd., Melbourne, 5.112%, 11/7/2007 85,000,000 115,000,000 National City Bank, 5.158% - 5.530%, 11/1/2007 - 11/13/2007 115,000,000 4,700,000 Neron Real Estate LLC, (Regions Bank, Alabama LOC), 4.910%, 11/1/2007 4,700,000 2,854,000 Oceana County Freezer Storage, Inc., (Series 1998), (Huntington National Bank, Columbus, OH 2,854,000 LOC), 4.940%, 11/1/2007 900,000 Oceana County Freezer Storage, Inc., (Series 1999), (Huntington National Bank, Columbus, OH 900,000 LOC), 4.940%, 11/1/2007 2,347,500 Orange Beach Marina, Inc., (Regions Bank, Alabama LOC), 4.930%, 11/1/2007 2,347,500 55,000,000 PNC Bank, N.A., 4.995%, 11/19/2007 54,989,784 1,300,000 Palmetto Net, Inc., (National Bank of South Carolina LOC), 5.061%, 11/1/2007 1,300,000 1,015,000 R.M.D.H. Properties LLC, (Huntington National Bank, Columbus, OH LOC), 5.165%, 11/1/2007 1,015,000 8,750,000 River Road Marietta LP, (Series 2006), (Fulton Bank LOC), 4.970%, 11/1/2007 8,750,000 2,980,000 Riverchase Office Road LLC, (First Commercial Bank, Birmingham, AL LOC), 5.010%, 11/1/2007 2,980,000 1,770,000 Roby Co. Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 5.165%, 11/1/2007 1,770,000 145,000,000 1,2 Royal Bank of Canada, Montreal, 5.118%, 11/1/2007 145,000,000 55,000,000 Royal Bank of Canada, Montreal, 5.170%, 11/13/2007 55,000,000 17,245,000 Schuster Enterprises, Inc., (Columbus Bank and Trust Co., GA LOC), 5.165%, 11/1/2007 17,245,000 11,000,000 Sea Island Co., (Columbus Bank and Trust Co., GA LOC), 5.165%, 11/1/2007 11,000,000 7,155,000 Smith Land Improvement Corp., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY 7,155,000 LOC), 4.960%, 11/6/2007 30,000,000 1,2 Societe Generale, Paris, 5.114%, 11/2/2007 30,000,000 3,335,000 Southeastern Partners Realty I, II, III, (Series 2003), (Bank of North Georgia LOC), 5.165%, 3,335,000 11/1/2007 6,455,000 Spencer Cos., Inc., (Series 2001), (First Commercial Bank, Birmingham, AL LOC), 4.956%, 6,455,000 11/1/2007 3,135,000 Stone Creek LLC, (Columbus Bank and Trust Co., GA LOC), 4.920%, 11/1/2007 3,135,000 50,000,000 1,2 Svenska Handelsbanken, Stockholm, 5.061%, 11/13/2007 50,000,000 4,675,000 Tanya K. Nitterhouse, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 4.960%, 4,675,000 11/2/2007 9,705,000 Team Rahal, Inc., (Series 2002), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 9,705,000 4.910%, 11/2/2007 2,695,000 TNT Co., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 4.940%, 11/1/2007 2,695,000 8,440,000 Test Associates, (Series 2002), (Fulton Bank LOC), 4.970%, 11/1/2007 8,440,000 10,000,000 1,2 Union Hamilton Special Purpose Funding LLC, (Series 2007-1 Tranche #1), (GTD by Wachovia 10,000,000 Corp.), 5.238%, 12/21/2007 1,730,000 Vulcan, Inc., (Series 2002), (Regions Bank, Alabama LOC), 4.900%, 11/1/2007 1,730,000 10,155,000 WCN Properties, Inc., (Series 2), (Fulton Bank LOC), 4.970%, 11/1/2007 10,155,000 87,000,000 Wells Fargo & Co., 5.184%, 11/2/2007 87,000,000 6,400,000 West Shore Country Club, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY 6,400,000 LOC), 4.960%, 11/2/2007 136,500,000 1,2 Westpac Banking Corp. Ltd., Sydney, 5.050%, 11/16/2007 136,500,000 100,000,000 Westpac Banking Corp. Ltd., Sydney, 5.785%, 12/11/2007 100,000,000 13,355,000 William Hill Manor, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY 13,355,000 LOC), 4.960%, 11/6/2007 6,405,000 Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY 6,405,000 LOC), 4.950%, 11/7/2007 11,695,000 WLB LLC, (Series 1997), (Columbus Bank and Trust Co., GA LOC), 4.940%, 11/1/2007 11,695,000 4,220,000 WMMT Properties LP, (Series 2003), (FirstMerit Bank, N.A. LOC), 4.900%, 11/1/2007 4,220,000 7,900,000 Yonkers, NY IDA, JME Associates, LLC (Series 2006), (Commerce Bank N.A., Cherry Hill, NJ 7,900,000 LOC), 4.970%, 11/1/2007 8,375,000 York County, PA IDA, (Series 2003-B), 4.900%, 11/1/2007 8,375,000 TOTAL 2,823,873,140 BROKERAGE--4.4% 25,000,000 Goldman Sachs Group, Inc., 5.028%, 11/1/2007 25,000,000 28,000,000 1,2 Goldman Sachs Group, Inc., 5.161%, 11/15/2007 28,000,315 208,500,000 Merrill Lynch & Co., Inc., 5.033% - 5.342%, 11/5/2007 - 11/26/2007 208,500,000 310,000,000 Morgan Stanley, 4.909% - 5.246%, 11/1/2007 - 11/27/2007 310,000,000 90,000,000 1 PYXIS Master Trust, Class 2007-6, (GTD by Merrill Lynch & Co., Inc.), 5.718%, 12/6/2007 90,000,000 TOTAL 661,500,315 FINANCE - RETAIL--2.3% 43,000,000 AFS Insurance Premium Receivables Trust, (Series 1994-A), 5.647%, 11/15/2007 43,000,000 95,000,000 1,2 Compass Securitization LLC, 5.065% - 5.075%, 11/12/2007 94,995,249 217,000,000 1,2 Paradigm Funding LLC, 4.920% - 5.015%, 11/19/2007 - 11/23/2007 216,991,716 TOTAL 354,986,965 FINANCE - SECURITIES--4.5% 150,000,000 1,2 Asscher Finance Corp., 5.339% - 5.538%, 11/15/2007 149,949,043 311,500,000 1,2 K2 (USA) LLC, (GTD by K2 Corp.), 4.815% - 5.538%, 11/1/2007 - 1/22/2008 311,449,152 225,700,000 1,2 Sigma Finance, Inc., (GTD by Sigma Finance Corp.), 4.815% - 5.540%,, 11/1/2007 - 11/19/2007 225,685,059 TOTAL 687,083,254 GOVERNMENT AGENCY--0.0% 4,255,000 Southwest Atlanta E.O.C., Inc., (Series 2006), (FHLB of Atlanta LOC), 4.870%, 11/1/2007 4,255,000 INSURANCE--1.8% 45,000,000 Genworth Life Insurance Co., 5.450%, 11/9/2007 45,000,000 15,000,000 Hartford Life Insurance Co., 5.526%, 11/1/2007 15,000,000 65,000,000 MetLife Insurance Co. of Connecticut, 5.278% - 5.701%, 12/2/2007 - 12/28/2007 65,000,000 25,000,000 Metropolitan Life Insurance Co., 5.341%, 1/2/2008 25,000,000 70,000,000 New York Life Insurance Co., 5.416% - 5.579%, 11/1/2007 70,000,000 45,000,000 1,2 Pacific Life Global Funding, 5.196% - 5.223%, 11/5/2007 - 11/9/2007 45,000,134 TOTAL 265,000,134 TOTAL NOTES - VARIABLE 4,796,698,808 MUTUAL FUND--1.0% 150,000,000 5 AIM Short-Term Investments Co. Liquid Assets Portfolio, 5.021% 150,000,000 TIME DEPOSITS-1.0% BANKING-1.0% 55,000,000 Toronto Dominion Bank, 4.938%, 11/1/2007 55,000,000 95,000,000 WestLB AG, 4.938%, 11/1/2007 95,000,000 TOTAL TIME DEPOSITS 150,000,000 REPURCHASE AGREEMENTS-5.2% 759,016,000 Interest in $5,000,000,000 joint repurchase agreement 4.97%, dated 10/31/2007 under which 759,016,000 Citigroup Global Markets, Inc. will repurchase U.S. Government Agency securities with various maturities to 8/25/2037 for $5,000,690,278 on 11/1/2007. The market value of the underlying securities at the end of the period was $5,122,026,329. 10,000,000 Interest in $130,000,000 joint repurchase agreement 4.40%, dated 10/31/2007 under which J.P. 10,000,000 Morgan Securities Inc. will repurchase U.S. Government Agency securities with various maturities to 1/16/2008 for $130,015,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $132,604,799. 20,000,000 Interest in $100,000,000 joint repurchase agreement 4.48%, dated 10/31/2007 under which UBS 20,000,000 Securities LLC will repurchase U.S. Government Agency securities with various maturities to 10/15/2016 for $100,012,444 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,002,505. TOTAL REPURCHASE AGREEMENTS 789,016,000 TOTAL INVESTMENTS --- 99.6% 15,105,638,869 (AT AMORTIZED COST)6 OTHER ASSETS AND LIABILITIES --- NET --- 0.4% 54,152,874 TOTAL NET ASSETS --- 100% $ 15,159,791,743
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $5,759,937,407, which represented 38.0% of total net assets. 2 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amounted to $5,321,412,679, which represented 35.1% of total net assets. 3 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. 4 Floating rate notes with current rate and next reset date shown. 5 7- Day net yield. 6 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets October 31, 2007. 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. Shares of other mutual funds are valued based upon their reported net asset values. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Trustees, held at October 31, 2007, is as follows: SECURITY ACQUISITION ACQUISITION DATE COST CAL Securitization Trust 2007-1, Class A1, 5.425%, 7/15/2008 6/19/2007 $29,524,728 MONET Trust, (Series 2000-1 Class A-2A), (Dresdner Bank AG, Frankfurt SWP), 5.268%, 12/28/2007 6/1/2005- $184,000,000 3/28/2006 MONET Trust, (Series 2000-1 Class A-2B), (Dresdner Bank AG, Frankfurt SWP), 5.268%, 12/28/2007 6/1/2005- $135,000,000 3/28/2006 PYXIS Master Trust, Class 2007-6, (GTD by Merrill Lynch & Co., Inc.), 5.718%, 12/6/2007 3/6/2007 $90,000,000 The following acronyms are used throughout this portfolio: FGIC --Financial Guaranty Insurance Company FHLB --Federal Home Loan Bank GTD --Guaranteed IDA --Industrial Development Authority IDFA --Industrial Development Finance Authority LOC --Letter of Credit SWP --Swap Agreement TAX-FREE OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
SHORT-TERM MUNICIPALS--103.8%1,2 ALABAMA--7.5% $ 9,860,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Alabama Non-AMT)/(Series 2005-5), Weekly VRDNs $ 9,860,000 (Baldwin County, AL Board of Education)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 4,200,000 Alabama HFA MFH, (2000 Series A:Turtle Lake), Weekly VRDNs (Double Lake Ventures LLC)/(FNMA 4,200,000 LOC), 3.510%, 11/1/2007 500,000 3,4 Alabama State Public School & College Authority, PUTTERs (Series 124), Weekly VRDNs (FGIC 500,000 INS)/(J.P. Morgan Chase & Co. LIQ), 3.490%, 11/1/2007 500,000 Birmingham, AL, Airport Authority, (Series 2003A), Weekly VRDNs (FSA INS)/(Dexia Credit 500,000 Local LIQ), 3.440%, 11/1/2007 7,000,000 Birmingham, AL, Medical Clinic Board, (Series 1991), Weekly VRDNs (University of Alabama 7,000,000 Health System)/(SunTrust Bank LOC), 3.260%, 11/7/2007 25,800,000 Birmingham, AL Medical Clinic Board, (Series 2007-A), Weekly VRDNs (University of Alabama 25,800,000 Health Services Foundation, P.C.)/(Bank of America N.A. LOC), 3.460%, 11/2/2007 7,340,000 3,4 Birmingham, AL, P-Floats (Series EC-1067), VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. 7,340,000 LIQ), 3.540%, 11/1/2007 13,000,000 Birmingham-St. Martin's, AL, Special Care Facilities Financing Authority, (Series 2007), 13,000,000 Weekly VRDNs (St. Martin's In The Pines)/(First Commercial Bank, Birmingham, AL LOC), 3.480%, 11/1/2007 12,985,000 Chelsea Park, AL, Cooperative District, (Series 2005), Weekly VRDNs (Compass Bank, 12,985,000 Birmingham LOC), 3.530%, 11/1/2007 9,700,000 Columbia, AL, IDB, PCR (1995 Series D), Daily VRDNs (Alabama Power Co.), 3.640%, 11/1/2007 9,700,000 4,200,000 Columbia, AL, IDB, PCR (Series 1999-C), Daily VRDNs (Alabama Power Co.), 3.610%, 11/1/2007 4,200,000 4,739,000 Daphne, AL, Special Care Facilities Financing Authority, (Series 1998-A), Weekly VRDNs 4,739,000 (Presbyterian Retirement Corp.)/(AMBAC INS)/(Regions Bank, Alabama LIQ), 3.480%, 11/1/2007 5,512,000 Geneva County, AL, Health Care Authority, Inc., (Series 2001), Weekly VRDNs (Wachovia Bank 5,512,000 N.A. LOC), 3.550%, 11/2/2007 20,200,000 Health Care Authority for Baptist Health, AL, (Series 2006A-2), Weekly VRDNs (MBIA Insurance 20,200,000 Corp. INS)/(Citibank NA, New York LIQ), 3.240%, 11/7/2007 2,100,000 Huntsville, AL, Public Park & Recreation Board, (Series 2002), Weekly VRDNs (YMCA of 2,100,000 Metropolitan Huntsville)/(Wachovia Bank N.A. LOC), 3.550%, 11/2/2007 12,700,000 Jefferson County, AL, Sewer System, Warrants (Series 2003 B-3), Weekly VRDNs (XL Capital 12,700,000 Assurance Inc. INS)/(Bank of New York LIQ), 3.470%, 11/1/2007 79,175,000 Jefferson County, AL, Sewer System, Warrants (Series 2003B-7), Weekly VRDNs (XL Capital 79,175,000 Assurance Inc. INS)/(Lloyds TSB Bank PLC, London LIQ), 3.470%, 11/1/2007 9,175,000 3,4 Jefferson County, AL, Sewer System, Floater Certificates (Series 2000-352), Weekly VRDNs 9,175,000 (FGIC INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 22,700,000 Jefferson County, AL, Sewer System, Warrants (Series 2002 A), Weekly VRDNs (FGIC 22,700,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.470%, 11/1/2007 55,750,000 Jefferson County, AL, Sewer System, Warrants (Series 2002 C-2), Weekly VRDNs (XL Capital 55,750,000 Assurance Inc. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.470%, 11/1/2007 18,700,000 Jefferson County, AL, Sewer System, Warrants (Series 2002 C-4), Weekly VRDNs (XL Capital 18,700,000 Assurance Inc. INS)/(Bank of Nova Scotia, Toronto LIQ), 3.470%, 11/1/2007 66,464,000 Jefferson County, AL, Sewer System, Warrants (Series 2002C-6), Weekly VRDNs (XL Capital 66,464,000 Assurance Inc. INS)/(Societe Generale, Paris LIQ), 3.470%, 11/1/2007 203,150,000 Lower Alabama Gas District, (Series 2007A: Gas Supply Revenue Bonds), Daily VRDNs (Societe 203,150,000 Generale, Paris LIQ), 3.480%, 11/1/2007 360,000 Magnolia Ridge Improvement District, AL, (Series 2002), Weekly VRDNs (Wachovia Bank N.A. 360,000 LOC), 3.550%, 11/2/2007 5,355,000 Marshall County, AL, Special Obligation School Refunding Warrant (Series 1994), Weekly VRDNs 5,355,000 (Marshall County, AL Board of Education)/(Regions Bank, Alabama LOC), 3.450%, 11/1/2007 6,500,000 Mobile, AL, IDB, PCR (Series 1993B), Weekly VRDNs (Alabama Power Co.), 3.470%, 11/1/2007 6,500,000 2,500,000 3,4 Mobile, AL, Class A Certificates (Series 2002-197), Weekly VRDNs (AMBAC INS)/(Bear Stearns & 2,500,000 Co., Inc. LIQ), 3.500%, 11/1/2007 13,000,000 Port City Medical Clinic Board of Mobile, AL, (Series 1998B), Weekly VRDNs (Infirmary Health 13,000,000 System, Inc.)/(AMBAC INS)/(Bank of Nova Scotia, Toronto and KBC Bank N.V. LIQs), 3.460%, 11/1/2007 16,270,000 Southeast Alabama Gas District, (Series 2003B), Weekly VRDNs (XL Capital Assurance Inc. 16,270,000 INS)/(Wachovia Bank N.A. LIQ), 3.550%, 11/1/2007 123,700,000 Southeast Alabama Gas District, (Series 2007A), Daily VRDNs (Southeast Alabama Gas 123,700,000 Acquisition LLC)/(Societe Generale, Paris LIQ), 3.580%, 11/1/2007 4,250,000 Tuscaloosa County, AL, Automotive Corridor IDA, (Series 2002), Weekly VRDNs (MBIA Insurance 4,250,000 Corp. INS)/(Wachovia Bank N.A. LIQ), 3.510%, 11/1/2007 25,000,000 Tuscaloosa County, AL, Port Authority, (Series 2006: Midtown Village), Weekly VRDNs 25,000,000 (Carlyle-Cypress Tuscaloosa I LLC)/(Compass Bank, Birmingham LOC), 3.530%, 11/1/2007 15,000,000 3,4 University of Alabama Board of Trustees, Hospital Revenue (PA-1412), Weekly VRDNs 15,000,000 (University of Alabama at Birmingham)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.580%, 11/1/2007 16,000,000 3,4 University of South Alabama, Solar Eclipse (Series 2007-0023), 3.80% TOBs (AMBAC INS)/(U.S. 16,000,000 Bank, N.A. LIQ), Optional Tender 7/10/2008 TOTAL 823,385,000 ALASKA--0.4% 4,625,000 3,4 Alaska International Airports System, (PT-1397), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & 4,625,000 Co., Inc. LIQ), 3.520%, 11/1/2007 25,800,000 3,4 Alaska State Housing Finance Corp., MERLOTS (Series 1999D), Weekly VRDNs (MBIA Insurance 25,800,000 Corp. INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 15,865,000 3,4 Northern Tobacco Securitization Corp, AK, (MT-279), Weekly VRDNs (Merrill Lynch & Co., Inc. 15,865,000 LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.530%, 11/1/2007 TOTAL 46,290,000 ARIZONA--2.7% 2,900,000 Apache County, AZ, IDA, (Series 1983B), Weekly VRDNs (Tucson Electric Power Co.)/(Bank of 2,900,000 New York LOC), 3.290%, 11/7/2007 1,300,000 Arizona Health Facilities Authority Weekly VRDNs (University Physicians, Inc.)/(JPMorgan 1,300,000 Chase Bank, N.A. LOC), 3.640%, 11/1/2007 6,795,000 3,4 Arizona Health Facilities Authority, (MT-383), Weekly VRDNs (Phoenix Children's 6,795,000 Hospital)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.580%, 11/1/2007 19,995,000 3,4 Arizona Health Facilities Authority, (PT-4169), Weekly VRDNs (Phoenix Children's 19,995,000 Hospital)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.580%, 11/1/2007 2,000,000 Arizona Health Facilities Authority, (Series 2004), Weekly VRDNs (Southwest Behavioral 2,000,000 Health Services, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 3.330%, 11/7/2007 17,510,000 Arizona Health Facilities Authority, (Series 2005B), Weekly VRDNs (Catholic Healthcare 17,510,000 West)/(Bank of America N.A. LOC), 3.250%, 11/7/2007 7,625,000 Arizona Health Facilities Authority, (Series 2006), Weekly VRDNs (La Loma Village)/(Citibank 7,625,000 NA, New York LOC), 3.480%, 11/1/2007 37,325,000 3,4 Arizona Health Facilities Authority, Floater Certificates (Series 2006-1782), Weekly VRDNs 37,325,000 (Banner Health)/(Morgan Stanley LIQ), 3.510%, 11/1/2007 29,995,000 3,4 Arizona Health Facilities Authority, (MT-411), Weekly VRDNs (Phoenix Children's 29,995,000 Hospital)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.530%, 11/1/2007 12,500,000 Arizona School District, COPs (Series 2007), 4.50% TANs, 7/30/2008 12,577,326 5,500,000 3,4 Chandler, AZ, Floater Certificates (Series 2006-1648), Weekly VRDNs (Morgan Stanley LIQ), 5,500,000 3.500%, 11/1/2007 21,360,000 3,4 Downtown Phoenix Hotel Corp., AZ, (Series 2005 FR/RI-K18), Weekly VRDNs (FGIC INS)/ 21,360,000 (Lehman Brothers Holdings, Inc. LIQ), 3.290%, 11/7/2007 19,000,000 Maricopa County, AZ, (Series 2007), Weekly VRDNs (Sun Health Corp.)/(LaSalle Bank, N.A. 19,000,000 LOC), 3.470%, 11/1/2007 35,000,000 3,4 Maricopa County, AZ, IDA, PUTTERs (Series 420), Weekly VRDNs (Catholic Healthcare 35,000,000 West)/(J.P. Morgan Chase & Co. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 3.490%, 11/2/2007 4,675,000 3,4 Phoenix, AZ, Civic Improvement Corp., MACON (Series 2005L), Weekly VRDNs (FGIC INS)/(Bank of 4,675,000 America N.A. LIQ), 3.500%, 11/1/2007 2,000,000 Phoenix, AZ, IDA, (Series 2000), Weekly VRDNs (Copper Palms Apartments)/(FHLMC LOC), 3.250%, 2,000,000 11/7/2007 2,985,000 Phoenix, AZ, IDA, (Series 2002), Weekly VRDNs (Jewell McFarland Lewis Fresh Start Women's 2,985,000 Resource Center)/(Bank of America N.A. LOC), 3.430%, 11/1/2007 5,550,000 Pima County, AZ IDA Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York LOC), 3.290%, 5,550,000 11/7/2007 1,100,000 Pima County, AZ, Unified School District No. 1, (Series C), 4.00% Bonds (FGIC INS), 7/1/2008 1,102,458 13,000,000 3,4 Pinal County, AZ, Electrical District No. 3, MACON Trust (Series 2006 U-1), Weekly VRDNs 13,000,000 (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 3.520%, 11/1/2007 9,300,000 3,4 Salt River Project, AZ, Agricultural Improvement & Power District, (PT-4263), Weekly VRDNs 9,300,000 (Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 12,000,000 3,4 Salt River Project, AZ, Agricultural Improvement & Power District, PUTTERs (Series 2045) 12,000,000 ,Weekly VRDNs (J.P. Morgan Chase & Co. LIQ), 3.490%, 11/1/2007 8,920,000 3,4 Salt River Project, AZ Agricultural Improvement & Power District, PUTTERs (Series 2046), 8,920,000 Weekly VRDNs (J.P. Morgan Chase & Co. LIQ), 3.490%, 11/1/2007 3,345,000 Sierra Vista, AZ, IDA, (Series 2001A), Weekly VRDNs (Mountain Steppes Properties LLC)/ 3,345,000 (FNMA LOC), 3.480%, 11/1/2007 3,675,000 Tucson, AZ, IDA, MFH Revenue Bonds (Series 2002A), Weekly VRDNs (Quality Apartment Living 3,675,000 LLC)/(FNMA LOC), 3.460%, 11/1/2007 6,750,000 Yavapai County, AZ, (Series 2007), Weekly VRDNs (Landesbank Hessen-Thueringen LOC), 3.450%, 6,750,000 11/1/2007 3,000,000 Yavapai, AZ, IDA, (Series 1997B), Weekly VRDNs (Yavapai Regional Medical Center)/(FSA 3,000,000 INS)/(Dexia Credit Local LIQ), 3.450%, 11/1/2007 TOTAL 295,184,784 ARKANSAS--0.1% 10,920,000 Fayetteville, AR, Public Facilities Board, (Series 2002), Weekly VRDNs (Butterfield Trail 10,920,000 Village)/(U.S. Bank, N.A. LOC), 3.460%, 11/1/2007 CALIFORNIA--3.7% 366,500,000 California State, 4.00% RANs, 6/30/2008 367,998,985 8,230,000 3,4 Golden State Tobacco Securitization Corp., CA, (MT-400), Weekly VRDNs (Merrill Lynch & Co., 8,230,000 Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.510%, 11/1/2007 5,395,000 3,4 JPMorgan Chase & Co I-PUTTERs Trust (Series 1711P), Weekly VRDNs (AMBAC, MBIA Insurance 5,395,000 Corp. INS) and JPMorgan Chase Bank, N.A. LIQs), 3.570%, 11/1/2007 24,085,000 3,4 Los Angeles, CA, Unified School District, ROCs (Series 35), Weekly VRDNs (FGIC INS)/ 24,085,000 (Citibank NA, New York LIQ), 3.470%, 11/1/2007 TOTAL 405,708,985 COLORADO--1.4% 9,390,000 Colorado Educational & Cultural Facilities Authority, (Series 2004A), Weekly VRDNs (Fuller 9,390,000 Theological Seminary)/(Key Bank, N.A. LOC), 3.550%, 11/1/2007 2,635,000 Colorado Health Facilities Authority, (Series 1998C-1), Weekly VRDNs (Developmental 2,635,000 Disabilities Center)/(JPMorgan Chase Bank, N.A. LOC), 3.680%, 11/1/2007 350,000 Denver (City & County), CO, 4.25% TOBs (Blake Street Compendium)/(Key Bank, N.A. LOC), 350,000 Optional Tender 12/15/2007 94,575,000 3,4 Denver Urban Renewal Authority, Stapleton Tax Increment Revenue (Series 2007 FR/RI-F9), 94,575,000 Weekly VRDNs (Lehman Brothers Holdings, Inc. SWP), 3.300%, 11/7/2007 7,195,000 3,4 Denver, CO, City & County Airport Authority, (PT-1324), Weekly VRDNs (XL Capital Assurance 7,195,000 Inc. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 14,660,000 3,4 Denver, CO, City & County Airport Authority, MERLOTS (Series 1997E), Weekly VRDNs (MBIA 14,660,000 Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 2,655,000 3,4 E-470 Public Highway Authority, CO, GS Trust (Series 2006-79Z), Weekly VRDNs (MBIA Insurance 2,655,000 Corp. INS)/(Goldman Sachs Group, Inc. LIQ), 3.490%, 11/1/2007 2,800,000 Holland Creek Metropolitan District, CO, (Series 2001), Weekly VRDNs (Bank of America N.A. 2,800,000 LOC), 3.490%, 11/1/2007 7,495,000 3,4 Park Creek Metropolitan District, CO, (PT-1871), Weekly VRDNs (Merrill Lynch & Co., Inc. 7,495,000 LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.630%, 11/1/2007 90,000 University of Colorado Hospital Authority, (Series 2007A), Weekly VRDNs (AMBAC INS) 90,000 /(JPMorgan Chase Bank, N.A. LIQ), 3.250%, 11/7/2007 5,235,000 3,4 University of Colorado, Austin (Series BOA 172), Weekly VRDNs (AMBAC INS)/(Bank of America 5,235,000 N.A. LIQ), 3.500%, 11/1/2007 TOTAL 147,080,000 CONNECTICUT--1.0% 3,600,000 Connecticut State HEFA, (Series B), Weekly VRDNs (University of Bridgeport)/(Bank of Nova 3,600,000 Scotia, Toronto LOC), 3.450%, 11/1/2007 93,095,000 3,4 Connecticut State HEFA, ROCs (Series 9178), Weekly VRDNs (Yale University)/ (Citigroup, Inc. 93,095,000 LIQ), 3.490%, 11/1/2007 14,900,000 Connecticut State Transportation Infrastructure Authority, Weekly VRDNs (FSA INS)/(Bank of 14,900,000 America N.A. LIQ), 3.250%, 11/7/2007 TOTAL 111,595,000 DELAWARE--0.7% 39,350,000 Delaware EDA, (Series 1985A), Weekly VRDNs (Hospital Billing & Collection Service Ltd.)/ 39,350,000 (JPMorgan Chase Bank, N.A. LOC), 3.250%, 11/7/2007 36,900,000 Delaware EDA, (Series 1985C), Weekly VRDNs (Hospital Billing & Collection Service Ltd.)/ 36,900,000 (JPMorgan Chase Bank, N.A. LOC), 3.310%, 11/7/2007 TOTAL 76,250,000 DISTRICT OF COLUMBIA--0.5% 5,100,000 District of Columbia, (Series 1999), Weekly VRDNs (Young Men's Christian Association of 5,100,000 Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/2/2007 4,500,000 District of Columbia, (Series 2000), Weekly VRDNs (Public Welfare Foundation, Inc.)/ 4,500,000 (SunTrust Bank LOC), 3.440%, 11/7/2007 28,825,000 District of Columbia, (Series 2001C), Weekly VRDNs (FGIC INS)/(Morgan Stanley Bank LIQ), 28,825,000 3.270%, 11/7/2007 1,700,000 District of Columbia, (Series 2006), Weekly VRDNs (Washington Center for Internships & 1,700,000 Academic Seminars)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 6,680,000 3,4 District of Columbia, Ball Park Revenue PUTTERs (Series 1325), Weekly VRDNs (FGIC 6,680,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 3,575,000 District of Columbia, Revenue Bonds (Series 1997B), Weekly VRDNs (Association of American 3,575,000 Medical Colleges)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.570%, 11/1/2007 TOTAL 50,380,000 FLORIDA--6.6% 10,995,000 3,4 Alachua County, FL, Health Facilities Authority, (MT-415), Weekly VRDNs (Shands 10,995,000 Healthcare)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.530%, 11/1/2007 5,000,000 3,4 Alachua County, FL, Health Facilities Authority, (PT-3956), Weekly VRDNs (Shands 5,000,000 Healthcare)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.530%, 11/1/2007 15,000,000 Brevard County, FL, School District, (Series 2007), 3.60% TANs, 6/30/2008 15,021,362 5,400,000 Broward County, FL, HFA, (Series 1997), Weekly VRDNs (Jacaranda Village Apartments)/ 5,400,000 (HSBC Bank USA LOC), 3.260%, 11/7/2007 10,000,000 3,4 Citizens Property Insurance Corp. FL, (2007 SGB 67), Weekly VRDNs (MBIA Insurance Corp. 10,000,000 INS)/(Societe Generale, Paris LIQ), 3.500%, 11/1/2007 38,000,000 3,4 Citizens Property Insurance Corp. FL, Floater Certificates (Series 2006-1622), Weekly VRDNs 38,000,000 (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 39,340,000 3,4 Citizens Property Insurance Corp. FL, P-Floats (Series EC-1010), Weekly VRDNs (MBIA 39,340,000 Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 5,100,000 Dade County, FL, IDA, (Series 1985C), Weekly VRDNs (Dolphins Stadium)/(Societe Generale, 5,100,000 Paris LOC), 3.360%, 11/7/2007 19,245,000 Dade County, FL, IDA, (Series 1993), Daily VRDNs (Florida Power & Light Co.), 3.590%, 19,245,000 11/1/2007 14,490,000 Dade County, FL, Water & Sewer System, Weekly VRDNs (FGIC INS)/(Lloyds TSB Bank PLC, London 14,490,000 LIQ), 3.240%, 11/7/2007 5,215,000 3,4 Escambia County, FL, Utilities Authority, (PT-2003), Weekly VRDNs (FGIC INS)/(Merrill Lynch 5,215,000 & Co., Inc. LIQ), 3.580%, 11/1/2007 8,200,000 Florida HFA, (1985 Series YY), Weekly VRDNs (Monterey Meadows Apartments, FL)/(FNMA LOC), 8,200,000 3.470%, 11/1/2007 20,000,000 Florida HFA, (Series 1985-SS), Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., 20,000,000 Chicago, IL LOC), 3.470%, 11/7/2007 7,885,000 Florida Higher Educational Facilities Financing Authority, (Series 2002), Weekly VRDNs (St. 7,885,000 Leo University, FL)/(Regions Bank, Alabama LOC), 3.480%, 11/1/2007 28,130,000 3,4 Florida Hurricane Catastrophe Fund Finance Corp., P-Floats (Series EC-1081), Weekly VRDNs 28,130,000 (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 60,880,000 3,4 Florida State Board of Education Lottery, ROCs (Series 8055), Weekly VRDNs (AMBAC 60,880,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 6,915,000 3,4 Florida State Board of Education, P-Floats (Series EC-1049), VRDNs (Florida State)/ 6,915,000 (Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 18,280,000 3,4 Florida State Board of Education, P-Floats (Series EC-1150), Weekly VRDNs (Florida 18,280,000 State)/(FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 15,210,000 3,4 Florida State Board of Education, PZ-198, Weekly VRDNs (Florida State)/(Merrill Lynch & Co., 15,210,000 Inc. LIQ), 3.490%, 11/1/2007 35,000,000 3,4 Florida State Board of Education, ROCs (Series 7063), Weekly VRDNs (Florida State)/ 35,000,000 (Citigroup, Inc. LIQ), 3.510%, 11/1/2007 7,000,000 3,4 Florida State Department of Environmental Protection, Floater Certificates (Series 2001- 7,000,000 722), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 10,995,000 3,4 Florida State Department of Environmental Protection, PUTTERs (Series 1730), Weekly VRDNs 10,995,000 (AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 26,140,000 3,4 Florida State Turnpike Authority, (Series 2007 FR/RI-K45), Weekly VRDNs (FGIC INS)/ 26,140,000 (Lehman Brothers Holdings, Inc. LIQ), 3.290%, 11/7/2007 5,000,000 3,4 Florida State Turnpike Authority, PUTTERs (Ser 218Z), Weekly VRDNs (FGIC INS)/ 5,000,000 (JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 35,295,000 3,4 Florida State, MERLOTS (Series 2005-A22), 3.78% TOBs (Wachovia Bank N.A. LIQ), Optional 35,295,000 Tender 11/1/2007 295,000 Gulf Breeze, FL, (Series 1985E), Weekly VRDNs (FGIC INS)/(Dexia Credit Local LIQ), 3.450%, 295,000 11/1/2007 14,265,000 Highlands County, FL, Health Facilities Authority, (Series 2006A-1), Weekly VRDNs (Adventist 14,265,000 Health System/Sunbelt Obligated Group)/(FSA INS)/(Dexia Credit Local LIQ), 3.470%, 11/1/2007 46,890,000 JEA, FL, Water & Sewer System, (Series 2007B), Weekly VRDNs (XL Capital Assurance Inc. 46,890,000 INS)/(Fortis Bank SA/NV LIQ), 3.200%, 11/7/2007 4,335,000 Jacksonville, FL, HFDC, Weekly VRDNs (River Garden Project)/(Wachovia Bank N.A. LOC), 4,335,000 3.480%, 11/1/2007 28,300,000 Jacksonville, FL, PCR, (Series 1995), Daily VRDNs (Florida Power & Light Co.), 3.620%, 28,300,000 11/1/2007 7,205,000 Miami, FL, Health Facilities Authority, (Series 2005), Weekly VRDNs (Miami Jewish Home and 7,205,000 Hospital for the Aged, Inc.)/(SunTrust Bank LOC), 3.260%, 11/7/2007 1,270,000 Miami, FL, HFA, Health Facilities Revenue Refunding Bonds (Series 1998), Weekly VRDNs (Mercy 1,270,000 Hospital, FL)/(Bank of America N.A. LOC), 3.260%, 11/7/2007 2,500,000 Miami-Dade County, FL, IDA, (Series 2005), Weekly VRDNs (Palmer Trinity Private School)/(Key 2,500,000 Bank, N.A. LOC), 3.530%, 11/1/2007 9,655,000 3,4 Miami-Dade County, FL Solid Waste System, (PT-2701), Weekly VRDNs (MBIA Insurance Corp. 9,655,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 13,650,000 Miami-Dade County, FL, Water & Sewer Authority, (Series 2005), Weekly VRDNs (FSA 13,650,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.450%, 11/1/2007 9,990,000 3,4 Miami-Dade County, FL, Solar Eclipse (Series 2007-0045), Daily VRDNs (AMBAC INS)/(U.S. Bank, 9,990,000 N.A. LIQ), 3.600%, 11/1/2007 4,000,000 Orange County, FL, IDA, (Series 2000), Weekly VRDNs (Central Florida Kidney Centers, 4,000,000 Inc.)/(SunTrust Bank LOC), 3.440%, 11/7/2007 5,800,000 Orange County, FL, IDA, (Series 2005), Weekly VRDNs (Christian Prison Ministry, Inc.)/ 5,800,000 (Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 16,400,000 Orlando & Orange County Expressway Authority, FL, (Series 2003C-3), Weekly VRDNs (FSA 16,400,000 INS)/(Dexia Credit Local LIQ), 3.400%, 11/1/2007 11,300,000 3,4 Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0145), Weekly VRDNs 11,300,000 (FSA INS)/(Citibank NA, New York LIQ), 3.510%, 11/1/2007 5,500,000 Palm Beach County, FL, (Series 2001), Weekly VRDNs (Hospice of Palm Beach County, 5,500,000 Inc.)/(Northern Trust Co., Chicago, IL LOC), 3.490%, 11/1/2007 16,000,000 Palm Beach County, FL, (Series 2003), Weekly VRDNs (Morse Obligated Group)/(Commerce Bank 16,000,000 N.A., Cherry Hill, NJ LOC), 3.520%, 11/1/2007 6,410,000 Palm Beach County, FL, (Series 2005), Weekly VRDNs (Maltz Jupiter Theatre, Inc.)/(Bank of 6,410,000 New York LOC), 3.480%, 11/1/2007 3,920,000 Pasco County, FL, Educational Facilities Authority, (Series 1999), Weekly VRDNs (St. Leo 3,920,000 University, FL)/(Regions Bank, Alabama LOC), 3.530%, 11/2/2007 4,000,000 Pinellas County, FL, Educational Facilities Authority, (Series 2007), Weekly VRDNs 4,000,000 (Shorecrest Preparatory School)/(Columbus Bank and Trust Co., GA LOC), 3.480%, 11/1/2007 4,500,000 Pinellas County, FL, Educational Facilities Authority, Revenue and Revenue Refunding Bonds 4,500,000 (Series 2007), Weekly VRDNs (Admiral Farragut Academy)/(Columbus Bank and Trust Co., GA LOC), 3.480%, 11/1/2007 8,575,000 St. Lucie County, FL, PCRB, (Series 2000), Daily VRDNs (Florida Power & Light Co.), 3.600%, 8,575,000 11/1/2007 3,800,000 St. Petersburg, FL, HFA, Weekly VRDNs (Florida Blood Services, Inc.)/(Wachovia Bank N.A. 3,800,000 LOC), 3.550%, 11/2/2007 13,290,000 3,4 Tallahassee, FL, Energy System, Solar Eclipse (Series 2007-078), 3.75% TOBs (MBIA Insurance 13,290,000 Corp. INS)/(U.S. Bank, N.A. LIQ), Optional Tender 2/21/2008 2,495,000 3,4 Tampa Bay, FL, Water Utility System, (PA-576), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., 2,495,000 Inc. LIQ), 3.520%, 11/1/2007 10,300,000 3,4 Tampa, FL, Occupational License Tax, PUTTERs (Series 2110), Weekly VRDNs (FGIC 10,300,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 6,500,000 Volusia County, FL, Education Facility Authority, (Series 2001), Weekly VRDNs (Bethune- 6,500,000 Cookman College, Inc.)/(SunTrust Bank LOC), 3.260%, 11/7/2007 7,085,000 3,4 West Palm Beach, FL, SPEARs (DB-335), Weekly VRDNs (MBIA Insurance Corp. INS)/ 7,085,000 (Deutsche Bank AG LIQ), 3.520%, 11/1/2007 TOTAL 720,966,362 GEORGIA--2.6% 24,175,000 Atlanta, GA, Development Authority, (Series 2007A), Weekly VRDNs (Panther Place LLC)/ 24,175,000 (AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 36,000,000 Atlanta, GA, Water & Wastewater, (Series 2006), 3.66% CP (Bank of America N.A., Dexia Credit 36,000,000 Local, JPMorgan Chase Bank, N.A. and Lloyds TSB Bank PLC, London LOCs), Mandatory Tender 11/2/2007 4,760,000 Augusta, GA, HFA, (Series 19998), Weekly VRDNs (Sterling Ridge Apartments)/(Regions Bank, 4,760,000 Alabama LOC), 3.440%, 11/1/2007 8,450,000 Burke County, GA, Development Authority, PCRBs (Series 1994A: Vogtle), Weekly VRDNs 8,450,000 (Oglethorpe Power Corp.)/(FGIC INS)/(Dexia Credit Local LIQ), 3.260%, 11/7/2007 5,000,000 Clayton County, GA, Development Authority, (Series 2007), Weekly VRDNs (DACC Public Purpose 5,000,000 Corporation II)/(Dexia Credit Local LOC), 3.470%, 11/1/2007 5,325,000 Columbus, GA,Development Authority, (Series 2005A), Weekly VRDNs (Foundation Properties, 5,325,000 Inc.)/(Columbus Bank and Trust Co., GA LOC), 3.470%, 11/1/2007 2,000,000 Dalton, GA, Development Authority, (Series 2003B), Weekly VRDNs (Hamilton Medical Center, 2,000,000 Inc.)/(Bank of America N.A. LOC), 3.430%, 11/1/2007 2,000,000 DeKalb County, GA, Development Authority, (Series 2007), Weekly VRDNs (The Paideia School, 2,000,000 Inc.)/(SunTrust Bank LOC), 3.260%, 11/7/2007 6,996,500 3,4 DeKalb County, GA, Water & Sewer, Floater Certificates (Series 2006-1906), Weekly VRDNs (FSA 6,996,500 INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 5,997,000 3,4 DeKalb County, GA, Water & Sewer, Floater Certificates (Series 2006-1907), Weekly VRDNs (FSA 5,997,000 INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 10,620,000 3,4 DeKalb County, GA, Water & Sewer, Solar Eclipse (Series 2006-0074), Weekly VRDNs (FSA 10,620,000 INS)/(U.S. Bank, N.A. LIQ), 3.490%, 11/1/2007 2,800,000 Fulton County, GA, Development Authority, (Series 2001), Weekly VRDNs (Alpharetta Christian 2,800,000 Academy, Inc.)/(Wachovia Bank N.A. LOC), 3.500%, 11/1/2007 9,000,000 Fulton County, GA, Development Authority, (Series 2001), Weekly VRDNs (Trinity School, 9,000,000 Inc.)/(SunTrust Bank LOC), 3.440%, 11/7/2007 4,500,000 Fulton County, GA, Development Authority, (Series 2006), Weekly VRDNs (King's Ridge 4,500,000 Christian School)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 9,055,000 Fulton County, GA, Development Authority, (Series 2006), Weekly VRDNs (Mt. Pisgah Christian 9,055,000 School, Inc.)/(Bank of North Georgia LOC), 3.480%, 11/1/2007 4,200,000 Fulton County, GA, Development Authority, (Series 2006), Weekly VRDNs (The Weber School, 4,200,000 Inc.)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 13,385,000 Gainesville & Hall County, GA, Hospital Authority, (Series 2007B), Weekly VRDNs (Northeast 13,385,000 Georgia Health System, Inc.)/(MBIA Insurance Corp. INS)/(Landesbank Baden-Wuerttemberg LIQ), 3.250%, 11/7/2007 7,555,000 Gainesville & Hall County, GA, Hospital Authority, (Series 2007D), Weekly VRDNs (Northeast 7,555,000 Georgia Health System, Inc.)/(MBIA Insurance Corp. INS)/(Landesbank Baden-Wuerttemberg LIQ), 3.250%, 11/7/2007 6,900,000 Gainesville, GA, Redevelopment Authority, (Series 1999), Weekly VRDNs (Brenau University, 6,900,000 Inc.)/(SunTrust Bank LOC), 3.440%, 11/7/2007 19,040,000 Georgia State Municipal Gas Authority, (Series C), Weekly VRDNs (GTD by Bank of America 19,040,000 N.A., Bayerische Landesbank, JPMorgan Chase Bank, N.A. and Wachovia Bank N.A. LOCs), 3.280%, 11/7/2007 4,000,000 Georgia State Municipal Gas Authority, (Series C), Weekly VRDNs (GTD by Bank of America 4,000,000 N.A., Bayerische Landesbank, JPMorgan Chase Bank, N.A., Landesbank Hessen-Thueringen and Wachovia Bank N.A. LOCs), 3.280%, 11/7/2007 34,880,000 3,4 Georgia State, P-Floats (Series EC-1018), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 34,880,000 3.540%, 11/1/2007 9,185,000 3,4 Georgia State, P-Floats (Series EC-1019), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 9,185,000 3.540%, 11/1/2007 12,265,000 3,4 Georgia State, P-Floats (Series EC-1135), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 12,265,000 3.540%, 11/1/2007 17,230,000 3,4 Georgia State, PUTTERs (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ), 3.490%, 17,230,000 11/1/2007 1,800,000 Heard County, GA, Development Authority, (First Series 1996), Daily VRDNs (Georgia Power 1,800,000 Co.), 3.630%, 11/1/2007 12,400,000 Municipal Electric Authority of Georgia, (Series 1994D), Weekly VRDNs (FSA INS)/(Dexia 12,400,000 Credit Local LIQ), 3.200%, 11/7/2007 2,950,000 3,4 Rockdale County, GA, Water & Sewer, PUTTERs (Series 1342), Weekly VRDNs (FSA INS)/(JPMorgan 2,950,000 Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 5,200,000 Savannah, GA, EDA, (Series 2007), Weekly VRDNs (Savannah Country Day School)/ 5,200,000 (Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 TOTAL 287,668,500 HAWAII--1.0% 7,995,000 3,4 Hawaii State Department of Budget & Finance, GS Trust (Series 2006-4G), Weekly VRDNs (Hawaii 7,995,000 Pacific Health)/(GTD by Goldman Sachs Group, Inc.)/(Goldman Sachs Group, Inc. LIQ), 3.490%, 11/1/2007 14,960,000 3,4 Hawaii State Department of Budget & Finance, PUTTERs (Series 834), Weekly VRDNs (Hawaii 14,960,000 Pacific Health)/(J.P. Morgan Chase & Co. LIQ)/(J.P. Morgan Chase & Co. LOC), 3.490%, 11/1/2007 58,325,000 3,4 Hawaii State Department of Budget & Finance, PUTTERs (Series 835), Weekly VRDNs (Hawaii 58,325,000 Pacific Health)/(J.P. Morgan Chase & Co. LIQ)/(J.P. Morgan Chase & Co. LOC), 3.490%, 11/1/2007 7,050,000 3,4 Hawaii State, P-Floats (Series EC-1016), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. 7,050,000 LIQ), 3.540%, 11/1/2007 9,930,000 3,4 Hawaii State, ROCs (Series 6062), Weekly VRDNs (FSA INS)/(Citigroup, Inc. LIQ), 3.510%, 9,930,000 11/1/2007 9,400,000 3,4 Honolulu, HI, City & County Wastewater System, PUTTERs (Series 1997), Weekly VRDNs (MBIA 9,400,000 Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 4,440,000 3,4 Honolulu, HI City & County, ROCs (Series 4043), Weekly VRDNs (MBIA Insurance Corp. 4,440,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 TOTAL 112,100,000 ILLINOIS--7.0% 14,285,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT)/(Series 2001-31), Weekly VRDNs 14,285,000 (Chicago, IL)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.490%, 11/1/2007 12,410,000 Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 2006), Weekly VRDNs (Covey at 12,410,000 Fox Valley Apartments)/(FNMA LOC), 3.460%, 11/1/2007 6,160,000 3,4 Chicago, IL, Board of Education, MERLOTS (Series 2001-A64), 3.70% TOBs (FGIC INS)/(Wachovia 6,160,000 Bank N.A. LIQ), Optional Tender 2/20/2008 17,835,000 Chicago, IL, Board of Education, (Series 2000D), Weekly VRDNs (FSA INS)/(Dexia Credit Local 17,835,000 LIQ), 3.470%, 11/1/2007 4,000,000 Chicago, IL, Board of Education, (Series 2004C-2), Weekly VRDNs (FSA INS)/(DePfa Bank PLC 4,000,000 LIQ), 3.450%, 11/1/2007 60,400,000 Chicago, IL, Board of Education, (Series 2005D-2), Daily VRDNs (CDC IXIS Financial Guaranty 60,400,000 NA INS)/(DePfa Bank PLC LIQ), 3.640%, 11/1/2007 12,255,000 3,4 Chicago, IL, Board of Education, MERLOTS (Series 2001 A47), Weekly VRDNs (FGIC INS)/(Bank of 12,255,000 New York LIQ), 3.340%, 11/7/2007 15,625,000 3,4 Chicago, IL, Board of Education, MERLOTS (Series 1997E), Weekly VRDNs (AMBAC INS)/(Wachovia 15,625,000 Bank N.A. LIQ), 3.340%, 11/7/2007 10,990,000 3,4 Chicago, IL, Board of Education, PUTTERs (Series 1470), Weekly VRDNs (FSA INS)/ 10,990,000 (JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 32,720,000 3,4 Chicago, IL, Board of Education, PUTTERs (Series 1473), Weekly VRDNs (FSA INS)/ 32,720,000 (JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 13,545,000 3,4 Chicago, IL, O'Hare International Airport, Class A Certificates (Series 7016), Weekly VRDNs 13,545,000 (FGIC INS)/(Bear Stearns & Co., Inc. LIQ), 3.500%, 11/1/2007 20,505,000 3,4 Chicago, IL, O'Hare International Airport, ROCs (Series 6059), Weekly VRDNs (AMBAC 20,505,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 5,250,000 3,4 Chicago, IL, Public Building Commission, ROCs (Series 3000), Weekly VRDNs (Chicago, IL 5,250,000 Transit Authority)/(AMBAC INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 15,645,000 Chicago, IL, Wastewater Transmission, (Series 2004A), Weekly VRDNs (MBIA Insurance Corp. 15,645,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.440%, 11/1/2007 6,805,000 3,4 Chicago, IL, (PT-3112), Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 6,805,000 11/1/2007 10,900,000 3,4 Chicago, IL, (PT-4121), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 10,900,000 11/1/2007 10,340,000 3,4 Chicago, IL, (PT-4122), Weekly VRDNs (AMBAC, FGIC INS) and Merrill Lynch & Co., Inc. LIQs), 10,340,000 3.520%, 11/1/2007 47,255,000 Chicago, IL, (Series 2002B), Weekly VRDNs (FGIC INS)/(DePfa Bank PLC LIQ), 3.460%, 11/1/2007 47,255,000 9,500,000 Chicago, IL, (Series 2005), Weekly VRDNs (Joseph Kellman Community Center)/(Fifth Third 9,500,000 Bank, Cincinnati LOC), 3.460%, 11/1/2007 3,975,000 3,4 Chicago, IL, Austin (Series BOA 171), Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ), 3,975,000 3.500%, 11/1/2007 7,795,000 3,4 Chicago, IL, MERLOTS (Series 2002 A-44), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ), 7,795,000 3.340%, 11/7/2007 20,000,000 3,4 Chicago, IL, MERLOTS (Series 1997 V), Weekly VRDNs (Chicago, IL Water Revenue)/(FGIC 20,000,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 4,640,000 3,4 Chicago, IL, MERLOTS (Series 2000 WWW), Weekly VRDNs (AMBAC INS)/(Bank of New York LIQ), 4,640,000 3.340%, 11/7/2007 6,675,000 3,4 Chicago, IL, MERLOTS (Series 2001 A33), 3.70% TOBs (AMBAC INS)/(Wachovia Bank N.A. LIQ), 6,675,000 Optional Tender 2/20/2008 8,090,000 3,4 Chicago, IL, PUTTERs (Series 1276), Weekly VRDNs (FSA INS)/(JPMorgan Chase Bank, N.A. LIQ), 8,090,000 3.490%, 11/1/2007 32,615,000 3,4 Chicago, IL, PUTTERs (Series 1277), Weekly VRDNs (FSA INS)/(JPMorgan Chase Bank, N.A. LIQ), 32,615,000 3.490%, 11/1/2007 8,800,000 3,4 Chicago, IL, ROCs (Series 10275), Weekly VRDNs (FGIC INS)/(Dexia Credit Local LIQ), 3.500%, 8,800,000 11/1/2007 7,185,000 Crestwood Village, IL, 135th and Cicero Redevelopment (Series 2004), Weekly VRDNs (Fifth 7,185,000 Third Bank, Cincinnati LOC), 3.490%, 11/1/2007 2,775,000 3,4 DuPage & Cook Counties, IL, Community United School District No. 205, ROCs (Series 1073), 2,775,000 Weekly VRDNs (FSA INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 11,545,000 Freeport, IL, (Series 2001), Weekly VRDNs (Freeport Regional Health Care Foundation)/ 11,545,000 (U.S. Bank, N.A. LOC), 3.640%, 11/1/2007 3,900,000 Galesburg, IL, (Series 1996), Weekly VRDNs (Knox College)/(LaSalle Bank, N.A. LOC), 3.470%, 3,900,000 11/1/2007 6,875,000 Hazel Crest, IL, Retirement Center, (Series 1992A), Weekly VRDNs (Waterford Estates)/ 6,875,000 (DePfa Bank PLC LOC), 3.480%, 11/2/2007 2,520,000 Hazel Crest, IL, Retirement Center, (Series 1992A), Weekly VRDNs (Waterford Estates)/ 2,520,000 (DePfa Bank PLC LOC), 3.480%, 11/2/2007 5,665,000 Hopedale Village, IL, (Series 1998), Weekly VRDNs (Hopedale Medical Foundation)/ 5,665,000 (JPMorgan Chase Bank, N.A. LOC), 3.460%, 11/1/2007 2,200,000 Illinois Development Finance Authority IDB, Weekly VRDNs (Burpee Museum of Natural 2,200,000 History)/(JPMorgan Chase Bank, N.A. LOC), 3.680%, 11/1/2007 24,000,000 Illinois Development Finance Authority IDB, Weekly VRDNs (Lyric Opera of Chicago)/(Credit 24,000,000 Agricole S.A., Harris, N.A., JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LOCs), 3.260%, 11/7/2007 1,480,000 Illinois Development Finance Authority IDB, (Series 1997), Weekly VRDNs (Ada S. McKInley 1,480,000 Community Services, Inc.)/(Harris, N.A. LOC), 3.680%, 11/1/2007 22,800,000 Illinois Development Finance Authority PCR, Daily VRDNs (Diamond Star Motors Corp.)/(Key 22,800,000 Bank, N.A. LOC), 3.590%, 11/1/2007 3,700,000 Illinois Development Finance Authority, (Series 2002), Weekly VRDNs (St. Ignatius College 3,700,000 Prep.)/(JPMorgan Chase Bank, N.A. LOC), 3.340%, 11/7/2007 23,300,000 Illinois Finance Authority, (Series 2006), Weekly VRDNs (Chicago Historical Society)/ 23,300,000 (JPMorgan Chase Bank, N.A. LOC), 3.470%, 11/1/2007 2,100,000 Illinois Finance Authority, (Series 2007), Weekly VRDNs (Elgin Academy)/(RBS Citizens Bank 2,100,000 N.A. LOC), 3.350%, 11/7/2007 30,430,000 Illinois Health Facilities Authority, (Series 2001C), Weekly VRDNs (Edward Hospital 30,430,000 Obligated Group)/(FSA INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.270%, 11/7/2007 6,500,000 Illinois Health Facilities Authority, Revolving Fund Pooled Financing Program (Series 6,500,000 1985F), Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 3.270%, 11/7/2007 8,050,000 3,4 Illinois Municipal Electric Agency, PUTTERs (Series 2106), Weekly VRDNs (FGIC INS)/(JPMorgan 8,050,000 Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 9,025,000 3,4 Illinois Sports Facility Authority, (PZ-136), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., 9,025,000 Inc. LIQ), 3.530%, 11/1/2007 10,385,000 3,4 Illinois State Toll Highway Authority, (PT-3477), Weekly VRDNs (FSA INS)/(Merrill Lynch & 10,385,000 Co., Inc. LIQ), 3.520%, 11/1/2007 11,125,000 3,4 Illinois State Toll Highway Authority, PUTTERs (Series 1354), Weekly VRDNs (FSA 11,125,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 35,750,000 3,4 Illinois State Toll Highway Authority, PUTTERs (Series 1355), Weekly VRDNs (FSA 35,750,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 24,950,000 3,4 Kane County, IL, Forest Preserve District, SPEARs (Series DB-258), Weekly VRDNs (FGIC 24,950,000 INS)/(Deutsche Bank AG LIQ), 3.500%, 11/1/2007 8,245,000 3,4 Metropolitan Pier & Exposition Authority, IL, MERLOTS (Series 2000VVV), Weekly VRDNs 8,245,000 (McCormick Place)/(FGIC INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 2,660,000 3,4 Metropolitan Pier & Exposition Authority, IL, PUTTERs (Series 269), Weekly VRDNs (MBIA 2,660,000 Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.500%, 11/1/2007 10,330,000 3,4 Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DB-433), Weekly VRDNs (MBIA 10,330,000 Insurance Corp. INS)/(Deutsche Bank AG LIQ), 3.510%, 11/1/2007 9,755,000 3,4 Regional Transportation Authority, IL, (Series 2001-A73), Weekly VRDNs (MBIA Insurance Corp. 9,755,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 11,650,000 3,4 Regional Transportation Authority, IL, MERLOTS (Series 2001-A69), 3.70% TOBs (MBIA Insurance 11,650,000 Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 10,730,000 3,4 Regional Transportation Authority, IL, MERLOTS (Series 2002-A23), Weekly VRDNs (MBIA 10,730,000 Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 9,855,000 3,4 Regional Transportation Authority, IL, MERLOTS (Series 2002-A24), Weekly VRDNs (MBIA 9,855,000 Insurance Corp. INS)/(Bank of New York LIQ), 3.340%, 11/7/2007 3,745,000 3,4 Regional Transportation Authority, IL, MERLOTS (Series 2001-A86), Weekly VRDNs (FGIC 3,745,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 6,225,000 3,4 University of Illinois, MERLOTS (Series 2001-A88), 3.70% TOBs (AMBAC INS)/ 6,225,000 (Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 9,800,000 3,4 Will County, IL, Community Unit School District No. 365, (PZ-28), Weekly VRDNs (FSA 9,800,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.530%, 11/1/2007 6,635,000 3,4 Will County, IL, Community Unit School District No. 365, MERLOTS (Series 2007 D2), Weekly 6,635,000 VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 TOTAL 764,905,000 INDIANA--2.8% 18,615,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Indiana Non-AMT)/(Series 2002-7), Weekly VRDNs 18,615,000 (Indianapolis, IN Local Public Improvement Bond Bank)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.490%, 11/1/2007 3,910,000 Anderson, IN, (Series 2000), Weekly VRDNs (United Faith Housing Corp.)/(National City Bank 3,910,000 LOC), 3.580%, 11/1/2007 8,410,000 3,4 Brownsburg, IN, School Building Corp., (PT-2650), Weekly VRDNs (FSA INS)/(Merrill Lynch & 8,410,000 Co., Inc. LIQ), 3.520%, 11/1/2007 10,000,000 Carmel Clay Schools, IN, 4.00% TANs, 12/28/2007 10,004,826 14,500,000 Elkhart, IN, Community Schools, 4.00% TANs, 12/31/2007 14,505,828 15,315,000 Frankfort, IN, EDA, (Series 2004), Weekly VRDNs (Wesley Manor, Inc.)/(KBC Bank N.V. LOC), 15,315,000 3.480%, 11/1/2007 12,105,000 3,4 Indiana Bond Bank, MERLOTS (Series 2001 - A119), 3.70% TOBs (Indiana State Revolving Fund 12,105,000 Program)/(Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 20,000,000 Indiana Development Finance Authority, (Series 2001), Weekly VRDNs (Indianapolis Museum of 20,000,000 Art, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 3.260%, 11/7/2007 30,400,000 Indiana Development Finance Authority, (Series 2004), Weekly VRDNs (Indianapolis Museum of 30,400,000 Art, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 3.260%, 11/7/2007 7,125,000 3,4 Indiana Health & Educational Facility Financing Authority, (PA-1408), Weekly VRDNs (Clarian 7,125,000 Health Obligated Group)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.580%, 11/1/2007 6,000,000 Indiana Health & Educational Facility Financing Authority, (Series 2006), Weekly VRDNs 6,000,000 (Marian College, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 3.450%, 11/1/2007 320,000 Indiana Health Facility Financing Authority Weekly VRDNs (Crossroads Rehabilitation 320,000 Center)/(JPMorgan Chase Bank, N.A. LOC), 3.830%, 11/1/2007 7,515,000 Indiana Health Facility Financing Authority, (Series 2003), Weekly VRDNs (Dunn Memorial 7,515,000 Hospital Board of Trustees)/(Fifth Third Bank, Cincinnati LOC), 3.510%, 11/1/2007 12,365,000 Indiana Health Facility Financing Authority, (Series 2003), Weekly VRDNs (Major Hospital 12,365,000 Board of Trustees)/(JPMorgan Chase Bank, N.A. LOC), 3.470%, 11/1/2007 5,750,000 Indiana Health Facility Financing Authority, (Series 2004), Weekly VRDNs (Riverview 5,750,000 Hospital)/(National City Bank LOC), 3.460%, 11/1/2007 18,130,000 3,4 Indiana Transportation Finance Authority, MERLOTS (Series 2007 C78), Weekly VRDNs (FGIC 18,130,000 INS)/(Bank of New York LIQ), 3.340%, 11/7/2007 5,195,000 3,4 Indiana Transportation Finance Authority, ROCs (Series 2045), Weekly VRDNs (FSA 5,195,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 36,470,000 3,4 Indianapolis, IN, Local Public Improvement Bond Bank, Class A Certificates (Series 2002- 36,470,000 193), Daily VRDNs (MBIA Insurance Corp. INS)/(Bear Stearns & Co., Inc. LIQ), 3.600%, 11/1/2007 7,000,000 Indianapolis, IN, (Series 2000, Marquette Manor Project), Weekly VRDNs (Retirement Living, 7,000,000 Inc.)/(Allied Irish Banks PLC LOC), 3.530%, 11/1/2007 2,075,000 Indianapolis, IN, EDRB (Series 2001), Weekly VRDNs (Indianapolis Electrical Joint 2,075,000 Apprenticeship and Training Committee)/(National City Bank LOC), 3.510%, 11/1/2007 24,025,000 Lawrence, IN, EDR Board, (Series 2002), Weekly VRDNs (Westminster Village North, 24,025,000 Inc.)/(Fifth Third Bank, Cincinnati LOC), 3.480%, 11/1/2007 1,585,000 Linton, IN, (Series 1999), Weekly VRDNs (Franklin-Glenburn Home, Inc.)/(Fifth Third Bank, 1,585,000 Cincinnati LOC), 3.610%, 11/1/2007 1,825,000 St. Joseph County, IN, (Series 1998), Weekly VRDNs (South Bend Heritage Foundation, 1,825,000 Inc.)/(Key Bank, N.A. LOC), 3.330%, 11/7/2007 7,865,000 St. Joseph County, IN, (Series 2000), Weekly VRDNs (South Bend Medical Foundation)/ 7,865,000 (National City Bank LOC), 3.510%, 11/1/2007 4,000,000 Vigo County, IN, EDA, (Series 2001), Weekly VRDNs (Sisters of Providence of Saint Mary's of 4,000,000 the Woods)/(Allied Irish Banks PLC LOC), 3.530%, 11/1/2007 16,400,000 3,4 Warren Township MSD, IN, MERLOTS (Series 2001 A-52), Weekly VRDNs (FGIC INS)/(Bank of New 16,400,000 York LIQ), 3.340%, 11/7/2007 6,900,000 Winona Lake, IN, EDRB, (Series 2006), Weekly VRDNs (Grace Village Retirement 6,900,000 Community)/(Fifth Third Bank, Cincinnati LOC), 3.500%, 11/1/2007 TOTAL 303,810,654 KANSAS--0.1% 10,195,000 Unified Government of Wyandotte County/Kansas City, KS, (Series 1993), Weekly VRDNs (Wood 10,195,000 View Apartments)/(FHLMC LOC), 3.480%, 11/1/2007 KENTUCKY--0.4% 4,275,000 Henderson County, KY, (Series 2003B), Weekly VRDNs (Community United Methodist Hospital, 4,275,000 Inc.)/(Fifth Third Bank, Cincinnati LOC), 3.450%, 11/2/2007 7,500,000 Jefferson County, KY, (Series 1997), Weekly VRDNs (Kosmos Cement Co. Partnership)/ 7,500,000 (Wachovia Bank N.A. LOC), 3.500%, 11/1/2007 11,900,000 Kentucky EDFA, (Series 1999B), Weekly VRDNs (Baptist Healthcare System)/(MBIA Insurance 11,900,000 Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.250%, 11/7/2007 10,000,000 Kentucky EDFA, (Series 2007), Weekly VRDNs (Christian Care Communities, Inc.)/(National City 10,000,000 Bank LOC), 3.450%, 11/1/2007 7,170,000 3,4 Louisville & Jefferson County, KY Metropolitan Government, ROCs (Series 651CE), Weekly VRDNs 7,170,000 (Norton Healthcare, Inc.)/(Citibank NA, New York LIQ)/(Citibank NA, New York LOC), 3.510%, 11/1/2007 TOTAL 40,845,000 LOUISIANA--1.0% 16,490,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Louisiana Non-AMT), (Series 2002-17), Weekly VRDNs 16,490,000 (Louisiana State Gas & Fuels)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 22,000,000 3,4 Jefferson Parish, LA, Hospital Service District No. 1, PUTTERs (Series 522), Weekly VRDNs 22,000,000 (J.P. Morgan Chase & Co. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 3.490%, 11/1/2007 8,000,000 Louisiana Local Government Environmental Facilities Community Development Authority, (Series 8,000,000 2001), Weekly VRDNs (Jewish Federation of Greater New Orleans)/(SunTrust Bank LOC), 3.310%, 11/7/2007 4,000,000 Louisiana Local Government Environmental Facilities Community Development Authority, (Series 4,000,000 2004), Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(SunTrust Bank LOC), 3.310%, 11/7/2007 3,350,000 Louisiana Local Government Environmental Facilities Community Development Authority, (Series 3,350,000 2004), Weekly VRDNs (The Christ Episcopal Church in Covington)/(SunTrust Bank LOC), 3.310%, 11/7/2007 25,000,000 Louisiana Public Facilities Authority, Daily VRDNs (Air Products & Chemicals, Inc.), 3.570%, 25,000,000 11/7/2007 26,000,000 3,4 Louisiana State Gas & Fuels, ROCs (Series 660), Weekly VRDNs (FGIC INS)/(Citibank NA, New 26,000,000 York LIQ), 3.510%, 11/1/2007 6,275,000 3,4 Louisiana State, (MT-190), Weekly VRDNs (MBIA Insurance Corp. INS)/(Landesbank Hessen- 6,275,000 Thueringen LIQ), 3.520%, 11/1/2007 1,815,000 3,4 Louisiana State, MERLOTS (Series 2006-C4), Weekly VRDNs (FSA INS)/(Bank of New York LIQ), 1,815,000 3.340%, 11/7/2007 TOTAL 112,930,000 MAINE--0.1% 8,000,000 Westbrook, ME, 4.00% BANs, 6/30/2008 8,016,982 MARYLAND--1.4% 7,380,000 Baltimore County, MD, Weekly VRDNs (Calvert Hall College)/(Manufacturers & Traders Trust 7,380,000 Co., Buffalo, NY LOC), 3.480%, 11/2/2007 2,885,000 Baltimore County, MD, (Series 1999), Weekly VRDNs (Calvert Hall College)/(Manufacturers & 2,885,000 Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/2/2007 3,300,000 Baltimore County, MD, (Series 2004), Weekly VRDNs (Quail Ridge Apartments)/(FNMA LOC), 3,300,000 3.450%, 11/1/2007 2,530,000 3,4 Baltimore County, MD, P-Floats (Series EC-1097), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & 2,530,000 Co., Inc. LIQ), 3.540%, 11/1/2007 8,700,000 Frederick County, MD, (1997 Issue), Weekly VRDNs (Homewood at Frederick MD, Inc. 8,700,000 Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.530%, 11/6/2007 4,605,000 Howard County, MD, (Series 1995), Weekly VRDNs (Bluffs at Clarys Forest 4,605,000 Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/6/2007 1,305,000 Howard County, MD, (Series 1999), Weekly VRDNs (Howard Development LP 1,305,000 Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.530%, 11/2/2007 3,505,000 Maryland State Economic Development Corp., (1997 Issue), Weekly VRDNs (Jenkins Memorial 3,505,000 Nursing Home, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.460%, 11/6/2007 800,000 Maryland State Economic Development Corp., (Series 2003), Weekly VRDNs (YMCA of Central 800,000 Maryland, Inc.)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 1,950,000 Maryland State Economic Development Corp., (Series 2006), Weekly VRDNs (YMCA of Central 1,950,000 Maryland, Inc.)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 1,599,500 Maryland State Health & Higher Educational Facilities Authority, Weekly VRDNs (Capitol 1,599,500 College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/6/2007 7,100,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1994), Weekly VRDNs 7,100,000 (University Physicians, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.310%, 11/7/2007 315,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1998), Weekly VRDNs 315,000 (Woodbourne Center, Inc.)/(PNC Bank, N.A. LOC), 3.480%, 11/6/2007 4,825,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1999), Weekly VRDNs 4,825,000 (Boys' Latin School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/2/2007 4,700,000 Maryland State Health & Higher Educational Facilities Authority, (Series 1999), Weekly VRDNs 4,700,000 (Landon School)/(SunTrust Bank LOC), 3.430%, 11/1/2007 4,675,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2003B), Weekly 4,675,000 VRDNs (Adventist HealthCare, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.450%, 11/2/2007 3,000,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2004), Weekly VRDNs 3,000,000 (Annapolis Life Care, Inc.)/(Citizens Bank of Pennsylvania LOC), 3.450%, 11/1/2007 9,500,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2006), Weekly VRDNs 9,500,000 (Severn School, Inc.)/(PNC Bank, N.A. LOC), 3.460%, 11/1/2007 5,300,000 Maryland State Health & Higher Educational Facilities Authority, (Series 2006E), Weekly 5,300,000 VRDNs (University of Maryland Medical System)/(FGIC INS)/(Dexia Credit Local LIQ), 3.430%, 11/1/2007 7,690,000 Maryland State Health & Higher Educational Facilities Authority, Series 1997 Weekly VRDNs 7,690,000 (Augsburg Lutheran Home of MD, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/7/2007 400,000 Maryland State IDFA, (Series 2005), Weekly VRDNs (Baltimore International College, Inc.)/ 400,000 (Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 8,480,000 Maryland State IDFA, (Series 2005), Weekly VRDNs (McDonogh School, Inc.)/ 8,480,000 (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/2/2007 16,600,000 3,4 Maryland State, P-Floats (Series EC-1030), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 16,600,000 3.540%, 11/1/2007 19,785,000 3,4 Maryland State, P-Floats (Series EC-1072), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.540%, 19,785,000 11/1/2007 6,565,000 Montgomery County, MD EDA, (Series 2002), Weekly VRDNs (Institute for Genomic Research, 6,565,000 Inc.)/(Bank of America N.A. LOC), 3.430%, 11/1/2007 850,000 Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I), Weekly VRDNs 850,000 (Byron House, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.530%, 11/6/2007 9,000,000 3,4 Montgomery County, MD, P-Floats (Series EC-1062), VRDNs (Merrill Lynch & Co., Inc. LIQ), 9,000,000 3.540%, 11/1/2007 2,000,000 Prince Georges County, MD, (1997 Issue), Weekly VRDNs (Mona Branch Avenue Ltd. 2,000,000 Partnership)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.580%, 11/6/2007 6,750,000 3,4 Prince Georges County, MD, P-Floats (Series EC-1143), Weekly VRDNs (Merrill Lynch & Co., 6,750,000 Inc. LIQ), 3.540%, 11/1/2007 TOTAL 156,094,500 MASSACHUSETTS--2.7% 9,827,000 3,4 Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT), (Series 2000-2), 3.73% TOBs 9,827,000 (Massachusetts Turnpike Authority)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ), Mandatory Tender 1/1/2008 4,390,000 Commonwealth of Massachusetts, Consolidated Loan (Series 2006A), Daily VRDNs (Dexia Credit 4,390,000 Local LIQ), 3.640%, 11/1/2007 50,416,000 Commonwealth of Massachusetts, Consolidated Loan (Series 2006B), Daily VRDNs (Bank of 50,416,000 America N.A. LIQ), 3.640%, 11/1/2007 27,893,000 Gloucester, MA, 4.00% BANs, 9/19/2008 28,007,103 15,170,000 Massachusetts HEFA, (Series 2004F), Weekly VRDNs (Winchester Hospital)/(Bank of America N.A. 15,170,000 LOC), 3.490%, 11/7/2007 4,685,000 Massachusetts HEFA, (Series 2004G), Weekly VRDNs (Winchester Hospital)/(Bank of America N.A. 4,685,000 LOC), 3.490%, 11/7/2007 8,000,000 Massachusetts HEFA, (Series EE), 3.68% CP (Harvard University), Mandatory Tender 12/13/2007 8,000,000 5,640,000 Massachusetts IFA, (Series 1995), Weekly VRDNs (Goddard House)/(Bank of America N.A. LOC), 5,640,000 3.470%, 11/1/2007 2,450,000 3,4 Massachusetts Municipal Wholesale Electric Co., Floater Certificates (Series 2001-674), 2,450,000 Weekly VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ), 3.490%, 11/1/2007 11,200,000 Massachusetts School Building Authority, (Series A), 3.70% CP (Bank of Nova Scotia, Toronto 11,200,000 LOC), Mandatory Tender 11/6/2007 45,980,000 3,4 Massachusetts School Building Authority, PUTTERs (Series 2038), Weekly VRDNs (AMBAC 45,980,000 INS)/(J.P. Morgan Chase & Co. LIQ), 3.490%, 11/1/2007 8,000,000 Massachusetts State Development Finance Agency, (Series 2000), Weekly VRDNs (Wentworth 8,000,000 Institute of Technology, Inc.)/(AMBAC INS)/(State Street Bank and Trust Co. LIQ), 3.480%, 11/1/2007 18,595,000 Massachusetts State Development Finance Agency, (Series 2002), Weekly VRDNs (Gordon 18,595,000 College)/(RBS Citizens Bank N.A. LOC), 3.480%, 11/1/2007 3,200,000 Massachusetts State Development Finance Agency, (Series 2002A), Weekly VRDNs (Assumption 3,200,000 College)/(Bank of New York LOC), 3.320%, 11/7/2007 14,595,000 Massachusetts State Development Finance Agency, (Series 2003), Weekly VRDNs (Boston College 14,595,000 High School)/(RBS Citizens Bank N.A. LOC), 3.320%, 11/7/2007 4,910,000 Massachusetts State Development Finance Agency, (Series 2005), Weekly VRDNs (ISO New 4,910,000 England, Inc.)/(Key Bank, N.A. LOC), 3.460%, 11/1/2007 8,800,000 Massachusetts State Development Finance Agency, (Series 2006), Weekly VRDNs (Marine 8,800,000 Biological Laboratory)/(JPMorgan Chase Bank, N.A. LOC), 3.480%, 11/1/2007 42,860,000 3,4 Massachusetts Water Resources Authority, Class A Certificates (Series 2002-208), Daily VRDNs 42,860,000 (FSA INS)/(Bear Stearns & Co., Inc. LIQ), 3.600%, 11/1/2007 10,000,000 Weymouth, MA, 4.00% BANs, 9/18/2008 10,039,030 TOTAL 296,764,133 MICHIGAN--3.7% 12,000,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT), (Series 2003-3), Weekly VRDNs 12,000,000 (Detroit, MI Water Supply System)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 2,655,000 3,4 Allen Park, MI, Public School District, ROCs (Series 4007), Weekly VRDNs (GTD by Michigan 2,655,000 State)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 4,800,000 3,4 Detroit, MI, City School District, (PT-1844), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., 4,800,000 Inc. LIQ), 3.510%, 11/1/2007 14,380,000 3,4 Detroit, MI, City School District, MERLOTS (Series 2000 A8), 3.70% TOBs (FGIC INS)/(Wachovia 14,380,000 Bank N.A. LIQ), Optional Tender 2/20/2008 8,480,000 3,4 Detroit, MI, City School District, MERLOTS (Series 2006-B27), Weekly VRDNs (FSA 8,480,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 24,070,000 3,4 Detroit, MI, City School District, Solar Eclipse Certificates (Series 2006-0001), 3.65% TOBs 24,070,000 (FSA INS)/(U.S. Bank, N.A. LIQ), Optional Tender 3/6/2008 3,620,000 3,4 Detroit, MI, City School District, Variable Certificates (Series 2002H), Weekly VRDNs (FSA 3,620,000 INS)/(Bank of America N.A. LIQ), 3.500%, 11/1/2007 14,125,000 3,4 Detroit, MI, Sewage Disposal System, MERLOTS (Series 2000-I), Weekly VRDNs (FGIC 14,125,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 9,425,000 3,4 Detroit, MI, Sewage Disposal System, ROCs (Series 903), Weekly VRDNs (MBIA Insurance Corp. 9,425,000 INS)/(Citibank NA, New York LIQ), 3.510%, 11/1/2007 4,260,000 3,4 Detroit, MI, Sewage Disposal System, Variable Certificates (Series 2002G), Weekly VRDNs 4,260,000 (FGIC INS)/(Bank of America N.A. LIQ), 3.500%, 11/1/2007 16,080,000 3,4 Detroit, MI, Water Supply System, (PT-3579), Weekly VRDNs (FGIC Securities Purchase, Inc., 16,080,000 FSA, MBIA Insurance Corp. INS) and Merrill Lynch & Co., Inc. LIQs), 3.510%, 11/1/2007 4,995,000 3,4 Detroit, MI, Water Supply System, (PT-3903), Weekly VRDNs (MBIA Insurance Corp. 4,995,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.510%, 11/1/2007 10,000,000 3,4 Detroit, MI, Water Supply System, MERLOTS (Series 2000 D), Weekly VRDNs (FGIC INS)/(Wachovia 10,000,000 Bank N.A. LIQ), 3.340%, 11/7/2007 14,360,000 3,4 Grand Rapids & Kent County, MI Joint Building Authority, (Series 2001-JPMC7), Weekly VRDNs 14,360,000 (Kent County, MI)/(J.P. Morgan Chase & Co. LIQ), 3.340%, 11/7/2007 22,850,000 Grand Rapids, MI EDR, (Series 2007), Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 3.470%, 22,850,000 11/1/2007 4,400,000 Grand Valley, MI, State University, (Series 2003), Weekly VRDNs (XL Capital Assurance Inc. 4,400,000 INS)/(Fifth Third Bank, Cincinnati LIQ), 3.470%, 11/1/2007 6,800,000 Jackson County, MI, Economic Development Corp., (Series 2001A), Daily VRDNs (Vista Grande 6,800,000 Villa)/(LaSalle Bank, N.A. LOC), 3.580%, 11/1/2007 3,200,000 Jackson County, MI, Hospital Finance Authority, (Series 2006B), Weekly VRDNs (W.A. Foote 3,200,000 Memorial Hospital, MI)/(Assured Guaranty Corp. INS)/(Bank of Nova Scotia, Toronto LIQ), 3.450%, 11/1/2007 8,995,000 3,4 Kent County, MI, Airport Revenue, (Series 1998-118), Weekly VRDNs (Kent County, MI)/(Morgan 8,995,000 Stanley LIQ), 3.500%, 11/1/2007 1,000,000 Kent Hospital Finance Authority, MI, (Series 1998B), Weekly VRDNs (Spectrum Health)/(MBIA 1,000,000 Insurance Corp. INS)/(DePfa Bank PLC LIQ), 3.240%, 11/7/2007 17,060,000 Macomb County, MI, Hospital Finance Authority, (Series 2003A-1), Daily VRDNs (Mt. Clemens 17,060,000 General Hospital)/(Comerica Bank LOC), 3.590%, 11/1/2007 200,000 Michigan Higher Education Facilities Authority, (Series 2007B), Weekly VRDNs (Calvin 200,000 College)/(JPMorgan Chase Bank, N.A. LOC), 3.450%, 11/2/2007 25,000,000 Michigan Municipal Bond Authority, (Series 2007B), 4.50% RANs (Bank of Nova Scotia, Toronto 25,158,108 LOC), 8/20/2008 6,630,000 3,4 Michigan State Building Authority, (PZ-140), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., 6,630,000 Inc. LIQ), 3.530%, 11/1/2007 6,465,000 3,4 Michigan State Building Authority, GS Trust (Series 2007-34Z), Weekly VRDNs (FGIC 6,465,000 INS)/(Goldman Sachs Group, Inc. LIQ), 3.490%, 11/1/2007 6,000,000 3,4 Michigan State Building Authority, ROCs 7039, Weekly VRDNs (FGIC INS)/(Citigroup, Inc. LIQ), 6,000,000 3.520%, 11/1/2007 5,000,000 Michigan State Hospital Finance Authority, (Series 1999 A), Weekly VRDNs (Covenant 5,000,000 Retirement Communities, Inc.)/(LaSalle Bank, N.A. LOC), 3.430%, 11/1/2007 2,800,000 Michigan State Hospital Finance Authority, (Series B), Weekly VRDNs (LaSalle Bank Midwest, 2,800,000 N.A. LOC), 3.510%, 11/7/2007 7,500,000 Michigan State Hospital Finance Authority, (Series C), Weekly VRDNs (Fifth Third Bank, 7,500,000 Cincinnati LOC), 3.330%, 11/7/2007 9,500,000 Michigan State Hospital Finance Authority, (Series C), Weekly VRDNs (Fifth Third Bank, 9,500,000 Cincinnati LOC), 3.330%, 11/7/2007 18,150,000 3,4 Michigan State Hospital Finance Authority, MERLOTS (Series 1997A), Weekly VRDNs (Detroit 18,150,000 Medical Center Obligated Group)/(AMBAC INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 8,595,000 Michigan State Housing Development Authority, (Series 2002A), Weekly VRDNs (Ponds Taylor 8,595,000 Limited Dividend Housing Association LLC)/(FNMA LOC), 3.440%, 11/1/2007 125,000 Michigan State Strategic Fund Weekly VRDNs (Peckham Vocational ISD)/(LaSalle Bank, N.A. 125,000 LOC), 3.580%, 11/7/2007 17,830,000 Michigan State Strategic Fund, (Series 2003), Weekly VRDNs (Lutheran Social Services of 17,830,000 Michigan)/(Comerica Bank LOC), 3.470%, 11/1/2007 1,870,000 Michigan State Strategic Fund, (Series 2005), Weekly VRDNs (Detroit Public Television)/ 1,870,000 (Comerica Bank LOC), 3.480%, 11/1/2007 4,340,000 3,4 Michigan State, (PT-2021), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.510%, 11/1/2007 4,340,000 23,530,000 3,4 Michigan State, Grant Anticipation Bonds PUTTERs (Series 2097), Weekly VRDNs (FSA INS)/(J.P. 23,530,000 Morgan Chase & Co. LIQ), 3.490%, 11/1/2007 56,080,000 3,4 Michigan State, Grant Anticipation Bonds PUTTERs (Series 2099), Weekly VRDNs (FSA 56,080,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 TOTAL 407,328,108 MINNESOTA--2.9% 13,000,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Minnesota Non-AMT), (Series 2000-8), Weekly VRDNs 13,000,000 (Minneapolis/St. Paul, MN Metropolitan Airports Commission)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.480%, 11/1/2007 2,190,000 Apple Valley, MN, IDRB (Series 1995), Weekly VRDNs (AV Development Co.)/(U.S. Bank, N.A. 2,190,000 LOC), 3.550%, 11/1/2007 44,815,000 3,4 Becker, MN, (Series 2005 FR/RI-FP12), Weekly VRDNs (Northern States Power Co., MN)/(Lehman 44,815,000 Brothers Holdings, Inc. SWP), 3.540%, 11/1/2007 4,725,000 3,4 Becker, MN, (Series 2005 FR/RI-FP13), Weekly VRDNs (Northern States Power Co., MN)/(Lehman 4,725,000 Brothers Holdings, Inc. SWP), 3.540%, 11/1/2007 28,785,000 3,4 Becker, MN, (Series 2006 FR/RI-FP1), Weekly VRDNs (Northern States Power Co., MN)/(Lehman 28,785,000 Brothers Holdings, Inc. SWP), 3.540%, 11/1/2007 7,200,000 Center City, MN, (Series 2000), Weekly VRDNs (Hazelden Foundation)/(Allied Irish Banks PLC 7,200,000 LOC), 3.460%, 11/1/2007 2,700,000 Center City, MN, (Series 2002), Weekly VRDNs (Hazelden Foundation)/(Allied Irish Banks PLC 2,700,000 LOC), 3.460%, 11/1/2007 4,550,000 Cohasset, MN, (Series 2000), Weekly VRDNs (Minnesota Power, Inc.)/(LaSalle Bank, N.A. LOC), 4,550,000 3.450%, 11/1/2007 2,075,000 3,4 Elk River, MN, ISD No. 728, PUTTERs (Series 1275), Weekly VRDNs (FSA INS)/ 2,075,000 (JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 4,425,000 Mendota Heights, MN, (Series 1999), Weekly VRDNs (St. Thomas Academy)/(Allied Irish Banks 4,425,000 PLC LOC), 3.450%, 11/1/2007 12,195,000 Minneapolis, MN, Health Care System, (Series 2005A), Weekly VRDNs (Fairview Health 12,195,000 Services)/(AMBAC INS)/(Citibank NA, New York LIQ), 3.250%, 11/7/2007 15,600,000 Minneapolis, MN, Health Care System, (Series 2005B), Weekly VRDNs (Fairview Health 15,600,000 Services)/(AMBAC INS)/(Royal Bank of Canada, Montreal LIQ), 3.250%, 11/7/2007 2,600,000 Minneapolis, MN, (Series 1994), Weekly VRDNs (Minnehaha/Lake Partners)/(U.S. Bank, N.A. 2,600,000 LOC), 3.540%, 11/1/2007 10,000,000 Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988), Weekly VRDNs 10,000,000 (Symphony Place)/(FHLMC LOC), 3.440%, 11/1/2007 12,665,000 3,4 Minneapolis/St. Paul, MN, Metropolitan Airports Commission, Class A Certificates (Series 12,665,000 2007-291), Weekly VRDNs (AMBAC INS)/(Bear Stearns & Co., Inc. LIQ), 3.510%, 11/1/2007 13,250,000 3,4 Minneapolis/St. Paul, MN, Metropolitan Airports Commission, SGA 127 (Series 2001), Weekly 13,250,000 VRDNs (FGIC INS)/(Societe Generale, Paris LIQ), 3.320%, 11/7/2007 3,620,000 Minnesota Agricultural and Economic Development Board, (Series 1996, Weekly VRDNs 3,620,000 (Evangelical Lutheran Good Samaritan Society)/(Allied Irish Banks PLC LOC), 3.480%, 11/1/2007 8,295,000 3,4 Minnesota Public Facilities Authority, (PT-4208), Weekly VRDNs (Merrill Lynch & Co., Inc. 8,295,000 LIQ), 3.500%, 11/1/2007 1,165,000 Minnesota State Higher Education Facility Authority, (Series Five-L), Weekly VRDNs 1,165,000 (University of St. Thomas)/(Allied Irish Banks PLC LOC), 3.250%, 11/7/2007 9,805,000 Minnesota State Higher Education Facility Authority, (Series Five-S), Weekly VRDNs (William 9,805,000 Mitchell College of Law)/(U.S. Bank, N.A. LOC), 3.430%, 11/1/2007 2,145,000 Minnesota State Higher Education Facility Authority, (Series Six E-1), Weekly VRDNs (Hamline 2,145,000 University of Minnesota)/(Harris, N.A. LOC), 3.450%, 11/1/2007 4,415,000 Minnesota State Higher Education Facility Authority, (Series Six-E2), Weekly VRDNs (Hamline 4,415,000 University of Minnesota)/(Harris, N.A. LOC), 3.450%, 11/1/2007 4,100,000 Minnesota State Higher Education Facility Authority, (Series Six-H), Weekly VRDNs (St. 4,100,000 Thomas University)/(Bank of New York LOC), 3.430%, 11/1/2007 5,000,000 Minnesota State Higher Education Facility Authority, (Series Six-J2), Weekly VRDNs (Augsburg 5,000,000 College)/(Harris, N.A. LOC), 3.450%, 11/1/2007 3,500,000 3,4 Minnesota State, Floater Certificates (Series 2001-719), Weekly VRDNs (Morgan Stanley LIQ), 3,500,000 3.500%, 11/1/2007 7,540,000 3,4 Minnesota State, P-Floats (Series EC-1060), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.540%, 7,540,000 11/1/2007 8,000,000 Minnesota Tax and Aid Anticipation Borrowing Program, (Series 2007), 4.50% TANs (GTD by 8,054,542 Minnesota State), 8/28/2008 2,655,000 New Hope, MN, (Series 2003A), Weekly VRDNs (Broadway Lanel)/(FNMA LOC), 3.540%, 11/1/2007 2,655,000 4,560,000 Plymouth, MN, (Series 2003), Weekly VRDNs (Parkside Apartments)/(FNMA LOC), 3.490%, 4,560,000 11/1/2007 2,400,000 Robbinsdale, MN, (Series 2004C), Weekly VRDNs (Copperfield Hill)/(LaSalle Bank, N.A. LOC), 2,400,000 3.480%, 11/2/2007 5,000,000 3,4 Rochester, MN, Health Care Facility Authority, (Series 1998-177), Weekly VRDNs (Mayo 5,000,000 Foundation)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 10,000,000 Rochester, MN, Health Care Facility Authority, (Series 2000A), 3.68% CP (Mayo 10,000,000 Foundation)/(Morgan Stanley Bank LIQ), Mandatory Tender 12/13/2007 18,000,000 Seaway Port Authority of Duluth, MN, (Series of 2000), Weekly VRDNs (St. Lawrence Cement 18,000,000 Inc.)/(Wachovia Bank N.A. LOC), 3.530%, 11/1/2007 4,000,000 Shakopee, MN, Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical 4,000,000 Center)/(Wells Fargo Bank, N.A. LOC), 3.450%, 11/1/2007 15,000,000 Southern Minnesota Municipal Power Agency, 3.78% CP, Mandatory Tender 11/6/2007 15,000,000 3,400,000 St. Paul, MN Housing & Redevelopment Authority, (Series 2001), Daily VRDNs (Cretin-Derham 3,400,000 Hall)/(Allied Irish Banks PLC LOC), 3.450%, 11/1/2007 510,000 St. Paul, MN, Port Authority, District Heating Revenue Bonds (Series 2003-4 H), Weekly VRDNs 510,000 (Dexia Credit Local LOC), 3.320%, 11/7/2007 4,700,000 University of Minnesota, (Series C), Weekly VRDNs (Dexia Bank, Belgium and Toronto Dominion 4,700,000 Bank LIQs), 3.230%, 11/7/2007 3,165,000 3,4 University of Minnesota, Floater Certificates (Series 2001-648), Weekly VRDNs (Morgan 3,165,000 Stanley LIQ), 3.500%, 11/1/2007 TOTAL 311,804,542 MISSISSIPPI--1.1% 21,330,000 Mississippi Business Finance Corp., (Series 2000-A), Weekly VRDNs (Jackson Medical Mall 21,330,000 Foundation)/(JPMorgan Chase Bank, N.A. LOC), 3.470%, 11/1/2007 3,000,000 Mississippi Business Finance Corp., (Series 2002), Weekly VRDNs (Mississippi State 3,000,000 University Foundation, Inc.)/(Regions Bank, Alabama LOC), 3.510%, 11/1/2007 32,820,000 Mississippi Business Finance Corp., (Series 2006), Weekly VRDNs (Rush Medical 32,820,000 Foundation)/(Regions Bank, Alabama LOC), 3.470%, 11/2/2007 8,320,000 Mississippi Business Finance Corp., (Series A), Weekly VRDNs (Mississippi College)/ 8,320,000 (Regions Bank, Alabama LOC), 3.460%, 11/1/2007 6,255,000 3,4 Mississippi Development Bank, Solar Eclipse (Series 2006-0153), 3.60% TOBs (Jackson, 6,255,000 MS)/(AMBAC INS)/(U.S. Bank, N.A. LIQ), Optional Tender 9/18/2008 45,060,000 3,4 Mississippi Hospital Equipment & Facilities Authority, (MT-514), Weekly VRDNs (Forest 45,060,000 General Hospital (MS))/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.580%, 11/1/2007 5,185,000 3,4 Mississippi Hospital Equipment & Facilities Authority, (Series 2004 FR/RI-L70), Weekly VRDNs 5,185,000 (Baptist Memorial Healthcare)/(Lehman Brothers Holdings, Inc. LIQ), 3.340%, 11/7/2007 TOTAL 121,970,000 MISSOURI--2.1% 16,940,000 3,4 Columbia, MO, Special Obligation Electric Utility, Solar Eclipse (Series 2006-0143), 3.77% 16,940,000 TOBs (AMBAC INS)/(U.S. Bank, N.A. LIQ), Mandatory Tender 6/5/2008 13,880,000 3,4 Greene County, MO, Reorganized School District No. 2, (PT-4339), Weekly VRDNs (FSA 13,880,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 3,475,000 3,4 Jackson County, MO Special Obligation, ROCs (Series 9014), Weekly VRDNs (Harry S. Truman 3,475,000 Sports Complex)/(AMBAC INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 31,385,000 Kansas City, MO, IDA, (Series 2005B), Weekly VRDNs (Kansas City, MO)/(AMBAC INS)/ 31,385,000 (DePfa Bank PLC LIQ), 3.260%, 11/7/2007 25,295,000 Kansas City, MO, IDA, (Series 2005C), Weekly VRDNs (Kansas City, MO)/(AMBAC INS)/ 25,295,000 (Dexia Credit Local LIQ), 3.260%, 11/7/2007 25,500,000 Kansas City, MO, IDA, (Series 2006B), Weekly VRDNs (Kansas City, MO)/(AMBAC INS)/ 25,500,000 (DePfa Bank PLC LIQ), 3.260%, 11/7/2007 29,580,000 Kansas City, MO, IDA, (Series 2006E), Weekly VRDNs (Kansas City, MO)/(AMBAC INS)/ 29,580,000 (Dexia Credit Local LIQ), 3.260%, 11/7/2007 5,000,000 3,4 Missouri Highways & Transportation Commission, (MT-488), Weekly VRDNs (KBC Bank N.V. LIQ), 5,000,000 3.490%, 11/1/2007 37,565,000 3,4 Missouri Highways & Transportation Commission, (MT-500), Weekly VRDNs (KBC Bank N.V. LIQ), 37,565,000 3.730%, 11/1/2007 6,880,000 3,4 Missouri Highways & Transportation Commission, PUTTERs (Series 1433), Weekly VRDNs (JPMorgan 6,880,000 Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 12,300,000 Missouri State HEFA, (Series 1985B), Weekly VRDNs (Barnes Hospital)/(JPMorgan Chase Bank, 12,300,000 N.A. LOC), 3.260%, 11/7/2007 6,945,000 3,4 Springfield, MO, Public Utility Revenue, PUTTERs (Series 1559), Weekly VRDNs (FGIC 6,945,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 10,480,000 3,4 St. Louis, MO, (PT-3584), Weekly VRDNs (Lambert-St. Louis International Airport)/(MBIA 10,480,000 Insurance Corp. INS)/(Dexia Credit Local LIQ), 3.490%, 11/1/2007 TOTAL 225,225,000 MONTANA--0.3% 13,915,000 3,4 Forsyth, MT, (RBC Floater Certificates Series I-7), Weekly VRDNs (Northwestern Corp.)/(AMBAC 13,915,000 INS)/(Royal Bank of Canada, Montreal LIQ), 3.490%, 11/1/2007 16,000,000 Richland County, MT, (Series 2006), Weekly VRDNs (Sidney Health Center)/(Allied Irish Banks 16,000,000 PLC LOC), 3.480%, 11/1/2007 TOTAL 29,915,000 MULTI STATE--3.8% 65,270,558 3,4 ABN AMRO Chicago Corp. 1997-1 LeaseTOPS Trust Weekly VRDNs (LaSalle Bank, N.A. LIQ)/(LaSalle 65,270,558 Bank, N.A. LOC), 3.630%, 11/1/2007 3,485,000 Dallas County, AL, Housing Development Corp., (Series 1999: Jim Manor Garden Homes), Weekly 3,485,000 VRDNs (Dallas County, AL )/(Wachovia Bank N.A. LOC), 3.550%, 11/2/2007 118,315,000 3,4 JPMorgan Chase & Co I-PUTTERs Trust (Series 1750P), Weekly VRDNs (GTD by Texas PSFG 118,315,000 Program)/(AMBAC, FGIC, FSA, MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ) and United States Treasury PRF), 3.630%, 11/1/2007 94,765,000 3,4 Puttable Floating Option Tax-Exempt Receipts (P-Floats+ Series EC-001), VRDNs (AMBAC, FGIC, 94,765,000 FSA, MBIA Insurance Corp. INS) and Merrill Lynch & Co., Inc. LIQs), 3.650%, 11/1/2007 93,115,000 3,4 Puttable Floating Option Tax-Exempt Receipts (P-Floats+ Series EC-002), VRDNs (Merrill Lynch 93,115,000 & Co., Inc. LIQ), 3.650%, 11/1/2007 41,695,000 3,4 TICs/TOCs MuniMae Trust (Series 2002-1M), Weekly VRDNs (GTD by MBIA Insurance Corp. 41,695,000 INS)/(Bayerische Landesbank) LIQ), 3.480%, 11/1/2007 TOTAL 416,645,558 NEBRASKA--0.0% 2,045,000 3,4 Nebraska Public Power District, ROCs (Series 9000), Weekly VRDNs (AMBAC INS)/ 2,045,000 (Citigroup, Inc. LIQ), 3.510%, 11/1/2007 NEVADA--1.0% 21,200,000 3,4 Clark County, NV, School District, (Series 2006-1356), Weekly VRDNs (FGIC INS)/ 21,200,000 (Morgan Stanley LIQ), 3.500%, 11/1/2007 12,970,000 3,4 Clark County, NV, School District, ROCs (Series 8054), Weekly VRDNs (FGIC INS)/ 12,970,000 (Citigroup, Inc. LIQ), 3.510%, 11/1/2007 8,315,000 3,4 Clark County, NV, (PT-2990), 3.80% TOBs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), 8,315,000 Optional Tender 3/13/2008 9,600,000 3,4 Clark County, NV, PUTTERs (Series 2113), Weekly VRDNs (AMBAC INS)/(JPMorgan Chase Bank, N.A. 9,600,000 LIQ), 3.490%, 11/1/2007 19,980,000 3,4 Clark County, NV, PUTTERs (Series 1353), Weekly VRDNs (FSA INS)/(JPMorgan Chase Bank, N.A. 19,980,000 LIQ), 3.490%, 11/1/2007 18,710,000 3,4 Las Vegas Valley, NV, Water District, MERLOTS (Series 2003 B-10), Weekly VRDNs (MBIA 18,710,000 Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 5,370,000 3,4 Nevada State Highway Improvement Authority, (PZ-152), Weekly VRDNs (FSA INS)/ 5,370,000 (Merrill Lynch & Co., Inc. LIQ), 3.580%, 11/1/2007 9,300,000 3,4 Truckee Meadows, NV, Water Authority, ROCs (Series 6078), Weekly VRDNs (FSA INS)/(Citigroup, 9,300,000 Inc. LIQ), 3.510%, 11/1/2007 TOTAL 105,445,000 NEW HAMPSHIRE--0.1% 14,665,000 New Hampshire HEFA, (Series 2007B), Daily VRDNs (Dartmouth College, NH)/(JPMorgan Chase 14,665,000 Bank, N.A. LIQ), 3.640%, 11/1/2007 NEW JERSEY--6.8% 11,860,000 3,4 Delaware River Port Authority Revenue, PUTTERs (Series 144), Weekly VRDNs (FSA 11,860,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.470%, 11/1/2007 9,780,000 East Brunswick Township, NJ, 4.00% BANs, 5/9/2008 9,794,662 7,948,000 Harding Township, NJ, 4.00% BANs, 2/28/2008 7,956,294 8,900,000 Harrison Township, NJ, (Series A), 4.00% BANs, 10/17/2008 8,937,059 9,000,000 Hazlet Township, NJ, 4.00% BANs, 8/1/2008 9,014,227 21,200,000 Lakewood Township, NJ, (Series 2007A), 4.00% BANs, 2/29/2008 21,219,989 7,746,700 Lawrence Township, NJ, 4.00% BANs, 7/25/2008 7,760,810 6,000,000 Marlboro Township, NJ, 4.00% BANs, 4/11/2008 6,011,729 4,316,325 Marlboro Township, NJ, 4.00% BANs, 4/11/2008 4,322,952 13,369,611 Mount Laurel Township, NJ, (Series 2007F), 3.60% BANs, 10/31/2008 13,395,414 14,000,000 New Jersey EDA, (Series 1998), Daily VRDNs (Mount Olive Industrial Realty Co. LLC)/(Bank of 14,000,000 New York LOC), 3.600%, 11/1/2007 1,500,000 New Jersey EDA, (Series 1998A), Weekly VRDNs (Jewish Home at Rockleigh)/(Allied Irish Banks 1,500,000 PLC LOC), 3.470%, 11/2/2007 15,290,000 New Jersey Health Care Facilities Financing Authority, (Series 2002), Daily VRDNs (RWJ 15,290,000 Health Care Corp. at Hamilton)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.430%, 11/1/2007 3,000,000 New Jersey Health Care Facilities Financing Authority, (Series 2004A-1), Weekly VRDNs 3,000,000 (Bayshore Community Hospital, NJ)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.430%, 11/1/2007 5,285,000 New Jersey Health Care Facilities Financing Authority, (Series 2005), Daily VRDNs (Recovery 5,285,000 Management Systems, Inc.)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.430%, 11/1/2007 5,800,000 3,4 New Jersey Health Care Facilities Financing Authority, PUTTERs (Series 1063), Weekly VRDNs 5,800,000 (New Jersey Department of Human Services)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.470%, 11/1/2007 2,800,000 New Jersey State Educational Facilities Authority, (Series 200D), Weekly VRDNs (Institute 2,800,000 for Defense Analyses)/(AMBAC INS)/(Wachovia Bank N.A. LIQ), 3.490%, 11/1/2007 21,140,000 3,4 New Jersey State Transportation Trust Fund Authority, Class A Certificates (Series 268), 21,140,000 Weekly VRDNs (AMBAC INS)/(Bear Stearns & Co., Inc. LIQ), 3.510%, 11/1/2007 98,600,000 3,4 New Jersey State Transportation Trust Fund Authority, ROCs (Series 12004), Weekly VRDNs 98,600,000 (AMBAC INS)/(Citigroup, Inc. LIQ), 3.490%, 11/1/2007 250,000,000 New Jersey State, (Series Fiscal 2008A), 4.50% TRANs, 6/24/2008 251,402,602 30,860,000 Newark, NJ, General Improvement Notes (Series 2007A-B), 4.00% BANs, 1/24/2008 30,880,585 20,073,000 Newark, NJ, General Improvement Notes (Series 2007D), 4.00% BANs, 4/25/2008 20,099,011 11,915,598 South Orange VIllage Township, NJ, 4.00% BANs, 4/23/2008 11,934,684 14,927,500 South River, NJ, 4.00% BANs, 12/4/2007 14,933,103 35,240,000 3,4 Tobacco Settlement Financing Corp., NJ, (MT-359), Weekly VRDNs (Merrill Lynch & Co., Inc. 35,240,000 LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.500%, 11/1/2007 12,995,000 3,4 Tobacco Settlement Financing Corp., NJ, MERLOTS (Series 2007-C73), Weekly VRDNs (Bank of New 12,995,000 York LIQ)/(United States Treasury PRF), 3.340%, 11/7/2007 12,805,000 3,4 Tobacco Settlement Financing Corp., NJ, (MT-380), 3.76% TOBs (United States Treasury 12,805,000 COL)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 11/8/2007 17,000,000 3,4 Tobacco Settlement Financing Corp., NJ, PUTTERs (Series 1734B), Weekly VRDNs (J.P. Morgan 17,000,000 Chase & Co. LIQ)/(United States Treasury PRF), 3.490%, 11/1/2007 14,467,575 Vernon Township, NJ, 4.00% BANs, 1/11/2008 14,472,276 52,800,000 Woodbridge Township, NJ, 4.00% BANs, 7/3/2008 52,901,920 TOTAL 742,352,317 NEW YORK--5.0% 22,000,000 East Islip, NY, Union Free School District, 4.00% TANs, 7/11/2008 22,041,021 16,000,000 Lindenhurst, NY, Union Free School District, 4.00% TANs, 6/24/2008 16,029,776 21,100,000 3,4 Metropolitan Transportation Authority, NY, MERLOTS (Series 1997C), Weekly VRDNs (FGIC 21,100,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 5,690,000 Monroe County, NY, IDA, (Series 2005), Weekly VRDNs (Cherry Ridge Independent Living, 5,690,000 LLC)/(HSBC Bank USA LOC), 3.460%, 11/1/2007 9,730,000 Nassau County, NY, IDA, (Series 2005), Weekly VRDNs (North Shore Hebrew Academy High 9,730,000 School)/(Comerica Bank LOC), 3.460%, 11/1/2007 132,065,000 New York City, NY, IDA, Liberty Revenue Bonds (Series 2004 A), Weekly VRDNs (GTD by One 132,065,000 Bryant Park LLC)/(Bayerische Landesbank) INV)/(Bank of America N.A. and Citibank NA, New York LOCs), 3.320%, 11/7/2007 94,000,000 New York City, NY, IDA, Liberty Revenue Bonds (Series 2004 B), Daily VRDNs (One Bryant Park 94,000,000 LLC)/( GTD by Bayerische Landesbank) INV)/(Bank of America N.A. and Citibank NA, New York LOCs), 3.580%, 11/1/2007 59,200,000 New York City, NY, Municipal Water Finance Authority, Water & Sewer System Fiscal (2008 59,200,000 Series BB-2), Weekly VRDNs (Bank of America N.A. LIQ), 3.430%, 11/7/2007 57,629,000 3,4 New York City, NY, Transitional Finance Authority, Floater Certificates (Series 2006-1665) 57,629,000 ,Weekly VRDNs (TFA State/School Building Aid)/(FGIC INS)/(Morgan Stanley LIQ), 3.490%, 11/1/2007 3,105,000 3,4 New York City, NY, (PT-3844), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & 3,105,000 Co., Inc. LOC), 3.490%, 11/1/2007 30,000,000 3,4 New York City, NY, ROCs (Series 251), Weekly VRDNs (GTD by Citigroup Global Markets 30,000,000 Holdings, Inc.)/(Citigroup, Inc. LIQ), 3.520%, 11/1/2007 29,995,000 3,4 New York State Dormitory Authority, ROCs (Series 10033), Weekly VRDNs (New York State 29,995,000 Personal Income Tax Revenue Bond Fund)/(Citigroup, Inc. LIQ), 3.500%, 11/1/2007 38,000,000 3,4 New York State Thruway Authority, Floater Certificates (Series 2006-2104), Weekly VRDNs 38,000,000 (FGIC, FSA, MBIA Insurance Corp. INS) and Morgan Stanley LIQs), 3.490%, 11/1/2007 18,410,000 3,4 TSASC, Inc. NY, Tobacco Settlement Asset-Backed Bonds (PA-1355), Weekly VRDNs (Merrill Lynch 18,410,000 & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.500%, 11/1/2007 10,350,000 3,4 TSASC, Inc. NY, Tobacco Settlement Asset-Backed Bonds (PA-1359), Weekly VRDNs (Merrill Lynch 10,350,000 & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.540%, 11/1/2007 TOTAL 547,344,797 NORTH CAROLINA--0.3% 13,000,000 Charlotte, NC, Water & Sewer System, 3.65% CP (DePfa Bank PLC LIQ), Mandatory Tender 13,000,000 11/1/2007 4,160,000 North Carolina Capital Facilities Finance Agency, (Series 2004), Weekly VRDNs (Campbell 4,160,000 University)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 5,000,000 North Carolina Medical Care Commission, (Series 2005), Weekly VRDNs (Southeastern Regional 5,000,000 Medical Center)/(Branch Banking & Trust Co. LOC), 3.480%, 11/1/2007 10,000,000 Union County, NC, 3.73% CP (Wachovia Bank N.A. LIQ), Mandatory Tender 12/4/2007 10,000,000 1,250,000 3,4 University of North Carolina, (PT-3999), Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill 1,250,000 Lynch & Co., Inc. LIQ), 3.580%, 11/1/2007 TOTAL 33,410,000 OHIO--3.4% 8,500,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT), (Series 2004-14), Weekly VRDNs 8,500,000 (Columbus, OH City School District)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.490%, 11/1/2007 1,130,000 Akron, Bath & Copley, OH Joint Township, Weekly VRDNs (Visiting Nurses)/(National City Bank 1,130,000 LOC), 3.560%, 11/1/2007 2,675,000 Akron, Bath & Copley, OH Joint Township, (Series 2002), Weekly VRDNs (Sumner on Ridgewood, 2,675,000 Inc.)/(KBC Bank N.V. LOC), 3.500%, 11/1/2007 10,330,000 Ashland County, OH, (Series 2005), Weekly VRDNs (Brethren Care, Inc.)/(FirstMerit Bank, N.A. 10,330,000 LOC), 3.480%, 11/1/2007 3,750,000 Butler County, OH, 4.05% BANs, 9/7/2008 3,765,081 3,275,000 3,4 Cincinnati City School District, OH, PUTTERs (Series 315), Weekly VRDNs (FSA INS)/(JPMorgan 3,275,000 Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 12,375,000 Clark County, OH, (Series 1999), Weekly VRDNs (Ohio Masonic Home)/(AMBAC INS)/(Harris, N.A. 12,375,000 LIQ), 3.500%, 11/1/2007 4,015,000 3,4 Cleveland, OH, Waterworks, MERLOTS (Series 2001-A24), 3.70% TOBs (MBIA Insurance Corp. 4,015,000 INS)/(Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 7,150,000 Cleveland-Cuyahoga County, OH, Port Authority, (Series 2004), Weekly VRDNs (Playhouse Square 7,150,000 Foundation)/(Fifth Third Bank, Cincinnati LOC), 3.480%, 11/1/2007 5,000,000 Cuyahoga County, OH, Health Care Facilities, (Series 2006), Weekly VRDNs (Visiting Nurse 5,000,000 Association Healthcare Partners of Ohio)/(National City Bank LOC), 3.470%, 11/1/2007 5,000,000 Cuyahoga County, OH, IDA, (Series A-1 Remarketing), Weekly VRDNs (University School)/(Key 5,000,000 Bank, N.A. LOC), 3.460%, 11/1/2007 3,900,000 Cuyahoga County, OH, (Series 2002), Weekly VRDNs (The Health Museum of Cleveland)/(Key Bank, 3,900,000 N.A. LOC), 3.460%, 11/1/2007 4,655,000 Cuyahoga, OH, Community College District, (Series 2002B), Weekly VRDNs (AMBAC INS)/(Key 4,655,000 Bank, N.A. LIQ), 3.460%, 11/1/2007 1,250,000 Dublin, OH, Industrial Development Refunding Revenue Bonds (Series 1997), Weekly VRDNs 1,250,000 (Witco Corp.)/(Bank of America N.A. LOC), 3.530%, 11/1/2007 4,440,000 Elyria, OH, (Series 2), 4.00% BANs, 10/2/2008 4,454,918 7,485,000 3,4 Erie County, OH, Hospital Facilities, (MT-253), Weekly VRDNs (Firelands Regional Medical 7,485,000 Center)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.580%, 11/1/2007 2,755,000 Erie County, OH, (Series 1996A), Weekly VRDNs (Providence Care Center)/(JPMorgan Chase Bank, 2,755,000 N.A. LOC), 3.480%, 11/1/2007 2,846,000 Euclid, OH, 4.00% BANs, 5/29/2008 2,849,930 2,900,000 Franklin County, OH, Health Care Facilities, (Series 1999 A), Weekly VRDNs (National Church 2,900,000 Residences)/(Key Bank, N.A. LOC), 3.450%, 11/1/2007 5,930,000 Franklin County, OH, Health Care Facilities, (Series 2004), Weekly VRDNs (Willow Brook 5,930,000 Christian Communities)/(Fifth Third Bank, Cincinnati LOC), 3.470%, 11/1/2007 6,100,000 Franklin County, OH, Health Care Facilities, (Series 2005), Weekly VRDNs (First Community 6,100,000 Village)/(KBC Bank N.V. LOC), 3.470%, 11/1/2007 8,820,000 Franklin County, OH, Health Care Facilities, (Series 2005), Weekly VRDNs (Traditions 8,820,000 Healthcare Obligated Group)/(U.S. Bank, N.A. LOC), 3.450%, 11/1/2007 3,075,000 Franklin County, OH, Health Care Facilities, (Series 2006B), Weekly VRDNs (Ohio Presbyterian 3,075,000 Retirement Services)/(National City Bank LOC), 3.510%, 11/1/2007 28,390,000 Hamilton County, OH, (Series 2004), Weekly VRDNs (Block 3 Project)/(Bank of New York and 28,390,000 Citizens Bank of Pennsylvania LOCs), 3.500%, 11/1/2007 10,000,000 Hamilton County, OH, (Series 2004), Weekly VRDNs (Stratford Heights)/(Bank of New York and 10,000,000 Citizens Bank of Pennsylvania LOCs), 3.500%, 11/1/2007 5,180,000 Highland County, OH Joint Hospital District, (Series 2007), Weekly VRDNs (Key Bank, N.A. 5,180,000 LOC), 3.500%, 11/1/2007 8,298,230 Huber Heights, OH, 4.00% BANs, 3/12/2008 8,307,743 6,390,000 Knox County, OH, (Series 2004), Weekly VRDNs (Knox Community Hospital)/(National City Bank 6,390,000 LOC), 3.470%, 11/1/2007 9,260,000 Lima, OH, 4.06% BANs, 5/1/2008 9,274,637 6,380,000 Lorain County, OH, EDA, Weekly VRDNs (Lake Ridge Academy)/(National City Bank LOC), 3.670%, 6,380,000 11/1/2007 4,290,000 Louisville, OH, (Series 1999A), Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. 4,290,000 LOC), 3.650%, 11/1/2007 4,675,000 Louisville, OH, (Series 1999B), Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. 4,675,000 LOC), 3.650%, 11/1/2007 7,400,000 Lucas County, OH, IDA Weekly VRDNs (Kroger Co.)/(U.S. Bank, N.A. LOC), 3.530%, 11/1/2007 7,400,000 11,200,000 Lucas County, OH, Weekly VRDNs (Lutheran Homes Society)/(Fifth Third Bank, Cincinnati LOC), 11,200,000 3.490%, 11/1/2007 3,500,000 Lucas County, OH, (Series 1), 4.00% BANs, 9/18/2008 3,510,372 5,615,000 Madison County, OH, (Series 2005), Weekly VRDNs (Madison County Hospital, Inc.)/(Key Bank, 5,615,000 N.A. LOC), 3.460%, 11/1/2007 1,140,000 Marion County, OH, Health Care Facilities, Weekly VRDNs (Marion Area Counseling Center, 1,140,000 Inc.)/(Huntington National Bank, Columbus, OH LOC), 3.630%, 11/1/2007 7,608,200 Maumee, OH, 4.00% BANs, 2/1/2008 7,612,997 2,250,000 Middletown, OH, Weekly VRDNs (Bishop Fenwick High School)/(JPMorgan Chase Bank, N.A. LOC), 2,250,000 3.330%, 11/7/2007 25,495,000 3,4 Middletown, OH, (MT-239), Weekly VRDNs (Middletown Regional Hospital)/(Merrill Lynch & Co., 25,495,000 Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.630%, 11/1/2007 3,500,000 New Albany, OH, Community Authority, (Series C), Weekly VRDNs (Key Bank, N.A. LOC), 3.490%, 3,500,000 11/1/2007 20,000,000 Ohio State Air Quality Development Authority, (Series 2006-A), Weekly VRDNs (FirstEnergy 20,000,000 Generation Corp.)/(Key Bank, N.A. LOC), 3.320%, 11/7/2007 10,700,000 Ohio State Higher Educational Facilities Commission, (Series A), Weekly VRDNs (John Carroll 10,700,000 University, OH)/(JPMorgan Chase Bank, N.A. LOC), 3.460%, 11/1/2007 5,695,000 3,4 Ohio State Turnpike Commission, Floater Certificates 1998-71, Weekly VRDNs (FGIC 5,695,000 INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 3,150,000 Ohio State Water Development Authority Pollution Control Facilities, (Series 2005B), Weekly 3,150,000 VRDNs (FirstEnergy Nuclear Generation Corp.)/(Barclays Bank PLC LOC), 3.280%, 11/7/2007 1,080,000 3,4 Ohio State, P-Floats (Series EC-1073), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.520%, 1,080,000 11/1/2007 2,310,000 3,4 Ohio State, P-Floats (Series EC-1074), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.520%, 2,310,000 11/1/2007 2,569,000 Pepper Pike, OH, (Series 2), 4.15% BANs, 9/18/2008 2,577,704 1,300,000 Pike County, OH, Health Care Facilities, (Series 2005), Weekly VRDNs (Bristol Village 1,300,000 Homes)/(Key Bank, N.A. LOC), 3.450%, 11/1/2007 4,000,000 Richland County, OH, (Series C), 4.50% BANs, 7/30/2008 4,020,657 3,235,000 Richland County, OH, 4.75% BANs, 12/5/2007 3,237,985 4,655,000 Ross County, OH, Weekly VRDNs (Adena Health System)/(Huntington National Bank, Columbus, OH 4,655,000 LOC), 3.610%, 11/1/2007 2,860,000 Sandusky, OH, 4.25% BANs, 10/22/2008 2,880,141 5,230,000 Seneca County, OH, Health Care Facilities, Revenue Refunding and Improvement Bonds (Series 5,230,000 2003), Weekly VRDNs (Good Shepherd Home)/(Fifth Third Bank, Cincinnati LOC), 3.490%, 11/1/2007 1,885,000 Summit County, OH, (Series 1996), Weekly VRDNs (United Disability Services, 1,885,000 Inc.)/(FirstMerit Bank, N.A. LOC), 3.670%, 11/1/2007 5,135,000 Summit County, OH, (Series 2002), Weekly VRDNs (The Western Reserve Academy)/(Key Bank, N.A. 5,135,000 LOC), 3.460%, 11/1/2007 4,900,000 Trumbull County, OH, Sewer District, 4.00% BANs, 3/27/2008 4,907,025 12,960,000 University of Cincinnati, OH, (Series F), 3.73% BANs, 4/1/2008 12,960,000 3,415,000 Village of Holland, OH, (Series 2001), Weekly VRDNs (Anne Grady Corp.)/(Fifth Third Bank, 3,415,000 Cincinnati LOC), 3.470%, 11/1/2007 780,000 Wayne County, OH, Health Care Facility Revenue Bonds (Series 1995), Weekly VRDNs (D & M 780,000 Realty)/(JPMorgan Chase Bank, N.A. LOC), 3.470%, 11/1/2007 6,555,000 Wooster, OH, Health Care Facilities Revenue Bonds (Series 2003), Weekly VRDNs (West View 6,555,000 Manor)/(Fifth Third Bank, Cincinnati LOC), 3.510%, 11/1/2007 TOTAL 370,474,190 OKLAHOMA--0.2% 1,900,000 Oklahoma Development Finance Authority, (Series 2001), Weekly VRDNs (Oklahoma Centennial 1,900,000 Fund, Inc.)/(Bank of America N.A. LOC), 3.530%, 11/1/2007 7,075,000 Oklahoma Industries Authority, (Series 2005), Weekly VRDNs (Oklahoma Christian 7,075,000 University)/(LaSalle Bank, N.A. LOC), 3.460%, 11/1/2007 6,800,000 Oklahoma State Industries Authority, (Series 2002), Weekly VRDNs (American Cancer Society, 6,800,000 Inc.)/(Bank of America N.A. LOC), 3.480%, 11/1/2007 3,000,000 3,4 Tulsa, OK, International Airport, Variable Rate Certificates (Series 1997B-2), Weekly VRDNs 3,000,000 (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ), 3.500%, 11/1/2007 TOTAL 18,775,000 OREGON--1.3% 115,000,000 Oregon State, (2007 Series A), 4.50% TANs, 6/30/2008 115,641,224 17,075,000 Oregon State, Veteran's Welfare Bonds (Series 73G), Weekly VRDNs (JPMorgan Chase Bank, N.A. 17,075,000 LIQ), 3.200%, 11/7/2007 6,500,000 Portland, OR, EDR Board, (Series 2003-A), Weekly VRDNs (Broadway Housing LLC)/ 6,500,000 (AMBAC INS)/(Key Bank, N.A. LIQ), 3.460%, 11/1/2007 3,560,000 3,4 Portland, OR, Sewer System, PUTTERs (Series 1343), Weekly VRDNs (MBIA Insurance Corp. 3,560,000 INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 TOTAL 142,776,224 PENNSYLVANIA--6.5% 6,000,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Pennsylvania Non-AMT), (Series 2003-24), Weekly VRDNs 6,000,000 (Philadelphia, PA School District)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.490%, 11/1/2007 12,205,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Pennsylvania Non-AMT), (Series 2007-47), Weekly VRDNs 12,205,000 (Lancaster, PA)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 4,710,000 Allegheny County, PA, HDA, (Series 1990 D), Weekly VRDNs (Presbyterian University 4,710,000 Hospital)/(MBIA Insurance Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.470%, 11/1/2007 6,600,000 Allegheny County, PA, HDA, (Series 2005A), Weekly VRDNs (Children's Institute of 6,600,000 Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 3.460%, 11/1/2007 5,955,000 Allegheny County, PA, HDA, (Series 2005B), Weekly VRDNs (Children's Institute of 5,955,000 Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 3.460%, 11/1/2007 2,495,000 Allegheny County, PA, HDA, (Series A of 2004), 3.70% TOBs (Jefferson Regional Medical 2,495,000 Center, PA)/(PNC Bank, N.A. LOC), Mandatory Tender 5/1/2008 6,845,000 Allegheny County, PA, HDA, (Series B1), Weekly VRDNs (Presbyterian University 6,845,000 Hospital)/(JPMorgan Chase Bank, N.A. LOC), 3.470%, 11/1/2007 1,500,000 Allegheny County, PA, IDA, (Series 1992), Weekly VRDNs (Eleven Parkway Center 1,500,000 Associates)/(National City Bank LOC), 3.460%, 11/1/2007 2,550,000 Allegheny County, PA, IDA, (Series 2002), Weekly VRDNs (Our Lady of the Sacred Heart High 2,550,000 School)/(PNC Bank, N.A. LOC), 3.470%, 11/1/2007 6,600,000 Allegheny County, PA, IDA, (Series 2005), Weekly VRDNs (Carnegie Museums of 6,600,000 Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 3.470%, 11/1/2007 1,315,000 Allegheny County, PA, IDA, (Series B of 1997), Weekly VRDNs (Jewish Community 1,315,000 Center)/(National City Bank LOC), 3.510%, 11/1/2007 5,500,000 Allegheny County, PA, IDA, (Series B), Weekly VRDNs (Zoological Society of Pittsburgh)/(PNC 5,500,000 Bank, N.A. LOC), 3.460%, 11/1/2007 2,500,000 Allegheny County, PA, IDA, (Series of 2002), Weekly VRDNs (Carnegie Museums of 2,500,000 Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 3.470%, 11/1/2007 3,800,000 Bermudian Springs, PA,School District, (Series 2005), Weekly VRDNs (FSA INS)/(Royal Bank of 3,800,000 Canada, Montreal LIQ), 3.450%, 11/1/2007 8,800,000 Bucks County, PA, IDA, (Series 2007A), Weekly VRDNs (Pennswood Village)/(Bank of America 8,800,000 N.A. LOC), 3.480%, 11/1/2007 5,455,000 Bucks County, PA, IDA, (Series 2007B), Weekly VRDNs (Pennswood Village)/(Bank of America 5,455,000 N.A. LOC), 3.480%, 11/1/2007 3,765,000 Central Bucks, PA, School District, (Series 2000A), Weekly VRDNs (FGIC INS)/(Dexia Credit 3,765,000 Local LIQ), 3.450%, 11/1/2007 2,740,000 Chester County, PA, IDA, (Series of 2003), Weekly VRDNs (West Chester University)/ 2,740,000 (Citizens Bank of Pennsylvania LOC), 3.330%, 11/7/2007 8,400,000 Clearfield County, PA, IDA, (Series 2002), Weekly VRDNs (Dubois Area Catholic School)/ 8,400,000 (PNC Bank, N.A. LOC), 3.460%, 11/1/2007 5,000,000 3,4 Commonwealth of Pennsylvania, (Series 2001-JPMC5), Weekly VRDNs (J.P. Morgan Chase & Co. 5,000,000 LIQ), 3.340%, 11/7/2007 4,510,000 3,4 Commonwealth of Pennsylvania, Floater Certificates (Series 2001-696, Weekly VRDNs (FSA 4,510,000 INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 6,000,000 Cumberland County, PA, Municipal Authority, (Series 1993), Weekly VRDNs (Presbyterian Homes, 6,000,000 Inc.)/(KBC Bank N.V. LOC), 3.470%, 11/1/2007 3,180,000 Dallastown Area School District, PA, (Series 1998), Weekly VRDNs (FGIC INS)/(BNP Paribas SA 3,180,000 LIQ), 3.450%, 11/1/2007 7,500,000 Dallastown Area School District, PA, (Series 2006), Weekly VRDNs (FSA INS)/(BNP Paribas SA 7,500,000 LIQ), 3.450%, 11/1/2007 18,650,000 Dauphin County, PA, General Authority, (Education and Health Loan Program, Series 1997), 18,650,000 Weekly VRDNs (AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.480%, 11/1/2007 9,800,000 Dauphin County, PA, IDA, (Series 2005), Weekly VRDNs (WITF, Inc.)/(Citizens Bank of 9,800,000 Pennsylvania LOC), 3.460%, 11/2/2007 13,320,000 3,4 Delaware Valley, PA, Regional Finance Authority, BB&T Floater Certificates (Series 2028), 13,320,000 Weekly VRDNs (AMBAC INS)/(Branch Banking & Trust Co. LIQ), 3.530%, 11/1/2007 4,555,000 3,4 Delaware Valley, PA, Regional Finance Authority, Variable Rate Certificates (Series 2002E), 4,555,000 Weekly VRDNs (AMBAC INS)/(Bank of America N.A. LIQ), 3.500%, 11/1/2007 16,760,000 Doylestown Hospital Authority, PA, (Series 1998 B), Weekly VRDNs (Doylestown Hospital, 16,760,000 PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ), 3.580%, 11/1/2007 14,900,000 Erie County, PA, Hospital Authority, Weekly VRDNs (St. Vincent Health System)/ 14,900,000 (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.500%, 11/1/2007 9,400,000 Horizon Hospital System Authority, PA, (Series 2002), Weekly VRDNs (St. Paul Homes)/ 9,400,000 (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/1/2007 7,400,000 Lancaster, PA Municipal Authority, (Series C of 2006), Weekly VRDNs (Garden Spot 7,400,000 Village)/(Fulton Bank LOC), 3.320%, 11/7/2007 2,844,000 Lawrence County, PA, IDA, (Series 2003), Weekly VRDNs (Villa Maria Retirement Center)/ 2,844,000 (Allied Irish Banks PLC LOC), 3.470%, 11/1/2007 5,295,000 Lebanon County, PA, Health Facilities Authority, (Series 1999), Weekly VRDNs (United Church 5,295,000 of Christ Homes, Inc.)/(Wachovia Bank N.A. LOC), 3.460%, 11/1/2007 8,680,000 3,4 Lehigh County, PA, General Purpose Authority, ROC (Series 862CE), Weekly VRDNs (St. Lukes 8,680,000 Hospital of Bethlehem)/(Citibank NA, New York LIQ)/(Citibank NA, New York LOC), 3.510%, 11/1/2007 6,495,000 Lehigh County, PA, General Purpose Authority, (Series 2000), Weekly VRDNs (The Good Shepherd 6,495,000 Group)/(AMBAC INS)/(Wachovia Bank N.A. LIQ), 3.530%, 11/1/2007 64,815,000 Moon, PA, IDA, Providence Point (Series 2007), Weekly VRDNs (Baptist Homes, Inc.)/(Bank of 64,815,000 Scotland, Edinburgh LOC), 3.500%, 11/1/2007 500,000 Pennsylvania EDFA, (Series 1996 E), Weekly VRDNs (Adelphoi, Inc.)/(PNC Bank, N.A. LOC), 500,000 3.460%, 11/1/2007 3,700,000 Pennsylvania State Higher Education Facilities Authority, (Series 2001 H5), Weekly VRDNs 3,700,000 (Keystone College)/(PNC Bank, N.A. LOC), 3.460%, 11/1/2007 3,000,000 Pennsylvania State Higher Education Facilities Authority, (Series 2002B), Weekly VRDNs 3,000,000 (Drexel University)/( GTD by Landesbank Hessen-Thueringen) LOC), 3.430%, 11/1/2007 11,290,000 Pennsylvania State Higher Education Facilities Authority, (Series 2004), Weekly VRDNs (Holy 11,290,000 Family University)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.460%, 11/1/2007 6,800,000 Pennsylvania State Higher Education Facilities Authority, (Series H1), Weekly VRDNs (Beaver 6,800,000 College, PA)/(Allied Irish Banks PLC LOC), 3.460%, 11/1/2007 9,600,000 Pennsylvania State Higher Education Facilities Authority, (Series I-3), Weekly VRDNs 9,600,000 (Messiah College)/(JPMorgan Chase Bank, N.A. LOC), 3.460%, 11/1/2007 3,100,000 Pennsylvania State Higher Education Facilities Authority, (Series I-6), Weekly VRDNs (York 3,100,000 College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.510%, 11/1/2007 6,000,000 Pennsylvania State Higher Education Facilities Authority, (Series J1), Weekly VRDNs (Juniata 6,000,000 College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.460%, 11/1/2007 6,945,000 3,4 Pennsylvania State Higher Education Facilities Authority, ROCs (Series 1018), Weekly VRDNs 6,945,000 (AMBAC INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 6,050,000 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series E4), Weekly 6,050,000 VRDNs (Washington & Jefferson College)/(National City Bank LOC), 3.470%, 11/1/2007 1,000,000 Pennsylvania State University, (Series 2002), Weekly VRDNs (Toronto Dominion Bank LIQ), 1,000,000 3.430%, 11/1/2007 3,100,000 Philadelphia, PA, Authority for Industrial Development, (Series 1998), Weekly VRDNs 3,100,000 (Philadelphia Academy of Music)/(Wachovia Bank N.A. LOC), 3.460%, 11/1/2007 192,575,000 Philadelphia, PA, Authority for Industrial Development, Multi-Modal Lease Revenue Refunding 192,575,000 Bonds (2007 Series B), Weekly VRDNs (FGIC INS)/(Bank of New York and JPMorgan Chase Bank, N.A. LIQs), 3.480%, 11/1/2007 2,945,000 Philadelphia, PA, Hospitals & Higher Education Facilities Authority, (Series 2003), Daily 2,945,000 VRDNs (Thomas Jefferson University Hospital)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 3.460%, 11/1/2007 2,980,000 Philadelphia, PA, Hospitals & Higher Education Facilities Authority, (Series 2004), Weekly 2,980,000 VRDNs (Philadelphia Protestant Home)/(Bank of America N.A. LOC), 3.430%, 11/1/2007 22,415,000 3,4 Philadelphia, PA, Water & Wastewater System, MuniTOPS (Series 2007-44), Weekly VRDNs (AMBAC 22,415,000 INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 15,075,000 3,4 Philadelphia, PA, Water & Wastewater System, MuniTOPS (Series 2007-49), Weekly VRDNs (AMBAC 15,075,000 INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 33,000,000 Philadelphia, PA, (Series A), 4.50% TRANs, 6/30/2008 33,175,643 38,100,000 Pittsburgh & Allegheny County, PA, Sports & Exhibition Authority, (Series A of 2007), Weekly 38,100,000 VRDNs (FSA INS)/(PNC Bank, N.A. LIQ), 3.470%, 11/1/2007 3,800,000 3,4 Scranton-Lackawanna, PA, Health & Welfare Authority, MERLOTS (Series 2002-A18), Weekly VRDNs 3,800,000 (University of Scranton)/(AMBAC INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 7,400,000 Southcentral PA, General Authority, (Series 2003), Weekly VRDNs (AMBAC INS)/(RBC Centura 7,400,000 Bank LIQ), 3.480%, 11/1/2007 5,900,000 Southcentral PA, General Authority, (Series 2005), Weekly VRDNs (Hanover Lutheran Retirement 5,900,000 Village, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 3.480%, 11/2/2007 7,395,000 Southcentral PA, General Authority, (Series 2005B), Weekly VRDNs (Wellspan Health Obligated 7,395,000 Group)/(AMBAC INS)/(Citibank NA, New York LIQ), 3.240%, 11/7/2007 4,000,000 Westmoreland County, PA, IDA, (Series 2005C), Weekly VRDNs (Excela Health)/(Wachovia Bank 4,000,000 N.A. LOC), 3.430%, 11/1/2007 TOTAL 703,684,643 RHODE ISLAND--0.3% 15,000,000 Cumberland, RI, 4.00% BANs, 5/15/2008 15,027,073 11,000,000 Tiverton, RI, 4.25% BANs, 7/14/2008 11,037,077 TOTAL 26,064,150 SOUTH CAROLINA--0.8% 5,882,500 3,4 Berkeley County, SC, School District, Floater Certificates (Series 2001-656), Weekly VRDNs 5,882,500 (FSA INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 64,595,000 3,4 Medical University of South Carolina Hospital Authority, AUSTIN (Series 2005A), Weekly VRDNs 64,595,000 (MBIA Insurance Corp. INS)/(Bank of America N.A. LIQ), 3.500%, 11/1/2007 4,800,000 South Carolina Jobs-EDA, (Series 2002), Weekly VRDNs (Carolina Piedmont Foundation, 4,800,000 Inc.)/(Bank of America N.A. LOC), 3.480%, 11/1/2007 4,000,000 South Carolina Jobs-EDA, (Series 2006), Weekly VRDNs (Carolina Community Care, Inc.)/ 4,000,000 (National Bank of South Carolina LOC), 3.480%, 11/1/2007 9,110,000 South Carolina Jobs-EDA, (Series 2006B), Weekly VRDNs (Oconee Memorial Hospital, Inc.)/ 9,110,000 (Wachovia Bank N.A. LOC), 3.460%, 11/1/2007 35,000 3,4 South Carolina Transportation Infrastructure Bank, (Series 2006-1359), Weekly VRDNs (AMBAC 35,000 INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 TOTAL 88,422,500 SOUTH DAKOTA--0.0% 3,675,000 Rapid City, SD, Area School District No. 51-4, (Series 2007A), 4.125% TANs, 5/20/2008 3,683,500 TENNESSEE--2.1% 4,300,000 Blount County, TN, Public Building Authority, (Series 2006D-8-A), Daily VRDNs (Blount 4,300,000 County, TN)/(XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ), 3.620%, 11/1/2007 3,500,000 Blount County, TN, Public Building Authority, (Series D-11-C), Daily VRDNs (Cocke County, 3,500,000 TN)/(AMBAC INS)/(DePfa Bank PLC LIQ), 3.620%, 11/1/2007 3,255,000 Blount County, TN, Public Building Authority, Local Government Public Improvement Bonds 3,255,000 (Series D7-B), Daily VRDNs (Hawkins County, TN)/(XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ), 3.620%, 11/1/2007 6,400,000 Chattanooga, TN, HEFA, Weekly VRDNs (Sisken Hospital)/(Bank of America N.A. LOC), 3.560%, 6,400,000 11/1/2007 15,315,000 Chattanooga, TN, Health & Housing Facility Board, (Series 2004-A), Weekly VRDNs (Cumberland 15,315,000 Medical Center, Inc.)/(Regions Bank, Alabama LOC), 3.460%, 11/1/2007 4,100,000 Chattanooga, TN, IDB, (Series 1997), Weekly VRDNs (YMCA)/(SunTrust Bank LOC), 3.440%, 4,100,000 11/7/2007 11,350,000 3,4 Chattanooga, TN, IDB, PUTTERs (Series 2055), Weekly VRDNs (Southside Redevelopment 11,350,000 Corp.)/(FSA INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 17,265,000 3,4 Elizabethton, TN, Health & Educational Facilities Board, (MERLOTS 2000 GG), 3.35% TOBs 17,265,000 (Mountain States Health Alliance)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 8,860,000 Knox County, TN, Health Education & Housing Facilities Board, (Series 2000), Weekly VRDNs 8,860,000 (Johnson Bible College)/(Regions Bank, Alabama LOC), 3.460%, 11/1/2007 8,450,000 Memphis, TN, Center City Revenue Finance Corp., (Series 1996A), Weekly VRDNs (South 8,450,000 Bluffs)/(SunTrust Bank LOC), 3.480%, 11/1/2007 400,000 Metropolitan Government Nashville & Davidson County, TN, HEFA, (Series 1996), Weekly VRDNs 400,000 (Dede Wallace Center)/(SunTrust Bank LOC), 3.440%, 11/7/2007 4,200,000 Sevier County, TN, Public Building Authority, (Series II-B-2), Weekly VRDNs (Citizens Gas 4,200,000 Utility District of Scott & Morgan Counties)/(AMBAC INS)/(KBC Bank N.V. LIQ), 3.470%, 11/1/2007 2,345,000 Sevier County, TN, Public Building Authority, (Series II-G-3), Weekly VRDNs (Maryville, 2,345,000 TN)/(AMBAC INS)/(KBC Bank N.V. LIQ), 3.470%, 11/1/2007 5,000,000 Sevier County, TN, Public Building Authority, (Series IV-F-2), Daily VRDNs (Cumberland 5,000,000 County, TN IDB)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.620%, 11/1/2007 3,700,000 Sevier County, TN, Public Building Authority, (Series IV-J-2), Daily VRDNs (Mt. Juliet, 3,700,000 TN)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.620%, 11/1/2007 5,150,000 Sevier County, TN, Public Building Authority, (Series VI-F-2), Daily VRDNs (Warren County, 5,150,000 TN)/(XL Capital Assurance Inc. INS)/(DePfa Bank PLC LIQ), 3.620%, 11/1/2007 15,000,000 Sevier County, TN, Public Building Authority, (Series VI-I-1), Daily VRDNs (Sevier County, 15,000,000 TN)/(AMBAC INS)/(DePfa Bank PLC LIQ), 3.620%, 11/1/2007 10,000,000 Shelby County, TN, Health Education & Housing Facilities Board, (Series 2007), Weekly VRDNs 10,000,000 (St. Agnes Academy-St. Dominic School, Inc.)/(SunTrust Bank LOC), 3.260%, 11/7/2007 13,500,000 Sullivan County, TN, Health Educational & Housing Facilities Board, (Series 2005), Weekly 13,500,000 VRDNs (Wellmont Health System)/(Bank of America N.A. LOC), 3.450%, 11/1/2007 1,990,000 3,4 Tennessee Energy Acquisition Corp., (PT-3646), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 1,990,000 3.580%, 11/1/2007 34,995,000 3,4 Tennessee Energy Acquisition Corp., (PT-3907), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 34,995,000 3.580%, 11/1/2007 15,335,000 3,4 Tennessee Energy Acquisition Corp., (PT-4386), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 15,335,000 3.580%, 11/1/2007 11,740,000 3,4 Tennessee Energy Acquisition Corp., CRVS Floaters (Series 2007-7), Weekly VRDNs (Landesbank 11,740,000 Hessen-Thueringen LIQ), 3.550%, 11/1/2007 2,255,000 3,4 Tennessee Energy Acquisition Corp., P-Floats (Series EC-1147), Weekly VRDNs (Merrill Lynch & 2,255,000 Co., Inc. LIQ), 3.580%, 11/1/2007 22,900,000 Wilson County, TN, Sports Authority, (Series 1999), Weekly VRDNs (PNC Bank, N.A. LOC), 22,900,000 3.460%, 11/1/2007 TOTAL 231,305,000 TEXAS--13.1% 5,500,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2002-16), Weekly VRDNs 5,500,000 (Leander, TX ISD)/(GTD by Texas Permanent School Fund Guarantee Program) /(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 16,745,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2004-5), Weekly VRDNs 16,745,000 (Lake Travis, TX ISD)/(GTD by Texas Permanent School Fund Guarantee Program) /(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 24,470,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Texas Non-AMT), (Series 2005-8), Weekly VRDNs (North 24,470,000 Texas Tollway Authority)/(FSA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 12,430,000 3,4 Alamo, TX, Community College District, MuniTOPs (Series 2007-40), Weekly VRDNs (FGIC 12,430,000 INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 100,665,000 Arlington, TX, Dallas Cowboys Complex (Series 2005B), Weekly VRDNs (MBIA Insurance Corp. 100,665,000 INS)/(DePfa Bank PLC LIQ), 3.470%, 11/1/2007 6,100,000 3,4 Austin, TX, Electric Utility System, ROCs (Series 6080), Weekly VRDNs (FSA INS)/ 6,100,000 (Citigroup, Inc. LIQ), 3.510%, 11/1/2007 13,605,000 3,4 Austin, TX, Electric Utility System, (Series 2002-744D), Weekly VRDNs (AMBAC INS)/ 13,605,000 (Morgan Stanley LIQ), 3.500%, 11/1/2007 6,415,000 3,4 Austin, TX, Water and Wastewater System, MERLOTS (Series 2001 A-63), Weekly VRDNs (FSA 6,415,000 INS)/(Bank of New York LIQ), 3.340%, 11/7/2007 10,000,000 3,4 Austin, TX, MERLOTS (Series 2000-A26), 3.70% TOBs (MBIA Insurance Corp. INS)/ 10,000,000 (Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 3,500,000 Bexar County, TX, Housing Finance Corp., (Series 2005A), Weekly VRDNs (Summit Hills 3,500,000 Apartments)/(FHLMC LOC), 3.480%, 11/1/2007 8,890,000 3,4 Brownsville, TX, ISD, (PT-3627), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 8,890,000 Program)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 24,150,000 3,4 Clipper Tax-Exempt Certificates Trust (Texas Non-AMT), (Series 2007-36), Weekly VRDNs (GTD 24,150,000 by Texas Permanent School Fund Guarantee Program)/(State Street Bank and Trust Co. LIQ), 3.490%, 11/1/2007 8,650,000 Crawford, TX, Education Facilities Corp., (Series 2004A), Weekly VRDNs (Central Houston 8,650,000 Parking LLC)/(BNP Paribas SA LOC), 3.520%, 11/1/2007 11,800,000 3,4 Cypress-Fairbanks, TX, ISD, (PT-2858), Weekly VRDNs (GTD by Texas Permanent School Fund 11,800,000 Guarantee Program)/(KBC Bank N.V. LIQ), 3.520%, 11/1/2007 6,155,000 3,4 Dallas, TX, Area Rapid Transit, PUTTERs (Series 1719), Weekly VRDNs (AMBAC INS)/ 6,155,000 (JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 6,080,000 3,4 Dallas, TX, Area Rapid Transit, PUTTERs (Series 1732), Weekly VRDNs (AMBAC INS)/ 6,080,000 (JPMorgan Chase Bank, N.A. LIQ), 3.490%, 11/1/2007 17,785,000 3,4 Dallas, TX, (PT-369), Weekly VRDNs (DePfa Bank PLC LIQ), 3.490%, 11/1/2007 17,785,000 11,500,000 El Paso, TX, HFDC, (Series 2007), Weekly VRDNs (Bienvivir Senior Health Services)/ 11,500,000 (JPMorgan Chase Bank, N.A. LOC), 3.480%, 11/1/2007 4,240,000 3,4 Frisco, TX, (PT-2737), Weekly VRDNs (MBIA Insurance Corp. INS)/(KBC Bank N.V. LIQ), 3.580%, 4,240,000 11/1/2007 8,490,000 3,4 Frisco, TX, (PT-2789), Weekly VRDNs (MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. 8,490,000 LIQ), 3.520%, 11/1/2007 400,000 Grapevine, TX, IDC, (Series 1993), Weekly VRDNs (Southern Air Transport, Inc.)/(JPMorgan 400,000 Chase Bank, N.A. LOC), 3.500%, 11/1/2007 13,310,000 3,4 Grapevine-Colleyville, TX, ISD, (PT-2766), Weekly VRDNs (GTD by Texas Permanent School Fund 13,310,000 Guarantee Program)/(KBC Bank N.V. LIQ), 3.520%, 11/1/2007 9,280,000 Harris County, TX, HFDC, (Series 2000), Weekly VRDNs (Brazos Presbyterian Homes, 9,280,000 Inc.)/(Allied Irish Banks PLC LOC), 3.480%, 11/1/2007 4,700,000 Harris County, TX, HFDC, (Series 2000), Weekly VRDNs (St. Dominic Village)/(JPMorgan Chase 4,700,000 Bank, N.A. LOC), 3.500%, 11/1/2007 22,820,000 Harris County, TX, HFDC, (Series 2005A), Weekly VRDNs (St. Luke's Episcopal Hospital)/ 22,820,000 (FGIC INS)/(Citibank NA, New York and JPMorgan Chase Bank, N.A. LIQs), 3.470%, 11/1/2007 170,550,000 Harris County, TX, HFDC, (Series 2006A), Weekly VRDNs (Methodist Hospital, Harris County, 170,550,000 TX), 3.430%, 11/1/2007 12,330,000 3,4 Harris County, TX, HFDC, MERLOTS (Series 2007 C-79), Weekly VRDNs (SCH Healthcare 12,330,000 System)/(United States Treasury COL)/(Bank of New York LIQ), 3.340%, 11/7/2007 31,330,000 3,4 Harris County, TX, ROCs (Series 4056), Weekly VRDNs (Citigroup, Inc. LIQ), 3.510%, 11/1/2007 31,330,000 6,990,000 3,4 Harris County, TX, P-Floats (Series EC-1105), Weekly VRDNs (MBIA Insurance Corp. INS)/ 6,990,000 (Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 13,155,000 3,4 Harris County, TX, (PT-4292), Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ), 13,155,000 3.520%, 11/1/2007 12,000,000 3,4 Houston, TX, Airport System, MERLOTS (Series 2000-A25), Weekly VRDNs (FSA INS)/ 12,000,000 (Bank of New York LIQ), 3.340%, 11/7/2007 10,470,000 3,4 Houston, TX, Combined Utility System, (PT-2670), Weekly VRDNs (MBIA Insurance Corp. 10,470,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 5,940,000 3,4 Houston, TX, Combined Utility System, Austin (Series BOA 169), Weekly VRDNs (FGIC INS)/(Bank 5,940,000 of America N.A. LIQ), 3.500%, 11/1/2007 2,600,000 Houston, TX, Higher Education Finance Corp., (Series 2000), Weekly VRDNs (Houston Baptist 2,600,000 University Project)/(JPMorgan Chase Bank, N.A. LOC), 3.500%, 11/1/2007 10,135,000 Houston, TX, Higher Education Finance Corp., (Series 2000A), Weekly VRDNs (Houston Student 10,135,000 Housing LLC)/(Wachovia Bank N.A. LOC), 3.540%, 11/1/2007 4,860,000 Houston, TX, Higher Education Finance Corp., (Series 2003A), Tierwester Oaks and Richfield 4,860,000 Manor Weekly VRDNs (Houston Student Housing LLC)/(Bank of New York LOC), 3.900%, 11/1/2007 15,995,000 3,4 Houston, TX, ISD, (Series 1733), Weekly VRDNs (GTD by Texas PSFG Program)/(JPMorgan Chase 15,995,000 Bank, N.A. LIQ), 3.490%, 11/1/2007 19,435,000 3,4 Houston, TX, ISD, Floater Certificates (Series 1998-133), Weekly VRDNs (GTD by Texas PSFG 19,435,000 Program)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 10,995,000 3,4 Houston, TX, ISD, (PT-3968), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 10,995,000 Program)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 5,960,000 3,4 Houston, TX, Water & Sewer System, (PT-4210), Weekly VRDNs (FSA INS)/(Dexia Credit Local 5,960,000 LIQ), 3.520%, 11/1/2007 7,915,000 3,4 Houston, TX, Water & Sewer System, MERLOTS (Series 2002-A-16), Weekly VRDNs (FSA 7,915,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 8,950,000 3,4 Irving, TX, ISD, (PT-3954), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 8,950,000 Program)/(Wells Fargo & Co. LIQ), 3.490%, 11/1/2007 10,690,000 3,4 Irving, TX, ISD, Class A Certificates (Series 2006-273), Weekly VRDNs (GTD by Texas 10,690,000 Permanent School Fund Guarantee Program)/(Bear Stearns & Co., Inc. LIQ), 3.510%, 11/1/2007 5,130,000 3,4 Lamar, TX, Consolidated ISD, ROCs (Series 10276), Weekly VRDNs (GTD by Texas Permanent 5,130,000 School Fund Guarantee Program)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 9,055,000 3,4 Laredo, TX, ISD, (PT-2673), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 9,055,000 Program)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 11,760,000 3,4 McAllen, TX, ISD, (PT-3082), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 11,760,000 Program)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 8,560,000 3,4 McKinney, TX, ISD, (PT-1180), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 8,560,000 Program)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 12,280,000 3,4 North East, TX, ISD, (PT-3958), 3.77% TOBs (GTD by Texas Permanent School Fund Guarantee 12,280,000 Program)/(Dexia Credit Local LIQ), Optional Tender 3/6/2008 970,000 3,4 North East, TX, ISD, PUTTERs (Series 390), Weekly VRDNs (GTD by Texas Permanent School Fund 970,000 Guarantee Program)/(JPMorgan Chase Bank, N.A. LIQ), 3.500%, 11/1/2007 4,910,000 3,4 North Texas Municipal Water District, (PT-5550), Weekly VRDNs (MBIA Insurance Corp. 4,910,000 INS)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 14,630,000 3,4 North Texas Municipal Water District, (ROCs 6074), Weekly VRDNs (MBIA Insurance Corp. 14,630,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 43,200,000 North Texas Tollway Authority, Revenue Bonds (Series 2005C), Weekly VRDNs (FGIC INS)/ 43,200,000 (DePfa Bank PLC LIQ), 3.270%, 11/7/2007 51,990,000 3,4 North Texas Tollway Authority, Trust Receipts (Series 2006 FR/RI-P97), Weekly VRDNs (AMBAC 51,990,000 INS)/(Lehman Brothers Holdings, Inc. LIQ), 3.290%, 11/7/2007 5,400,000 3,4 San Antonio, TX, Electric & Gas System, MERLOTS (Series 2002-A12), Weekly VRDNs (United 5,400,000 States Treasury COL)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 11,600,000 San Antonio, TX, Electric & Gas System, (Series 2003), Weekly VRDNs (Bank of America N.A. 11,600,000 LIQ), 3.240%, 11/7/2007 5,850,000 3,4 San Antonio, TX, Electric & Gas System, MERLOTS (Series 2001 A10), Weekly VRDNs (Wachovia 5,850,000 Bank N.A. LIQ), 3.340%, 11/7/2007 89,975,000 3,4 San Antonio, TX, Electric & Gas System, MERLOTS (Series 2002-A53), 3.70% TOBs (FSA 89,975,000 INS)/(Wachovia Bank N.A. LIQ), Optional Tender 2/20/2008 7,935,000 3,4 San Antonio, TX, ISD, (PT-1184), Weekly VRDNs (GTD by Texas Permanent School Fund Guarantee 7,935,000 Program)/(Merrill Lynch & Co., Inc. LIQ), 3.520%, 11/1/2007 3,650,000 3,4 San Antonio, TX, ROCs (Series 6003), Weekly VRDNs (FSA INS)/(Citigroup, Inc. LIQ), 3.510%, 3,650,000 11/1/2007 67,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, (PT-4246), Weekly VRDNs (KBC Bank N.V. 67,000,000 LIQ), 3.580%, 11/1/2007 105,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, (PT-4282), Weekly VRDNs (Merrill Lynch & 105,000,000 Co., Inc. LIQ), 3.580%, 11/1/2007 65,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, P-Floats (Series EC-1170), Weekly VRDNs 65,000,000 (Merrill Lynch & Co., Inc. LIQ), 3.580%, 11/1/2007 34,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, ROCs (Series 10014), Weekly VRDNs (Dexia 34,000,000 Credit Local LIQ), 3.580%, 11/1/2007 21,000,000 3,4 Texas Municipal Gas Acquisition & Supply Corp. II, ROCs (Series 10015), Weekly VRDNs 21,000,000 (Landesbank Hessen-Thueringen LIQ), 3.580%, 11/1/2007 18,070,000 3,4 Texas State Transportation Commission, (PT-3483), Weekly VRDNs (Texas State)/(Merrill Lynch 18,070,000 & Co., Inc. LIQ), 3.500%, 11/1/2007 8,810,000 3,4 Texas State Transportation Commission, Class A Certificates (Series 2007-302), Weekly VRDNs 8,810,000 (Texas State)/(Bear Stearns & Co., Inc. LIQ), 3.500%, 11/1/2007 8,685,000 3,4 Texas State Transportation Commission, Eagles (Series 2007-0139), Weekly VRDNs (Texas 8,685,000 State)/(Citibank NA, New York LIQ), 3.510%, 11/1/2007 13,590,000 3,4 Texas State Transportation Commission, P-Floats (Series EC-1114), Weekly VRDNs (Texas 13,590,000 State)/(FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), 3.540%, 11/1/2007 6,490,000 3,4 Texas State Transportation Commission, ROCs (Series 4083), Weekly VRDNs (Texas 6,490,000 State)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 8,100,000 3,4 Texas State University System, (PT-3473) Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. 8,100,000 LIQ), 3.520%, 11/1/2007 71,500,000 Texas State, (Series 2007), 4.50% TRANs, 8/28/2008 71,947,677 TOTAL 1,432,567,677 UTAH--0.9% 22,350,000 Emery County, UT, PCRRB (Series 1991), Weekly VRDNs (Pacificorp)/(BNP Paribas SA LOC), 22,350,000 3.280%, 11/7/2007 11,000,000 Murray City, Utah Hospital Revenue, (Series 2005C), Weekly VRDNs (IHC Health Services, 11,000,000 Inc.)/(Citibank NA, New York LIQ), 3.470%, 11/1/2007 47,500,000 3,4 Riverton, UT, Hospital Revenue Authority, PUTTERs (Series 1762), Weekly VRDNs (IHC Health 47,500,000 Services, Inc.)/(J.P. Morgan Chase & Co. LIQ), 3.490%, 11/1/2007 11,980,000 3,4 Utah State Board of Regents, (PT-4321), Weekly VRDNs (MBIA Insurance Corp. INS)/ 11,980,000 (Dexia Credit Local LIQ), 3.520%, 11/1/2007 4,000,000 3,4 Utah State Transit Authority, GS Trust (Series 2007-632), Weekly VRDNs (MBIA Insurance Corp. 4,000,000 INS)/(Goldman Sachs Group, Inc. LIQ), 3.500%, 11/1/2007 TOTAL 96,830,000 VIRGINIA--0.7% 2,000,000 Alexandria, VA, IDA, (Series 2005), Weekly VRDNs (American Statistical Association)/ 2,000,000 (SunTrust Bank LOC), 3.260%, 11/7/2007 6,075,000 Alexandria, VA, IDA, (Series 2006), Weekly VRDNs (Institute for Defense Analyses)/(AMBAC 6,075,000 INS)/(Wachovia Bank N.A. LIQ), 3.510%, 11/1/2007 2,400,000 Hampton, VA, Redevelopment & Housing Authority, (Series 1998), Weekly VRDNs (Township 2,400,000 Apartments)/(FNMA LOC), 3.250%, 11/7/2007 16,800,000 3,4 Henrico County, VA, IDA, MERLOTS (Series 1997C), Weekly VRDNs (Bon Secours Health 16,800,000 System)/(FSA INS)/(Wachovia Bank N.A. LIQ), 3.330%, 11/7/2007 3,400,000 James City County, VA, IDA, (Series 1997), Weekly VRDNs (Riverside Health System), 3.610%, 3,400,000 11/7/2007 5,845,000 Newport News, VA, EDA, Oyster Point Town Center, Weekly VRDNs (Newport News, VA)/(SunTrust 5,845,000 Bank LIQ), 3.260%, 11/7/2007 15,000,000 Peninsula Port Authority, VA, (Series 2004), Weekly VRDNs (Riverside Health System), 3.240%, 15,000,000 11/7/2007 7,000,000 Virginia Beach, VA, Development Authority, (Series 2004), Weekly VRDNs (LifeNet Corp.)/ 7,000,000 (SunTrust Bank LOC), 3.260%, 11/7/2007 5,645,000 Virginia College Building Authority, (Series 2006), Daily VRDNs (Shenandoah University)/ 5,645,000 (Branch Banking & Trust Co. LOC), 3.600%, 11/1/2007 1,220,000 3,4 Virginia State Public Building Authority, Floater Certificates (Series 1998-131), Weekly 1,220,000 VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley LIQ), 3.500%, 11/1/2007 13,020,000 3,4 Virginia State, P-Floats (Series EC-1065), VRDNs (Merrill Lynch & Co., Inc. LIQ), 3.520%, 13,020,000 11/1/2007 TOTAL 78,405,000 WASHINGTON--2.0% 8,680,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT), (Series 2002-36), Weekly VRDNs 8,680,000 (Tacoma, WA Regional Water Supply System)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 4,170,000 3,4 Clark County, WA, Public Utilities District No. 001, MERLOTS (Series 2001-A122), Weekly 4,170,000 VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 8,030,000 3,4 Clark County, WA, School District No. 119 Battleground, (PT-2786), 3.70% TOBs (FSA 8,030,000 INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 2/14/2008 5,000,000 3,4 Energy Northwest, WA, (PT-778), Weekly VRDNs (MBIA Insurance Corp. INS)/ 5,000,000 (Landesbank Hessen-Thueringen LIQ), 3.520%, 11/1/2007 5,160,000 3,4 Energy Northwest, WA, (PT-1392), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), 5,160,000 3.520%, 11/1/2007 5,157,000 3,4 Energy Northwest, WA, Piper Certificates (Series 2002C), Weekly VRDNs (FSA INS)/ 5,157,000 (Bank of New York LIQ), 3.520%, 11/1/2007 10,705,000 3,4 Energy Northwest, WA, ROCs (Series 4524), Weekly VRDNs (MBIA Insurance Corp. 10,705,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 17,700,000 3,4 King County, WA, Sewer System, MERLOTS (Series 2000 E), Weekly VRDNs (FGIC INS)/(Wachovia 17,700,000 Bank N.A. LIQ), 3.340%, 11/7/2007 12,580,000 3,4 King County, WA, Sewer System, ROCs (Series 10279), Weekly VRDNs (FSA INS)/ 12,580,000 (Citigroup, Inc. LIQ), 3.620%, 11/1/2007 25,200,000 King County, WA, (2006 Series A), 4.00% BANs, 11/1/2007 25,200,000 20,670,000 3,4 Seattle, WA, Municipal Light & Power, MERLOTS (Series 2001 A56), Weekly VRDNs (FSA 20,670,000 INS)/(Bank of New York LIQ), 3.340%, 11/7/2007 5,250,000 3,4 Seattle, WA, Water System, ROCs (Series 4006), Weekly VRDNs (MBIA Insurance Corp. 5,250,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 7,390,000 3,4 Snohomish County, WA, Public Utility District, ROCs (Series 6055), Weekly VRDNs (FSA 7,390,000 INS)/(Citigroup, Inc. LIQ), 3.510%, 11/1/2007 3,435,000 3,4 Spokane, WA, School District No. 081, ROCs (Series 4000), Weekly VRDNs (FSA INS)/ 3,435,000 (Citigroup, Inc. LIQ), 3.510%, 11/1/2007 5,000,000 3,4 Washington Health Care Facilities Authority, ROCs (Series 510CE), Weekly VRDNs (Overlake 5,000,000 Hospital Medical Center)/(Citibank NA, New York LIQ)/(Citibank NA, New York LOC), 3.510%, 11/1/2007 9,000,000 Washington State Higher Education Facilities Authority, (Series 2007), Weekly VRDNs (Saint 9,000,000 Martin's University)/(Key Bank, N.A. LOC), 3.500%, 11/1/2007 6,380,000 Washington State Housing Finance Commission, (Series 2005 B), Weekly VRDNs (Forest Ridge 6,380,000 School of the Sacred Heart)/(Key Bank, N.A. LOC), 3.470%, 11/1/2007 34,860,000 3,4 Washington State, Class A Certificates (Series 2002-205), Weekly VRDNs (MBIA Insurance Corp. 34,860,000 INS)/(Bear Stearns & Co., Inc. LIQ), 3.500%, 11/1/2007 8,690,000 3,4 Washington State, MERLOTS (Series 2002-A14), Weekly VRDNs (MBIA Insurance Corp. 8,690,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 5,635,000 3,4 Washington State, P-Floats (Series EC-1116), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ), 5,635,000 3.540%, 11/1/2007 5,170,000 3,4 Washington State, Piper Certificates (Series 2002G), Weekly VRDNs (FGIC INS)/(Bank of New 5,170,000 York LIQ), 3.520%, 11/1/2007 3,757,500 3,4 Washington State, Piper Variable Certificates (Series 2002B), Weekly VRDNs (FSA INS)/ 3,757,500 (Bank of New York LIQ), 3.520%, 11/1/2007 TOTAL 217,619,500 WEST VIRGINIA--0.3% 5,800,000 Cabell County Commission, WV, (Series 1995), Weekly VRDNs (Foster Foundation)/ 5,800,000 (Huntington National Bank, Columbus, OH LOC), 3.630%, 11/1/2007 27,245,000 Cabell County, WV, (Series 2007A), Weekly VRDNs (MSH-Marshall LLC)/(Regions Bank, Alabama 27,245,000 LOC), 3.480%, 11/1/2007 1,300,000 3,4 West Virginia University, MERLOTS (Series 2002-A-15), Weekly VRDNs (MBIA Insurance Corp. 1,300,000 INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 TOTAL 34,345,000 WISCONSIN--1.4% 17,375,000 3,4 ABN AMRO MuniTOPS Certificates Trust (Wisconsin Non-AMT), (Series 2005-25), Weekly VRDNs 17,375,000 (Central Brown County, WI Water Authority)/(AMBAC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), 3.500%, 11/1/2007 22,000,000 3,4 Clipper Tax-Exempt Certificates Trust (Wisconsin Non-AMT), (Series 2004-4), Weekly VRDNs 22,000,000 (Wisconsin State)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ), 3.520%, 11/1/2007 24,000,000 Green Bay, WI, Area Public School District, 3.90% BANs, 8/26/2008 24,101,040 8,500,000 Madison, WI, Metropolitan School District, 4.00% TRANs, 9/5/2008 8,532,592 4,750,000 New Richmond, WI, School District, 4.125% BANs, 6/6/2008 4,751,890 7,000,000 3,4 University of Wisconsin Hospital and Clinics Authority, MERLOTS (Series 2000RR), Weekly 7,000,000 VRDNs (FSA INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 14,300,000 3,4 West Allis, WI, (Series 2007 FR/RI-F7), Weekly VRDNs (Wisconsin State Fair Park Exposition 14,300,000 Center, Inc)/(Lehman Brothers Holdings, Inc. SWP), 3.310%, 11/7/2007 17,430,000 3,4 Wisconsin State HEFA, (MT-339), Weekly VRDNs (Wheaton Franciscan HealthCare)/ 17,430,000 (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC), 3.630%, 11/1/2007 1,040,000 Wisconsin State HEFA, (Series 2005), Weekly VRDNs (Hospicecare Holdings, Inc.)/(Marshall & 1,040,000 Ilsley Bank, Milwaukee LOC), 3.450%, 11/1/2007 6,525,000 Wisconsin State HEFA, (Series 2006), Weekly VRDNs (16th Street Community Health Center, 6,525,000 Inc.)/(JPMorgan Chase Bank, N.A. LOC), 3.330%, 11/7/2007 21,590,000 3,4 Wisconsin State HEFA, MERLOTS (Series 1997 B), Weekly VRDNs (Sinai Samaritan Medical Center, 21,590,000 Inc.)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), 3.340%, 11/7/2007 6,830,000 3,4 Wisconsin State Transportation, (PT-3929), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., 6,830,000 Inc. LIQ), 3.520%, 11/1/2007 TOTAL 151,475,522 TOTAL MUNICIPAL INVESTMENTS --103.8% 11,335,668,128 (AT AMORTIZED COST)5 OTHER ASSETS AND LIABILITIES - NET -(3.8)% (410,774,987) TOTAL NET ASSETS -100% $ 10,924,893,141
At October 31, 2007, the Fund holds no securities that are subject to the federal alternative minimum tax. 1 The Fund primarily invests in securities rated in the highest short-term rating categories by one or more nationally recognized statistical rating organizations (NRSROs) or unrated securities of comparable quality. An NRSRO's highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+ or SP-1 by Standard & Poor's, MIG-1, or VMIG-1 by Moody's Investors Service, or F-1+ or F-1 by Fitch Ratings are all considered rated in highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. The Fund follows applicable regulations in determining whether a security is rated by multiple NRSROs in different rating categories should be identified as a First Tier security. At October 31, 2007, the portfolio securities were rated as follows: Tier Rating Based on Total Market Value FIRST TIER SECOND TIER 100.0% 0.0% 2 Current rate and next reset date shown for Variable Rate Demand Notes. 3 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2007, these restricted securities amounted to $5,220,877,058, which represented 47.8% of total net assets. 4 Denotes a restricted security that may be resold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At October 31, 2007, these liquid restricted securities amounted to $5,220,877,058, which represented 47.8% of total net assets. 5 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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 COPs --Certificates of Participation CP --Commercial Paper EDA --Economic Development Authority EDFA --Economic Development Financing Authority EDR --Economic Development Revenue EDRB --Economic Development Revenue Bond FGIC --Financial Guaranty Insurance Company FHLMC --Federal Home Loan Mortgage Corporation FNMA --Federal National Mortgage Association FSA --Financial Security Assurance GTD --Guaranteed HDA --Hospital Development Authority HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDFA --Industrial Development Finance Authority IDRB --Industrial Development Revenue Bond IFA --Industrial Finance Authority INS --Insured INV --Investment Agreement ISD --Independent School District LIQ(s) --Liquidity Agreement(s) LOC(s) --Letter(s) of Credit MERLOTS --Municipal Exempt Receipts - Liquidity Optional Tender Series MFH --Multi Family Housing PCR --Pollution Control Revenue PCRB(s) --Pollution Control Revenue Bond(s) PRF --Prerefunded PUTTERs --Puttable Tax-Exempt Receipts RANs --Revenue Anticipation Notes ROCs --Reset Option Certificates SPEARs --Short Puttable Exempt Adjustable Receipts SWP --Swap Agreement TANs --Tax Anticipation Notes TICs --Trust Inverse Certificates TOBs --Tender Option Bonds TOCs --Tender Option Certificates TOPS --Trust Obligation Participation Securities TRANs --Tax and Revenue Anticipation Notes VRDNs --Variable Rate Demand Notes TREASURY OBLIGATIONS FUND PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited) PRINCIPAL VALUE AMOUNT
REPURCHASE AGREEMENTS--100.2% $ 1,000,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which ABN AMRO Bank NV, New York will $ 1,000,000,000 repurchase U.S. Treasury securities with various maturities to 5/15/2030 for $1,000,126,389 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,129,584. 300,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Abbey National Securities, Inc. 300,000,000 will repurchase U.S. Treasury securities with various maturities to 2/15/2037 for $300,037,917 on 11/1/2007. The market value of the underlying securities at the end of the period was 306,038,829. 1,406,702,000 Interest in $2,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 1,406,702,000 BNP Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 1,000,000,000 Repurchase agreement 4.52%, dated 10/31/2007 under which Banc of America Securities LLC 1,000,000,000 will repurchase U.S. Treasury securities with various maturities to 9/30/2009 for $1,000,125,556 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,128,386. 1,950,000,000 Repurchase agreement 4.53%, dated 10/31/2007 under which Barclays Capital, Inc. will 1,950,000,000 repurchase U.S. Treasury securities with various maturities to 5/15/2021 for $1,950,245,375 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,989,250,648. 500,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Barclays Capital, Inc. will 500,000,000 repurchase U.S. Treasury securities with various maturities to 2/15/2021 for $500,063,194 on 11/1/2007. The market value of the underlying securities at the end of the period was $510,064,929. 500,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Bear Stearns and Co., Inc. will 500,000,000 repurchase U.S. Treasury securities with various maturities to 8/15/2017 for $500,063,194 on 11/1/2007. The market value of the underlying securities at the end of the period was $511,653,944. 100,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which CIBC World Markets Corp. will 100,000,000 repurchase U.S. Treasury securities with various maturities to 5/15/2013 for $100,012,639 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,053,876. 1,825,000,000 Repurchase agreement 4.56%, dated 10/31/2007 under which Citigroup Global Markets, Inc. 1,825,000,000 will repurchase U.S. Treasury securities with various maturities to 4/15/2032 for $1,825,231,167 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,861,736,916. 96,000,000 Interest in $100,000,000 joint repurchase agreement 4.45%, dated 10/31/2007 under which 96,000,000 Deutsche Bank Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 5/15/2016 for $100,012,361 on 11/1/2007. The market value of the underlying securities at the end of the period was $102,012,946. 1,000,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Deutsche Bank Securities, Inc. 1,000,000,000 will repurchase U.S. Treasury securities with various maturities to 8/15/2026 for $1,000,126,389 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,129,482. 1,500,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Dresdner Kleinwort Wassertstein 1,500,000,000 will repurchase U.S. Treasury securities with various maturities to 2/15/2031 for $1,500,189,583 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,530,002,030. 1,098,000,000 Interest in $1,500,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 1,098,000,000 Fortis Securities LLC will repurchase U.S. Treasury securities with various maturities to 2/15/2036 for $1,500,189,583 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,530,193,946. 1,398,000,000 Interest in $1,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 1,398,000,000 Greenwich Capital Markets, Inc. will repurchase U.S. Treasury securities with various maturities to 5/15/2037 for $1,800,227,500 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,836,001,850. 1,000,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which ING Financial Markets LLC will 1,000,000,000 repurchase U.S. Treasury securities with various maturities to 2/15/2037 for $1,000,126,389 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,020,002,383. 1,423,000,000 Interest in $1,825,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 1,423,000,000 J.P. Morgan Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 7/31/2008 for $1,825,230,660 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,861,505,038. 1,598,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 1,598,000,000 Merrill Lynch Government Securities will repurchase U.S. Treasury securities with various maturities to 4/15/2028 for $2,000,252,778 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,040,005,362. 450,000,000 Repurchase agreement 4.54%, dated 10/31/2007 under which Mizuho Securities USA, Inc. will 450,000,000 repurchase U.S. Treasury securities with various maturities to 8/15/2025 for $450,056,750 on 11/1/2007. The market value of the underlying securities at the end of the period was $459,058,052. 400,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Mizuho Securities USA, Inc. will 400,000,000 repurchase U.S. Treasury securities with various maturities to 8/15/2017 for $400,050,556 on 11/1/2007. The market value of the underlying securities at the end of the period was $408,051,567. 1,500,000,000 Repurchase agreement 4.55%, dated 10/31/2007 under which Morgan Stanley & Co., Inc. will 1,500,000,000 repurchase U.S. Treasury securities with various maturities to 7/15/2015 for $1,500,189,583 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,538,249,663. 96,000,000 Interest in $100,000,000 joint repurchase agreement 4.43%, dated 10/31/2007 under which 96,000,000 UBS Securities LLC will repurchase a U.S. Treasury security maturing on 7/15/2014 for $100,012,306 on 11/1/2007. The market value of the underlying security at the end of the period was $102,003,532. 825,000,000 Interest in $1,825,000,000 joint repurchase agreement 4.53%, dated 10/31/2007 under which 825,000,000 UBS Securities LLC will repurchase U.S. Treasury securities with various maturities to 5/15/2037 for $1,825,229,646 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,861,503,893. 179,000,000 1 Interest in $200,000,000 joint repurchase agreement 5.20%, dated 5/22/2007 under which UBS 179,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 8/15/2017 for $210,515,556 on 5/21/2008. The market value of the underlying securities at the end of the period was $213,911,108. 177,000,000 1 Interest in $197,000,000 joint repurchase agreement 5.25%, dated 5/31/2007 under which UBS 177,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 11/15/2016 for $207,457,417 on 5/30/2008. The market value of the underlying securities at the end of the period was $210,231,416. 140,000,000 1 Interest in $155,000,000 joint repurchase agreement 5.32%, dated 6/14/2007 under which UBS 140,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 2/15/2017 for $163,337,622 on 6/13/2008. The market value of the underlying securities at the end of the period was $164,665,575. TOTAL INVESTMENTS - 100.2% 21,461,702,000 (AT AMORTIZED COST)2 OTHER ASSETS AND LIABILITIES - NET - (0.2)% (43,958,630) TOTAL NET ASSETS - 100% $ 21,417,743,370
1 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice. 2 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. TRUST FOR U.S. TREASURY OBLIGATIONS PORTFOLIO OF INVESTMENTS October 31, 2007 (unaudited)
PRINCIPAL VALUE AMOUNT REPURCHASE AGREEMENTS--100.2% $ 86,799,000 Interest in $2,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which BNP $ 86,799,000 Paribas Securities Corp. will repurchase U.S. Treasury securities with various maturities to 1/15/2025 for $2,800,353,889 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,856,361,980. 106,000,000 Interest in $1,500,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 106,000,000 Fortis Securities LLC will repurchase U.S. Treasury securities with various maturities to 2/15/2036 for $1,500,189,583 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,530,193,946. 106,000,000 Interest in $1,800,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 106,000,000 Greenwich Capital Markets, Inc. will repurchase U.S. Treasury securities with various maturities to 5/15/2037 for $1,800,227,500 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,836,001,850. 106,000,000 Interest in $1,825,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which J.P. 106,000,000 Morgan Securities, Inc. will repurchase U.S. Treasury securities with various maturities to 7/31/2008 for $1,825,230,660 on 11/1/2007. The market value of the underlying securities at the end of the period was $1,861,505,038. 106,000,000 Interest in $2,000,000,000 joint repurchase agreement 4.55%, dated 10/31/2007 under which 106,000,000 Merrill Lynch Government Securities will repurchase U.S. Treasury securities with various maturities to 4/15/2028 for $2,000,252,778 on 11/1/2007. The market value of the underlying securities at the end of the period was $2,040,005,362. 6,000,000 1 Interest in $200,000,000 joint repurchase agreement 5.20%, dated 5/22/2007 under which UBS 6,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 8/15/2017 for $210,515,556 on 5/21/2008. The market value of the underlying securities at the end of the period was $213,911,108. 5,000,000 1 Interest in $197,000,000 joint repurchase agreement 5.25%, dated 5/31/2007 under which UBS 5,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 11/15/2016 for $207,457,417 on 5/30/2008. The market value of the underlying securities at the end of the period was $210,231,416. 4,000,000 1 Interest in $155,000,000 joint repurchase agreement 5.32%, dated 6/14/2007 under which UBS 4,000,000 Securities LLC will repurchase U.S. Treasury securities with various maturities to 2/15/2017 for $163,337,622 on 6/13/2008. The market value of the underlying securities at the end of the period was $164,665,575. TOTAL INVESTMENTS-100.2% 525,799,000 (AT AMORTIZED COST)2 OTHER ASSETS AND LIABILITIES - NET-(0.2)% (827,304) TOTAL NET ASSETS-100% $ 524,971,696
1 Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice. 2 Also represents cost for federal tax purposes. Note: The categories of investments are shown as a percentage of total net assets at October 31, 2007. 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. 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 A. NOVAK RICHARD A. NOVAK PRINCIPAL FINANCIAL OFFICER DATE DECEMBER 21, 2007 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 DECEMBER 20, 2007 BY /S/ RICHARD A. NOVAK RICHARD A. NOVAK PRINCIPAL FINANCIAL OFFICER DATE DECEMBER 21, 2007